2010 MLP Investor Conference

May 12-13, 2010

2

Management Representatives

John Sherman(a) President and Chief Executive Officer

Brooks Sherman(a) Executive Vice President and Chief Financial Officer

(a) No relation.__________________

3

Except for the historical information contained herein, the matters discussed in this presentation (e.g., our growth outlook and forecasted economics) are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include, among other things, market conditions, weather risks and other factors discussed in the Company’s filings with the Securities and Exchange Commission including Forms 10-K, 10-Q, and 8-K.

Furthermore, any forward-looking statements presented are expressed in good faith and are believed to have a reasonable basis as of the date of this presentation. Inergy assumes no responsibility to update this information and it may be superceded by later information.

Forward-looking statements are not guarantees of future performance or an assurance that our current assumptions and projections are valid. Actual results may differ materially from those projected.

Forward Looking StatementsNYSE: NRGY, NRGP

4

Inergy Overview

5

Inergy Snapshot Inergy, L.P. is a geographically diverse retail propane and midstream energy business− ~$4.8 billion combined partnership enterprise value with ~$316 million TTM Adj. EBITDA(a)

Propane Midstream

__________________

Diversified Business Model (b)

Midstream~37%

Propane~63%

4th largest retail propane distributor serving ~800,000 customers in 32 states

Footprint located in quality markets with an intense focus on delivering financial and operational performance

Supported by experienced supply, transportation, and logistics group based in KC

40 Bcf high-deliverability natural gas storage operations located in New York, potentially expandable to over 52 Bcf

Leading provider of underground LPG storage in the Northeastern U.S.

Industry-leading solution mining and salt production company in upstate New York

NGL fractionation, storage, and terminalling operation strategically located on the West Coast

(a) TTM Adjusted EBITDA as of March 31, 2010. Enterprise value as of May 6, 2010.(b) Forecast run rate 2010 Adjusted EBITDA.

6

Recent Events: Continued Steady, Predictable Performance

Inergy Posted Record Performance YTDLiberty and MGS Propane Acquisitions

– Liberty – 9th largest propane retailer in the US– MGS – ranks among top 30 propane retailers in US– Liberty establishes new propane markets for Inergy on the West Coast and MGS further enhances

Inergy’s Northeast operations– Attractive opportunity for substantial additional scale and financial return in the propane business– Businesses exceeding expectations year to date

Seneca Lake Natural Gas Storage– Additional 2.0 Bcf natural gas storage capacity located on property at US Salt– Attractive capital efficiencies – existing compression and pipelines available for US Salt Gas Storage

expansion– Accelerates natural gas storage and transportation hub in Northeastern U.S.– Expected to be 100% fee-based at close under long-term contracts– Regulatory approvals underway – expected to close Summer 2010

NRGP 3-for-1 Unit Split– Reflects successful performance at NRGY and NRGP and confidence in future prospects– Anticipate improved trading liquidity and potential access to a broader investor base

7

Investment HighlightsDiversified Operating Model

– A Leading National Propane Franchise – Fee-based Midstream Business Anchored by Northeast U.S. Gas Storage

Strong Financial Performance Record

Midstream Energy Storage Platform Rapidly Becoming a Larger Component of Business

– Pipeline of Midstream Expansion Projects UnderwayRecord of Consistent EBITDA & Distributable Cash Flow GrowthDisciplined Consolidator of Retail Propane Industry

Underlying Businesses Characterized by Recession Resistant Stable Cash FlowsStrong Balance Sheet and Distribution CoverageRecent Capital Markets Activity Provides Ample Balance Sheet Liquidity to Execute on High-Return Expansion Projects

Income

Growth

Safety

8

Inergy Strategy

Further Enhance the Operation of an Outstanding Propane Franchise

– Maintain flexible operating model in attractive markets – Deliberate focus on residential customer base with

high tank controlPremier Service Provider in Core Midstream Markets

– Midstream operations primarily fee-based; long-term contract-driven cash flow

– Executing toward an integrated energy storage hub in the Northeast with access to all major pipelines and over 52 Bcf of gas storage

