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; and (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. 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 of this presentation. 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

Investment Highlights Commercially Strong Investment Enterprise Value - secured organic Low-risk transformative Grade (S&P, Moody’s) Large-Cap MLP 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 4/30/14; **Return CAGR since inception (nominal) 3

Investment Proposition 4

Strength of GP – Enbridge Inc. ENB: North American leader in energy delivery • Owner and operator of largest crude oil pipeline system • ~$40 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 • ~$36 billion commercially secured organic growth program underway 19% 65% 62% 5

Strategic Position Competitive Advantages • Refiners Norman Wells – Access to multiple crude streams • Producers WCSB – Access to multiple premium markets Zama Fort McMurray • Flexible system Edmonton • Size and scale unmatched Hardisty 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 6

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 Forecast 2013 Enbridge Upside Forecast Optimal Pipeline Capacity Sources: Enbridge Internal Forecast *Includes Bakken entering ENB Mainline ex-Superior 7

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 Tesoro Mandan Refinery 0.0 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. 8

North American Crude Oil Price Fundamentals Significant Infrastructure Investment Opportunities Light Differentials Asia Brent – WTI $9 $114 LLS – WTI Alberta Light $2 $96 $104 Asia – WTI $12 WCS $84 WTI – Bakken $5 Bakken $97 WTI - Alberta $6 Light $111 Brent WTI North American Supply Heavy Differentials $102 North American Demand Maya – WCS $12 Light Crude Transportation Bottlenecks LLS Maya Asia – WCS $20 Heavy Crude $104 Volatile Price Differentials $96 May 14, 2014 prices (in US$/bbl) 9

Providing New Market Access Opening New Markets for up to 1.7 million barrels per day + ~1.0 MMbpd of Heavy and + ~0.7 MMbpd of Light Norman Wells Eastern Access Light Oil Market Zama Fort McMurray +250 kbpd Light Access +50 kbpd Heavy Edmonton Hardisty Western USGC Regina +50 Access Cromer kbpd St. John Seattle Light Clearbrook Superior Montreal Portland Buffalo Organic Growth Projects: +50 +250 Nanticoke Sarnia kbpd kbpd Casper Toledo Heavy Light  Commercially secured Flanagan Chicago Salt Lake City +80 Patoka kbpd  Low risk framework Heavy Cushing +300 +600  Long-term contracts kbpd kbpd Light Heavy St. James Houston 10

Market Access Programs Market Access Programs Bolster Lakehead System Utilization 2013 Fort McMurray • Bakken Pipeline Expansion+ Berthold Rail - EEP • Line 5 Expansion (+50 kbpd) - EEP • Line 62 Expansion (+105 kbpd) - EEP • Edmonton Line 9A Reversal (+50 kbpd) - ENB Hardisty • Toledo Pipeline Partial Twin (+80 kbpd) - ENB • Kerrobert Seaway Pipeline Expansion (+400 kbpd) - ENB 2014 Regina +320 Cromer kpbd • Gretna Line 6B Replacement (+260 kbpd) - EEP Montreal • Line 67 (+120 kbpd) (1) - EEP Superior • Line 61 (+160 kbpd) - EEP Westover • Line 9B Reversal + Expansion (+320 kbpd) - ENB • Flanagan South Pipeline (+600 kbpd) - ENB Buffalo Organic Growth Projects: • Seaway Twin + Lateral (+450 kbpd) - ENB Sarnia 2015  Commercially secured Toledo Chicago/ +80 Flanagan • Line 67 (+230 kbpd) - EEP kbpd • Line 61 (+640 kbpd) - EEP +300  Low risk framework • Chicago Area Connectivity (+570 kbpd) – EEP Patoka kbpd • Southern Access Extension (+300 kbpd) - ENB Cushing • Edmonton to Hardisty (+570 kbpd) - ENB  Long-term contracts 2016 • Sandpiper Pipeline (+225/+375 kbpd) – EEP • Line 6B Expansion (+70 kbpd) - EEP Port Arthur 2017 Houston +440 kbpd • Line 3 Replacement – ENB/ EEP (1) Line 67 in-service delayed, however, throughput impacts expected to be substantially +600 mitigated by temporary system optimization actions. kbpd 11