NAPTP MLP Conference

National Association of Publicly Traded Partnerships

MLP Conference May, 2014

Confidential

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This presentation contains certain statements that may be deemed to be forward-looking

statements within the meaning of the Securities Acts. All statements, other than statements of

historical facts, that address activities, events or developments that the Partnership expects,

projects, believes or anticipates will or may occur in the future, including, without limitation, the

outlook for population growth and death rates, general industry conditions including future

operating results of the Partnerships properties, capital expenditures, asset sales, expansion and

growth opportunities, bank borrowings, financing activities and other such matters, are forward-

looking statements. Although the Partnership believes that its expectations stated in this

presentation are based on reasonable assumptions, actual results may differ from those

projected in the forward-looking statements. For a more detailed discussion of risk factors,

please refer to the annual Report on Form 10-K and quarterly reports on form 10-Q filed with the

SEC and the prospectus and the prospectus supplement relating to this offering.

In addition, the projected impact of acquisitions reflect managements projections as to possible

future results based on a number of assumptions that are inherently uncertain, including without

limitation the organic growth of the Partnership, the availability of acquisition targets, the

purchase prices for the targets, the availability of debt or equity financing from either third parties

or the targets and the Partnership’s ability to integrate and manage such acquisitions. The

assumptions involve significant elements of subjective judgment and analysis, and no

representation is made as to their or the projections attainability.

StoneMor Partners L.P.

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StoneMor is the second largest owner and operator of cemeteries in

the US

• 278 cemeteries and 90 funeral homes, diversely located across 28 states and

Puerto Rico*

• As of 12/31/2013, over 12,490 acres of land, equivalent to an aggregate weighted

average sales life of 240 years

*Does not include 9 funeral homes and 12 cemeteries acquired in recent transaction with SCI, nor the 13 cemeteries included in the

agreement with the Archdiocese of Philadelphia

Investment Highlights

9.9%* yield superior to 2013 year end MLP average yield of 5.8%**

Strong historical performance

Proven acquisition record

Favorable demographic trends

High barriers to entry

Conservative financial profile

4 *As of May13, 2014

**Source: Clearbridge Investments

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Attractive Yield

9.9% Yield vs. 5.8% Average MLP Yield*

37 consecutive quarterly distributions

Distribution Per Unit

*Source: Clearbridge

$2.16

$2.22 $2.25

$2.33 $2.36

$2.40

$2.00

$2.05

$2.10

$2.15

$2.20

$2.25

$2.30

$2.35

$2.40

$2.45

2008 2009 2010 2011 2012 2013

2014 Highlights

American Infrastructure MLP Fund (AIM)

StoneMor receives $130 million commitment from AIM

– Includes AIM acquiring an indirect majority interest in the general partner

• Aligns StoneMor L.P. with strategic, well capitalized MLP sector expert

– StoneMor L.P. to use $55 million for purchase of Archdiocese of Philadelphia

properties

• Four year non cash common, priced at market (no discount)

• Reduces reliance on working capital borrowings

• Improves cash flow optics

– $50 million to be available to StoneMor L.P. for future acquisitions

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Recent Developments

Archdiocese of Philadelphia

13 cemeteries leased

60 year management arrangement

7000 existing burials per year

Will be introducing and growing pre-need sales business to

a very large and growing population

Opportunities for Archdioceses beyond Philadelphia

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Recent Developments

Service Corporation International

Will acquire 9 funeral homes, 12 cemeteries and 2

crematories

Properties located in Central Florida, North Carolina,

Southeastern Pennsylvania and Virginia

1,140 acres of land

3,500 interments per year

1,900 annual funeral home calls

Immediately accretive

9

Recent Developments.

Continued strength in financial results

2013 Full Year Financial Results

• Production based revenue increased 10.2% to $326.6 million

• Adjusted operating profits increased 24.9% to $67.2 million

• Distributable cash flow increased 42.6% to $76.0 million

2014 First Quarter Financial Results

• Production based revenue increased 7% to $85.7 million

• Adjusted operating profits increased 24.3% to $22.0 million

• Distributable cash flow increased 25.6% to $22.1 million

Historical Performance

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($ in millions) ($ in millions)

REVENUE OPERATING PROFIT

$181 $197

$228 $243 $246 $251

$218

$247

$281 $296

$327 $332

$-

$50

$100

$150

$200

$250

$300

$350

2009 2010 2011 2012 2013 TTM

GAAP Accrual

$13

$3

$10 $14

$6 $10

$36 $38

$49

$54

$67 $71

$-

$10

$20

$30

$40

$50

$60

$70

$80

2009 2010 2011 2012 2013 ttm

GAAP Accrual

Diversified Revenue Streams

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STONEMOR BUSINESS MIX BY REVENUE – TWELVE MONTHS ENDED DECEMBER 31, 2013

StoneMor’s +800 person sales team creates an unparalleled advantage

in pre-need sales performance

~60% of StoneMor’s

revenue is generated

through highly

predictable at-need

business

Pre-need Sales, 37.0%

At-need Sales, 30.6%

Investment Income, 9.9%

Interest Income, 2.8%

Funeral Home

Revenues, 18.2%

Other Cemetery Revenues,

1.5%

Proven Growth and Acquisition Strategy

A consistent track record of growth and financial performance

• 145 cemeteries and 85 funeral homes acquired since 2004 IPO*

• Production based revenue has increased from $218 million in 2009 to $332 million

