Enbridge Energy Partners, L.P.

June 1-3, 2016

MLPA Investor Conference

Legal Notice

SLIDE 2

This presentation includes forward-looking statements and projections, which are statements that do not relate strictly to historical or current facts. These statements frequently use the following words, variations thereon or comparable terminology: “anticipate,” “believe,” “consider,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “forecast,” “intend,” “may,” “opportunity,” “plan,” “position,” “projection,” “should,” “strategy,” “target,” “will” and similar words. Although the Partnership believes that such forward-looking statements are reasonable based on currently available information, such statements involve risks, uncertainties and assumptions and are not guarantees of performance. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond the Partnership’s ability to control or predict. Specific factors that could cause actual results to differ from those in the forward-looking statements include: (1) changes in the demand for or the supply of, forecast data for, and price trends related to crude oil, liquid petroleum, natural gas and NGLs, including the rate of development of the Alberta Oil Sands; (2) the Partnership’s ability to successfully complete and finance expansion projects or drop-down opportunities; (3) the effects of competition, in particular, by other pipeline systems; (4) shut-downs or cutbacks at the Partnership’s facilities or refineries, petrochemical plants, utilities or other businesses for which the Partnership transports products or to whom the Partnership sells products; (5) hazards and operating risks that may not be covered fully by insurance, including those related to Line 6B and any additional fines and penalties assessed in connection with the crude oil release on that line; (6) changes in or challenges to the Partnership’s tariff rates; (7) changes in laws or regulations to which the Partnership is subject, including compliance with environmental and operational safety regulations that may increase costs of system integrity testing and maintenance; and (8) permitting at federal, state and local levels in regards to the construction of new assets.

“Enbridge” refers collectively to Enbridge Inc. and its subsidiaries other than the Partnership and its subsidiaries.

Forward-looking statements regarding “drop-down” growth opportunities from Enbridge are further qualified by the fact that Enbridge is under no obligation to offer to sell us interests in its U.S. projects, and we are under no obligation to buy any such interests. Similarly, any forward-looking statements regarding potential “drop-down” transactions of interests in Midcoast Operating to Midcoast Energy Partners, L.P. are further qualified by the fact that we are under no obligation to sell to Midcoast Energy Partners, L.P. any such interests, and Midcoast Energy Partners, L.P. is under no obligation to buy any such interests. As a result, we do not know when or if any such transactions will occur.

Except to the extent required by law, we assume no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Reference should also be made to the Partnership’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2015 and any subsequently filed Quarterly Report on Form 10-Q for additional factors that may affect results. These filings are available to the public over the Internet at the SEC’s web site (www.sec.gov) and at the Partnership’s web site.

$0

$50,000

$100,000

$150,000

$200,000

$250,000

EEP Total Shareholder return S&P 500 Utilities

Investment Highlights

SLIDE 3

~$16B* Enterprise Value

Large-Cap MLP

BBB, Baa3, BBB Strong Investment Grade &

Stable Outlook

(S&P, Moody’s, DBRS)

*Market capitalization and yield as of 5/20/16; **Return CAGR since inception to 4/29/2016 (nominal)

Pure-Play Liquids

Pipeline MLP Low-risk Growth Underway

Utility-like MLP Defensive cash flow

risk profile

Apr 2016 1991

Ticker Symbol NYSE: EEP

Market Capitalization* $10.6 Billion

Yield* 10.6%

Current Cash Distribution $2.332/unit annual

Total Unitholder Return

(CAGR since inception)** 11%

Incorporated 1991

Total Assets $18.8 Billion

Assets

• ~6,100 miles liquids pipelines

• ~20MM barrels merchant crude

storage

• 17 active natural gas processing

plants

Total Unitholder Return

Well Positioned for Current Environment

<5% of business cash flows subject to direct commodity exposure

Low-risk, reliable business model provides highly certain cash flows

>90% of Partnership cash flows from Liquids segment

>90% of revenues from investment grade customers

Long-term, low-risk

commercial structures in

core liquids pipelines

business

1Commodity sensitive gross margin forecast is before hedging; greater than 90% of 2016e commodity sensitive cash flows are hedged substantially above current market prices. 2EEP consolidated (including MEP) and net of Accounts Receivable purchased by affiliate of Enbridge.

