Partners' Capital

9 Months Ended

Apr. 30, 2014

Partners' Capital

Partners' deficit

Partnership distributions paid

Ferrellgas Partners has paid the following distributions:

	For the three months ended April 30,				For the nine months ended April 30,
	2014		2013		2014		2013
Public common unitholders	$	26,556	$	26,497	$	79,588	$	79,437
Ferrell Companies (1)	10,735		10,735		32,205		32,205
FCI Trading Corp. (2)	98		98		294		294
Ferrell Propane, Inc. (3)	26		26		78		78
James E. Ferrell (4)	2,179		2,179		6,537		6,537
General partner	400		399		1,199		1,197
	$	39,994	$	39,934	$	119,901	$	119,748

(1) Ferrell Companies is the owner of the general partner and an approximately 27% direct owner of Ferrellgas Partners' 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 May 22, 2014, Ferrellgas Partners declared a cash distribution of $0.50 per common unit for the three months ended April 30, 2014, which is expected to be paid on June 13, 2014. 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	410

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 nine months endedApril 30, 2014 and 2013.

General partner’s commitment to maintain its capital account

Ferrellgas’ partnership agreements allow 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 nine months endedApril 30, 2014, the general partner made non-cash contributions of $0.5 million to Ferrellgas to maintain its effective 2% general partner interest.

During the nine months endedApril 30, 2013, the general partner made non-cash contributions of $0.4 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 April 30,				For the nine months ended April 30,
	2014		2013		2014		2013
Ferrellgas Partners	$	39,994	$	39,934	$	127,750	$	127,597
General partner	408		408		1,304		1,302
	$	40,402	$	40,342	$	129,054	$	128,899

On May 22, 2014, Ferrellgas, L.P. declared distributions for the three months ended April 30, 2014 to Ferrellgas Partners and the general partner of $48.9 million and $0.5 million, respectively, which are expected to be paid on June 13, 2014.

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 nine months endedApril 30, 2014 and 2013.

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 nine months endedApril 30, 2014, the general partner made non-cash contributions of $0.3 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.

During the nine months endedApril 30, 2013, the general partner made non-cash contributions of $0.2 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.