StoneMor Partners L.P. Investor Presentation

August 2015

Forward-Looking Statements

Certain statements contained in this presentation, including, but not limited to, information regarding the status and

progress of our operating activities, the plans and objectives of our management, assumptions regarding our future

performance and plans, and any financial guidance provided or guidance related to our future distributions are

forward-looking statements.

These forward-looking statements are made subject to certain risks and uncertainties that could cause

actual results to differ materially from those stated or implied. Our major risk is related to uncertainties

associated with the cash flow from our pre-need and at-need sales, our trusts, and financings, which may

impact our ability to meet our financial projections, our ability to service our debt and pay distributions, and

our ability to increase our distributions.

When considering forward-looking statements, the reader should keep in mind the risk factors and other cautionary

statements set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, our Quarterly

Report on Form 10-Q for the fiscal quarter ended March 31, 2015, and our Current Report on Form 8-K dated July 6,

2015 filed with the Securities and Exchange Commission. Except as required by federal and state securities laws, we

assume no obligation to update or revise any forward-looking statements made herein or any other forward-looking

statements made by us, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measures

We report our financial results in accordance with U.S. GAAP. However, we believe that certain non-GAAP financial

measures used in managing the business may provide investors with additional information regarding underlying

trends and ongoing results on a comparable basis. Specifically, management believes that production-based

revenues and adjusted operating profit allow the investor to gain insight into our operating performance. Non-GAAP

financial measures that we use should not be considered as alternatives to GAAP financial measures, and you should

not consider such non-GAAP financial measures in isolation or as a substitute for an analysis of our results as

reported under U.S. GAAP. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP

measures is provided later in this presentation.

2

StoneMor at a Glance

3

Second-largest owner and operator of cemeteries in the U.S.

304 cemeteries/102 funeral homes, located across 28 states and Puerto Rico

Complete range of funeral merchandise and services, along with cemetery property, merchandise and services, both at the time of need and on a pre-need basis

Over 15,700 acres of land, equivalent to a weighted average sales life of 248 years

50,566 annual burials/14,900 funeral service calls

$811 million in Merchandise and Perpetual Care Trusts as of June 30, 2015

We are the only deathcare company structured as a master limited partnership (MLP)

Our Evolution

4

Metric 2004 (IPO)(1) 2015(2)

Operational Data

Cemeteries/Funeral Homes 132 / 7 304 / 102

Employees ~1,100 ~3,400

Annual Interments ~22,000 ~50,500

Funeral Service Calls 650 14,900

Financial Data

Production-based Revenue $89 million $386 million

Adjusted Operating Profit $29 million $66.7 million

Distribution per Unit $1.85 $2.56

Market Cap $175 million $843 million(3)

(1) Represents data as of 12/31/2004 or for the twelve-month period ended 12/31/2004, as applicable. (2) Represents data as of 6/30/2015 or for the twelve-month period ended 6/30/2015, as applicable. (3) As of August 7, 2015

2015 Second Quarter Review

5

GAAP revenues increased 13% to record $80.8 million

Production-based revenues increased 23% to record $107.0 million

Exceeds $100 million for first time

Adjusted operating profits increased 41.8%

Distributable free cash flow increased 24.8%

Increased distribution $0.01 per unit payable August 14, will mark 43

consecutive distribution payments.

