BUSINESS SESSION I• Welcome

• Energy Transfer UpdateBeth Hickey – Sr. Vice President, Interstate Pipelines

• Commercial UpdateJoey Colton – Sr. Director, Marketing & Optimization

• Interconnect UpdateJohn Reid – Sr. Director, Business Development

• Market ServicesBrad Holmes – Vice President, Market Services

2

IMPORTANT DISCLOSURESThis communication is based on information which Panhandle Eastern Pipe Line

Company, LP, Sea Robin Pipeline Company, LLC, Trunkline Gas Company, LLC and

Trunkline LNG Company, LLC (collectively, “Company”) believes is reliable. However,

Company does not represent or warrant its accuracy. The statements and opinions

expressed in this communication represent the views of Company as of the date of

this report. These statements and opinions may be subject to change without notice

and Company will not be responsible for any consequences associated with reliance

on any statement or opinion contained in this communication. Company disclaims any

intention or obligation to update any statements or opinions contained in this

communication. This communication is confidential and may not be reproduced in

whole or in part without prior written permission from Company.

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ENERGY TRANSFER UPDATE

Beth Hickey, Senior Vice President – Interstate Pipelines

ENERGY TRANSFER ASSETSETP Assets SXL Assets

Lone Star Express Pipeline

Development Projects

Lake Charles LNG

Rover Pipeline

Dakota Access Pipeline

Marcus Hook

Nederland

Eagle Point

Crude Conversion Pipeline

REGENCY MERGER

ETP AssetsRegency Assets Lone Star PipelineETP StorageETP Plant FacilityLake Charles LNGRegency Plant Lone Star Storage FacilityLone Star Fractionator

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REGENCY MERGER PEPL/Trunkline and Rover pipelines

are highly complementary to Regency’s asset position

Capitalize on ETP’s unique franchise and broad capabilities with SXL’s “Mariner East/West” franchise

Ability to replicate in this region:

- Integrated Midstream / NGL business model

- Existing Mariner South NGLs export model with SXL at Marcus Hook

ETP Assets

Regency Assets

SXL Assets

SXL Storage

SXL Inkster Cavern

Marcus Hook

Eagle Point

Marcellus

Utica

7

NEW ADDITIONS TO OUR INTERSTATE FAMILY

Midcontinent Express Pipeline• Placed in service in 2009• 500 miles; 1.4 Bcf/day capacity• Access to supply from the

Midcontinent region and the Barnett Shale

• Interconnects with multiple interstates (1)

• 50/50 joint venture between Energy Transfer and Kinder Morgan (operator)

Gulf States Transmission• 10 miles from East Texas processing

plants to just across the Louisiana border (interconnect with RIGS)

Perryville

(1) ANR, CenterPoint, Columbia Gulf, Destin, NGPL, Sonat, Tennessee, Texas Eastern, Texas Gas, Transco

Gulf States

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INTERSTATE COMMERCIAL TEAM

Beth HickeySenior Vice President

Market Services

Panhandle / Trunkline / Sea Robin

Marketing and Business

Development

Gas Control and Facility Planning

Transwestern / Tiger / FEP / Gulf States

Marketing and Business

Development

Gas Control and Facility Planning

Florida Gas Transmission

Marketing and Business

Development

Gas Control and Facility Planning

Regulatory Affairs

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COMMERCIAL UPDATE

Joey Colton, Senior Director – Commercial Marketing & Optimization

ROVER PIPELINE

Rover - New Build

Rover – Firm Capacity on Vector

Dawn

Rover is a new 3.25 Bcf/day interstate pipeline designed to transport from processing facilities in the prolific Marcellus and Utica Shale areas to market hubs that can reach Midwest, Gulf Coast, Canadian, and U.S. Northeast markets. 11

ROVER – SOUTHBOUND PATH

Trunkline Gas Panhandle Eastern Rover Pipeline

To Trunkline Zone 1A

Defiance to Trunkline

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ROVER SUPPLY ZONE CAPACITIES (MMCF/D)

