Energy Transfer LP — Director's Dealing 2018

May 24, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Energy Transfer Equity, L.P. (ETE)
CIK: 0001276187
Period of Report: 2018-05-21

Reporting Person: MCREYNOLDS JOHN W (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-21	Common Units	C	122158	—	Acquired	630958	Direct
2018-05-21	Common Units	C	2056313	—	Acquired	12142593	Indirect
2018-05-21	Common Units	C	2955200	—	Acquired	17455608	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-21	Series A Convertible Preferred Units	$6.56	C	508800	Disposed		Common Units (122158)	Direct
2018-05-21	Series A Convertible Preferred Units	$6.56	C	8564710	Disposed		Common Units (2056313)	Indirect
2018-05-21	Series A Convertible Preferred Units	$6.56	C	12308645	Disposed		Common Units (2955200)	Indirect

Footnotes

F1: On May 21, 2018 (the "Conversion Date"), the Series A Convertible Preferred Units (the "Convertible Units") representing limited partner interests in Energy Transfer Equity, L.P. (the "Partnership") automatically converted into a number of common units representing limited partner interests in the Partnership ("common units") determined by dividing (a) the Conversion Value (as defined below) on the Conversion Date by (b) $6.56. On the date the Convertible Units were issued, the Conversion Value (as defined below) of each Convertible Unit was zero, and the Conversion Value increased each fiscal quarter since the issuance and prior to the Conversion Date in an amount equal to $0.285 less the cash distribution actually paid with respect to each Convertible Unit for such quarter. As of the Conversion Date, the conversion value of each Convertible Unit is $1.575 (the "Conversion Value").

F2: The reported securities are owned directly by a limited partnership of which Mr. McReynolds is the general partner. Mr. McReynolds disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.