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Supplemental Information Appendix Supplemental Information Appendix May 4, 2016 The Power of Our Growing Portfolio Natural Gas Transmission Pipe: ~19,000 mi Natural Gas Storage Capacity: ~300 Bcf Natural Gas Gathering Pipe: ~70,000 mi Crude Transmission Pipe: 1,700 mi DCP NGL Transmission Pipe: 2,100 mi SE Gas Processing Capacity: 3.7 Bcf/d 1Q16 DCP Gathered and Processed: 6.9 Tbtu/d Gas storage facility 1Q16 DCP NGLs Produced: ~380 MBbl/d Gas processing plant Distribution Pipe: 40,300 mi Propane terminal NGL storage Union Gas Retail Customers: 1.4 million Shale gas formations Crude storage Major oil pipeline terminal 2016 FIRST QUARTER UPDATE | 13 Spectra Energy Asset Structure Reporting Segment Assets in Segment U.S. Transmission • Algonquin Gas Transmission • Saltville Gas Storage • Big Sandy Pipeline • Texas Eastern Transmission • Bobcat Gas Storage • Maritimes & Northeast, US (78%) Spectra Energy • East Tennessee Natural Gas • Gulfstream Natural Gas (50%) Partners • Market Hub Partners • Southeast Supply Header (50%) • Ozark Gas Transmission • Steckman Ridge (50%) NYSE: SEP Liquids 2016e EBITDA* = $2,855 (US $MM) • Express Pipeline • Platte Pipeline NYSE: SE Distribution • Union Gas Western Canada • BC Pipeline $460 SEP Western • Gathering & Processing $2,060 Canada • Natural Gas Liquids Distribution Transmission & • Maritimes & Northeast Canada $445 Processing (78%) • DCP Midstream (50%) Field Services • DCP Midstream Partners * As presented 2/4/16; 2016e EBITDA also includes ($55) million for Field Services and ($55) million for Other 2016 FIRST QUARTER UPDATE | 14 1Q16 Financial Results FX Impact on Net Income Variance to Prior Year Year-to-Date Distribution (19) Western Canada (14) Total FX Impact on EBITDA (33) Depreciation and Amortization 11 Interest Expense 6 Other 2 Total FX Impact on Net Income (14) Total FX Impact on Net Income - Noncontrolling — Total FX Impact on Net Income - Controlling (14) 2016 FIRST QUARTER UPDATE | 16 Key Balance Sheets Metrics 3/31/16 3/31/16 Total Debt $15.0B $7.0B Financial Covenant Metrics 58.2% 3.7x Debt/Cap(1) Debt/EBITDA(1) Credit Ratings Baa2 / BBB- / BBB(2) Baa2 / BBB / BBB(2) Available Liquidity $2.7B(3) $1.4B (1) Calculated in accordance with the credit agreements; max 65% and 5.0x, respectively (2) Moody’s / S&P / Fitch senior unsecured ratings (3) Total enterprise Strong financial position to pursue growth activities and acquisitions 2016 FIRST QUARTER UPDATE | 17 SE Corp Consolidated USD DebtMillions Maturity Profile as of 3/31/16 US$ Millions $500 $2,500 $400 $300 Express-Platte $200 $2,000 SE Partners $100 M&N - Can Union Gas $0 $1,500 Jul-16 Jun-16 Oct-16 Apr-16 Sep-16 Dec-16 Aug-16 Nov-16 May-16 $1,000 $500 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 TETLP Algonquin East Tenn Westcoast Union Gas M&N - Can SE Partners SE Capital Express-Platte 2016 FIRST QUARTER UPDATE | 18 SEP Consolidated Debt Maturity Profile as of 3/31/16 USD Millions $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 TETLP Algonquin East Tenn SE Partners Express-Platte 2016 FIRST QUARTER UPDATE | 19 U.S. Transmission Capitalizing on our Momentum U.S. Transmission: 2015 Highlights • Safe and reliable operations • 98% revenue renewal on Texas Eastern and Algonquin • Placed two projects into service early – U2GC - full project early in-service – OPEN - partial early in-service • Regulatory advancements on several projects – Filed 7 FERC Certificate applications – Received 4 FERC Certificate approvals • Strong progress on projects, including: – NEXUS – Access Northeast 2016 FIRST QUARTER UPDATE | 21 U.S. Transmission: Strong and Growing Portfolio * As presented 2/4/16 2016e EBITDA EBITDA with Growth Projects ($MM) $2,500 $2,000 Execution Projects Western Canada $1.8B $1,500 SEP: US Transmission Incremental EBITDA $1,000 from expansion Base Distribution $500 $0 SEP: Liquids 2015 2016e 2017e 2018e 2019e 2020e Rock Solid Fully Subscribed Strong Growth Base EBITDA Reservation-based contracts from execution projects 9 year average contract term 2016 FIRST QUARTER UPDATE | 22 U.S. Transmission: Revenue Stability in Base Business U.S. Transmission Reservation Revenue (Based on transmission revenues for 12 months ended 12/31/15) 1 98% 97% 99% 95% 96% 96% 95% 0.8 2015 Usage & Other Revenue 2015 Reservation Revenue 0.6 Achieved Peak Delivery Days in 20150.4 Average0.2 Contract 8 14 5 9 6 16 9 Terms years years years years years years years 0 Texas Eastern Gulfstream Algonquin East Tennessee Southeast Maritimes & UST TOTAL (1) Supply Header Northeast US Core fee-based business highlights valuable footprint and provides platform for growth (1) Includes Texas Eastern, Gulfstream, Algonquin, East Tennessee, Southeast Supply Header, Ozark Gas Transmission, Big Sandy and Maritimes & Northeast US 2016 FIRST QUARTER UPDATE | 23 U.S. Transmission: Execution Projects On Track UST executing on ~$6B of Atlantic projects that will deliver Bridge 80% 19 yrs UST expansion capital Average ~$700MM EBITDA by 2020 Salem is demand pull contract term Lateral Dawn AIM Hub NEXUS Project Est. CapEx ($MM) In-Service PennEast Lebanon TEAL Ozark Conversion 50 2Q16 Extension Loudon 50 3Q16 Adair Salem Lateral 70 4Q16 Southwest AIM 1,100 4Q16 Ozark Gulf Markets 150 4Q16/2H17 Conversion (1) Loudon Sabal Trail ~1,600 1H17 Access STEP 130 1H17 South Atlantic Bridge 500 2H17 Sabal Trail NEXUS(1) 1,100 2H17 TEAL 185 2H17 Access South, Adair Southwest & 450 2H17 Gulf Lebanon Extension STEP Markets PennEast (1) 120 2H18 Stratton Expansion Ridge Stratton Ridge 200 1H19 Total $ 5,705 Greenfield pipeline (1) Spectra Energy’s expected portion 2016 FIRST QUARTER UPDATE | 24 U.S. Transmission Project Snapshot – NEXUS ~250 mile greenfield pipeline connects Appalachian supply with Dawn Hub; serving LDCs, power generators, and industrials Project Scope: Union Gas transmission & Ontario markets MI Great Lakes • 1.5 Bcf/d capacity Dawn Hub • ~250 miles, 36” pipeline Vector Pipeline Supply Sources: ON L A K E E R I E • Kensington Processing Plant, to Chicago Tennessee Gas, Texas Eastern Transmission interconnect Pipeline Interconnects: DTE Gas Natural gas LDC Industrial customer • DTE Gas, Vector, ANR, PEPL, Great PEPL Power generation Lakes Transmission, Union Gas ANR Project Status: OH • Filed FERC application Nov. 2015 • OEB approval of Union Gas and Kensington Enbridge agreements Plant • In-service 2H17 NEXUS greenfield route Texas Eastern 2016 FIRST QUARTER UPDATE | 25 U.S. Transmission: Development Projects – On the Horizon Natural gas demand expected to increase by more than 9.5 Bcf/d • Our infrastructure footprint with by 2025 in these growth sectors Access connections to major markets Northeast offers strong advantage • Northeast and New England demand continues to increase Philly & Market • Huge potential to serve growing Region Expansions power market in Mexico, LNG exports, and U.S. industrial market In- Opportunity Service Est. CapEx ($MM) Access Northeast(1) 2H18 $1,000 - 1,500 Philly & Market Region 2019+ $1,000+ Expansions LNG & Industrial 2020+ Exports to Mexico 2018+ $5,500 - 8,500 LNG & Industrial Power Generation 2019+ (1) Spectra Energy’s expected portion Exports to Mexico 2016 FIRST QUARTER UPDATE | 26 U.S. Transmission: Project Snapshot – Access Northeast Maritimes & Northeast Project Scope: • Joint development with Eversource and National Grid AGT and M&N systems directly • ~$3 billion (100%); 900 MMcf/d, initial in-service 2018 connect to 60% of ISO-NE’s gas- PORTLAND fired generators Project Benefits: New gas-fired generators • Takes advantage of existing infrastructure totaling ~2,570 MW attaching to Algonquin by 2019 • Built to handle peak loads Market area LNG peak shaving BOSTON • Scalable for future growth • Multiple supply options Market Context: Algonquin Gas • Significant increase in production from Marcellus and Transmission Utica shale basins • Decreasing supplies from offshore Nova Scotia • Declining and variable LNG imports NEW YORK • Constraints on natural gas pipelines that connect Texas New England to the Marcellus and Utica shale basins Eastern Currently connected to over 60% of New England’s gas-fired generation and growing 2016 FIRST QUARTER UPDATE | 27 U.S. Transmission: 2016-2018 Priorities Continue momentum, strengthen base business, and deliver incremental growth projects Sign an average of $1.5B/year in expansion projects through 2018 – Sign deals for projects in New England, the Northeast and the Gulf Coast Safely and successfully advance execution projects – Place AIM, Gulf Markets, Ozark, Salem Lateral, and Loudon in service in 2016; keep all other execution projects on schedule Ensure re-contracting of base revenue through the end of the decade 2016 FIRST QUARTER UPDATE | 28 Spectra Energy Liquids: Stable Platform for Growth Spectra Energy Liquids: Near-term growth from a solid base Stable revenue platform with measured, incremental on-system growth in the near-term HARDISTY Express Pipeline – Uniquely situated cross-border pipeline – Fee-for-service revenue with annual toll escalators Express Pipeline – 90% contracted; 9 year average contract life – Demand pull – 90% capacity held by refiners; 95% investment grade CASPER Platte Platte Pipeline GUERNSEY Pipeline WOOD – Only major west-east US pipeline, intersects many RIVER north-south pipelines PATOKA – Fee-for-service revenue
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