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UBS Wealth Management Conference January 27, 2010 Michael A. Creel President and CEO AllAll rightsrights

UBS Wealth Management Conference

January 27, 2010

Michael A. Creel President and CEO

Introduction

Introduction Forward Looking Statements This presentation contains forward-looking statements and information based on

Forward Looking Statements

This presentation contains forward-looking statements and information based on Enterprise’s beliefs and those of its general partner, as well as assumptions made by and information currently available to them. When used in this presentation, words such as “anticipate,” “project,” “expect,” “plan,” “goal,” “forecast,” “intend,” “could,” “believe,” “may,” and similar expressions and statements regarding the plans and objectives of Enterprise for future operations, are intended to identify forward-looking statements. Although Enterprise and its general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither it nor its general partner can give assurances that such expectations will prove to be correct. Such statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those Enterprise anticipated, estimated, projected or expected. Among the key risk factors that may have a direct bearing on Enterprise’s results of operations and financial condition are:

Fluctuations in oil, natural gas and NGL prices and production due to weather and other natural and economic forces; A reduction in demand for its products by the petrochemical, refining or heating industries; The effects of its debt level on its future financial and operating flexibility; A decline in the volumes of energy commodities delivered by its facilities; The failure of its credit risk management efforts to adequately protect it against customer non-payment; Actual construction and development costs could exceed forecasted amounts; Operating cash flows from our capital projects may not be immediate; National, international, regional and local economic, competitive and regulatory conditions; Terrorist attacks aimed at its facilities; and The failure to successfully integrate its operations with assets or companies, if any, that it may acquire in the future.

Enterprise has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Basis of Presentation

On October 26, 2009, the TEPPCO Merger was completed. Since Enterprise Products Partners and TEPPCO were under the direct common control of Enterprise GP Holdings L.P., the TEPPCO Merger was accounted for at historical costs as a reorganization of entities under common control in a manner similar to a pooling of interests. Unless noted otherwise, our consolidated financial and operating data presented herein includes the financial and operating data of TEPPCO. For additional information regarding our recast financial and other information, please see the Current Report on Form 8-K we filed on December 4, 2009.

Key Investment Considerations

Key Investment Considerations Largest publicly traded partnership based on market capitaliza tion in the U.S. with

Largest publicly traded partnership based on market capitaliza tion in the U.S. with a diversified, integrated mids tream energy system on market capitalization in the U.S. with a diversified, integrated midstream energy system serving producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products

Approximately $31 billion enterprise value, $26 billion in assets and $19 billion equity market capitalization Accesses some of the most prolific natural gas, NGL and crude oil supply basins in the U.S. including non-conventional and shale plays: Jonah / Pinedale, Piceance, Barnett Shale, Eagle Ford and Haynesville Handles natural gas volumes equivalent to almost 20% of total U.S. demand Serves 100% of U.S. ethylene steam cracking capacity, the largest market for NGLs

Large asset footprint generates growth opportunities ates growth opportunities

Investment grade credit rating; focus on cost of capital and financial flexibility; demonstrated access to capita l in difficult markets st of capital and financial flexibility; demonstrated access to capital in difficult markets

Balance distribution growth and retention of capital and retention of capital

Significant management ownership and industry experience p and industry experience

Significant Management Ownership Interests Aligned with Investors

Management Ownership Interests Aligned with Investors Dan Duncan, Enterprise Products Company and Affiliates
Dan Duncan, Enterprise Products Company and Affiliates 0.01% G.P. No 77.9% L.P. IDRs Interest* Interest
Dan Duncan,
Enterprise Products
Company and
Affiliates
0.01% G.P.
No
77.9% L.P.
IDRs
Interest*
Interest
Enterprise GP
Holdings L.P.
(NYSE: EPE)
27.9% L.P.
2% G.P.
3.4% L.P.
Interest
Interest*
Interest
Enterprise Products
Partners L.P.
(NYSE: EPD)
1.0% L.P.
0.7% G.P.
No
58.6% L.P.
IDRs
Interest
Interest*
Interest
Duncan Energy
Partners L.P.
(NYSE: DEP)

One of the largest ownership positions by management in the sector by management in the sector

EPCO has purchased approximately $900 million of new equity since IPO in July 1998; includes approximately $440 million purchased $900 million of new equity since IPO in July 1998; includes approximately $440 million purchased since 3Q 2008

EPCO has consistently supported EPD’s growth including the elimination of the GP’s 50% incentive distribution right in 2002 EPD’s growth including the elimination of the GP’s 50% incentive distribution right in 2002

Note: Percent ownership as of November 30, 2009. * The 0.7% G.P. interest in DEP, 2% G.P. interest in EPD, and the 0.01% G.P. interest in EPE represents a 100% ownership of the respective G.P.

in EPE represents a 100% ownership of the respective G.P. AllAll rightsrights reserved.reserved. EnterpriseEnterprise

AllAll rightsrights reserved.reserved. EnterpriseEnterprise ProductsProducts PartnersPartners L.P.L.P.

4

Enterprise System Map

Expanding into Refined Products & Crude Oil Logistics

Expanding into Refined Products & Crude Oil Logistics Asset Overview Approximately 48,000 miles of natural gas,
Asset Overview Approximately 48,000 miles of natural gas, NGL, crude oil, refined products and petrochemical
Asset Overview
Approximately 48,000 miles of natural gas, NGL, crude
oil, refined products and petrochemical pipelines
200 MMBbls of NGL, refined products and crude oil
storage capacity
27
Bcf of natural gas storage capacity
25
natural gas processing plants
17 fractionation facilities
6 offshore hub platforms
NGL import / export terminals
Butane isomerization complex
Octane enhancement facility
One of the largest inland tank barge companies in U.S.

Geographic and Business Diversification Provide Multiple Earnings Streams

Business Diversification Provide Multiple Earnings Streams $2.0 Billion Gross Operating Margin Nine Months Ended

$2.0 Billion Gross Operating Margin Nine Months Ended 09/30/09

20% 6% 57% 4% 13%
20%
6%
57%
4%
13%

NGL Pipelines & Services (57%)Margin Nine Months Ended 09/30/09 20% 6% 57% 4% 13% Natural gas processing & related NGL

Natural gas processing & related NGL marketing activities NGL fractionation plants NGL pipelines and storage

Onshore Natural Gas Pipelines & Services (20%)NGL fractionation plants NGL pipelines and storage Natural gas pipelines & related marketing Natural gas

Natural gas pipelines & related marketing Natural gas storage facilities

Petrochemical and Refined Products & Services (13%) oducts & Services (13%)

Refined products and petrochemical pipelines Butane isomerization facilities Propylene fractionation facilities Octane enhancement facility Marine terminals & transportation

Onshore Crude Oil Pipelines & Services (6%)facility Marine terminals & transportation Crude oil pipelines, storage terminals & related

Crude oil pipelines, storage terminals & related marketing

Offshore Pipelines & Services (4%)oil pipelines, storage terminals & related marketing Natural gas pipelines Crude oil pipelines Platform

Natural gas pipelines Crude oil pipelines Platform services

Texas Intrastate Natural Gas P/L System

Sherman Extension Began Service August 2009

Gas P/L System Sherman Extension Began Service August 2009 Dependable cash flow 4.1 Bcf/d of subscribed
Dependable cash flow

Dependable cash flow

4.1 Bcf/d of subscribed capacity (including Sherman Extension) Approximately 80% of capacity subscribed by third parties with demand charges; majority are producers, utilities and power plants

Little direct exposure to west / east basin spreads

Sherman Extension / Trinity River Lateral

Sherman Extension / Trinity River Lateral

Sherman Extension Trinity River Pipeline
Sherman
Extension
Trinity River
Pipeline

Sherman Extension: 1.1 Bcf/d pipeline interconnects with Gulf Crossing; began collecting demand charges under 10-year commitments on August 1 for 950 MMcf/d Trinity River Lateral: 1 Bcf/d pipeline that extends from Sherman Extension into Trinity River Basin and Newark East Field producing areas

Expected in-service: partial 4Q 2009; full 2Q 2010

Eagle Ford Shale Opportunity

Potentially 10 Million Acres Adjacent to EPD System

Potentially 10 Million Acres Adjacent to EPD System EPD’s network of assets is well-situated to maximize
EPD’s network of assets is well-situated to maximize value of EF hydrocarbon production White Kitchen
EPD’s network of assets is well-situated to
maximize value of EF hydrocarbon production
White Kitchen
Lateral

Eagle Ford (“EF”) is more than a gas play; has oil, associated gas and condensate, rich gas and lean gas oil, associated gas and condensate, rich gas and lean gas

Rich gas has NGLs averaging 4–9 gallons per thousand cubic feet of natural gas eraging 4–9 gallons per thousand cubic feet of natural gas

EPD’s system has access to more than 700,000 acres of EF properties , with 400,000 dedicated to EPD 700,000 acres of EF properties, with 400,000 dedicated to EPD

EPD is constructing White Kitchen lateral which will add more t han 200 MMcf/d of capacity in 2Q White Kitchen lateral which will add more than 200 MMcf/d of capacity in 2Q 2010

Some segments already in service

Producers actively developing the play include Apache, Pioneer, ConocoPhillips, Lewis, Murphy, EnCana, Anadarko, PetroHawk and EOG Murphy, EnCana, Anadarko, PetroHawk and EOG

Producers success and acceleration of their drilling programs has led EPD to explore additional investments in natural gas, leration of their drilling programs has led EPD to explore additional investments in natural gas, NGL and crude oil infrastructure to support expected production growth

oil infrastructure to support expected production growth AllAll rightsrights reserved.reserved. EnterpriseEnterprise

AllAll rightsrights reserved.reserved. EnterpriseEnterprise ProductsProducts PartnersPartners L.P.L.P.

8

Haynesville Shale Opportunity Extension of Acadian Gas Pipeline

Shale Opportunity Extension of Acadian Gas Pipeline Industry sources state Haynesville Shale has potential to
Industry sources state Haynesville Shale has potential to cover 2 million acres and to be
Industry sources state Haynesville Shale
has potential to cover 2 million acres and
to be 4 th largest natural gas field in the
world with approximately 200 Tcf of
reserves
Pipeline Interconnects
Acadian
Cypress
TETCO
Tennessee
FGT
Texas Gas
Initial production rates are as high as
30 MMcf/d; with estimated recoverable
reserves of 4.5–8.5 Bcf per well
TGC
Columbia
Gulf
ANR
Sonat
Transco
Haynesville pipeline project: 249-mile pipe
with up to 2.1 Bcf/d of capacity; will provide
producers access to additional markets
outside Perryville Hub
Provides Haynesville producers access to
Acadian System, which has 150 end-use
markets, a storage facility and connection to
Henry Hub
Additionally provides access to 9 interstate
pipelines
Supported by long-term agreements with
7 producers
Expected in service: September 2011
AllAll rightsrights reserved.reserved. EnterpriseEnterprise ProductsProducts PartnersPartners L.P.L.P.
9

Haynesville Shale Additional Opportunities

Haynesville Shale Additional Opportunities Gathering and treating opportunities in southern half of the basin Selling

Gathering and treating opportunities in southern half of the basin opportunities in southern half of the basin

Selling northbound capacity on our pipeline up to the 42” corridor for producer commitments made on competing lines on our pipeline up to the 42” corridor for producer commitments made on competing lines

Of the competing projects in the Haynesville, there are 2 new pipelines and 2 expansions, which all go to Perryville the Haynesville, there are 2 new pipelines and 2 expansions, which all go to Perryville

Other pipelines are in direct competition with each other competition with each other

Other pipelines are in direct competition with each other AllAll rightsrights reserved.reserved. EnterpriseEnterprise

Petrochemical / Ethylene Demand Has Rebounded NGLs are Preferred / Highest Margin Feedstock

Has Rebounded NGLs are Preferred / Highest Margin Feedstock   1,400 1,200        
 

1,400

  1,400

1,200

     
1,200        
1,200        
1,200        
 
1,200        
1,200        

000 Barrels/Day

1,000

 
 

800

   

600

400

200

 

0

1Q07

2Q

3Q

4Q

1Q08

2Q

3Q

4Q

1Q09

2Q

3Q

4Q

Butane80 106 83 49 45 71 115 52 36 62 61 64

80

106

83

49

45

71

115

52

36

62

61

64

Propane385 403 370 337 332 376 333 206 245 335 377 375

385

403

370

337

332

376

333

206

245

335

377

375

Ethane729 749 776 813 789 812 638 627 680 835 803 860

729

749

776

813

789

812

638

627

680

835

803

860

$0.16 $0.12 $0.08 $0.04 $0.00 -$0.04 -$0.08 -$0.12 -$0.16 Ethane Propane Butane Naphtha Gas Oil
$0.16
$0.12
$0.08
$0.04
$0.00
-$0.04
-$0.08
-$0.12
-$0.16
Ethane
Propane
Butane
Naphtha
Gas Oil
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10 Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec -10

Ethylene production from steam crackers has rebounded from 4Q 2008 to 52 billion pounds per year, which equals the crackers has rebounded from 4Q 2008 to 52 billion pounds per year, which equals the average ethylene production for the last five years

NGL feedstocks – ethane and propanethe average ethylene production for the last five years are forecast to provide ethylene producers higher

are forecast to provide ethylene producers higher margins than more costly crude oil derivatives over next 12 months

Cracker modifications have accounted for approximately 100 MBPD of incremental ethane cracking Daily ethane volumes projected to exceed 900 MBPD in the near-term as cracker operators continue to maximize ethane consumption

Source: Pace Hodson, CMAI, quoted forward prices for feedstocks and company estimates on January 15, 2010.

AllAll rightsrights reserved.reserved. EnterpriseEnterprise ProductsProducts PartnersPartners L.P.L.P.Source: Pace Hodson, CMAI, quoted forward prices for feedstocks and company estimates on January 15, 2010.

11

Strong Demand for NGL Fractionation Capacity

Strong Demand for NGL Fractionation Capacity EPD’s NGL fractionation volumes have increased by approximately 50% over
EPD’s NGL fractionation volumes have increased by approximately 50% over the last three years Fractionators
EPD’s NGL fractionation volumes
have increased by approximately
50% over the last three years
Fractionators are operating at
capacity
Offloading volumes to our
fractionators in Louisiana that have
exceeded our available capacity at
Mont Belvieu
Hobbs NGL fractionator has been
operating at capacity since first
quarter of 2008
Additional capacity will be needed to
accommodate incremental NGL
volumes expected from emerging
Eagle Ford Shale play
NGL volumes expected from emerging Eagle Ford Shale play AllAll rightsrights reserved.reserved. EnterpriseEnterprise

AllAll rightsrights reserved.reserved. EnterpriseEnterprise ProductsProducts PartnersPartners L.P.L.P.

