Spectra Energy Partners

Roni Cappadonna General Manager, Investor Relations 713.627.4778 | Roni.Cappadonna@.com Legal Statements

SAFE HARBOR STATEMENT / FORWARD-LOOKING INFORMATION Some of what we’ll discuss today concerning future company performance will be forward-looking information 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’ Form 10-K and other filings made with the SEC concerning factors that could cause those results to differ from those contemplated in today’s discussion. The terms “we,” “our,” and “us” refer to Spectra Energy Partners. Also, this communication includes certain forward looking statements and information (“FLI”) to provide shareholders and potential investors with information about us and our subsidiaries and affiliates, including management’s assessment of us and our subsidiaries’ future plans and operations, which FLI may not be appropriate for other purposes. FLI is typically identified by words such as “anticipate”, “expect”, “project”, “estimate”, “forecast”, “plan”, “intend”, “target”, “believe”, “likely” and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI. Although we believe that the FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its nature, FLI involves a variety of assumptions, which are based upon factors that may be difficult to predict and that may involve known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by these FLI, including, but not limited to, the following: estimated future dividends; financial strength and flexibility; debt and equity market conditions, including the ability to access capital markets on favorable terms or at all; cost of debt and equity capital; expected supply and demand for crude oil, natural gas, natural gas liquids and renewable energy; prices of crude oil, natural gas, natural gas liquids and renewable energy; economic and competitive conditions; expected exchange rates; inflation; interest rates; tax rates and changes; completion of growth projects; anticipated in-service dates; capital project funding; success of hedging activities; availability and price of labor and construction materials; operational performance and reliability; customer, shareholder, regulatory and other stakeholder approvals and support; regulatory and legislative decisions and actions; public opinion; and weather. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other assumptions, risks and uncertainties can be found in applicable filings with U.S. securities regulators. Due to the interdependencies and correlation of these factors, as well as other factors, the impact of any one assumption, risk or uncertainty on FLI cannot be determined with certainty. Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as a result of new information, future events or otherwise. All FLI in this presentation is expressly qualified in its entirety by these cautionary statements. 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 our website.

2 Investor Value Proposition Stable. Disciplined. Reliable.

We go “where the lights are” – connecting diverse supply basins with regional demand markets – “last mile” competitive advantage

Attractive Stable Outstanding Prudent financial distribution business model asset footprint management growth

• Primarily natural gas • Well-positioned platform • Commitment to investment • 41st consecutive quarterly pipeline focused for further demand-pull grade balance sheet distribution increase expansion • Fee-based revenues with • Ample liquidity • Sustainable growth with no direct commodity • Track record of successful strong coverage exposure and minimal project execution • Successful IDR elimination volume risk • Strong investment-grade customers

3 Premier Asset Footprint

Critical gas & liquids infrastructure Maritimes & Express Pipeline Northeast, US • Unparalleled asset footprint Algonquin • Safe, reliable operations

Platte Pipe Line • Connecting diverse supply basins with growing demand markets Eastern Big Sandy • Stable and predictable cash flow Ozark East Gas Tennessee US Transmission• No direct commodity exposure $2,020 MM Sabal • Minimal volume exposure SESH Trail • Strong investment-grade customers • Track record of successful project execution Gulfstream

4 Strategic Focus

Maintain Rock solid base; fully subscribed reservation-based contracts with no direct commodity exposure and minimal volume risk

Execute ~$2.5B of growth projects in execution

Grow Infrastructure footprint with connections to major demand-pull markets offers strong advantage

Sabal Trail – restored ROW 5 Business Entity Overview

2018e EBITDA

U.S. Transmission Assets • Algonquin Gas Transmission Liquids • Big Sandy Pipeline Assets ~$2.3B • Bobcat Gas Storage • East Tennessee Natural Gas • Express Pipeline • Platte Pipe Line • Market Hub Partners • Ozark Gas Transmission • Saltville Gas Storage • Texas Eastern Transmission • Maritimes & Northeast, US (78%) • Sabal Trail Transmission (50%) • Gulfstream Natural Gas (50%) • Southeast Supply Header (50%) • Steckman Ridge (50%) 6 U.S. Transmission U.S. Transmission Revenue stability in base business

U.S. Transmission Reservation Revenue (Based on transmission revenues for 12 months ended 12/31/17)

2017 Usage & 99% 100% Other Revenue 95% 98% 98% 98% 97% 96% 2017 Reservation Revenue

Achieved Peak Delivery Days in 2017

Average Remaining 9 12 8 8 5 15 25 9 Contract Life years years years years years years years years

