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2013 Citi MLP/Midstream Infrastructure Conference

August 2013

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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.

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Executive Management

Ryan VanWinkleExecutive Vice President & Chief Financial Officer

Boyd McGatheyExecutive Vice President & Chief Operating Officer

Tod BrownExecutive Vice President; President – Blue Rhino

Steve WamboldPresident and Chief Executive Officer

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Meeting Agenda

Company Overview

Organizational Structure

Business Overview

Financial Performance

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Company Overview

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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

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Our History…Rich in the Propane Industry

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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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Organizational Structure

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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)

An Overview of our Organizational Structure

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Significant Management Ownership;35% by Long-term Investors

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

Public52,997,790 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”)

21,716,554Common Units

27%67%6%

Stable, Long-term Ownership Base

Common Unit Ownership percentages

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Business Overview

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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

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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

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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

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Nationwide Footprint – A True Competitive Advantage

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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

Diversification Through Tank Exchange Market

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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Significant Consolidation Opportunities Continue to Exist in Retail Propane

5,000+ Independent Retailers

68%

NGL1%

Suburban7%

Amerigas15% Ferrellgas

9%

Top 3 Propane Retailers Serve Just Over 30% of the Market

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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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Financial Performance

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Extreme nationwide warmth significantly impacted retail sales in fiscal 2012 for the propane industry

Historical Warmth Drove 2012 Performance

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Wholesale Propane Prices Didn’t Respond to Industry Demand in 2012

Near record wholesale propane pricing in the peak inventory build of fiscal 2012 put abnormal pressure on margins in light of industry demand

$0.45

$0.55

$0.65

$0.75

$0.85

$0.95

$1.05

$1.15

$1.25

$1.35

$1.45

$1.55

$1.65

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cp

g

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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

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A Return to More Historical Financial Performance

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

($ and gallons in millions) Fiscal year ended J uly 31, TTM2008 2009 2010 2011 2012 Apr 2013

Gallons Retail - Sales to End Users 656.8 652.8 681.0 655.4 619.3 637.7 Wholesale - Sales to Resellers 182.0 222.0 241.6 244.3 258.8 258.2 Total 838.8 874.8 922.5 899.7 878.1 896.0

Total Revenues 2,290.7$ 2,069.5$ 2,099.1$ 2,423.2$ 2,339.1$ 1,966.6$ Total Cost of Goods Sold 1,628.4 1,360.2 1,366.2 1,733.8 1,697.2 1,238.2 Gross Profit 662.3 709.3 732.9 689.4 641.9 728.4 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) Operating Expense cpg 44.3¢ 45.7¢ 44.1¢ 45.3¢ 45.4¢ 45.7¢

General and administrative expense (44.3) (39.9) (46.1) (40.0) (36.2) (39.5)

Adjusted EBITDA 221.9$ 251.1$ 266.5$ 227.6$ 193.1$ 264.3$ Adjusted EBITDA cpg 26.5¢ 28.7¢ 28.9¢ 25.3¢ 22.0¢ 29.5¢

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Debt Maturity Schedule; Structured for the Long-Term

Debt maturity schedule ($ in millions)

******* Actual amount depends on loan balance outstanding in the future

Calendar yearPrincipal Amount 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Ferrellgas, L.P.Senior Credit Facility $400.0 *****AR Securitization factiliy 225.0 *****6.50% Senior notes due 2021 500.0 500.09.125% Senior notes due 2017 300.0 300.0

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

Total Debt 1,607.0 - - - - - $300.0 - - $182.0 $500.0

Timely re-financings have materially reduced interest expense and re-fi risk…no debt maturities until fiscal 2017

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Our Path to Success Continues…

Projecting a record Adjusted EBITDA performance in fiscal 2013; our 3rd record performance in the last 5 years!

$264.3 $272.5

$193.1

$227.6

$266.5

$251.1

$221.9

81%

99%96%

98%97%96%

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

Fy08 Fy09 Fy10 Fy11 Fy12 TMM Apr - Fy13 FY13 - Mid pointguidance

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

.92x

1.10x1.13x

.60x

.85x

$1.53

$0.88

$1.09

$1.35

$1.251.08x

$0.89

1.13x

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Questions