Enbridge Energy Partners, L.P. and Midcoast Energy Partners, L.P. - PowerPoint PPT Presentation

Enbridge Energy Partners, L.P. and Midcoast Energy Partners, L.P. Investment Community Presentation January 2015 enbridgepartners.com

Legal Notice This presentation includes forward-looking statements and projections, which are statements that do not relate strictly to historical or current facts. These statements frequently use the following words, variations thereon or comparable terminology: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “position,” “projection,” “should,” “strategy,” “target”, “will” and similar words. Although the Partnership believes that such forward-looking statements are reasonable based on currently available information, such statements involve risks, uncertainties and assumptions and are not guarantees of performance. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond the Partnership’s ability to control or predict. Specific factors that could cause actual results to differ from those in the forward-looking statements include: (1) changes in the demand for or the supply of, forecast data for, and price trends related to crude oil, liquid petroleum, natural gas and NGLs, including the rate of development of the Alberta Oil Sands; (2) the Partnership’s ability to successfully complete and finance expansion projects; (3) the effects of competition, in particular, by other pipeline systems; (4) shut-downs or cutbacks at the Partnership’s facilities or refineries, petrochemical plants, utilities or other businesses for which the Partnership transports products or to whom the Partnership sells products; (5) hazards and operating risks that may not be covered fully by insurance, including those related to Line 6B and any additional fines and penalties assessed in connection with the crude oil release on that line; (6) changes in or challenges to the Partnership’s tariff rates; and (7) changes in laws or regulations to which the Partnership is subject, including compliance with environmental and operational safety regulations that may increase costs of system integrity testing and maintenance. Forward-looking statements regarding “drop - down” growth opportunities are further qualified by the fact that Enbridge Inc. is under no obligation to offer to sell us interests in its U.S. projects, and we are under no obligation to buy any such interests. Similarly, any forward-looking statements regarding potential “drop - down” transactions of interests in Midcoast Operating to Midcoast Energy Partners are further qualified by the fact that we are under no obligation to sell to Midcoast Energy Partners any such interests, and Midcoast Energy Partners is under no obligation to buy any such interests. As a result, we do not know when or if any such transactions will occur. The Partnership’s forward looking statements are subject to risks and uncertainties pertaining to operating performance, regulatory parameters, project approval and support, weather, economic conditions, interest rates and commodity prices, including but not limited to those discussed more extensively in our filings with the U.S. securities regulators. The effect of any one risk, uncertainty or factor on any particular forward looking statement is not determinable with certainty as these are independent and our future course of action depends on management’s assessment of all information available at the relevant time. Except to the extent required by law, we assume no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Reference should also be made to the Partnership’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the most recently completed fiscal year and its subsequently filed Quarterly Reports on Form 10-Q, for additional factors that may affect results. These filings are available to the public over the Internet at the SEC’s web site (www.sec.gov) and at the Partnership’s web site. 1 enbridgepartners.com

Investment Proposition Strong Business Fundamentals: Strength & Stability Migrating to a Much Lower Risk Business Model Strong General Partner Stable Distributions & Prudent Growth Attractive Yield 2 enbridgepartners.com

Investment Highlights Commercially secured Strong Investment Grade Enterprise Value - Low-risk transformative (S&P, Moody’s, DBRS) organic growth Large-Cap MLP growth underway underway Total Shareholder Return Highlights  One of the longest established pipeline MLPs (1991) $140,000  Track record of consistently delivering cash distributions $120,000 (never reduced)  Largest pipeline transporter of crude oil production growth $100,000 from Western Canada  Largest pipeline transporter of crude oil production growth $80,000 from Bakken formation 2014 Highlights $60,000  Delivered 41% total shareholder return; increased distribution $40,000 4.9%  ~$2.3 billion of growth capital placed in service $20,000  Equity restructure to reset IDRs and establish single tier IDR structure $0  Completed $1 billion drop-down acquisition from ENB 1991 2014  ENB is reviewing potential restructuring plan to drop-down its *Enterprise Value as of 1/21/15; **Return CAGR since inception to 12/31/2014 (nominal) U.S. liquids pipeline assets to EEP (1) (1) On December 3, 2014, Enbridge Inc. ("Enbridge" or "ENB") announced it is reviewing a potential restructuring plan that would 3 enbridgepartners.com involve the transfer of its directly held U.S. liquids pipeline assets to Enbridge Energy Partners, L.P., a U.S. affiliate of Enbridge. This review is underway and has not progressed to a conclusion.

