2013 Citi MLP/Midstream
Infrastructure Conference
August 2013
1
Forward Looking Statement Disclaimer
The following information contains, or may be deemed to
contain, forward-looking statements. By their nature,
forward-looking statements involve risks and uncertainties
because they relate to events and depend on circumstances
that may or may not occur in the future. The future results
of the partnership may vary from the results expressed in,
or implied by, the following information, possibly to a
material degree. The partnership assumes no obligation to
update the information contained herein. For a discussion of
some of the important factors that could cause the
partnership’s results to differ from those expressed in, or
implied by, the following information, as well as a discussion
of certain other risks, uncertainties and factors, please see
the sections “Item 1. Business - Risk Factors” in the Form
10-K of Ferrellgas Partners, L.P., Ferrellgas Partners Finance
Corp., Ferrellgas, L.P. and Ferrellgas Finance Corp. for the
fiscal year ended July 31, 2012.
2
Executive Management
Steve Wambold
President and Chief Executive Officer
Ryan VanWinkle
Executive Vice President & Chief Financial Officer
Boyd McGathey
Executive Vice President & Chief Operating Officer
Tod Brown
Executive Vice President; President – Blue Rhino
3
Meeting Agenda
 Company Overview
 Organizational Structure
 Business Overview
 Financial Performance
4
Company Overview
5
What is Ferrellgas Partners, L.P.

Founded in 1939 as a single location, family-owned business

In 1994, Ferrellgas Partners, L.P. became the first publicly traded propane master
limited partnership (NYSE: FGP)

Engaged primarily in the distribution and sale of propane and related equipment and
supplies
 Serving residential, industrial/commercial, portable tank exchange, agricultural,
and other customers in all 50 states, the District of Columbia, and Puerto Rico

2nd largest distributor of propane in the United States, including the largest national
provider of propane by portable tank exchange nationally branded under the name
Blue Rhino

Geographic diversity through approximately 924 propane distribution locations and
more than 46,000 portable tank exchange locations nationwide

Industry consolidator with disciplined acquisition strategy
6
Our History…Rich in the Propane Industry
7
Our Key Brands…Well Established in the Market
Traditional
Retail Propane
Business
Tank Exchange
Business
Logistics, Risk
Management
and Wholesale
Consumer Products
Business
8
Organizational
Structure
9
An Overview of our Organizational Structure

Ferrellgas, L.P. (the Operating Limited Partnership or “OLP”)
 Owns all of the operating assets/cash flow of the propane business
 Maintains working capital facility and other subordinated high yield bonds totaling
approximately $942 million as of April 30, 2013
 Maintains an AR Securitization facility with $116 million borrowed as of April 30, 2013

Ferrellgas Partners, L.P. (the Master Limited Partnership or “MLP”, together with the
OLP it is referred to as the “Partnership”)
 Publicly traded on the New York Stock Exchange under ticker symbol FGP
 Owns all the limited partner interests of the OLP
 $1.75 billion equity market cap – approximately 79 million common units
 $182 million of high yield bonds outstanding (not guaranteed by OLP)

Ferrellgas, Inc.
 General Partner of the MLP and OLP
 Manages and controls the operations of the partnership
 Ferrellgas employees work for this entity

Ferrell Companies, Inc. (FCI)
 Owns 100% of Ferrellgas, Inc.
 Owns approximately a 29% interest in the partnership (including GP interest)
10
Significant Management Ownership;
35% by Long-term Investors
Employee Stock
Ownership Trust
(“ESOT”)
Stable, Long-term
Ownership Base
100%


Ferrell Companies, Inc.
(“FCI”)
21,716,554Common Units

100%
James E. Ferrell
4,358,475 Common Units
6%
Public
52,997,790 Common Units
Common Unit Ownership percentages
67%
Ferrellgas Inc.
(“General Partner”)
27%
Ferrellgas Partners, L.P.
(NYSE “FGP”)
99%
Ferrellgas L.P.
(“OLP”)
11
1% (GP Interest)
1% (GP Interest)

