spectra presentation 13

Citi ’s 2013 MLP / Midstream Infrastructure Conference

August 21-22, 2013

Las Vegas, Nevada

Spectra Energy Partners: Moving Ahead, Building Value

Spectra Energy Partners |

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Safe Harbor Statement

Some of the statements in this document concerning future company

performance 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 Partners’ 10-K and other filings made

with the SEC concerning factors that could cause actual results to be different

than those 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 on Spectra Energy

Partners’ Investor Relations website at www.spectraenergypartners.com.

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Business Overview

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Growth-Oriented Master Limited Partnership

• Interstate pipelines & storage

• Fee-based, stable cash flow business

• No direct commodity exposure

• Acquisition of all remaining U.S. transmission, storage, and liquids assets from Spectra Energy by year-end diversifies the portfolio

• Estimated 9% annual distribution growth through 2015

Our Strategy for Growth

• Strategic 3rd party acquisitions

• Organic growth

• Drop-downs


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NYSE: SEP

• East Tennessee Natural Gas

• Ozark Gas Transmission

• Big Sandy Pipeline

• Saltville Gas Storage

Spectra Energy Partners’ Asset Structure

Gas Transportation

& Storage

Equity Investments

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• Express-Platte Pipeline System (50% Interest)

• Gulfstream Natural Gas System (49% Interest)

• Maritimes & Northeast US (38.76% Interest)

• Market Hub Partners Storage (50% Interest)


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Express-Platte Pipeline System Drop-down

Drop-down of 50% of Express-Platte closed August 2

• $410 million in cash (Includes the effect of customary closing purchase price adjustments)

• $319 million in newly issued units to the general partner

• $129 million in acquired Express-Platte debt

Enhances SEP’s profile of steady, fee-based cash flows

• Fee-based revenues with annual rate escalators and no direct commodity price exposure

• Expands SEP’s reach into the Western U.S. & Canadian crude oil supply regions and Midwest markets and refiners

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Express Platte

Size: 785 mile, 24” pipe 932 mile, 20” pipe

Nameplate Capacity:

Hardisty, Alberta – Casper, WY 280,000 Bbl/d

Casper, WY – Guernsey WY 164,000 Bbl/d Guernsey, WY – Wood River, IL 145,000 Bbl/d

Current Utilization: 80% 100%

Storage Capacity: 1.4 MMBbl, 10 tanks 3.4 MMBbl, 34 tanks

Supplies Accessed: Alberta Alberta, Bakken, Niobrara

Markets Served: Rockies / PADD 4 Midwest / PADD 2

Express-Platte Pipeline System

Hardisty

Casper

Wood River

Guernsey

Express Pipeline

Platte Pipeline


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Drop-down of Spectra Energy’s Remaining U.S. Transmission, Storage & Liquids Assets

• Definitive Agreement signed August 5th – expected close by year-end

• Transforms SEP into one of the largest fee-based MLPs in the U.S.

• Expands SEP’s profile of steady, fee-based cash flows with an outstanding portfolio of natural gas, storage and liquids transportation revenues

• Accelerates drop-down of crude oil and NGL pipeline assets

• Future growth through 2020 with ~$8 billion in organic growth opportunities

• Estimated 9% annual distribution growth through 2015

Expected 3 cent per unit increase in the quarterly distribution to be paid in 1Q14

Expected 1 cent per unit quarterly increases thereafter

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Transaction Overview

Total Consideration

SEP units: • 172 million LP units • 3.5 million GP units

Cash: $2.2 billion from SEP debt issuance – will be used to pay down SE debt

Debt: $2.5 billion existing asset level debt assumed by SEP

2014e Incremental EBITDA:

$1.2 billion

EBITDA Multiple: 9.3x assuming trailing 10-day VWAP from June 11 drop-down announcement ($36.12/share)

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Assets Included in the Drop-down

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Natural Gas Transmission & Storage

• Texas Eastern Transmission (100%)

• Algonquin Gas Transmission (100%)