Continue Growth Through Capital Expansion Projects & Acquisitions– Propane - Expand existing retail footprint and establish new footprints with top

regional businesses– Midstream - Execute capital expansion projects around existing asset base

– Pursue and evaluate complementary midstream opportunities– Seek to further strengthen the long-term growth profile with stable, fee-based

cash flow streams

Disciplined Capital Investment

Deliver Operational Excellence

9

Public GP Provides 2nd

Strategic Source of Equity Capital

Operating Subsidiaries

100% ownership

26.9% Limited Partner Interest

92.2% Limited Partner Interest

7.1% Limited Partner Interest

Incentive Distribution

Rights

0.7% General Partner Interest

Inergy Holdings, L.P.

NYSE: NRGPEnterprise Value~$1.5 B (a)

Inergy, L.P.NYSE: NRGY

Enterprise Value~$3.3 B (b)

PublicUnitholders

& Others

73.1% Limited Partner Interest

__________________ (a) Inergy Holdings, L.P. equity market value as of May 6, 2010 and net debt balances as of March 31, 2010. (b) Inergy, L.P. equity market value as of May 6, 2010 and net debt balances as of March 31, 2010. The trading value of Inergy, L.P. units is grossed-up to reflect ~0.7% general partner interest.

Offers Inergy Access to Both Growth & Income Oriented Investor Bases

NRGP HighlightsManagement aligned with debt and equity investors through ownership of ~73% of NRGP equity and ~30% of combined NRGY and NRGP equity market capitalizationEquity market capitalization of ~$1.5 billion

– Less than $30 million of NRGP debtNRGP currency can be used strategically as a second source of equity capital to fund NRGY growth

NRGY HighlightsDemonstrated access to public equity and debt capital marketsTotal Debt / TTM Adjusted EBITDA ~ 3.8 x

PublicUnitholders

& Others

Management& Others

10

$1.18

$1.45$1.60

$1.91

$0.90

$2.14

$1.23

$2.28

$1.77

$2.44$2.29

$2.60

$2.86$2.78

$3.90

2002 2003 2004 2005 2006 2007 2008 2009 R un R ate

Distinguished DistributionPerformance

(a) Annualized paid distributions.

__________________

34 Consecutive Quarterly Distribution Increases NRGY

NRGP

~36% Distr

ibution Growth CAGR (a

)

Fiscal 2002

Fiscal 2003

Fiscal 2004

Fiscal 2005

Fiscal 2007

Fiscal 2008

Fiscal 2006

~10% Distribution Growth CAGR (a)

Run Rate

Two Securities Offer a Compelling Combination of Income & GrowthInergy has consistently grown cash distributions & maintained strong coverage ratios

Fiscal 2009

11

Propane Operations

12

Propane Value Chain

Propane represents about 4% of household energy consumption in the US.

Fund

amen

tal

Sup

ply

Fund

amen

tal

Dem

and

Propane is a basic necessity to many consumers– Propane is clean burning and generally characterized by a stable demand base– Propane is transported to customers beyond the natural gas distribution network– Customers use propane to heat homes, cook food, heat water and run appliances– Typically propane has a comfort and/or economic advantage to electricity

Inergy competes in the storage, transportation, and distribution areas of the value chain

Inergy

1313

Propane OperationsA leading national retail business

– Quality geographic footprint – profitable markets – 4th largest national retailer– Consistent financial performance – Residential customer focus – 70%

• 90% tank control– Cost + margin service provider with little

commodity price exposure– Successful integration of 80 propane acquisitions

Centralized supply, transportation, & logistics business

– Consolidates buying power & leverages across North American infrastructure

– Lowers retail cost, protects margins, reduces risk– 200+ transport fleet facilitates linking inefficiencies

in nationwide markets

Superior profitability within peer group

14

Superior Operating Performance

Business model and intense focus on retail margin lends itself to better pricing and operational decision-making = Key Profit Driver

Acquisition integration & elimination of cost redundancies have driven significant value to cash flow line over last 4 years

– 850 (25%) redundant positions eliminated – 1,200 (30%) surplus vehicles eliminated– Average fleet age improved by 30%

Strong transportation, supply and procurement business protects margins & creates material 3rd party cash flow

__________________

$0.45

$0.60

$0.75

$0.90

$1.05

$1.20

Inergy (b) Peer Average (c)

Gross Profit/Retail Propane Gallon (a)

$0.00

$0.15

$0.30

$0.45

$0.60

$0.75

Inergy (b) Peer Average (c)

EBITDA/Retail Propane Gallon (a)

(a) Source: most recent 10-K & 10-Q filings. Data includes gross profit & EBITDA from propane operations.

(b) Inergy’s EBITDA and gross profit exclude i) non-cash gains or losses on derivative contracts associated with fixed price sales to retail propane customers, ii) non-cash compensation expenses, and iii) gains or losses on the disposal of assets as disclosed in SEC filings.

(c) Peer average includes: APU, ETP, FGP, and SPH.

(b) (c)

(c)(b)

15

Top 10 Propane Retailers Control ~38% of Market Share (b)

Domestic Retail Market for LPG is Approximately 10.0 Billion Gallons (a)

__________________ (a) Source: December 2009 American Petroleum Institute Report.(b) Source: February 2010 LPGas Magazine.(c) Cooperatives.

Independent Retailers62.0%

Amerigas9.3%

Ferrellgas8.4%

United Propane Gas0.7%MFA Oil Co. (c)

0.8%

Inergy, L.P.3.8%Energy Transfer

5.8%

Cenex (c)2.1%

Southern States (c)0.7%

Growmark (c)2.9%

Suburban Propane3.5%

Propane Industry Fragmentation

16

Midstream Operations

17

Midstream Business

Stable, fee-based cash flow profile with little commodity price exposureNE Midstream assets 100% contracted with long-term agreementsGrowing business representing an increasing percentage of Inergy’s run-rate EBITDA

Stable Fee-Based Cash Flows

Stable Fee-Based Cash Flows

High Quality Assets

High Quality Assets

High Return Capital

Expansion Opportunities

High Return Capital

Expansion Opportunities

Newly constructed core energy infrastructure in the Northeast inthe heart of the Marcellus ShaleNatural gas and LPG storage assets uniquely positioned with a first-mover advantage in the infrastructure development of the Marcellus Shale

Assets have attractive capital expansion opportunities which further enhance financial returnsWell positioned to seek additional midstream growth via acquisition

18

Leading Independent Storage Provider

Top 5 U.S. Independent Natural Gas Storage Providers

Inergy is among the largest independent natural gas storage providers and the largest independent located in the Northeast demand marketAbundant pipeline interconnections available close to storage assets (Millennium, Tennessee Gas Pipeline, National Fuel, Empire, Transco, Dominion)Inergy is playing a major role in the development of storage and transportation infrastructure in the Marcellus Shale

(a)

__________________ (a) Pro forma for recently announced Seneca Lake acquisition expected to close Summer 2010.

Legend Rank Company Location Working

Capacity (bcf) 1 Iberdrola (Caledonia, Freebird, Katy, Waha Hub) Mississippi, Alabama, New Mexico, Texas 50

2 PAA Natural Gas Storage, L.P. (Bluewater, Pine Prarie) Michigan, Louisiana 50

3 Inergy (Stagecoach, Steuben, Thomas Corners, Seneca Lake) New York, Pennsylvania 42

4 Niska-Riverstone (Wild Goose, Salt Plains) California, Oklahoma 42

5 Alinda Capital (Nortex Gas Storage) Texas 35

19

Premier Energy Storage PlatformPotential for 52 Bcf natural gas storage capacity within 200 miles of New York City

Stagecoach (26.3 Bcf )

Steuben Gas Storage (6.2 Bcf )

Thomas Corners (7.0 Bcf )

Seneca Lake (2.0 Bcf )

(Expected close Summer 2010-subject to regulatory approval)

Finger Lakes LPG Storage(Up to 7 m bbls LPG capacity)

