exh 2014 hw conf final

© Exterran Holdings, Inc. All rights reserved. www.exterran.com © Exterran Holdings, Inc. All rights reserved. www.exterran.com

HOWARD WEIL ENERGY CONFERENCE MARCH 25-26, 2014

Bill Austin

Executive Vice President and Chief Financial Officer

Brad Childers

President and Chief Executive Officer

© Exterran Holdings, Inc. All rights reserved. www.exterran.com

FORWARD-LOOKING STATEMENTS

All statements in this presentation (and oral statements made regarding the subjects of this presentation) other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Exterran Holdings, Inc. and Exterran Partners, L.P. (together, the “Companies”). 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 the Companies’ abilities to realize the benefits thereof; the Companies’ expectations regarding future economic and market conditions and trends; the Companies’ operational and financial strategies, including planned capital expenditures and growth activities, the Companies’ abilities to successfully effect those strategies and the expected results therefrom; the Companies’ financial and operational outlook, including additional payments expected to be received from Venezuela, and ability to fulfill that outlook; demand and growth opportunities for the Companies’ products and services; statements related to performance, profitability, structural and process improvement initiatives, the expected timing thereof, the Companies’ abilities to successfully effect those initiatives and the expected results therefrom; the operational and financial synergies provided by the Companies’ size; Exterran Holdings’ expectations with respect to its dividend program; and statements relating to eliminating the need for cost cap payments to Exterran Partners; strategies for building Exterran Partners’ value; and Exterran Holdings’ intention to continue to offer the balance of its U.S. contract operations business to Exterran Partners.

While the Companies believe that the assumptions concerning future events are reasonable, they caution that there are inherent difficulties in predicting certain important factors that could impact the accuracy of the forward-looking information. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: changes in the capital and financial markets that impact the effect of the sale of additional assets to Exterran Partners; 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 and natural gas and the impact on the price of oil and natural gas; Exterran Holdings’ ability to timely and cost-effectively execute larger projects; changes in political or economic conditions in key operating markets, including international markets; any non-performance by third parties of their contractual obligations; changes in safety, health, environmental and other regulations; and, as to each of the Companies, the performance of the other entity.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in the Companies’ Annual Reports on Form 10-K for the year ended December 31, 2013, and those set forth from time to time in the Companies’ filings with the Securities and Exchange Commission, which are currently available at www.exterran.com. Except as required by law, the Companies expressly disclaim any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

1

http://www.exterran.com/






INVESTMENT MERITS

2

Leveraged to favorable industry trends as a global leader in

compression and well-established position in production and

processing equipment

Solid capital position and demonstrated performance improvement

capability

Executing on next set of structural and process changes to our

core operations

Announced MidCon acquisition, and aggressively pursuing

opportunities for growth and maximizing the value of our

businesses, including Exterran Partners

Announced dividend program in February 2014

Initial dividend to be paid in March 2014


FUNDAMENTALS

3


Main Line

Transmission

Processing

Focus of Exterran Operations

SURFACE PRODUCTION SOLUTIONS

Gathering

System

Wellhead

Production

Power

Generation

Storage

Industrial

Residential

Chemical

Feed-stocks

and Fuels

4


EXTERRAN PRODUCT LINES

Contract operations services provided

with Exterran-owned fleet

• Leader in the U.S. and Latin America

• Recent growth in the Eastern

Hemisphere

Aftermarket services for customer-

owned equipment

• Provider of parts and services in U.S.

and international markets

• New business opportunities

associated with compression units

installed in growth plays

5

Seven facilities in North America and

four in international locations

Sell compression, production and


• For U.S. and international markets

• Provide integrated design,

engineering, fabrication and

installation capabilities

Our Belleli Energy operations produce

critical process equipment for refinery

and petrochemical facilities and

fabricate tank farms and equipment

for desalination plants

Contract Services Product Sales


U.S. SHALE PLAYS

Expect to add approximately 200,000 horsepower of new units to our fleet in 20141

Source: Energy Information Administration 1Excludes pending acquisition of compression assets from MidCon Compression, LLC (“MidCon Compression”)

6


CONTRACT SERVICES - STABLE CASH FLOWS

7

Services Revenue and Natural Gas Prices

Note: In December 2013, we abandoned our contract water treatment business. All periods except 2008 exclude

results from our contract water treatment business.

