Enterprise Products Partners Lp

ENTERPRISE PRODUCTS PARTNERS L.P. ANALYST MEETING April 10, 2019

This presentation contains forward-looking statements based on the beliefs of the company, as well as assumptions made by, and information currently available to our management team. When used in this presentation, words such as “anticipate,” “project,” “expect,” “plan,” “seek,” “goal,” “estimate,” “forecast,” “intend,” “could,” “should,” “will,” “believe,” “may,” “scheduled,” “potential” and similar expressions and statements regarding our plans and objectives for future operations, are intended to identify forward-looking statements. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. You should not put undue reliance on any forward-looking statements, which speak only as of their dates. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expected, including insufficient cash from operations, adverse market conditions, governmental regulations, the possibility that tax or other costs or difficulties related thereto will be greater than expected, the impact of competition and other risk factors discussed in our latest filings with the Securities and Exchange Commission. All forward-looking statements attributable to Enterprise or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained herein, in such filings and in our future periodic reports filed with the Securities and Exchange Commission. Except as required by law, we do not intend to update or revise our forward-looking statements, whether as a result of new information, future events or otherwise.

Welcome and Opening Remarks IV: Demand Panel Randa Duncan Chairman Moderated by Brent Secrest Senior VP, Commercial Randy Burkhalter VP, Investor Relations • Natalie Gayden VP, Distribution Services • Corey Johnson VP, Crude Oil & Ref. Products Marketing I: Executive Outlook • Zach Strait VP, Unregulated NGLs Randa Duncan Chairman Randy Fowler President & Chief Financial Officer V: Petrochemical Panel Moderated by Tony Chovanec Senior VP, Fundamentals & Commodity Risk Assessment II: Fundamentals Panel • Chris D’Anna Senior VP, Petrochemicals Moderated by Tony Chovanec Senior VP, Fundamentals & Commodity Risk Assessment VI: Engineering / EH&S Panel • Richard Toubia Director, Structure Asset Optimization Moderated by Graham Bacon Executive VP, Operations • Natalie Reagan Manager, Supply Appraisal & Engineering • Angie Murray VP, Technical Services III: Supply Panel • Kevin Ramsey VP, Capital Projects • Ivan Zirbes VP, EHS&T Moderated by Brad Motal Senior VP, Natural Gas & Regulated NGLs VII: Financial Overview • Jay Bany VP, Crude Oil Pipelines & Terminals Randy Fowler President & Chief Financial Officer • Tug Hanley VP, Pipelines & Terminals Daniel Boss Senior VP, Accounting & Risk Control • Corey McGuinness Senior Director, Eastern Gas Gathering Chris Nelly Senior VP, Finance & Treasurer • John Thompson Director, Gas Supply & Processing VIII: Appendix

Randa Duncan – Chairman Randy Fowler – President & Chief Financial Officer

Our Personal Mission: “Do the best you can every day.” —Dan Duncan, Founder

Our Collective Mission: Achieve extraordinary results through perseverance, hard work and collaboration

Our Values (What We Believe): Our Environment (How We Work): We are committed to a safe, injury free workplace We succeed through collaboration and transparency We operate with absolute integrity We encourage creativity and an entrepreneurial spirit We exercise financial discipline We are driven to produce results We practice humility We are passionate about what we do We care about each other, our customers and our unitholders We know that details matter

Our Leadership Focus (How We Lead): Communication – we strive to listen, understand and be Change – we are flexible, adaptable and confident in the face of understood challenges Education – we are each a student and a teacher Curiosity – we ask “why” and “why not” Action – we make things happen Humility – we know our strength is as a team, not individuals Collaboration – we solve problems together Value – we have a unique ability to recognize and deliver value

Total Return since “Sometimes I don't think the Analyst Day 2019 YTD market gives us credit for having a 03/07/2018 vision, and then executing on it.” EPD 25.9% 21.8% –Jim Teague Alerian MLP Index 8.0% 17.4% NYSE FANG+ Index 0.4% 22.0% Dow Industrials 8.9% 13.8% S&P 500 7.9% 15.5% Real Estate 24.1% 17.8% EPD has the highest total Utilities 22.8% 9.6% return since EPD’s 2018 Consumer Discretionary 13.2% 18.7% Information Technology 12.2% 22.4% Analyst Day Health Care 10.2% 6.2% Telecom 7.5% 17.3% EPD has the third highest Consumer Staples 7.4% 10.6% total return YTD 2019 Industrials 3.1% 20.0% Energy -1.1% 15.1% Materials -1.4% 15.0% Financials -8.4% 10.9% * Total returns as of 4/4/2019 Note: Past results may not be indicative of future performance.

DCF Adjusted EBITDA Coverage Ratio ($Billions) ($Billions)

(pre-price collapse) 2014 $4.1 1.4x $5.3 2015 $5.6 1.3x $5.3

2016 $4.1 1.2x $5.3

2017 $4.5 1.2x $5.6

2018 $6.0 1.6x $7.2

Key ingredients in these results can be summed up in one word: “Teamwork”

Performance vs. 2017 Record DCF of $6.0 billion exceeded 2017 by 33% Cash Flow from Operations of $6.1 billion exceeded 2017 by 31% Free Cash Flow of $2.0 billion exceeded 2017 by 50% Exceeded Self-Funding Objectives Retained $2.2 billion of DCF to redeploy into new growth capital No 2018 external equity funding, other than distribution reinvestment (“DRIP”) Capitalization Issued $5.7 billion of debt; proceeds used to redeem existing hybrid notes (for an annual interest savings of $11.3 million), refinance existing notes and fund growth capital Continue to maintain substantial liquidity; $6.3 billion at 12/31/18

Note: Distributable cash flow (“DCF”), adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and free cash flow are non-generally accepted accounting principle (“non-GAAP”) financial measures that are defined & reconciled to their nearest GAAP counterparts on our website under the heading “Non-GAAP Financial Measures.”

Safety Received 1st place safety award by GPA Midstream Association – 2nd straight year Operations Record liquids pipeline and marine terminal volumes: 6.3 MMBPD and 1.6 MBPD, respectively Produced 20 MBPD of Propylene from PDH facility in 2018 (≈83% operating rate 4Q) Loaded over 1 MMBbls of crude oil on the first VLCC at Texas City Expansions Purchased 65 additional acres on Houston Ship Channel to support the expansion of our marine terminal Placed new assets into service: Orla I and II processing plants and Frac 9 Expanded capacity of Midland to ECHO pipeline to 575 MBPD Commercial Milestones Became exclusive provider of all marine fuels at Enterprise Hydrocarbons Terminal (“EHT”) Launched the WTI Houston Crude Futures contract with CME to increase global access to EPD’s crude export and distribution system

Shale plays have resulted in U.S. being long all energy products Large, growing markets in Asia, India and Africa Renaissance of U.S. petrochemical industry continues EPD uniquely positioned with premier supply aggregation, storage and export marine terminals for NGLs and crude oil EPD’s “best in class” integrated system is well situated to provide services to domestic and international petrochemical and refining industries Our history of system reliability matters to both producers and end use consumers

EPD ECHO Terminal

Projects added during 2018 to benefit 2019 has several major projects that full year EBITDA in 2019 have started or are poised to start* Seminole pipeline conversion into Midland to ECHO I crude oil pipeline Midland to ECHO II (1Q 2019) (full service 2Q 2018) Shin Oak NGL pipeline (1Q 2019) Permian Old Ocean and North Texas natural gas Permian Orla III (2Q 2019) Focused pipelines (JV with ETP – 2Q 2018) Focused Orla I (2Q 2018) and Orla II (4Q 2018) Mentone I gas plant (2Q 2020) with capacity of 300 MMcf/d and 40 MBPD Loving county pipeline (3Q 2018) of NGL production

Front Range and Texas Express pipeline Mont expansions (3Q 2019) Mont Frac 9 (2Q 2018) Belvieu / Restart 55 MBPD of fractionation Belvieu Area Storage expansion Other Area outside of Mont Belvieu to capitalize on current capacity shortages

iBDH (4Q 2019) Demand Aegis Phase 2 (4Q 2018) Demand Ethylene export dock Focus PDH (full service 2Q 2018) Focus (limited service – 4Q 2019) LPG export dock expansion (3Q 2019)

* Expected startup dates

Permian Focused Gas Processing – Mentone II and III

Mont Belvieu Area NGL Fractionators

Expand Aegis Demand Focus Additional PDH VLCC Offshore Oil Terminal

Headwinds Generally, energy investors badly burned, especially compared to other S&P 500 industry sectors • At 5% weighting, do equity markets care? Most of the sector’s restructuring is complete Business fundamentals are strong Financial flexibility required to support future value creation

Tailwinds How to return capital to investors?

How overbuilt will the Permian get?

PDH 2…really?

How many VLCC terminals get built?

MLP vs. C-Corp?

Moderator: Tony Chovanec – Senior VP, Fundamentals & Commodity Risk Assessment Richard Toubia – Director, Structure Asset Optimization Natalie Reagan – Manager, Supply Appraisal

The Big “Doubt” Enterprise Response What Happened?

2017 / 2018 2013 / 2015 2016 2019 2011 / 2012 How can you predict Where are all of the Will oil be cheap Does the Permian Are the shales real large crude oil NGLs going to go; forever? If it’s have staying power? and do they really exports with U.S. how can the world “lower for longer” have staying large crude imports Is the U.S. producing consume this much how can shale power? continuing and the wrong kind of U.S. LPG? survive? closed export arbs? Crude?

Enterprise forecasts, Enterprise doubles LPG Enterprise loads first Enterprise loads first promotes and defends export capacity, buys crude export, begins VLCC on USGC; Be the industry industry changing Oiltanking, reverses and massive Permian gas announces major HSC leader; find growth; begins intense loops Seaway; builds processing initiative; land acquisition; becomes largest U.S. opportunity in domestic and global Aegis, develops ethane develops multiple large crude exporter; market development exports; leads industry diameter Permian crude begins VLCC development; all the big with petchems and initiative in condensate oil and NGL pipelines; develops Houston export markets exports expands gas take-away futures with CME “Doubts”

Since 2012: U.S. Ethylene industry adds Technology, productivity Light oil imports quickly fall NGL production doubles ≈60% capacity efficiencies drop producer to near zero Crude production NGL exports up 5x 2012 break evens >50% Crude oil exports jump to as increases 70% to 2018 OPEC and Russia cut year much as 3 MMBPD Natural Gas production Crude oil export ban lifted after year to compete increases 25% with U.S. staying power

© ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. Fundamentals Panel – 2 LIQUID HYDROCARBON DEMAND GROWTH: DOMINATED BY EMERGING MARKETS World Liquid Hydrocarbon Consumption by Region MMBPD IEA WEO 2018, New Policies Scenario 40

35 non-OECD Asia

15 USA EU 10 Middle East

Latin America Africa 5 E. Europe/Eurasia

0 2000 2017 2025 2030 2035 2040

Asian Demand Growth is a Function of Rising Standards of Living

Source: IEA World Energy Outlook

Source: World Bank

Production Growth for Selected Bulk Materials and GDP

10 Year Global Compounded Annual Growth Rates (CAGR) GDP 3.0% Oil 1.5% Ethylene 3.3% Propylene 4.2%

IEA: demand for plastics to double next 20 years, accounting for more than 1/3 of all oil demand growth to 2030 Petrochemical products provide substantial benefits to society, versus the alternatives, and are also used in a number of clean, renewable technologies Mismanaged plastics that end up in rivers and oceans is a problem in developing nations that lack recycling and proper landfills

The global chemicals industry has a unified effort to promote recycling in developing nations Source: IEA

MMBPD Oil & Condensate Production Bcf/d Dry Natural Gas Production 20 120

100 114 16 17 104 95 15 80 88 12 13 12 60 8 40 4 20

- - Current 2020 2022 2025 Current 2020 2022 2025 MMBPD NGL Production 10

8 Almost all oil growth is from Permian 8.5 and Eagle Ford 6 7.4 6.3 5.5 Demand for hydrocarbons in the U.S. is 4 not expected to grow 2 E&P sector and Petchem industry have - become dependent on exports Current* 2020 2022 2025 * Assumes all Ethane is recovered Forecasts assume $55 WTI and $2.75 Henry Hub and full ethane recovery Source: EPD Fundamentals

MBPD

Source: EPD Fundamentals

ROCKIES Current 2020 2025

Current 2020 2025 APPALACHIAN MBPD TOTAL SUPPLY

MID–CONTINENT

Current 2020 2025

Current 2020 2025 PERMIAN

Current 2020 2025

Current 2020 2025 NGL Components Current 2020 2025 Ethane 2,554 2,936 3,993 Propane 1,563 1,786 2,400 Normal Butane 525 601 807 Iso Butane 296 336 451 Natural Gasoline 550 626 830 Current 2020 2025 MBPD 5,489 6,284 8,481 Source: EPD Fundamentals

AK and CA

ROCKIES Current 2020 2025

Current 2020 2025 APPALACHIAN

Current 2020 2025 MID–CONTINENT PERMIAN

Bcf/d TOTAL SUPPLY Current 2020 2025 Current 2020 2025

OTHER GULF COAST EAGLE FORD

Current 2020 2025 Current 2020 2025

Current 2020 2025 Source: EPD Fundamentals

Massive Resource Acres Remaining Horizontal Years of (millions) Locations* (000s) Drilling Core 12.5 205 35–50 Non-Core 9.1 105 >20 Total 21.6 >300 >50 *Risked by geology, well control and economics

Technology, experience and efficiency are constantly adding to the Core acreage

Permian Non-Core Permian Core Source: EPD Fundamentals

35–50 years of drilling in core areas at current rate 2 Miles • Over 200,000 horizontal wells to be drilled in core areas • 9,750 core units (1x2 mile) available for horizontal drilling with 30 wells per unit 2018 USGS New Resource Assessment: 46 billion barrels in just Delaware basin • 33 years of production at current rate (1.4 billion barrels) • 2007 USGS: 1.3 billion barrels total resource in Permian basin! 1 Mile 30 wells in each unit

Yes…The Permian Basin Has Staying Power!

