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Enable Midstream Partners, LP MLPA 2016 Investor Conference June 3, 2016

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Enable Midstream Partners, LP

MLPA 2016 Investor Conference

June 3, 2016

Forward-looking Statements

This presentation and the oral statements made in connection herewith may contain “forward-looking statements” within

the meaning of the securities laws. All statements, other than statements of historical fact, regarding Enable Midstream

Partners’ (“Enable”) strategy, future operations, financial position, estimated revenues, projected costs, prospects, plans

and objectives of management are forward-looking statements. These statements often include the words “could,”

“believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “forecast” and similar expressions and are intended to

identify forward-looking statements, although not all forward-looking statements contain such identifying words. These

forward-looking statements are based on Enable’s current expectations and assumptions about future events and are

based on currently available information as to the outcome and timing of future events. Enable assumes no obligation to

and does not intend to update any forward-looking statements included herein. When considering forward-looking

statements, which include statements regarding future commodity prices, future capital expenditures and our financial

and operational outlook for 2016, among others, you should keep in mind the risk factors and other cautionary

statements described under the heading “Risk Factors” and elsewhere in our SEC filings. Enable cautions you that these

forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many

of which are beyond its control, incident to the ownership, operation and development of natural gas and crude oil

infrastructure assets. These risks include, but are not limited to, contract renewal risk, commodity price risk,

environmental risks, operating risks, regulatory changes and the other risks described under “Risk Factors” and

elsewhere in our SEC filings. Should one or more of these risks or uncertainties occur, or should underlying assumptions

prove incorrect, Enable’s actual results and plans could differ materially from those expressed in any forward-looking

statements.

2

Forward-Looking Non-GAAP Financial Measures

3

Enable has included forward-looking non-GAAP financial measures Adjusted EBITDA and Distributable Cash Flow in this

presentation. These non-GAAP financial measures are derived by excluding and including certain amounts, expense or

income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts

that are excluded or included from these non-GAAP financial measures is a matter of management judgment and depends

upon, among other factors, the use of derivative contacts to manage Enable's commodity and financial market risks.

Enable is unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial

measures to their most directly comparable forward-looking GAAP financial measures because Enable cannot reliably

predict the future natural gas, NGL and crude oil prices at which these derivative contracts will transact. Historically, Enable

has computed Adjusted EBITDA and Distributable Cash Flow as follows, and such computations may occur in future periods

and could be significant in amount.

• Adjusted EBITDA is computed by adding depreciation and amortization expense, interest expense, net of interest income,

income tax expense, distributions from equity method affiliates, non-cash equity based compensation and other non-cash

losses to net income attributable to common and subordinated units while subtracting other non-cash gains and equity in

earnings of equity method affiliates from net income attributable to common and subordinated units

• Distributable Cash Flow is computed by subtracting adjustment for Series A Preferred Unit distribution, net, adjusted

interest expense, net, maintenance capital expenditures and current income taxes from Adjusted EBITDA

Enable Midstream Highlights

High-Quality Assets In Strategic Locations With Strong Customer Relationships

► Assets are located in some of most prominent natural gas and crude oil plays in the country

► High degree of interconnectivity between assets and end markets with long-term demand growth

► Long-term relationships with large-cap producers and utilities, many of whom are investment grade

Strong Financial Position

► Favorable contract structure with significant fee-based and demand-fee gross margin

► Lower leverage than many peers

► $1.03 billion of available revolving credit facility and no near-term debt maturities1

► Continue to prioritize leverage and coverage ratios while remaining financially disciplined

4

Bradley Processing Complex

1. As of March 31, 2016

Interconnected and Diverse Assets Strategically

Located in Ten States

5

Note: Map as of May 18, 2016

► Enable provides operating

reach and scale with

complementary capabilities

managing gas gathering

and processing services,

intrastate and interstate

transmission and storage

for customers in the Mid-

Continent region and crude

oil gathering services in

the Bakken

► Enable’s assets are well-

positioned to support the

long-term supply and

demand dynamics in the

Mid-Continent and

Southeast regions

Enable’s Gathering and Processing (G&P) and Transportation and Storage (T&S) Assets