$0

$2

$4

$6

$8

$10

$12

$14

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2008 2009 2010 2011 2012 2013

Henry

Hub S

pot P

riceR

eve

nue

($ m

illio

ns)

North America Contract Operations International Contract Operations

Aftermarket Services Henry Hub Price


LEADER IN U.S. CONTRACT OPERATIONS SERVICES

EXLP is the largest contract

compression provider in the U.S.

with 2.7 million 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 December 31, 2013, pro forma to reflect pending acquisition of compression assets

from MidCon Compression

U.S. Outsourced Compression Competitors1

Exterran’s size provides significant operational and financial synergies

8

2,704

620

3,324

1,070 1,005

710

510440

277

110 100

-

500

1,000

1,500

2,000

2,500

3,000

3,500

Exterran USACompression

Regency/CDM CompressorSystems

J-W Operating ValerusCompression

Natural GasServices

EnerflexSystems

Natural GasCompression

Services

Op

era

tin

g H

P (

000s)

EXH


PRODUCT SALES – BACKLOG TRENDS

9

Fabrication Backlog at Period Ends

Despite an increase in bookings in 2H 2013, backlog levels are not expected

to return to 2012 levels due to increased throughput of our fabrication

facilities and a shift in product mix away from long lead time products

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2008 2009 2010 2011 2012 2013

($ m

illio

ns)

North America International

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2008 2009 2010 2011 2012 2013

($ m

illio

ns)

Compression Production & Processing Installation Belleli


Regional Headquarters

Engineering and Manufacturing Centers

Other Major International Locations

GLOBAL PRESENCE

10

1Twelve months ended December 31, 2013 2See Addendum I for information on gross margin

Revenue Mix1 Gross Margin Mix1,2

North America

60%

Latin America

17%

Eastern Hemisphere

23%

North America

59% Latin America

24%

Eastern Hemisphere

17%


$628

$476

$396

$1,661

Fabrication: 52%

Aftermarket Services: 13%

International ContractOperations: 15%

North America ContractOperations: 20%

$345

$279

$86

$252 Fabrication: 26%

Aftermarket Services: 9%

International ContractOperations: 29%

North America ContractOperations: 36%

BUSINESS MIX

Se

rvic

es

Sa

les

Revenue Mix1

($ millions)

1Twelve months ended December 31, 2013 2See Addendum I for information on gross margin

$963

11

Se

rvic

es

Sa

les

$3,160

Gross Margin Mix1,2

($ millions)


Market Equity1: $2.7 Billion

North America

Contract Operations

3.9 MM HP2

U.S. Contract

Operations

(~74% of Total

U.S. Business)

2.9 MM HP2

Market Equity1: $1.4 Billion

39% 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 March 21, 2014; based on EXH shares and EXLP common units outstanding as of February 18, 2014 2Available horsepower as of December 31, 2013, pro forma to reflect pending acquisition of compression assets from MidCon Compression 3See Addendum III

12

Estimated current value of

EXH’s ownership in EXLP of

~$770 million3


FAVORABLE INDUSTRY MARKET TRENDS

13


U.S. NATURAL GAS MARKET

14

Source: Energy Information Administration

U.S. Production of Natural Gas Liquids by Type U.S. Natural Gas Production by Source

(trilli

on c

ubic

fe

et)

(mill

ions o

f barr

els

per

day)

Optimistic outlook driven by growth in U.S. shale gas and NGL production


$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

($ b

illio

ns)

U.S. International

GLOBAL INDUSTRY CAPITAL SPENDING

15

Source: Spears & Associates

We believe that the oil and gas infrastructure build-out in global

markets will provide opportunities for growth

Global Drilling and Production Capital Spending Projected to Increase

6% CAGR from

2013 through 2019


PERFORMANCE INITIATIVES &

GROWTH ACTIVITIES

16


PERFORMANCE INITIATIVES

Multi-year plan to deliver better return to investors

Achieved improved profitability over the last two years

Several process-driven initiatives being rolled out this year to improve

performance of our Contract Operations business and our materials

management systems, especially within our Fabrication businesses

17

Expect to drive further improvement in performance in 2014


North America

Contract Ops

Investing in new North America contract operations fleet units for gathering

and gas lift applications, the majority to be funded by EXLP

GROWTH ACTIVITIES

International

Contract Ops

Recent bookings include contract extensions and expansion projects in

Argentina, Brazil, Mexico, Indonesia & Oman; optimistic about growth

opportunities, especially in Latin America

Product Sales

Outlook for projects in the Eastern Hemisphere remains robust

Booked a $120 million tank farm project in Abu Dhabi within our Belleli

Energy business

AMS Leveraging new field systems and distribution network in this business

18


MIDCON COMPRESSION ASSET ACQUISITION

Exterran Partners has agreed to acquire compression assets from

MidCon Compression for approximately $360 million1

• Assets include 334 compression units, with a total horsepower of ~440,000

• Compression units are highly standardized and have an 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 19%

