The document is a presentation from StoneMor Partners L.P. at the 2014 National Association of Publicly Traded Partnerships MLP Conference. It summarizes that StoneMor is the second largest owner and operator of cemeteries in the US, with a 9.9% yield superior to the average MLP yield. It highlights StoneMor's strong historical performance, proven acquisition record, favorable demographic trends, high barriers to entry in the industry, and conservative financial profile. The presentation also provides details on recent developments including investments from American Infrastructure MLP Fund and acquisitions from the Archdiocese of Philadelphia and Service Corporation International.

1. National Association of Publicly
Traded Partnerships
MLP Conference
May, 2014

2. Confidential
2
This presentation contains certain statements that may be deemed to be forward-looking
statements within the meaning of the Securities Acts. All statements, other than statements of
historical facts, that address activities, events or developments that the Partnership expects,
projects, believes or anticipates will or may occur in the future, including, without limitation, the
outlook for population growth and death rates, general industry conditions including future
operating results of the Partnerships properties, capital expenditures, asset sales, expansion and
growth opportunities, bank borrowings, financing activities and other such matters, are forward-
looking statements. Although the Partnership believes that its expectations stated in this
presentation are based on reasonable assumptions, actual results may differ from those
projected in the forward-looking statements. For a more detailed discussion of risk factors,
please refer to the annual Report on Form 10-K and quarterly reports on form 10-Q filed with the
SEC and the prospectus and the prospectus supplement relating to this offering.
In addition, the projected impact of acquisitions reflect managements projections as to possible
future results based on a number of assumptions that are inherently uncertain, including without
limitation the organic growth of the Partnership, the availability of acquisition targets, the
purchase prices for the targets, the availability of debt or equity financing from either third parties
or the targets and the Partnership’s ability to integrate and manage such acquisitions. The
assumptions involve significant elements of subjective judgment and analysis, and no
representation is made as to their or the projections attainability.

3. StoneMor Partners L.P.
3
 StoneMor is the second largest owner and operator of cemeteries in
the US
• 278 cemeteries and 90 funeral homes, diversely located across 28 states and
Puerto Rico*
• As of 12/31/2013, over 12,490 acres of land, equivalent to an aggregate weighted
average sales life of 240 years
*Does not include 9 funeral homes and 12 cemeteries acquired in recent transaction with SCI, nor the 13 cemeteries included in the
agreement with the Archdiocese of Philadelphia

4. Investment Highlights
 9.9%* yield superior to 2013 year end MLP average yield of 5.8%**
 Strong historical performance
 Proven acquisition record
 Favorable demographic trends
 High barriers to entry
 Conservative financial profile
4
*As of May13, 2014
**Source: Clearbridge Investments

5. 5
Attractive Yield
 9.9% Yield vs. 5.8% Average MLP Yield*
 37 consecutive quarterly distributions
Distribution Per Unit
*Source: Clearbridge
$2.16
$2.22
$2.25
$2.33
$2.36
$2.40
$2.00
$2.05
$2.10
$2.15
$2.20
$2.25
$2.30
$2.35
$2.40
$2.45
2008 2009 2010 2011 2012 2013

6. 2014 Highlights
American Infrastructure MLP Fund (AIM)
 StoneMor receives $130 million commitment from AIM
– Includes AIM acquiring an indirect majority interest in the general partner
• Aligns StoneMor L.P. with strategic, well capitalized MLP sector expert
– StoneMor L.P. to use $55 million for purchase of Archdiocese of Philadelphia
properties
• Four year non cash common, priced at market (no discount)
• Reduces reliance on working capital borrowings
• Improves cash flow optics
– $50 million to be available to StoneMor L.P. for future acquisitions
6

7. 7
Recent Developments
Archdiocese of Philadelphia
 13 cemeteries leased
 60 year management arrangement
 7000 existing burials per year
 Will be introducing and growing pre-need sales business to
a very large and growing population
 Opportunities for Archdioceses beyond Philadelphia

8. 8
Recent Developments
Service Corporation International
 Will acquire 9 funeral homes, 12 cemeteries and 2
crematories
 Properties located in Central Florida, North Carolina,
Southeastern Pennsylvania and Virginia
 1,140 acres of land
 3,500 interments per year
 1,900 annual funeral home calls
 Immediately accretive

9. 9
Recent Developments.
Continued strength in financial results
 2013 Full Year Financial Results
• Production based revenue increased 10.2% to $326.6 million
• Adjusted operating profits increased 24.9% to $67.2 million
• Distributable cash flow increased 42.6% to $76.0 million
 2014 First Quarter Financial Results
• Production based revenue increased 7% to $85.7 million
• Adjusted operating profits increased 24.3% to $22.0 million
• Distributable cash flow increased 25.6% to $22.1 million

10. Historical Performance
10
($ in millions)
($ in millions)
REVENUE OPERATING PROFIT
$181
$197
$228
$243 $246 $251
$218
$247
$281
$296
$327 $332
$-
$50
$100
$150
$200
$250
$300
$350
2009 2010 2011 2012 2013 TTM
GAAP Accrual
$13
$3
$10
$14
$6
$10
$36 $38
$49
$54
$67
$71
$-
$10
$20
$30
$40
$50
$60
$70
$80
2009 2010 2011 2012 2013 ttm
GAAP Accrual

11. Diversified Revenue Streams
11
STONEMOR BUSINESS MIX BY REVENUE – TWELVE MONTHS ENDED DECEMBER 31, 2013
StoneMor’s +800 person sales team creates an unparalleled advantage
in pre-need sales performance
~60% of StoneMor’s
revenue is generated
through highly
predictable at-need
business
Pre-need
Sales, 37.0%
At-need
Sales, 30.6%
Investment
Income, 9.9%
Interest
Income, 2.8%
Funeral
Home
Revenues,
18.2%
Other
Cemetery
Revenues,
1.5%