SLIDE 4

Cost of Service/Take-or-Pay

Fee for Service Commodity sensitive1 Investment Grade Non-Investment Grade

Commercial Structures Counterparty Credit Profile2

Strong Western Canadian Supply Outlook and Demand for Pipeline Capacity

U.S. Mainline oversubscribed; Q1 2016 deliveries +15% vs. prior quarter

~800 kbpd oil sands supply growth through 2019

Basin short >500 kbpd pipeline capacity by 2021

0

0.5

1

1.5

2

2.5

3

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

Q12016

Lakehead Deliveries MMBPD

Oil Sands Growth Pipeline Capacity vs. WCSB Supply

SLIDE 5

CAPP Crude Oil Forecast, Markets and Transportation

(June 2015 Operating & In Construction)

Western Canadian Supply Profile vs. Crude Price

SLIDE 8

History demonstrates steady oil sands production growth in all price environments

kbpd $US/bbl

0

20

40

60

80

100

120

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000WCSB Production Enbridge Ex-Gretna Deliveries WTI Annual Avg ($US/bbl)

Sources: CAPP, Bloomberg

Our Strategy: Stability + Growth

SLIDE 7

The foundation for delivering sustainable growth

Strategic Position • Exceptional liquids pipeline infrastructure network

• Connectivity to large producing basins and key North American refining centers

Low-risk business model delivers stable cash flows • >90% of cash flows are backed by long-term cost-of-service, take-or-pay or fee-based

• Organic growth and drop-down potential further transition business to even lower risk

Robust Organic Growth • Liquids pipeline organic growth program underway

• Well positioned to secure additional low-cost, phased expansions

Premier MLP Sponsor: Enbridge Inc. • Industry-leading $26 billion secured organic growth program underway at ENB

• >$10 billion of U.S. Liquids Pipelines assets available for potential drop down

Competitive Advantages

• Refiners: Access to multiple crude streams

• Producers: Access to multiple premium markets

• Flexible system; low-cost provider

• Size and scale unmatched: 2.85 MMbpd Mainline capacity

Positioned for Long-Term Growth

• Direct connection to growing supply basins (Heavy & Light)

High quality customer base

ENB and EEP strategically aligned

Foundation for Delivering Sustainable Growth

SLIDE 8

Strategic position: Largest pipeline transporter of growing oil production from Western Canada and Bakken

Houston

Port Arthur

Cushing

Portland

Seattle

Wood River

Patoka

Flanagan Chicago Toledo

Sarnia

Toronto

Buffalo

Montreal

Superior Clearbrook

Gretna

Cromer

Regina

Hardisty Edmonton

Cheecham

Fort McMurray

Zama

Norman

Wells

Regional Oil Sands

Mainline System

North Dakota System

Lakehead System

Seaway

Line 9

ENB Liquids

Pipelines

EEP Liquids

Pipelines

EEP Contract

Storage

Mid-Continent System

Foundation for Delivering Sustainable Growth

SLIDE 9

Demand pull: pipeline system accesses 8.5 MMbpd of refining capacity

2015 Projects

EEP Project

ENB Project

Premier connectivity

to North American

refining centers

Expanded market access

Competitive

transportation

rates

Strong Demand for Pipeline Systems Key Markets Served by the Enbridge System

*Excludes NGLs

Source: Enbridge estimates and EIA data

2016e EBITDA (1)

Low-Risk Business Model Delivers Stable Cash Flows

SLIDE 10

Liquids pipeline business generates greater than 90% of Partnership’s distribution cash flow

• Hedging program largely mitigates commodity price risk

• Utility style regulatory model: ‘return-of’ and ‘return-on’

invested capital

• Highly predictable cash flows

- No volume and commodity price sensitivity

• Rate base comprised of equity and debt components

Liquids Segment

~85% of fee-based component

• Pipeline toll indexed to PPI + 2.65%(3)

• System highly utilized

Natural Gas Segment

~15% of fee-based component

Fee-Based

Cost of Service (Liquids Segment)

Commodity Sensitive(2) (Natural Gas Segment)

(1) Contribution is based on revenues from Liquids segment and gross margin from Natural Gas segment, after deducting non-controlling interest.

(2) Commodity sensitive gross margin forecast is before hedging; greater than 90% of 2016e commodity sensitive cash flows are hedged substantially above current market prices.

(3) FERC index annual adjustment of PPI + 1.23%. (prior index adjustment of PPI + 2.65% expiries June 30, 2016).

Liquids Pipelines Remaining Contract Life

SLIDE 11

Long-term, low-risk commercial structures underpin liquids pipeline revenues

0 10 20 30

Mainline Expansions

Eastern Access

Alberta Clipper

Southern Access

Lakehead System:

years years

North Dakota System: toll indexed to PPI + 2.65%(1)

Mid-Continent System: toll indexed to PPI + 2.65%(1)

years

(1) FERC index annual adjustment of PPI + 1.23%. (prior index adjustment of PPI + 2.65% expiries June 30, 2016).

(2) 30 year cost of service agreement, with 15 year initial term.

Lakehead base toll indexed to PPI + 2.65%(1)

Co

st-

of-

Serv

ice

F

ee

-ba

sed

(2)

Foundation for Delivering Sustainable Growth

SLIDE 12

Premier MLP Sponsor: Enbridge Inc. (ENB)

Note: Standard & Poor’s/Moody’s credit ratings respectively.

Market capitalization in USD as of 5/20/2016

ENB: A leader in energy delivery

• Owner and operator of largest crude oil pipeline

system

• ~$37 billion equity market cap

• Strong investment grade (BBB+, Baa2)

• Proven track record: industry leading EPS and

DPS growth

• 13% 10-year TSR CAGR

• 13% 10-year DPS CAGR

• 10% - 12% DPS growth forecast 2016-2019

• Strategy aligned with Partnership

• ~$26 billion enterprise-wide secured organic

growth program underway

Wind

Solar

Gas Distribution

Storage

Liquids Pipelines

Gas Pipelines

Three Pillars of Growth

SLIDE 13

Diversified growth platform

Drop-downs

from Sponsor

EEP

• Single-tier IDR structure

• Commercially secured organic growth

underway

• Low-cost, phased expansion

opportunities

• Strategic alignment with sponsor

Pillar #1: Market Access Well Advanced

SLIDE 14

Transformative low-risk organic growth expected to provide substantial cash flow growth

Organic Growth Projects:

• Commercially secured

• Low risk framework

• Long-term contracts

Incremental Market Access by 2017: +1.0MMbpd of Heavy; +0.7MMbpd of Light

Incremental Market Access by 2019:

+1.0MMbpd of Heavy

+0.7MMbpd of Light

Light

Heavy

+600 kbpd

+300 kbpd

+250 kbpd

+50 kbpd +250 kbpd

+50 kbpd

+50 kbpd

+80 kbpd

Eastern Access

Western USGC Access

Light Oil Market Access

Pillar #2: Expansion & Extension Opportunities

SLIDE 15

Well positioned to pursue additional expansions to meet shipper needs; phased expansions are attractive in a low crude price environment

1

2 3 4

1

2

1

2

2

3

Market Access Opportunities kbpd

1 Eastern Gulf Coast Access 350+

2 Flanagan South / Seaway Expansions 200

3 Line 9 Expansion 70

Ex-Superior Expansion Opportunities kbpd

1 Line 61 Twin 550+

2 SAX Expansion 150

Upstream of Superior Expansion Opportunities kbpd

1 Sandpiper Expansion/

Bakken Interconnect Idle 170

2 Line 2A/LSR Expansion 100

3 Line 2B/4 Capacity Recovery 150

4 Line 3 at 760 370

Pillar #3: Enbridge U.S. Liquids Pipelines Drop Down

SLIDE 16

Attractive, low-risk U.S. liquids pipeline assets available for potential drop down

Pipeline System Risk Profile

Eastern Access

Mainline Expansion

Line 3 Replacement

Southern Access Extension

Flanagan South

Seaway/Seaway Twin

Spearhead

Toledo

B A

B

A

C

D

E

F

D

E

F G

H

G

H

Cost-of-Service/Take-or-Pay

Indexed Toll (fee-based)

