1. 2014 NAPTP MLP Annual Investor Conference
May 21-22, 2014
Spectra Energy Partners
Growth from a Position of Strength

2. 2014 NAPTP MLP Annual Investor Conference|Growth from a position of strength
Safe Harbor Statement
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 and Spectra Energy Partners’ Forms 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. As this is a joint
presentation, the terms “we,” “our,” and “us” refer to Spectra Energy and/or
Spectra Energy Partners, as appropriate.
Reg G Disclosure
In addition, today’s discussion will include 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 websites.
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3. 2014 NAPTP MLP Annual Investor Conference|Growth from a position of strength
Spectra Energy Partners:
Overview
3
2013 2014e 2015e 2016e
U.S. Transmission Liquids Other
Leading fee-based MLP in the U.S. with significant investment opportunities
$1,391
$1,485
Current Asset Profile
$1,665
$1,840
Ongoing EBITDA by Segment* ($MM)
* Spectra Energy Partners, LP stand-alone EBITDA includes allocated
corporate costs from Spectra Energy and, as a non-taxpaying partnership,
excludes the effect of the Deferred Tax Liability impact of AFUDC.

4. 2014 NAPTP MLP Annual Investor Conference|Growth from a position of strength
U.S. Transmission:
Quality, Fee-Based Business
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95% 93% 97% 98% 98% 98% 98%
0%
20%
40%
60%
80%
100%
Overall Total Texas Eastern Algonquin East Tenn SESH Gulfstream M&NE
2013 Usage and Other Revenue
2013 Reservation Revenue
Note: Based on Revenues for 12 months ended 12/31/13; Overall Total includes Texas Eastern, Gulfstream, Algonquin, East Tennessee, Southeast Supply Header, Ozark Gas
Transmission, Big Sandy, and Maritimes & Northeast US
98%
2013 Texas Eastern &
Algonquin contract
renewal rate
Core fee-based businesses provide reliable cash flows
U.S. Transmission Revenue Stability
Percentage Reservation Revenue
Weighted
Average
Contract Term
(years)
9 7 7 8 8 16 18

5. 2014 NAPTP MLP Annual Investor Conference|Growth from a position of strength
OPEN
TEAM 2014
Gulf Markets
Expansion
TEAM
South
U2GC
Sabal Trail
AIM
Salem
Lateral
Kingsport
U.S. Transmission:
Execution Projects
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Project (2)
Est. CapEx
($MM) In-Service
TEAM 2014 500 4Q14
Kingsport 120 4Q13/1Q15
Sabal Trail 1,600(3) 1H17
AIM 1,000 2H16
Salem Lateral 60 1H16
OPEN 500 2H15
U2GC 60 2H15
Gulf Markets 150 2H16/1H17
TEAM South <50 4Q14
(1) Represents SEP EBITDA when fully in service; (2) Additional project
data in the Appendix; (3) SEP’s expected portion
$4B in execution delivering $550MM in
EBITDA(1) with greater than 10% ROCE

6. 2014 NAPTP MLP Annual Investor Conference|Growth from a position of strength
NEXUS
Gulf LNG / Industrials
Exports to Mexico
Mid-Atlantic
Expansions
Atlantic
Bridge
Midwest
Expansions
Southeast
Expansions
New England
Power Gen
U.S. Transmission:
Development Projects
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Opportunity In Service
NEXUS 2017
Atlantic Bridge 2017
New England Power Gen 2017-2019
Gulf LNG / Industrials 2016-2020
Exports to Mexico 2015-2018
Midwest, Southeast, and
Mid-Atlantic Expansions
2017-2019
Originating expansion projects from new
areas of demand
 Diversity of supply for E. Canada drives need for NEXUS
 Incremental New England capacity continues with
Atlantic Bridge
 Continued growth of U.S. gas-fired power generation
 Gulf Coast representing 10+ Bcf/d of new industrial and
export opportunities
$7B in development projects;
$3B to be signed in 2014

7. 2014 NAPTP MLP Annual Investor Conference|Growth from a position of strength
Liquids:
Overview
An Exceptional Launch of Our Liquids Business
• Express-Platte acquired and integrated into
Spectra Energy operations
– Successful open season for Express Pipeline
– Crude oil pipelines operating at or near capacity
– Financial results exceeding expectations
• Sand Hills and Southern Hills NGL pipelines
placed in service ahead of schedule and below
budget
• Safe and reliable operations from the start
• Pursuing multiple expansion opportunities
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Express-Platte
Pipeline System
Southern
Hills
Sand Hills
Hardisty
Casper
Wood
River
Mont
Belvieu
Conway
Guernsey
Express
Pipeline
Platte
Pipeline
Express-Platte acquisition has exceeded
expectations on all counts – Sand Hills and
Southern Hills in service and ramping up

8. 2014 NAPTP MLP Annual Investor Conference|Growth from a position of strength
$130
$170
$200 $220
$40
$75
$85
0
50
100
150
200
250
300
350
2013 2014e 2015e 2016e
$210
$132
$275
$305
Liquids:
Financial Growth Exceeding Expectations
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EBITDA more than doubles by 2016 with firm contracts & minimal capital investment
32%
Total Liquids CAGR
Liquids EBITDA ($MM)
Express-Platte
Pipeline System
Southern Hills
Sand Hills
19%
Express-Platte CAGR

9. 2014 NAPTP MLP Annual Investor Conference|Growth from a position of strength
Liquids:
Opportunities Abound
From a solid base, accessing growth opportunities across North America
Synergy
Pipeline
Express-Platte
Twinning
Inland
California
Express
Express-Platte
System Expansions
Sand Hills
Expansion
Southern Hills
Expansion
Synergy
Pipeline
Extending upstream from
Hardisty to oil sands 2019
Express-Platte
Twinning
Connecting oil sands & Bakken
to Midwest & beyond 2020
Inland
California
Express (ICE)
Rail and pipe bringing low cost
crude to California refiners 2016
Express-Platte
Expansions
Cost effective optimization and
expansion of pipe & terminals 2015
Sand Hills &
Southern Hills
Expansions
Continue planned build-out
to further feed premium
Gulf Coast NGL market
2015
Significant opportunities identified
provide long-term double-digit growth
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10. 2014 NAPTP MLP Annual Investor Conference|Growth from a position of strength
• Growth CapEx deployment
at attractive returns well
above cost of capital
• $4B growth projects in
execution; in-service 2014-
2017
• $11B+ of incremental fee-
based growth projects under
development with in-service
2016-2020
• Attractive, sustainable
annual distribution growth of
8 - 9% through 2016
• Targeted distribution
coverage = 1.05x - 1.15x
• Cash flows supported by a
growing, diverse portfolio of
fee-based earnings
Investor Value Creation
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Deliver solid
distribution growth
Execute on
growth plan
• Disciplined financial
management and balance
sheet flexibility provide
competitive advantage
• Investment grade balance
sheets
• SEP at-the-market program
underway
 $119 million issued through
April 30th
Exercise prudent
financial
management
Strong operational and financial results demonstrate our ability to: