Bill Austin Executive Vice President and Chief Financial Officer

Barclays Capital

CEO Energy–Power Conference September 4-5, 2012

Brad Childers President and Chief Executive Officer

1 1

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, 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; the continuing international expansion of Exterran Holdings’ product lines; the Companies’ operational and financial strategies, and the Companies’ abilities to successfully effect those strategies; the relative benefits of the MLP structure; the Companies’ financial and operational outlook and ability to fulfill that outlook; demand for the Companies’ products and services and growth opportunities for those products and services; statements related to performance, profitability and process improvement initiatives; statements related to the sale of the Exterran wholly-owned and WilPro joint venture assets in Venezuela, including the proceeds expected to be received, the expected use of proceeds and the ongoing arbitration proceedings; and Exterran Holdings’ intention to continue to offer the balance of its U.S. contract operations assets 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; 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, 2011, 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.

Forward-Looking Statements

2 2

Exterran Management

Bill Austin Executive Vice President

and Chief Financial Officer

Brad Childers President and

Chief Executive Officer

3

Performance Improvement Highlights

1As of August 30, 2012

Goals •Increase profitability through

better cost and price management

•Discipline growth

•Manage our portfolio of businesses

•Reduce leverage at the Exterran Holdings level

Progress •Better margins in AMS and North

America contract operations •Fabrication backlog with higher

revenue and margins

•Added contract operations projects •Investing in new fleet equipment •Halted FPSO expansion in Brazil

•Selling business in Canada •Adding one fabrication facility and

selling another

•Significantly reduced Holdings covenant leverage ratio

Results •EBITDA increased 23%

2Q 2012 over 2Q 2011

•Fabrication backlog up 75% over year-ago levels

•Stock price up 100% year-to-date1

Business Overview

5 5

Leader in Compression and Production Services

6 6

Geographic & Product Diversification

1 Twelve months ended June 30, 2012. 2 See Addendum II for information on gross margin.

Twelve months ended June 30, 20122

Segment Gross Margin Mix1,2 Geographic Gross Margin Mix1,2

BUSINESS SEGMENT ($ millions) Operating Revenue

Gross Margin

Gross Margin %

North America Contract Operations $594 $298 50%

International Contract Operations 454 269 59%

Aftermarket Services 404 85 21%

Fabrication 1,174 103 9%

Total $2,625 $755 29%

North America Contract

Operations39%

International Contract

Operations36%

Aftermarket Services

11%

Fabrication14%

North America

57%

Latin America

28%

Eastern Hemisphere

15%

7 7

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2008 2009 2010 2011 2012

Henry H

ub Spot Price Rev

enue

($ m

illion

s)

North America Contract Operations International Contract Operations Henry Hub Price

Stable Fee-Based Cash Flows

Note: Revenue from 2008 and beyond excludes discontinued operations from Canada and Venezuela 1Contract operations revenue for 2012 annualized using first and second quarter results; natural gas prices through

August 29, 2012

Contract Operations Revenue and Natural Gas Prices

1

8

U.S. Shale Plays

Growth activities driven by shale and liquids-rich plays

Source: Energy Information Administration

9

0

1

2

3

4

5

6

7

8

9

10

2006 2007 2008 2009 2010 2011 2012

(trilli

ons

of c

ubic

feet

)

0

5

10

15

20

25

30

35

2006 2007 2008 2009 2010 2011 2012

(trilli

ons

of c

ubic

feet

)

Gross Withdrawals

Natural Gas Consumption by U.S. Utilities

Encouraging Trends for Natural Gas in the U.S.

Source: Energy Information Administration 1Annualized gross withdrawals for January through May 2012 2Annualized consumption for January through June 2012

1 2

Increasing Supply in the U.S.

10

•Master Limited Partnership is a leading provider of natural gas contract operations services in the United States

•EXH’s strategy is to offer the remainder of its U.S. contract operations business to EXLP over time

• In March 2012, EXH and EXLP completed an asset sale; proceeds were used to reduce debt at the EXH level

•Significant year-over-year growth in EBITDA and distributable cash flow in the first half of 2012 driven by drop-down strategy

• In 2012, EXLP is expected to fund the majority of Exterran’s growth capital expenditure program in the United States

Exterran Partners, L.P.

Exterran Partners • EXLP currently owns 62% of the

combined EXH/EXLP U.S. contract operations fleet

• EXH owns 31% of EXLP

• EXH received cash distributions of $30.1 million from EXLP last year1 through its LP, GP and IDR ownership

1From third quarter 2011 through second quarter 2012

11 11

Oil & Gas Drilling and Production Spending

Global Capital Spending Increasing

Source: Spears & Associates

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

($ b

illion

s)

U.S. International

12 12

Fabrication Backlog

Backlog at Period Ends

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2008 2009 2010 2011 6/30/12

($ m

illion

s)

Compression Production & Processing Installation Belleli

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2008 2009 2010 2011 6/30/12

($ m

illion

s)

North America International

Integrated design, engineering, fabrication and installation capabilities

13

•Provider of parts and services in U.S. and international markets

•Goal to help reduce downtime and maximize equipment life

•Services include:

▪ Preventive and contract maintenance services

▪ Mid-cycle and full overhauls

▪ Responsive emergency repair work

Aftermarket Services

Growth opportunity to increase penetration of spend associated with customer-owned equipment

14

Performance Improvement For 2012

14

15 15

($300)

$200

$700

$1,200

$1,700

$2,200

$2,700

$3,200

2008 2009 2010 2011

($ m

illion

s)

Operating Costs

SG&A

EBITDA, as adjusted

Other

$3.0 billion

$2.7 billion

$2.5 billion

$2.6 billion

Past Performance

Exterran Total Revenues1

1Amounts from 2008 and beyond exclude discontinued operations from Venezuela. Amounts from 2011 exclude discontinued operations from Canada.

2See Addendum II for information on EBITDA, as adjusted

2

16

•Reduced our workforce across all our businesses

•Consolidated regional management teams in North America and closed three international locations

•Reinvested those savings into our sales, business development, project management and supply chain functions

• Implemented stronger, centralized pricing management in our fabrication and aftermarket services business

Early Strategic Initiatives

17

Fabrication

•Achieved highest backlog in over four years

•Centralization of pricing decision making and sourcing initiatives helped drive higher imbedded gross margin

North America Contract Operations

•Profitability enhanced by first price increase in over five years

• Improvement initiatives driven by goal to be cost leader

Aftermarket Services

•Higher gross margin percentage driven by improved pricing discipline and more efficient use of resources

Focus on Profitability

Ongoing profit improvement work in process initiatives in our fabrication and North America contract operations businesses

18 18

$0

$50

$100

$150

$200

$250

1H 2011 1H 2012

($ m

illion

s)

Gross Margin Operating Costs

Aftermarket Services

Total Aftermarket Services Revenue

$159 million

$192 million

11% 22%

Targeting improved financial performance across businesses as a result of performance initiatives

19

Discipline Growth

Continue to aggressively manage investments to balance profitable growth and achieving free cash flow

•Booked new contract operations projects:

▪ Expect increased working horsepower in North America in second half of 2012

▪ New operations in the Middle East, Asia and Latin America

• Investing in new compression fleet equipment

•Expect higher fabrication revenue and gross margin percentage in second half of 2012

•Halted plans to build fabrication facility in Brazil for FPSO-related topside equipment

20

•Adding a production equipment fabrication facility to better serve northeast U.S. markets

•Launched sale process for:

▪ Contract operations and aftermarket services business in Canada

▪ Production equipment facility in the U.K.