Producers Remain Active on Enable’s Anadarko

Basin Footprint

6

1. As of May 24, 2016

2. Rig count in graph is as of the end of each reporting quarter; as of May 24, 2016 there were 22 active rigs contractually dedicated to Enable’s gathering and

processing system in the SCOOP and STACK plays

3. Source: Bentek Energy: Oil & Gas Production Monitor - May 2016

4. IRR’s based on half cycle economics and assume 12-month forward average WTI of $36.52-$48.56/Bbl, natural gas of $1.77-$2.69/Mcf and Mt. Belvieu

NGLs of $18.98-$22.75/Bbl

► Total of 22 rigs are currently drilling wells that are contractually dedicated to Enable in

the Anadarko basin1

► 8 rigs in the SCOOP

► 14 rigs in the Cana Woodford / STACK

► Rig count on Enable’s SCOOP and STACK footprint has remained stable during a

challenged commodity environment

► The SCOOP and STACK plays have been recognized as two of the top plays in the

country by producers, analysts and investors

26

21

16

22 24

1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016

Active Rigs on Enable’s SCOOP/STACK Footprint2 Top 5 Producer IRRs by Play3,4

19.5% 18.5% 15.3% 14.6% 13.7%

PermianDelaware

STACK Bakken EagleFord Oil

SCOOP

Strategically Positioned to Capitalize on Producer

Growth in the Anadarko Basin

7

Enable’s Super-Header Processing System

► Enable’s super-header processing

system interconnects 8 of Enable’s 10

natural gas processing plants serving

the Anadarko basin and has over 1.45

Bcf/d of inlet processing capacity1

► The super-header processing system is

uniquely positioned to serve the

prominent SCOOP and STACK plays

and allows Enable to:

► Optimize economics of its natural

gas processing

► Be highly-responsive to customer

needs

► Efficiently phase in new production

► Bradley II, a 200 MMcf/d cryogenic

processing plant, will be fully operational

in Q2-16 and will provide additional

capacity on the super-header processing

system to support the growth out of the

SCOOP and STACK plays

Note: Rig data per Drillinginfo as of May 12, 2016 and Enable assets on map are as of May 18, 2016

1. As of December 31, 2015

Ark-La-Tex and Arkoma G&P Assets Provide Stable

Gross Margin and Can Support Additional Growth

8

► Enable’s Ark-La-Tex and Arkoma gathering and processing contracts are primarily fee-based

contracts supported by minimum volume commitment and guaranteed return features

► The Haynesville Shale is well-positioned to serve demand growth from LNG exports and power

generation markets

► Four rigs are currently drilling wells that are contractually dedicated to Enable in the Ark-La-Tex

basin1

Ark-La-Tex System Map

System Highlights

Arkoma System Map

Note: Maps as of May 18, 20161. As of May 24, 2016

Crude Gathering Systems in the Williston Basin

9

► Enable’s first crude gathering system,

the Bear Den system, was fully

operational in the first quarter of 2015

and has recently operated in excess of

its contracted commitments

► The Nesson system commenced

operations in the second quarter of

2015, where volumes continue to grow

across the system and additional

infrastructure is expected to be placed

into service as activity warrants

► Enable continues to connect new wells

onto its crude gathering systems,

driving five consecutive quarters of

increased crude gathered volumes

► In the first quarter of 2016, Enable

averaged 28.85 MBbl/d on its crude

gathering systems1

System Map System Highlights

Note: Map as May 18, 20161. As of March 31, 2016

Interconnectivity of T&S Pipelines Provides Supply

Optionality and Flexibility for Expansions

10

► Enable Oklahoma Intrastate

Transmission (EOIT),

Mississippi River

Transmission (MRT) and

Southeast Supply Header

(SESH) all have significant

interconnectivity with Enable

Gas Transmission (EGT)

► Shippers have the ability to

access almost every major

consuming market east of

the Mississippi River

through Perryville Hub and

associated trading points

► Well-situated to facilitate

natural gas demand growth

in the Mid-Continent and

Southeast regions

Enable’s Interstate and Intrastate Pipeline System

EGT

• 5,900 miles

• 6.5 Bcf/d capacity

• 29.5 Bcf storage

capacity

MRT

• 1,700 miles

• 1.9 Bcf/d capacity

• 31.5 Bcf storage

capacity

SESH

• 50% JV with

Spectra Energy

Partners, LP

• 290 miles

• 1.0 Bcf/d capacity

Note: EOIT, EGT and SESH pipeline miles as of March 31, 2016; all other pipeline miles, pipeline and storage capacity and pipeline throughput as of December 31, 2015; map as of May 18, 2016