Exterran Partners also entered into a 7-year contract operations services

agreement with Access Midstream

Expected to close in the second quarter 2014

19

Transaction expected to be accretive to Distributable Cash Flow

1EXLP to direct MidCon Compression to sell $9.4 million of assets to EXH at closing of transaction


FINANCIAL REVIEW

20


IMPROVED FINANCIAL PERFORMANCE

Exterran Holdings EBITDA, as adjusted1 Exterran Partners EBITDA, as further adjusted1

1See Addendum I for information on EBITDA, as adjusted, and EBITDA, as further adjusted

21

Our financial results have benefitted from the implementation

of performance improvement initiatives

$434

$388

$461

$634

$0

$100

$200

$300

$400

$500

$600

$700

2010 2011 2012 2013

($ m

illio

ns)

EXH

$25

$32

$25

$25

$105

$139

$180

$238

$0

$50

$100

$150

$200

$250

2010 2011 2012 2013

($ m

illio

ns)

Cost Caps provided by EXH


ENHANCED CREDIT PROFILE

22

1As defined in Exterran Holdings’ credit agreement

Improved capital position provides increased financial flexibility

Total Debt Outstanding Exterran Holdings Debt to Adjusted EBITDA1

1,448 1,227

884744

449

546

681758

$1,897

$1,773

$1,565$1,502

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

12/31/10 12/31/11 12/31/12 12/31/13

($ m

illio

ns)

Exterran Holdings EXLP

3.9x

4.3x

2.4x

1.6x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

5.0x

12/31/10 12/31/11 12/31/12 12/31/13

Debt-to-EBITDA


INITIATING DIVIDEND

Focus on improved profitability, cash generation and debt reduction has

allowed us to return cash to stockholders

Announced the company’s first dividend program in February 2014

• Initial quarterly dividend of $0.15 per common share of stock, a rate of $0.60

per share on an annualized basis

• First dividend to be paid on March 28, 2014

Intend to pay regular quarterly dividends going forward

23

Evaluating alternatives to maximize shareholder value going forward


MAIN DRIVERS FOR ENHANCING VALUATION

24

Capital

Management

Growth

Development

Operational

Excellence

•Allocate capital to

maximize Exterran

Parent’s profitability

& free cash flow

• Increase the value of

EXLP and the value

of our GP interest

•Continue to modernize

compression fleet

•Continue to implement

performance initiatives

•Goal to become a low

cost service provider

•Enhance

effectiveness of

new business

development

•Seek accretive third-

party acquisitions

Venezuela payments as of February 2014 total $352 million, with an

additional $205 million expected over the next two and a half years


EXLP DISTRIBUTIONS DECLARED TO EXH

25

Goal to eliminate the need for cost cap payments to EXLP

$1 $1 $2 $2 $5 $6

$9 $12

$18

$22

$32 $24

$25

$41

$13

$19

$24

$34

$29

$31

$50

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

2007 2008 2009 2010 2011 2012 2013

($ m

illio

ns)

GP Interest LP Interest


INVESTMENT MERITS

26

Leveraged to favorable industry trends as a global leader in

compression and well-established position in production and


Solid capital position and demonstrated performance improvement

capability

Executing on next set of structural and process changes to our

core operations

Announced MidCon acquisition, and aggressively pursuing

opportunities for growth and maximizing the value of our

businesses, including Exterran Partners

Announced dividend program in February 2014

Initial dividend to be paid in March 2014


APPENDIX

27

Exterran Holdings, Inc.:

EBITDA, as adjusted, a non-GAAP measure, is defined as net income (loss) excluding income (loss) from discontinued operations

(net of tax), cumulative effect of accounting changes (net of tax), income taxes, interest expense (including debt extinguishment

costs and gain or loss on termination of interest rate swaps), depreciation and amortization expense, impairment charges, merger

and integration expenses, restructuring charges, non-cash gains or losses from foreign currency exchange rate changes recorded

on intercompany obligations and other charges. EBITDA, as adjusted, excludes the benefit of the two previously announced sales

of Exterran Holdings’ Venezuelan assets.