Manage Our Portfolio

Continue to evaluate our portfolio for opportunities to streamline operations and focus on core operations

21

Venezuela – Combined Sales Price of Approximately $554 Million

Exterran Wholly-Owned Assets • On August 7, 2012, announced sale of Exterran wholly-owned assets to PDVSA Gas, S.A. in connection with the

2009 nationalization of those assets for approximately $442 million

• Initial payment to Exterran of approximately $177 million in cash received at closing ($50 million of which was used to repay insurance proceeds) and approximately $265 million payable in cash payments through the third quarter of 2016

• In 2009, Exterran recognized an impairment of $329.7 million ($379.7 million excluding the insurance proceeds of $50 million) as a result of the nationalization of these assets

WilPro Joint Ventures

• On March 25, 2012, announced sale of WilPro joint ventures’ assets to PDVSA Gas, S.A. in connection with the 2009 nationalization of those assets for approximately $112 million

• Initial payment to Exterran of approximately $37.6 million in cash received at closing and approximately $74.8 million payable in cash payments through first quarter of 2016

• During the first quarter of 2009, Exterran recognized an impairment of $90 million related to the loss in fair value of its investment in the WilPro joint ventures

22 22

1,448 1,228

1,033

449

546644

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

12/31/10 12/31/11 Pro Forma 6/30/12

($ m

illion

s)

Exterran Holdings Level EXLP

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

12/31/10 12/31/11 Pro Forma 6/30/12

Debt-to-EBITDA

1As defined in our credit agreement 2Pro forma to reflect initial payment of approximately $127 million (net of $50 million used to repay insurance

proceeds) received from sale of wholly-owned assets to PDVSA Gas, S.A. in August 2012

Improved Credit Profile

Goal to reduce leverage at the Exterran Holdings level in 2012

Total Debt Outstanding Exterran Holdings Debt to Adjusted EBITDA1

2 2

$1,897 $1,773 3.9x

4.3x

3.3x

$1,677

Appendix Slides

25 25

Exterran - Financial Results Summary1,2

1Our assets and operations in Venezuela were expropriated in 2009. All periods exclude results from our Venezuelan international contract operations and aftermarket services businesses.

2In June 2012, we committed to a plan to sell our contract operations and aftermarket services businesses in Canada. Amounts related to 2011 and beyond exclude these businesses.

3See Addendum II for information on gross margin.

Addendum I

($ in mill ions)

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12Revenues

North America Contract Operations $194.4 $178.5 $167.6 $154.9 $152.6 $152.0 $152.0 $151.4 $146.9 $146.6 $147.7 $146.9 $150.6 $148.6International Contract Operations 90.7 95.4 96.4 109.4 109.7 131.1 111.9 112.4 105.7 110.9 113.8 114.7 112.8 112.6Aftermarket Services 75.5 78.5 75.5 79.3 70.3 83.4 82.3 86.1 74.3 84.8 95.7 116.5 89.6 101.9Fabrication 342.6 325.6 340.2 311.1 243.6 277.3 279.4 265.9 280.0 301.7 332.7 311.0 262.2 267.6

$703.2 $678.0 $679.7 $654.7 $576.3 $643.8 $625.6 $615.8 $606.9 $644.1 $689.8 $689.1 $615.2 $630.7

ExpensesNorth America Contract Operations $83.7 $74.4 $74.6 $66.0 $71.4 $74.8 $78.3 $76.2 $78.3 $73.9 $75.9 $75.0 $74.2 $70.4International Contract Operations 32.8 37.9 37.9 40.7 40.9 42.9 46.9 44.7 41.0 49.8 48.2 45.4 43.9 47.1Aftermarket Services 59.8 61.8 59.4 65.0 56.6 70.3 73.7 75.7 64.7 77.6 75.8 93.6 71.7 77.5Fabrication 286.7 275.6 278.0 265.9 196.9 246.4 231.7 229.7 239.3 269.4 303.3 290.3 235.6 241.4

$463.0 $449.7 $449.8 $437.6 $365.7 $434.4 $430.7 $426.3 $423.2 $470.7 $503.2 $504.4 $425.5 $436.4

Gross Margin3

North America Contract Operations $110.7 $104.0 $93.0 $88.9 $81.3 $77.2 $73.7 $75.2 $68.6 $72.7 $71.9 $71.9 $76.4 $78.1International Contract Operations 57.9 57.6 58.6 68.7 68.9 88.2 64.9 67.7 64.7 61.2 65.5 69.2 68.9 65.5Aftermarket Services 15.8 16.7 16.2 14.3 13.7 13.1 8.6 10.4 9.7 7.2 19.9 22.8 17.9 24.4Fabrication 55.9 50.0 62.2 45.2 46.7 30.9 47.7 36.2 40.8 32.4 29.4 20.7 26.6 26.3

$240.2 $228.3 $229.9 $217.1 $210.6 $209.5 $195.0 $189.4 $183.7 $173.4 $186.7 $184.7 $189.8 $194.3

26 26

EBITDA, as adjusted, a non-GAAP measure, is defined as income (loss) from continuing operations 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, merger and integration expenses, restructuring charges, other charges and non-cash gains or losses from foreign currency exchange rate changes recorded on intercompany obligations and other charges.

Gross margin, a non-GAAP measure, is defined as total revenue less cost of sales (excluding depreciation and amortization expense).

Management believes disclosure of EBITDA, as adjusted and gross margin, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses EBITDA, as adjusted and gross margin as supplemental measures to review current period operating performance, comparability measures and performance measures for period to period comparisons. In addition, EBITDA, as adjusted, is used by management as a valuation measure.

Non-GAAP Financial Measures

Addendum II-A

27 27

Non-GAAP Financial Measures (cont.)1,2

1Our assets and operations in Venezuela were expropriated in 2009. All periods exclude results from Exterran’s Venezuelan contract operations and aftermarket services businesses.

2In June 2012, we committed to a plan to sell our contract operations and aftermarket services businesses in Canada. Amounts related to 2011 and beyond exclude these businesses.

Addendum II-B

March 31, June 30, Sept. 30, Dec. 31, March 31, June 30, Sept. 30, Dec. 31, March 31, June 30, Sept. 30, Dec. 31, March 31, June 30,($ millions) 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012Income (loss) from continuing operations (59.7)$ (186.6)$ 22.6$ (25.5)$ 6.3$ (22.3)$ (17.0)$ (125.5)$ (27.5)$ (27.1)$ (212.4)$ (61.1)$ 8.4$ (124.0)$ Depreciation and amortization 82.1 85.9 87.8 97.0 91.8 106.2 98.5 105.0 88.2 90.4 88.8 89.6 85.1 88.9 Long-lived asset impairment 5.6 86.7 - 4.7 1.7 0.7 2.2 142.2 - 2.1 1.8 2.2 4.1 128.5 Restructuring charges 1.7 8.1 2.6 1.9 - - - - - - 2.9 8.7 3.0 1.3 Investment in non-consolidated affiliates

(income) impairment 96.6 0.6 1.0 (1.5) - 0.3 - 0.3 - - 0.3 0.2 0.2 - Proceeds from sale of joint venture assets - - - - - - - - - - - - (37.6) (4.7) Goodwill impairment - 150.8 - - - - - - - - 196.1 0.7 - - Interest expense 26.7 29.2 33.4 33.5 32.9 32.6 33.1 37.6 37.2 34.6 38.7 39.0 38.0 37.0 Gain on sale of Cawthorne Channel investment - - - (20.8) (4.9) - - - - - - - - - (Gain) loss on remeasurement of