12

Mont Belvieu Fractionator Expansion

Mont Belvieu Fractionator Expansion EPD will build a new 75 MBPD NGL fractionator at Mont Belvieu
EPD will build a new 75 MBPD NGL fractionator at Mont Belvieu Increase fractionation capacity
EPD will build a new
75 MBPD NGL fractionator
at Mont Belvieu
Increase fractionation
capacity to 300 MBPD at
Mont Belvieu; over
600 MBPD system-wide
Expansion supported by
long-term contracts
Leveraging existing
infrastructure and recent
experience with Hobbs
Estimated completion in first
quarter 2011
with Hobbs Estimated completion in first quarter 2011 AllAll rightsrights reserved.reserved. EnterpriseEnterprise

AllAll rightsrights reserved.reserved. EnterpriseEnterprise ProductsProducts PartnersPartners L.P.L.P.

13

Record Operating Performance (1)

Record Operating Performance ( 1 ) … 13.0 Onshore & Offshore Natural Gas Pipeline Volumes 12.0
13.0 Onshore & Offshore Natural Gas Pipeline Volumes 12.0 12.0 11.0 11.0 10.1 10.0 9.4
13.0
Onshore & Offshore Natural
Gas Pipeline Volumes
12.0
12.0
11.0
11.0
10.1
10.0
9.4
9.0
Offshore
8.0
Onshore
7.0
TBtu/d
MBPD

2006 2007

2008

9 Mos 2009

4,000

3,800

3,600

3,400

3,200

3,000

625 NGL / Propylene Fractionation & Butane Isomerization Volumes 621 585 575 563 525 475
625
NGL / Propylene Fractionation &
Butane Isomerization Volumes
621
585
575
563
525
475
462
425
375
MBPD
MBPD

2006 2007

(1) Recasted to include TEPPCO for all periods.

2008

9 Mos 2009

120

100

80

60

40

NGL, Crude Oil, Petrochemical & Refined Products Pipeline Volumes 3,855 3,704 3,574 3,405
NGL, Crude Oil, Petrochemical & Refined
Products Pipeline Volumes
3,855
3,704
3,574
3,405

2006

2007

2008

9 Mos 2009

Equity NGL Production 116 108 88 63
Equity NGL Production
116
108
88
63

2006

2007

2008

9 Mos 2009

NGL Production 116 108 88 63 2006 2007 2008 9 Mos 2009 AllAll rightsrights reserved.reserved. EnterpriseEnterprise

AllAll rightsrights reserved.reserved. EnterpriseEnterprise ProductsProducts PartnersPartners L.P.L.P.

14

…Drives Strong Financial Results

…Drives Strong Financial Results Growth Capital Investment (1) $3.5 $3.1 $3.0 $2.8 $2.5 $2.0 $2.0 ≈
Growth Capital Investment (1) $3.5 $3.1 $3.0 $2.8 $2.5 $2.0 $2.0 ≈ $1.5 $1.5 $1.0
Growth Capital Investment (1)
$3.5
$3.1
$3.0
$2.8
$2.5
$2.0
$2.0
$1.5
$1.5
$1.0
$ Billions
$ Billions

2006

2007

2008

2009

Forecast

$1.6 Distributable Cash Flow $1.4 $1.2 (2) $1.1 $1.0 $1.0 $0.8 $0.4 $0.0 $ Billions
$1.6
Distributable Cash Flow
$1.4
$1.2
(2)
$1.1
$1.0
$1.0
$0.8
$0.4
$0.0
$ Billions
Distributions Declared

2006

2007

2008

9M 2009

$3.0

$2.5

$2.0

$1.5

$1.0

$0.5

$2.25

$2.00

$1.75

$1.50

$1.25

Gross Operating Margin $2.6 $2.0 $2.0 $1.8 2006 2007 2008 9M 2009 Distribution Rate $2.21
Gross Operating Margin
$2.6
$2.0
$2.0
$1.8
2006
2007
2008
9M 2009
Distribution Rate
$2.21
$2.08
$1.95
$1.83
$1.70
$1.54
$ Millions
$ Billions

2004

2005

2006

2007

2008

Current

*

(1) Represents cash used in investing activities, excluding changes in restricted cash. (2) Includes distributable cash flow for TEPPCO for the 3 rd quarter 2009.

* Annualized

$2.5

$2.0

$1.5

$1.0

$0.5

$0.0

$350

$300

$250

$200

$150

$100

$50

$0

Adjusted EBITDA $2.3 $1.8 $1.7 $1.6
Adjusted EBITDA
$2.3
$1.8
$1.7
$1.6

2006

2007

2008

9M 2009

Retained DCF / Coverage

$98

1.1x
1.1x

$26

1.0x
1.0x

$314

1.3x
1.3x

$100

1.1x
1.1x

2006

2007

2008

9M 2009

$98 1.1x $26 1.0x $314 1.3x $100 1.1x 2006 2007 2008 9M 2009 AllAll rightsrights reserved.reserved.

AllAll rightsrights reserved.reserved. EnterpriseEnterprise ProductsProducts PartnersPartners L.P.L.P.

15

History of Financial Discipline

56% of Growth Investment Funded with Equity

Discipline 56% of Growth Investment Funded with Equity $ in Millions Growth Funded by Equity Capital

$ in Millions

Growth Funded by Equity

Capital

Equity

Retained

%

Investment

Issued

DCF

Equity

1999

$

504

$

213

$

51

52%

2000

331

56

147

61%

2001

610

118

128

40%

2002

1,712

181

(12)

10%

2003

658

676

(52)

95%

2004

5,803

3,757

31

65%

2005

1,429

920

168

76%

2006

1,951

1,585

98

86%

2007

2,752

957

26

36%

2008

3,124

641

313

31%

9 mos. 2009 Totals

 

1,035

1,019

100

108%

$

19,909

$

10,123

$

998

56%

Note: Data recasted beginning with 2006 to include TEPPCO.

(1)

(2)

Growth capital investment includes the capital expenditures, cash used for business combinations, investments in and advances to unconsolidated affiliates, and acquisition of intangible asset amounts as reflected on our Statements of Consolidated Cash Flows for the respective periods. The value of equity interests granted to complete the GTM merger, the Shell Midstream acquisition, the Encinal acquisition and equity interests TEPPCO granted to complete the Cenac acquisition, as reflected on our Statements of Consolidated Partners’ Equity, are also included. In addition, capital investment includes $2.0 billion of debt assumed in connection with the GTM merger and $63 million of debt TEPPCO assumed in the Cenac acquisition. Sustaining capital expenditures are excluded.

Equity issued includes net proceeds from the issuance of common units and Class B special units and cash contributions from noncontrolling interests as reflected on our Statements of Consolidated Cash Flows for the respective periods. Cash contributions from noncontrolling interests primarily reflects the net proceeds from equity issued by DEP and TEPPCO. Also included is the value of equity issued as consideration for the GTM merger, the Shell Midstream acquisition, Encinal acquisition and Cenac acquisition as reflected on our Statements of Consolidated Partners’ Equity. In addition, the equity content of our Hybrid securities is included in 2006 – 2007.

of our Hybrid securities is included in 2006 – 2007. AllAll rightsrights reserved.reserved. EnterpriseEnterprise

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16

2Q05

1Q05

3Q05

4Q05

3Q08

1Q08

2Q09

4Q08

1Q09

2Q08

3Q09

1Q07

2Q07

4Q07

3Q07

3Q06

1Q06

2Q06

4Q06

4Q04

3Q04

Substantial Financial Flexibility Added by Eliminating GP’s 50% IDR

Financial Flexibility Added by Eliminating GP’s 50% IDR Cumulative Savings: $524MM $500 $475 (1) $450 $425
Cumulative Savings: $524MM $500 $475 (1) $450 $425 $400 $375 $350 $325 $300 $275 $250
Cumulative Savings: $524MM
$500
$475
(1)
$450
$425
$400
$375
$350
$325
$300
$275
$250
$225
$200
$175
$150
$125
$100
$ in Millions
$250 $225 $200 $175 $150 $125 $100 $ in Millions LP Distributions GP Distributions Avoided 50%

LP Distributions

$200 $175 $150 $125 $100 $ in Millions LP Distributions GP Distributions Avoided 50% Splits (1)

GP Distributions

$125 $100 $ in Millions LP Distributions GP Distributions Avoided 50% Splits (1) Includes 131 million

Avoided 50% Splits

(1) Includes 131 million newly issued units for the TEPPCO merger.

“Landmark” action taken by EPD’s GP in December 2002 to cap GP’s IDRs at 25% for no consideration EPD’s GP in December 2002 to cap GP’s IDRs at 25% for no consideration

3Q 2009 annualized savings of $261 million (equivalent to of $261 million (equivalent to

$0.43/unit)

Enhances EPD’s financial flexibility by retaining cash flow for debt retirement or capital investment flexibility by retaining cash flow for debt retirement or capital investment

Significantly lowers long-term cost of capitalcash flow for debt retirement or capital investment AllAll rightsrights reserved.reserved. EnterpriseEnterprise

investment Significantly lowers long-term cost of capital AllAll rightsrights reserved.reserved. EnterpriseEnterprise

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17

History of Providing Distribution Growth While Retaining Capital for Flexibility / Reinvestment

While Retaining Capital for Flexibility / Reinvestment Generated $7.1 Billion of DCF (1999 – 3Q 2009)

