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.
2

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Business Overview
3
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
4
• 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
5
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
6

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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)
7

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Assets Included in the Drop-down
8
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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Pro Forma Financial Profile
9
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
10
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
12

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FP&L’s Florida Pipeline Project
Sabal Trail Transmission
13
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
14
• 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
15
• 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
16
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
17
Southern
Hills
Pipeline
Conway
Mont
Belvieu
Gas processing plant
Shale gas formations
Under construction
Sand Hills
Pipeline

Download the IR App:
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Appendix B:
Financial and Other Information

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Revenue Profile
Six months ended June 30, 2013
19
(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
20

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2Q13 Cash Available for Distribution
21
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
22
• 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
23
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
24
(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
25
(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
26
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 Partners
Reconciliation 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:
Cash paid for income tax expense - - - -
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 Ended
June 30, June 30,

Gulfstream
(Unaudited)
(In millions)
2013 2012 2013 2012
Net income 34.6$ 29.6$ 65.8$ 60.8$
Add:
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:
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$
June 30, June 30,

Market Hub
(Unaudited)
(In millions)
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 -
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 - - - -
Adjusted EBITDA - 50% 7.5$ 10.7$ 17.8$ 24.2$
June 30, June 30,

Maritimes & Northeast Pipeline
(Unaudited)
(In millions)
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
June 30, June 30,

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.

Spectra presentation 13

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