C

Crude Oil Fundamentals

and the Enbridge System

0

1,000

2,000

3,000

4,000

5,000

6,000

2015 2017 2019 2021 2023 2025

kbpd

Total Conventional Upgraded Light (Synthetic) Oil Sands Heavy CAPP O & C

WCSB Crude Supply Forecast

SLIDE 18

Western Canadian producers have a long-term investment horizon

Source: CAPP – Crude Oil Forecast, Markets and Pipelines (June 2015)

• Incremental economics of

projects in construction

• Long-term price views

• Synergies with existing

operations

• Cost reductions

• Integrated Operations

Pipeline Capacity vs. Supply Outlook

SLIDE 19

Strong demand for pipeline takeaway capacity out of Western Canada

Source: CAPP – Crude Oil Forecast, Markets and Pipelines (June 2015)

Regina Deliveries

Western Canadian Refineries

supply outlook

0

1

2

3

4

5

6

7

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

MMbpd

Enbridge

Regina Deliveries

Other Existing Pipelines

Western Canadian Refineries

CAPP 2015 CAPP 2015 Operating & Construction Only

“Kearl bitumen production averaged

203,000 barrels per day in the quarter (144,000 barrels Imperial’s share).

Production was up 137,000 barrels (97,000 barrels Imperial's share) from

the fourth quarter of 2014, and up 22,000 barrels (16,000 barrels

Imperial's share) from the third quarter of 2015. The increase was largely

due to continued strong performance from the expansion project and

optimization efforts at the combined Kearl operation”

Imperial Oil Q4 Earnings release Feb 2, 2016

“Production at Sunrise Energy Project is

increasing as expected, with recent peak gross volumes of more than

25,000 bbls/day compared to 13,000-14,000 in late October. The plan

provides for a steady and deliberate ramp up towards full capacity of

60,000 barrels per day around the end of 2016.”

Husky Energy 4th Quarter Results Release Feb 26, 2016

“ConocoPhillips safely delivered first oil at its Surmont 2 in-situ oil sands

facility in Canada. Production will ramp-up through 2017, adding

approximately 118,000 barrels per day gross capacity.”

ConocoPhillips News Release Sept 1, 2015

“The Fort Hills project remains on schedule with construction more than

50% complete at the end of the fourth quarter (2015).”

Suncor Energy Inc. 4th Quarter 2015 Results Feb 3, 2016

Bakken Crude Supply Forecast

SLIDE 20

Highly productive and economic resource base; pipeline access to market enhances producer netbacks

• ~75% of resource base in 4 core

counties (McKenzie, Dunn,

Mountrail and Williams)

• Highest productivity wells

• Most potential for future

drilling

• Core counties remain relatively

healthy, and operators remain

selective within the region

• Enbridge system provides access

to multiple premium markets

$-

$10

$20

$30

$40

$50

$60

McKenzie Dunn Mountrail Williams

US

D/b

bl

Estimated Breakeven in Core Counties (based on IRR of 10%)

24-month WTI USD/bbl Source: Enbridge estimates and North Dakota DMR data

Bakken Crude Supply vs. Takeaway Capacity

Local refinery

Enbridge pipelines

3rd Party Pipelines

Rail

0

500

1000

1500

2000

2500

3000

3500

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

kb

pd

North Dakota Pipeline Authority (NDPA) Base Crude Oil Production Forecast (February 2016)

$/bbl Other

Pipelines

Enbridge

System

WCSB to Chicago Area ~$15 - $21 ~$5 - $6 ~$4

WCSB to Western USGC ~$15 - $22 ~$8 - $13 ~$7 -$11

Bakken to Chicago Area ~$10 - $12 - ~$3 - $4

Bakken to Montreal ~$12 - $14 - ~$5 - $8

Strong Competitive Position

SLIDE 21

Enbridge system is a reliable, low cost crude oil transportation provider with access to premium markets

WCSB

Western USGC

Montreal

Bakken

Chicago

Heavy

Light

Rail

Transport

SLIDE 22

Matching Supply Push and Demand Pull

Production growth with limited

alternative takeaway capacity ❶

CAPACITY

(kbpd)