Generated $7.1 Billion of DCF (1999 – 3Q 2009) 14% DCF Retained / Reinvested in Partnership

$2.25 $2.20 $2.08 $2.00 $1.95 $1.83 $1.70 $1.75 $1.54 $1.47 $1.50 $1.36 $1.25 $1.19 $1.05
$2.25
$2.20
$2.08
$2.00
$1.95
$1.83
$1.70
$1.75
$1.54
$1.47
$1.50
$1.36
$1.25
$1.19
$1.05
$1.00
$0.93
$0.75
8.3% CAGR
$0.50
$0.25
$0.00
Distributions Declared

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

($ in millions)

$999
$999

$5,426

$722

1.2x LP Distribution Coverage

LP Distributionsin millions) $999 $5,426 $722 1.2x LP Distribution Coverage GP Distributions Retained DCF AllAll rightsrights

GP Distributions$5,426 $722 1.2x LP Distribution Coverage LP Distributions Retained DCF AllAll rightsrights reserved.reserved.

Retained DCFLP Distribution Coverage LP Distributions GP Distributions AllAll rightsrights reserved.reserved. EnterpriseEnterprise

Enterprise Has Generated Attractive Total Returns

Enterprise Has Generated Attractive Total Returns For period ended December 31, 2009 QTD 1-Year 2-Year 3-Year

For period ended December 31, 2009

QTD

1-Year

2-Year

3-Year

5-Year

Enterprise Products Partners L.P.

13.1%

64.8%

15.2%

34.7%

72.1%

Alerian MLP Index

16.6%

76.5%

-30.6%

26.5%

69.2%

S&P 500

6.0%

26.5%

-16.3%

-15.1%

3.1%

S&P Midcap 400

5.7%

37.4%

-6.4%

-3.8%

19.5%

FTSE NAREIT

2.4%

43.1%

-31.4%

-31.5%

-23.0%

Dow Jones Utility Index

6.7%

12.5%

-17.8%

-1.3%

44.0%

900% 830% 800% 700% 600% 500% 428% 400% 300% 200% 100% 10% 0% -100% 1999
900%
830%
800%
700%
600%
500%
428%
400%
300%
200%
100%
10%
0%
-100%
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Dec 09
EPD
Alerian MLP Index
S&P 500
Total Return w/Reinvested Distributions

Source: Bloomberg L.P.

Past results may not be indicative of future performance.

Past results may not be indica tive of future performance. AllAll rightsrights reserved.reserved. EnterpriseEnterprise

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19

Non-GAAP Reconciliations AllAll rightsrights reserved.reserved. EnterpriseEnterprise ProductsProducts PartnersPartners

Non-GAAP Reconciliations

Non-GAAP Financial Measures

Non-GAAP Financial Measures This presentation utilizes the Non-GAAP financial measures of Gross Operating Margin, Adjusted

This presentation utilizes the Non-GAAP financial measures of Gross Operating Margin, Adjusted EBITDA and Distributable Cash Flow. In general, we define Gross Operating Margin as operating income before (i) depreciation, amortization and accretion expense; (ii) non-cash impairment charges; (iii) operating lease expense for which we do not have the payment obligation; (iv) gains and losses from asset sales and related transactions and (v) general and administrative costs. The GAAP measure most directly comparable to Gross Operating Margin is operating income. In general, we define distributable cash flow as net income attributable to Enterprise Products Partners L.P. adjusted for: (i) the addition of depreciation, amortization and accretion expense; (ii) the addition of operating lease expenses for which we do not have the payment obligation; (iii) the addition of cash distributions received from unconsolidated affiliates less equity earnings from unconsolidated affiliates; (iv) the subtraction of sustaining capital expenditures and cash payments to settle asset retirement obligations; (v) the addition of losses or subtraction of gains from asset sales and related transactions; (vi) the addition of cash proceeds from asset sales or related transactions and the return of an investment in an unconsolidated affiliate; (vii) the addition of losses or subtraction of gains on the monetization of financial instruments recorded in accumulated other comprehensive income (loss), if any, less related amortization of such amount to earnings; (viii) the addition of transition support payments received from El Paso Corporation related to the GulfTerra merger; (ix) the addition of net income attributable to the noncontrolling interest associated with the public unitholders of DEP, less related distributions to be paid to such holders with respect to the period of calculation; (x) the addition or subtraction of other miscellaneous non- cash amounts (as applicable) that affect net income or loss for the period; and (xi) distributable cash flow for TEPPCO for the third quarter of 2009. The GAAP measure most directly comparable to Distributable Cash Flow is net cash flows provided by operating activities. We define Adjusted EBITDA as net income or loss attributable to Enterprise Products Partners L.P. less equity earnings of unconsolidated affiliates, plus distributions received from unconsolidated affiliates, interest expense, provision for income taxes and depreciation, amortization and accretion expense. Adjusted EBITDA is commonly used as a supplemental financial measure by senior management and by external users of our financial statements, such as investors, commercial banks, research analysts and rating agencies, to assess: (1) the financial performance of our assets without regard to financing methods, capital structures or historical cost basis; (2) the ability of our assets to generate cash sufficient to pay interest cost and support our indebtedness; and (3) the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss attributable to Enterprise Products Partners L.P. and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measure most directly comparable to Adjusted EBITDA is net cash flows provided by operating activities.

