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  • 1. © Exterran Holdings, Inc. All rights reserved. www.exterran.com© Exterran Partners, L.P. All rights reserved. www.exterran.com CREDIT SUISSE MLP & ENERGY LOGISTICS CONFERENCE JUNE 10, 2014 David Miller Senior Vice President and Chief Financial Officer
  • 2. © Exterran Partners, L.P. All rights reserved. www.exterran.com FORWARD-LOOKING STATEMENTS All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside Exterran Partners’ control, which could cause actual results to differ materially from such statements. Forward-looking information includes, but is not limited to: the industry fundamentals, including the attractiveness of returns and valuation, stability of cash flows, demand dynamics and overall outlook, and Exterran Partners’ ability to realize the benefits thereof; Exterran Partners’ financial and operational strategies, including planned capital expenditures and growth activities, and ability to successfully effect those strategies; Exterran Partners’ expectations regarding future economic and market conditions and trends; Exterran Partners’ financial and operational outlook and ability to fulfill that outlook; demand for Exterran Partners’ services and growth opportunities for those services; statements relating to the asset acquisition from MidCon Compression and the new contract and customer relationship with Access Midstream Partners LP, and the expected benefits therefrom; the expected benefits of performance improvement initiatives, field initiatives and other key initiatives; Exterran Partners’ goal to eliminate the need for cost cap reimbursements, and the timing thereof; Exterran Holdings, Inc.’s intention to offer the remainder of its U.S. contract operations business to Exterran Partners; and Exterran Partners’ belief that substantially all of the U.S. horsepower owned by Exterran Holdings is available for drop-downs. While Exterran Partners believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: local, regional and national economic conditions and the impact they may have on Exterran Partners and its customers; changes in tax laws that impact master limited partnerships; conditions in the oil and gas industry, including a sustained decrease in the level of supply or demand for oil or natural gas or a sustained decrease in the price of oil or natural gas; changes in economic conditions in key operating markets; changes in safety, health, environmental and other regulations; the failure of any third party to perform its contractual obligations; and the performance of Exterran Holdings. These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Exterran Partners’ Annual Report on Form 10-K for the year ended December 31, 2013 and those set forth from time to time in Exterran Partners’ filings with the Securities and Exchange Commission, which are available at www.exterran.com. Except as required by law, Exterran Partners expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise. 1
  • 3. © Exterran Partners, L.P. All rights reserved. www.exterran.com PARTNERSHIP OVERVIEW 1As of June 4, 2014 2Based on EXLP common units outstanding as of April 29, 2014 3Based on period from June 4, 2013 through June 4, 2014 4Based upon distribution of $0.5375 per unit which covers the period from January 1, 2014 through March 31, 2014 5Based upon annualized distribution of $2.15/unit 6See Addendum I for information on distributable cash flow 7Excludes distribution on new equity issued in connection with the MidCon acquisition, which closed on April 10, 2014 Exterran Partners (NASDAQ: EXLP) Unit Price1 $27.46 Market Capitalization1,2 $1.5 billion Average Trading Volume3 133,000 units Distribution (annualized rate)4 $2.15 / unit Yield1,5 7.83% Distribution cash flow coverage4,6 1.09x Pro forma distribution cash flow coverage4,6,7 1.23x 2
  • 4. © Exterran Holdings, Inc. All rights reserved. www.exterran.com FUNDAMENTALS 3
  • 5. © Exterran Partners, L.P. All rights reserved. www.exterran.com Main Line Transmission Wellhead Production Processing Focus of Exterran Contract Operations CONTRACT OPERATIONS 4 Gas compression is an essential service utilized all along the production cycle to transport gas to the end user.
