#1ՈՐ ENERGY TRANSFER Moving America's Energy Investor Presentation December 2022#2Forward-looking Statements / Legal Disclaimer ՈՐ ENERGY TRANSFER Management of Energy Transfer LP (ET) will provide this presentation to analysts and/or investors at meetings to be held throughout December 2022. At the meetings, members of management may make statements about future events, outlook and expectations related to Panhandle Eastern Pipe Line Company, LP (PEPL), Sunoco LP (SUN), USA Compression Partners, LP (USAC), and ET (collectively, the Partnerships), and their subsidiaries and this presentation may contain statements about future events, outlook and expectations related to the Partnerships and their subsidiaries all of which statements are forward-looking statements. Any statement made by a member of management of the Partnerships at these meetings and any statement in this presentation that is not a historical fact will be deemed to be a forward-looking statement. These forward-looking statements rely on a number of assumptions concerning future events that members of management of the Partnerships believe to be reasonable, but these statements are subject to a number of risks, uncertainties and other factors, many of which are outside the control of the Partnerships. While the Partnerships believe that the assumptions concerning these future events are reasonable, we caution that there are inherent risks and uncertainties in predicting these future events that could cause the actual results, performance or achievements of the Partnerships and their subsidiaries to be materially different. These risks and uncertainties are discussed in more detail in the filings made by the Partnerships with the Securities and Exchange Commission, copies of which are available to the public. In addition to the risks and uncertainties disclosed in our SEC filings, the Partnership may have also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership has also been, and may in the future be, impacted by the winter storm in February 2021 and the resolution of related contingencies, including credit losses, disputed purchases and sales, litigation and/or potential legislative action. The Partnerships 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. This presentation includes certain forward looking non-GAAP financial measures as defined under SEC Regulation G, including estimated adjusted EBITDA. Due to the forward-looking nature of the aforementioned non-GAAP financial measures, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures without unreasonable effort. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. All references in this presentation to capacity of a pipeline, processing plant or storage facility relate to maximum capacity under normal operating conditions and with respect to pipeline transportation capacity, is subject to multiple factors (including natural gas injections and withdrawals at various delivery points along the pipeline and the utilization of compression) which may reduce the throughput capacity from specified capacity levels. 2#3What's New? Ր ENERGY TRANSFER Operational Achieved record intrastate natural gas transportation volumes in 3Q'22 Midstream gathered volumes reached a new record in 3Q'22 Nederland and Marcus Hook Terminals set new records for ethane exports in 3Q'22 NGL fractionation volumes reached a new record in 3Q'22 ➤ Recently completed mainline construction of Gulf Run Pipeline with compression modifications expected to be complete by YE'22 ➤ Signed new LNG offtake agreements for Lake Charles LNG project Financials Increased 2022 Guidance for third time: Expected Adj. EBITDA: $12.8 - $13.0B Up from previous guide: $12.6 - $12.8B Growth Capital remains: $1.8 - $2.1B Adjusted EBITDA - Q3'22: $3.1B (up -20% from 3Q'21) Distributable Cash Flow (DCF) - Q3'22: $1.6B (up -20% from 3Q'21) Excess cash flow after distributions - Q3'22: $760mm ➤ YTD'22 Capital Expenditures' — Growth: $1.3 B Maintenance: ~$485 mm Strategic On December 5, 2022, priced $1 billion of 5.55% senior notes due 2028, and $1.5 billion of 5.75% senior notes due 2033 Intend to use net proceeds to repay outstanding indebtedness and for general partnership purposes ➤ In September, completed Woodford Express bolt-on acquisition for $485 million ➤ In August, completed previously announced sale of ET Canada for cash proceeds of $302mm. The sale reduced ET's consolidated debt by ~$850mm² To date, executed six long-term LNG SPAs to supply 7.9 million tonnes of LNG per annum Business continues to deliver outstanding operating and financial performance with higher volumes in all segments 72 1. Energy Transfer excluding SUN and USA Compression capital expenditures. 2. Includes the use of proceeds to pay down ET's revolving credit facility and deconsolidation of ET Canada's debt. 3#4Energy Transfer - A Truly Unique Franchise Asset Overview Natural Gas Natural Gas Liquids (NGLs) Crude Refined Products Major Terminals Storage Fractionator Terminals Processing Treating Marcus Hook Terminal Eagle Point Terminal Nederland Terminal Midland Terminal Houston Terminal Cushing Terminal Lake Charles Regas Houston Terminal روس ENERGY TRANSFER Marcus Hook Terminal Nederland Terminal#5Wellhead to Water Services Natural Gas: XXXXX Gathering Lines Crude Oil: N Gathering Lines & Trucks Storage End Users: Industrial Residential Transmission Lines Storage & Refining H 書 Petrochemical Feedstock Transportation Power Generation Processing & Treating Transmission Lines Storage Transmission Lines Natural Gas Liquids (NGLs): Transmission Lines Fractionation Storage 壮 Transmission Lines, Rail, Barge & Trucks Transmission Lines ENERGY TRANSFER Gather ~19.1 million Mmbtu/d of gas and 814,000 Bbls/d of NGLs produced Transport -29.0 million Mmbtu/d of natural gas via inter and intrastate pipelines Fractionate~940 thousand Bbls/d of NGLS Transport -4.6 million Bbls/d of crude oil Capable of exporting ~1.1 million Bbls/d of crude oil and 1.1 million+ Bbls/d of NGLS 5#6Attractive Valuation Even With Strong YTD Performance 01/01/22 01/16/22 01/31/22 02/15/22 03/02/22 YTD Stock Price Performance¹ 03/17/22 04/01/22 04/16/22 05/01/22 05/16/22 Energy Transfer my 05/31/22 06/15/22 06/30/22 07/15/22 07/30/22 08/14/22 08/29/22 09/13/22 09/28/22 10/13/22 10/28/22 11/12/22 11/27/22 Alerian MLP Index -5% LTM EV/EBITDA² 14 51% ~3x lower multiple than peer median 12 26% 10 2 4 9 8 روس 0 Company A ET B Company Company Company Company Company Company Company Company Company C D E F G I H J Recent outperformance with additional growth expected to drive further value 123 1. As of 12/1/2022 2. 3. Source: Bloomberg; EV = Current market cap + preferred equity + minority interest + net debt; EBTIDA = TTM Adjusted EBITDA Peer group includes ENB, EPD, KMI, MMP, MPLX, OKE, PAA, TRGP, TRP, WMB 6 ENERGY TRANSFER#72022 Outlook Supported by Strong Core Business ET 2022E Adjusted EBITDA $12.8 - $13.0 billion 2021 to 2022 Adjusted EBITDA Drivers + Enable Acquisition + NGL pipeline and export activities + NGL / gas prices - Lower asset optimization - Rising costs + Organic Projects + Orbit Ethane Export Terminal + Nederland LPG Expansions + Mariner East Pipeline System/PA Access + Permian Bridge + Cushing South + Bakken optimization project 1. Spread margin is pipeline basis, cross commodity and time spreads 2. Fee margins include transport and storage fees from affiliate customers at market rates 2022E Adjusted EBITDA Breakout Spread¹ 0-2.5% Commodity 10-12.5% Fee² -85-90% Pricing/spread assumptions based on current futures markets ՈՐ ENERGY TRANSFER 7#8Diverse Earnings Supported by Predominantly Fee-Based Contracts Q3 2022 Adjusted EBITDA by Segment SUN, USAC & Other 14% Interstate & Intrastate Natural Gas Transportation & Storage 23% Crude Oil 15% Midstream (Nat Gas, Crude Oil & NGLs) 28% NGL & Refined Products 21% ՈՐ ENERGY TRANSFER Segment Crude Oil NGL & Refined Products Contract Structure Fees from dedicated acreage, take-or-pay and throughput-based transportation, terminalling and storage Fees from plant dedications and take-or- pay transportation contracts, storage fees and fractionation fees, which are primarily frac-or-pay structures Strength Significant connectivity to Permian, Bakken and Midcon Basins to U.S. markets, including Nederland terminal ~60 facilities connected to ET's NGL pipelines, and benefit from recent frac expansions at the Mont Belvieu complex Interstate Transport & Storage Fees based on reserved capacity, take-or-pay contacts Connected to all major U.S. supply basins and demand markets, including exports Midstream Intrastate Transport & Storage Minimum volume commitment (MVC), acreage dedication, utilization-based fees and percent of proceeds (POP) Reservation charges and transport fees based on utilization Significant acreage dedications, including assets in Permian, Eagle Ford, Anadarko and Marcellus/Utica Basins Largest intrastate pipeline system in the U.S. with interconnects to TX markets, as well as major consumption areas throughout the US 8#9Increasing Investment Returns With Shorter Cash Cycle 2022E Growth Capital: $1.8 billion to $2.1 billion¹ لاس % of 2022E1 ENERGY TRANSFER • Grey Wolf and Bear high-recovery cryogenic processing plants • Efficiency improvements and emissions reductions projects Midstream • Modernization and debottlenecking of existing system ~40% • Permian Bridge Pipeline project (In Service) • Multiple gathering & processing and compression projects (primarily W. Texas, Northeast) • Gulf Run Pipeline project and new connection Interstate -25% • Multiple smaller projects • Mariner East Pipeline System (In Service) • Nederland LPG facilities (In Services) NGL & Refined Products • Mont Belvieu frac and storage facilities (In Service) -20% • Mont Belvieu Frac VIII • Multiple smaller projects . New Permian gas takeaway pipeline Intrastate • Oasis pipeline optimization ~7% • Multiple smaller projects • Ted Collins Link (In Service) Crude Oil • Cushing South Pipeline (In Service) ~7% • Multiple smaller projects Over 90% of 2022 capital is invested in projects already online or expected to be online and contributing cash flow before the end of 2023 1. Other segment growth capex makes up ~1% of 2022E growth capital 9#10Results Benefitting from Investments in High-Quality Growth Projects 2017 2018 2019 Major growth projects added since 2017 زل • Bakken Pipeline System* • Permian Express 3* Legacy ET Organic Growth Capital² ET Adjusted EBITDA³ Trans Pecos/Comanche Trail Pipelines* • Panther Plant • Arrowhead Plant 2017 $5.5B 2022E $12.8-$13.0B Rover Pipeline* • Frac V • Rebel II Plant Bayou Bridge Phase II* Permian Express 4* Frac VI Red Bluff Express Pipeline* • Frac VII • 2020 Mariner East 2X PA Access Lone Star Express Expansion Mariner East 2X • 2021 PA Access Cushing South Phase I* Mariner East 2 • Arrowhead II Plant • Mariner East 2 • • JC Nolan Diesel Pipeline* Arrowhead III Plant • Panther II Plant • Orbit Ethane Export Terminal* • LPG Expansions • Bakken Optimization* • Permian Bridge • . Permian Bridge Phase II Grey Wolf Processing Plant¹ 2022 • Ted Collins Link • • Cushing South Phase II* Gulf Run Pipeline¹ • Bear Processing Plant¹ *Joint Ventures 1Currently under construction 2022E $1.8-$2.1B 2Includes ET's proportionate share of JV spend 3Adjusted EBITDA includes 100% of ET's EBITDA related to non-wholly-owned subsidiaries ENERGY TRANSFER 2017 $7.3B 10#11MLP Investing: Why Invest In ET? Attractive Yields Efficient income security with high relative yield Strong Earnings Power Quarterly Pay-outs ET current yield: ~8.7% Ր ENERGY TRANSFER Significant earnings capacity from critical energy infrastructure franchise ET 2022 estimated Adjusted EBITDA: $12.8 - $13.0 billion Quarterly distributions supported by significant excess cash flow ET Q3'22 Distribution: $0.265 ($1.06 annualized) ET Q3'22 excess cash flow after distributions: $760 million Significant Excess Cash Flows Stable cash flows from fee-based, volume-driven business models ET earnings from fee-based margins: ~85-90% Efficiencies Tax structure > Lower cost of capital compared to traditional C-Corps Single-level taxation at the partnership