Gross margin, a non-GAAP measure, is defined as total revenue less cost of sales (excluding depreciation and amortization

expense). Gross margin percentage is defined as gross margin divided by revenue.

Exterran Partners, L.P.:

EBITDA, as further adjusted, a non-GAAP measure, is defined as net income (loss) 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, other charges, non-cash selling, general and administrative (“SG&A”) costs and any amounts by

which cost of sales and SG&A costs are reduced as a result of caps on these costs contained in the omnibus agreement to which

Exterran Holdings and Exterran Partners are parties (as amended, 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) plus depreciation and amortization expense,

impairment charges, non-cash SG&A costs, interest expense and any amounts by which cost of sales and SG&A costs are reduced

as a result of caps on these costs contained in the Omnibus Agreement, which amounts are treated as capital contributions from

Exterran Holdings for accounting purposes, less cash interest expense (excluding amortization of deferred financing fees and

amortization of debt discount and non-cash transactions related to interest rate swaps) and maintenance capital expenditures,

and excluding gains/losses on asset sales and other charges.

Addendum I-A

NON-GAAP FINANCIAL MEASURES

28

1Our assets and operations in Venezuela were expropriated in 2009. All periods exclude results from our Venezuelan international contract operations business.

2In June 2012, we committed to a plan to sell our contract operations and aftermarket services businesses in Canada. The sale was completed in July 2013. All

periods exclude results from our Canadian contract operations and aftermarket services businesses. 3In December 2013, we abandoned our contract water treatment business. All periods exclude results from our contract water treatment business. 4See Addendum I-A for information on gross margin and gross margin percentage.

Addendum I-B

EXTERRAN HOLDINGS, INC. – FINANCIAL RESULTS SUMMARY1,2,3

29

($ in millions)

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13

Revenues

North America Contract Operations $142.1 $142.1 $143.1 $143.4 $147.3 $146.4 $149.5 $152.8 $158.0 $162.2 $152.6 $155.1

International Contract Operations 105.7 110.9 113.8 114.7 112.8 112.6 110.6 127.9 109.6 117.9 117.5 131.0

Aftermarket Services 74.3 84.8 95.7 116.5 89.6 101.9 95.9 98.5 83.6 99.4 102.2 110.5

Fabrication 280.0 301.7 332.7 311.0 262.2 267.6 360.7 457.9 458.8 456.5 403.3 342.5

Total $602.2 $639.6 $685.2 $685.6 $611.9 $628.6 $716.7 $837.1 $809.9 $835.9 $775.6 $739.0

Expenses




Fabrication 239.3 269.4 303.3 290.3 235.6 241.4 310.8 404.2 402.4 381.6 328.4 296.2

Total $421.0 $468.5 $500.7 $502.0 $424.0 $435.4 $507.1 $598.4 $585.2 $580.0 $530.7 $501.6

Gross Margin4




Fabrication 40.8 32.4 29.4 20.7 26.6 26.3 49.9 53.6 56.4 74.9 74.9 46.3

Total $181.2 $171.1 $184.5 $183.6 $187.9 $193.2 $209.6 $238.6 $224.7 $255.9 $244.9 $237.5

Gross Margin Percentage4

North America Contract Operations 46% 50% 49% 49% 51% 53% 50% 55% 55% 57% 54% 55%

International Contract Operations 61% 55% 58% 60% 61% 58% 58% 63% 58% 58% 57% 62%

Aftermarket Services 13% 8% 21% 20% 20% 24% 21% 20% 22% 22% 21% 23%

Fabrication 15% 11% 9% 7% 10% 10% 14% 12% 12% 16% 19% 14%

Total 30% 27% 27% 27% 31% 31% 29% 29% 28% 31% 32% 32%

Addendum I-C

1Our assets and operations in Venezuela were expropriated in 2009. All periods exclude results from our Venezuelan international contract operations business.

2In June 2012, we committed to a plan to sell our contract operations and aftermarket services businesses in Canada. The sale was completed in July 2013. All

periods exclude results from our Canadian contract operations and aftermarket services businesses. 3In December 2013, we abandoned our contract water treatment business. All periods exclude results from our contract water treatment business. 4See Addendum I-A for information on EBITDA, as adjusted and gross margin.

NON-GAAP FINANCIAL MEASURES (CONT.)1,2,3 – EXTERRAN

HOLDINGS, INC.