• An additional 38.77% of Maritimes & Northeast Pipeline, L.L.C. (M&N US), for a total of 77.5%

• An additional 1% of Gulfstream Natural Gas System , for a total of 50%

• 50% of Southeast Supply Header (~25% by year-end; remaining 25% one year later)

• Bobcat Gas Storage (100%)

• The remaining 50% of Market Hub Partners, for a total of 100%

• 50% of Steckman Ridge

Liquids

• The remaining 50% of Express-Platte Pipeline System, for a total of 100%

• SE’s 33.3% interest in Sand Hills Pipeline

• SE’s 33.3% interest in Southern Hills Pipeline


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Spectra Energy Partners: Pro Forma Financial Profile

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Spectra Energy Partners:

2014e EBITDA: ~$1.48 billion

2014e maintenance capex: ~$300 million

2014e interest expense: ~$250 million

2014e CAD: ~$900 million

Distribution growth:

• One time $0.03 increase paid in 1Q14

• $0.01/quarter increase thereafter

• ~9% CAGR, 2013 - 2015

Targeted distribution coverage: 1.05x – 1.15x

Expected credit rating: Investment grade

Spectra Energy’s ownership of SEP on closing:

~84%, including 2% GP interest

$2.02

$2.25 $2.41

0.00

0.25

0.50

0.75

1.00

1.25

1.50

1.75

2.00

2.25

2.50

2013e 2014e 2015e

SEP Distributions as Paid ($/unit)

+11%


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~$20B SEP Enterprise Value

Enhancing Value for SEP Investors

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Premier asset footprint provides competitive advantage & springboard to growth

Including Sabal Trail (Florida), OPEN, AIM & Kingsport projects

SEP investors will continue to benefit from distribution growth as well as attractive returns

Solid base businesses

Our Value Proposition continues to create value for SEP investors:

~$1.5B Unit price

appreciation since 3Q12

~$8B Organic growth

opportunities through 2020

9% Distribution

growth CAGR

Significant growth opportunities

Track record of consistent and growing quarterly distributions

Strong distribution growth

23 Consecutive quarterly distribution increases

Download the IR App:

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Appendix A: Spectra Energy’s U.S. Transmission, Storage & Liquids Assets & Growth Opportunities


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Assets included in Drop-down

% Included

Pipeline Miles / Storage

Capacity Natural Gas Transmission & Storage

Texas Eastern 100% 9,000 / 75 Bcf

Algonquin 100% 1,126

Maritimes & Northeast US 38.77% 338

Southeast Supply Header 50% 286

Gulfstream 1% 745

Bobcat Storage 100% 14 Bcf

Market Hub Partners 50% 51 Bcf

Steckman Ridge 50% 12 Bcf

Liquids

Express-Platte System 50% 1,717 /

4.8 MMBbl

Southern Hills 33.3% 800

Sand Hills 33.3% 720

Asset Overview SE’s U.S. Transmission, Storage & Liquids Assets

Note: Drop-down of Spectra Energy’s U.S. transmission, storage & liquids assets is expected to close by year-end

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FP&L’s Florida Pipeline Project

Sabal Trail Transmission

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Gulfstream Central Florida Hub

SESH

• Spectra Energy selected by FP&L in a highly competitive RFP process

• Major natural gas pipeline to fuel growth in the Southeast

– 465-mile, 1 Bcf/d, greenfield pipeline in Alabama, Georgia & Florida

– Joint venture with NextEra

– Creates new Central Florida Hub which interconnects with Gulfstream

• Provides multiple options to access shale gas supplies

465 miles of greenfield pipe

Texas Eastern

Sabal Trail Transmission

Cap Ex: ~$3.0B (100% of project)

In Service: 1H17

Contracts: FP&L, 25 years Additional contracts expected from other third parties


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Ohio Pipeline Energy Network

OPEN Project

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• Linking emerging supplies from the Utica and Marcellus shales to markets from the Northeast to the Gulf Coast region