level > Reduced effective tax rate compared to traditional C-Corps Tax deferred investment > Significant portion of distributions to investors treated as tax deferred For more information: www.eic.energy 11#12Significant Management Ownership - Continued Buying ՈՐ ENERGY TRANSFER Since January 2021, Energy Transfer insiders and independent board members purchased ~29.4 million units, totaling ~$265 million; including purchases of ~$37mm by its Executive Chairman in November 2022 Insider Purchases since January 2021 Executive Chairman: ~27.9mm units; ~$251mm Board of Directors: ~1.2mm units; ~$11.7mm CEO: ~262k units; ~$1.2mm¹ EVP Tax: ~102k units; ~$867k Insider Ownership % 14% 12% 10% 8% 6% 4% 2% Insider Ownership vs Peers 0% ET Peers S&P 500 S&P 500 Energy Management and Insiders significantly aligned with unitholders Source: Bloomberg/Company Filings Peer Group: DCP, ENB, EPD, KMI, OKE, TRGP, PAA, WMB, MMP 1. Includes ~$614k paid in tax liability to retain ~181k units associated with the vesting of a Company grant in December 2021 Ownership Breakout Retail ~45% Insiders ~13% Institutions ~42% 12#13Domestic Natural Gas Demand At All-Time High Bcf/d Historical Domestic Natural Gas Demand¹ 90 80 70 Demand has increased nearly 65% over the last two decades 84.53 85.60 60 50 40 30 20 10 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 روس November 2022 US consumption levels outstripped the previous record set in 2019 by more than 1.2 Bcf/d 1. Source: EIA and S&P Global Commodity Insights (PointLogic) ENERGY TRANSFER 13#14Lake Charles LNG Export Terminal Increasing Interest As Global LNG Demand Grows Ր ENERGY TRANSFER ➤ 152-acre site Current Lake Charles Terminal Assets ➤ Two existing deep-water docks to accommodate ships up to 215,000 m3 capacity ➤ Four LNG storage tanks with capacity of 425,000 m3 ➤ Proximity to multiple natural gas producing basins and major pipelines, including direct connection to ET's Trunkline pipeline system ➤ Estimated export capacity of up to 16.5 million tonnes per year Lake Charles LNG Export Project Executed LNG Sale and Purchase Agreements (SPA) - Shell NA LNG - 2.1 million tonnes per annum for 20 years - China Gas - 0.7 million tonnes per annum for 25 years SK Gas 0.4 million tonnes per annum for 18 years - Gunvor Group - 2.0 million tonnes per annum for 20 years ENN Energy -0.9 million tonnes per annum for 20 years ENN Natural Gas - 1.8 million tonnes per annum for 20 years The purchase price for all agreements is indexed to the Henry Hub benchmark, plus a fixed liquefaction charge, and the LNG will be delivered on a free-on-board (FOB) basis SPAs become fully effective upon satisfaction of the conditions precedent by ET, including reaching a Final investment decision (FID) Recently signed nonbinding letter agreements with two Japanese customers for LNG offtake ➤ In active negotiations with several customers for long-term offtake contracts for significant volumes of LNG ➤ Making progress on all aspects of the project – now targeting FID by end of 1Q'23 - Advantaged brownfield project with strategic gulf coast location 14#15Permian Basin Processing Expansion Culberson Permian Basin plant inlet volumes remain at or near record highs Gaines Dawson Borden Eddy Lea Martin Howard Andrews Bear Processing Plant (In Permian Basin Footprint ՈՐ ENERGY TRANSFER ➤ Extensive Permian Basin Footprint: • Have ~3.7 million acres dedicated to ET processing plants in the Permian Basin with an average of 7+ years remaining on contracts ➤ Permian Bridge Pipeline • Converted ~55 miles of existing 24-inch NGL pipeline to rich-gas service to allow 200 thousand MCF/d of rich-gas to move out of the Midland Basin to the Delaware Basin Phase I was placed into service October 2021 and an expansion was placed into service in Q1 2022 Heavily utilizing to provide operational flexibility between processing facilities in the Delaware and Midland Basins ➤ Grey Wolf and Bear Processing Plants Ector Midland Glasscock Loving • Grey Wolf Winkler Progress) Processing Plant Reeves N Gas Gathering A Pipeline NGL Pipeline Other Natural Gas Pipelines 0 5 10 15 20 Ward Pecos Crane Reagan Upton Crockett • 200 MMcf/d cryogenic processing plants • Expected in service by YE 2022 and Q2 2023, respectively • . Due to significant producer demand, evaluating the necessity and timing of adding another processing plant in the Permian Basin Once in service, the volumes from the tailgate of these plants will utilize Energy Transfer gas and NGL pipelines for takeaway from the basin Addition of the Bear and Grey Wolf Plants will increase total Permian Basin Processing capacity 15#161. . • Comprehensive Permian Gas Takeaway Solutions Flexibility to provide natural gas delivery to most market hubs Waha Header Energy Transfer's Waha header connects to more than 10 different natural gas pipelines, as well as to the TPP header', which contains over 6 Bcf of connectivity to all significant markets Transwestern Pipeline 2.1 Bcf/d pipeline Bi-directional capabilities with the ability to access Texas and Midcontinent supply hubs, as well as major western markets in Arizona, Nevada and California San Elizario Proposed Warrior Pipeline Waha Chicago Lamar Perryville Carthage Gulf Run Pipeline Gillis Henry Hub ՈՐ ENERGY TRANSFER . Permian Natural Gas Takeaway Project Proposed project would include construction of a new intrastate pipeline from the Midland Basin to ET's extensive pipeline network south of the DFW area From there, ET's vast pipeline systems provide significant flexibility to deliver natural gas to premier markets along the Texas Gulf Coast including Katy, Beaumont, and the Houston Ship Channel, as well as to Carthage, with potential deliveries to most major U.S trading hubs and markets Yes Trans-Pecos and Comanche Trail Pipelines The Trans-Pecos (TPP) and Comanche Trail Pipelines (CTP) are designed to transport natural gas from Waha to the Texas-Mexico border¹ TPP and CTP provide a combined 2.5 Bcf/d of gas takeaway capacity to Mexico Presidio Katy HSC Agua Dulce Leading Permian Natural Gas franchise provides