intercompany balances (1.2) 4.4 (8.3) (10.0) 1.4 1.3 (5.1) (4.4) 2.0 (3.0) 14.1 1.1 (4.9) 10.0 Provision for (benefit from) income taxes 11.0 (23.2) 13.7 50.2 (4.0) 0.2 (7.1) (55.7) (3.5) (14.1) (31.6) 37.2 (0.3) (35.5) EBITDA, as adjusted 162.7 155.8 152.8 129.5 125.3 119.1 104.6 99.3 96.4 82.8 98.8 117.5 96.2 101.5 Selling, general and administrative 85.1 86.4 81.6 84.5 84.1 94.2 88.2 91.8 89.4 90.5 89.3 83.6 94.8 94.1 Equity in (income) loss of non-consolidated affiliates 91.1 0.6 1.0 (1.5) - 0.3 - 0.3 - - 0.3 0.2 (37.3) (4.7) Investment in non-consolidated affiliates

income (impairment) (96.6) (0.6) (1.0) 1.5 - (0.3) - (0.3) - - (0.3) (0.2) (0.2) - Proceeds from sale of joint venture assets - - - - - - - - - - - - 37.6 4.7 Gain on sale of Cawthorne Channel investment - - - 20.8 4.9 - - - - - - - - - Gain (loss) on remeasurement of

intercompany balances 1.2 (4.4) 8.3 10.0 (1.4) (1.3) 5.1 4.4 (2.0) 3.0 (14.1) (1.1) 4.9 (10.0) Other (income) expense, net (3.4) (9.4) (12.8) (27.8) (2.2) (2.5) (2.9) (6.2) (0.1) (2.9) 12.7 (15.4) (6.1) 8.8 Gross Margin 240.2$ 228.3$ 229.9$ 217.0$ 210.6$ 209.5$ 195.0$ 189.4$ 183.7$ 173.4$ 186.7$ 184.7$ 189.8$ 194.3$

Three Months Ended

28 28

Non-GAAP Financial Measures (cont.)1,2

Addendum II-C

1Our assets and operations in Venezuela were expropriated in 2009. All periods exclude results from our Venezuelan contract operations and aftermarket services businesses.

2In June 2012, we committed to a plan to sell our contract operations and aftermarket services businesses in Canada. Amounts related to 2011 and beyond exclude these businesses.

Year Ended December 31,($ millions) 2008 2009 2010 2011Reconciliation of GAAP to Non-GAAP Financial Information:

Loss from continuing operations (981.8)$ (249.2)$ (158.6)$ (328.1)$ Depreciation and amortization 330.9 352.8 401.5 357.0 Long-lived asset impairment 24.1 97.0 146.9 6.1 Restructuring charges - 14.3 - 11.6 Investment in non-consolidated affiliates impairment - 96.6 0.6 0.5 Goodwill impairment 1,148.4 150.8 - 196.8 Interest expense 129.7 122.8 136.1 149.5 Merger and integration expenses 11.4 - - - Gain on sale of Cawthorne Channel investment - (20.8) (4.9) - (Gain) loss on remeasurement of intercompany balances 10.9 (15.1) (6.8) 14.2 Provision for (benefit from) income taxes 37.2 51.7 (66.6) (12.0) EBITDA, as adjusted 710.8$ 600.9$ 448.3$ 395.4$

29

1Pro forma to reflect initial payment of approximately $127 million (net of $50 million used to repay insurance proceeds) received from sale of wholly-owned assets to PDVSA Gas, S.A. in August 2012.

2Approximately $196 million of letters of credit outstanding at June 30, 2012. 3Amount presented net of approximately $45 million of unamortized discount at June 30, 2012.

3

Pro Forma Debt Structure as of June 30, 2012

($ millions) Type

Funded Amount

Size

Maturity

Rating

Senior Secured Facility2 $230 $900 2016 BB/n/a

7.25% Senior Notes 350 350 2018 BB/Ba3

4.75% Convertible Notes 144 144 2014 B+/B1

4.25% Convertible Notes3 310 310 2014 B+/n/a

EXLP Secured Revolver 494 750 2015 n/a

EXLP Secured Term Loan 150 150 2015 n/a

$1,677 $2,604

Pro Forma Debt Structure1

Addendum III

EXLP debt is non-recourse to Exterran Parent