First Quarter 2013 Earnings Presentation May 1, 2013 Slides posted - PowerPoint PPT Presentation

First Quarter 2013 Earnings Presentation May 1, 2013 Slides posted at www.enbridgepartners.com/q

Legal Notice This presentation includes certain forward looking information (“FLI”) to provide Enbridge Energy Partners, L.P. (“EEP”) and Enbridge Energy Management, L.L.C. (“EEQ”) investors and potential investors with information about EEP and EEQ and management’s assessment of the future plans and operations, which may not be appropriate for other purposes. FLI involves statements that frequently use words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “position,” “projection,” “should,” “strategy”, “will” and similar words. Although we believe 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 Enbridge Partners’ 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) Enbridge Partners’ 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 facilities of Enbridge Partners or refineries, petrochemical plants, utilities or other businesses for which Enbridge Partners transports products or to whom Enbridge Partners sells products; (5) hazards and operating risks that may not be covered fully by insurance; (6) changes in or challenges to Enbridge Partners’ tariff rates; and (7) changes in laws or regulations to which Enbridge Partners is subject, including compliance with environmental and operational safety regulations that may increase costs of system integrity testing and maintenance. Our FLI is 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 U.S. securities regulators. The impact of any one risk, uncertainty or factor on any particular FLI is not determinable with certainty as these are interdependent 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 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. You are referred to EEP’s and EEQ’s SEC filings, including its most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q, for a more detailed discussion of risk factors. This presentation makes reference to certain financial measures, such as adjusted net income, which are not recognized under generally accepted accounting principles, referred to as GAAP. 2

Agenda 1. Project Update 2. Market Access Program 3. Financial Highlights 4. Question & Answer 3

Project Update Liquids Bakken Pipeline Expansion Bakken Berthold Rail Bakken Access Line 6B 75-mile replacement Eastern Access (Line 5 exp. ) U/C Mainline Expansions U/C Sandpiper Natural Gas U/C Ajax gas plant Texas Express NGL Pipeline U/C In-service Being phased-in U/C Under construction Regulatory process 4

G&P Growth Update – Expand ETX Processing Capacity Project Overview • Construction of 150 MMcf/d cryogenic natural gas processing plant – Beckville Plant (Panola county)  Will expand EEP’s processing capacity in ETX Cotton Valley/Haynesville region to 820 MMcf/d  Capital investment ~$140 million; attractive EBITDA multiple; in-service early 2015  Cotton Valley: covers 10 counties in ETX; region currently produces ~ 1.8 Bcf/d of natural gas, with 72 kbpd of associated NGLs ~2.5-3.0 GPM gas Expand G&P Strategic Asset Footprint  Consistent with EEP strategy to optimize existing infrastructure  Competitive advantage due to extensive gathering footprint  Incremental NGL volumes will enhance EEP’s downstream integration strategy  Increases East Texas volume diversification  Generates incremental distributable cash flow ~ accretive growth  Potential for additional investment opportunities Commercial Underpinnings • Combination of fee + commodity based contracts with acreage dedication  Active large-scale producers in the region 5

Linking North American Crude Supply Growth to Refining Centers Growth Projects:  Commercially secured Montreal  Low-risk framework 2  Long-term contracts 1 EEP North Dakota System 4 5 Superior Enbridge (ENB) & Enbridge Partners (EEP) 3 Market Access Programs  U.S. Gulf Coast Access Sarnia  Eastern Access 6  Light Oil Market Access 5 Canadian/U.S. East 4 Chicago/ Coast Refinery Markets 6 Flanagan Enbridge Energy Partners Projects (EEP) ~ $7.3B* Patoka Sandpiper Pipeline Project ($2.5B) 2 1 • +225/375 kbpd early 2016 U.S. Mid-West US Mainline Expansions ($2.4B): Refinery Markets 2 Line 67 Expansion (border to Superior) Cushing • +350 kbpd, total 800 kbpd; 3Q14 to 2015 Memphis Enbridge Inc. Projects (ENB) Line 61 Expansion (Superior to Flanagan) 3 Seaway Pipeline - ENB and EPD JV 1 • +800 kbpd, total 1,200 kbpd; 3Q14 to 2016 1 • +400 kbpd 1Q13 5 Chicago Connectivity 2 Flanagan South Pipeline 7 • +570 kbpd Line 62 twin mid-2015 • +585 kbpd (36” line) mid -2014 3 3 Eastern Access Expansions ($2.4B): Seaway Pipeline Twin & Lateral • ENB and EPD JV; +450k bpd 1H 2014 4 Line 5 Expansion Port 4 Toledo Pipeline Partial Twin • +50 kbpd 2Q13 Arthur • +80 kbpd 2013 5 Line 62 Spearhead North Expansion 5 Line 9 Reversal & Expansion • +105 kbpd 4Q13 Houston • +240 kbpd late 2013, 2014;+80 kbpd 2014 St. James 6 Line 6B Replacement Southern Access Extension 6 • +260 kbpd late 2013/early 2014; +70 kbpd early 2016 • +300 kbpd 2015 Trunkline JV 7  Eastern Access & US Mainline Expansions • +440 to 660 kbpd 2015 U.S. Gulf Coast EEP/ENB joint funded Refinery Markets *represents total capital before joint funding 6

Delivering Low-Risk Sustainable Growth Expected Project In-Service Period 1H13 2H13 1H14 2H14 1H15 2H15 1H16 Liquids Projects Bakken Pipeline Expansion Bakken Rail Bakken Access Eastern Access: Line 6B repl., Line 5, Line 62 exp. Mainline Expansion: Line 61 and 67 Exp. Phase 1 Mainline Expansion: Line 61 and 67 Exp. Phase 2 Mainline Expansion: Line 62 Twin (Chicago Connectivity) Sandpiper Eastern Access: Line 6B exp. and Tankage Natural Gas Projects Ajax Plant Texas Express NGL Pipeline JV Commercial Structure - Take-or-Pay - Commodity/Volume Sensitive - Cost of Service Note: Eastern Access and Mainline Expansion liquids expansion projects are jointly funded by EEP & ENB. 7

Business Mix & Risk Profile Crude oil projects progressively transform EEP to lower risk business model 100% Operating Income* Commodity 12% 23% 80% 28% Fee-Based 60% Liquids Natural 59% Pipelines Gas 80% 20% 40% 60% Cost of Service / 20% Take-or-Pay *Note: based on 2013 forecast 18% 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 Cost of Service/Take-or-Pay : Contribution from Liquids and Natural Gas business cost of service and take-or-pay contracts. Fee-based: Contribution from Liquids and Natural Gas business fee-based service. Commodity Sensitive : Contribution from Natural Gas business from its commodities length (before hedging). Contribution is based on revenues from Liquids segment and gross margin from Natural Gas segment, including non-controlling interest. 8

Financial Highlights Adjusted Net Income Adjusted EBITDA 1Q 1Q 1Q 300 109.2 291.5 1Q 281.0 100 250 95.7 $ millions $ millions 200 150 50 100 50 0 0 2012 2013 2012 2013 Excludes earnings attributable to non-controlling interest Includes non-controlling interest Adjusted Earnings Per Unit As-declared Coverage Ratio 1Q $0.30 1.00x $0.28 YTD YTD 1Q 0.80x 0.79x 0.79x $0.20 $0.21 0.60x 0.40x $0.10 0.20x $0.00 0.00x 2012 2013 2012 2013 Excludes earnings attributable to non-controlling interest Unaudited; adjusted results exclude the impact of: (a) additional environmental costs, net of insurance recoveries, associated with the incident on Line 6B; and (b) non-cash, mark-to- market net gains and losses; among other adjustments. Refer to the Non-GAAP Reconciliation tables presented in the supplemental slides. 9