significant options for long-term takeaway needs Energy Transfer has a 16% ownership interest in the TPP header, as well as a 16% interest in TPP and CTP Oasis Pipeline Modernization Modernization and debottlenecking work on the Oasis Pipeline continues Will add an incremental 60,000 Mcf/d of much needed takeaway capacity out of the Permian Basin This capacity is expected to be partially in service by the end of 2022 with full in service by the end of January 2023 16#17Gulf Run Pipeline Project Provides An Efficient Gulf Coast Connection RIGS EGT MEP MRT Alto Tiger SESH Line CP Vernon Westdale Panola ETF HPL Gulf Run Trunkline Starks Lake Charles LNG Golden Pass Golden Pass LNG Pipeline FGT ՈՐ ENERGY TRANSFER Gulf Run Pipeline Project Overview 135-mile, 42" interstate pipeline with an expected capacity of 1.65 Bcf/d Backed by a 20-year commitment for 1.1 Bcf/d with cornerstone shipper Golden Pass LNG (Qatar Petroleum & Exxon Mobil) ➤ Unparalleled access to prolific natural gas producing regions in the U.S. with ability to deliver Haynesville-area gas to Gulf Coast Region ➤ Completed successful non-binding Open Season ➤ Customer discussions ongoing and may necessitate additional facilitates beyond the initial design capacity Recently finished mainline construction - expect compression modification complete by YE'22 17#18NGL & Refined Products Segment - A World Leader in NGL Exports 800 700 hep 600 Thousand barrels per day 500 400 300 200 100 Source: Internal and Kpler In total, ET's market share of worldwide NGL exports has doubled over the last 24 months to approximately 20% ET NGL Exports 0 + 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD Nederland Terminal Marcus Hook Terminal Expanding industry leading business while capturing future growth opportunities in new markets روس ENERGY TRANSFER 18#19NGL & Refined Products Segment - Ethane Export Project ՈՐ Ethane Export Pipeline and Terminal Facilities Ethane Export Pipeline Legend Orbit Ethane Pipeline Ring Fenced Orbit Assets Nederland Terminal Saint Like Orbit Pipeline JV Orbit Joint Venture with Satellite Petrochemical USA Corp includes a new ethane export terminal on the U.S. Gulf Coast to provide ethane to Satellite's newly-constructed ethane crackers At ET's Nederland Terminal, Orbit constructed: • 1.2 million barrel (standard) ethane storage tank Mont Belvieu Facilities bing The Seri Everest, The World's Largest VLEC SER EVEREST • • ~180,000 barrel per day ethane refrigeration facility 20-inch ethane pipeline originating at ET's Mont Belvieu facilities that will make deliveries to its Nederland export terminal, as well as domestic markets in the region ET is the operator of the Orbit assets, and provides storage and marketing services for Satellite ET will provide Satellite with approximately 150,000 barrels per day of ethane under a long-term, demand-based agreement • The second tranche of this agreement went into effect July 1, 2022, and ET loaded the first ship under this agreement in July 2022 In addition, ET constructed and wholly-owns the infrastructure required to supply ethane to the pipeline and to load ethane onto carriers destined for international markets ET has loaded more than 29 millions barrels of ethane out of this facility YTD For 2022, expect to load a minimum of 40 million barrels of ethane out of this facility, and project this to increase to approximately 60 million barrels for 2023 19 ENERGY TRANSFER#20NGL & Refined Products Segment - Mont Belvieu to Nederland Pipeline System ՈՐ ENERGY TRANSFER Nederland Natural Gasoline Expansions Loaded first barge with natural gasoline in July 2019 Repurposed existing pipeline to export 30,000 BPD of natural gasoline Completed construction of new 600,000 Bbl natural gasoline storage tank in December 2020 Legacy Mariner South System Completed in 2015, the legacy Mariner South system integrated ET's Mont Belvieu assets with its Nederland Terminal ➤ Included batched butane and propane pipeline and chiller with LPG export capacity of 180,000 BPD Completed de-bottlenecking in early 2020 which added ~55,000 BPD of additional export capacity Nederland LPG Export Expansions Constructed new 20" pipeline from Mont Belvieu to Nederland to segregate system into separate dedicated product pipelines New butane chiller provided an additional 180 MBPD of LPG export capacity (existing chiller now dedicated to propane use) Completed dock expansion/conversions, going from one dock to three docks capable of exporting ethane, propane, butane and natural gasoline New export train and dock conversion at Nederland allowed additional product loading to service international markets New pipeline and chiller went into service in December 2020 to accommodate increased demand for propane and butane volumes Now capable of exporting ~700,000 BPD of NGLs from the Nederland Terminal Mont Belvieu to Nederland Pipeline System 4 pipelines in dedicated NGL service Mont Belvieu Nederland Ethane Pipeline Propane Pipeline Butane Pipeline Natural Gasoline Pipeline Pump Stations Hebert Energy Transfer's Nederland terminal is a world class export facility on the U.S. Gulf Coast 20 20#21NGL & Refined Products Segment - Pipeline & Fractionation Expansion ՈՐ ENERGY TRANSFER Lone Star Express Expansion • · 24-inch, 352-mile expansion • . Added incremental NGL pipeline capacity from Lone Star's pipeline system near Wink, Texas to the Lone Star Express 30- inch pipeline south of Fort Worth, Texas Completed in Q3 2020 • • • Mont Belvieu Fractionation Expansions • Total of 7 fractionators at Mont Belvieu; current capacity over 900,000 bbls/d • 150,000 bbls/d (nameplate) Frac VI went into service in February 2019 150,000 bbls/d (nameplate) Frac VII went into service in Q1 2020 • Resumed construction of 150,000 bbls/d Frac VIII, which is expected to be in service in Q3 2023 Total Permian NGL takeaway capacity is ~1 million bbls/d Ft. Worth, TX Godley Baden LaGrange/Chisholm Plant Complex Asset Overview ET NGL ET Justice ET Liberty ET Gulf Coast NGL Express ET Gulf Coast NGL Expansion ET Gulf Coast NGL/WTX Gateway ET Spirit