Research Analyst PresentationAugust 2014

Ferrellgas Partners, L.P.

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, 2013, and our Form 10-Q for the fiscal quarter ended April 30, 2014.

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Management Team

Ryan VanWinkleExecutive Vice President & Chief Financial Officer,

President – Midstream Operations

Al HeitmannSenior Vice President,

Finance and Investor Relations

Todd SoieferSenior Vice President, Strategic Development

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Presentation Review

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Partnership Overview

Midstream Operations

Propane Operations

Financial Performance

Partnership Overview

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Overview of Ferrellgas Partners

Founded in 1939 as a single location, family-owned business

Publicly traded, master limited partnership since 1994 (NYSE: FGP), distributing an annual $2.00 per common unit distribution for 20 years

2nd largest distributor of propane in the United States, including related equipment and supplies Serving residential, industrial/commercial, portable tank exchange,

agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico

Through our acquisition of Blue Rhino (NASDAQ: RINO) in 2004 and subsequent growth, we are the largest national provider of propane by portable tank exchange

Geographic diversity through our propane operations; 875 propane distribution locations and more than 46,000 portable tank exchange locations nationwide

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Diversification Strategy Overview

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Within 9 months from announcing new diversification strategy, FGP successfully sourced three acquisitions and created a Midstream operating segment generating $30 million in annual EBITDA

Recent Announcements to Expand Midstream Operations

On September 2, 2014, FGP announced the acquisition of two additional Eagle Ford SWD facilities from C&E Production, LLC

Acquisition takes Sable SWD operating footprint to 8 facilities and increases daily operational permitted capacity by 33% to 180,000 barrels

In addition, FGP will have the contractual right to acquire an additional Eagle Ford SWD facility in the future

New locations provide further coverage of Eagle Ford region, enhances existing E&P relationships and brings new opportunities/customers

In conjunction with the acquisition FGP raised $42 million in equity Owners of C&E SWD assets acquired $12 million of Ferrellgas common units Ferrell Companies, the parent company of FGP’s general partner acquired $30

million of Ferrellgas common units

Provided new guidance for Midstream operations of $30 million annual Adjusted EBITDA

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Our Key Brands…Well Established in the Market

Traditional Retail Propane Business

Tank Exchange Business

Logistics, Risk Management and

Wholesale

Consumer Products Business

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Fluid Logistics

Recent Financial Highlights

Adjusted EBITDA and gross profit for our quarter ended April 30, 2014 were $99.8 and $230.5 million, respectively

Both were records for the quarter

TTM Adjusted EBITDA and gross profit through April 30, 2014 were $288.6 million and $783.3 million, respectively

Distributable Cash Flow coverage of 1.2x as of April 30, 2014 At 1.2x DCF coverage, we generated $31.8 million of excess cash flow over the

last 12 months to fund growth/reduce debt

Our equity cost of capital has materially improved over the last 12 months – now approx. 7.0%

Credit/outlook upgrades from both Moody’s and Standard & Poor’s Moody’s OLP debt rating of “B1” (“stable” outlook) S&P’s OLP debt rating of “B+” (“stable” outlook)

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Recent Capital Market Activity

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In October 2013, completed a $325 million, 6.75% note offering, due January 2022 Note offering to refinance $300 million, 9.125% senior notes due 2017 Offering both extended maturity and materially reduced interest expense

Added an additional $150 million onto the above referenced notes in June 2014 at an effective interest rate of 5.877%

Proceeds used to partially fund the acquisition of Sable Environmental and provide additional capital for future growth investments

Issued $50 million of FGP equity in conjunction with the acquisition of Sable Environmental

Selling shareholders acquired the equity at $24.50 per common unit

Amended our bank funded credit facility, primarily increasing borrowing capacity and terms to allow for additional midstream growth

Exercised accordion option to increase credit facility by $100 million from $500 million to $600 million

Issued $42 million of FGP equity in conjunction with the acquisition of C&E Production

Ferrell Companies, Inc., the parent company of our general partner acquired $30 million of FGP equity; selling shareholders of C&E Production acquired $12 million of FGP equity

FGP equity issued at $28.31 per common unit

Our Partnership Structure

• 29% employee ownership through ESOP

• 5% 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

Public56,636,783 Common Units

James E. Ferrell

4,358,475 Common Units

Ferrellgas Partners, L.P.(NYSE “FGP”)

Ferrellgas Inc.(“General Partner”)

Employee StockOwnership Trust

(“ESOT”)

100%

100%

1% (GP Interest)

Ferrellgas L.P.(“OLP”)

1% (GP Interest)

99%

Ferrell Companies, Inc.(“FCI”)

21,716,554 Common Units

27%68%5%

Stable, Long-term Ownership Base

Common Unit Ownership percentages

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Ferrellgas, L.P. (the Operating Limited Partnership or “OLP”) Owns all of the operating assets/cash flow Maintains working capital facility and other subordinated high yield bonds

totaling approximately $1,098 million as of April 30, 2014 Maintains an AR Securitization facility with $155 million borrowed as of April

30, 2014

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 ~$2.4 billion equity market cap – approximately ~83 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 26% interest in the partnership (including GP interest)

Partnership Structure, cont’d

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Midstream Operations

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Ferrellgas established its midstream segment with an initial focus on salt water disposal and fluid logistics Acquired Sable Environmental, LLC (“Sable”) on May 1, 2014 Future SWD acquisitions and organic growth within Eagle Ford will fall under

Sable operating segment Initial purchase of Sable included 5 operating facilities Subsequent to the May 1st transaction, acquired a competitor’s SWD well On September 2, 2014, acquired two additional SWD facilities from C&E

Production, LLC FGP’s Midstream division annual Adjusted EBITDA guidance of $30 million

Sable is a leading provider of salt water disposal (“SWD”) services in the Eagle Ford region of Texas for produced and flowback water generated as part of the oil and gas production process

Currently owns and operates eight SWD facilities in five counties within the Eagle Ford region

Additional SWD facilities in permitting, development or acquisition process

Key customers include major oil and gas producers and transportation companies

Overview of Sable Environmental

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Sable Asset Overview

Headquartered in Corpus Christi, Texas, Sable currently operates eight SWD sites in Karnes, Atascosa, La Salle, Dimmitt and Frio Counties in Texas

Sable has approved or pending permits for additional SWD locations and are evaluating other locations for feasibility to construct additional facilities

The eight operating facilities have a combined daily operational permitted capacity of 180,000 barrels per day (“Bpd”)

Sable does not own or operate any trucks

In certain cases, Sable arranges transportation for major customers utilizing third-party trucks and drivers

Sable operates on both a contracted and spot basis with leading E&P and transportation companies

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Basics of Salt Water Disposal

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4

Separation Process

Trucks deliver fluids from production wells1

Fluid is pumped into tanks where water, chemicals, sand and oil are

separated2

Separated products are pumped into separate holding tanks3

Saltwater is injected back into porous rock formations

underground and sealed above and below by impermeable strata

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Oil gatherer takes crude

oil to a gathering

facility that ships to market

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2

Aerial View of Helena SWD Location

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Producer Map of Eagle Ford

Producer Activity in the Eagle Ford

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Sable’s Facilities Well Positioned in the Eagle Ford

Propane Operations

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Nationwide Footprint – A True Competitive Advantage

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Recent Acquisitions Ferrellgas continues to be active in the market with a keen eye

for quality operations, achieving geographic and product diversity

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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

Through our Global Sourcing subsidiary we are a leading distributor of outdoor living accessories & one of the largest suppliers of bar-b-que grills in the country

Continued Diversification Through Tank Exchange

Number of Blue Rhino Retail Locations

28,543

39,593

43,596

45,10646,046

25,000

30,000

35,000

40,000

45,000

50,000

FY2003 FY2006 FY2009 FY2012 FY2013

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Financial Performance

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Guidance Suggests 3 Record Year in the Last 5

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* The wholesale market price of propane at one of our major supply points - Mt. Belvieu, Texas.

$221.9

$251.1

$266.5

$227.6

$193.1

$272.2

$288.6

97% 98%96%

99%

81%

96%

105%

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

Fy08 Fy09 Fy10 Fy11 Fy12 FY13 FY14 TTM Apr.

Adjusted EBI TDA DCF Coverage Wholesale Cost (* ) Weighted Degree Days as a % of normal

1.10x1.13x

0.60x

0.85x

$0.88

$1.09

$1.35$1.25

1.20x

0.92x

$0.89

$1.53

1.13x

6th record year in the past 9! Distribution coverage increasing with improved performance and more diversified cash flow over the past decade.

Debt Maturity Schedule; Structured for the Long-Term

Pro forma debt maturity schedule ($ in millions)

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Timely refinancings have materially reduced interest expense and refinancing risk…no debt maturities until 2016 with all senior notes

maturities in 2020 or later

Calendar YearPrincipal Amount 2014 2015 2016 2017 2018 2019 2020 2021 2022

Ferrellgas, L.P.Senior Credit Facility $500.0 *****AR Securitization factiliy $225.0 *****6.50% Senior notes due 2021 $500.0 500.06.75% Senior notes due 2022 $475.0 475.0

Ferrellgas Partners, L.P.8.625% Senior notes due 2020 $182.0 182.0

Total Debt 1,882.0$ - - - - - - $182.0 $500.0 $475.0

(in thousands)

2014 2013 2014 2013Revenues: Propane and other gas liquids sales 625,117$ 508,408$ 1,796,786$ 1,426,763$ Other 97,000 94,612 210,044 198,031 Total revenues 722,117 603,020 2,006,830 1,624,794

Cost of product sold: Propane and other gas liquids sales 422,256 313,207 1,232,516 903,100 Other 69,388 66,714 131,443 123,348

Gross profit 230,473 223,099 642,871 598,346

Operating expense 113,923 107,188 333,632 309,221Depreciation and amortization expense 20,913 20,896 61,771 62,522General and administrative expense 12,194 13,432 35,070 32,396Equipment lease expense 4,638 4,098 12,978 11,848Non-cash employee stock ownership plan compensation charge3,710 2,824 10,389 12,673Non-cash stock and unit-based compensation charge 5,832 2,222 16,182 8,434Loss on disposal of assets and other 1,732 3,337 3,426 5,728

Operating income 67,531 69,102 169,423 155,524

I nterest expense (20,189) (22,084) (64,372) (67,138)Loss on extinguishment of debt - - (21,202) - Other income, net 225 185 498 517

Earnings before income taxes 47,567 47,203 84,347 88,903

I ncome tax expense 1,677 2,023 2,391 2,676

Net earnings 45,890$ 45,180$ 81,956$ 86,227$

April 30 April 30

Three months ended Nine months ended

Third Quarter Earnings Statement

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