Intrastate EOIT

• 2,200 miles

• 2.1 Bcf/d peak

throughput

• 24.0 Bcf storage

capacity

EGT

EOIT

Perryville Hub

11

► Interconnects natural gas supply from the

Anadarko and Arkoma basins to Enable’s

EGT system and 12 other third-party

natural gas pipelines for a total of 67

interconnect points1

► Connected to significant end-user

customers, including 14 natural gas-fired

electric generation facilities1

► Major customers include OG&E,

Enable’s affiliate, and Public Service

Company of Oklahoma (PSO), an

affiliate of AEP

► Functions as a delivery system for

Enable’s super-header processing system

and is well-positioned to serve new

transportation needs for producers in the

SCOOP, STACK, Cana Woodford,

Mississippi Lime and Greater Granite

Wash plays

► Complementary to interstate growth

projects into Texas

EOIT Pipeline Map Pipeline Highlights

Note: Map as of May 18, 20161. As of December 31, 2015

EOIT Pipeline System Connects Supply and

Demand in Oklahoma

12

Supply Forecast1

2.9 6.1

8.1

2015 2020 2025

Anadarko

4.6 8.8 10.3

2015 2020 2025

Haynesville

Enable’s assets are strategically located in basins with over 10 Bcf/d of natural gas supply growth

and are positioned well to serve markets with over 10 Bcf/d of natural gas demand growth

Note: Enable assets on map are as of May 18, 20161. Source: Wood Mackenzie – North American gas markets long-term outlook (Fall 2015)2. Anadarko computations include Cana Woodford, Granite Wash, SCOOP, STACK and Other Mid-Con horizontal plays3. All Other Basins computations include all North American basins less the Anadarko and Haynesville basins4. Source: ICF International – April 20165. Texas & South Central represents ICF’s West South Central region which corresponds to the natural gas demand in Texas, Oklahoma, Arkansas and

Louisiana, excluding LNG Exports and Mexico Exports

17.8 18.2 19.2

2015 2020 2025

Texas & South Central

2.6 5.0 6.0

2015 2020 2025

Exports to Mexico

0.0

6.4 9.2

2015 2020 2025

Gulf Coast LNG Exports

Demand Forecast4

Bcf/dBcf/d

39.5 65.4

78.2

2015 2020 2025

All Other Basins

LNG Exports

+9.2 Bcf/d

Texas & South

Central

+1.4 Bcf/d

Mexico

+3.4 Bcf/dEagle Ford

Natural Gas Supply and Demand Outlook

Anadarko

Marcellus/Utica

Ha

yn

es

vil

le

2

3

5

61%

24%

11%

4%

Firm/MVC Fee-based Other Fee-based

Commodity-based Hedged Commodity-based Unhedged

4.10x

3.81x

Dec. 31, 2015 Mar. 31, 2016

$450

$250

$500 $600 $550

$1,750

2016 2017 2018 2019 2020 2024 2044

Term Loan Facility

EOIT Sr. Unsecured Notes

ENBL Sr. Unsecured Notes

Revolving Credit Facility

13

2016 Fee-Based Gross Margin Profile1,3

No near-

term debt

maturities

through

2017

Debt Maturity Schedule Leverage Ratio4,5

► Improved leverage ratio as a result of:

► Equity credit assigned to the Series A Preferred units

issued in first quarter of 2016

► Higher quarterly Adjusted EBITDA results

► Enable’s 2016 gross margin profile is expected

to be approximately 96% fee-based or hedged1

► Certain gathering and processing contracts

have provisions to protect against low

commodity price environments and volume

decreases

► Enable has a strong leverage profile supported

by a low leverage ratio, $1.03 billion of available

liquidity2 and no near-term debt maturities

1. Gross margin profile represents Q2-16 through Q4-16

2. As of March 31, 2016; available liquidity calculated as Revolving Credit Facility of $1.75B less principal advances of $715MM less $3MM in letters of credit