Mariner South Nederland Terminal Mt. Belvieu Fractionation & Storage Plant Fractionator Processing Plant Storage Kenedy ET Freedom Jackson Geismar ET Mont Belvieu Hattiesburg Frac VII Frac I Sea Robin Sorrento Chalmette Frac III Frac VI Fracs IV & V Frac II Export De-C2 Upon completion of Frac VIII, total Mont Belvieu frac capacity will be over 1.1 million bbls/d 21 24#22Growing Unique Export Capabilities Total NGL export capacity is now over 1.1 million barrels per day Houston Terminal • 330 acres on Houston Ship Channel • 18.2 million barrels of crude and heated product storage ~500,000 bbls/d of crude export capacity 5 ship docks, 7 barge docks Houston Terminal Nederland Terminal • ~1,200 acre site on USGC . Rail and truck loading and unloading . • Connectivity to Gulf Coast refining complex Pipeline connectivity to all major basins • Deepwater marine access • ~29 million bbls crude storage capacity; 1.9 million bbls refrigerated propane/butane storage capacity . • 1.2 million bbls (standard) ethane storage tank as part of Orbit joint venture ~700,000 bbls/d of combined LPG, ethane and natural gasoline export capacity • ~600,000 bbls/d of crude export capacity • 6 ship docks (3 NGL, 4 crude capable) and 4 barge docks accommodate Suez Max sized ships • Rail and truck unloading capabilities • Expanded natural gasoline capabilities in 2020 to accommodate larger vessels and provide access to international markets Space available for further dock and tank expansion and well positioned for future growth opportunities Nederland Terminal رس ENERGY TRANSFER Marcus Hook Terminal CL INEOS KEEP OUR OCEANS CLEAN Marcus Hook Terminal • ~800 acre site: inbound and outbound pipeline along with truck, rail and marine capabilities • ~2 million bbls underground NGL storage; ~4 million bbls refrigerated above-ground NGL storage; ~1 million bbls crude storage capacity • ~1 million bbls refined products storage capacity • 4 export docks accommodate VLGC and VLEC sized vessels • ~400,000 bbls/d of combined LPG and ethane export capacity • Positioned for further expansion and development of exports, processing, storage and manufacturing Strong interest from oversees customers - currently evaluating best location for an ethane expansion project 22 22#23Successful Acquisition Track Record HPL TUFCO Houston Pipeline Co. Transwestern Pipeline 2004 2005 2006 SUSSER Holdings Corporation REGENCY ENERGY PARTNERS 2014 2015 روس LDHENERGY Southern Union Company Southern Union Gas Services SUNOCO 2011 2012 2012 2012 PennTex Sunoco Logistics G SemGroup MIDSTREAM PARTNERS 2016 2017 2019 ➤ ET Management has a proven track record of successfully integrating acquisitions ➤ Knowledge of respective assets and businesses facilitates integrations of: ➤ Operations Commercial ➤ Risk Management ➤ Finance/Accounting ➤ Information Technology ENABLE MIDSTREAM PARTNERS 2021 WOODFORD EXPRESS, LLC 2022 ENERGY TRANSFER 23 23#24Alternative Energy Group - Leveraging asset base and expertise to develop projects to reduce environmental footprint D ՈՐ ENERGY TRANSFER Focused on leveraging significant asset base and energy industry expertise to develop projects to reduce environmental footprint throughout operations Dual Drive Compressors - Established in 2012 ➤ Patented technology that allows for switching between electric motors and natural gas engines to drive compressors, and offers the industry a more efficient compression system, helping reduce greenhouse gas emissions ➤ In 2021, this technology allowed ET to reduce Scope 1 CO2 emissions by more than 765,000 tons, a 53% improvement over 2019 ➤ In June 2021, our patented Dual Drive Technologies natural gas compression system was awarded a GPA Midstream Environmental Excellence award for its impact on reducing CO2 emissions Carbon Capture Utilization and Sequestration Currently pursuing projects related to G&P facilities, and evaluating opportunities to capture carbon from ET and third-party facilities in the Northeast and transport CO2 through existing underutilized ET pipelines near CO2 sources ➤ Provide cash flows to Energy Transfer with minimal capital requirements due to structures that allow monetization of federal tax credits Executed LOI with CapturePoint Solutions to pursue joint development of CCS hub in Louisiana, which would provide a compelling solution for Haynesville area carbon capture, and is expected to generate attractive financial returns Renewable Energy Use ➤ Approximately 20% of the electrical energy ET purchases originates from a renewable energy source Renewable Fuels ➤ Evaluating opportunities to transport renewable diesel and renewable natural gas ➤ Benefit from significant current asset footprint Solar Entered into first-ever dedicated solar contract, which anchors a 28 megawatt solar facility (Maplewood 2) in West Texas Operate approximately 18,000 solar panel-powered metering stations across the country Entered into second renewable energy power purchase agreement for 120 megawatts of electricity from facility in NE Texas Repurpose Existing Assets Evaluating repurposing extensive acreage in WV, VA, KY and ND to develop solar and wind projects ➤ Pursuing opportunities to utilize ET's significant asset footprint for the transportation of renewable fuels, CO2 and other products ➤ Through partnership with the Arbor Day Foundation, recently completed planting 25,000 trees across IN, MI & TX. These trees will provide the cumulative benefit of 17,367 metric tons of CO2 sequestered from the atmosphere, which is the equivalent of taking 3,775 cars off the roads Long Leaf Pines Ecosystem Restoration - TX 24 24#25Corporate Responsibility Environmental, Health, and Safety Social Responsibility . Corporate Governance • • • • . • . • • • Program Highlights Committed to pursuing a zero-incident culture Real-time tracking of EHS incidents focused on leading indicators Significant use of renewable energy in operations Five step risk reduction process for every EHS incident Compliance tracking and trending through a comprehensive Environmental Management System Support pipeline safety