North-South Project (Additional compression to provide firm wheeling services between TGP and Millennium pipelines)

Marc I Hub Line(43-mile 30” Bi-directional pipeline to provide firm transport service between TGP and Transco)

US Salt Gas Storage Development(Up to 10.0 Bcf additional gas storage capacity)

__________________ Blue font denotes expansion projects.

20

Seneca Lake Acquisition OverviewLocated in Schuyler County, NY and situated on Inergy’s US Salt property 2.0 Bcf underground salt-dome natural gas storage facility − Daily injection/withdrawal capacity of up to

72,500 and 145,000 Dth, respectively

Connections to Dominion Transmission Pipeline− The 20-mile, 16-inch West Line connects storage

to Dominion in Big Flats, NY

− The 37.5-mile, 12-inch East Line connects the Dominion Line to the Binghamton, NY city gate

Assets complementary to Inergy’s Northeast Midstream business and accelerates integrated storage and transportation hub strategy100% fee-based cash flow profile at closeTransaction expected to close Summer 2010, subject to regulatory approval

21

Additional Storage & TransportationExpansion Opportunities

Finger Lakes LPG Storage (Watkins Glen)– Developing up to 5 million barrels of additional LPG storage– Readily connected to Teppco pipeline, rail and truck terminal access– Long-term contract signed with an investment-grade anchor tenant– Expected in-service Spring 2011

North-South Project– North-South Project includes additional compression and measurement

facilities to serve shippers seeking to wheel gas on a firm basis throughInergy's existing North and/or South Laterals of Stagecoach

– Firm transportation contracts signed for 325,000 Dth/day– Expected in-service Fall 2011

Marc I Hub Line− 43-mile, 30-inch bi-directional gas pipeline located atop the Marcellus Shale provides wheeling

opportunities between TGP, Millennium, Transco and all points in between− Expected in-service Fall 2011

US Salt Gas Storage– Located on existing Inergy property at US Salt– Geotechnical due diligence complete and very encouraging on 10 Bcf working natural gas storage capacity– Regular solution mining operations add ~1 Bcf of capacity annually– Pending acquisition of Seneca Lake Gas Storage which includes capital efficiencies significantly improves

the economic return and strategic value of the gas storage expansion at US SaltFutu

re P

roje

cts

2010

& 2

011 P

roje

cts

22

US Salt Operations

Stable, recession resistant cash flow businessProduces >300k tons of high-quality, high-margin food, pharmaceutical, and chemical feedstock grade saltPredominantly contracted pricing-strong customer base

Strategically located 25 miles east of Inergy’s Bath LPG storage facility; complimentary to existing midstream platformProvides significant sustained source of growth in energy storage platform

Provides natural gas and LPG storage expansioncapabilityLPG storage expansion underway

Stable Economic ReturnStable Economic Return

High Quality AssetsHigh Quality Assets

Continued Strategic Growth OpportunitiesContinued Strategic Growth Opportunities

In August 2008, Inergy purchased US Salt located in Watkins Glen, NY.

23

West Coast NGL Operations

Strategically located near Bakersfield, CA between major West Coast refining centersInergy’s West Coast capabilities:− 12,000 bpd fractionator− 8,000 bpd butane isomerization unit− 24 million gallons NGL storage capacity − State-of-the-art rail & truck transport terminals− 75 unit transport fleet based in market with significant

logistics constraints

Significantly expanded NGL refinery / producer services capabilities in California:− Provides additional fractionation capacity to producers − Leverages seasonality in butane markets via:

− Normal butane storage− Converting normal to more valuable isobutane

− Truck & rail terminals plus large transport fleet create a “rolling pipeline” which facilitates exports/imports of NGL’s

24

Integrated Northeast Storage Hub

Potential for over 52 Bcf of working gas storage capacity contained in an ~40 mile radius within 200 miles of New York City

Seneca Lake pipelines accelerate the connectivity of this platform in a capital efficient manner

Marc I and North-South projects moving forward as expected

Enhanced commercial opportunities exist from leveraging exceptional platform

Midstream assets strategically located atop the prolific Marcellus Shale

(a)