29% employee ownership
through ESOP
6% ownership by
Chairman James E. Ferrell
Significant ownership in
the partnership and parent
company by executive
management
General partner/ESOP
structure aligns employee
and investor interests
Business Overview
12
Significant Recent Events
 Sustained, historically warm nationwide temperatures and unstable
wholesale propane prices caused significant change in the propane
industry in FY12
 Significant industry consolidation has occurred over the last year
reducing the number of national providers
 Organic growth opportunities through large scale mergers and
increased sales and marketing
 Internal focus on reducing overall cost structure in light of
changing external environment
 A market commitment to remove at least $20 million annually from our
cost structure to help offset potential, future negative external business
factors…we have achieved this goal!
 Since spring of 2012, a significant decline in the wholesale cost of
propane improving customer pricing, company margins and
financial leverage
 Financials and customer retention continue to show signs of
improvement
13
Significant Recent Events,
cont’d
 We anticipated seeing significant Adjusted EBITDA improvement in
the first 9 months of the fiscal year…achieved despite warmer than
normal temperatures
 43% increase year to date April 30; 39% increase in the third fiscal
quarter
 Significant increase in Distributable Cash Flow coverage since the
start of the fiscal year
 Coverage at April 30 was 1.08x; trending higher
 Improved financial performance brings financial leverage closer to
historical norms
 OLP financial leverage at April 30, 2013 was 3.56x
 Full year FY13 Adjusted EBITDA guidance between $270 million to
$275 million range
 In the middle of this range, $272.5 million produces a DCF coverage of
1.13x
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Ferrellgas’ Keys To Continued Success
 Capitalize on organic growth
 Opportunities are at their peak resulting from large scale mergers and a
challenging operating environment
 Blue Rhino tank exchange volumes continue to grow through new strategic
accounts and same store sales
 Wholesale opportunities continue to present themselves through marketing
 Expand through disciplined acquisitions
 Fewer national providers means less competition for regional and local
opportunities
 A disciplined, experienced staff with more than 190 acquisitions since inception;
operating systems designed for large scale growth
 Capitalize on national presence and economies of scale
 We have fully consolidated our traditional retail and Blue Rhino operations
allowing for further cross marketing of our products to consumers
 Our operating platforms are built for scale providing a competitive advantage
when adding additional customers at the lowest marginal cost
15
Keys To Continued Success
(cont’d)
 Achieve operating efficiencies through technology
 Significant synergies have occurred over the last 12 months, made
possible by our advanced technology platforms
 Blue Rhino operation integration, improved optimization of traditional
retail deliveries to consumers, back office consolidation, etc
 More benefits to come…
 Align employee interest with investors through employee
ownership; only MLP with significant company-wide ESOP
ownership
16
Nationwide Footprint –
A True Competitive Advantage
17
Diversification Through Tank Exchange Market
 Our Blue Rhino operations help to mitigate seasonality and provide a
further catalyst for growth…propane and related products businesses
 Significant operating synergies among our tank exchange operations
and our traditional retail business
 Blue Rhino tank exchange is the undisputed leader in brand awareness
by customers – over 46,000 distribution locations nationwide