Mainline Connected Refineries 1,900

Mainline Connected Markets (Pipeline Access) 1,575

Total 3,475

Strong demand from refineries

and connected markets❸

EEP Lakehead System

matches supply and demand 2

Liquids Pipelines Organic

Growth Underway

Bakken Expansion – Sandpiper Pipeline

SLIDE 24

EEP pipeline takeaway will reach 580,000 bpd with next phase of expansion

Total Secured Capital =

$2.6 B

• Sandpiper is expandable by 170

kbpd through horsepower upgrades

• Low risk framework

(ship-or-pay/cost-of-service)

• Marathon Petroleum is anchor

shipper

• Sandpiper provides access to

premium PADD II market

Scope 600 mile, 24”/30” pipeline

Capacity ~225 kbpd/375kbpd

Target

In-Service Early 2019

Marathon

Funding

37.5% of construction for

~27% equity interest in EEP

ND system

Line 3 Replacement

SLIDE 25

Enbridge system operating capacity from Western Canada increases to 2.85 MMbpd; project provides high reliability and assurance to key markets

EEP Capital Investment

• Border to Superior ~$2.6 billion capital

• To be joint funded with ENB

Expected Completion:

• Early 2019

30 year Cost-of-Service

• 15 year primary term

Shipper Support (CAPP/RSG)

Sandpiper and Line 3 Replacement Projects

MPUC Regulatory Timeline Clarified

• Certificate of Need/Route Permit processes rejoined

• EIS to precede evidentiary phase; EIS process underway

• Expected in-service early 2019

SLIDE 26

Early 2019 in-service; reduced near-term capital requirements

Line 3

Sandpiper

Financial Outlook

and Risk Management

Funding Outlook

Manageable funding needs

• Significantly reduced 2016 capital expenditures, ~$920MM

• Based on liquidity position and combined with current equity valuation, do not expect to access equity market in 2016

Joint Funding with sponsor enhances financial flexibility

• Line 3 Replacement project joint-funding levels being reviewed and not yet determined

Credit metrics and distribution coverage strengthen as projects enter service

• Cost of service and take-or-pay structures to deliver highly certain cash flow growth

Maintaining investment grade rating remains a priority

SLIDE 28

Delivering Prudent Growth

SLIDE 29

Manageable funding outlook; joint funding with sponsor enhances financial flexibility

(1) Eastern Access and Mainline Expansion Liquids projects to be jointly funded 75% by ENB and 25% by EEP. Sandpiper construction to be funded 37.5% by Marathon Petroleum Corp. (2) Joint funding with Enbridge assumes estimated 50% funding by Enbridge for U.S. component of Line 3 Replacement project and 50% estimated funding by EEP. Participation levels under consideration

by Independent Special Committee and have not been determined.

Liquids Pipelines(1)

($mm)

Growth

Capital

Net Capital

EEP

Target

In-Service

Risk Profile

Eastern Access

30 Year Cost of Service

• No Volume Risk

• No Capital Risk

Line 6B Expansion

+ Tankage $310 $78 Mid-2016

US Mainline Expansion

Line 61

(additional tankage) $380 $95 3Q15-3Q16

Line 61

(expansion to 1.2 MMbpd) $485 $121 Early 2019

Line 3 Replacement $2,600 $1,300 Early 2019

Sandpiper Pipeline $2,600 $1,625 Early 2019 Long-term Ship-or-Pay

$6,375 $3,219

($mm)

Liquids Pipeline(1)

Growth

Capital

Net Capital

EEP

Target

In-Service Risk Profile

Eastern Access

• 30 year Cost of

Service

• No Volume Risk

• No Capital Risk

Line 6B Expansion + tankage $310 $78 Mid - 2016

US Mainline Expansion

Line 61 (additional tankage) $380 $95 3Q15-3Q16

Line 61 (expansion to 1.2 MMbpd) $485 $121 Early 2019

Line 3 Replacement (2) $2,600 $1,300 Early 2019

Sandpiper Pipeline $2,600 $1,625 Early 2019 Long-term Ship-or -

Pay/Cost of Service

$6,375 $3,219

Natural Gas Segment

SLIDE 30

Large-scale G&P assets along US Gulf Coast with access to multiple drilling formations

*Based on EEP 2016 forecasted adjusted EBITDA

Note: EEP owns a 48.4% interest in Midcoast Operating, L.P.

