SPECTRA ENERGY CORP | SPECTRA ENERGY PARTNERS

November 21, 2013

BoAML 2013 Global Energy Conference

Moving Ahead, Gaining Momentum BoAML 2013 Global Energy Conference | 2

Safe Harbor Statement

Some of the statements in this document concerning future company performance by Spectra Energy and Spectra Energy Partners will be forward-looking 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’s and Spectra Energy Partners’ annual reports on Form 10-K and other filings made with the SEC concerning factors that could cause those results to be different than contemplated in today's discussion.

Reg G Disclosure

In addition, today’s discussion includes 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 at spectraenergy.com and spectraenergypartners.com.

Moving Ahead, Gaining Momentum BoAML 2013 Global Energy Conference | 3

Our Strong Portfolio of Assets

Gas storage facility Gas processing plant Propane terminal NGL storage Shale gas formations Crude storage Major oil pipeline terminal

Natural Gas Transmission Pipe: 19,000 mi Natural Gas Storage Capacity: 300+ Bcf

Natural Gas Gathering Pipe: 68,000 mi Crude Transmission Pipe: 1,700 mi

NGL Transmission Pipe: 1,800 mi SE Gas Processing Capacity: 3.7 Bcf/d

3Q13 DCP Gathered and Processed: 6.6 Tbtu/d

3Q13 DCP NGLs Produced: 442 MBbl/d Distribution Pipe: 39,000 mi

Union Gas Retail Customers: 1.4 million

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NYSE: SE

Spectra Energy Asset Structure

Reporting Segment Assets in Segment

Spectra Energy Partners

NYSE: SEP

Gas Transportation & Storage • Algonquin Gas Transmission • Big Sandy Pipeline • Bobcat Gas Storage • East Tennessee Natural Gas • Market Hub Partners • Ozark Gas Transmission

• Saltville Gas Storage • Texas Eastern Transmission • Maritimes & Northeast, US (78%) • Gulfstream Natural Gas (50%) • Southeast Supply Header (50%) • Steckman Ridge (50%)

Liquids • Express-Platte Pipeline System • Southern Hills Pipeline (33%) • Sand Hills Pipeline (33%)

Distribution • Union Gas

Western Canada Transmission & Processing

• BC Pipeline • Gathering & Processing • Natural Gas Liquids • Maritimes & Northeast Canada (78%)

Field Services • DCP Midstream (50%) • DCP Midstream Partners NYSE: DPM

Moving Ahead, Gaining Momentum BoAML 2013 Global Energy Conference | 5

Momentum Driven by Growth Projects

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

$22

$24

$26

$28

1Q13 3Q13

~$6B

In execution*

Advanced development

Since 1Q13, achieved significant progress by placing into service or commercially securing half of $25+ billion in growth projects

• NJ-NY Expansion • DCP G&P • Express-Platte

acquisition • Sand Hills &

Southern Hills

• Sabal Trail • AIM • TEAM 2014 • Gulf Markets • OPEN • Dawn-Parkway • DCP G&P • Kingsport

• DCP and Western Canada G&P

• NEXUS • BC LNG

• Union Gas • Gulf Coast LNG • DCP and Western

Canada G&P • Renaissance

$25+B

~$7+B ~$8+B

~$10-11B ~$6B

~$5B

~$7B

*Note: More detailed project descriptions can be found in appendix

In service $3+B

On the horizon

Moving Ahead, Gaining Momentum BoAML 2013 Global Energy Conference | 6

Progress on Projects in Advanced Development

W. Canada G&P Ongoing Montney growth; longer term, LNG exports

drive G&P growth

BC - LNG Front-end engineering

and design phase underway; FID 2015-16

Express-Platte Broad range of

expansion opportunities under evaluation

Gulf Coast Several projects in

development related to LNG exports & industrial

infrastructure

NEXUS Working with partners

to move this cross-border project into execution

Moving Ahead, Gaining Momentum BoAML 2013 Global Energy Conference | 7

FIELD SERVICES

WESTERN CANADA

U.S. TRANSMISSION

DISTRIBUTION

CRUDE/LIQUIDS

Financial Flexibility to Efficiently Fund $25+ Billion in Growth Projects

$1+B ~$7B

~$10B $6B In Service In Execution Advanced Development On the Horizon

SE Financed SEP Financed DCP Financed

$2+B

Moving Ahead, Gaining Momentum BoAML 2013 Global Energy Conference | 8

~$6B Projects Placed In-Service

~$7B Projects Secured

~$20B MLP Structure In Place

We are Moving Ahead, Gaining Momentum

Building out our current slate of

secured projects and continued operational

excellence

Signing new customer contracts

for additional natural gas, NGL, & crude infrastructure

Realizing new opportunities

through the full utilization of our

financial structure

WHAT WE HAVE ALREADY ACCOMPLISHED IN 2013…

…ONGOING FOCUS ON VALUE CREATION BY: