Partners' Capital

3 Months Ended

Oct. 31, 2013

Partners' Capital

Partners' deficit

Partnership distributions paid

Ferrellgas Partners has paid the following distributions:

	For the three months ended October 31,
	2013		2012
Public common unitholders	$	26,498	$	26,470
Ferrell Companies (1)	10,735		10,735
FCI Trading Corp. (2)	98		98
Ferrell Propane, Inc. (3)	26		26
James E. Ferrell (4)	2,179		2,179
General partner	399		399
	$	39,935	$	39,907

(1) Ferrell Companies is the owner of the general partner and an approximately 27% direct owner of Ferrellgas Partner's common units and thus a related party.

(2) FCI Trading Corp. is an affiliate of the general partner and thus a related party.

(3) Ferrell Propane, Inc. is controlled by the general partner and thus a related party.

(4) James E. Ferrell is the Chairman of the Board of Directors of the general partner and a related party.

On November 21, 2013, Ferrellgas Partners declared a cash distribution of $0.50 per common unit for the three months ended October 31, 2013, which is expected to be paid on December 13, 2013. Included in this cash distribution are the following amounts to be paid to related parties:

Ferrell Companies	$	10,735
FCI Trading Corp.	98
Ferrell Propane, Inc.	26
James E. Ferrell	2,179
General partner	400

See additional discussions about transactions with related parties in Note I – Transactions with related parties.

Accumulated Other Comprehensive Income (Loss)(“AOCI”)

See Note H – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three months endedOctober 31, 2013 and 2012.

General partner’s commitment to maintain its capital account

Ferrellgas’ partnership agreements allows the general partner to have an option to maintain its effective 2% general partner interest concurrent with the issuance of other additional equity.

During the three months endedOctober 31, 2013, the general partner made non-cash contributions of $0.2 million to Ferrellgas to maintain its effective 2% general partner interest.

During the three months endedOctober 31, 2012, the general partner made non-cash contributions of $0.1 million to Ferrellgas to maintain its effective 2% general partner interest.

Ferrellgas, L.P. [Member]

Partners' Capital

Partners’ capital

Partnership distributions paid

Ferrellgas, L.P. has paid the following distributions:

	For the three months ended October 31,
	2013		2012
Ferrellgas Partners	$	39,935	$	39,907
General partner	408		407
	$	40,343	$	40,314

On November 21, 2013, Ferrellgas, L.P. declared distributions for the three months ended October 31, 2013 to Ferrellgas Partners and the general partner of $47.8 million and $0.5 million, respectively, which are expected to be paid on December 13, 2013.

See additional discussions about transactions with related parties in Note I – Transactions with related parties.

Accumulated other comprehensive income (loss)(“AOCI”)

See Note H – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three months endedOctober 31, 2013 and 2012.

General partner’s commitment to maintain its capital account

Ferrellgas, L.P.’s partnership agreement allows the general partner to have an option to maintain its 1.0101% general partner interest concurrent with the issuance of other additional equity.

During the three months endedOctober 31, 2013, the general partner made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.

During the three months endedOctober 31, 2012, the general partner made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.