__________________ (a) Seneca Lake acquisition expected to close Summer 2010.

Gulf Coast

Canada

Rockies

Marc

ellus

Dominion

MillenniumTGP

Transco

25

Financial Overview

26

Demonstrated Financial Discipline

Balanced funding objectives– Long-term targeted debt-to-EBITDA of approximately 3.5 to 4.0x– Proven access to debt and equity capital markets – Diverse balance sheet:

Bank facility represents only secured debt on balance sheet $1.05 billion of senior unsecured notes – maturities 2014 – 2016

– Corporate family credit ratings S&P: BB- (Positive Outlook) Moody’s: Ba3 (Stable Outlook)

Rigorous capital investment review process – All acquisitions & expansion projects must be accretive to Distributable Cash Flow

per LP unit

Conservative approach to risk management– Cost-plus service provider in propane and primarily fee-based in midstream– No speculative commodity positions taken

27

22%

$211

32%

$239

28%

$297

31%

$316

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

EBI

TDA

($ m

illio

ns)

FY 2007 FY 2008 FY 2009 TTM

Adjusted EBITDA(a)

Financial Performance

$457 $502$574 $602

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$700.0

Tota

l Gro

ss P

rofit

($

mill

ions

)

FY 2007 FY 2008 FY 2009 TTM

Total Gross Profit

(a) Adjusted EBITDA represents EBITDA excluding the gain or loss on derivative contracts associated with retail propane fixed price sales contracts, the gain or loss on the disposal of fixed assets and long-term incentive and equity compensation expenses. Item 6 to the Partnership’s Annual Report on Form 10-K provides a historical reconciliation of net income to EBITDA and Adjusted EBITDA.

__________________

$156 $174

$222 $231

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

DCF

($ m

illio

ns)

FY 2007 FY 2008 FY 2009 TTM

Distributable Cash Flow

% Midstream EBITDA Contribution

362332 310 331

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

Gal

lons

(mill

ions

)

FY 2007 FY 2008 FY 2009 TTM

Retail Propane Gallon Sales

28

Strong Balance Sheet Balance sheet is well-positioned for future expansion projects & acquisition growthAmple liquidity with new $525 million revolving credit facility

($ in MMs) As of March 31, 2010

Cash ………………………………………………………………………… 19.2$

Revolving working capital facility ……………………………………….. -$ Revolving general partnership credit facility ………………………….. 136.0 6 7/8% senior unsecured notes due 2014 ………………………………. 425.0 8 1/4% senior unsecured notes due 2016 ………………………………..400.0 8 3/4% senior unsecured notes due 2015 …………………………………...225.0 Fair value adjustment on sr. unsecured notes …………………………….. 4.8 Bond premium/(discount) ………………………………………………………….(14.8) ASC credit agreement ………………………………………………… 7.1 Other debt …………………………………………………………….. 24.7

Total Debt ……………………………………………………………………… 1,207.8$

Total Partners' Capital …………………………………………………………….1,002.5$ Total Capitalization …………………………………………………………… 2,210.3$

TTM Pro-forma Adjusted EBITDA 316$ Long-term Debt / Adjusted EBITDA 3.8x

29

__________________

Successfully Executing Diversified Business Model

Financial Performance Track Record, Mix of Business, and Disciplined Balance Sheet Management = Attractive Investment

(a) Run rate assumes Thomas Corners, Finger Lakes LPG and Marc I/NS midstream projects are implemented.