Strength of GP – Enbridge Inc. Strength of GP – Enbridge Inc. ENB: North American leader in energy delivery • Owner and operator of largest crude oil pipeline system • ~$41 billion equity market cap • Strong investment grade (A-, Baa1) • Proven track record: industry leading EPS and DPS growth • 19% 10-year TSR CAGR • 12% 10-year DPS CAGR • 33% dividend increase in 2015 • 14%-16% DPS growth forecast 2015-2018 • Strategy aligned with Partnership • ~$44 billion organic growth program underway 65% 62% Note: Standard & Poor’s/Moody’s credit ratings respectively. Market capitalization as of January 21, 2015. 4 enbridgepartners.com

Strategic Position Competitive Advantages  Refiners: Access to multiple crude streams Norman Wells  Producers: Access to multiple premium markets WCSB  Flexible system Zama Fort McMurray  Size and scale unmatched: Will expand to Edmonton ~2.85 MMb/d in 2017 Hardisty St. John Regina Positioned for Long-Term Growth Cromer Seattle Clearbrook Montreal  Direct connection to growing supply basins Ottawa Portland Superior Toronto BAKKEN Buffalo (Heavy & Light) Sarnia Casper Toledo Flanagan Philadelphia Chicago Salt Lake High quality customer base City Patoka Wood ENB and EEP Strategically Aligned Cushing River EEP Contract Storage St. James EEP Liquids Pipelines Houston ENB Liquids Pipelines 5 enbridgepartners.com

WCSB Supply Forecast vs. Pipeline Takeaway Capacity* MMb/d Keystone XL 9.0 Supply Forecast ENB Northern Gateway TransMountain Expansion 8.0 Energy East 7.0 6.0 5.0 4.0 ENB 3.0 2.0 OTHER 1.0 0.0 2014 Enbridge Forecast Optimal Pipeline Capacity Sources: Enbridge Internal Forecast *Includes Bakken entering ENB Mainline ex-Superior 6 enbridgepartners.com

Bakken Crude Supply and Pipeline Takeaway Capacity Kbpd 2,500 Range of External Forecasts 2,000 3 rd -Party Proposed 1,500 1,000 Enbridge - Sandpiper Enbridge - Bakken 500 3rd Party Pipes Local Refining 0 High Case Low Case 7 enbridgepartners.com

Market Access Well Advanced Three major initiatives provide 1.7 MMbpd of increased market access and diversification +50 kbpd +250 kbpd +50 kbpd +250 +80 Organic Growth Projects: kbpd kbpd  Commercially secured  Low risk framework +50  Long-term contracts kbpd +300 Western USGC Access Eastern Access kbpd Light Oil Market Access +600 kbpd Incremental Market Access by 2017: Light +1.0MMbpd of Heavy; Heavy +0.7MMbpd of Light 8 enbridgepartners.com

Project Execution – 2014 In-Service Eastern Access: Ln 6B Replacement  160 miles of Line 6B replacement entered service in May 2014  Remaining 50 mile replacement entered service October 2014 • ~$2.1 billion capital Mainline Expansions  Line 61- expansion from 400kbpd to 560kbpd between Superior and Flanagan entered service August 2014 • ~$0.2 billion capital Commercially Secured 30 year Cost of Service * Jointly funded 25% EEP / 75% ENB 9 enbridgepartners.com

Bakken Expansion – Sandpiper Pipeline Hardisty Regina Gretna Montreal Clearbrook Superior • Scope: 610 mile, 24”/30” pipeline • Capacity: ~ 225 kbpd/375 kbpd • Westover Target in-service: 2017 • Marathon Funding: Sarnia 37.5% of construction for ~27% equity interest in EEP ND system Toledo Flanagan Chicago  Sandpiper is expandable by 160 kbpd through horsepower upgrades Patoka  Low risk framework (ship-or-pay/COS)  Marathon is anchor shipper  Petition for Declaratory Order approved by FERC May 2014 Cushing  Sandpiper provides access to premium PADD II market 10 enbridgepartners.com