  • 6. © Exterran Partners, L.P. All rights reserved. www.exterran.com LEADER IN U.S. NATURAL GAS CONTRACT OPERATIONS SERVICES EXLP is the largest contract compression provider in the U.S. with 2.7 million1 operating horsepower. Size, concentration and geographic scope provide EXLP considerable operational and cost advantages. We are proud of the quality of our service, delivering an average runtime of over 99%. 1Management estimates and industry, as of March 31, 2014, pro forma to reflect acquisition of compressor units from MidCon Compression U.S. Outsourced Compression Competitors1 Exterran’s size provides significant operational and financial synergies 5 2,270 444 631 3,345 1,107 1,073 710 510 440 287 110 100 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Exterran USA Compression Regency / CDM Compressor Systems J-W Operating Axip Natural Gas Services Enerflex Systems Natural Gas Compression Services OperatingHP(000s) EXH MidCon
  • 7. © Exterran Partners, L.P. All rights reserved. www.exterran.com Market Equity1: $2.8 Billion North America Contract Operations 3.9 MM HP2 U.S. Contract Operations (~74% of Total U.S. Business) 2.9MM HP2Market Equity1: $1.5 Billion 35% LP1 2% GP1 EXTERRAN ORGANIZATIONAL STRUCTURE Exterran intends to offer the remainder of its U.S. contract operations business to Exterran Partners over time 1As of June 4, 2014; based on EXH shares and EXLP common units outstanding as of April 29, 2014 2Based upon available horsepower as of March 31, 2014, adjusted to include MidCon acquisition (includes Exterran Partners’ available horsepower) 3See Addendum II 6 Estimated current value of EXH’s ownership in EXLP of ~$850 million1,3
  • 8. © Exterran Holdings, Inc. All rights reserved. www.exterran.com FAVORABLE INDUSTRY MARKET TRENDS 7
  • 9. © Exterran Partners, L.P. All rights reserved. www.exterran.com U.S. NATURAL GAS MARKET 8 Source: Energy Information Administration U.S. Production of Natural Gas Liquids by TypeU.S. Natural Gas Production by Source (trillioncubicfeet) (millionsofbarrelsperday) Growth in U.S. production is expected to drive compression growth over the next several years
  • 10. © Exterran Partners, L.P. All rights reserved. www.exterran.com $0 $40 $80 $120 $160 $200 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ($billions) OIL & GAS DRILLING AND PRODUCTION SPENDING OUTLOOK Source: Spears & Associates U.S. Capital Spending Projected to Increase 9 2% CAGR from 2013 through 2019 We believe that the oil and gas infrastructure build-out in shale and liquids-rich plays will provide opportunities for growth
  • 11. © Exterran Partners, L.P. All rights reserved. www.exterran.com U.S. SHALE PLAYS Strong opportunities for organic contract operations growth in North America Source: Energy Information Administration 10
  • 12. © Exterran Partners, L.P. All rights reserved. www.exterran.com KEY INITIATIVES AND GROWTH STRATEGY 11
  • 13. © Exterran Partners, L.P. All rights reserved. www.exterran.com KEY INITIATIVES Performance Initiatives Multi-year plan to deliver better returns to investors Achieved improved profitability over the last two years Ongoing field initiatives to improve the operating efficiency of our business Expect to see further benefits from these activities beginning in the second half of 2014 Investment in new compression units Further standardize our equipment Enhance our competitive position Increase the overall cash flow generation capacity of our fleet Expect total fleet growth capital expenditures of $200 – $225 million in 2014 MidCon acquisition furthered EXLP efforts to standardize our fleet 12
