Preferred Equity

Preferred Equity

NOTICE REGARDING EFFECTIVELY CONNECTED INCOME

The following serves as qualified notice to nominees as provided for under Treasury Regulation section 1.1446-4(b)(4) and (d):

Please note that 100 percent of Energy Transfer Operating, L.P.’s distributions (including distributions on Series A, B, C, D, E, F and G perpetual preferred units) to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer Operating, L.P.’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees, and not Energy Transfer Operating, L.P., are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors.

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