Investor Presentaiton

Scale and Diversity of Cash Flow Enhances Credit Profile ՈՐ ENERGY TRANSFER Diverse Cash Flows ➤ Expected accretion and increased free cash flow will further ET's ability to buy back units and/or increase distribution growth rate Pro forma ET maintains a predominantly fee-based cash flow profile Limited commodity price exposure within portfolio Increases scale in key basins while adding new customers and strengthening contract portfolio of fixed-fee agreements with blue-chip customer base and investment grade counterparties ET gains additional exposure across Williston, Delaware and Powder River basins with ~1,270,000 dedicated acres across all basins Adds NGL logistics business in the Marcellus / Utica with 10 MMBbls of storage capacity and 13 truck and rail terminals Upfront increase to post-distribution free cash flow accelerates ET's deleveraging Credit Impacts from Transaction Ability to utilize ET's lower cost of financing, further enhancing future free cash flow All-equity, bolt-on acquisition All-Equity Transaction Leverage Neutral Free Cash Flow Accretive 40 40

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