– 73 mile greenfield pipeline in Ohio, connecting to Texas Eastern

– Provides 550 MMcf/d to customers in Ohio and the Gulf Coast

• Demonstrates flexibility of Texas Eastern’s strategically located footprint to respond to changing market dynamics

Cap Ex: $500 MM

In Service: 2H15

Contracts: 2 anchor shippers including Chesapeake Energy Marketing, 15 years


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Algonquin Incremental Market Expansion

AIM Project

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• Moving Marcellus supplies along the Algonquin system to constrained, high demand New England market

– Expansion of existing system with added take up, relay and horsepower

– Providing more than 300 MMcf/d of additional capacity

Cap Ex: $850 MM

In Service: 2H16

Contracts: UIL Holdings, 15 years

Northeast Utilities, 15 years

National Grid, 15 years


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Kingsport Projects

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Purpose: Provides additional firm transportation

capacity to support supply diversity for Eastman Chemical Company’s power generation facility in Kingsport, Tennessee

Project Scope: 25 Mmcf/d of firm capacity – in-service: 4Q13

61 Mmcf/d of firm capacity – in-service: 1Q15

CapEx: $120 MM

Customers: Eastman Chemical Company (25 years)

Project Status: Executed precedent agreement Jan 2013

Expect FERC filing Aug 2013

Facilities: Replacing 5.8 miles of 8” pipe with 24” pipe

on East Tennessee

5.4 miles of new pipeline loop and 4.1 miles of new 16” pipeline expansion

Various Glade Spring station modifications


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Liquids - Southern Hills and Sand Hills Pipelines

• Provides Permian and Eagle Ford shippers with NGL transportation service to Gulf Coast markets

• Provides Mid-Continent shippers NGL transportation service to Mont Belvieu market

• ~350 MBpd of capacity, expansion to 525 MBpd

• Ownership — Joint ownership among DCP, SE

and PSX

• Sand Hills — In-service Jun 2013

• Southern Hills — In-service Jun 2013

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Southern Hills Pipeline

Conway

Mont Belvieu

Gas processing plant

Shale gas formations

Under construction

Sand Hills Pipeline


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Appendix B: Financial and Other Information


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Revenue Profile Six months ended June 30, 2013

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(1) Includes revenues at 100% from East Tennessee, Saltville, Ozark and Big Sandy

Six Months Ended June 30, 2013

($ MM, unaudited) Revenues @ 100%

SEP Ownership%

SEP Share of Revenues

Spectra Energy Partners(1) $ 117.8 100% $ 117.8

Gulfstream Natural Gas Pipeline $ 136.0 49% $ 66.6

Market Hub Partners - Storage $ 49.0 50% $ 24.5

M&N Pipeline US $ 83.0 38.76% $ 32.2

Total $ 241.1

SEP Gas Transportation and Storage(1)

Gulfstream Natural Gas

Pipeline (49% Interest)

MHP Storage (50% Int.)

M&N Pipeline US

(38.76% interest)


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2Q13 Earnings Summary

($MM) 2Q13 2Q12

YTD

2Q13

YTD

2Q12

Operating Revenues $ 56.9 $ 58.7 $ 117.8 $ 120.6

Operating Expenses 30.7 27.6 58.5 56.4

Operating Income 26.2 31.1 59.3 64.2

Equity Earnings 30.3 23.8 61.0 51.2

Interest Income and Other 0.5 0.1 0.7 0.1

Interest Expense 7.4 7.7 15.0 15.4

Earnings Before Income Taxes $ 49.6 $ 47.3 $ 106.0 $ 100.1

Income Tax Expense 0.3 0.4 0.8 0.8

Net Income $ 49.3 $ 46.9 $ 105.2 $ 99.3

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2Q13 Cash Available for Distribution

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YTD YTD

($MM) 2Q13 2Q12 2Q13 2Q12

Adjusted EBITDA $ 35.7 $ 40.4 $ 78.2 $ 82.8

ADD:

Cash available from equity investments

Gulfstream – 49% 19.8 18.9 39.3 38.5

Market Hub Partners – 50% 6.9 10.5 17.2 24.0

M&N US – 38.76%(1) 6.4 – 16.1 –

LESS:

Interest expense (net) 7.4 7.7 15.0 15.4

Maintenance capital expenditures 5.9 9.2 7.5 10.9

Other (0.1) (0.2) (0.2) (0.3)

Cash Available for Distribution $ 55.6 $ 53.1 $ 128.5 $ 119.3

(1) M&N US results reflect the 38.76% acquisition as of October 31, 2012


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Financial Position

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• Investment grade credit ratings

– S&P (BBB), Fitch (BBB), Moody’s (Baa3)

Debt Balance $ 1.0 billion

Debt / EBITDA(1) 3.1x

Interest Coverage(2) 10.8x

Available Liquidity $ 378 million

Other Investments(3) $ 320 million

Credit Metrics Summary (6/30/13)

(1) Calculated in accordance with the SEP Credit Agreement. (2) Interest coverage shown for informational purposes only, as metric is not a financial covenant in the

SEP Credit Agreement. Calculated using EBITDA as defined in the SEP Credit Agreement. (3) Includes portion of the net proceeds from equity issuance in November 2012 which will be used to

fund capital expenditures and acquisitions.


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Debt and Available Liquidity

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Spectra Energy Partners ($MM, unaudited) June 30, 2013 December 31, 2012

Commercial Paper $ 324 $ 336

MHP Demand Note(1) 16 17

East Tennessee Notes Payable (3.1%; matures 2024) 200 200

Unsecured 5 year Note (2.95%; matures 2016) 250 250

Unsecured 10 year Note (4.60%; matures 2021) 250 250

Total Debt $ 1,040 $ 1,053

Credit Facility Capacity ($700MM; LIBOR+117 bps; matures 2016) $ 700 $ 700

– Credit Facility Drawings – –

– Commercial Paper 324 336

– MHP Demand Note(1) 16 17

+Cash and Cash Equivalents 18 20

Available Liquidity $ 378 $ 367

Other Investments(2) $ 320 $ 141

(1) “MHP Demand Note” is reported as “Note Payable – Affiliates” in the Consolidated Balance Sheets. (2) Includes portion of the net proceeds from equity issuances in November 2012 and April 2013 which may only be used to fund capital expenditures and acquisitions


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Gulfstream Debt

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(1) Gulfstream is accounted for on the equity method of accounting, as such its debt is not consolidated on the SEP balance sheet.

Gulfstream Natural Gas System, LLC Debt (1)

June 30, 2013

100% 49%

Unsecured 15 year note (5.56%; due 2015) $ 500 $ 245

Unsecured 25 year note (6.19%; due 2025) 350 172

Unsecured 7 year note (6.95%; due 2016) 300 147

Total Debt $1,150 $ 564

($ MM, unaudited)


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M&N US Debt

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(1) M&N US is accounted for on the equity method of accounting, as such its debt is not consolidated on the SEP balance sheet. (2) M&N US amortizing debt payments will be a reduction to 2nd & 4th quarter 2013 cash available for distribution and is reflected in SEP’s

2013 Outlook.

Maritimes & Northeast Pipeline, LLC Debt(1)

June 30, 2013

100% 38.76%

Unsecured 5 year notes (7.5%; due 2014) $ 420 $ 163

Total Debt $ 420 $ 163

($ MM, unaudited)

Maritimes & Northeast Pipeline, LLC Payments(2)

2013 Amortizing Debt Payments

100% 38.76%

2nd Quarter 2013 $ 8.8 $ 3.4

4th Quarter 2013 8.8 3.4

Total Amortization Debt Payments $ 17.6 $ 6.8


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Proportional Asset Level Debt to be Dropped to SEP