Key Assets

Natural Gas Deliveries ~2.0 bcf/d

Gathering and Transportation Pipelines 10,900 miles

Active Natural Gas Processing Plants 17

Active Natural Gas Treating Plants 5

Texas Express NGL system 35% JV interest

EEP 2016e Segment EBITDA*

Natural Gas

Liquids

Strong Counterparty Credit Profile

SLIDE 31

Major liquids pipeline systems underpinned by strong, investment grade customers

EEP Customer Credit Quality (1)

(1) EEP consolidated (including MEP) and net of Accounts Receivable purchased by

affiliate of Enbridge Inc.

MAINLINE TOP 10 SHIPPERS

Shipper 1: Integrated AA+/Aaa

Shipper 2: Integrated A-/A3

Shipper 3: Refiner BBB/Baa2

Shipper 4: Integrated A-/Baa1

Shipper 5: Refiner BBB/Baa2

Shipper 6: Refiner AA-/A1

Shipper 7: Integrated A+/Aa2

Shipper 8: Midstream BBB/Baa2

Shipper 9: Refiner Credit enhancement to investment grade

Shipper 10: Refiner Credit enhancement to investment grade

Investment Grade Non-Investment Grade

Priority One – Focus on Safety & Operational Reliability

SLIDE 32

Operational Risk Management Program

• State-of-the art Liquids

Pipelines control center

• Most extensive

maintenance, integrity and

inspection program in the

history of the North

American pipeline industry

Key Takeaways

SLIDE 33

Business model attractive in all market conditions

Strategic position • Connectivity to large producing basins and key North American refining centers

• Expanded market access underpins strong system utilization outlook

Well positioned for current environment • Defensive and low-risk business model; strong counterparty risk profile

Manageable funding needs • Maintaining investment grade credit rating remains a priority

• EEP exploring strategic alternatives for its investments in Midcoast Operating and MEP

Diversified growth platform • Sustainable growth outlook: organic growth + ‘bolt-on’ expansion opportunities + drop-down

potential from sponsor

• Long-term distribution growth target of 2 to 5%, once major projects enter service

Premier MLP sponsor • Enbridge Inc. strategically aligned with the Partnership

Appendix

Enbridge Energy Partners, L.P.

Investment Community Presentation

May 2016

Corporate Structure

SLIDE 35

Corporate structure as of May 13, 2016

48.4% LP interest

46% LP

interest

2% GP interest (indirect)

52% LP interest

44% LP

interest

Public

Unitholders

88% of

listed shares

Public

Unitholders

2% GP interest (indirect)

38% LP interest (indirect)

Enbridge Inc.

(NYSE: ENB)

(Baa2 / BBB+)

Enbridge Energy Management,

L.L.C.

(NYSE: EEQ)

16% LP

interest (I-units)

12% of listed shares

(indirect)

100% voting interest

(indirect)

Enbridge Energy Partners, L.P.

(NYSE: EEP)

(Baa3 / BBB)

51.6% LP

interest

Midcoast Operating, L.P.

“Midcoast Operating”

Midcoast Energy Partners, L.P.

(NYSE: MEP)

Public

Unitholders

Enbridge Inc. owns

~42% of EEP

0.001 GP interest

(indirect)

Capital and Investment Expenditures

SLIDE 36

Sufficient liquidity to fund base capital program; not expecting to access equity market in 2016

2016 CAPITAL AND INVESTMENT EXPENDITURES

($ millions)

Eastern Access1 50

US Mainline Expansions1 70

Sandpiper1 80

Line 3 Replacement 180

Liquids Integrity 270

Liquids Other Growth Enhancements 190

Natural Gas Growth Projects2 20

Maintenance Capital Expenditures2 60

Total Capital Expenditures 920

Eastern Access call option exercise 360

Line 3 Replacement joint funding scenario3 (~350)

Capital and Investment Expenditures +/- 920

646

87

0

250

500

750

1,000

3/31/2016

Credit Facilities Cash

$733

Available Liquidity ($ millions)