Source: EPD Fundamentals

MBPD Mogas and Distillates Exports MBPD Ethane Exports 3,000 350

2,500 300 250 2,000 200 1,500 Distillates 150 1,000 100

500 50 Mogas - - Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

MBPD Crude Exports MBPD LPG Exports 3,000 1,600 Propane Normal Butane 2,500 1,200 2,000

1,500 800

1,000 400 500

0 - Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Source: EIA

MBPD Ethane Supply–Demand on U.S. Gulf Coast 3,500 ≈1.0 MMBPD headed to Asia and USGC!! 3,000

2,500 ?

2,000 New Crackers Exports 1,500

1,000 Includes: Existing Crackers XOM Baytown start date: July 2018 500 CPC Cedar Bayou: April 2018 Oxy / Mexichem Ingleside: February 2017 DOW Freeport: November 2017 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

USGC Ethane Supply to Almost Double by 2025!

Sources: EIA and EPD Fundamentals

MBPD 4,500

4,000 ≈1.25 MMBPD Headed to Asia 3,500 LPG Supply ? 3,000

2,500

2,000

1,500

1,000

500

0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

LPG Domestic Demand Actual LPG Exports Industry Export Capacity

Note: Industry export capacity at 85% operating rate. Includes EPD, Mariner East and Targa expansions. Sources: EIA and EPD Fundamentals

Other U.S.

Enterprise

Source: Waterborne

© ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. Fundamentals Panel – 16 U.S. CRUDE EXPORTS: ON OUR WAY TO BEING THE GLOBAL POWERHOUSE Crude exports were ≈2 MMBPD in 2018 per EIA EPD expects exports to reach 8 MMBPD in 2025, mostly light, low sulfur crude oil 10

8 2018: Saudi Arabia Crude Exports: 7.1 MMBPD

MMBPD 4

0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Actuals per EIA Estimates per EPD Fundamentals Sources: EIA and EPD Fundamentals

Demand for light crude oils will come from both Petchems and Refining: Petchems: Naphtha and NGLs are used for chemicals production, which is expected to remain the fastest growing sector in energy Refining–Petchem Integration: new conversion technologies reduce the output of gasoline (Naphtha and blending components) while yielding more olefins (DCC vs. FCC), which favors U.S. light crudes that have higher yields of light ends Refined Product Demand: low sulfur, light crude is easily placed in low complexity refineries globally; over half the barrel is middle distillates and heavier Gasoline: we expect continued gasoline demand growth given lower prices vs. diesel (further aided by reduced emissions vs. diesel cars) IMO 2020: increases demand for low sulfur, light oil with lower residual fuel oil cut

Light shale oil is easier to refine and contains less ‘bottom-of-the-barrel’ material. This makes a perfect fit for the ‘Refining + Petchem’ complexes commonly found overseas.

% Barrel Refining Cuts – Brent vs. Midland Light Oil Ethane - 100 Butane

Naphtha 29% 80 41% Naphtha

60 Middle Distillates

Middle Distillates 40 60% of a typical Midland barrel is Gas Oil Diesel & Heavier 20 (all low sulfur) Gas Oil Vacuum Resid 0 Vacuum Resid Brent – 38° WTL – 48°

A 5,000 MBPD increase in Permian production yields only 600 MBPD incremental light ends!

Source: EPD Fundamentals

≈60% Diesel Produces: and Heavier 40% of Ethylene yearly growth 48% of Propylene yearly growth +5,000 MBPD of light crude oil in next Equals to IEA Mogas 5 years yearly growth

Petchem ≈40% Naphtha Gasoline

Source: EPD Fundamentals

India – Diesel and Gasoline Demand China – Diesel and Gasoline Demand MBPD MBPD 1,750 4,000 Diesel Growth: 8% 2012–2018 1,500 Diesel Growth: 3,500 1,250 20% 2012–2018

1,000 3,000

750 2,500

500 Gasoline Growth: Gasoline Growth: 2,000 55% 2012–2018 250 80% 2012–2018

0 1,500 2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018 Source: Bloomberg Source: Energy Aspects

IEA Oil 2019: The average global product barrel is getting lighter as fuel oil demand falls and petrochemicals grow in importance. As a result, the United States will be in prime position as a supplier of light types of crude oil that are in growing demand. Shale oil will also help meet the new IMO requirements and provide the quantities of naphtha required for the petrochemicals industry.

NG & Crude Production

Petchem Refinery NGLs & Plant Naphtha Plastics & Benzene Chemicals Toluene Ethylene & PE Xylene Propylene & PP Butylene & Etc. Refined Products

Integrated Refinery–Petchem U.S. BACKGROUND: CHINA SITUATION: Refineries were designed to maximize gasoline Integration intended to maximize petchem yields output Petchem industry was in decline due to lack of Prior to U.S. shale, access to NGLs was limited competitive feedstock and Naphtha was the feedstock of choice

Source: EPD Fundamentals

Moderator: Brad Motal – Senior VP, Natural Gas & Regulated NGLs Jay Bany – VP, Crude Oil Pipelines & Terminals Tug Hanley – VP, Pipelines & Terminals Corey McGuinness – Senior Director, Eastern Gas Gathering Assets John Thompson – Director, Gas Supply & Processing

Creative Growing Contracting Relationships

Operational Assessing Flexibility Supply Risks Success Forward Integrated Thinking Platform

Market Proven Track Choices Record Safe Operations

Midland Connectivity

Hobbs

Lynch

Cowboy Red Hills

Jal Midland Conan Azalea Loving Frank Orla County Wildfire II Dark Star Loving Mentone El Camino 3 x 200 MBbl Wink Terminal / Station West Texas Gathering Basin 6 LACTs Pecos Loving County (Room to Grow) Crane Toro Loving County (under construction) Midland to ECHO I Midland to ECHO II