and environmental research through membership in the Pipeline Research Council International (PRCI) and the Intelligent Pipeline Integrity Program (iPIPE) Member API Environmental Partnership - Voluntary Methane Reduction Program ⚫ ET's charitable giving efforts focus on nonprofit organizations across the U.S. including education, hunger, health, veteran support, children's causes, environmental stewardship and combating homelessness Encourage employees to volunteer time and talents to assist others in need and to build relationships in their communities Comprehensive Stakeholder Engagement Program that promotes proactive outreach and respect for all people • Annual distribution of targeted communications materials to critical stakeholders as part of on-going emergency response and public awareness outreach programs . Ongoing support and cooperation with Native American tribes Adopted America's Natural Gas Transporters' Commitment to Landowners Review of EHS compliance data by Independent BOD Audit Committee Compensation aligned with business strategies - performance based with retention focus Strong enforcement of integrity and compliance standards ET Deputy General Counsel serves as Chief Compliance Officer Quarterly compliance certifications from senior management . Alignment of management/unitholders ՈՐ Program Accomplishments Established an Alternative Energy Group to explore renewable energy projects ENERGY TRANSFER • ~20% of electrical energy purchased by ET on any given day originates from renewable energy sources - power 40,000 homes • ESG Metrics reported through EIC/GPA ESG Reporting Template • 765,000 ton reduction of Scope 1 CO2 emissions with ET patented Dual-drive compressors in 2021, a 53% improvement over 2019 enough to • Continuation of Ducks Unlimited partnership in 2022 with incremental $250k commitment for wetlands restoration • Energy Transfer's 4,000+ operations personnel are trained and qualified in accordance with pipeline safety regulations and sustain over 52,000 individual qualifications • Received the American Gas Association's Industry Leader Accident Prevention Award for having a total DART incident rate below the industry average in 2021 • 2021 Forbes America's Best Large Employers • Continue to increase number of nonprofit organizations served that are local to Energy Transfer assets Ongoing Native American power agreements, easements, and scholarships EVP of U.S. Gas Pipelines named one of Oil and Gas Investor's 25 Influential Women in Energy for 2021 ~7,300 emergency responders trained through Energy Transfer Outreach Programs • • In 2021, Energy Transfer and the Sunoco Foundation donated $1.6 million to MD Anderson Children's Cancer Hospital ⚫ In 2022, began partnership with "KPRC 2 Community," to focus on community projects with the greatest impact, including working with Kids' Meals, a Houston-based non-profit to help address hunger and food insecurity for children ages 6 and under ⚫ In 2022, partnering with the Arbor Day Foundation to plant 25,000 trees • Co-CEO Leadership and Management • Annual Senior Management compliance review • Significant management ownership > 13% of units Increased transparency with improved website disclosures • Added resources to oversee and manage compliance Website publication of GRI/SASB Index and EIC/GPA Midstream ESG Reporting Template .. BUCKS UNLIMITED THE UNIVERSITY OF TEXAS MD Anderson Cancer Center Annual Engagement Report and ESG Reporting Template available on website at energytransfer.com Making Cancer History" + Red Cross American Arbor Day Foundation 25 25#26Appendix لاس Ⓡ ENERGY TRANSFER#27Crude Oil Segment لاس ENERGY TRANSFER • White Cliffs (51%) • Maurepas (51%) ~11,300 miles of crude oil trunk and gathering lines ~ 1 million barrels per day of Permian Crude Oil takeaway capacity Crude Oil Pipelines Directly connected to 6.8 MMbbls/d (~37%) of domestic refining capacity 1.1 MMbbls/d of ET-owned export capacity on USGC ET owns and operates substantial interests in the following systems/entities: Asset Overview Crude Terminals Nederland Terminal Midland Terminal Houston Terminal Cushing Terminal • Bakken Pipeline (36.4%) Bayou Bridge Pipeline (60%) • Permian Express Partners (87.7%) Crude Oil Acquisition & Marketing ➤ Crude truck fleet of approximately 350+ trucks, 350+ trailers, and 150+ offload facilities ➤ Purchase crude oil at the lease from 3,000+ producers, and in-bulk from aggregators at major pipeline interconnections and trading points Market crude oil to refining companies and other traders across asset base Optimize assets to capture time and location spreads when market conditions allow Crude Oil Terminals Nederland, TX Terminal - ~31 million barrel capacity Houston, TX Terminal - ~18 million barrel capacity Cushing, OK ~7.7 million barrel capacity Northeast Terminals - ~6 million barrel capacity Patoka, IL -~1.9 million barrel capacity Midland, TX Terminal - ~1 million barrel capacity 27 27#28NGL & Refined Products Segment Asset Overview Natural Gas Liquids (NGLs) Refined Products Storage Fractionator Terminals Processing/Treating Marcus Hook Terminal Nederland Terminal 1. b ㅁ 中 لاس ENERGY TRANSFER Fractionation 7 Mont Belvieu fractionators (over 900 Mbpd) Recently resumed construction of 150,000 bbls/d frac 8, which is expected in service in Q3 2023 40 Mbpd King Ranch, 25 Mbpd Geismar 30 to 50 Mbpd Marcus Hook C3+ Frac in service Q4 2017 NGL Storage ➤ Total NGL storage ~70 million barrels ~53 million barrels NGL storage at Mont Belvieu ~10 million barrels of NGL storage at Marcus Hook & Nederland Terminals ➤ Hattiesburg Butane Storage ~5 million barrels NGL Pipeline Transportation ➤ ~5,200 miles of NGL Pipelines throughout Texas, Midwest, and Northeast ➤ Lone Star Express Expansion- completed in Q3 2020 . • ~352-mile, 24-inch NGL pipeline added incremental NGL takeaway capacity from Permian Basin ➤ Mont Belvieu to Nederland Pipeline System • 71-mile propane pipeline with 300 Mbpd capacity, expandable to 450 Mbpd • 71-mile butane pipeline with 200 Mbpd capacity . 