1. © Exterran Holdings, Inc. All rights reserved. www.exterran.com© Exterran Holdings, Inc. All rights reserved. www.exterran.com
2014 MASTER LIMITED PARTNERSHIP
INVESTOR CONFERENCE
MAY 22, 2014
David Miller
Senior Vice President and Chief Financial Officer

2. © Exterran Holdings, Inc. 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 Holdings, Inc. All rights reserved. www.exterran.com
PARTNERSHIP OVERVIEW
1As of May 16, 2014
2Based on EXLP common units outstanding as of April 29, 2014
3Based on period from May 16, 2013 through May 16, 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 $29.23
Market Capitalization1,2 $1.6 billion
Average Trading Volume3 133,000 units
Distribution (annualized rate)4 $2.15 / unit
Yield1,5 7.36%
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

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Main Line
Transmission
Wellhead
Production
Processing
Focus of Exterran Contract Operations
CONTRACT OPERATIONS
4

6. © Exterran Holdings, Inc. 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.
U.S. contract compression is a
stable business with significant
economies of scale.
Gas compression is an essential
service utilized several times in the
production cycle to transport gas to
the end user.
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 Valerus
Compression
Natural Gas
Services
Enerflex
Systems
Natural Gas
Compression
Services
OperatingHP(000s)
EXH
MidCon

7. © Exterran Holdings, Inc. 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: $1.6 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 May 16, 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
~$886 million1,3

8. © Exterran Holdings, Inc. All rights reserved. www.exterran.com
FAVORABLE INDUSTRY MARKET TRENDS
7

9. © Exterran Holdings, Inc. 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 Holdings, Inc. 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
4% 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 Holdings, Inc. 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

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KEY INITIATIVES AND GROWTH STRATEGY
11

13. © Exterran Holdings, Inc. 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 further benefits from these activities beginning in 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
12

14. © Exterran Holdings, Inc. 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
, equating to a ~1% growth rate
• Adding new large- and small-horsepower compression units to fleet
• Third-party acquisitions offer potential additional growth vehicle
• Acquired compression assets from MidCon Compression in April 2014
• Successful track record with eight acquisitions 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 and
maximizing the value of our business
13

15. © Exterran Holdings, Inc. 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 Holdings, Inc. All rights reserved. www.exterran.com
MIDCON COMPRESSION ASSET ACQUISITION
In April 2014, Exterran Partners acquired compression assets from
MidCon Compression (“MidCon”) for approximately $363 million1
• Assets include 337 compression units, with a total horsepower of ~444,000
• Compression units are highly standardized and have 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 also entered into a 7-year contract operations
services agreement with Access Midstream Partners L.P.
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 Holdings, Inc. 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 Holdings, Inc. 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 Holdings, Inc. 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 to finance a portion of the MidCon acquisition
1.60x
1.46x
19
1.17x
0.91x
1.31x
1.02x
1.09x
0.91x
1.23x
1.02x
2

21. © Exterran Holdings, Inc. 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 positions us for future acquisitions
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 Holdings, Inc. All rights reserved. www.exterran.com
1 Source: Barclays Capital – Energy Infrastructure Weekly, May 19, 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 Holdings, Inc. All rights reserved. www.exterran.com
INVESTMENT MERITS
Leveraged to favorable industry trends with leading fee-based
market position
Solid capital position with proven growth strategy and
performance improvement capability
Executing on additional process-driven initiatives to drive
further improvement in performance
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 May 16, 2014
2Source: 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)
25
VALUE OF EXH OWNERSHIP POSITION IN EXLP
Q1 2014
EXLP LP Units Owned by EXH 19.6
EXLP Unit Price1
$29.23
LP Value $573.5
Annualized EXLP GP Cash Distributions $12.5
Peer Multiple2
25.0x
GP Value $312.5
Total EXH Value Attributable to EXLP $886.0