2014 NAPTP MLP Annual Investor Conference

May 21-22, 2014

Spectra Energy Partners Growth from a Position of Strength

2014 NAPTP MLP Annual Investor Conference| Growth from a position of strength

Safe Harbor Statement

Some of what we’ll discuss today concerning future company performance will

be forward-looking information within the meanings of the securities laws.

Actual results may materially differ from those discussed in these forward-

looking statements, and you should refer to the additional information

contained in Spectra Energy and Spectra Energy Partners’ Forms 10-K and other

filings made with the SEC concerning factors that could cause those results to

differ from those contemplated in today’s discussion. As this is a joint

presentation, the terms “we,” “our,” and “us” refer to Spectra Energy and/or

Spectra Energy Partners, as appropriate.

Reg G Disclosure

In addition, today’s discussion will include certain non-GAAP financial measures

as defined under SEC Regulation G. A reconciliation of those measures to the

most directly comparable GAAP measures is available on our websites.

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2014 NAPTP MLP Annual Investor Conference| Growth from a position of strength

Spectra Energy Partners: Overview

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2013 2014e 2015e 2016e

U.S. Transmission Liquids Other

Leading fee-based MLP in the U.S. with significant investment opportunities

$1,391 $1,485

Current Asset Profile

$1,665 $1,840

Ongoing EBITDA by Segment* ($MM)

* Spectra Energy Partners, LP stand-alone EBITDA includes allocated corporate costs from Spectra Energy and, as a non-taxpaying partnership, excludes the effect of the Deferred Tax Liability impact of AFUDC.

2014 NAPTP MLP Annual Investor Conference| Growth from a position of strength

U.S. Transmission: Quality, Fee-Based Business

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95% 93% 97% 98% 98% 98% 98%

0%

20%

40%

60%

80%

100%

Overall Total Texas Eastern Algonquin East Tenn SESH Gulfstream M&NE

2013 Usage and Other Revenue

2013 Reservation Revenue

Note: Based on Revenues for 12 months ended 12/31/13; Overall Total includes Texas Eastern, Gulfstream, Algonquin, East Tennessee, Southeast Supply Header, Ozark Gas Transmission, Big Sandy, and Maritimes & Northeast US

98% 2013 Texas Eastern & Algonquin contract

renewal rate

Core fee-based businesses provide reliable cash flows

U.S. Transmission Revenue Stability Percentage Reservation Revenue

Weighted Average

Contract Term (years)

9

7

7

8

8

16

18

2014 NAPTP MLP Annual Investor Conference| Growth from a position of strength

OPEN

TEAM 2014

Gulf Markets Expansion

TEAM South

U2GC

Sabal Trail

AIM

Salem Lateral

Kingsport

U.S. Transmission: Execution Projects

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Project (2) Est. CapEx

($MM) In-Service

TEAM 2014 500 4Q14

Kingsport 120 4Q13/1Q15

Sabal Trail 1,600(3) 1H17

AIM 1,000 2H16

Salem Lateral 60 1H16

OPEN 500 2H15

U2GC 60 2H15

Gulf Markets 150 2H16/1H17

TEAM South <50 4Q14

(1) Represents SEP EBITDA when fully in service; (2) Additional project data in the Appendix; (3) SEP’s expected portion

$4B in execution delivering $550MM in EBITDA(1) with greater than 10% ROCE

2014 NAPTP MLP Annual Investor Conference| Growth from a position of strength

NEXUS

Gulf LNG / Industrials

Exports to Mexico

Mid-Atlantic Expansions

Atlantic Bridge

Midwest Expansions

Southeast Expansions

New England Power Gen

U.S. Transmission: Development Projects

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Opportunity In Service

NEXUS 2017

Atlantic Bridge 2017

New England Power Gen 2017-2019

Gulf LNG / Industrials 2016-2020

Exports to Mexico 2015-2018

Midwest, Southeast, and Mid-Atlantic Expansions

2017-2019

Originating expansion projects from new areas of demand Diversity of supply for E. Canada drives need for NEXUS

Incremental New England capacity continues with Atlantic Bridge

Continued growth of U.S. gas-fired power generation

Gulf Coast representing 10+ Bcf/d of new industrial and export opportunities

$7B in development projects; $3B to be signed in 2014

2014 NAPTP MLP Annual Investor Conference| Growth from a position of strength

Liquids: Overview

An Exceptional Launch of Our Liquids Business

• Express-Platte acquired and integrated into Spectra Energy operations

– Successful open season for Express Pipeline

– Crude oil pipelines operating at or near capacity

– Financial results exceeding expectations

• Sand Hills and Southern Hills NGL pipelines placed in service ahead of schedule and below budget

• Safe and reliable operations from the start

• Pursuing multiple expansion opportunities

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Express-Platte Pipeline System

Southern Hills

Sand Hills

Hardisty

Casper

Wood River

Mont Belvieu

Conway

Guernsey

Express Pipeline

Platte Pipeline

Express-Platte acquisition has exceeded expectations on all counts – Sand Hills and Southern Hills in service and ramping up

2014 NAPTP MLP Annual Investor Conference| Growth from a position of strength

$130 $170

$200 $220

$40

$75 $85

0

50

100

150

200

250

300

350

2013 2014e 2015e 2016e

$210

$132

$275

$305

Liquids: Financial Growth Exceeding Expectations

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EBITDA more than doubles by 2016 with firm contracts & minimal capital investment

32% Total Liquids CAGR

Liquids EBITDA ($MM)

Express-Platte Pipeline System

Southern Hills Sand Hills

19% Express-Platte CAGR

2014 NAPTP MLP Annual Investor Conference| Growth from a position of strength

Liquids: Opportunities Abound

From a solid base, accessing growth opportunities across North America

Synergy Pipeline

Express-Platte Twinning

Inland California Express

Express-Platte System Expansions

Sand Hills Expansion

Southern Hills Expansion

Synergy Pipeline

Extending upstream from Hardisty to oil sands 2019

Express-Platte Twinning

Connecting oil sands & Bakken to Midwest & beyond 2020

Inland California Express (ICE)

Rail and pipe bringing low cost crude to California refiners 2016

Express-Platte Expansions

Cost effective optimization and expansion of pipe & terminals 2015

Sand Hills & Southern Hills Expansions

Continue planned build-out to further feed premium Gulf Coast NGL market

2015

Significant opportunities identified provide long-term double-digit growth

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2014 NAPTP MLP Annual Investor Conference| Growth from a position of strength

• Growth CapEx deployment at attractive returns well above cost of capital

• $4B growth projects in execution; in-service 2014-2017

• $11B+ of incremental fee-based growth projects under development with in-service 2016-2020

• Attractive, sustainable annual distribution growth of 8 - 9% through 2016

• Targeted distribution coverage = 1.05x - 1.15x

• Cash flows supported by a growing, diverse portfolio of fee-based earnings

Investor Value Creation

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Deliver solid distribution growth

Execute on growth plan

• Disciplined financial management and balance sheet flexibility provide competitive advantage

• Investment grade balance sheets

• SEP at-the-market program underway

$119 million issued through April 30th

Exercise prudent financial

management

Strong operational and financial results demonstrate our ability to: