Contents:

1 2 1.1 List of Tables 8 1.2 List of Figures 9 2 Company Snapshot 10 2.1 Key Information 10 2.2 Company Overview 10 2.3 Financial Performance 10 2.4 Industry Outlook - Pipelines 10 2.5 Industry Outlook - Storage 12 2.6 SWOT Snapshot 12 3 Energy Transfer Partners, L.P. Pipeline Operation 13 3.1 Pipeline Operation, Key Data 13 3.2 Pipeline Operation, Overview 13 3.3 Pipeline Operation, United States 14 3.3.1 Pipeline Operation, United States, Natural Gas Pipelines 14 4 Energy Transfer Partners, L.P. Underground Gas Storage Operation 15 4.1 Underground Gas Storage Operation, Overview 15 5 Business Description 16 5.1 Business Overview 16 5.2 Interstate Transportation 16 5.2.1 Overview 16 5.2.2 Production 16 5.2.3 Financials 17 5.2.4 Market View 17 5.2.5 Key Strategies 17 5.3 Intrastate Transportation and Storage 17 5.3.1 Overview 17 5.3.2 Production 18 5.3.3 Financials 18 5.3.4 Key Strategies 18 5.4 Midstream 19 5.4.1 Overview 19 5.4.2 Production 19 5.4.3 Financials 19 5.4.4 Market View 20 5.4.5 Key Strategies 20 5.5 Retail Propane 20 5.5.1 Overview 20 5.5.2 Production 20 5.5.3 Financials 21 5.5.4 Market View 21 5.5.5 Key Strategies 21 5.6 Major Products and Services 21 5.6.1 Overview 21 6 History 22 7 Business Strategy 24 7.1 Mission Statement 24 7.2 Strategy 24 8 Value Chain Analysis 25 8.1 Midstream 25 8.1.1 Overview 25 8.1.2 Financials, Production and Major Projects 26 9 SWOT Analysis 27 9.1 Overview 27 9.2 Energy Transfer Partners, L.P. Strengths 28 9.2.1 Operations in areas experiencing higher-than-average population growth 28 9.2.2 Experience in acquisitions 28 9.2.3 Geographically diverse retail propane network 28 9.3 Energy Transfer Partners, L.P. Weaknesses 28 9.3.1 Significant influence of the General Partner 28 9.3.2 Dependence on certain key producers and customers 29 9.4 Energy Transfer Partners, L.P. Opportunities 29 9.4.1 Major internal growth projects and expansions 29 9.4.2 Increasing demand for natural gas 30 9.4.3 Growth through complementary acquisitions 30 9.5 Energy Transfer Partners, L.P. Threats 31 9.5.1 Shift to alternative sources of energy 31 9.5.2 Energy efficiency and technological advances 31 9.5.3 Rising interest rates 31 10 Competitors 32 11 Revenue Analysis 33 11.1 Revenue by Segment 33 12 Financial and Operational Review 34 12.1 Financial Statements 34 12.2 Financial Ratios 35 13 Share Holding Structure 36 14 Key Employees 37 15 Key Employee Biographies 38 16 Company Statement 40 17 Locations And Subsidiaries 42 17.1 Head Office 42 17.2 Other Locations & Subsidiaries 42 18 Financial Deals Landscape 44 18.1 Asset Purchase 44 18.1.1 Energy Transfer Partners Sells Its Elk City System To Atlas Pipeline Partners 44 18.1.2 Energy Transfer Partners Acquires Texas Chalk And Madison Systems From Devon Energy 45 18.1.3 Energy Transfer Partners Acquires Assets Of Trenton Propane 47 18.1.4 Energy Transfer Partners Acquires Assets Of Custer Gas Service 48 18.1.5 Energy Transfer Partners Acquires Natural Gas Assets Of TXU Fuel Company 49 18.2 Partnership 51 18.2.1 Energy Transfer And TXU Fuel Signs Joint Natural Gas Marketing Agreement 51 18.3 Debt Offerings 53 18.3.1 Energy Transfer Completes $400 Million Private Placement 53 18.3.2 Energy Transfer Partners, L.P. Completes $750 Million Private Placement 54 18.3.3 Energy Transfer Partners Completes Private Placement 56 18.3.4 Energy Transfer Partners Completes Public Offering Of Senior Notes Due 2018 For $600 Million 58 18.3.5 Energy Transfer Partners Completes Public Offering Of Senior Notes Due 2013 For $350 Million 60 18.3.6 Energy Transfer Partners Completes Public Offering Of Senior Notes Due 2038 For $550 Million 62 18.4 IPO 64 18.4.1 Energy Transfer Completes Sale Of Common Units 64 18.4.2 Energy Transfer Partners Completes The Sale Of 1.64 Million Common Units 65 18.4.3 Energy Transfer Partners completes $202.86 Million Public Offering 66 18.4.4 Energy Transfer Partners Completes Private Placement Of $1,200 Million 68 18.4.5 Energy Transfer Partners Prices Public Offering 70 18.4.6 Energy Transfer Partners Prices Public Offering Of Common Units 72 18.5 Private Equity 73 18.5.1 Metalmark Capital Sells Canyon Gas Resources To Energy Transfer Partners 73 18.6 Acquisition 76 18.6.1 Energy Transfer Partners Completes Acquisition Of Transwestern Pipeline 76 18.6.2 Energy Transfer Completes The Acquisition Of Three Retail Propane Companies 77 18.6.3 Energy Transfer Completes The Acquisition Of Four Retail Propane Companies 79 18.6.4 Energy Transfer Acquires Canyon Gas From Metalmark 80 18.6.5 Energy Transfer Partners Acquires Hillsboro Gas and M & J Gas 82 18.6.6 American Electric Power Sells Controlling Interest In Houston Pipeline To Energy Transfer Partners 84 18.6.7 ETP Acquires Transwestern From CCE Holdings 87 19 Recent Developments 90 19.1 License Awards 90 19.1.1 Nov 19, 2007: ETP Receives Approval For Phoenix Expansion 90 19.2 Strategy and Business Expansion 90 19.2.1 Jun 17, 2008: ETP Presents Proposal To Construct Peru Gas Pipeline 90 19.2.2 Apr 01, 2008: ETP Board Approves Texas Independence Pipeline Project 91 19.2.3 Oct 08, 2007: ETP To Expand Two Texas Intrastate Pipeline Systems 92 19.2.4 May 12, 2008: ETP Declares Q1 2008 Results 93 19.2.5 Apr 24, 2008: ETP Declares Quarterly Dividend 93 19.2.6 Dec 11, 2007: ETP Declares Four-Month Distribution 94 19.2.7 Oct 30, 2007: ETP Reports Q4 Fiscal 2007 Results 94 19.2.8 Sep 25, 2007: ETP Declares Quarterly Distribution 94 19.2.9 Jul 10, 2007: ETP Reports Q3 Fiscal 2007 Results 94 19.2.10 Jun 20, 2007: ETP Declares Quarterly Distribution 95 19.2.11 Apr 10, 2007: ETP Reports Q2 Fiscal 2007 Results 95 19.2.12 Mar 26, 2007: ETP Declares Quarterly Cash Distribution 96 19.2.13 Jan 09, 2007: ETP Reports Q1 Fiscal 2007 Results 96 19.3 Other Significant Developments 97 19.3.1 Jun 16, 2008: ETP Announces Management Changes 97 19.3.2 Apr 28, 2008: ETP Announces Completion Of Southeast Bossier Gas Pipeline Project 98 19.3.3 Feb 15, 2008: ETP President To Retire 98 19.3.4 Jan 28, 2008: Newfield Signs Firm Transportation Agreements For Woodford Production 99 19.3.5 Dec 11, 2007: ETP Updates 2008 And 2009 Financial Guidance 100 19.3.6 Jun 11, 2007: ETP Co-CEO Retires 100 19.3.7 Mar 06, 2007: ETP Appoints New CFO 101 20 Appendix 102 20.1 Methodology 102 20.1.1 Coverage 102 20.1.2 Secondary Research 103 20.1.3 Primary Research 103 20.1.4 E&P Forecasts 104 20.1.5 Midstream Forecasts 106 20.1.6 Expert Panel Validation 106 20.2 Contact Us 107 20.3 About us107 20.4 Disclaimer 107 Executive Summary 1.2 List of Figures Figure 1: Energy Transfer Partners, L.P., Value Chain Analysis 25 Figure 2: Global Markets Direct Methodology 102

Companies Mentioned

The following companies are the major competitors of Energy Transfer Partners, L.P.: AmeriGas Partners L.P. Atmos Energy Corporation Boardwalk Pipeline Partners, LP DCP Midstream Partners, LP Enbridge Inc. Ferrellgas Partners L.P. Marathon Oil Corporation ONEOK, Inc. Regency Energy Partners LP Suburban Propane Partners, L.P. TC Pipelines, LP CenterPoint Energy Inc. Enterprise Products Partners L.P.