Our Footprint Today

6

Significantly enhanced geographic scale and diversity

304 Cemeteries

+ 102 Funeral Homes

= 406 Total Locations

WA

OR

CA CO

KS

IA

IL

MO

AR

IN

MI

OH

PA

WV

KY

TN

VA

NC

SC

GA AL MS

FL

Washington 3 Cemeteries 2 Funeral Homes

Oregon 7 Cemeteries 11 Funeral Homes

California 7 Cemeteries 8 Funeral Homes

Colorado 2 Cemeteries

Kansas 3 Cemeteries 2 Funeral Homes

Hawaii 1 Cemetery

Iowa 1 Cemetery

Illinois 9 Cemeteries 4 Funeral Home

Indiana 11 Cemeteries 5 Funeral Homes Michigan

13 Cemeteries

Kentucky 2 Cemeteries

Ohio 14 Cemeteries 2 Funeral Homes

Rhode Island 2 Cemeteries

Pennsylvania 68 Cemeteries 10 Funeral Homes

New Jersey 6 Cemeteries

Delaware 1 Cemetery

Maryland 10 Cemeteries 1 Funeral Home

West Virginia 33 Cemeteries 2 Funeral Homes

Virginia 34 Cemeteries 2 Funeral Homes

North Carolina 19 Cemeteries 2 Funeral Homes

South Carolina 8 Cemeteries 2 Funeral Homes

Puerto Rico 7 Cemeteries 5 Funeral Homes

Georgia 7 Cemeteries

Florida 8 Cemeteries 25 Funeral Homes

Tennessee 11 Cemeteries 5 Funeral Homes

Alabama 9 Cemeteries 6 Funeral Homes

Mississippi 2 Cemeteries 1 Funeral Home

Arkansas 2 Funeral Homes

Missouri 6 Cemeteries 5 Funeral Homes

As of June 30, 2015

Diversified Revenue Streams

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• More than 60% of revenues generated through highly predictable and at-need business.

• StoneMor’s 800+ person sales team creates an unparalleled advantage in pre-need sales.

Pre-need Sales, 36.5%

At-need Sales, 32.0%

Investment Income, 9.1%

Interest Income, 2.6%

Funeral Home Revenues,

16.9%

Other Cemetery

Revenues, 2.9%

Year ended December 31, 2014

BUSINESS MIX BY REVENUE STREAM

Mission-Driven Strategy

8

Mission

Vision

Strategy

To help families memorialize every life with dignity.

To be the preferred operator of deathcare facilities and preferred provider of deathcare services.

To use an opportunistic, yet conservatively financed acquisition strategy to build market share. Leverage these positions to expand service offerings.

Industry Snapshot

9

We are a leader in an industry with great opportunity.

Aging population driving both at-need and pre-need demand

$22 billion industry

Healthy historical and projected growth

80% of properties are owned by independents

Only a few scale players

No new supply

Significant financial and operating regulations

Favorable Demographics

Large and Growing Market

Fragmented Ownership

Substantial Barriers to Entry

Demographic Tailwinds

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Source: Department of Health and Human Services.

ANNUAL BIRTHS IN THE U.S. (1930-1960)

Aging of the Baby Boom Generation will:

1. Accelerate the death rate at-need sales

2. Expand our target pre-need market (55 to 65 age range)

− More financially stable and resilient to economic downturns

− Beginning to think of legacy

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

PROJECTED U.S. POPULATION OVER 55

87

98 106

112 118

130

2015 2020 2025 2030 2035 2040

(in millions)

1.5

2.0

2.5

3.0

3.5

4.0

4.5

(in millions)

Cemeteries, 10,500, 27%

Funeral Homes &

Crematories 22,000,

73%

$16 billion

$6 billion

Source: National Funeral Directors Association. Source: National Funeral Directors Association; U.S. Census Bureau.

$22 Billion Market

DEATHCARE MARKET SIZE

11

Large and Growing Industry

CONTINUED GROWTH

2.1

2.4

2.6

3.3

1990 2000 2010 2030P

Deaths in the U.S. (millions)

Industry growth driven by demographics and supported by ever-

present demand for memorialization and celebrations of life

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Cremation projected to rise to ~50% of total deaths in the U.S. by 2020.

– However, number of non-cremation deaths will remain steady in the future.

Represents a key component of our growth strategy.

– Western society still memorializes life regardless of the method of disposition.

Stronger linkage between cremation

and memorialization options

− Cremation gardens

− Cremation-related products and services

Increased land utilization

Higher profit margins

Cremation: Friend (not Foe)

* Total anticipated deaths per U.S. Census Bureau 2009 projections.