 Tank exchange operations help to cultivate new National Account
business
Number of Blue Rhino Retail Locations
50,000
45,106
45,000
46,046
43,596
39,593
40,000
35,000
30,000
28,543
25,000
FY2003
FY2006
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FY2009
FY2012
FY2013
Significant Consolidation Opportunities Continue to
Exist in Retail Propane
5,000+ Independent
Retailers
68%
NGL
1%
Suburban
7%
Amerigas
15%
Ferrellgas
9%
Top 3 Propane Retailers Serve Just Over 30% of the Market
19
Recent Acquisitions
Ferrellgas continues to be active in the market with a keen eye for
quality operations, achieving geographic and product diversity
20
Financial
Performance
21
Historical Warmth Drove
2012 Performance
Extreme nationwide warmth significantly impacted retail sales
in fiscal 2012 for the propane industry
22
Wholesale Propane Prices Didn’t Respond to
Industry Demand in 2012
$1.65
$1.55
$1.45
$1.35
$1.25
cpg
$1.15
$1.05
$0.95
$0.85
$0.75
$0.65
$0.55
$0.45
10 010 010 010 010 011 011 011 011 011 011 011 011 011 011 011 011 012 012 012 012 012 012 012 012 012 012 012 012 013 013 013 013
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Near record wholesale propane pricing in the peak inventory build of fiscal
2012 put abnormal pressure on margins in light of industry demand
23
Fiscal 2013 Results Reflective of More Seasonal
Temperatures and Wholesale Pricing
Thanks to a much colder Spring, nationwide temperatures were closer to
normal in fiscal 2013 yet still 4% warmer than normal
Wholesale propane costs down nearly 35% to prior year
24
A Return to More Historical Financial Performance
($ and gallons in millions)
2008
Gallons
Retail - Sales to End Users
Wholesale - Sales to Resellers
Total
Total Revenues
Total Cost of Goods Sold
Gross Profit
2009
656.8
182.0
838.8
$
2,290.7
1,628.4
662.3
Fiscal year ended July 31,
2010
2011
652.8
222.0
874.8
$
2,069.5
1,360.2
709.3
681.0
241.6
922.5
$
2,099.1
1,366.2
732.9
655.4
244.3
899.7
$
2,423.2
1,733.8
689.4
TTM
Apr 2013
2012
619.3
258.8
878.1
$
2,339.1
1,697.2
641.9
637.7
258.2
896.0
$
1,966.6
1,238.2
728.4
Gross Profit cpg
79.0¢
81.1¢
79.4¢
76.6¢
73.1¢
81.3¢
Operating expense
(371.5)
(399.9)
(406.9)
(407.3)
(399.0)
(409.2)
44.3¢
45.7¢
44.1¢
45.3¢
45.4¢
45.7¢
(44.3)
(39.9)
(46.1)
(40.0)
(36.2)
(39.5)
Operating Expense cpg
General and administrative expense
Adjusted EBITDA
$
221.9
26.5¢
Adjusted EBITDA cpg
$
251.1
28.7¢
$
266.5
28.9¢
$
227.6
25.3¢
$
193.1
$
22.0¢
Fiscal 2013 sales volumes and margins more in line with historical
performance…we continue to see opportunities for improvement
through growth, customer retention and expense management
25
264.3
29.5¢
Debt Maturity Schedule;
Structured for the Long-Term
Debt maturity schedule ($ in millions)
Principal
Amount
Ferrellgas, L.P.
Senior Credit Facility
AR Securitization factiliy
6.50% Senior notes due 2021
9.125% Senior notes due 2017
$400.0
225.0
500.0
300.0
Ferrellgas Partners, L.P.
8.625% Senior notes due 2020
182.0
Total Debt
1,607.0
Calendar year
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
*****
*****
500.0
300.0
182.0
-
-
-
-
- $300.0
-
- $182.0
$500.0
******* Actual amount depends on loan balance outstanding in the future
Timely re-financings have materially reduced interest expense
and re-fi risk…no debt maturities until fiscal 2017
26
Our Path to Success Continues…
350.0
96%
99%
98%
97%
96%
300.0
$266.5
$251.1
$272.5
$264.3
81%
250.0
$227.6
$221.9
$193.1
200.0
$1.53
150.0
$1.35
1.10x
1.13x
$1.25
100.0
$1.09
1.13x
1.08x
.92x
.85x
$0.88
$0.89
.60x
50.0
0.0
Fy08
Fy09
Adjusted EBITDA
Fy10
DCF Coverage
Fy11
Fy12
TMM Apr - Fy13
Weighted Degree Days as a % of normal
FY13 - Mid point
guidance
Wholesale Cost (*)
Projecting a record Adjusted EBITDA performance in fiscal
2013; our 3rd record performance in the last 5 years!
27
Questions
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