3. Percentages in pie charts based on Gross Margin contribution

4. Calculated as Debt/LTM Adj. EBITDA; Enable’s LTM Adj. EBITDA is $809 million

5. In Q4-15, the calculation of Adjusted EBITDA was changed to account for non-cash equity based compensation expense to be consistent with industry

peers; historical Adjusted EBITDA reflects the calculation change

6. Assumes 100% equity credit for the Series A Preferred Units

$ in millions *

* Term Loan includes option to request two, one-year extensions which could move

the maturity to 2020

6

Commentary

Favorable Contract Structures and Credit Profile

Well-Positioned For Current and Future Markets

14

► Enable continues to prioritize leverage and coverage ratios and does not need

to access the capital markets to meet its 2016 objectives

► Enable remains financially disciplined, focusing on managing costs and

deploying capital efficiently

► Enable is anchored by interconnected and diverse assets that are strategically

positioned to support the long-term supply and demand dynamics in and around

its footprint

► Enable’s super-header processing system is uniquely positioned to capture

supply growth out of the prominent SCOOP and STACK plays and

interconnects with Enable’s intrastate and interstate pipelines to meet end-

user demand

► 2016 gross margin profile is expected to be approximately 96% fee-based or

hedged1, with a significant portion of gross margin from the firm, fee-based

contracts in the Transportation and Storage segment

1. Gross margin profile represents Q2-16 through Q4-16

Question and AnswerQuestions

15

Question and AnswerAppendix

16

$ in millions 2016 Financial and Operational Outlook

Natural Gas Gathered Volumes (TBtu/d) 3.1 – 3.5

Natural Gas Processed Volumes (TBtu/d) 1.9 – 2.1

Crude Oil – Gathered Volumes (MBbl/d) 26.0 – 30.0

Net Income Attributable to Common and Subordinated Unit Holders $240 – $310

Adjusted EBITDA $780 – $840

Preferred Equity Distributions1 $32

Adjusted Interest Expense, net2 $110 – $120

Maintenance Capital $105 – $125

Distributable Cash Flow $535 – $565

Targeted Coverage Ratio 1.0x or greater

Interest Expense (GAAP) $100 – $110

2016 Financial, Operational and Capital Outlook

17

1. Outlook includes the fourth quarter 2016 distribution that will be paid in first quarter 20172. The difference between “Interest expense” and “Adjusted interest expense, net” is due to adjustments for the premium

amortization on EOIT’s Fixed Rate Senior notes, amortization of deferred charges and adjustments for Capitalized Interest on Expansion Capital

► Enable Midstream’s 2016 outlook as of May 4, 2016, is shown in the tables below:

$ in millions 2016 Capital Outlook

Gathering Pipeline, Compression and Related Capital ~$300

Processing Plants ~$50

Transportation and Storage Organic Growth, incl. EGT Expansion Project ~$25

Total Capital ~$375

Commodity Assumptions

18

► Enable Midstream’s 2016 outlook as of May 4, 2016 is based on the following price assumptions:

► Commodity sensitivities, including the impact of hedges:

► A 10% increase or decrease in natural gas and ethane prices together from forecasted levels would

have a minimal impact to Adjusted EBITDA for 2016 due to Enable’s hedged positions and

processing contracts with fee-based floors

► A 10% increase or decrease in NGL (excluding ethane) and condensate prices from forecasted

levels would result in an increase or decrease of approximately $3 million in Adjusted EBITDA for

2016

*Natural gas liquids composite based on assumed composition of 45%, 30%, 10%, 5%, and 10% for ethane, propane, normal

butane, isobutane and natural gasoline, respectively

2016 Outlook

Natural Gas – Henry Hub ($/MMBtu) $2.05 – $2.35

NGLs - Mont Belvieu, Texas ($/gal)* $0.30 – $0.34

NGLs - Conway, Kansas ($/gal)* $0.28 – $0.32

Crude Oil – WTI ($/Bbl) $33.00 – $37.00

Hedging Summary1

19

2016 4

2017

Natural Gas2

Exposure Hedged (%) 79% 38%

Average Hedge Price ($/MMBtu) 2.64$ 2.58$

Crude3

Exposure Hedged (%) 78% 29%

Average Hedge Price ($/Bbl) 57.70$ 45.66$

Propane

Exposure Hedged (%) 74% 27%

Average Hedge Price ($/gal) 0.45$ 0.44$

1. Percentage hedged includes hedges executed through April 22, 2016

2. Excludes basis not matched with NYMEX and natural gas shrink associated with ethane spread positions

3. Enable hedges net condensate/natural gasoline exposure with crude

4. Percentage hedged for 2016 reflects April-December hedges only

Note: Table includes hedges and commodity exposures associated with equity volumes resulting from

Enable's Gathering, Processing and Transportation businesses.

Commodity