62-mile ethane pipeline with 200 Mbpd, expandable to 450 Mbpd • 62-mile natural gasoline pipeline with 30 Mbpd capacity Mariner Pipeline Franchise • • The Mariner East Pipeline System is now capable of moving 350-375 Mbpd of NGLS (including ethane) to Marcus Hook PA Access provides ~20-25 Mbpd of refined products capacity to PA and NE markets 28 28 Orbit¹ ~180 Mbpd of ethane export capacity at Nederland Terminal Refined Products ~3,600 miles of refined products pipelines in the northeast, Midwest and southwest US markets 37 refined products marketing terminals with ~8 million barrels storage capacity JV with Satellite Petrochemical USA Corp . Mariner West Pipeline - 55 Mbpd ethane pipeline to Canada#29Midstream Segment PA Midstream Highlights ՈՐ ENERGY TRANSFER Extensive Gathering and Processing Footprint Assets in most of the major U.S. producing basins Continued Volume Growth • • Q3 2022 volumes reached a record 19.1 million MMbtu/d primarily due to the addition of the Enable assets, as well as increased throughput in all of our operating regions Excluding Enable, gathered gas volumes on ET's legacy assets were also a record for Q3 2022 ➤ Permian Basin Capacity Additions • • • Plant inlet volumes remained at or near record highs for Q3 2022 Heavily utilizing Permian Bridge pipeline to provide operational flexibility between processing facilities in the Delaware and Midland Basins Constructing two new processing plants to meet significant producer demand Asset Overview Permian Midcontinent/Panhandle South Texas Southeast Texas North Texas North Louisiana Eastern Processing ~53,500 miles of gathering pipelines with -11.2 Bcf/d of processing capacity North Texas South Texas Current ET Processing Capacity Bcf/d Permian 2.7 Basins Served Permian, Midland, Delaware Midcontinent/Panhandle 3.1 Granite Wash, Cleveland, DJ, STACK 0.7 Barnett, Woodford 1.9 Eagle Ford North Louisiana 2.1 Haynesville, Cotton Valley Southeast Texas 0.4 Eagle Ford, Eagle Bine Eastern 0.2 Marcellus Utica 29 29#30Interstate Natural Gas Pipeline Segment Asset Overview Transwestern Panhandle Eastern EGT FGT MRT SESH Gulf States Tiger Trunkline Gas Fayetteville Express Rover Sea Robin/Stingray Midcontinent Express Interstate Highlights ՈՐ ENERGY TRANSFER ET's interstate pipelines provide: ➤ Stability • Approximately 95 percent of revenue derived from fixed reservation fees Diversity . ~26,900 miles of interstate pipelines with ~31 Bcf/d of throughput capacity and -147 Bcf/d of working storage capacity • Access to multiple shale plays, storage facilities and markets Growth Opportunities • Well-positioned to capitalize on changing supply and demand dynamics Gulf Run Pipeline Project • 42-inch interstate natural gas pipeline with 1.65 Bcf/d of capacity Will provide natural gas transportation between the Haynesville Shale and Gulf Coast • Mainline construction was recently completed, and we expect to complete the modification of compression by the end of 2022 Recently completed non-binding Open Season and customer discussions are ongoing, which will likely necessitate additional facilities beyond the initial design of 1.65 Bcf/d Miles of Pipeline PEPL TGC 6,300 2,190 TW 2,610 FGT SR FEP Tiger MEP Rover 5,365 740 185 200 510 720 Stingray 290 EGT MRT SESH Total 5,900 1,600 290 26,900 Capacity (Bcf/d) 2.8 0.9 2.1 3.7 2.0 2.0 2.4 1.8 3.4 0.4 6.2 1.7 1.1 30.5 Owned Storage (Bcf) 73.4 13.0 -- -- ww 29.0 31.5 -- 146.9 Ownership 100% 100% 100% 50% 100% 50% 100% 50% 32.6% 100% 100% 100% 50% 30 30#31Intrastate Natural Gas Pipeline Segment ~ 11,600 miles of intrastate pipelines with ~24 Bcf/d of throughput capacity, and ~88 Bcf/d of working storage capacity لسل ENERGY TRANSFER Intrastate Highlights Well-positioned to capture additional revenues from anticipated changes in natural gas supply and demand in the next five years Strategically taken steps to lock-in additional volumes under fee-based, long-term contracts with third-party customers Modernization and optimization work on the Oasis Pipeline is underway, which will add an incremental 60,000 Mcf/d of capacity out of the Permian Basin by the end of 2022 Evaluating Permian Basin takeaway project that would utilize Energy Transfer assets, along with a new build intrastate pipeline from the Midland Basin to Energy Transfer's extensive pipeline network south of Fort Worth, TX, to provide producers with firm capacity to premier markets along the Texas Gulf Coast, as well as throughout the U.S. Major Connect Hubs Pipeline Capacity (Bcf/d) Pipeline Storage (Miles) (Bcf/d) Bi- Directional Trans Pecos & Comanche Waha Header, 2.5 335 NA No Trail Pipelines Mexico Border ET Fuel Pipeline 5.2 3,150 11.2 Yes Asset Overview Trans Pecos/Comanche Trail ET Fuel Oasis Houston Pipeline Waha, Katy, Carthage Oasis Pipeline 2.0 750 NA Yes Waha, Katy HSC, Katy, Aqua Houston Pipeline System 5.3 3,920 52.5 No Dulce ETC Katy Pipeline 2.9 460 NA No Katy Katy RIGS 221 Union Power, LA 2.1 450 NA No Tech RIGS Red Bluff Express EOIT Storage Red Bluff Express 1.4 108 NA No Waha EOIT¹ 2.4 2,200 24.0 Yes OG&E, PSO 1. The EOIT pipeline system is has multidirectional flow capabilities between numerous receipt and delivery points, which limits our ability to determinate an overall system capacity. During the year-ended December 31, 2020, the peak daily throughput was 2.4 Bcf/d 31#32Non-GAAP Reconciliations لاس ENERGY TRANSFER Ⓡ 22 32#33Non-GAAP Reconciliation Energy Transfer LP Reconciliation of Non-GAAP Measures 2019 2020 Full Year Full Year Q1 2021 Q2 Q3 Q4 Full Year Q1 زل 2022 Q2 Q3 ENERGY TRANSFER YTD Net income Interest expense, net Impairment losses $ 4,825 2,331 $ 140 $ 3,641 $ 908 $ 907 $ 1,231 $ 2,327 589 566 558 74 2,880 3 8 554 10 6,687 2,267 $ 1,487 $ 559 1,622 578 $ 21 300 - 1,322 577 86 $ 4,431 1,714 386 Income tax expense (benefit) from continuing operations 195 237 75 82 77 (50) 184 (9) 86 82 159 Depreciation, depletion and amortization 3,147 3,678 954 940 943 980 3,817 1,028 1,046 1,030 3,104 Non-cash compensation expense 113 121 28 27 26 30 111 36 (Gains) losses on interest rate derivatives 241 203 (194) 123 (1) 11 (61) (114) 35 25 27 