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

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
$900
2008 2009 2010 2011 2012 2013
HenryHubSpotPrice
Revenue($millions)
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
510
440
277
110 100
-
500
1,000
1,500
2,000
2,500
3,000
3,500
Exterran USA
Compression
Regency/CDM Compressor
Systems
J-W Operating Valerus
Compression
Natural Gas
Services
Enerflex
Systems
Natural Gas
Compression
Services
OperatingHP(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
$1,400
2008 2009 2010 2011 2012 2013
($millions)
North America International
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
2008 2009 2010 2011 2012 2013
($millions)
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 Contract
Operations: 15%
North America Contract
Operations: 20%
$345
$279
$86
$252 Fabrication: 26%
Aftermarket Services: 9%
International Contract
Operations: 29%
North America Contract
Operations: 36%
BUSINESS MIX
ServicesSales
Revenue Mix1
($ millions)
1Twelve months ended December 31, 2013
2See Addendum I for information on gross margin
$963
11
ServicesSales
$3,160
Gross Margin Mix1,2
($ 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 TypeU.S. Natural Gas Production by Source
(trillioncubicfeet)
(millionsofbarrelsperday)
Optimistic outlook driven by growth in U.S. shale gas and NGL production

$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
($billions)
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
$700
2010 2011 2012 2013
($millions)
EXH
$25
$32
$25
$25
$105
$139
$180
$238
$0
$50
$100
$150
$200
$250
2010 2011 2012 2013
($millions)
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
884
744
449
546
681
758
$1,897
$1,773
$1,565
$1,502
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
12/31/10 12/31/11 12/31/12 12/31/13
($millions)
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
$55
2007 2008 2009 2010 2011 2012 2013
($millions)
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 margin4
784.7 181.2 171.1 184.5 183.6 187.9 193.2 209.6 238.6 224.7 255.9 244.9 237.5

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 III33
($ 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

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