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As of 6/30/13

$ Drop ($MM) Rate Maturity

Algonquin Gas Transmission $350 3.5% 2024

Texas Eastern Transmission, LP

$400 6.0% 2017

$300 4.1% 2020

$500 2.8% 2022

$450 7.0% 2032

Express-Platte Pipeline $49.5 6.1% 2020

$49.5 7.4% 2013-2017

Maritimes & Northeast Pipeline LP $162.9 7.5% 2013-2014

Total Debt – On Balance Sheet $2,261.9

Southeast Supply Header $187.5 4.9% 2014

Gulfstream

$5 5.6% 2015

$3.5 6.2% 2015

$3 7.0% 2016

Total Debt – Off Balance Sheet $199

Total Debt $2,460.9

Spectra Energy Partners, LP Non-GAAP Reconciliation for SEC Regulation G EBITDA The materials included for Spectra Energy Partners include discussions of adjusted Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA), a non-GAAP financial measure. The most directly comparable GAAP measure for adjusted EBITDA, on a historical basis, is net income plus, as applicable, interest expense, income taxes, and depreciation and amortization, less equity in earnings of Gulfstream, Market Hub Partners and M&N US, interest income, and other income and expenses. The most directly comparable GAAP measure for EBITDA, for both an incremental and a projected 2014 basis after giving effect to the completion of the dropdown of Spectra Energy’s remaining U.S. transmission, storage and liquids assets to Spectra Energy Partners, is net income plus net interest expense and depreciation and amortization. CAD The materials included for Spectra Energy Partners include discussions of cash available for distribution (CAD), a non-GAAP financial measure. The most directly comparable GAAP measure for CAD, on a historical basis, is adjusted EBITDA plus CAD for Gulfstream, Market Hub and M&N US, and net preliminary project costs, less interest expense, cash paid for income taxes, maintenance capital expenditures, excluding the impact of reimbursable projects, and other non-cash items affecting net income. CAD for Gulfstream and Market Hub is defined on a consistent basis with Spectra Energy Partners. CAD for M&N US includes an adjustment for amortizing bond prepayments. The most directly comparable GAAP measure for CAD, for a projected 2014 basis after giving effect to the completion of the dropdown of Spectra Energy’s remaining U.S. transmission, storage and liquids assets to Spectra Energy Partners, is net income plus net interest expense, depreciation and amortization, and distributions from unconsolidated affiliates, net of equity earnings, less interest expense, maintenance capital expenditures, other income and expenses, and net income attributable to noncontrolling interest.

Spectra Energy PartnersReconciliation of Non-GAAP "Adjusted EBITDA" and "Cash Available for Distribution" (Unaudited)(In millions)

2013 2012 2013 2012

Net income 49.3$ 46.9$ 105.2$ 99.3$ Add:

Interest expense 7.4 7.7 15.0 15.4 Income tax expense 0.3 0.4 0.8 0.8 Depreciation and amortization 9.5 9.3 18.9 18.6

Less:Equity in earnings of Gulfstream 16.9 14.5 32.2 29.8 Equity in earnings of Market Hub 6.4 9.3 15.1 21.4 Equity in earnings of M&N US 7.0 - 13.7 - Interest income 0.3 - 0.4 - Other income and expenses, net 0.2 0.1 0.3 0.1

Adjusted EBITDA 35.7 40.4 78.2 82.8 Add:

Cash Available for Distribution from Gulfstream 19.8 18.9 39.3 38.5 Cash Available for Distribution from Market Hub 6.9 10.5 17.2 24.0 Cash Available for Distribution from M&N US 6.4 - 16.1 - Preliminary project costs, net - - - -

Less:Interest expense 7.4 7.7 15.0 15.4 Cash paid for income tax expense - - - - Maintenance capital expenditures 5.9 9.2 7.5 10.9 Other (0.1) (0.2) (0.2) (0.3)

Cash Available for Distribution 55.6$ 53.1$ 128.5$ 119.3$

Three Months Ended Six Months EndedJune 30, June 30,

Gulfstream

(Unaudited)(In millions)

