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|2007 Analyst Presentation


October 10, 2007
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|This presentation may contain statements about future events, outlook and expectations
of Energy Transfer Partners, L.P. (ETP) or Energy Transfer Equity, L.P. (ETE), all of
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's or ETE's 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.

Legal Disclaimer
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|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.


Legal Disclaimer
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|Agenda

Opening Remarks          Kelcy Warren, CEO

Regulatory Overview         Jerry Langdon, CAO/CCO

Financial Overview          Brian Jennings, CFO

Energy Transfer Company    Mackie McCrea, President

Transwestern Pipeline      Jim Holotik, President
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|Kelcy Warren

Chief Executive Officer
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|2007 Achievements

Completed 42" Cleburne to Carthage pipeline

Completed two-step $1.5 billion Transwestern pipeline
acquisition

Raised ETP annual distribution 10% and ETE annual
distribution 25%

Exceeded 2007 financial guidance
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|Natural Gas Basins

Natural Gas Basins
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|Natural Gas Basins & Markets
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|West Coast Market

Growing Phoenix

 Market

East Coast Market

San Juan Basin

Anadarko
Basin

West Texas &
NM Basin

FW Basin

East Texas
Basin

Bossier Trend

Texas Gulf
Coast

Bossier  to Katy

Katy / HSC

LNG

Waha to Carthage

Piceance
Basin

Uinta Basin

Woodford

Basins

Fayetteville

Natural Gas Basins & Markets

Bi - directional

Waha to Katy
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|Regulatory Overview

Jerry Langdon

Chief Administrative & Compliance Officer
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|FERC and CFTC Actions

Actions are different

FERC allegations:

Relate to 9 allegations relating to monthly prices during 2003-
2005

Claim ETP "should have" obtained higher prices for physical gas
sales despite record high prices at the time

FERC calculates these higher "implied prices" by reference to
financial contracts

Response to FERC filed on October 9

CFTC allegations:

Relate to two trading days in Fall 2005

Claims somewhat similar to those of FERC except only assert
"attempted" manipulation

Response to CFTC to be filed October 15
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|ETP Position

ETP's transactions were lawful and had legitimate business purpose

Profitable - both on physical sales and financial transactions

Economically rational

Reflected real-world supply and demand conditions

FERC ignores fundamentals of supply and demand

Natural gas markets were in hurricane-related turmoil

Actual trade data for transactions among large, sophisticated buyers and sellers
supports ETP's views of market fundamentals

ETP has filed a motion with FERC seeking additional trading data and associated
price index methodology to confirm ETP's economic analysis market fundamentals

FERC's position is based on factual inaccuracies and flawed economic analysis

FERC's "implied price" theory is novel and unsound

Assumes FERC can determine what historical prices "should have been" with 99%
accuracy

FERC fails to identify any real buyers/sellers transacting at its hypothesized prices

Leading experts (including one cited by FERC in its Order) agree that FERC's
method would  not withstand peer review or scientific analysis

De novo review of FERC allegations is sought and justified

Congress did not intend that FERC act as both prosecutor and judge

Objective review by federal court is requested
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|Financial Overview

Brian Jennings

Chief Financial Officer
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|ETP/ETE Corporate Structure

Market Value Equity (1)

$7.6 billion

Enterprise Value (2)

$9.2 billion







Market Value Equity (1)

$6.9 billion

Enterprise Value (2)

$10.4 billion

Public Unitholders

Energy Transfer Equity, L.P.




Energy Transfer Partners, L.P.


Interstate

Pipeline

Intrastate
Pipeline

Propane


Public Unitholders

2% General Partner Interest

100% ETP IDRs

46% ETP Common Units

54%

Based on unit price as of October 5, 2007

Market value of equity plus outstanding debt at May 31, 2007.  Unconsolidated.

