Capital Product Partners Fourth Quarter 2008 Earnings

1. Fourth Quarter 2008
Earnings Presentation
January 30th, 2009
Capital Product
Partners L.P.
www.capitalpplp.com

2. Disclosures
This presentation contains forward-looking statements (as defined in Section 21E of the
Securities Exchange Act of 1934, as amended) which reflect management’s current
assumptions and expectations with respect to expected future events and performance.
All statements, other than statements of historical facts, including anticipated expiration
of our charters and charter coverage for 2009 and 2010, foreseeable financial position,
future distribution levels, future levels of profit-sharing revenues, future cash distribution
policy, anticipated required levels of reserves and timing of potential purchases of
vessels and possible effects of the early termination of the subordination and
amendments to the partnership agreement as well as expected oil product demand and
production, are forward-looking statements. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond our control, and undue
reliance should not be placed upon them. Many factors could cause forecasted and actual
results to differ materially from those anticipated or implied in these forward-looking
statements.
For a more comprehensive discussion of the risk factors affecting our business please
see our Annual Report on Form 20-F filed with the U.S. Securities and Exchange
Commission, a copy of which can also be found on our website www.capitalpplp.com.
Stated competitive positions are based on management estimates supported by
information provided by specialized external agencies and industry sources. Unless
required by law, we expressly disclaim any obligation to update or revise any of these
forward-looking statements, whether because of future events, new information, a change
in our views or expectations, to conform them to actual results or otherwise. Neither we
nor any other person assumes responsibility for the accuracy and completeness of the
forward-looking statements. We make no prediction or statement about the performance
of our common units.
For more information about the Partnership, please visit our website:
www.capitalpplp.com
i

3. Fourth Quarter 2008 Results Highlights 1
Strong Profit Share and the Full Impact of the Completion of our Contracted
Acquisitions Drove Solid Results:
– Net Income of $14.3 Million - EPU of $0.54.
– Profit Sharing Revenues of $6.1 Million.
– Operating Surplus of $17.4 Million.
Non-Recurring Exceptional Cash Distribution of $1.05 per unit:
– Returning Profit Sharing Revenues Earned During 2008.
– Creating Value for our Unitholders.
– Little Opportunity for Vessel Acquisitions.
– Board believes Reserves Levels are Adequate.
– Reverting to Previously Stated Distribution Policy from Q1 2009 Onwards.
Strong Financial Position To Weather Uncertain Times:
– Long-Term Contracts.
– Reputable Counterparties.
– Remaining Undrawn Debt Capacity of $246 Million.
– Adequate Reserves.

4. Strong Fourth Quarter Results 2
Statement of Income
(Dollars in thousands)
For the three-month For the three-month
period ended period ended
December 31, 2008 December 31, 2007
Revenues $36,222 $28,981
Expenses:
Voyage expenses 246 1,125
Vessel operating expenses – related party 7,489 5,264
Vessel operating expenses - 1,264
General and administrative expenses 744 600
Depreciation 6,823 5,461
Operating income 20,920 15,267
Other income (expense), net:
Interest expense and finance cost (7,154) (5,259)
Loss on interest rate agreements - -
Interest income 498 291
Foreign currency gain/(loss), net (4) (12)
Total other expense, net (6,660) (4,980)
14,260 10,287
Net income
Less Net (income)/loss attributable to predecessor
(1,604)
operations
$14,260 $8,683
Partnership’s Net income

5. Non-Recurring Exceptional Cash Distribution of $1.05 3
CPLP earned $17.6mil in profit sharing revenues in 2008. Our distributions are determined
from the base earnings excluding profit sharing revenues.
Returning Value to Unitholders:
– Absence of investment opportunities due to the crisis in equity and credit markets and weak shipping
markets.
– No debt amortization obligations until June 2012 at the earliest.
– Continue to have strong balance sheet with adequate reserves following the exceptional distribution.
– The Partnership owns a young, high specification fleet chartered with reputable counterparties.
– 97% of Charter Revenues fixed for 2009 and 60% for 2010.
From Q1 2009 we expect to return to our previously stated distribution policy subject to
Board approval.
Sponsor Exits Subordination*:
– Payment of exceptional distribution brings total 2008 distributions to $2.27 (50% above annual MQD).
– Subordinated units convert to common following payment of distribution.
– Partnership and Sponsor interests are well aligned – Capital Maritime is the largest single
shareholder (46.6% ownership incl. 2% in GP units).
– The level of the distribution triggers payment of $12.5mil from operating surplus to the General
Partner in Incentive Distribution Rights (IDRs) to be received in four equal quarterly installments with
the first being paid this quarter and subject to the Partnership distributing at least the MQD in each
subsequent quarter.
– Termination of the subordination provides additional flexibility to the Partnership.
* Please read the press release of January 30, 2009 for more details.

6. Operating Surplus 4
Operating Surplus for Calculation of Unit Distribution
(Dollars in thousands, except per unit amounts)
For the three-month For the twelve-month
period ended period ended
December 31, 2008 December 31, 2008
Net income $14,260 $49,263
Adjustments to net income
Depreciation and amortization 6,906 25,424
Deferred revenue 6 602
Amore Mio II and Aristofanis net income in 2008
prior to their contribution to the Partnership - 1,504
Amore Mio II and Aristofanis depreciation and
amortization in 2008 prior to their contribution to
the Partnership - 6,912 (1,329) 26,201
PARTNERSHIP’S NET CASH PROVIDED BY
OPERATING ACTIVITIES 21,172 75,464
Replacement Capital Expenditures (3,814) (13,572)
OPERATING SURPLUS 17,358 61,892
Reduction in recommended reserves* 21,956 8,317
AVAILABLE CASH ** $39,314 $70,209
* Reserves are reduced to pay the non-recurring exceptional distribution and the IDRs
** Available cash includes payment of $12.5m for Incentive Distribution Rights. The GP shall receive these IDRs in four equal quarterly installments, with
the first installment being paid this quarter and subject to the Partnership distributing at least the MQD in each subsequent quarter.