EBITDA MIX BY SEGMENT

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010E 2011E 2012E 2013E

Midstream Propane

Run Rate (a)

30

Investment HighlightsDiversified Operating Model

– A Leading National Propane Franchise – Fee-based Midstream Business Anchored by Northeast U.S. Gas Storage

Strong Financial Performance Record

Midstream Energy Storage Platform Rapidly Becoming a Larger Component of Business

– Pipeline of Midstream Expansion Projects UnderwayRecord of Consistent EBITDA & Distributable Cash Flow GrowthDisciplined Consolidator of Retail Propane Industry

Underlying Businesses Characterized by Recession Resistant Stable Cash FlowsStrong Balance Sheet and Distribution CoverageRecent Capital Markets Activity Provides Ample Balance Sheet Liquidity to Execute on High-Return Expansion Projects

Income

Growth

Safety

31

Appendix

Six Months Ended March 31,2007 2008 2009 2009 2010 TTM

(in MMs) (audited) (audited) (audited) (unaudited) (unaudited) (unaudited)

Retail propane gallons 362.2 331.9 310.0 229.1 249.7 330.6

Statement of Operations Data:Revenues 1,483.1 1,878.9 1,570.6 1,104.1 1,192.8 1,659.3 Cost of product sold (c) 1,026.1 1,376.7 996.9 717.7 777.9 1,057.1 Gross profit 457.0 502.2 573.7 386.4 414.9 602.2

Expenses:Operating and administrative (c) 247.8 265.6 279.6 146.2 155.3 288.7 Depreciation and amortization 83.4 98.0 115.8 52.9 77.2 140.1

Loss on disposal of assets 8.0 11.5 5.2 3.0 3.7 5.9 Operating income 117.8 127.1 173.1 184.3 178.7 167.5

Other income (expense):Interest expense, net (52.0) (60.9) (69.7) (34.9) (44.0) (78.8)Other income 1.9 1.0 0.1 - 0.1 0.2

Income before income taxes and interest of non-controlling partners in ASC 67.7 67.2 103.5 149.4 134.8 88.9

Provision for income taxes (0.7) (0.7) (0.7) (0.2) (0.3) (0.8)

Net Income 67.0 66.5 102.8 149.2 134.5 88.1 Interest of non-controlling partners in ASC's consolidated net income - (1.4) (1.4) (0.7) (0.6) (1.3)

Net income attributable to partners 67.0 65.1 101.4 148.5 133.9 86.8

32

Historical Financial Overview &Non-GAAP Reconciliations

(a) (a)

(a) Includes a ($0.6) million, a $0.1 million, a $1.4 million, and a ($1.2) non-cash FAS 133 charge/(gain) associated with fixed-price propane sales contracts to retail customers in FY2007, FY2008, FY2009, and Trailing Twelve Months (or TTM), respectively.

(b) Includes a $1.5 million and a ($1.1) million non-cash FAS 133 charge/(gain) in the six months ended March 31, 2009, and the six months ended March 31, 2010, respectively.(c) The financials reflect a reclassification of transportation costs of $4.4 million for the year ended FY2007 from a component of operating and administrative expense to other cost of product

sold.

__________________

(a) (a)(b) (b)

33

(a) Adjusted EBITDA excludes i) non-cash gains or losses on derivative contracts associated with fixed price sales to retail propane customers, ii) long-term incentive and equity compensation expense, and iii) gains or losses on the disposal of assets as disclosed in Inergy, L.P.’s SEC filings.

(b) ITDA – Interest, taxes, depreciation and amortization.(c) These amounts differ from those previously presented as a result of our adoption of FASB Accounting Standards Codification Subtopic 210-20 on October 1, 2008. In conjunction with the

adoption of this standard, we elected to change our accounting policy for derivative instruments executed with the same counterparty under a master netting agreement. This change in accounting policy has been presented retroactively.

__________________

Historical Financial Overview &Non-GAAP Reconciliations, (cont.)