MAPL The Super System Advantage Reduce shut-ins due to upsets / planned maintenance Bidirectional gathering lines Chaparral Bidirectional NGL pipelines Multiple NGL and residue takeaway Seminole System Capability Shin Oak 1.1 Bcf/d nameplate processing capacity 1,687 miles of gathering pipelines NTX 36” 1.6 Bcf/d gathering pipeline capacity Residue gas export connections to Enterprise North Texas 36” and West Texas NGL Line Residue Line 30” via the Waha Hub, TW and EPNG Gathering Line NGL export connections to MAPL, WTX 30” Gas Processing Plant Chaparral and Shin Oak pipelines

Permian System Haynesville Gathering

N e w Mexico

O K L A H O M A

NEW MEXICO

Texas Haynesville Supply

NTX 36”

Permian Supply

Eagle Ford Lean Gas Pipeline Supply Proposed Lean Gas Pipeline Demand Center Azure Acquisition EPD Gathering Gas Processing Plant

Mentone II* (300) MMcf/d Permian NGL Supply Mentone III* (300)

Mentone I (300) MBPD

Orla III (300)

Orla I (300) Orla II (300)

South Eddy (200) Waha (150)

*Potential Source: Internal Forecast

Established  & Expanding 

Front Range & Texas Express Expansion underway to provide 100 MBPD incremental capacity on both Front Range (up to 250 MBPD) and Texas Express (up to 380 MBPD) Shin Oak Pipeline Permian Basin Origin In-service ahead of schedule

ATEX C2 Pipeline Expanded from 130 MBPD to 145 MBPD in late 2017 Expansion capacity is fully utilized

O K L A H O M A Cushing Cushing Supply

Permian Supply

Midland U.S. Gulf Coast Distribution System

Houston Beaumont Area

Eagle Ford Supply

Moderator: Brent Secrest – Senior VP, Commercial Natalie Gayden – VP, Distribution Services Corey Johnson – VP, Crude Oil & Refined Products Marketing Zach Strait – VP, Unregulated NGLs

© ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com SUPPLY: Access to >8 MMBPD of Potential Supply AGGREGATION: >300 MMBbls of Storage Within the Houston Region O K L A H O M A Strategically linked terminals are CANADIAN essential for supply aggregation, BAKKEN segregation, batching and exports DJ BASIN Cushing MID-CONTINENT POWDER RIVER NEW T E X A S MEXICO 1.8 MMBPD

Midland Existing EPD Pipeline PERMIAN Existing Third Party Pipeline 5.2 MMBPD Potential EPD Pipeline Potential / Under Construction Third Party Pipeline Permian to Houston Pipelines EPD Midland – ECHO I 150 MBPD EPD Midland – ECHO II Magellan Longhorn Magellan BridgeTex ECHO / Enterprise Houston Ship Channel Area Gray Oak (P66, MPC, ANDV) Exxon / Plains JV OFFSHORE 300 MBPD EAGLE FORD 910 MBPD As U.S. crude supplies grow, Offshore Terminal access to water becomes critical

Houston Region Distribution System

Enterprise Houston Storage 45 MMBbls Exxon Baytown Refinery – 584 584 MBPD Exxon Baytown – Refinery

* All volumes are estimates and not completely comprehensive

So much bigger than API and Sulphur Maintain integrity and consistency of the refining characteristics of crude oil streams – no surprises, no contamination Here’s how: • Enhance quality control testing and specifications • Enforce pipeline specifications on terminal inbound streams • Increase batch sizes less interface • Optimize batch sequencing of compatible crudes • Maintain product segregation across pipeline system

© ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. Demand Panel – 4 ENTERPRISE CME / NYMEX HOUSTON WTI FUTURES CONTRACT Cushing Cushing Meeting customer demands: Refinery Export Specifications are reflective of Magellan Midland crude and provide a EHSC Magellan consistent, quality barrel of

crude oil EPD ECHO Export • 40⁰ – 44⁰ API GENOA

• <0.275% sulfur Midland Refinery • <4 ppm nickel XOM Baytown • <4 ppm vanadium Contracts 3 delivery points • ECHO • Enterprise Genoa • Enterprise Houston Ship Channel (EHSC) Sources: NYMEX and ICE

Y-Grade ETHANE E/P MIX PROPANE Arbuckle Panola ATEX GCF CPChem CPChem Clemens Black Lake Sandhills AEGIS Huntsman Dow Dixie Chaparral Seminole Red BASF Ineos DuPont Dow Eagle Ford Texas Express CPChem Oneok Equistar DuPont Lone Star West Texas Dow Shell ExxonMobil Hull Equistar LouTex Shin Oak DuPont South Texas Flint Hills ExxonMobil Equistar Targa GCF Flint Hills Port Arthur ExxonMobil Westlake Ineos GCF Flint Hills Williams Oneok Lone Star Seminole Targa LouTex Westlake Motiva Seminole Oneok Seminole Fractionation Skelly Belvieu South Texas and Storage Targa TE Products

ISOBUTANE NORMAL BUTANE NATURAL GASOLINE EXPORT CPChem Motiva BASF LouTex Equistar Morgan’s Point EPC Texas City Oneok CPChem Lone Star ExxonMobil Ethane Terminal Seminole Equistar Morgan’s Point Flint Hills Houston Ship Equistar South Texas ExxonMobil Oneok Ineos Channel LPG ExxonMobil Targa Flint Hills Seminole LouTex Beaumont Natural GCF TE Products GCF Skelly Belvieu Morgan’s Point Gasoline Huntsman Valero Huntsman Targa Oneok Lone Star Lanxess TE Products Targa LouTex TE Products Morgan’s Point Texas City

North Storage 10 Wells 31 MM barrels

West Storage 10 Wells 18 MM barrels

Crude Mixed NGLs PetChem Products 19 108 Origins Ethane 13 Refineries 113 Origins 17 RGP 11 Refineries

40 Destinations 22 Fractionators 26 PGP 20 Destinations Crude NGLs / Products

© ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. Demand Panel – 8 EPD: GATEWAY TO THE WORLD FOR U.S. ENERGY Almost 5 MMBPD of Export Capacity and Growing EPD Houston Ship Channel (Crude Oil, NGLs, Propylene)

EPD Beaumont Seaway Freeport Seaway Texas City (Crude Oil, Refined Products) (Crude Oil) (Crude Oil)

B S Future Site N 1&2

© ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. Demand Panel – 9 CREATING DOCK DAYS How We Do It Berth scheduling application that employs complex algorithms to quickly maximize dock time Multi-product connections to each dock Daylight optimization Layberth solutions and intra-zone shifting Redirecting vessels to load at other Enterprise owned destinations

NWE: 31% of U.S. Crude Exports

Asia: 49% of U.S. Crude Exports 2018: 663 MMBbls Exported

Other Countries = 13% of U.S. Crude Exports

LatAm: 6% of U.S. Crude Exports

Sources: EIA and EPD Fundamentals

Existing EPD Pipeline Proposed Onshore Pipeline Proposed Offshore Pipeline

SEALY EHSC

ECHO

36”

New Terminal Freeport

Offshore Terminal

Note: Design, location and other technical information shown in this presentation is preliminary and subject to change.