88 (129) (60) (303) Unrealized (gains) losses on commodity risk management activities 5 71 (46) (47) 19 (88) (162) 45 (99) (76) (130) Losses on extinguishments of debt 18 75 7 1 30 38 - Inventory valuation adjustments (Sunoco LP) (79) 82 (100) (59) (9) (22) (190) (120) (1) 40 (81) Impairment of investment in unconsolidated affiliates 129 - - - - Equity in (earnings) losses of unconsolidated affiliates (302) (119) (55) (65) (71) (55) (246) (56) (62) (68) (186) Adjusted EBITDA related to unconsolidated affiliates 626 628 123 136 141 123 523 125 137 147 409 Other, net (including amounts related to discontinued operations in 2018) (54) 79 15 (4) (11) 57 57 59 25 (19) 65 Adjusted EBITDA (consolidated) 11,140 10,531 5,040 2,616 2,579 2,811 13,046 3,340 3,228 3,088 9,656 Adjusted EBITDA related to unconsolidated affiliates (626) (628) (123) (136) (141) (123) (523) (125) (137) (147) (409) Distributable Cash Flow from unconsolidated affiliates 415 452 76 89 103 78 346 86 82 102 270 Interest expense, net Preferred unitholders' distributions Current income tax (expense) benefit Transaction-related income taxes Maintenance capital expenditures (2,331) (2,327) (589) (566) (558) (554) (2,267) (559) (578) (577) (1,714) (253) (378) (96) (99) (110) (113) (418) (118) (117) (118) (353) 22 (27) (9) (15) (10) (10) (44) 41 (11) (31) (1) (31) - - (42) (42) (655) (520) (76) (140) (155) (210) (581) (118) (162) (247) (527) Other, net 85 74 19 17 14 18 68 5 7 5 17 Distributable Cash Flow (consolidated) 7,766 7,177 4,242 1,766 1,722 1,897 9,627 2,510 2,312 2,075 6,897 Distributable Cash Flow attributable to Sunoco LP (100%) (450) (516) (108) (145) (146) (143) (542) (142) (159) (195) (496) Distributions from Sunoco LP 165 165 41 42 41 41 165 41 42 41 124 Distributable Cash Flow attributable to USAC (100%) (222) (221) (53) (52) (52) (52) (209) (50) (56) (55) (161) Distributions from USAC 90 97 24 24 25 24 97 24 24 25 73 Distributable Cash Flow attributable to noncontrolling interests in other non-wholly-owned subsidiaries Distributable Cash Flow attributable to the partners of Energy Transfer (1,113) (1,015) (251) (251) (284) (327) (1,113) (317) (294) (315) (926) 6,236 5,687 3,895 1,384 1,306 1,440 8,025 2,066 1,869 1,576 5,511 Transaction-related adjustments 14 55 19 9 6 160 Distributable Cash Flow attributable to the partners of Energy Transfer, as adjusted $ 6,250 $ 5,742 $ 3,914 $ 1,393 $ 1,312 $ 1,600 $ 194 8,219 12 9 5 26 $ 2,078 $ 1,878 $ 1,581 $ 5,537 See definitions of non-GAAP measures on next slide 33#34Non-GAAP Reconciliation روس ENERGY TRANSFER Definitions Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of Energy Transfer's fundamental business activities and should not be considered in isolation or as a substitute for net income, income from operations, cash flows from operating activities, or other GAAP measures. There are material limitations to using measures such as Adjusted EBITDA and Distributable Cash Flow, including the difficulty associated with using either as the sole measure to compare the results of one company to another, and the inability to analyze certain significant items that directly affect a company's net income or loss or cash flows. In addition, our calculations of Adjusted EBITDA and Distributable Cash Flow may not be consistent with similarly titled measures of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP, such as segment margin, operating income, net income and cash flow from operating activities. We define Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items. Inventory adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at last-in, first-out ("LIFO"). These amounts are unrealized valuation adjustments applied to Sunoco LP's fuel volumes remaining in inventory at the end of the period. Adjusted EBITDA reflects amounts for less than wholly-owned subsidiaries based on 100% of the subsidiaries' results of operations. Adjusted EBITDA reflects amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all available cash, and Distributable Cash Flow is calculated to evaluate our ability to fund distributions through cash generated by our operations. We define Distributable Cash Flow as net income, adjusted for certain non-cash items, less distributions to preferred unitholders and maintenance capital expenditures. Non-cash items include depreciation, depletion and amortization, non-cash compensation expense, amortization included in interest expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and deferred income taxes. For unconsolidated affiliates, Distributable Cash Flow reflects the Partnership's proportionate share of the investee's distributable cash flow. On a consolidated basis, Distributable Cash Flow includes 100% of the Distributable Cash Flow of Energy Transfer's consolidated subsidiaries. However, to the extent that noncontrolling interests exist among the Partnership's subsidiaries, the Distributable Cash Flow generated by our subsidiaries may not be available to be distributed to our partners. In order to reflect the cash flows available for distributions to the partners of Energy Transfer, the Partnership has reported Distributable Cash Flow attributable to the partners of Energy Transfer, which is calculated by adjusting Distributable Cash Flow (consolidated), as follows: ⚫ For subsidiaries with publicly traded equity interests, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, and Distributable Cash Flow attributable to the our partners includes distributions to be received by the parent company with respect to the periods presented. • For consolidated joint ventures or similar entities, where the noncontrolling interest is not publicly traded, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiaries, but Distributable Cash Flow attributable to the partners reflects only the amount of Distributable Cash Flow of such subsidiaries that is attributable to our ownership interest. For Distributable Cash Flow attributable to partners, as adjusted, certain transaction-related and non-recurring expenses that are included in net income are excluded. 34