TTM

• 8.76% ’09- 2014 TTM CAGR

• Adjusted operating profits have increased from $36 million in 2009 to $71 million in

TTM

• 14.5% ’09-2014 TTM CAGR

*Does not include 9 funeral homes & 12 cemeteries from recently announced

transaction with SCI, or 13 cemeteries from the Archdiocese of Philadelphia

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Acquisitions have contributed to strong corporate growth

Discipline in selecting target -- “Never break the model”

Focus on acquisitions that generate incremental cash flow in

excess of financing costs

Accretive from day one

Disciplined Acquisition Philosophy

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Acquisition Criteria

Internal rate of return greater than cost of capital

• 10 year discounted cash flow

• Terminal value equal to 5 times year-10 cash flow

Positive cash flow after repaying acquisition price over a 10 year

period

Generate cash flow toward an increased distribution

Cemetery property must have minimum of 25 years sales life at

projected rate

Reasonably be able to fit within the companies debt leverage

calculation

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Large trust funds

Significant available inventory for sale

Proximity to metropolitan market areas

Historical interments in excess of 200 annually

Significant at-need historical volume

Properties Generally Have:

Major Improvements Post Acquisition

Institute pre-need sales program

Seasoned, professional management

Significantly reduce product costs

Consolidate office functions into home office

Professional trust fund management which improves trust fund

returns

Price increases do not support purchase price

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Favorable Demographics

Aging of the Baby Boom Generation will accelerate the death rate

and expand our target pre-need market

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Source: Department of Health and Human Services.

ANNUAL BIRTHS IN THE UNITED STATES 1930-1960

Favorable Demographics

Sharply increasing population in our target pre-need market

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Pro

jecte

d U

.S. P

op

ula

tion

(in

th

ou

sa

nd

s)

Source: U.S. Department of Commerce Census Bureau.

PROJECTED U.S. POPULATION IN 55-65 YEAR OLD CATEGORY

Target Market More

Resilient to

Economic

Downturns

Target 55 to 65 age range

Near retirement – low unemployment risk

Mortgage paid-off (or almost) – minimal debt obligations

Adult children – no tuition costs

Substantial Industry and Financial Barriers to Entry

Scarcity and cost of real estate near densely populated areas

Zoning restrictions

Initial capital requirements

Strength of family tradition and heritage

Administratively complex business for new entrants

Deferred revenue accounting (SAB 101) makes cemetery

acquisitions unattractive to “C-corps” valued on EPS and EBITDA,

keeping consolidators out of the market

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Barriers to Entry

Because of the barriers to entry, there are few new cemeteries built. The only way to enter

the industry is to buy an existing cemetery

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Highly Fragmented Industry

Cemeteries, 9,600, 30%

Funeral Homes,

22,000, 70%

$11 billion

$6 billion

___________________________ Source: National Directory of Morticians; Public Filings.

___________________________ Source: ABN Amro Research; Public Filings.

(1) Includes StoneMor, SCI, Stewart, Carriage and Loewen.

$17 Billion Market

Large Death Care Industry Highly Fragmented Industry Revenue

Owned by Consolidators

20%

Independent Operators,

80%

(1)

Economies of scale and consolidation opportunities provide competitive advantages

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Conservative Financial Profile

Adjusted Operating Profits (Accrual) Exceed Distributions

Adjusted Operating Profit, or the Accrual

method, is the measure by which

management operates the business

GAAP

Distributions

Accrual $-

$10

$20

$30

$40

$50

$60

$70

$80

20092010

20112012

2013ttm

$13

$3

$10 $14

$6 $10

$27 $32

$45 $47 $52

$53

$36 $38

$49 $54

$67 $71

GAAP Distributions Accrual

Sustained Business Growth While Maintaining Stable Credit Profile

Asset base has grown while total leverage has remained steady

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Total Assets, Debt and Partners’ Capital Total Debt / Accrual EBITDA

($ in millions)

$738

$859

$1,147

$1,249

$1,344

$1,473 $1,492

$161 $183 $220 $195

$255 $292

$253

$119 $112 $128 $180 $135 $107

$148

$0

$300

$600

$900

$1,200

$1,500

2008 2009 2010 2011 2012 2013 Q12014

Total Assets Total Debt Total Partners' Capital

3.6x

3.8x

3.1x

2.8x

3.4x 3.5x 3.5

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

2008 2009 2010 2011 2012 2013 Q1 '14

Strong Cash Position

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$462 Million in Cash & Merchandise Trust Assets Net of

Liabilities

$594

$462

$132

$0

$100

$200

$300

$400

$500

$600

$700

Cash, ARand

MerchandiseTrust

MerchandiseLiability

Excess Cashand Assets

Recap

9.9%* yield superior to 2013 year end MLP average yield of 5.8%**

Strong historical performance

Proven acquisition record

Favorable demographic trends

High barriers to entry

Conservative financial profile

24 *As of May 13,, 2014

Source: Clearbridge Investments

Thank You