Moderator: Tony Chovanec – Senior VP, Fundamentals & Commodity Risk Assessment Chris D’Anna – Senior VP, Petrochemicals

Traditional Midstream Full Value Chain Enterprise Petchem Adder to Value Chain

EPD & 3rd Party EPD Pipelines NGL Pipelines EPD MTBV NGL EPD & 3rd Party EPD EPD Cavern Storage PDH & iBDH Export Terminal Gas Plants EPD & 3rd Party NGL Fractionation

EPD Pipelines EPD Truck Terminals EPD MTBV Petchem Cavern Storage

EPD Truck Terminals EPD Pipelines rd EPD MTBV Petchem 3 Party Cavern Storage EPD Refinery / Cracker P/P Splitters EPD Rail Terminals

Moving Down the Value Chain Petchem uses EPD’s proven NGL integrated midstream model • Storage, Transportation, Fractionation and Exports • Majority of Petchem margin is fee-based Petchem extends EPD’s value chain and creates additional demand to existing business • Pulls the marginal NGL barrel through the entire EPD NGL value chain and into the Petchem value chain

Approximately 2/3’s of Petchem volumes are fee-based; includes storage, transportation, tolling and purchase / sale contracts

• 100% of ethylene is fee-based (storage, pipelines)

• 71% of propylene is fee-based (storage, pipelines, export, splitters, PDH)

• 62% of butylene is fee-based (MTBE, HPIB, Mix) . 38% of spread-based business is MTBE term sales Total Petchem Volumes

31%

69%

Fee Based Spread Based

U.S. Petrochemical industry is experiencing unprecedented growth • However, given the magnitude of the growth, primary Petchem infrastructure investment has largely been overlooked EPD is the only midstream company with a significant Petchem asset base, including: • Supply – aggregation / abundance of molecules • Distribution – existing infrastructure and operations • Operational Excellence – 40+ years of Petchem operations

EPD Midstream Petchem services extend the value chain

(1) IEA – Future of Petrochemicals, 2018

RGP Supply Aggregation PGP Product Distribution Operations Experience

Largest, most reliable refinery Largest polymer grade 40+ years of experience in the grade propylene off-take service propylene system in the world propylene splitter business for U.S. refineries and steam • 300+ miles of delivery pipelines Commissioning, start-up and crackers • 26 PGP pipeline connections turnaround experience with • >200 miles of dedicated world scale assets gathering pipelines • PGP caverns serve as industry hub with 5 MMbls of capacity Leverage pipeline, terminal • >100 railcars / day of rail unload and cavern storage assets used capacity • USGC PGP export terminal with across the entire EPD value 2 x PDH’s worth of capacity • 5 dedicated RGP Storage Caverns chain with 8 MMbls of capacity

Polypropylene • Advanced composite materials • Ice chests • Automotive parts • Outdoor tables & chairs • Washing machine parts • Toys • Tote bags & duffel bags • Food & storage containers • High-performance, cold weather underwear • Hospital gowns • Surgical sutures, laboratory vials & pipettes • Gas tanks, dashboards & bumpers in cars • Carpets, mats & rugs • Luggage Acrylonitrile Acrylates and Methyacrylates •Carbon fiber (PAN) •Plexiglass •Airplane fuselages & wings •Superabsorbent in diapers •Wind turbine blades •Adhesives •Prosthetic legs & exoskeletons •Paints & coatings •Carpet (nylon) •Bacteria-resistant coating for medical devices •LEGO’s (ABS) •Cell phones Cumene / Polycarbonates •Bulletproof glass •Sunglasses •Riot shields

PDH is contracted like a pipeline or frac • Cost + return is locked in • No exposure to spread risk • Long term contracts EPD best positioned for PDH business • 25+ years operating experience • World’s largest propane supply aggregation • World’s largest propylene distribution system Added benefit to EPD: • Additional demand source from producer to Petchem customer • Extends propane value chain

Under commercial development Implementing lessons learned from PDH1 Receiving firm bids to reduce risk of construction costs Same technology as BEF (iBDH1) and iBDH2 • 25+ year of operating experience • Technology changed from PDH1 Long-term global propylene fundamentals remain very strong

Needed

On schedule (4Q 2019) On budget Same technology as BEF (iBDH1) Contracts…filling underutilized unit capacity • 50% will fill crude isobutylene sales on a 15 year fee-based contract with an investment grade company, all on a feedstock cost-plus basis • 25% will fill EPD’s HPIB capacity for lubricants, additives and rubber, all on a feedstock cost-plus basis • 25% will fill EPD’s MTBE capacity into the export motor gasoline market

Pipelines – extending our transportation capability • MTBV to Morgan’s Point (in-service 4Q 2019*) • Morgan’s Point to Bayport (in-service 3Q 2020*) • More to come Storage Well – creating trading hub • Phase 1 – storage only (June 2019*) • Phase 2 – full services (September 2019*) Export Terminal – linking global markets • Phase 1 – terminal (in-service 4Q 2019*) • Phase 2 – tank (in-service 4Q 2020*)

* Expected in-service dates

PGP Storage – open trading hub • Growth in participants (consumer, producers and traders) • The CME financial contract settlement location Exports – linking global markets • Export volumes continue to grow • Growing interest from term customers • Exploring capacity increases Pipeline Systems – our competitive advantage • RGP Gathering – continuing to incrementally extend our system • PGP Distribution – extending reach into LA

Moderator: Graham Bacon – Executive VP, Operations & Engineering Angie Murray – VP, Technical Services Kevin Ramsey – VP, Capital Projects Ivan Zirbes – VP, EHS&T

Commissioning Route Construction Development Safety Logistics Pipe Procurement Engineering Landowner Relations Environmental Right of Way Impact Acquisition Hydraulic Analysis Contractor Permitting Selection

Note: Red and blue colors distinguish different engineering spreads on the project.