Sherwood800

Seneca800

Clarington750

Majorsville400

Fox1,000

Cadiz1,250

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ROVER TIMELINE

For more information visit www.roverpipelinefacts.com

In Service to Market Zone

North

June 2017

In Service to Midwest Hub

December 2016

Construction Authorization Anticipated

1Qtr 2016

Anticipated Issuance of

FERC Certificate

November 2015 – January

2016

Filed FERC Certificate Application

February 2015

FERC Pre-Filing Request

July2014

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TRUNKLINE ABANDONMENT

Abandonment to be

Completed no Later than 12/31/2015

FERC Approved Implementation

Plan

TC Filed Implementation

Plan

January 2014

FERC Approved

Abandonment

November 2013

FERC issued EA

April2013

Initial FERC filing for

Abandonment

July2012

February2014

December2015

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LAKE CHARLES LNG

• Liquefaction transforms Lake Charles LNG into a bi-directional facility capable of importing and exporting LNG

• Second largest liquefaction facility planned in U.S. after Cheniere’sSabine Pass

• BG responsible for design, construction management, operations and off-take

– Will utilize ETP’s pipeline network to deliver gas to the facility– Minimum 25yr firm transportation contract

• DOE FTA & non-FTA approval conditionally granted• Final investment decision expected by 2016• Train 1: commissioning & start-up no later than Q2 2020• Trains 2 & 3: subsequent in-service at ~6 month intervals

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LAKE CHARLES LNGTIMELINE

Train 1 In-service

Anticipated Q1/Q2

2020

FID

Construction Anticipated to begin in 2016

2016

FERC Filing

March2014

PDA

October2013

DOE Non-FTA Approval

August2013

DOE FTA Approval

July2011

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WHAT’S NEXT?

Trunkline

Sea Robin

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INTERCONNECT UPDATE

John Reid, Senior Director – Business Development

PANHANDLE –NEW SUPPLY CONNECTIONS

More than 800 MMcf/d of recent supply additions with an additional 140 MMcf/d possible by 1st Quarter 2016

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PANHANDLETENAWAHAVEN PROCESSING PLANT

• 1.3 Bcf/day straddle plant - will process the entire gas stream going through PEPL’s Haven, Kansas compressor station

• Fully operational May 2015

Haven

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Interstate Pipeline AssetsPANHANDLE & TRUNKLINEMARKET AREA SUPPLY

Marcellus/Utica

TGC / REX

PEPL / REX

PEPL / TETCO

• TETCO Gas City (PEPL) – receipt capacity of 425,000 Dth/d; Q4 2015• REX Putnam (PEPL) – increase to 275,000 Dth/d; Q3 2015• REX Douglas (TGC) – increase to 275,000 Dth/d; Q3 2015

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TRUNKLINE –CREOLE TRAILS DELIVERY POINT

New 1 Bcf/d delivery meter

Trunkline

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MARKET SERVICES

Brad Holmes, Vice President – Market Services

INTERSTATE MARKET SERVICES TEAM

Brad HolmesVice President

Lindy DonohoContract Admin

Points

Capacity Release

NAESB

Richard MorenoPanhandle / Trunkline /

Sea Robin

Nominations

M+ Support

Accounting

Kathy WashingtonTranswestern / Tiger /

FEP/Gulf States

Customer ServiceNoms &

Scheduling

Accounting

Transfer Support

Cynthia RiversFlorida Gas

Transmission

Customer ServiceNoms &

Scheduling

Accounting

Transfer Support

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INTERSTATE SYSTEM MIGRATION

PEPLTGCSER

PEPL

TGC

SER

Gulf States

Rover

FGT

TW

Tiger

FEP

PEPLTGCSERGulf StatesRoverFGT

PEPLTGCSERGulf StatesRover

PEPLTGCSERGulf States

TransferFGTTWFEPTiger

TransferFGTTWFEPTiger

TransferFGTTWFEPTiger

TransferTWFEPTiger

2015 2016 2017 2018

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MESSENGER +

27

MESSENGER +

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FERC INITIATIVE ON GAS & ELECTRIC COORDINATION• In February 2012, FERC issued a notice (Docket AD12-12) for comment on

gas-electric interdependence

• Five regional technical conferences were held through the summer of 2012. The conferences explored scheduling and market structures; communications, coordination and information sharing; reliability concerns

• Regional conferences spurred further technical conferences in 2013:

– February 13th – Improving communications and data sharing

– April 25th – Gas and electric trading day differences and scheduling

– May 16th – RTO and ISO update on winter operations

• Communications NOPR (Docket RM13-17) – July 2013

– Provide authority for interstate pipes and utilities that transmit electricity to share non-public, operational information for the purpose of promoting reliable service or operational planning for either party

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FERC NOPR AND INITIATIVESIssued March 20, 2014

• RM14-2– Start of the Gas Day to 4:00 a.m.– Timely Nomination deadline to 1:00 p.m.– Two additional Intraday cycles– Multi party transportation contracts for aggregated firm service

• FPA Section 206– ISO’s and RTO’s must file to adjust the posting of day ahead energy market and reliability

unit commitments

• NGA Section 5 Show Cause– Interstate pipelines must make compliance filings by May 19th to revise their tariffs to

provide for the posting of offers to purchase capacity

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CURRENT NAESB NOMINATION AND SCHEDULING TIMELINE

Nomination Cycle

NominationDeadline (CCT)

Notification ofSchedule (CCT)

NominationEffective (CCT)

Bumping of Interruptible Transmission (IT)

Timely 11:30 a.m. 4:30 p.m. 9:00 a.m. Next Day N/A

Evening 6:00 p.m. 10:00 p.m. 9:00 a.m. Next Day Yes

Intra-Day 1 10:00 a.m. 2:00 p.m. 5:00 p.m. Current Day Yes

Intra-Day 2 5:00 p.m. 9:00 p.m. 9:00 p.m. Current Day No

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NAESB SCHEDULE GAS ELECTRIC HARMONIZATION (GEH) FORUM - 2014

• April 3rd - NAESB Board of Directors Meeting– GEH recommendations to change the annual plan and identify standards that would require changes to

support the Rule Making

• From April 4th to June 5th - GEH Forum Meetings

• June 4th – BOD review and vote on Alternative Consensus Proposal

• June 9th – Status report to FERC if no consensus is reached

• July 18th – Complete recommendation to support consensus standards

• August 22nd – WGQ review of recommendations

• September 29th – NAESB files Consensus Standards with FERC

• November 27th - Comments on NOPR Due At FERC32

NOMINATION AND SCHEDULING TIMELINE BY CONSENSUS AT NAESB

Nomination Cycle NominationDeadline (CCT)

Notification ofSchedule (CCT)

Bumping of Interruptible Transportation (IT)

Timely 1:00 p.m. 5:00 p.m. N/A

Evening 6:00 p.m. 9:00 p.m. Yes

Intra-Day 1 10:00 a.m. 1:00 p.m. Yes

Intra-Day 2 2:30 p.m. 5:30 p.m. Yes

Intra-Day 3 7:00 p.m. 10:00 p.m. No

No consensus was reached on the Start of the Gas Day33

ORDER 809 (Issued April 2015)

• Start of the Gas Day remains at 9:00 AM• Tariff records to be filed February 1, 2016• Implementation on April 1, 2016 34

QUESTIONS?

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BUSINESS SESSION II• Welcome

• Market OutlookShannon Spencer – Manager, Market Analysis

• Guest SpeakerMichelle Bloodworth – MISO, Executive Director, External Affairs

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MARKETUPDATE

Shannon Spencer, Manager – Market Analysis

MARKET SPECULATIONSBECOMING REALITY• Oil and gas supply boom: led to plummeting prices

– How have producers responded?

• Demand renaissance: still on the horizon but the view is clearer

• Pipeline re-plumbing: in service or underway

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0200400600800

1,0001,2001,4001,6001,800

Jan-

14

Feb-

14

Mar

-14

Apr

-14

May

-14

Jun-

14

Jul-1

4

Aug

-14

Sep

-14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

May

-15

U.S. Rig Count

Oil

Gas

Source: Baker Hughes

• Marcellus is up 3.3 Bcf/d from last April despite the lowest rig count in the play in four years

• Utica production increased 26% (Q414 vs. Q413)

• Oklahoma production up 0.5 Bcf/d in 2014

– averaged 6.3 Bcf/d in 2014, the highest since 1990

– Jan-Feb ‘15 averaging 0.5 Bcf/d higher than the same period last year

RIGS DROP BUT PRODUCTION MARCHES ON

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PRODUCER RESPONSES• Drilling but not producing (waiting on price or infrastructure)

• Refrac of existing wells

• Longer laterals

• Faster drilling times

• High grading

• Pad drilling

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SUPPLY READY TO REBOUND

Well backlog inventory has grown from 3,000 at the beginning of the year to nearly 5,400 now*