Non-GAAP Reconciliations

Non-GAAP Reconciliations Enterprise Products Partners L.P. Gross Operating Margin (Dollars in millions) Gross operating

Enterprise Products Partners L.P. Gross Operating Margin (Dollars in millions)

Gross operating margin by segment:

For the Year Ended December 31,

2006

2007

2008

For the Nine Months Ended September 30,

2009

NGL Pipelines & Services Onshore Natural Gas Pipelines & Services Onshore Crude Oil Pipelines & Services Offshore Pipelines & Services Petrochemical & Refined Products Services Total gross operating margin Adjustments to reconcile gross operating margin to operating income:

Depreciation, amortization and accretion in operating cost and expenses Impairment charge included in operating costs and expenses Operating lease expense paid by EPCO in operating costs and expenses Gain (loss) on asset sales and related transactions in operating costs and expenses General and administrative costs Operating income

$

785.7

$

848.0

$

1,325.0

$

1,118.1

478.9

493.2

589.9

391.5

97.8

109.6

132.2

126.7

103.4

171.6

187.0

83.0

305.1

342.0

374.9

255.6

 

1,770.9

1,964.4

2,609.0

1,974.9

(556.9)

(647.9)

(725.4)

(602.9)

-

-

-

(26.3)

(2.1)

(2.1)

(2.0)

(0.5)

5.1

7.8

4.0

0.5

(95.9)

(127.2)

(137.2)

(133.3)

$

1,121.1

$

1,195.0

$

1,748.4

$

1,212.4

Non-GAAP Reconciliations

Non-GAAP Reconciliations Enterprise Products Partners L.P. Distributable Cash Flow (Dollars in millions) For the Year

Enterprise Products Partners L.P. Distributable Cash Flow (Dollars in millions)

For the Year Ended December 31,

2006

2007

2008

For the Nine Months Ended September 30,

2009

Reconciliation of Non-GAAP "Distributable cash flow" to GAAP "Net income" and GAAP "Net cash flows provided by operating activities" Net income attributable to Enterprise Products Partners L.P. Adjustments to Net income to derive Distributable cash flow:

$

601.1

$

533.6

$

954.0

$

624.8

(add or subtract as indicated by sign of number):

Amortization in interest expense Depreciation, amortization and accretion in costs and expenses Operating lease expense paid by EPCO, Inc. Deferred income tax expense Monetization of interest rate hedging financial instruments Amortization of net gains related to monetization of financial instruments Equity in earnings of unconsolidated affiliates Distributions received from unconsolidated affiliates Loss (gain) on asset sales and related transactions Proceeds from asset sales and related transactions Non-cash impairment charge Cumulative effect of change in accounting principle Sustaining capital expenditures Changes in fair market value of financial instruments El Paso transition support payments Net income attributable to noncontrolling interest – DEP public unitholders Distribution to be paid to DEP public unitholders with respect to period Non-cash income related to write-off of reserve balance Non-cash gain on early extinguishment of debt Cash expenditures for asset abandonment activities Proceeds from property damage insurance claims Cash paid for Hurricanes Ike and Gustav repairs Accrued property damage repair costs related to Hurricanes Ike and Gustav Distributable cash flow for TEPPCO Partners, L.P. for third quarter of 2009 Distributable cash flow Adjustments to Distributable cash flow to derive Net cash flows provided by operating activities (add or subtract as indicated by sign of number):

Monetization of interest rate hedging financial instruments Amortization of net gains related to monetization of financial instruments Proceeds from asset sales and related transactions Sustaining capital expenditures El Paso transition support payments Net income attributable to noncontrolling interests Non-cash income related to write-off of reserve balance Net income attributable to noncontrolling interest – DEP public unitholders Distribution to be paid to DEP public unitholders with respect to period Cash expenditures for asset abandonment activities Cash paid for Hurricanes Ike and Gustav repairs Accrued property damage repair costs related to Hurricanes Ike and Gustav Proceeds from property damage insurance claims Effect of pension settlement recognition Distributable cash flow for TEPPCO Partners, L.P. for third quarter of 2009 Net effect of changes in operating accounts Net cash flows provided by operating activities

 

0.8

(0.3)

(3.9)

0.9

447.5

524.1

566.0

476.0

2.1

2.1

2.0

0.5

14.4

8.3

6.2

2.5

-

48.9

(14.4)

-

(3.8)

(4.0)

(4.4)

(1.4)

(21.6)

(29.7)

(59.1)

(18.3)

43.0

73.6

98.6

63.6

(3.3)

