Partners' Capital

6 Months Ended

Jan. 31, 2013

Partners' Capital

F.  Partners' deficit

Partnership distributions paid

Ferrellgas Partners has paid the following distributions:

	For the three months ended January 31,				For the six months ended January 31,
	2013		2012		2013		2012
Public common unitholders	$	26,470	$	25,644	$	52,940	$	51,284
Ferrell Companies (1)	10,735		10,040		21,470		20,080
FCI Trading (2)	98		98		196		196
Ferrell Propane (3)	26		26		52		52
Mr. Ferrell (4)	2,179		2,179		4,358		4,358
General partner	399		384		798		768
	$	39,907	$	38,371	$	79,814	$	76,738

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

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

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

(4) James E. Ferrell (“Mr. Ferrell”) is the Executive Chairman of the general partner and thus a related party.

On February 26, 2013, Ferrellgas Partners declared a cash distribution of $0.50 per common unit for the three months ended January 31, 2013 which is expected to be paid on March 15, 2013. Included in this cash distribution are the following amounts to be paid to related parties:

Ferrell Companies	$	10,735
FCI Trading	98
Ferrell Propane	26
Mr. Ferrell	2,179
General partner	399

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

Accumulated othercomprehensive loss (“AOCL”)

See Note H – Derivative instruments and hedging activities – for details regarding changes in fair value on risk management financial derivatives recorded within AOCL for the six months ended January 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 six months ended January 31, 2013, the general partner made non-cash contributions of $0.3 million to Ferrellgas to maintain its effective 2% general partner interest.

During the six months ended January 31, 2012, the general partner made cash contributions of $1.0 million and non-cash contributions of $0.2 million to Ferrellgas to maintain its effective 2% general partner interest.

Ferrellgas, L.P. [Member]

Partners' Capital

F.  Partners’ capital

Partnership distributions paid

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

	For the three months ended January 31,				For the six months ended January 31,
	2013		2012		2013		2012
Ferrellgas Partners	$	47,756	$	46,220	$	87,663	$	84,587
General partner	487		472		894		863
	$	48,243	$	46,692	$	88,557	$	85,450

On February 26, 2013, Ferrellgas, L.P. declared distributions for the three months ended January 31, 2013 to Ferrellgas Partners and the general partner of $39.9 million and $0.4 million, respectively, which is expected to be paid on March 15, 2013.

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

Accumulated other comprehensive loss (“AOCL”)

See Note H – Derivative instruments and hedging activities –  for details regarding changes in fair value on risk management financial derivatives recorded within AOCL for the six months ended January 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 six months ended January 31, 2013, the general partner made non-cash contributions of $0.2 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.

During the six months ended January 31, 2012, the general partner made cash contributions of $0.5 million and non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.