7. Strong Balance Sheet 5
Consolidated Balance Sheet
(Dollars in thousands)
As of As of
December 31, December 31,
2008 2007
Assets
$51,220 $27,511
Total current assets
641,607 525,199
Total fixed assets
7,327 4,281
Other non-current assets
700,154 556,991
Total assets
Liabilities and Stockholders’/Partners’ Equity
4,997 12,273
Total current liabilities
522,982 359,537
Total long-term liabilities
Partners’ Equity
- 18,060
Additional Paid in Capital - Predecessor
- 5,182
Retained Earnings
5,773 3,444
General Partner
Limited Partners
127,259 102,130
Common
82,794 66,653
Subordinated
(43,651) (10,288)
Accumulated Other Comprehensive Income
172,175 185,181
Total Partners’ / Stockholders’ equity
Total liabilities and Partners’/Stockholders’ equity $700,154 $556,991

8. High Utilization of fleet in Q4 but Outlook remains weak 6
Average Clean Product Tanker Earnings 2004-2009
Source: Clarksons Intelligence Network
CPLP average spot earnings:
US$/Day
MR vessels*: $31,284 in Q4-08 vs. 2004 2005 2006 2007 2008 Average CPLP TC Base Rate 2009
$30,763 in Q3-08 $49,000
Suezmax: $66,652 in Q4-08 vs. $44,000
$83,725 in Q3-08
$39,000
Healthy 4Q MR spot market however
outlook uncertain: $34,000
– Lower demand for oil products. $29,000
– High oil inventory levels stateside. $24,000
Resilient Suezmax spot rates during Q4- $19,000
08.
$14,000
Nov
Nov
Jul
Jul
Jan
Jan
Jan
Jun
Jun
Global oil product demand has been
Mar
Mar
Apr
Apr
Feb
Feb
Aug
Aug
Aug
Sep
Sep
Oct
Oct
May
May
Dec
Dec
revised downwards and is expected to
decline by 0.7% in 2009 averaging at
86.6 mbd (EIA). 3 Year MR TC Rate
Source: Clarksons Intelligence Network
EIA expects 2010 oil demand to grow
3 Year MR TC …
1% to 87.6 mbd.
TC Rate ($/day)
Estimated global refinery crude $25,000
throughput has been lowered to 72.3 $24,000
mbd for 1Q09, as a result of weaker
demand, poor economics, and reduced $23,000
plant operation rates. $22,000
OPEC announced 4.2 mbd cut in $21,000
production with effect from January $20,000
2009. $19,000
$18,000
$17,000
$16,000
$15,000
Jan-2005
Nov-2005
Jan-2006
Nov-2006
Jan-2007
Nov-2007
Jan-2008
Nov-2008
Jan-2009
Jul-2005
Jul-2006
Jul-2007
Jul-2008
May-2005
May-2006
May-2007
May-2008
Mar-2005
Mar-2006
Mar-2007
Mar-2008
Sep-2005
Sep-2006
Sep-2007
Sep-2008
* Average calculated for the nine MRs on Time Charter to
BP and Morgan Stanley with profit sharing arrangements.
Note: Clarksons Intelligence Network stopped providing asset
valuation data since October 2008

9. Modern Fleet with Strong Counterparties 7
Profit
Vessel Dwt Built Type Charterer
Share
47,000 2007 TC 50/50
Axios
47,000 2007 TC 50/50
Avax
37,000 2006 TC 50/50
Agisilaos
IPO 37,000 2006 TC 50/50
Arionas
8
Fleet 37,000 2006 BB -
Atlantas
37,000 2006 BB -
Aktoras
37,000 2007 BB -
Aiolos
47,000 2006 TC 50/50
Assos
47,000 2007 TC 50/50
Atrotos
47,000 2007 TC 50/50
Akeraios
5
2007 47,000 2007 TC 50/50
Anemos I
47,000 2007 TC 50/50
Apostolos
12,000 2005 TC -
Attikos
160,000 2001 TC 50/50
Amore Mio II
12,000 2005 TC -
Aristofanis
51,000 2008 BB -
5 Alexandros II
2008
51,000 2008 BB -
Aristotelis II
51,000 2008 BB -
Aris II
Average Remaining Charter Duration: 4.5* Years
* As of 12/31/2008
Average Fleet Age: 2.8* Years

10. High Charter Coverage Medium Term 8
Dec-2008 2010
Aristofanis 03/10
04/08
Amore Mio II 01/11
03/08
Attikos 09/07 09/09
Atlantas 03/14
Avax 05/10
Aktoras 06/14
Agisilaos 03/10
Assos 10/09
Arionas 06/10
Axios 01/10
02/15
Aiolos
04/10
Atrotos 05/07
07/07
Akeraios 06/10
08/10
Anemos I 09/07
09/07
Apostolos 08/10
Alexandros II 01/08 12/17
05/18
Aristotelis II 06/08
Aris II 07/18
08/08
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

11. Capital Product Partners L.P. 9