30

2010 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13

($ millions)

Net income (loss) (113.2) (30.4) (30.2) (214.5) (64.4) 7.3 (166.9) 119.3 3.1 58.8 24.5 45.3 27.2

(Income) loss from discontinued operations, net of tax (44.9) 2.3 2.3 (1.1) 4.4 1.6 42.2 (110.9) 31.1 (33.5) 1.1 (15.1) (16.5)

Income (loss) from continuining operations (158.2) (28.1) (27.9) (215.6) (60.0) 8.9 (124.7) 8.4 34.2 25.3 25.6 30.1 10.7

Depreciation and amortization 387.6 87.2 89.4 87.7 88.5 84.1 87.9 84.2 90.1 82.6 80.8 81.3 82.8

Long-lived asset impairment 143.9 - 2.1 1.8 2.2 4.1 128.5 3.2 0.8 3.6 16.6 4.6 3.9

Restructuring charges (0.0) - - 2.9 8.7 2.9 1.3 1.5 0.8 - - - -

Investment in non-consolidated affiliates impairment 0.6 - - 0.3 0.2 0.2 - - - - - - -

Proceeds from sale of joint venture assets - - - - - (37.6) (4.7) (4.8) (4.6) (4.7) (4.7) (4.8) (4.8)

Goodwill impairment - - - 196.1 0.7 - - - (0.0) - - - -

Interest expense 136.1 37.2 34.6 38.7 39.0 38.0 37.0 31.7 27.7 27.9 30.3 28.9 28.7

(Gain) loss on currency exchange rate remeasurement of

intercompany balances (6.2) 2.0 (3.0) 14.1 1.1 (4.9) 10.0 (0.2) 2.4 (3.6) 4.0 0.4 3.4

Gain on sale of our investment in the subsidiary that owns the barge

mounted processing plant and other related assets used on the

Cawthorne Channel Project (4.9) - - - - - - - - - - - -

Provision for (benefit from) income taxes (64.6) (4.2) (14.6) (29.2) 36.2 (1.3) (34.8) 1.4 (11.0) 15.0 23.6 16.7 29.4

EBITDA, as adjusted4 434.4 94.0 80.6 96.9 116.5 94.4 100.5 125.5 140.3 146.1 176.1 157.3 154.2

Selling, general and administrative 350.7 89.3 90.4 89.0 83.5 94.7 94.0 85.4 101.6 84.9 91.0 93.6 88.7

Equity in (income) loss of non-consolidated affiliates 0.6 - - 0.3 0.2 (37.3) (4.7) (4.8) (4.6) (4.7) (4.7) (4.8) (4.8)

Investment in non-consolidated affiliates impairment (0.6) - - (0.3) (0.2) (0.2) - - - - - - -

Proceeds from sale of joint venture assets - - - - - 37.6 4.7 4.8 4.6 4.7 4.7 4.8 4.8

(Gain) loss on currency exchange rate remeasurement of

intercompany balances 6.2 (2.0) 3.0 (14.1) (1.1) 4.9 (10.0) 0.2 (2.4) 3.6 (4.0) (0.4) (3.4)

Gain on sale of our investment in the subsidiary that owns the barge

mounted processing plant and other related assets used on the

Cawthorne Channel Project 4.9 - - - - - - - - - - - -

Other (income) expense, net (11.5) (0.1) (2.9) 12.8 (15.4) (6.1) 8.8 (1.4) (0.8) (9.8) (7.2) (5.5) (2.0)

Gross margin4784.7 181.2 171.1 184.5 183.6 187.9 193.2 209.6 238.6 224.7 255.9 244.9 237.5

1See Addendum I-A for information on EBITDA, as further adjusted, and distributable cash flow. 2Defined as distributable cash flow for the period divided by distributions declared to all unitholders for the period, including incentive distribution rights.

Addendum I-D

NON-GAAP FINANCIAL MEASURES (CONT.)– EXTERRAN

PARTNERS, L.P.