Re-Route

Original Route

ERW Pipe (16”–24”) & Steel HRC Pricing

Source: Paid Purchase Order Value Average Labor Rates – Oil & Gas Pipeline

Source: U.S. Bureau of Labor Statistics – Oil & Gas Pipeline Construction

Randy Fowler – President & Chief Financial Officer Daniel Boss – Senior VP, Accounting & Risk Control Chris Nelly – Senior VP, Finance & Treasurer

(1,2,3) (1,2,3) (1) For a definition, see appendix. (2) Pre-2008 is based on EPD reported results (not recast for Mergers). Sources: EPD and Bloomberg (3) 2008 and 2009 reflect the recast financial statements of Enterprise giving effect to the TEPPCO and Enterprise GP Holdings mergers. Past results may not be indicative of future performance

As measured by MLP or Conventional metrics Operational DCF &CFFO DCF Operational Per Unit Per $/bbl

(1,2) (1,3)

(1) For a definition, see appendix (2) Represents the operational DCF coverage ratio over the distributions paid (3) Represents the percentages CFFO that were paid in distributions Sources: EPD and Bloomberg

$7.3

$5.7 $5.3 $5.2

Commodity based GOM includes gas processing percent of liquids and percent of proceeds contracts, condensate sales, San Juan gas gathering, some term deals via marketing and other contributions Differential GOM includes location, time and product spreads

(2) (3)

Based on Gross Operating Margin (1) Percent of liquids and percent of proceeds are considered commodity-based, keepwhole is differential based (2) San Juan gathering generates commodity sensitive earnings while gas marketing includes West to East spreads earnings (3) Largest differential contribution was from propylene sales during PDH startup

23 Operational and Financial Records in 2018 $ in MMs

New assets include Midland to ECHO, PDH and Permian gas processing & gathering Existing assets (excluding gas plants) with operating leverage increased ≈$5MM or more and did not have contractual ramp or expansion Legacy gas plants: Rockies, LA, MS and South TX benefitted from 2018 processing spreads increasing 13c per gallon vs. 2017

Total Growth Capital Expenditures and Debt Leverage $7.8 $4.6

$6.2 $2.5

$4.2 $4.2 $3.9 $0.2 $3.7 $1.0 $3.1 $4.0 $3.2 $0.2 $2.9 $2.9 (1)

Organic Growth Capital Acquisitions Debt Leverage Ratio

(1) Proforma includes full year EBITDA for Oiltanking

≈$27.0 Billion Notes Issued 99% Fixed Rate Debt 2009–December 2018 (at December 2018) Cost ofCost Debt vrg auiy–Years Average Maturity –

(1) Pro forma average maturity, cost of debt and percentage of fixed rate debt at December 31, 2018.

2-year transition period (2018 and 2019); ahead of schedule Continued distribution growth; 2.3% 2019 vs. 2018 declarations Self-fund equity portion of capital investments Authorized multi-year $2 billion common unit buyback program Supportive, financially strong GP committed to the long term • Purchased ≈$1.1 billion of common units through DRIP and ATM since 2010, including $206 million in 2018 Simple capital structure with over 99.9% of debt on balance sheet Target debt to normalized EBITDA leverage of 3.5x area Long-term assets funded with long-term debt

Governance and Oversight: The Governance Committee oversees implementation of policies related to environmental protection, transportation compliance, health & safety policies • Board-level committee includes Chairman of the board and two external directors The Safety Leadership Council has executive-level oversight of safety and environmental stewardship • Members include the CEO, Chairman, President and other executives who meet weekly Safety Objectives: 1.6 1.40 Abide by “GoalZero” policy 1.4 • Daily safety moments remind employees that: 1.2 1.01 1.00 “No task is so important that it be done at the 1.0 0.91 risk of safety” 0.8 0.76 0.70 0.65 0.61 0.57

• Every meeting begins with a safety moment Injury Rate 0.6 0.41 ≈$1 billion spent on maintaining our assets 0.4 Best-in-class training 0.2 0.0 In 2018, over 280,000 hours of safety, technical 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 and compliance training was provided Total Recordable Incident Rate Lost Time Injury Rate -2017 average industry rate 0.72

• Some courses offered to external stakeholders The OHSA Recordable Rate is calculate by multiplying the number of recordable injury cases by and regulators 200,000 and then dividing that number by the actual number of labor hours at the company

Environmental Stewardship Principles: Continuous monitoring of environmental data, allows us to anticipate and prevent issues. Utilize systems to track operational and emissions data, and identify opportunities for improvement. • Evaluate opportunities to lower emissions and energy consumption to promote efficiencies and better protect the public and environment • Proactive involvement in the environmental regulatory process helps ensure responsible government policy. • Collaborate with industry associations such as: Houston Regional Monitoring, Gas Processors Association and Texas Pipeline Association to share best practices for continuous improvement Other areas of emphasis: • Stakeholder Engagement: Leadership role in over two dozen key state and federal associations, allowing us to coordinate advocacy and participate in key industry issues, including environmental and safety initiatives, pipeline security, safe and reliable pipeline construction and engagement with landowners and Native Americans. • Community Support: >$50MM of investments and financial contributions from 2015 – March 2019 have supported economic development, first responders, educational development and Public Safety awareness

+4.6% +40% e e 2 Emissions Emissions GOM ($ /MT Direct CO GOM ($ Percent Change

(1) Reportable direct CO2 equivalent emissions with global warming potential ratios. (2) Includes new assets from acquisitions or construction including: Oiltanking and EFS acquisitions, new pipelines, processing facilities, storage and export facilities. (3) See Definitions in Appendix.

Total Direct CO2e Emissions/Boe(1,2) 3.0

2.5 2.5 2.4 2.0 2.2 2.2 2.1 2.1 2.0 1.5 e per MMBoe e 2

1.0 per MBbl e Output of 2

MT CO MT 0.5 MT CO MT 0.0 2011 2012 2013 2014 2015 2016 2017 e per MBbl e output of e per MBbl e Output of 2 2 MT CO MT MT CO MT

$ in B's $ in Billions LP Distributions Paid (1998–2018)$ 30.7 GP Distributions Paid (1998–2010)$ 1.0 (2) Recurring retained DCF (1998–2018)$ 10.7

2,500% Cumulative Total Return Performance 2,000% 1,844% 1,500% 1,146% 1,000%

0,500% 551% 311% 267% 0,000% Feb-99 Feb-00 Feb-01 Feb-02 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 -0,500% Aug-98 Aug-99 Aug-00 Aug-01 Aug-02 Aug-03 Aug-04 Aug-05 Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 Aug-18 EPD Alerian MLP Infrastructure Index XLE Energy ETF High Yield Dividend Aristocrats ETF S&P 500 Index (1) Distributable cash flow represent reported amounts. For a reconciliation of these amounts to their nearest GAAP counterparts, see “Non-GAAP Financial Measures” on our website. Sources: EPD and Bloomberg (2) Excludes non-recurring cash transactions (e.g., proceeds from asset sales, insurance recoveries, and payments to settle interest rate hedges). Past results may not be indicative of future performance

