A presentation made by UCC's Student Managed Fund to members of Goodbody Stockbrokers recommending an investment in Enterprise Products Partners. (April 2017)

1. Shaun Devine – UCC SMF

2. Reasons to Buy
Competitive Strategy
Improving Macro Environment
Strong Financial Performance
High Dividend Payout
Analyst Sentiment

3. Competitive Strategy
• Midstream
• Diversified Assets
‒ Pipelines
‒ Storage
‒ Import & Export
• High Connectivity
• Limited commodity price
exposure

4. Improving Macro Environment
Supply Side
• 3rd Year of low
commodity prices
Demand Side
• Record NGL consumption
• Increase in demand from new
petrochemical facilities
• Increased natural gas exports
• Leads to operational leverage
€3.00
€3.10
€3.20
€3.30
€3.40
€3.50
€3.60
€3.70
€3.80
€48.00
€50.00
€52.00
€54.00
€56.00
€58.00
€60.00
€62.00
€64.00
2017 2018 2019 2020
Crude Oil
Natural Gas

5. Financial Performance
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
Net Profit Margin Return on Assets Return on Equity
Enterprise Products Partners
Energy Transfer Partners
Plains All American
Kinder Morgan

6. High Dividend Payout
$-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Dividend History of EPD
Dividend Yield
EPD 5.95%
Oil & Gas Average 1.96%

7. High Dividend Payout
• MLPs provide compelling value compared to
other income securities
7.04%
4.45% 4.26%
3.55%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
Midstream MLP REIT (RMZ) Midstream C-Corp Utility (UTY)
Median Current Dividend Yield

8. Analyst Sentiment
• Strong Bullish Sentiment
• Expected to outperform
16.99
15.5
10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
18.00
EPD Industry Average
EV/EBITDA
0
2
4
6
8
10
12
14
16
Buy Outperform Hold Underperform Sell
Analyst Recommendations

9. Analyst Sentiment

10. Conclusion
Reasons
to Buy
Macro
Environment
Strong
Performance
High
Dividend
Bullish
Analyst
Sentiment