Legal Notice This presentation includes certain forward looking - PowerPoint PPT Presentation

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 EEP’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) EEP’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 facilities of EEP or refineries, petrochemical plants, utilities or other businesses for which EEP transports products or to whom EEP 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 EEP’s tariff rates; (7) changes in laws or regulations to which EEP is subject, including compliance with environmental and operational safety regulations that may increase costs of system integrity testing and maintenance; and (8) inability of any party to consummate the proposed transaction. FLI regarding “drop - down” sales opportunities for our ownership in Midcoast Operating, L.P. are further qualified by the fact that Midcoast Energy Partners, L.P. is under no obligation to buy any of our interests in Midcoast Operating, L.P., and we are under no obligation to sell any such additional interests. As a result, we do not know when or if any such additional interests will be sold. Our FLI is also 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. Any FLI in this presentation is based only on information currently available to us and speaks only of the date on which it is made. 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 and by such other factors as discussed in 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. 2

Corporate Structure Enbridge Inc. owns ~34% of EEP Enbridge Inc. (NYSE: ENB) 11.7% of listed shares 100% voting interest (Baa1 / A-) Enbridge Energy Management, L.L.C. 2% GP interest (NYSE: EEQ) 29.9% LP interest (indirect) 88.3% of listed shares Public Unitholders 16.7% LP Public interest (I-units) 51.5% LP Unitholders Enbridge Energy Partners, L.P. interest (NYSE: EEP) (Baa2 / BBB) 2% GP interest Public 52% LP interest Unitholders 46% LP interest Midcoast Energy Partners, L.P. (NYSE: MEP) 48.4% LP interest 100% interest (indirect) 51.6% LP interest Midcoast Operating, L.P. “Midcoast Operating” Corporate structure as of August 14, 2014 3

Investment Proposition Strong Business Fundamentals: Strength & Stability Migrating to a Much Lower Risk Business Model Strong General Partner Stable Distributions & Prudent Growth Attractive Yield 4 4

Investment Highlights Commercially Enterprise Value - Strong Investment Grade secured organic Low-risk transformative Large-Cap MLP (S&P, Moody’s, DBRS) growth underway growth underway Highlights Total Shareholder Return  One of the longest established pipeline MLPs (1991) $180,000  Track record of consistently delivering cash $160,000 distributions (never reduced) $140,000  Largest pipeline transporter of crude oil production growth from Western Canada $120,000  Largest pipeline transporter of crude oil production $100,000 growth from Bakken formation $80,000 $60,000 2013 Highlights $40,000  ~$1.8 billion of growth capital placed in service $20,000  ~$3.1 billion of funding secured  $0 IPO carve-out of natural gas & NGL business ~ 1991 2013 position EEP as pure-play liquids pipeline MLP *Enterprise Value as of 7/31/14; **Return CAGR since inception (nominal) 5

Attractive Investment Proposition Attractive Yield Financial Highlights Market Cap* $15B Yield* 6.3% 10% Distribution $2.22/unit annual 9% Total Shareholder Return (10yr CAGR) 9% EEP: 6.3% 8% Credit Rating (S&P, Moody’s, DBRS) Investment Grade BBB/Baa2/BBB 7% 2014 Adjusted EBITDA Guidance $1.5 to $1.6 Billion 6% Key Assets 5% Peer average: 4.9% Liquids Deliveries of ~ 2.2 MMbpd 4% Transportation Pipelines 6,265 miles Plains All American 3% Magellan Midstream Spectra Partners Energy Transfer S&P 500 Utilities Kinder Morgan Sunoco Logistics Gathering Pipelines 240 miles of pipe 10-Yr Treasury Notes FTSE NAREIT 2% Enterprise Boardwalk Storage Capacity 39.4 MM bbls Buckeye Williams S&P 500 Nustar Oneok 1% EEP Natural Gas Deliveries of ~ 2.5 bcf/d 0% Gathering & Transportation Pipelines 11,400 miles Other Asset MLPs* Classes* Processing Capacity (26 plants) 2.3 Bcf/d Treating Capacity (11 plants) 1.3 Bcf/d * As of August 15, 2014 6

Distribution Growth Target Organic growth platform supports distribution growth Momentum to 2% - 5% Annual Growth Target achieve higher end of growth target - - 2.7% 4.2% 3.6% 2.1% 3.8% 2.1% 2007 2008 2009 2010 2011 2012 2013 2014 2017e 7

Strength of GP – Enbridge Inc. ENB: North American leader in energy delivery • Owner and operator of largest crude oil pipeline system • ~$42 billion equity market cap • Strong investment grade (A-, Baa1) • Proven track record: industry leading EPS and DPS growth • 5 year EPS CAGR of 14% • 5 year DPS CAGR of 14% • Strategy aligned with Partnership • ~$37 billion commercially secured organic growth program underway 19% 65% 62% 8

Strategic Position Competitive Advantages • Refiners Norman Wells – Access to multiple crude streams • Producers WCSB – Zama Access to multiple premium markets Fort McMurray • Flexible system Edmonton • Hardisty Size and scale unmatched St. John Regina – Will expand to ~2.85 MMb/d in 2017 Cromer Seattle Clearbrook Montreal Ottawa Positioned for Long-Term Growth Portland Superior Toronto BAKKEN Buffalo Sarnia • Direct connection to growing supply basins (Heavy Casper Toledo Flanagan Philadelphia Chicago & Light) Salt Lake City Patoka High quality customer base Wood Cushing River ENB and EEP Strategically Aligned EEP Contract Storage St. James EEP Liquids Pipelines Houston ENB Liquids Pipelines 9

WCSB Supply Forecast vs. Pipeline Takeaway Capacity* MMb/d 9.0 Keystone XL Supply Forecast ENB Northern Gateway 8.0 TransMountain Expansion Energy East 7.0 6.0 5.0 4.0 ENB 3.0 2.0 OTHER 1.0 0.0 2013 Enbridge Upside Forecast Optimal Pipeline Capacity Sources: Enbridge Internal Forecast *Includes Bakken entering ENB Mainline ex-Superior 10

Bakken Crude Oil Supply vs. Pipeline Takeaway Capacity MMb/d 2.5 2.0 Range of External 1.5 Supply Forecasts 1.0 Enbridge Sandpiper* Plains Bakken North Baker Take-away (Platte) 0.5 Enbridge Berthold Rail ND Enbridge Bakken Pipeline Enbridge North Dakota system 0.0 Tesoro Mandan Refinery 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 * Sandpiper construction to be funded 37.5% by Marathon Petroleum Corp; Marathon to assume ~27% equity participation in expanded EEP North Dakota System after Sandpiper in-service. 11