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: MCCREA MARSHALL S III (Director, Group COO & CCO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-04-19	Common Units	J	1175848	$0.00	Disposed	1177570	Direct
2018-05-21	Common Units	C	267156	—	Acquired	1444726	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-21	Series A Convertible Preferred Units	$6.56	C	1112728	Disposed		Common Units (267156)	Direct

Footnotes

F1: Transfer of units to former spouse as a division of marital assets.

F2: The amount of Securities Beneficially Owned has been units adjusted to include units acquired through a distribution reinvest plan.

F3: 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").