2013 2012 2013 2012

Net income 34.6$ 29.6$ 65.8$ 60.8$ Add: Interest expense 17.6 17.7 35.1 35.2 Depreciation and amortization 9.0 8.9 17.9 17.8 Adjusted EBITDA - 100% 61.2 56.2 118.8 113.8 Add:

Preliminary project costs, net (2.9) 0.1 (2.5) 0.4 Less: Interest expense 17.6 17.7 35.1 35.2 Maintenance capital expenditures 0.1 0.2 0.9 0.5 Cash Available for Distribution - 100% 40.6$ 38.4$ 80.3$ 78.5$

Adjusted EBITDA - 49.0% 30.0$ 27.6$ 58.2$ 55.8$ Cash Available for Distribution - 49.0% 19.8$ 18.9$ 39.3$ 38.5$

Reconciliation of Non-GAAP "Adjusted EBITDA" and "Cash Available for Distribution"


Market Hub


2013 2012 2013 2012

Net income 12.6$ 18.7$ 30.1$ 42.9$ Add: Interest expense (benefit) - - - (0.1) Income tax expense - (0.1) 0.1 - Depreciation and amortization 2.9 2.9 5.8 5.7 Less:

Interest income - 0.1 - 0.1 Other income and expenses, net 0.4 - 0.4 - Adjusted EBITDA - 100% 15.1 21.4 35.6 48.4 Less: Interest expense (benefit) - - - (0.1) Cash paid for income tax expense - - - - Maintenance capital expenditures 1.3 0.4 1.3 0.5 Cash Available for Distribution - 100% 13.8$ 21.0$ 34.3$ 48.0$

Adjusted EBITDA - 50% 7.5$ 10.7$ 17.8$ 24.2$ Cash Available for Distribution - 50% 6.9$ 10.5$ 17.2$ 24.0$



Maritimes & Northeast Pipeline


2013 2012(a) 2013 2012(a)

Net income 18.2$ -$ 35.4$ -$ Add: Interest expense 9.7 - 19.3 - Income tax expense - - - - Depreciation and amortization 6.5 - 12.9 - Adjusted EBITDA - 100% 34.4 - 67.6 - Less: Interest expense 9.7 - 19.3 - Cash paid for amortizing bond payments 8.8 - 8.8 - Cash paid for income tax expense (0.1) - (0.1) - Maintenance capital expenditures 1.2 - 1.2 - Other (b) (1.9) - (3.2) - Cash Available for Distribution - 100% 16.7$ -$ 41.6$ -$

Adjusted EBITDA - 38.76% (a) 13.3$ -$ 26.2$ -$ Cash Available for Distribution - 38.76% (a) 6.4$ -$ 16.1$ -$

(a) M&N US results reflect October 31, 2012 acquisition, and no (0%) ownership preceding that date.(b) Amortization of Loss on Reacquired Debt



Spectra Energy Partners, LP

Reconciliation of Non‐GAAP "Projected EBITDA" and "Projected Cash Available for Distribution"

Reconciliation of Non‐GAAP "Projected Incremental EBITDA"

(Unaudited)

(In millions)

Projected

2014

Projected Net Income 950$

Add:

Interest expense, net 240

Depreciation and amortization 290

Projected EBITDA 1,480$

Add:

Distributions from unconsolidated affiliates, net of equity

earnings 5

Less:


Maintenance capital expenditures 280

Other income and expense, net 50

Net income attributable to noncontrolling interest 15

Projected Cash Available for Distribution 900$

Projected Incremental Net Income 845$

Add:


Depreciation and amortization 205

Projected Incremental EBITDA 1,165$

Note: The financial data used in developing these projections represent estimates based on historical experience and what are believed to be reasonable assumptions with respect to future events. Actual results may change as a result of the completion of the dropdown of Spectra Energy's remaining U.S. transmission, storage and liquids assets to Spectra Energy Partners. The resulting changes may be material.


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