31

($ thousands) 2010 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13

Net Income (loss) (23,333)$ 223$ (1,938)$ 3,253$ 4,515$ 4,505$ (19,050)$ 10,380$ 14,674$ 14,733$ 27,896$ 10,035$ 11,359$

Provision for income taxes 680 235 256 242 185 281 277 272 115 407 561 309 229

Depreciation and amortization 52,518 14,149 15,459 19,087 19,235 20,362 22,788 21,930 23,218 22,706 27,030 27,158 26,817

Long-lived asset impairment 24,976 - 305 384 371 805 28,122 - 633 1,540 925 784 2,101

Cap on operating and selling, general and

administrative costs 24,720 9,129 10,200 7,995 5,073 7,805 6,321 6,931 3,701 5,357 4,097 7,376 8,350

Non-cash selling, general, and administrative costs 1,209 364 153 (207) 222 345 140 172 140 253 335 285 301

Interest expense 24,037 7,075 7,553 7,860 7,912 5,882 6,399 6,465 6,421 7,424 10,299 9,735 9,610

EBITDA, as further adjusted1 104,807$ 31,175$ 31,988$ 38,614$ 37,513$ 39,985$ 44,997$ 46,150$ 48,902$ 52,420$ 71,143$ 55,682$ 58,767$

Add: Expensed acquisition costs 356 - 514 - - 695 - - - 575 - - -

Add: Other expensed costs (in Other (income) expense, net) - - - - - - - - - - - - 246

Less: Gain on sale of property, plant and equipment (667) (212) (115) (319) (273) (174) (244) (127) (144) (935) (7,249) (614) (1,342)

Less: Cash interest expense (21,087) (4,207) (4,652) (4,951) (5,012) (5,208) (5,718) (5,905) (5,930) (6,198) (9,036) (8,802) (8,774)

Less: Maintenance capital expenditures (15,898) (5,457) (8,454) (7,382) (7,568) (8,117) (11,416) (10,345) (8,490) (8,349) (9,558) (12,675) (10,819)

Less: Provision for income taxes (680) (235) (256) (242) (185) (281) (277) (272) (115) (407) (561) (309) (229)

Distributable cash flow1 66,831$ 21,064$ 19,025$ 25,720$ 24,475$ 26,900$ 27,342$ 29,501$ 34,223$ 37,106$ 44,739$ 33,282$ 37,849$

Distributions Declared to All Unitholders for the period,

including Incentive Distribution Rights 54,913$ 16,243$ 19,061$ 19,322$ 19,581$ 22,480$ 22,762$ 23,044$ 23,331$ 27,598$ 27,927$ 28,340$ 28,840$

Distributable Cash Flow Coverage2 1.22x 1.30x 1.00x 1.33x 1.25x 1.20x 1.20x 1.28x 1.47x 1.34x 1.60x 1.17x 1.31x

1Approximately $106.1 million of letters of credit outstanding at December 31, 2013 2Amount presented net of approximately $11.3 million of unamortized discount at December 31, 2013

3Amount presented net of approximately $5.0 million of unamortized discount at December 31, 2013

4Not rated

Debt Structure as of December 31, 2013

Type

Funded Amount

Size

Maturity

Rating

Senior Secured Facility1 $49 $900 2016 BB+/NR4

7.25% Senior Notes 350 350 2018 BB/Ba3

4.25% Convertible Notes2 344 344 2014 BB-/NR4

EXLP Secured Revolver 263 650 2018 NR4

EXLP Secured Term Loan 150 150 2018 NR4

EXLP 6% Senior Notes3 345 345 2021 B-/B2

$1,501 $2,739

Addendum II

EXLP debt is non-recourse to Exterran Holdings

($ millions)

DEBT STRUCTURE

32

1As of March 21, 2014 2Source: Wells Fargo Securities; median 2014E Price / distributable cash flow at 2/28/2014 for General Partner (C-Corp) peer group (Kinder Morgan Inc., ONEOK Inc., Plains GP Holdings LP, Targa Resources Corp., Williams Companies Inc. and Crosstex Energy Inc.)

VALUE OF EXH OWNERSHIP POSITION IN EXLP

Addendum III 33

($ millions)

Q4 2013

EXLP LP Units Owned by EXH 19.6

EXLP Unit Price1

$28.45

LP Value $558.2

Annualized EXLP GP Cash Distributions $10.1

Peer Multiple2

21.3x

GP Value $215.1

Total EXH Value Attributable to EXLP $773.3

In 2012, we sold our previously nationalized joint venture and

wholly-owned assets in Venezuela for aggregate consideration of

approximately $550 million

As of February 2014, we have received approximately $352 million

($50 million of which was used to repay insurance proceeds)

Due to receive the remaining approximately $205 million in quarterly

cash payments through Q3 2016

VENEZUELA

34 Addendum IV

For Exterran Holdings, EBITDA, as adjusted, excludes the benefit

of the sales of our Venezuelan assets

exh 2014 hw conf final

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