Six Months Ended March 31,2007 2008 2009 2009 2010 TTM

(in MMs) (audited) (audited) (audited) (unaudited) (unaudited) (unaudited)EBITDA Reconciliation:Net income attributable to partners 67.0 65.1 101.4 148.5 133.9 86.8 Interest of non-controlling partners in ASC's consolidated ITDA (b) - (0.8) (0.5) (0.3) (0.2) (0.4)Interest expense, net 52.0 60.9 69.7 34.9 44.0 78.8 Provision for income taxes 0.7 0.7 0.7 0.2 0.3 0.8 Depreciation and amortization 83.4 98.0 115.8 52.9 77.2 140.1 EBITDA 203.1 223.9 287.1 236.2 255.2 306.1 Non-cash (gain) loss on derivative contracts (0.6) 0.1 1.4 1.5 (1.1) (1.2)Loss on disposal of assets 8.0 11.5 5.2 3.0 3.7 5.9 Long-term incentive and equity compensation expense 0.7 3.5 3.1 1.4 3.5 5.2 Adjusted EBITDA(a) 211.2 239.0 296.8 242.1 261.3 316.0 Balance Sheet Data (end of period):Cash 7.7 17.3 11.6 19.2 19.2 - Working capital facility 31.0 65.0 27.2 - - General partnership facility 40.0 182.0 - 136.0 136.0 Senior unsecured notes 625.0 825.0 1,050.0 1,050.0 1,050.0 Fair value hedge adj. on sr. unsecured notes (2.6) 1.9 5.6 4.8 4.8 Net bond premium/(discount) - 3.8 (16.4) (14.8) (14.8)ASC credit agreement - 10.9 8.3 7.1 7.1 Other debt 16.8 18.0 18.6 24.7 24.7 Total debt 710.2 1,106.6 1,093.3 1,207.8 1,207.8 - Net debt 702.5 1,089.3 1,081.7 1,188.6 1,188.6 - Partners' capital 741.2 641.4 803.7 1,002.5 1,002.5 Total assets(c) 1,722.9 2,077.3 2,133.1 2,420.8 2,420.8

34

Gas Storage Facility Overview

Located ~150 miles northwest of New York City– Closest storage facility to NYC market

Working gas = 26.25 BcfHigh performance, multi-cycle gas storage (2-3x avg.)100% contracted with WAVG contracts through September 2014; primarily investment grade companiesConnected to TGP’s 300 Line and Millennium Pipeline

– Enhanced deliverability at Stagecoach with wheeling opportunities between TGP and Millennium

StagecoachLocated ~40 miles from Stagecoach in Steuben County, NYWorking gas = 6.2 BcfFacility-owned 12.5 mile pipeline connected to Dominion’s Woodhull line100% contracted through 2011 with investment grade counterpartiesOpportunity exists to expand connectivity to Thomas Corners, TGP & MillenniumCost of service rate structure

Steuben Gas Storage

Located ~40 miles from Stagecoach in Steuben County, NYDeveloping 7.0 Bcf working gas capacityConnections to TGP, Millennium, and Corning Natural Gas pipelines100% contracted with 5 year term agreementsPlaced into service; full commercial operations began Nov-2009

– Construction completed under budget & 5 months ahead of schedule

Thomas CornersLocated ~40 miles from Stagecoach in Schuyler County, NYWorking gas = 2.0 BcfFacility-owned 20-mile West Pipeline and 38-mile East Pipeline

– Connections to Dominion Pipeline with potential connections to the Millennium and Empire connector pipelines and to Inergy’s Stagecoach North lateral pipeline

Facility expected to be fully-contracted with investment grade counterpartiesTransaction expected to close Summer 2010; Subject to regulatory approval

Seneca Lake Gas Storage

35

$0.00$0.20$0.40$0.60$0.80$1.00$1.20$1.40$1.60$1.80

2003 2004 2005 2006 2007 2008 2009 YTD 2010( 9% Warmer (a) ) (7% Warmer (a) )( 6% Warmer (a) ) ( 10 % Warmer (a) )( 6% Colder (a) )

Management has demonstrated its ability to achieve consistent margin performance in distinctly different operating environmentsIntense focus on proactively monitoring key performance metricsPropane operations consistently deliver stable, predictable cash flow

(a) Based on NRGY service territory.(b) Retail propane gross profit divided by retail propane gallons. Excludes non-cash gains/losses on derivative contracts.(c) Quarterly average Mt. Belvieu price.

__________________ Gross Margin / Gallon (b) Mt. Belvieu Propane Cost / Gallon (c)

Consistent Margin Performance

( 7 % Warmer (a) ) (0% Colder (a) ) (5% Colder (a) )

36

Committed to Generating Industry-Leading Returns to Our Investors