…CREATES OPPORTUNITY RISE IN CREMATION…

37% 40%

42% 45%

48% 51%

53% 55%

57%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2005 2010 2015 2020 2025 2030 2035 2040

# of Deaths % Cremation

Cremation

Non-Cremation

Our Acquisition Approach

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Disciplined target selection: “never break the model”

Strategic locations to create and/or enhance market clusters

Cemetery

− 25+ year sales life

− 200+ annual interments

Seasoned, professional management

Consolidate office functions into home office

Institute pre-need sales program

Leverage buying power to reduce product costs

Professional trust fund management

Philosophy

Target Criteria

Integration

Funeral

− 150+ Annual Calls

− Strong legacy

Accretive from day one

IRR > cost of capital

Proven Acquisition Track Record

14

176 cemeteries and 104 funeral homes acquired since 2004 IPO(1)

– Record year in 2014

Target acquisition multiples of 4x – 6x EBITDA

Acquisition pipeline remains robust

$16 $33

$115 $117 $124

$173 $189

$224 $247

$354 $360

$0

$100

$200

$300

$400

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

ACQUISITIONS SINCE IPO (CUMULATIVE PURCHASE PRICE)

# Cemeteries: # Funeral Homes:

($ in millions)

23 6

46 20

94 50

101 52

104 52

126 57

143 68

148 85

149 91

175 100

(1) Net of sales and divestitures, 172 cemeteries and 95 funeral homes acquired since 2004 IPO.

$107mm of acquisitions in 2014; Historical average of $27mm annually since IPO

176 104

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Growth Through

Disciplined Acquisition

Underwriting

Prudent Balance Sheet Management

Deliver Reliable,

Consistent Value to

Unitholders

We have delivered steady, conservatively financed growth.

Transformational 2014 is an inflection point toward future growth.

Avg. $27mm annual acquisitions (’05-’13)

Target 4x – 6x EBITDA purchase prices

$2.23 $2.33 $2.35 $2.39 $2.43 $2.60

2010 2011 2012 2013 2014 2015

Distributions/LP Unit

Proven Track Record

Keys to Our Success

Recent Developments

33% 32% 40% 36%

28% 27%

12/10 12/11 12/12 12/13 12/14 6/15

Debt/Enterprise Value

2014 acquisitions ~4x average annual pace

AOP and SCI properties operating on plan

Well capitalized GP with AIM’s investment

Two equity raises ($120mm) to de-lever

Refinance senior notes to lower cost of debt

Distributions expected to grow by $0.01 per unit each quarter through the end of 2015

16

Merchandise Trust and

Perpetual Care Trust

Measured Performance*

$478 million (Merchandise Trust)

– All principal, interest and dividends accrue to StoneMor over time

$340 Million (Perpetual Care)

– Principal remains in trust in perpetuity

– Interest and dividends accrue to StoneMor

Trust Management

6% 8%

7%

9% 8%

12/10 12/11 12/12 12/13 12/14

Merchandise Trust

Investment Management

Governed by investment guidelines adopted by Trust and Compliance Committee of B.O.D.

Balanced approach to preservation of capital

Variety of intermediate-term, investment-grade, fixed-income securities, high-yield securities, REITS, MLPs, other equities and cash

7% 6% 6%

5% 4%

12/10 12/11 12/12 12/13 12/14

Perpetual Care Trust

*Past performance is not indicative of future performance

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Recent Results

PRODUCTION-BASED REVENUE

($ in millions)

ADJUSTED OPERATING PROFIT

($ in millions)

DISTRIBUTABLE FCF

($ in millions)

We focus on three non-GAAP financial metrics – Production-Based Revenue: total value of contracts written, investment and other income

– Adjusted Operating Profit: normalizes timing differences between GAAP and economic results

– Distributable Free Cash Flow: indicator of our ability to pay distributions to our unitholders

$296

$327

$357

$386

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

2012 2013 2014 TTM

$54

$67 $67 $67

$0

$10

$20

$30

$40

$50

$60

$70

$80

2012 2013 2014 TTM

1. Grey shading denotes extraordinary gain on settlement agreement, net.

$53 $64

$61 $12

$76

$59

$0

$10

$20

$30

$40

$50

$60

$70

$80

2012 2013 2014 TTM

(1)

($ in millions) ($ in millions)

REVENUE OPERATING PROFIT

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Historical Performance

Steady growth as we have built the business through acquisitions and

pre-need sales efforts

GAAP results not indicative of true financial performance

$3

$10

$14

$6

$14

$5

$38

$49

$54

$67 $67 $67

2010 2011 2012 2013 2014 TTM

GAAP Old GAAP

$197

$228 $243 $246

$288 $291

$247

$281 $296

$327

$357 $366

2010 2011 2012 2013 2014 TTM

GAAP Old GAAP

Significant Asset Value

19

NET LIQUID ASSETS

($ in millions)

