Competitive Strengths

Enterprise's integrated network of midstream energy assets is well positioned to benefit from expected growth in both the production of and demand for natural gas, NGLs and crude oil. Our most significant competitive strengths are:

Large-Scale, Integrated Network of Diversified Assets in Strategic Locations

We operate an integrated natural gas and NGL transportation, fractionation, processing, storage and import/export network within the United States. Our operations are strategically located to serve the major supply basins for NGL-rich natural gas, the major NGL storage hubs in North America and international markets. We believe that our location in these markets provides better access to natural gas, NGL and petrochemical supply volumes, anticipated demand growth and business expansion opportunities.

Cash-Flow Stability Through Fee-Based Businesses and Balanced Asset Mix

Our cash flow is derived primarily from fee-based businesses which are not directly affected by volatility in energy commodity prices. As a result of our merger with GulfTerra Energy Partners, L.P., we have a more diversified asset portfolio that provides operating income from a broad range of sources. Prior to the merger, GulfTerra's historical operations generally benefited from strong or average hydrocarbon prices, while our historical operations generally benefited from stable or lower hydrocarbon prices. Following the merger, this relationship results in a natural hedge to natural gas prices that has provided greater cash flow stability.

Relationships with Major Oil, Natural Gas and Petrochemical Companies

We have long-term relationships with many of our suppliers and customers, and we believe that we will continue to benefit from these relationships. We jointly own facilities with many of our customers who either provide raw materials to, or consume the end products from, our facilities. These joint venture partners include major oil, natural gas and petrochemical companies, including BP, ConocoPhillips, ChevronTexaco, Dow Chemical, Duke Energy Field Services, El Paso Corporation, ExxonMobil, Marathon and Shell.

Strategic Platform for Continued Expansion

We have strong business positions across our midstream energy asset base in key producing and consuming regions in North America. In addition, we have a significant portfolio of organic growth opportunities to construct new facilities or expand existing assets. These projects include the recently announced Jonah Expansion, Piceance Basin Gas Processing and Wyoming Gas Processing projects in the Rocky Mountain region and the Independence Hub offshore platform and related Independence Trail pipeline in the Gulf of Mexico.

Lower Cost of Capital

We believe that our general partner's maximum incentive distribution level of 25% (as compared to 50% for many publicly traded master limited partnerships) combined with our investment grade credit ratings from Moody's Investors Service and Fitch Ratings provides us with a lower cost of capital than many of our competitors, enabling us to compete more effectively in acquiring assets and expanding our asset base.

Experienced Operator and Management Team

We have historically operated our largest natural gas processing and fractionation facilities and most of our pipelines. As the leading provider of NGL related services, we have established a reputation in the industry as a reliable and cost-effective operator. The officers of our general partner average more than 27 years of industry experience and have a proven track record of executing our growth strategy, which has led to increased cash distributions to our partners at a compound annual growth rate of 9% since our initial public offering in July 1998.

Interests Aligned with Public Partners

Approximately 25% of our employees participate in our voluntary employee unit purchase program by investing a portion of their payroll dollars in Enterprise's partnership units. Together, our senior management team and employees own approximately 36% of our outstanding partnership units. Our interests and goals continue to be closely aligned with those of our public partners.

	K-1 Information \| Forward-Looking Statements
Corporate Profile Business Profile Overview EPD by the Numbers Growth Strategy Competitive Strengths Safety Focus Safety Programs Safety Awards System Map History Management Webcasts News Releases	Competitive Strengths Enterprise's integrated network of midstream energy assets is well positioned to benefit from expected growth in both the production of and demand for natural gas, NGLs and crude oil. Our most significant competitive strengths are: Large-Scale, Integrated Network of Diversified Assets in Strategic Locations We operate an integrated natural gas and NGL transportation, fractionation, processing, storage and import/export network within the United States. Our operations are strategically located to serve the major supply basins for NGL-rich natural gas, the major NGL storage hubs in North America and international markets. We believe that our location in these markets provides better access to natural gas, NGL and petrochemical supply volumes, anticipated demand growth and business expansion opportunities. Cash-Flow Stability Through Fee-Based Businesses and Balanced Asset Mix Our cash flow is derived primarily from fee-based businesses which are not directly affected by volatility in energy commodity prices. As a result of our merger with GulfTerra Energy Partners, L.P., we have a more diversified asset portfolio that provides operating income from a broad range of sources. Prior to the merger, GulfTerra's historical operations generally benefited from strong or average hydrocarbon prices, while our historical operations generally benefited from stable or lower hydrocarbon prices. Following the merger, this relationship results in a natural hedge to natural gas prices that has provided greater cash flow stability. Relationships with Major Oil, Natural Gas and Petrochemical Companies We have long-term relationships with many of our suppliers and customers, and we believe that we will continue to benefit from these relationships. We jointly own facilities with many of our customers who either provide raw materials to, or consume the end products from, our facilities. These joint venture partners include major oil, natural gas and petrochemical companies, including BP, ConocoPhillips, ChevronTexaco, Dow Chemical, Duke Energy Field Services, El Paso Corporation, ExxonMobil, Marathon and Shell. Strategic Platform for Continued Expansion We have strong business positions across our midstream energy asset base in key producing and consuming regions in North America. In addition, we have a significant portfolio of organic growth opportunities to construct new facilities or expand existing assets. These projects include the recently announced Jonah Expansion, Piceance Basin Gas Processing and Wyoming Gas Processing projects in the Rocky Mountain region and the Independence Hub offshore platform and related Independence Trail pipeline in the Gulf of Mexico. Lower Cost of Capital We believe that our general partner's maximum incentive distribution level of 25% (as compared to 50% for many publicly traded master limited partnerships) combined with our investment grade credit ratings from Moody's Investors Service and Fitch Ratings provides us with a lower cost of capital than many of our competitors, enabling us to compete more effectively in acquiring assets and expanding our asset base. Experienced Operator and Management Team We have historically operated our largest natural gas processing and fractionation facilities and most of our pipelines. As the leading provider of NGL related services, we have established a reputation in the industry as a reliable and cost-effective operator. The officers of our general partner average more than 27 years of industry experience and have a proven track record of executing our growth strategy, which has led to increased cash distributions to our partners at a compound annual growth rate of 9% since our initial public offering in July 1998. Interests Aligned with Public Partners Approximately 25% of our employees participate in our voluntary employee unit purchase program by investing a portion of their payroll dollars in Enterprise's partnership units. Together, our senior management team and employees own approximately 36% of our outstanding partnership units. Our interests and goals continue to be closely aligned with those of our public partners.