Randa Duncan – Chairman Randy Fowler – President & Chief Financial Officer

Strong macro industry fundamentals “Best in Class” integrated midstream system and reliability Visibility to cash flow from new assets Significant organic growth opportunities under development Proven track record of consistent performance through business cycles 20 consecutive years of distribution growth and long-term value creation Financial flexibility and strong balance sheet; ability to self- fund equity needs for growth capital investments

MBPD 5,000

NGL Production (assumes full ethane recovery) 4,000

3,000

2,000

1,000 Existing Pipelines

0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Grand Prix (24" to N TX) Shin Oak Seminole NGL Conversion EPIC White Cliffs/S. Hills Overland Pass Texas Express Source: EPD Fundamentals

Source: EPD Fundamentals

Revenue from Top 25 Customers by Rating(1)

Top 25 Customers Account for 63% of EPD's 2018 revenue ≈89% of revenue is from customers with an investment grade credit rating or backed by a letter of credit Top 200 Customers Account for 96.0% of EPD's 2018 revenue Revenue from Top 200 Customers by Rating(1) ≈79% of revenue is from customers with an investment grade credit rating or backed by a letter of credit Less than 5% of revenue from non-rated or sub-investment grade independent E&P's • 19 customers

(1) As of January 31, 2019

Average Debt Life: 1st Call Date 14.5 years $1,800 Average Debt Life: to Maturity 19.2 years Average Interest Rate 4.7% $1,600 % Fixed Rate Debt 99.0%

$1,400

$1,200

$1,000

$Millions $800

$600

$400

$200

$0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2033 2034 2035 2038 2039 2040 2041 2042 2043 2044 2045 2046 2048 2049 2054 2067 2077 2078 Senior Notes Hybrids

Note: Junior subordinated notes based on maturity date. $2.0 billion 364-day revolving credit facility due September 2019 and $4.0 billion multi-year revolving credit facility due September 2022

$740 Mostly Pioneer, $500 $677 Meeker and South TX $667 $603

$292 Export $244 related $169 fees

Octane Enhancement / HPIB GOM & Related Spreads $463 $180 $0.90 $154 $160 $144 $0.80 $140 $0.70 $123 Largely propylene sales $120 $0.60 during PDH startup $100 MTBE $0.50 $212 $222 Turnaround $190 $80 $0.40

$60 78% $42 71% $0.30 SpreadPrice GOM GOM in$Millions $40 71% $0.20 $20 71% $0.10 $0 $0.00 2015 2016 2017 2018 Fee Non-Fee spread RBOB vs Butane ($/Gal)

Capital Investments: Focus Area Permian Demand Mont Belvieu Focused Focused / Other Area Orla gas plants – 900 MMcf/d and related P/L ( I & II in service, III 2Q 2019) √ Shin Oak (Permian to Mont Belvieu) 550 MBPD 24" NGL P/L (1Q 2019) √ Front Range and Texas Express mixed NGL pipeline expansions (3Q 2019) √ NGL Pipeline & EHT – LPG Dock metering expansion (3Q 2019) √ Services Panola III gas plant and related pipelines (4Q 2019) √ Mentone gas plant in Permian and related pipelines (2020) √ Mont Belvieu Fractionators – 300 MBPD capacity (2020) √ Four 240 MBbl storage at Sealy (M2E related) √ Eagle Ford (JV) – crude oil dock at Corpus Christi (2Q 2019) √ Crude Oil Houston Ship Channel 58 Acre development (four 390MBbl tanks) √ √ Pipelines & Midland to ECHO II NGL pipeline conversion (2Q 2019) √ Services Capital Investments: Business Mix EHT Crude export dock replacement and expansion (2020) √ EFS Condensate delivery expansions (2020) √ Refined products export dock – Beaumont expansion (1Q 2018–2019) √ Petrochemical & Ethylene storage, 24-mile 12" P/L & terminal (limited service 4Q'19) √ Refined Isobutane Dehydrogenation (“iBDH”) unit (4Q 2019) √ Products Mont Belvieu DIB expansion (3Q 2020) √ Services Mont Belvieu ISOM and HPiC4 pipeline (2022) √ Other √ √ Natural Gas Pipelines & Permian gathering systems (3Q 2019) √ Services

Includes $6.7B of major capital placed in service in 2019, or currently under construction

Capital Investments: Customer Ratings by Volume Capital Investments: Volume Weighted Contract Length

≈80% of contracted volumes are from investment grade customers

For the Year Ended December 31, 2011 2012 2013 2014 2015 2016 2017 2018 Maintenance expenses:1 Repair and maintenance expenses$ 469.8 $ 550.1 $ 600.5 $ 682.0 $ 645.8 $ 582.8 $ 599.1 $ 710.3 Pipeline Integrity management expenses 84.8 87.1 86.9 80.4 69.0 67.9 64.7 84.8 Subtotal maintenance expenses 554.6 637.2 687.4 762.5 714.8 650.8 663.8 795.1

Sustaining capital costs 296.4 366.2 291.7 369.0 272.6 252.0 243.9 320.9

Total maintenance expenses and sustaining capital $ 851.0 $ 1,003.4 $ 979.1 $ 1,131.5 $ 987.4 $ 902.8 $ 907.7 $ 1,116.0

1) Repair and maintenance expenses exclude a nominal amount classified as "G&A" costs on Enterprise's consolidated income statement.

Return on Invested Capital (“ROIC”) is calculated by dividing non-GAAP gross operating margin for the assets (the numerator) by the average historical cost of the underlying assets (the denominator). The average historical cost includes fixed assets, investments in unconsolidated affiliates, intangible assets and goodwill. Like gross operating margin, the historical cost amounts used in determining ROIC are before depreciation and amortization and reflect the original purchase or construction cost. 2018 excludes mark-to-market impacts. Return on Equity (“ROE”) is calculated by dividing Net Income (the numerator) by the average historical book equity (the denominator). Operational Distributable Cash Flow (“DCF”) represents DCF excluding proceeds from asset sales and property damage insurance claims and net receipts/payments from the monetization of interest rate derivative instruments. Distributable Cash Flow (“DCF”) per Unit is determined by dividing DCF for a period by the average number of fully diluted common units outstanding for that period. Net Cash Flows provided by Operating Activities (“CFFO”) represents the GAAP financial measure “Net cash flows provided by operating activities”. Total Return is defined as distribution yield plus price appreciation. Price / Earnings is defined as current share price relative to trailing 12 months earnings per share. Price / Cash Flow is defined as current share price relative to trailing 12 months cash flow from operations divided by the basic weighted average number of shares. CFFO Payout Ratio is calculated as trailing 12 months dividend per share divided by the trailing 12 months cash flow from operations. Free Cash Flow is defined as CFFO less net cash used in investing activities plus net cash contributions from noncontrolling interests.