Baker Hughes estimates that up to 20% of new wells being drilled this year have not been completed

* As of April 2015. Per Wood Mackenzie

Draw-down of these uncompleted wells supports supply growth later this year and into next year…

Uncompleted well backlog by play

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SHORT-TERM PRODUCTION OUTLOOK

-

10

20

30

40

50

60

70

80

Northeast

Gulf of Mexico

Gulf Coast

Mid-Con

Permian

San Juan

Rockies/West

Source: Wood Mackenzie North American Gas Markets ST Outlook, April 2015 42

WE’RE NOT RUNNING OUT OF GAS ANYTIME SOON

Source: Potential Gas Committee, released April 8, 2015.EIA Proved Reserves latest update (2013): 333.8 Tcf. 43

OFFSHORE SUPPLY:OVER? DID YOU SAY OVER?

• Gulf of Mexico activity has been remarkably resilient with several new developments and more expected within the next 18 months

• Recent major developments:• Delta House (LLOG Exploration1/) in

Mississippi Canyon• First production on April 17th

• Estimated 350 Bcf of gas• Targeting peak rate of 154 MMcf/d by 2017

• Hadrian South (ExxonMobil2/) in KeathleyCanyon

• First production on March 30th

• Estimated 612 Bcf of gas• Targeting peak production of 300 MMcf/d by

2016

1/ Joint venture partner is Blackstone Energy Partners, co-owners are Ridgewood Energy, Red Willow Offshore, LLC, Calypso Exploration, LLC and Deep Gulf Energy II, LLC,2/ Petrobras and ENI have ownership interest. 44

WHAT ABOUT DEMAND?Power• MATS - went into effect April 16th

• Clean Power Plan - EPA to issue final rules this Summer

Industrial• Final Investment Decisions being made

• Dow Chemicals: “We’re putting $6 billion here in the U.S. Gulf Coast, betting that the gas advantage maintains for us to get a suitable return on that investment, which is into the next decade” 1/

• Raymond James: “we project a total of 6 Bcf/d in incremental demand over the 2014-2019 timeframe”. – Energy Stat of the Week, May 4, 2015

LNG• We are no longer years away, but months away

• Other projects are further along with contracting, FERC, DOE

1/ Doug May, Dow’s business president of olefins, aromatics, and alternatives, during the Kellogg School of Management Energy Conference at Northwestern University.

45

MEXICOPOWER AND PIPELINE GROWTH

• Mexico is in the midst of one of the largest pipeline construction periods in its history

• The country has dozens of new gas-fired power plants to support growth and replace fuel oil

• Sempra announced plans to make Costa Azul an export facility

46

MEXICOINDUSTRIAL GROWTH

• Major car manufacturers are moving assembly operations to Mexico• Production has doubled in the last five years• The country is currently the fourth largest exporter of cars and trucks and the 8th

largest producer• Cheap labor• Free Trade Agreements

• More than $20 billion in new investment as of mid-2014• Nissan has 21 million square foot factory• Announcements last year included BMW, Kia, Mercedes, Infiniti, Audi• Announced last month:

• Toyota - $1 billion to make Corollas in Central Mexico• Ford - $2.5 billion to expand existing plant and build another• Jaguar/Land Rover - considering a plant to build Land Rovers 47

MEXICOEXPORT FORECASTS

-

1

2

3

4

5

6

2014 2015 2016 2017 2018 2019 2020

Bcf

/day

US Net Exports to MexicoForecast Comparison

ICF

Simmons

WoodMac

EIA

Sources: North American Gas Markets Long-Term Outlook 2H14 (Wood Mackenzie), Annual Energy Outlook 2014 (EIA), Range Resource’s investor presentation (Simmons & Co.); FERC presentation (ICF).

Mexican exports are averaging 2.4 Bcf/d so far this year• 0.6 Bcf/d higher than the

first four months of 2014

Another 3 Bcf/d of pipeline exit capacity is coming online through 2017

Source: PointLogic

Consensus 2.5 – 3.5 Bcf/d (avg.) by 2016

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INFRASTRUCTURE• First wave of projects –

get out of the Northeast• Second wave of projects

– get to the export points

* Represents announced projects; does not include backhauls using existing capabilities

~25 Bcf/d* of exit capacity planned to the West or South

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THANK YOU!WE APPRECIATE YOUR BUSINESS.