Enterprise Products Partners L.P. Analyst Meeting May 26, 2004 Forward Looking Statements This presentation contains forward-looking statements and information that are 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 contemplated transaction and the plans and objectives of Enterprise for future operations, are intended to identify forward-looking statements. Although Enterprise and its general partner believes 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. All rights reserved. Enterprise Products Partners L.P. 2 Forward Looking Statements (cont.) 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: (cid:121) Fluctuations in oil, natural gas and NGL prices and production due to weather and other natural and economic forces; (cid:121) A reduction in demand for its products by the petrochemical, refining or heating industries; (cid:121) A decline in the volumes of NGLs delivered by its facilities; All rights reserved. Enterprise Products Partners L.P. 3 Forward Looking Statements (cont.) (cid:121) The failure of its credit risk management efforts to adequately protect it against customer non-payment; (cid:121) Terrorist attacks aimed at its facilities; (cid:121) The failure to complete the proposed merger; (cid:121) The failure to successfully integrate the respective business operations upon completion of the merger or its failure to successfully integrate any future acquisitions; and (cid:121) The failure to realize the anticipated cost savings, synergies and other benefits of the proposed merger. Enterprise has no obligation to publicly update or revise any forward- looking statement, whether as a result of new information, future events or otherwise. This presentation also includes Non-GAAP financial measures. Please refer to the reconciliations of GAAP financial statements to Non-GAAP financial measures included in the back of this handout. All rights reserved. Enterprise Products Partners L.P. 4 Overview of Enterprise 2nd largest publicly traded energy partnership serving producers and consumers of natural gas and natural gas liquids (NGLs) (cid:121) IPO in July 1998 (cid:121) Currently ranked 336th on Fortune 500 and 7th on Forbes list of America’s 25 Fastest-Growing Big Companies Large platform of assets across the midstream energy value chain (cid:121) Only integrated natural gas and NGL transportation, fractionation, processing, storage and import/export network in North America (cid:121) Pending merger with GulfTerra Energy Partners adds complementary scale, scope and diversity to existing operations Management owns the general partner and limited partner units for total of 58% ownership – highly aligned with our public partners All rights reserved. Enterprise Products Partners L.P. 5 Business Strategy Build an integrated midstream energy business – not just collecting assets Capitalize on organic growth opportunities to serve natural gas and NGL production in the Rocky Mountain region and deepwater and continental shelf areas of the GOM Partner with customers in joint venture projects to gain access to feedstock and market for products Expand asset base through accretive acquisitions of complementary midstream assets Increase the amount of cash earned from fee-based businesses and de-emphasize commodity-based activities All rights reserved. Enterprise Products Partners L.P. 6 Focus on Growing the Partnership $$44..11 BBiilllliioonn IInnvveesstteedd iinn HHaarrdd AAsssseettss ssiinnccee IIPPOO 12,000 $10,564 M 10,000 M $ - 8,000 s t e s As 6,000 % I n c r e%a s e al 5 7 2( o v e r G4 0R ) $4,803 t C A o 4,000 T 2,000 $715 0 Jul-98 1999 2000 2001 2002 2003 2003 EPD+GTM (Pro Forma) All rights reserved. Enterprise Products Partners L.P. 7 Growing Fee-Based Volumes Recently converted most of processing to fee-based 2,500 2,417 t e n a s e e 2,000 c r l I n a % v 3 7 i 5 u q 1,500 E D P B 1,000 M t e N 500 359 0 1998 1999 2000 2001 2002 2003 1Q2004 NGL Pipelines Natural Gas Pipelines NGL Fractionation Butane Isomerization Propylene Fractionation Natural Gas Processing All rights reserved. Enterprise Products Partners L.P. 8 Increasing Cash Distributions IInnccrreeaasseedd 6666%% ssiinnccee IIPPOO iinn JJuullyy 11999988 $1.75 e t $1.58 a R $1.49 n $1.50 o $1.38 i t u $1.25 b i r $1.25 t s i $1.10 D $1.00 d e z $1.00 $0.90 i l a u n n A $0.75 1998 1999 2000 2001 2002 2003 At Merger Rate at Year-End All rights reserved. Enterprise Products Partners L.P. 9 Enterprise’s Operating and Business Environment Special Emphasis on the U.S. Ethylene Industry Peter Fasullo En*Vantage, Inc May 26, 2004