27%
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|2007 Financial Outlook Update

Updated Market Guidance:

$1.0 billion EBITDA (1) (up from $980 million)



$1.0 billion growth capital expenditures

   (down from $1.2 billion/timing of Transwestern expenditures)



$100 million maintenance capital expenditures

   (up from $90 million)


See supplemental disclosure for EBITDA definition.
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|2008-2009 Financial Outlook

Includes in F2007 partial-year contribution of Transwestern

Includes pro-rata portion of MEP investment
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|Investments Drive EBITDA Growth
        Transwestern    42" Cleyburn to Carthage    Godley Expansion    SE Bossier    Paris Loop    Phoenix Expansion    Mid-Continent Expansion    Uinta/Piceance Basin
    2007    2007    2007    -
    2008    2008    2008    2008    2008    2008    2008
    2009    2009    2009    2009    2009    2009    2009    2009    2009
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|ETP/ETE Debt Maturity Schedule

ETP/ETE Debt Maturity Schedule
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|ETP Credit Facility







80.0 bps

^BB+/Ba1/BB+

60.0 bps

BBB-Baa3/BBB-

45.0 bps

BBB/Baa2/BBB

Fully - Drawn Libor Pricing:

12.5 bps

^BB+/Ba1/BB+

11.0 bps

BBB-/Baa3/BBB-

9.0 bps

BBB/Baa2/BBB

Commitment Fee:

1-Year

Term-Out:

Yes (unlimited)

Extension Options:

$1.0 Billion

Accordion:

July 2012

Maturity:

5-Year

Loan Type:

$2.0 Billion

Amount:
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|Distribution Growth

Distribution Growth

Distribution for period ending, paid following quarter.

25% CAGR

10% CAGR
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|Change in Year-End Reporting

Change in Year-End Reporting
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|Heritage Propane
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|Heritage Propane

Two-pronged growth strategy:

Acquisitions - niche markets

Organic - customer and volume adds

Enhance profitability:

Volume growth

Margin expansion
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|Heritage Propane

Heritage Propane
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|Heritage Propane

Heritage Propane

Heritage Propane
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|Energy Transfer Company

Mackie McCrea

President
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|ETC - Today

Over 14,000 miles of natural gas gathering and
transportation pipelines located in Louisiana, Texas,
New Mexico, Colorado and Utah

400 miles of intrastate pipeline under construction

15 natural gas processing plants and 20 natural gas
treating facilities located in Louisiana, Texas, Colorado
and Utah

3 natural gas storage facilities with 74 Bcf working
capacity

Over 7 Bcf/day flowing through our systems
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|Energy Transfer Texas Pipelines

Energy Transfer Texas Pipelines
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|West Coast Market

Growing Phoenix

 Market

East Coast Market

San Juan Basin

Anadarko
Basin

West Texas &
NM Basin

FW Basin

East Texas
Basin

Bossier Trend

Texas Gulf
Coast

Bossier  to Katy

Katy / HSC

LNG

Waha to Carthage

Piceance
Basin

Uinta Basin

Woodford

Basins

Fayetteville

Natural Gas Basins & Markets

Bi - directional

Waha to Katy
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|2007 Accomplishments

42" Cleburne to Carthage completed April 2007

Flowing 1.5 Bcf/day (1.75 Bcf/day by 4th quarter)

Added over 200,000 hp of compression

Added over 700,000 Mcf/day of processing capacity

130,000 Mcf/day cryo capacity at Godley

Added over 225,000 Mcf/day of treating capacity
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|Cleburne to
Carthage

42" Pipeline

265 Miles

 April 2007 in service

1.75 - 1.85 Bcf/d  max capacity

42" Cleburne to Carthage
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|Texas Compressor Assets

Texas Compressor Assets
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|Texas Processing Assets

Texas Processing Assets
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|2008 Project Outlook

42" Southeast Bossier

36" Paris Loop

Godley Processing

Carthage Loop and Katy Expansion

36" Maypearl to Malone, 36" Cleburne to Tolar, 24"
Old Ocean Loop

Robertson County treating
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|42" Southeast Bossier

SE
Bossier

42" Pipeline/ 24" pipeline

165 Miles

Expected completion 3Q F2008

..9 Bcf/d  initial capacity

1.3 Bcf/d  capacity  1Q F2009

Interconnects to HPL
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|36" Paris Loop

Paris
Loop

36" Pipeline

145 Miles

Expected completion date 3Q F2008

..35 Bcf/d initial capacity

..9 Bcf/d capacity 3Q F2009 MEP Startup
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|Godley Plant

Godley Processing Plant

230,000 Mcf/day in-service

170,000 Mcf/day added 1Q F2008

200,000 Mcf/day added 4Q F2008
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|Carthage Loop and the Katy Expansion

Carthage Loop:

32 miles of 42"

500 MMcf/d of
additional capacity

Katy Expansion:

56 miles of 36"

400 MMcf/d of
additional capacity
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|Additional Projects

36" Maypearl to Malone

25 miles of 36" pipe

Outlet for additional 600 MMCf/d from the Ft. Worth Basin

10,000 hp of compression

36" Cleburne to Tolar

20 miles of 36" pipe

Connects additional production and pipeline facilities

24" Old Ocean Loop to ETC Katy

24 miles of 20" and 24" pipe connecting Old Ocean to ETC Katy

Additional capacity of over 200 MMcf/d

10,000 hp of compression

Robertson County treating

100 MMcf/d of amine treating
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|Piceance-Uinta Basin Expansion

Production

Basin  - 2.2 Bcf/day

Canyon Corridor - 1.1 Bcf/day

Well permits last 12 months

Basin - 3,974

Canyon Corridor - 1,906

Potential basin reserves - 45.4 Tcf (1)

(1) 12/31/04 Potential Gas Committee Report Piceance-Uinta Basin.
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|Canyon Gas Resources

Only significant third-party
gathering system in Piceance Basin

1,800+ miles of 2"-16" pipe

300 MMcf/d capacity w/ added
compression and processing

6 processing plants for NGL
extraction and treating

90 MMcf/d capacity

2 NGL injection points on
Enterprise Mid-Continent Pipeline

 4 Interstate interconnects with
Questar, Northwest, Source Gas and
TransColorado

Potential upside with Transwestern


Potential upside with Transwestern

Potential upside with Transwestern

Potential upside with Transwestern

Potential upside with Transwestern

Potential upside with Transwestern

Potential upside with Transwestern

Potential upside with Transwestern

Potential upside with Transwestern

Potential upside with Transwestern

Potential upside with Transwestern

Potential upside with Transwestern

Potential upside with Transwestern

Potential upside with Transwestern

Potential upside with Transwestern
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|Mid-Continent Express Pipeline

Chesapeake is the "Foundation Shipper" with 500,000
Mcf/day

Total commitments of approximately 1 Bcf/day

Receipt point access to Barnett Shale and Bossier Sand
in Texas, the Fayetteville Shale in Arkansas, the
Woodford/Caney Shale in Oklahoma

Access to numerous downstream markets via NGPL,
Transco, Texas Eastern, Tennessee, Columbia Gulf,
Texas Gas, Southern Natural, Destin and ANR
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|Mid-
Continent
Express

Mid-Continent Express Pipeline

50/50 JV with Kinder Morgan

500 Miles

1.4 Bcf/d initial capacity

$1.3 billion initial investment

Expected in service 3Q F2009
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|Transwestern Pipeline

Jim Holotik

President
|---------------------------------------------



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|West Coast Market

Growing Phoenix

 Market

East Coast Market

San Juan Basin

Anadarko
Basin

West Texas &
NM Basin

FW Basin

East Texas
Basin

Bossier Trend

Texas Gulf
Coast

Bossier  to Katy

Katy / HSC

LNG

Waha to Carthage

Piceance
Basin

Uinta Basin

Woodford

Basins

Fayetteville

Natural Gas Basins & Markets

Bi - directional

Waha to Katy
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|Transwestern Overview

September 2006

Filed Rate Case September 29,
2006

Phoenix certificate filed with
FERC

West flows:

61% load factor 2006

200 MM/d unsubscribed






September 2007

Rate case settled.  New case not
required until October 1, 2011

Phoenix final Environmental
Impact Statement received

FERC Certificate expected
November 2007

Improving west flows:

88% load factor ytd 2007

100% subscribed west Apr-Oct

Positive trends:

New flow opportunities
Panhandle - West

New loads - Atmos, PNM
Valencia Power Plant
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|Transwestern - System Capabilities

Transwestern - System Capabilities

Mainline

West 1,210 MM/d

Bi-directional 725 MM/d East, 750 MM/d West

San Juan Lateral

Ignacio to Blanco 476 MM/d

Blanco to Thoreau 1,235 MM/d

East Laterals (Bi-directional)

West Texas 585 MM/d North, 550 MM/d South

Panhandle 273 MM/d East, 250 MM/d West
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|Transwestern - Phoenix Expansion

San Juan
Lateral

Phoenix
Lateral

San Juan Looping:

 36" Pipeline

 26 Miles

 Initial Capacity 375 MM/day

 Expected completion 3Q F2008

Phoenix Lateral:

 36" & 42" Pipeline

 260 Miles

 Initial Capacity 500 MM/day

 Expected completion 1Q F2009
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|Transwestern - San Juan Expansion

Transwestern - San Juan Expansion

Transwestern - San Juan Expansion

Additional 375 MM/day of supply
capacity, increases to 475
MM/day with MAOP upgrade

In-service as early as 3Q F2008
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|Transwestern - Phoenix Lateral

Transwestern - Phoenix Lateral

Construction expected to begin in January 2008

Phased In-Service Dates.  Anticipate being in-service to APS Red
Hawk by 1Q F2009, complete in-service by 2Q F2009
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|Transwestern - Other Expansions

Transwestern - Other Expansions

1.  Phoenix compression expansion - 250 MM/d (2011)

2.  ML West expansion, Phoenix/Nevada - 500 MM/d (2011)

3.  Panhandle & West TX expansion - 100 MM/d (2008)

4.  Ignacio to Blanco expansion - 200 MM/d (2011)
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|Rockies Production Forecast

2006 Rocky Mountain Production

Constrained by Take-Away Capacity

REX Take-Away Capacity

of 1.8 Bcf/d

(1)   Based on PIRA's Gas Forecast
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|West Coast Market

Growing Phoenix

 Market

East Coast Market

San Juan Basin

Anadarko
Basin

West Texas &
NM Basin

FW Basin

East Texas
Basin

Bossier Trend

Texas Gulf
Coast

Bossier  to Katy

Katy / HSC

LNG

Waha to Carthage

Piceance
Basin

Uinta Basin

Woodford

Basins

Fayetteville

Natural Gas Basins & Markets

Bi - directional

Waha to Katy
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|Supplemental Information
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|2008 Quarterly Outlook

2008 Quarterly Outlook
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|EBITDA Reconciliation

EBITDA Reconciliation
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|EBITDA Reconciliation

The partnership has disclosed in this press release EBITDA, as adjusted,
which is a non-GAAP financial measure.  Management believes
EBITDA, as adjusted, provides useful information to investors as a
measure of comparison with peer companies, including companies that
may have different financing and capital structures. The presentation of
EBITDA, as adjusted, also allows investors to view our performance in
a manner similar to the methods used by management and provides
additional insight to our operating results.

The partnership defines EBITDA, as adjusted, as total partnership
earnings before interest, taxes, depreciation, amortization and other non-
cash items, such as compensation charges for unit issuances to
employees and other expenses.  Non-cash compensation expense
represents charges for the value of the grants awarded under the
Partnership's compensation plans over the vesting terms of those plans
and are charges which do not, or will not, require cash settlement. Non-
cash income or loss such as the gain or loss arising from our disposal of
assets and discontinued operations is not included when determining
EBITDA, as adjusted.
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|EBITDA Reconciliation

EBITDA, as adjusted, is used by management to determine our
operating performance and, along with other data, as internal measures
for setting annual operating budgets, assessing financial performance of
our numerous business locations, as a measure for evaluating targeted
businesses for acquisition and as a measurement component of incentive
compensation.

There are material limitations to using a measure such as EBITDA, as
adjusted, including the difficulty associated with using it 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. In addition, our calculation of EBITDA,
as adjusted, 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
gross margin, operating income, net income, and cash flow from
operating activities.
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