Enterprise Products Partners L.P.

1
Energy Transfer Partners, L.P.
Energy Transfer Equity, L.P.
MLP Conference
March 2007
2
Legal Disclaimer

• This presentation may contain statements about
  future events and Energy Transfer Partners, L.P.
  (ETP) or Energy Transfer Equity, L.P.s (ETE),
  outlook and expectations, which are
  forward-looking statements. Any statement in this
  presentation that is not a historical fact may be
  deemed to be a forward-looking statement. These
  forward-looking statements rely on a number of
  assumptions concerning future events that are
  believed to be reasonable, but are subject to a
  number of risks, uncertainties and other factors,
  many of which are outside ETP or ETEs control,
  and which could cause the actual results,
  performance or achievements of ETP and/or ETE to
  be materially different. While ETP and ETE each
  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 future
  performance or results of their businesses. These
  risks and uncertainties are discussed in more
  detail in the filings made by ETP and ETE with
  the Securities and Exchange Commission, copies of
  which are available to the public. ETP and ETE
  expressly disclaim any intention or obligation to
  revise or publicly update any forward- looking
  statements, whether as a result of new
  information, future events, or otherwise.

3
Investment Highlights

• Substantial competitive advantage
• Quality portfolio of assets
• Strong credit statistics
• Compares favorably with BBB / BBB peers
• Management commitment to credit quality
• High common unit coverage
• ETP retains cash to fund internal growth and
  strengthen balance sheet
• Low-risk, high rate of return growth
  opportunities
• Attractive construction price to EBITDA multiples
• Long-term contracts in place prior to
  construction
• Excellent access to public debt and equity
  markets
• Significant liquidity
• History of consistent distribution growth
• Experienced management with substantial equity
  ownership

4
ETP/ETE Corporate Structure
Energy Transfer Equity, L.P. 222,828,332 Units
Outstanding
45.7 Limited Partner Interest
2 General Partner Interest
Incentive Distribution Rights
Energy Transfer Partners, L.P. 136,977,513 Units
Outstanding
Public Unitholders
54.3 Limited Partner Interest
La Grange Acquisition, L.P Natural Gas Midstream
Operations
Heritage Operating, L.P. Propane Operations
Transwestern Pipeline Company, LLC
Titan Propane, L.P.
5
Energy Transfer Midstream System

• Largest US Intrastate Natural Gas System
• 12,000 miles of intrastate natural gas pipeline
• 7.6 Bcf/d capacity
• 78 Bcf Storage (working space)
• 14 natural gas treating facilities
• 370 MMcf/d natural gas processing capacity

• Geographic Footprint
• 5 Market Hubs
• 5 Producing Regions
• gt10 Interstate Pipeline Connections

6
Competitive Advantages

• Broad Texas Infrastructure
• Multiple Market Options for Producers
• Strong Position in Active Supply Basins
• Operating Expertise
• Producer Relationships
• Bypass Capability at Processing Plants
• Substantial Organic Growth Opportunities
• Significant and growing position in the Barnett
  Shale

7
Barnett Shale Production
8
Barnett Shale Production Estimates
Source Company Reports, Citigroup Investment
Research
9
North Texas Rig Count
North Texas Rig Count of Major Barnett Producers
Citigroup Investment Research
10
Expansion Project Update
42-inch Pipeline Expansion and Southeast Bossier
Expansion

• ETP is nearing completion of its 42-inch
  construction project in North Central Texas and
  is constructing North South Loops of the
  42-inch pipeline. These projects consist of
• gt 500 miles of 30, 36 42 intrastate pipeline
• gt 175,000 HP of new compression
• Total throughput of gt 2.0 Bcf/d
• Total cost estimate of 1.3 billion
• Approximately 603 million incurred through
  December 31, 2006
• 10-year transportation agreements with XTO, EOG
  and Quicksilver
• Adds significant incremental, fee-based EBITDA to
  ETP
• Provides producers with firm capacity out of the
  Barnett Shale and other major producing areas to
  all major market hubs in Texas and numerous
  interstate pipelines
• Allows ETP to offer integrated transportation
  across its systems in Texas

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Expansion Project Update (continued)
42-inch Pipeline Expansion and Southeast Bossier
Expansion

• 42 Trunkline Project
• Phase I Reed to Texoma Completed 8/31/2006
• Phase II Texoma to Carthage Completed November
  2006
• Phase III Cleburne to Reed Expected completion
  April 2007
• Construction is in process
• Reed Compression Completed November 2006
• Stryker Compression Expected Completion March
  2007
• North and South Loops
• North Loop Expected Completion December 2007
• South Loop Expected Completion November 2007

Photo of Phase I
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Transwestern Acquisition Rationale

• ETP recently acquired Transwestern for total
  consideration of 1.465 billion. The Acquisition
  provides the following benefits
• FERC-regulated asset that diversifies ETPs asset
  base outside of Texas
• Source of stable, fee-based revenue
• Identified expansion projects provide potential
  for increased cash flow with favorable economics
• New Phoenix lateral
• Completion of San Juan loop
• Will provide greater optionality for producers
  connected to Transwestern.
• Provides additional sources of supply to existing
  customers on ETPs Oasis and North Texas Pipelines

13
ETPs Contiguous Footprint Expands
14
Transwestern Asset Description

• 2,860 miles of Interstate Pipeline
• 360,000 HP of compression
• Bi-directional flow capability

15
Transwestern Growth Opportunities

• 711 mm in estimated capital expenditures
• New Phoenix Lateral
• 260 miles of 36 pipe connects Phoenix to TWs
  existing mainline at Ash Fork, AZ
• 500 MMcf/d of new pipeline capacity
• Projected in-service date April 30, 2008
• Upstream Segments
• Completion of San Juan loop
• 26 miles, 36 pipe
• 375 MMcf/day of additional capacity from Blanco

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Mid-Continent Express Joint Venture

• Kinder Morgan Energy Partners, L.P. (KMP) and
  ETP entered into a 50/50 1.25 billion joint
  development of the Mid-Continent Express Pipeline
  (MEP).
• 500-mile pipeline will originate near Bennington,
  OK, be routed through Perryville, LA, and
  terminate at an interconnect with Transco in
  Butler, AL
• Initial capacity of 1.4 Bcf/d
• Expected to be in service by February 2009
• Binding commitments from multiple shippers
• The new pipeline will also interconnect with
  ETPs 36-inch pipeline extending from the Barnett
  Shale and interconnecting with ETPs Texoma
  pipeline near Paris, Texas.

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Diversified Propane Operations
ETPs propane operations are concentrated in
higher than average population growth areas where
natural gas distribution may not be cost
effective, and its geographic diversification
minimizes the impact of weather patterns in
individual regions.

• Fee-based, pass-through business, subject to
  weather volatility that impacts volumes
• Focus on higher-margin residential customers
• Record fiscal 2004, 2005 and 2006 operating and
  financial performance
• Realized 2-3 internal growth excluding
  acquisitions
• Titan adds 200 million gallons annually
  (beginning in 2007)
• Own our own assets
• Purchase land, buildings and vehicles
• We own 90 of customer tanks

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ETP Profile
FY Ending August 31, 2007 Financial Summary
Operational Metrics

• Assets
• Midstream Intrastate (80 of ETP EBITDA)
• Pipelines (active miles) 12,000
• Storage (working space) 77.4 Bcf
• Processing 370 Mcf/d
• Aggregate Throughput Capacity 7.6 Bcf/d
• Propane (20 of ETP EBITDA)
• Propane Customers gt 1 MM
• Propane Service Locations gt 442
• Geographic Footprint
• Market Hubs 5
• Producing Regions 5
• Interstate Pipeline Connections gt 10
• Propane Operations 41 States
• Employees
• Midstream Operations 800

• EBITDA (2007 FY Estimate) 980 mm
• Total Debt (1) 3,313 mm
• Total Debt (1) to 2007 FYE EBITDA 3.38x
• 2007 FYE EBITDA to Est. Interest (2) 5.03x
• Current Annual Distribution/ LP Unit 3.075

(1)Estimated total debt at Feb. 28,2007, which
amount includes approximately 290 mm of debt
under ETPs revolving credit facility that is
expected to be replaced with long-term debt to be
incurred by Transwestern Pipeline Company (2)FYE
2007 estimate
19
ETP vs. Comps
20
ETP/ETE Distribution History
21
ETE vs. ETP
22
ETE/ETP Distribution Sensitivity
(1) Hypothetical based on current capital
structure at ETP and ETE
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ETE Profile
Financial Summary

• Estimated EBITDA (1) 413
  million
• Total Debt (2)
  1,542 million
• Total Debt (2) to Est. EBITDA (1) 3.73x
• Est. EBITDA (1) to Est. Interest (3) 4.06x
• Outstanding LP Units 222,828,332
• Current Annual Distribution/ LP Unit 1.36

(1) Annualized - Based on current ETP annual
distribution/ unit of 3.075 (2) Assumes
approximately 160 mm of debt repaid from
proceeds of recent private equity
offering (3)Based on current debt level
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ETE vs. Comps
25
Investment Highlights

• Substantial competitive advantage
• Quality portfolio of assets
• Strong credit statistics
• Compares favorably with BBB / BBB peers
• Management commitment to credit quality
• High common unit coverage
• ETP retains cash to fund internal growth and
  strengthen balance sheet
• Low-risk, high rate of return growth
  opportunities
• Attractive construction price to EBITDA multiples
• Long-term contracts in place prior to
  construction
• Excellent access to public debt and equity
  markets
• Significant liquidity
• History of consistent distribution growth
• Experienced management with substantial equity
  ownership