Texas Eastern Gulfstream Algonquin East Southeast Maritimes & Sabal Trail UST TOTAL(1) Tennessee Supply Header Northeast US

(1) Includes all UST assets as presented on slide 6 of this presentation

(1) Includes Stable Texas Eastern, core Gulfstream, business Algonquin, East Tennessee,highlights Southeast Supplyvaluable Header, Ozark footprint Gas Transmission, and Big Sandy provides and Maritimes &platform Northeast US for growth

8 U.S. Transmission Contract Portfolio

2017 TETLP & AGT 2017 US Transmission Firm Demand Revenues Firm Demand Revenues by Customer Type: by Customer Type: Marketers 21% Marketers LDCs 26% 51% LDCs Producers 41% 21%

Producers 14% Power Gen Other 2% Power Gen 4% Other < 5% 12% Pipelines 3%

2017 Texas Eastern & Algonquin contract renewal rate = 98%

9 U.S. Transmission U.S. Transmission: Secured projects

Greenfield pipeline

Atlantic Bridge

Capital Project Expected ISD ($MM) PennEast  Bayway Lateral 30 NEXUS 4Q17 NEXUS1 3Q18 1,300 TEAL TEAL 3Q18 200 2018 Atlantic Bridge2 4Q18 500 STEP 4Q18 130 Stratton Ridge 1H19 200

PennEast1 2019 260 Lambertville East 2H19 45 Stratton Ridge 2019+ Texas- Markets 2H19 20

STEP 1) Represents SEP’s portion 2) Partial in-service Nov 2017 with remaining in 4Q18

10 Sabal Trail Transmission

New interstate pipeline into Florida increases diversity of supply Project Scope:  1+ Bcf/d of capacity connecting Transco Station 85 supply to Florida power generation market  CapEx: $3.2B1 Customers:  Florida Power & Light; Facilities:  495 miles of 36” greenfield pipeline; and 21 miles of 24” greenfield pipeline  5 new compressor stations totaling up to 210,000 Commercial horsepower; to be phased-in 2017 – 2021 Timing Volumes  New metering and regulating stations; creates new Central Through 1H20 70% capacity Florida Hub with interconnects with Gulfstream, FGT and 1H20-1H21 90% capacity Florida Southeast Connection Post 1H21 100% capacity  Volume ramp-up

1) CapEx shown at 100% 11 NEXUS Delivering Prolific Supply to Premium Markets

Enbridge Gas Distribution & Interconnects: • 255 miles of greenfield pipe, moving Union Gas LDC Power / Industrial 1.5 Bcf/d of Marcellus gas to markets in Storage Pipeline , and Route: Dawn NEXUS Hub DTE Gas • Provides a diverse, competitive supply Vector of natural gas to markets along the route

Vector

Texas Eastern 12 U.S. Transmission Development opportunities

Existing, attached gas-fired plant Planned gas-fired plant • Our infrastructure footprint with connections to major markets offers strong advantages for our customers • Northeast and New England demand continues to increase Market Region Expansions • Significant opportunities to serve growing natural gas-fired power market in U.S. and Mexico, LNG exports, and U.S. industrial market Power Generation

Exports to LNG & Industrial Mexico

13 Northeast & New England Development opportunities in next 5 years

Northeast / New England • Demand continues to increase • Solution needed to bring affordable gas to the region New England BOSTON Opportunities Philadelphia Market

Dawn Hub • Market opportunities for industrial and exports DETROIT NYC

NEXUS PHILADELPHIA $1-3B Philly Market Expansions in opportunities

DC

Natural gas fired generation replaces other retiring generation sources

14 Southeast Markets Development opportunities in next 5 years

Southeast Markets

GA • Natural gas power generation MS - Coal-to-gas conversions AL Power generation - Increase in Florida demand opportunities

FL

NOLA ORLANDO $1-2B in opportunities

TAMPA

Continued growth in natural gas fired power generation

15 Gulf Coast Markets Development opportunities in next 5 years

Gulf Coast • Epicenter of demand for LNG and MS Mexico exports LA TX

NOLA MT BELVIEU LNG & Industrial $2-4B in opportunities Mexico

Exports to Mexico New Gulf Coast natural gas demand drives solid growth opportunities

16 Liquids Express & Platte Pipelines

Express Pipeline – 280 kbpd Hardisty • Hardisty to Casper • Uniquely situated pipeline for import of growing Canadian crude supply Express • Stable, secure fee-for-service revenue Buffalo • Average contract term of 9 years Edgar Platte Pipeline – 170 kbpd • Casper to Wood River Casper Guernsey • Enhanced connectivity to provide increased utilization Gurley Wood River • Brings diverse crude supply to the Midwest Patoka Platte • Mix of producers, refiners, marketers Salisbury

Potential Commercial Synergies Cushing ETCO • Express-Platte system optimization or expansion • Market access to Cushing/USGC • Extension to Patoka Gulf Coast Markets 18 Finance SEP Financial Outlook, 2018e-2020e

Distributable Cash Flow 2018e 2019e 2020e DCF Growth Drivers

Ongoing EBITDA ~$2,300 ~$2,320 ~$2,350 UST Expansion Projects ++ Earnings from equity investments ~(280) ~(215) ~(295) Lower Maintenance Capital + Distributions from equity investments ~260 ~315 ~360 Cost management Maintenance capital ~(230) ~(250) ~(200) + Financing Costs ~(315) Distributions to non-controlling interests ~(50) Distribution Growth Secured Capital Program Equity AFUDC ~(45) $0.0125/qtr1 Other ~10 2018: (~7% vs 2017) Distributable Cash Flow $1,630 - $1,670 ~$1,730 ~$1,800 Coverage 1.1x - 1.2x 1.1x – 1.2x 1.1x – 1.2x 2019/20: 4-6% per year

7% dividend increase in 2018; secured capital program alone delivers 4-6% annual distribution growth through 2020

(1) Subject to BOD approval. 20 Key Balance Sheet Metrics

12/31/17 Total Debt $8.5B

Financial Covenant Metrics(1) 4.1x Debt/EBITDA Credit Ratings(2) Baa2 / BBB+ / BBB Available Liquidity $0.4B

(1) Calculated in accordance with the credit agreements; max 5.0x (2) Moody’s / S&P / Fitch senior unsecured ratings

Committed to investment grade balance sheet

21 2017 Credit Exposure

Credit Exposures by 92% (1) Counterparty Rating Investment Grade

"A" rated or higher 8% "BBB" rated BB and Below Sub-investment grade

(1) Credit Exposure reflected after impact of any credit enhancement

22 Consolidated Debt Maturity Profile

US$ Millions As of 2/1/18 $1,800

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$- 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048

SEP, LP Texas Eastern Algonquin East Tennessee Express-Platte

23 Secured Projects Projects in Execution Continue to pursue development projects

In-Service Est. CapEx Date Counterparties (USD $MM)  Bayway Lateral 4Q17 30 NEXUS(1) 3Q18 1,300 TEAL 3Q18 200 2018 Atlantic Bridge(2) 4Q18 500 STEP 4Q18 130 Stratton Ridge 1H19 200 PennEast(1) 2H19 260 Lambertville East 2H19 45 2019 Texas-Louisiana Markets 2H19 20 Total Projects in Execution ~$2.5B Note: 100% 50/50 100% SUPPLY DEMAND • “Execution” = customer agreements executed; currently in permitting phase and/or in construction PUSH PULL • JV projects shown with Spectra Energy Partners' expected portion 1) Represents SEP’s portion 2) Partial in-service Nov 2017 with remaining in 4Q18

25 Atlantic Bridge

Purpose: To allow abundant, economic supplies of natural gas from regional production to flow to the New England & Atlantic Canada markets Project Scope: • ~135 MMcf/d expansion of the Algonquin and Maritimes & Northeast Pipelines • CapEx: $500MM Customers: • Various local distribution companies in New England & Atlantic Canada Project Status: • Pre-filed with FERC Jan 2015 • Filed FERC application Oct 2015 • Received FERC certificate Jan 2017 • Partially in-service Nov 2017 with remaining in 4Q18 Preliminary Facilities: • New compressor station near Weymouth, MA • Continued take-up and relay of the AGT mainline • Compressor station unit upgrades in CT • Meter station addition and modifications

26 Bayway Lateral

Purpose: Provides service to an existing power plant and refinery NJ Bayway Project Scope: Refinery • Capacity: 300 MMcf/d Bayway • CapEx: $30MM Lateral Customers: City of LINDEN • Linden Cogeneration • Project Status: Filed FERC application July 2016 Texas • Eastern STATEN • Received FERC certificate via delegate order on ISLAND July 3, 2017 • In-service late 4Q17 NY Facilities: • ~ ½ mile of 24-inch lateral in Linden, • New meter station with dual delivery meters

27 Lambertville East

Purpose: NY Low-risk, organic investment driven by compliance requirements and underpinned by long-term contracts that will provide needed capacity for two existing utility customers Project Scope: HANOVER MANHATTAN LONG ISLAND • Upgrades to the existing Lambertville Compressor Station with an added capacity of 60,000 DTH/d • CapEx: $45MM LINDEN ALGONQUIN Project Status: 60 MDth • Filed FERC application 4Q17 • Commence construction 1H19 • In-service 2H19 TEXAS EASTERN

LAMBERTVILLE NJ PA

28 NEXUS

Purpose: To serve local distribution companies, power generators and industrial users in Ohio, Michigan, Chicago & Ontario markets Project Scope: • 1.5 Bcf/d greenfield pipeline starting in northeastern Ohio to an interconnect with the DTE Gas transportation system at Willow Run, Michigan • CapEx: SEP’s expected portion $1.3B Customers: • Union Gas, DTE Gas, Enbridge Gas Distribution, DTE Electric, CEMI, CNX Gas, Noble Energy, Columbia Gas of Ohio Project Status: • Filed FERC application Nov 2015 • Received Final EIS Nov 2016 • Received FERC certificate Aug 2017 • Under construction • In-service 3Q18 Market Connections: Preliminary Facilities: • 1.75 Bcf/d of market connections across Ohio • 36-inch diameter, ~250-mile pipeline • Multiple compressor stations and meters 29

PennEast

Purpose: Provides a new, direct connection to northeast production; an opportunity to work with some of our biggest customers and leverage AGT PA PennEast our existing assets Transco Project Scope:  1.1 Bcf/d expansion from northeast PA  CapEx: SEP’s expected portion $260MM Project Status:  Filed FERC application Sep 2015 Texas Eastern  Received FERC certificate Jan 2018  In-service 2H19 Preliminary Facilities: MD NJ  DE 120 miles of 36” greenfield pipeline  1 new compressor station  Interconnections with major interstate and gathering systems including Texas Eastern and Algonquin in New Jersey

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South Texas Expansion Project (STEP)

Purpose: Provides Texas Eastern transportation service for TX Gulf Coast markets Project Scope: Vidor • ~400 MMcf/d expansion from Vidor to Petronila • CapEx: $130MM Project Status: • Filed FERC application Dec 2016 • Received FERC certificate Feb 2018 • In-service 4Q18 Petronila Preliminary Facilities: • New compression at 2 stations • Station reversal work at Mont Belvieu

31 Stratton Ridge

Purpose: Provides shippers with a firm transportation service to deliver new incremental production from the growing shale plays to the Gulf Coast Project Scope: • ~320 MMcf/d • CapEx: $200MM Project Status: • Filed FERC application Feb 2017 • In-service 1H19 Preliminary Facilities: • Modification of three mainline compressor stations and installation of two new compressor stations • Brazoria Interconnector Gas Pipeline (“BIG”) acquired to connect Texas Eastern mainline to Stratton Ridge in lieu of constructing a new 16.2-mile lateral • BIG is a 30.5-mile 42” intrastate pipeline with 5 interconnects, currently connected to Stratton Ridge

32 Texas Eastern Appalachian Lease (TEAL)

Purpose: Provides upstream capacity to deliver Marcellus and Utica supply to NEXUS Gas Transmission PA Project Scope: • 950 MMcf/d expansion of Texas Eastern and reversal of OPEN line to deliver into NEXUS • NEXUS to lease the capacity from Texas Eastern • CapEx: $200MM Project Status: OH • Filed FERC application Nov 2015 • Received final EIS Nov 2016 • Received FERC certificate Aug 2017 • In-service 3Q18 WV Preliminary Facilities: • Reversal of OPEN facilities with addition of 28,200 HP • 4.5 miles of looping on Texas Eastern mainline • Connection between OPEN and NEXUS

33 Texas-Louisiana Markets

Purpose: Provides firm transportation to power generation and industrial market load along the Texas and Louisiana coasts; and further enhances Texas Eastern as a fully bi-directional pipeline connecting valuable supply basins with long-term valuable market centers Project Scope: • Texas Industrial Market Project: 82,500 Dth/d • Louisiana Market Project: 75,000 Dth/d • CapEx: $20MM Project Status: • Filed FERC application Oct 2017 • In-service 2H19 Preliminary Facilities: • Upgrades to the existing Texas Eastern Gillis Compressor Station

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