  • 14. © Exterran Partners, L.P. All rights reserved. www.exterran.com Organic horsepower growth Drop-down growth strategy Acquisitions • EXLP organic growth of ~31 thousand operating horsepower over the past year1 • Adding new large and small horsepower compression units to fleet • Third-party acquisitions offer potential additional growth vehicle • MidCon acquisition demonstrates our ability to assimilate acquired assets into Exterran platform • Successful track record with eight drop downs since 2006 • EXH strategy to drop down remaining U.S. fleet to EXLP (currently 1.0 million available horsepower) 1Last twelve months ended March 31, 2014 GROWTH STRATEGY We are aggressively pursuing opportunities for growth to maximize the value of our business while maintaining capital discipline 13
  • 15. © Exterran Partners, L.P. All rights reserved. www.exterran.com EXLP 74% EXH 26% 1.0 MM 2.9 MM EXECUTION OF DROP-DOWN GROWTH STRATEGY Total Combined U.S. Available Horsepower of 3.9 Million as of March 31, 20141 We believe that substantially all of the U.S. horsepower owned by Exterran Holdings is now available for drop down 14 1Adjusted to include MidCon acquisition
  • 16. © Exterran Partners, L.P. All rights reserved. www.exterran.com MIDCON COMPRESSION ASSET ACQUISITION In April 2014, Exterran Partners acquired compression assets from MidCon Compression for approximately $363 million1 • Assets include 337 compression units, with a total horsepower of ~444,000 • Acquired units are highly standardized and have an average age of ~5 years • Majority of units operate in liquids-rich plays and shale basins > Permian, Eagle Ford, Barnett, Anadarko, Mississippi Lime, Granite Wash, Woodford, Haynesville and Niobrara Basins • Increases EXLP operating horsepower by approximately 20% Exterran Partners and Access Midstream Partners L.P. entered into a 7- year contract operations services agreement Financed transaction and reduced revolver borrowings through the sale of 6.2 million LP units and the issuance of $350 million of senior notes Transaction expected to be accretive to Distributable Cash Flow 1EXLP directed MidCon Compression to sell $9.4 million of assets to EXH at closing of transaction 15
  • 17. © Exterran Holdings, Inc. All rights reserved. www.exterran.com FINANCIAL REVIEW 16
  • 18. © Exterran Partners, L.P. All rights reserved. www.exterran.com FAVORABLE PROFITABILITY TREND Going forward, we expect our results to continue to benefit from the implementation of our key initiatives and growth strategies 1Gross margin per average operating horsepower, per month 2See Addendum I for information on gross margin 3A customer’s exercise of purchase options on two natural gas processing plants increased gross margin per horsepower by $0.97 in the second quarter 2013 17 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 $11.00 $12.00 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 Gross Margin per Horsepower1,2 $7.93 $8.43 $9.00 $8.78 $9.75 $9.92 $11.13 $0.97 Contribution from sale of two processing plants3 $9.67 $9.84 $9.97
  • 19. © Exterran Partners, L.P. All rights reserved. www.exterran.com 2,270 444 669 909 1,050 1,384 1,728 1,991 2,264 2,714 0 500 1,000 1,500 2,000 2,500 3,000 2007 2008 2009 2010 2011 2012 2013 3/31/14 (000's) MidCon FEE-BASED BUSINESS WITH TRACK RECORD OF GROWTH Fee structure reduces volatility and enhances EXLP’s ability to generate relatively stable, predictable cash flows Period Ending Operating Horsepower Rolling LTM EBITDA, as further adjusted1,2 1See Addendum I for information on EBITDA, as further adjusted 2A customer’s exercise of purchase options on two natural gas processing plants increased EBITDA, as further adjusted, by $13.3 million in the second quarter 2013 3Pro forma to include horsepower acquired through MidCon acquisition 18 $59 $69 $79 $82 $86 $90 $90 $86 $85 $84 $86 $96 $105 $114 $124 $134 $140 $149 $162 $169 $181 $193 $219 $229 $239 $242 $0 $50 $100 $150 $200 $250 ($millions) 3