5.4

(3.7)

(0.4)

3.9

12.0

16.0

1.3

0.1

-

-

1.7

(1.5)

-

-

-

(119.4)

(162.5)

(188.7)

(96.9)

-

1.0

0.2

11.7

14.3

9.0

-

-

-

13.9

17.3

21.8

-

(21.9)

(25.1)

(27.2)

-

(7.6)

(5.0)

-

-

0.3

(7.1)

-

-

(5.0)

(7.2)

(9.9)

-

-

-

3.8

 

-

-

(24.7)

 

-

-

36.5

(0.2)

-

-

-

43.2

977.6

1,001.2

1,378.2

1,072.8

-

(48.9)

14.4

-

3.8

4.0

4.4

1.4

(3.9)

(12.0)

(16.0)

(1.3)

119.4

162.5

188.7

96.9

(14.3)

(9.0)

-

-

9.1

30.6

41.4

42.5

-

7.6

5.0

-

-

(13.9)

(17.3)

(21.8)

-

21.9

25.1

27.2

-

5.0

7.2

9.9

-

-

-

24.7

-

-

(36.5)

0.2

-

-

-

(3.8)

-

0.6

(0.1)

(0.1)

-

-

-

(43.2)

83.4

441.3

(357.4)

(590.0)

$ 1,175.1 $ 1,590.9 $ 1,237.1 $ 615.4
$
1,175.1
$
1,590.9
$
1,237.1
$
615.4

Enterprise Products Partners' total distributable cash flow for periods prior to July 1, 2009 is calculated based on and reconciled to the historical financial

results (pre-recast) for Enterprise Products Partners.

for TEPPCO Partners, L.P.; however, total distributable cash flow for the third quarter of 2009 is reconciled to Enterprise Products Partners' historical cash

flows from operating activities (pre-recast).

financial results for the combined partnership on a prospective basis.

Total distributable cash flow for the third quarter of 2009 includes the quarterly distributable cash flow

Beginning October 1, 2009, total distributable cash flow will be calculated based on and reconciled to the recast

will be calculated based on and reconciled to the recast AllAll rightsrights reserved.reserved. EnterpriseEnterprise

AllAll rightsrights reserved.reserved. EnterpriseEnterprise ProductsProducts PartnersPartners L.P.L.P.

23

Non-GAAP Reconciliations

Non-GAAP Reconciliations Enterprise Products Partners L.P. Adjusted EBITDA (Dollars in millions) For the Year Ended

Enterprise Products Partners L.P. Adjusted EBITDA (Dollars in millions)

For the Year Ended December 31,

2006

2007

2008

For the Nine Months Ended September 30,

2009

Reconciliation of non-GAAP "Adjusted EBITDA" to GAAP "net income" and GAAP "net cash flows provided by operating activities" Net income attributable to Enterprise Products Partners L.P. Adjustments to derive EBITDA:

$

601.1

$

533.6

$

954.0

$

624.8

Equity in earnings of unconsolidated affiliates Distributions received from unconsolidated affiliates Interest expense (including related amortization) Provision for income taxes

(25.2)

(10.5)

(34.9)

(32.0)

76.5

87.0

80.8

55.2

324.2

413.0

540.7

472.0

22.0

15.7

31.0

26.8

Depreciation, amortization and accretion in costs and expenses Adjusted EBITDA Adjustments to Adjusted EBITDA to derive net cash flows provided by operating activities (add or subtract as indicated by sign of number):

Interest expense Amortization in interest expense Provision for income taxes Gain on asset sales and related transactions Non-cash impairment charge Loss on forfeiture of investment in Texas Offshore Port System Operating lease expense paid by EPCO, Inc. Net income attributable to noncontrolling interests Deferred income tax expense Changes in fair market value of derivative instruments Effect of pension settlement recognition Loss on early extinguishment of debt Cumulative effect of change in accounting principle Net effect of changes in operating accounts Net cash flows provided by operating activities

564.1

661.4

739.6

616.9

 

1,562.7

1,700.2

2,311.2

1,763.7

(324.2)

(413.0)

(540.7)

(472.0)

(0.6)

(3.0)

(1.8)

3.0

(22.0)

(15.7)

(31.0)

(26.8)

(5.1)

(67.4)

(4.0)

(0.5)

-

-

-

26.3

-

-

-

68.4

2.1

2.1

2.0

0.5

186.5

304.4

234.9

91.0

15.1

7.6

6.2

2.5

(0.1)

1.3

(0.1)

10.6

-

0.6

(0.1)

(0.1)

-

1.6

1.6

-

(1.5)

-

-

-

46.2

434.9

(411.1)

(574.9)

$

1,459.1

$

1,953.6

$

1,567.1

$

891.7

UBS Wealth Management Conference January 27, 2010 Michael A. Creel President and CEO AllAll rightsrights

UBS Wealth Management Conference

January 27, 2010

Michael A. Creel President and CEO