1 Eastern Access and US Mainline Expansion capital expenditures are forecasted net of joint funding, with assumed Enbridge 75% funding. Sandpiper capital expenditures are forecasted net of 37.5% joint funding from Marathon Petroleum Corp. The joint funding by Enbridge

is based on the respective economic interest in the Eastern Access and Mainline Expansions project series and do not take into account the temporary adjustment to distributions and contributions pursuant to Amendment of OLP limited partnership agreement. 2 Represents EEP’s share of Natural Gas capital expenditures of Midcoast Operating, L.P., (“MOLP”) which will be proportionately funded between EEP and Midcoast Energy Partners, L.P. (“MEP”). Forecast reflects current base 48.4% funding by EEP and 51.6% by MEP. 3 The Line 3 Replacement project participation level with Enbridge is under consideration by an Independent Committee of the Board of Directors and no decision has yet been reached. This amount reflects one possible scenario and represents the approximate dollars that

would be remitted to EEP by Enbridge as the capital contribution of Enbridge for an economic interest in the jointly funded project.

Preferred Unit Restructuring

SLIDE 37

Enhances Partnership’s financing flexibility

Term

Prior Restructured

Principle Rate $1.2 Billion/ 7.5% Unchanged

Distribution Becomes Cash Paying Q3 2015 Q3 2018

Accumulated Deferred Distribution Becomes

Payable

Earlier of unit redemption

date or May 2018

Q1 2019

(Payment beginning May 2019) Amortize equally over 12 quarters

Rate Reset Date May 8, 2018

UST 5 Yr +620 bp

June 30, 2020

(same terms)

Conversion Option Date to Class A After June 1, 2016 After June 1, 2018

North American Crude Oil Pricing Differentials

SLIDE 38

Enbridge is the low cost transportation provider and we will continue to grow our pipeline systems

Heavy Crude

Light Crude

$41*

$51

$52*

$50

$42* 1 –May 25, 2016 pricing (Crude Prices: USD/bbl)

* represents landed price.

Pacific Alberta Light

WCS

Bakken Light

WTI

Maya

Brent

$49

$49

$48

$38

LLS

$48*

ANS

Differentials

Current (1)

WCS – Maya (4)

WCS – West Coast Heavy (3)

Alberta Light – WTI (1)

Alberta Light – Brent* (4)

Bakken – LLS (2)

Bakken – ANS 1

Bakken Infrastructure

SLIDE 39

Largest pipeline transporter of crude oil from the Bakken region to premium markets

*Marathon Petroleum Corp. will fund 37.5% of Project Sandpiper cost and assume a ~27% equity interest in the

EEP North Dakota system, once the project enters service. Sandpiper target in-service date of early 2019.

Regulatory Tolling Framework

SLIDE 40

(1) Can revert to Cost of Service tolling governed by the FERC by demonstrating substantial divergence between costs and rates. (2) NEB base is the annually published NEB Multi-Pipeline rate of Return FERC Index = + 1.23%. (prior index adjustment of PPI + 2.65% expiries June 30, 2016).

System Regulatory Methodology

Lakehead System Base Toll Toll Indexed to PPI + 2.65%

Southern Access Cost of Service at 9% ROE; 55% equity, 45% debt rate base + Tax Allowance

Alberta Clipper Cost of Service at NEB basic(2) + 2.25% ROE; 55% equity; 45% debt rate base

+ Tax Allowance

Facilities Surcharge

Mechanism (FSM)

Cost of Service at 11.5% ROE; 55% equity, 45% debt rate base + Tax Allowance

• Includes Eastern Access and Mainline Expansion projects

North Dakota Toll Indexed to PPI + 2.65% (Fall back is cost of service(1))

Phase V-VI Expansion Cost of Service

Mid-Continent Toll Indexed to PPI + 2.65% (Fall back is cost of service(1))

Contract – based for storage

Major Canadian and US Crude Oil Pipeline and Refineries

SLIDE 41

Alternative Ways to Invest in our MLP

SLIDE 42

Tax Considerations

* Form 1099 issued for tax year during which shares are disposed.

Ticker Symbol: EEQ (NYSE) EEP (NYSE)

Allocated Taxable Income No Yes

Mutual Fund Limitations No Yes

Unrelated Business Income Tax No Yes

Schedule K-1 No Yes

Form 1099 Yes* No

State Filing Obligations No Yes