Energy Transfer Partners LP (ETP)

[Juice Newton]

How to get 2.5% DRIP discount?

According to this page:

http://ir.energytransfer.com/phoenix.zhtml?c=106094&p=irol-drip

There is a 2.5% discount on units purchased through a DRIP. But, if you have shares in a regular brokerage account, even if you're enrolled in your broker's DRIP program, how would ETP get a discount to you?

I called my broker as instructed by the web page, but my broker had no clue. I then called American Stock Transfer and the person I spoke to really didn't know either. I couldn't believe it, but she didn't know and told me to contact my broker.

So, is the 2.5% discount somehow applied automatically through your broker? Is it merely reflected in the distribution? I just don't get it. How does ETP get a discount to you through your broker?