1. Indirect Emission (subpart NN): 40 CFR Part 98 Subpart NN – Suppliers of Natural Gas and Natural Gas Liquids: Natural gas liquids fractionators are installations that fractionate NGLs into their constituent liquid products (ethane, propane, normal butane, isobutane, or pentanes plus) for supply to downstream facilities. • NGL fractionators must report carbon dioxide (CO2) emissions that would result from the complete combustion or oxidation of the annual quantity of ethane, propane, normal butane, isobutane, and pentanes plus that is sold or delivered to others. 2. Direct and Indirect Combined (subpart(s) NN, C and W: • Subpart C – Emissions from Stationary Combustion Equipment (regardless of facility) • Subpart W – Emissions from Petroleum and Natural Gas Systems: all other equipment emissions from natural gas processing, transmission, storage. Also, includes emissions from gas gathering and boosting.

We measure cash available for distribution by reference to distributable cash flow (“DCF”). DCF is a quantitative standard used by the investment community for evaluating publicly traded partnerships since the value of a partnership unit is, in part, measured by its yield, which is based on the amount of cash distributions a partnership can pay to a unitholder. Our management compares the DCF we generate to the cash distributions we expect to pay our partners to compute our distribution coverage ratio. Our calculation of DCF may or may not be comparable to similarly titled measures used by other companies. The GAAP financial measure most directly comparable to DCF is cash flow from operations (“CFFO”), otherwise referred to as net cash flows provided by operating activities. See “Investors – Non-GAAP Financial Measures” on our website (www.enterpriseproducts.com) for more information regarding DCF, including additional reconciliation detail. The following table presents our calculation of DCF for each of the three years ended December 31, 2018 (dollars in millions): 2018 2017 2016 Net income attributable to limited partners (GAAP) $ 4,172 $ 2,799 $ 2,513 Depreciation, amortization and accretion 1,792 1,644 1,552 Distributions received from unconsolidated affiliates 529 483 452 Equity in income of unconsolidated affiliates (480) (426) (362) Sustaining capital expenditures (321) (244) (252) Proceeds from asset sales 161 40 47 Other, net 136 206 154 Distributable Cash Flow (non-GAAP) 5,989 4,502 4,103 Reconciliation to Cash Flow from Operations: Sustaining capital expenditures 321 244 252 Proceeds from asset sales (161) (40) (47) Net effect of changes in operating accounts 16 32 (181) Other, net (39) (72) (61) Cash Flow from Operations (GAAP) $ 6,126 $ 4,666 $ 4,067

Average Fully-Diluted Units Outstanding during period (millions) 2,189 2,159 2,100

We evaluate segment performance based on our financial measure of gross operating margin (“GOM”). GOM is an important performance measure of the core profitability of our operations and forms the basis of our internal financial reporting. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. GOM is presented on a 100 percent basis before any allocation of earnings to noncontrolling interests. Our calculation of GOM may or may not be comparable to similarly titled measures used by other companies. The GAAP financial measure most directly comparable to total segment GOM is operating income. See “Investors – Non-GAAP Financial Measures” on our website (www.enterpriseproducts.com) for more information regarding GOM, including additional reconciliation detail. The following table presents our calculation of GOM for each of the three years ended December 31, 2018 (dollars in millions): 2018 2017 2016 GOM by segment: NGL Pipelines & Services $ 3,831 $ 3,258 $ 2,991 Crude Oil Pipelines & Services 1,511 987 855 Natural Gas Pipelines & Services 891 715 735 Petrochemical & Refined Products Services 1,058 715 651 Total segment GOM 7,291 5,675 5,232 Other adjustments, net 35 6 17 Total GOM (non-GAAP) 7,326 5,681 5,249 Reconciliation to Operating Income:

Depreciation, amortization and accretion (1,687) (1,531) (1,457) General & administrative costs (208) (181) (160) Other, including non-cash impairment charges (22) (39) (51) Operating income (GAAP) $ 5,409 $ 3,929 $ 3,581

Free cash flow (“FCF”) is a traditional cash flow metric that is widely used by investors and other participants in the financial community. In general, FCF is a measure of how much cash flow a business generates during a specified time period after accounting for all capital investments, including expenditures for growth and sustaining capital projects. We believe that FCF is important to investors since it reflects the amount of cash available for reducing debt, investing in additional capital projects, paying distributions, common unit repurchases and similar matters. Our calculation of FCF may or may not be comparable to similarly titled measures used by other companies. The GAAP financial measure most directly comparable to FCF is CFFO.

See “Investors – Non-GAAP Financial Measures” on our website (www.enterpriseproducts.com) for more information regarding FCF, including additional reconciliation detail. The following table presents our calculation of FCF for each of the three years ended December 31, 2018 (dollars in millions):

2018 2017 2016 Cash Flow from Operations (GAAP) $ 6,126 $ 4,666 $ 4,067 Net cash used in investing activities (4,282) (3,286) (4,006) Cash distributions paid to noncontrolling interests 238 - 20 Cash contributions from noncontrolling interests (81) (49) (47) Free Cash Flow (non-GAAP) $ 2,001 $ 1,331 $ 34

Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our financial statements, such as investors, commercial banks, research analysts and rating agencies, to assess the financial performance of our assets without regard to financing methods, capital structures or historical cost basis; the ability of our assets to generate cash sufficient to pay interest and support our indebtedness; and the viability of projects and the overall rates of return on alternative investment opportunities. Our calculation of Adjusted EBITDA may or may not be comparable to similarly titled measures used by other companies. The GAAP financial measure most directly comparable to Adjusted EBITDA is CFFO. See “Investors – Non-GAAP Financial Measures” on our website (www.enterpriseproducts.com) for more information regarding Adjusted EBITDA, including additional reconciliation detail. The following table presents our calculation of Adjusted EBITDA for each of the three years ended December 31, 2018 (dollars in millions): 2018 2017 2016 Net income (GAAP) $ 4,239 $ 2,856 $ 2,553 Depreciation, amortization and accretion 1,723 1,566 1,487 Interest expense 1,097 985 983 Distributions received from unconsolidated affiliates 529 483 452 Provision for income taxes 61 26 23 Equity in income of unconsolidated affiliates (480) (426) (362) Other, net 54 125 120 Adjusted EBITDA 7,223 5,615 5,256 Reconciliation to Cash Flow from Operations: Interest expense (1,097) (985) (983) Net effect of changes in operating accounts 16 32 (181) Other, net (16) 4 (25) Cash Flow from Operations (GAAP) $ 6,126 $ 4,666 $ 4,067

Randy Burkhalter – Vice President, Investor Relations • (713) 381-6812 • [email protected] Jackie Richert – Director, Investor Relations • (713) 381-3920 • [email protected]