PARTNERS' CAPITAL

9 Months Ended

Sep. 30, 2016

NOTE 7. PARTNERS’ CAPITAL

The Partnership has two classes of Limited Partners (Class A and B) and one category of General Partner. Under the terms of the Partnership Agreement, distributions to holders of Class B Units and General Partnership Units must represent 19% and 1%, respectively, of the total units outstanding. All classes have equal profit sharing and distribution rights, in proportion to their ownership interests.

In 2016, the Partnership announced the approval of quarterly distributions of its Class A Limited Partners and holders of Depositary Receipts of record as of March 15, 2016, June 15, 2016, and September 15, 2016, payable on March 31, 2016, June 30, 2016, and September 30, 2016, respectively, of $7.50 per unit and $0.25 per receipt.

In 2015, the Partnership paid quarterly distributions of $7.50 per unit ( $0.25 per receipt) in March, June, September, and December for a total distribution of $30.00 per unit ( $1.00 per receipt) for the year.

The Partnership has entered into a deposit agreement with an agent to facilitate public trading of limited partners’ interests in Class A Units. Under the terms of this agreement, the holders of Class A Units have the right to exchange each Class A Unit for 30 Depositary Receipts. The following is information per Depositary Receipt:


	Nine Months Ended
	September 30,
	2016		2015
Net Income per Depositary Receipt	$	0.91	$	0.68
Distributions per Depositary Receipt	$	0.75	$	0.75