FUTURE VALUE-GENERATING ASSETS

Cemetery Property:

− $340mm book value

− Approximately 15,716 acres

− Weighted average sales life of 247 years

Property and Equipment:

− $99mm book value, net

Perpetual Care Trusts:

− $332mm under management

− Fund future maintenance costs

Marketable assets provide debt protection and $154mm of excess value

Assets underlying $67mm of Adjusted Operating Profit generation in 2014

Conservative balance sheet at 6/30/2015 featuring:

i. $129 mm of net liquid assets (detail below)

ii. Significant additional value from long-term, profit-generating assets of the business

$654

$129

$41

$153

$331

$0

$100

$200

$300

$400

$500

$600

$700

Cash, AR andMerchandise

Trust

AP andAccrued

Liabilities

MerchandiseLiability

Debt Excess Cashand Assets

20

History of sustained distributions and significant coverage

($ in millions)

ADJUSTED OPERATING PROFIT AND DISTRIBUTIONS

$36 $38

$49

$54

$67 $67 $67

$27

$32

$45 $47

$52

$63

$71

$13

$3

$10 $14

$6

$14

$3

$0

$10

$20

$30

$40

$50

$60

$70

$80

2009 2010 2011 2012 2013 2014 TTM

Adjusted Operating Profit Distributions GAAP Operating Profit

Substantial Distribution Coverage

STON TEN-YEAR AVERAGE ANNUAL TOTAL RETURN vs. BENCHMARK ASSET CLASSES

21

Total Return Results

13.4%

12.1%

10.3%

8.0% 7.7% 7.6%

0%

2%

4%

6%

8%

10%

12%

14%

16%

StoneMor NASDAQ 100 Alerian MLP Index DJ Utility Index S&P 500 Russell 2000

Source: Bloomberg and Index monthly reports. Market data as of 8-10-15.

Total Return %

22

Stable and Growing Cash Flow

Key Attributes of High-Performing MLPs StoneMor?

Long-lived, Secure Assets

Defensible Competitive Advantage

Attractive Industry Fundamentals

Conservative Financial Profile

StoneMor features the key attributes of high-performing MLPs, as well as an attractive total return profile.

StoneMor Value Proposition Recap

Thank You

24

Reconciliation of Production Based Revenue (non-GAAP) and Adjusted Operating Profit

(non-GAAP) to Revenue (GAAP) and Operating Profit (GAAP) for 2014 and 2013

Appendix

Segment Segment

Results GAAP GAAP Results GAAP GAAP

(non-GAAP) Adjustments Results (non-GAAP) Adjustments Results

Revenues

Pre-need cemetery revenues 79,905 $ (31,418) $ 48,487 $ 68,385 $ (21,927) $ 46,458 $

At-need cemetery revenues 53,411 (3,858) 49,553 42,958 370 43,328

Investment income from trusts 27,626 (14,011) 13,615 25,240 (12,789) 12,451

Interest income 4,384 - 4,384 4,041 - 4,041

Funeral home revenues 33,149 (4,395) 28,754 26,320 (3,095) 23,225

Other cemetery revenues 3,044 405 3,449 5,708 709 6,417

Total revenues (a) 201,519 (53,277) 148,242 172,652 (36,732) 135,920

Costs and expenses

Cost of goods sold 22,266 (5,376) 16,890 19,757 (3,603) 16,154

Cemetery expense 35,544 - 35,544 29,470 - 29,470

Selling expense 38,242 (8,563) 29,679 31,027 (4,977) 26,050

General and administrative expense 18,521 - 18,521 16,525 - 16,525

Corporate overhead 18,827 - 18,827 14,002 - 14,002

Depreciation and amortization 5,896 - 5,896 4,881 - 4,881

Funeral home expense 25,286 (987) 24,299 19,139 (417) 18,722

Acquisition related costs, net of recoveries 685 - 685 1,589 - 1,589

Total costs and expenses 165,267 (14,926) 150,341 136,390 (8,997) 127,393

Operating profit (loss) (a) 36,252 $ (38,351) $ (2,099) $ 36,262 $ (27,735) $ 8,527 $

(in thousands) (in thousands)

Six months ended Six months ended

June 30, 2015 June 30, 2014

(a) The comparisons of these metrics were impacted by the one-time land sale in the first quarter of 2014.