  • 20. © Exterran Partners, L.P. All rights reserved. www.exterran.com 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 1.40x 1.60x 1.80x 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 1Q 14 PF Excluding Cost Caps Including Cost Caps CASH DISTRIBUTIONS Goal to eliminate the need for cost cap payments under the omnibus agreement between Exterran Partners and Exterran Holdings by the end of 2014 Distributable Cash Flow Coverage1 1.25x 1.20x 1.20x 1.28x 0.99x 0.85x 0.92x 0.98x 1.31x 1.47x 1.15x 1.34x 1 See Addendum I for information on distributable cash flow 2 Excludes LP and GP units issued in April 2014 1.60x 1.46x 19 1.17x 0.91x 1.31x 1.02x 1.09x 0.91x 1.23x 1.02x 2
  • 21. © Exterran Partners, L.P. All rights reserved. www.exterran.com 3 DEBT STRUCTURE Pro Forma Debt Structure as of March 31, 20141 ($ millions) Type Funded Amount Size Maturity Rating Secured Revolver $133 $650 2018 n/a Secured Term Loan 150 150 2018 n/a EXLP 6% Senior Notes2 345 345 2021 B/B1 EXLP 6% Senior Notes3 344 344 2022 B/B1 $972 $1,489 Enhanced debt capacity provides financial flexibility to finance organic growth and future acquisitions, including drop downs 20 1Pro forma for MidCon acquisition, April 2014 equity offering and April 2014 high yield offering 2Amount presented net of $4.9 million of unamortized discount at March 31, 2014 3Amount presented net of $5.7 million in original issue discount
  • 22. © Exterran Partners, L.P. All rights reserved. www.exterran.com 1 Source: Barclays Capital – Energy Infrastructure Weekly, June 2, 2014; EXLP at June 4, 2014 May 20141 ATTRACTIVE CURRENT YIELD MLP Industry Yields Fee-based business model with attractive current yield 21 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Natural Gas & NGL Pipelines Group Natural Gas Gathering & Processing Group EXLP Exploration & Production Group
  • 23. © Exterran Partners, L.P. All rights reserved. www.exterran.com INVESTMENT MERITS Well-positioned to benefit from favorable industry trends with leading market position Solid capital position with proven growth strategy Demonstrated performance enhancement capability Additional process-driven initiatives to drive further improvement in performance Fee-based revenues attractive for an MLP model Focused on growth and maximizing the value of our business 22
  • 24. Addendum I-A EBITDA, as further adjusted, a non-GAAP measure, is defined as net income (loss) (a) excluding income taxes, interest expense (including debt extinguishment costs and gain or loss on termination of interest rate swaps), depreciation and amortization expense, impairment charges, restructuring charges, expensed acquisition costs, other charges and non-cash selling, general and administrative (“SG&A”) costs (b) plus the amounts reimbursed to us by Exterran Holdings as a result of caps on cost of sales and SG&A costs provided in the omnibus agreement to which Exterran Holdings and Exterran Partners are parties (the “Omnibus Agreement”), which amounts are treated as capital contributions from Exterran Holdings for accounting purposes Distributable cash flow, a non-GAAP measure, is defined as net income (loss) (a) plus depreciation and amortization expense, impairment charges, restructuring charges, expensed acquisition costs, non-cash SG&A costs, interest expense and any amounts reimbursed to us by Exterran Holdings as a result of the caps on cost of sales and SG&A costs provided in the Omnibus Agreement, which amounts are treated as capital contributions from Exterran Holdings for accounting purposes, (b) less cash interest expense (excluding amortization of deferred financing fees, amortization of debt discount and non-cash transactions related to interest rate swaps) and maintenance capital expenditures, and (c) excluding gains/losses on asset sales and other charges. Gross margin, a non-GAAP measure, is defined as total revenue less cost of sales (excluding depreciation and amortization expense). Gross margin is included as a supplemental disclosure because it is a primary measure used by our management to evaluate the results of revenue and cost of sales (excluding depreciation and amortization expense), which are key components of our operations. NON-GAAP FINANCIAL MEASURES – EXLP 23
  • 25. NON-GAAP FINANCIAL MEASURES – EXLP (CONT.) Addendum I-B 1See Addendum I-A for information on gross margin, EBITDA, as further adjusted, and distributable cash flow 2Consists of a cash reimbursement from Exterran Holdings of non-cash merger-related expenses incurred by Exterran Partners 3Defined as distributable cash flow divided by distributions declared to all unit holders for the period, including incentive distributions rights24 ($ in thousands) 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Net income (loss) 2,343$ 2,264$ 7,482$ 7,312$ 6,547$ 6,079$ 9,411$ 7,810$ 6,721$ 2,738$ 2,008$ 3,317$ 1,426$ (1,345)$ 83$ (23,497)$ Depreciation and amortization 2,782 2,968 5,160 5,660 5,674 5,811 7,542 8,026 8,334 8,678 9,042 10,398 11,878 11,763 13,697 15,180 Long-lived asset impairment - - - - - - - - - 2,995 - 156 231 - 93 24,652 Restructuring charges - - - - - - - - - - - - - - - - Selling, general and administrative 2,770 3,426 3,400 4,134 3,001 4,745 2,423 5,916 6,001 5,551 4,961 7,713 7,695 8,519 8,504 10,112 Interest expense 2,133 2,093 3,560 3,872 3,801 3,445 4,967 5,826 4,819 4,805 5,039 5,640 5,692 5,724 6,020 6,601 Other (income) expense, net (6) (3) (9) (4) (10) (1,129) - (291) 27 - 324 (1,559) (236) (170) 333 (241) Provision for (benefit from) income taxes 56 (6) 132 90 111 111 147 186 149 134 141 117 173 173 172 162 Gross margin (1) 10,078 10,742 19,725 21,064 19,124 19,062 24,490 27,473 26,051 24,901 21,515 25,782 26,859 24,664 28,902 32,969 Cap on operating costs provided by Exterran Holdings ("EXH") 1,407 1,677 2,847 2,687 3,574 3,499 3,573 1,834 2,653 1,452 1,985 1,156 2,794 5,715 7,078 5,817 Cap on selling, general and administrative costs provided by EXH 171 112 - - - - 16 104 - - - 552 - 661 692 1,963 Non-cash selling, general and administrative costs 588 1,303 792 501 (546) 1,368 (2,962) 52 90 275 190 256 190 258 212 549 Expensed acquisition costs (in Other (income) expense, net) - - - - - - - - - - 324 452 - - 356 - Plus: Non-recurring cash selling, general and administrative reimbursement (2) - - (848) - - - - - - - - - - - - - Less: Selling, general and administrative (2,770) (3,426) (3,400) (4,134) (3,001) (4,745) (2,423) (5,916) (6,001) (5,551) (4,961) (7,713) (7,695) (8,519) (8,504) (10,112) Less: Other income (expense), net 6 3 9 4 10 1,129 - 291 (27) - (324) 1,559 236 170 (333) 241 EBITDA, as further adjusted (1) 9,480 10,411 19,125 20,122 19,161 20,313 22,694 23,838 22,766 21,077 18,729 22,044 22,384 22,949 28,403 31,427 Less: (Provision for) benefit from income taxes (56) 6 (132) (90) (111) (111) (147) (186) (149) (134) (141) (117) (173) (173) (172) (162) Less: Gain on sale of compression equipment (in Other (income) expense, net) - - - - - (1,119) - (316) - - - (2,011) (247) (170) (8) (242) Less: Cash interest expense (2,077) (2,085) (3,501) (3,643) (3,696) (3,286) (4,835) (5,750) (4,686) (4,677) (4,915) (5,420) (5,420) (5,451) (5,747) (4,469) Less: Maintenance capital expenditures (1,373) (1,438) (1,987) (2,281) (1,334) (1,758) (2,914) (3,446) (4,705) (3,552) (3,040) (1,289) (2,147) (4,365) (3,204) (6,182) Distributable cash flow (1) 5,974$ 6,894$ 13,505$ 14,108$ 14,020$ 14,039$ 14,798$ 14,140$ 13,226$ 12,714$ 10,633$ 13,207$ 14,397$ 12,790$ 19,272$ 20,372$ Distributions declared to all unitholders for the period, including incentive distribution rights 3,585$ 5,957$ 6,808$ 7,292$ 7,290$ 8,346$ 9,264$ 9,264$ 9,271$ 9,277$ 9,277$ 11,580$ 11,589$ 11,589$ 15,732$ 16,003$ Distributable cash flow coverage (3) 1.67x 1.16x 1.98x 1.93x 1.92x 1.68x 1.60x 1.53x 1.43x 1.37x 1.15x 1.14x 1.24x 1.10x 1.23x 1.27x Distributable cash flow coverage (Exlcluding cost caps) (3) 1.23x 0.86x 1.57x 1.57x 1.43x 1.26x 1.21x 1.32x 1.14x 1.21x 0.93x 0.99x 1.00x 0.55x 0.73x 0.79x ($ in thousands) 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Net income (loss) 223$ (1,938)$ 3,253$ 4,515$ 4,505$ (19,050)$ 10,380$ 14,674$ 14,733$ 27,896$ 10,035$ 11,359$ 6,939$ Depreciation and amortization 14,149 15,459 19,087 19,235 20,362 22,788 21,930 23,218 22,706 27,030 27,158 26,817 27,921 Long-lived asset impairment - 305 384 371 805 28,122 - 633 1,540 925 784 2,101 2,486 Restructuring charges - - - - - - - - - - - - 379 Selling, general and administrative 10,216 9,927 10,594 8,643 12,222 13,450 11,762 12,455 12,607 15,203 16,948 17,213 19,376 Interest expense 7,075 7,553 7,860 7,912 5,882 6,399 6,465 6,421 7,424 10,299 9,735 9,610 9,689 Other (income) expense, net (221) 455 (338) (288) 527 (261) (137) (164) (407) (7,270) (639) (1,165) 871 Provision for (benefit from) income taxes 235 256 242 185 281 277 272 115 407 561 309 229 182 Gross margin (1) 31,677 32,017 41,082 40,573 44,584 51,725 50,672 57,352 59,010 74,644 64,330 66,164 67,843 Cap on operating costs provided by Exterran Holdings ("EXH") 6,877 8,349 6,193 5,073 5,323 3,511 5,841 1,886 3,503 1,729 3,212 3,938 2,536 Cap on selling, general and administrative costs provided by EXH 2,252 1,851 1,802 - 2,482 2,810 1,090 1,815 1,854 2,368 4,164 4,412 3,620 Expensed acquisition costs (in Other (income) expense, net) - 514 - - 695 - - - 575 - - 246 1,544 Non-cash selling, general and administrative costs 364 153 (207) 222 345 140 172 140 253 335 285 301 756 Plus: Non-recurring cash selling, general and administrative reimbursement (2) - - - - - - - - - - - - - Less: Selling, general and administrative (10,216) (9,927) (10,594) (8,643) (12,222) (13,450) (11,762) (12,455) (12,607) (15,203) (16,948) (17,213) (19,376) Less: Other income (expense), net 221 (455) 338 288 (527) 261 137 164 407 7,270 639 1,165 (871) EBITDA, as further adjusted (1) 31,175 32,502 38,614 37,513 40,680 44,997 46,150 48,902 52,995 71,143 55,682 59,013 56,052 Less: (Provision for) benefit from income taxes (235) (256) (242) (185) (281) (277) (272) (115) (407) (561) (309) (229) (182) Less: Gain on sale of compression equipment (in Other (income) expense, net) (212) (115) (319) (273) (174) (244) (127) (144) (935) (7,249) (614) (1,342) (673) Less: Cash interest expense (4,207) (4,652) (4,951) (5,012) (5,208) (5,718) (5,905) (5,930) (6,198) (9,036) (8,802) (8,774) (8,838) Less: Maintenance capital expenditures (5,457) (8,454) (7,382) (7,568) (8,117) (11,416) (10,345) (8,490) (8,349) (9,558) (12,675) (10,819) (10,216) Distributable cash flow (1) 21,064$ 19,025$ 25,720$ 24,475$ 26,900$ 27,342$ 29,501$ 34,223$ 37,106$ 44,739$ 33,282$ 37,849$ 36,143$ Distributions declared to all unitholders for the period, including incentive distribution rights 16,243$ 19,061$ 19,322$ 19,581$ 22,480$ 22,762$ 23,044$ 23,331$ 27,598$ 27,927$ 28,340$ 28,840$ 33,093$ Distributable cash flow coverage (3) 1.30x 1.00x 1.33x 1.25x 1.20x 1.20x 1.28x 1.47x 1.34x 1.60x 1.17x 1.31x 1.09x Distributable cash flow coverage (Exlcluding cost caps) (3) 0.73x 0.46x 0.92x 0.99x 0.85x 0.92x 0.98x 1.31x 1.15x 1.46x 0.91x 1.02x 0.91x
  • 26. 1As of June 4, 2014 2Based on general partner cash distributions declared for the period from January 1, 2014 through March 31, 2014 3Source: Wells Fargo Securities; median 2014E Price / distributable cash flow at 5/16/2014 for General Partner (C-Corp) peer group (Kinder Morgan Inc., ONEOK Inc., Targa Resources Corp., and Williams Companies Inc. ) Addendum II ($ millions, except EXLP unit price) 25 ESTIMATED VALUE OF EXH OWNERSHIP POSITION IN EXLP Q1 2014 EXLP LP Units Owned by EXH1 19.6 EXLP Unit Price1 $27.46 LP Value $538.7 Annualized EXLP GP Cash Distributions2 $12.5 Peer Multiple3 25.0x GP Value $312.5 Total Estimated EXH Value Attributable to EXLP $851.2