12. Proven Growth and Acquisition Strategy
 A consistent track record of growth and financial performance
• 145 cemeteries and 85 funeral homes acquired since 2004 IPO*
• Production based revenue has increased from $218 million in 2009 to $332 million
TTM
• 8.76% ’09- 2014 TTM CAGR
• Adjusted operating profits have increased from $36 million in 2009 to $71 million in
TTM
• 14.5% ’09-2014 TTM CAGR
*Does not include 9 funeral homes & 12 cemeteries from recently announced
transaction with SCI, or 13 cemeteries from the Archdiocese of Philadelphia
12

13. 13
 Acquisitions have contributed to strong corporate growth
 Discipline in selecting target -- “Never break the model”
 Focus on acquisitions that generate incremental cash flow in
excess of financing costs
 Accretive from day one
Disciplined Acquisition Philosophy

14. 14
Acquisition Criteria
 Internal rate of return greater than cost of capital
• 10 year discounted cash flow
• Terminal value equal to 5 times year-10 cash flow
 Positive cash flow after repaying acquisition price over a 10 year
period
 Generate cash flow toward an increased distribution
 Cemetery property must have minimum of 25 years sales life at
projected rate
 Reasonably be able to fit within the companies debt leverage
calculation

15. 15
 Large trust funds
 Significant available inventory for sale
 Proximity to metropolitan market areas
 Historical interments in excess of 200 annually
 Significant at-need historical volume
Properties Generally Have:

16. Major Improvements
Post Acquisition
 Institute pre-need sales program
 Seasoned, professional management
 Significantly reduce product costs
 Consolidate office functions into home office
 Professional trust fund management which improves trust fund
returns
 Price increases do not support purchase price
16

17. Favorable Demographics
 Aging of the Baby Boom Generation will accelerate the death rate
and expand our target pre-need market
17
Source: Department of Health and Human Services.
ANNUAL BIRTHS IN THE UNITED STATES 1930-1960

18. Favorable Demographics
 Sharply increasing population in our target pre-need market
18
ProjectedU.S.Population
(inthousands)
Source: U.S. Department of Commerce Census Bureau.
PROJECTED U.S. POPULATION IN 55-65 YEAR OLD CATEGORY
Target Market More
Resilient to
Economic
Downturns
 Target 55 to 65 age range
 Near retirement – low unemployment risk
 Mortgage paid-off (or almost) – minimal debt obligations
 Adult children – no tuition costs

19. Substantial Industry and Financial
Barriers to Entry
 Scarcity and cost of real estate near densely populated areas
 Zoning restrictions
 Initial capital requirements
 Strength of family tradition and heritage
 Administratively complex business for new entrants
 Deferred revenue accounting (SAB 101) makes cemetery
acquisitions unattractive to “C-corps” valued on EPS and EBITDA,
keeping consolidators out of the market
19
Barriers to Entry
Because of the barriers to entry, there are few new cemeteries built. The only way to enter
the industry is to buy an existing cemetery

20. 20
Highly Fragmented Industry
Cemeteries,
9,600, 30%
Funeral
Homes,
22,000, 70%
$11 billion
$6 billion
___________________________
Source: National Directory of Morticians; Public Filings.
___________________________
Source: ABN Amro Research; Public Filings.
(1) Includes StoneMor, SCI, Stewart, Carriage and Loewen.
$17 Billion Market
Large Death Care Industry Highly Fragmented Industry Revenue
Owned by
Consolidators
20%
Independent
Operators,
80%
(1)
Economies of scale and consolidation opportunities provide competitive advantages

21. 21
Conservative Financial Profile
Adjusted Operating Profits (Accrual) Exceed Distributions
Adjusted Operating Profit, or the Accrual
method, is the measure by which
management operates the business
GAAP
Distributions
Accrual
$-
$10
$20
$30
$40
$50
$60
$70
$80
2009
2010
2011
2012
2013
ttm
$13
$3
$10 $14
$6
$10
$27
$32
$45 $47
$52
$53
$36 $38
$49
$54
$67 $71
GAAP Distributions Accrual

22. Sustained Business Growth While
Maintaining Stable Credit Profile
Asset base has grown while total leverage has remained steady
22
Total Assets, Debt and Partners’ Capital Total Debt / Accrual EBITDA
($ in millions)
$738
$859
$1,147
$1,249
$1,344
$1,473 $1,492
$161 $183
$220 $195
$255
$292
$253
$119 $112 $128 $180 $135 $107
$148
$0
$300
$600
$900
$1,200
$1,500
2008 2009 2010 2011 2012 2013 Q1
2014
Total Assets Total Debt Total Partners' Capital
3.6x
3.8x
3.1x
2.8x
3.4x 3.5x
3.5
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
2008 2009 2010 2011 2012 2013 Q1 '14

23. Strong Cash Position
23
$462 Million in Cash & Merchandise Trust Assets Net of
Liabilities
$594
$462
$132
$0
$100
$200
$300
$400
$500
$600
$700
Cash, AR
and
Merchandise
Trust
Merchandise
Liability
Excess Cash
and Assets

24. Recap
 9.9%* yield superior to 2013 year end MLP average yield of 5.8%**
 Strong historical performance
 Proven acquisition record
 Favorable demographic trends
 High barriers to entry
 Conservative financial profile
24 *As of May 13,, 2014
Source: Clearbridge Investments

25. Thank You