Investor Highlights // MARCH 2020

• Large-scale, fully-integrated midstream platform

• Critical link between growing production and downstream markets

• Long-term relationships with large-cap producers, LDCs and electric utilities

• Significant fee-based and demand-fee margin

• Substantial distribution coverage

• Investment-grade credit metrics

• Proven track record

• Compelling value opportunity

14,000 MilesGathering Pipelines

10,100 MilesInterstate/Intrastate

Pipelines

84.5 BcfNatural Gas

Storage Capacity

2.6 Bcf/dProcessing Capacity

27 Active RigsOn Enable’s Footprint1

Enable Midstream Overview

Note: Map as of Feb. 26, 2020; Stats as of Dec. 31, 2019; Pipeline miles are approximate and interstate/intrastate pipeline miles include ~7,800 miles of interstate pipeline (including SESH, which Enable owns a 50% interest) and ~2,300 miles of intrastate pipeline1Rigs drilling wells expected to be connected to Enable’s gathering systems; per Enverus as of Feb. 10, 2020 2 | Investor Highlights1

2019 Highlights 2019: A Year of Continued Execution

Commercial and Operational

Achievements

Financial Achievements

• Achieved record full-year natural gas gathered, natural gas processed, natural gas transported, and crude oil and condensate gathered volumes1

• Significantly increased crude oil and condensate gathered volumes in both the Anadarko and Williston Basins

• Extended the weighted-average remaining firm transportation contract life for EGT, MRT and EOIT from 3.6 years at year-end 2018 to 4.1 years at year-end 20192,3

• Agreed to rate case settlement terms with 100% of MRT’s firm capacity customers that participated in the pipeline’s recent rate cases3

• Announced the Merge, Arkoma, SCOOP and STACK (MASS) natural gas transportation project and continued to develop the Gulf Run Pipeline project

• Higher fourth quarter and full-year 2019 Adjusted EBITDA and DCF compared to fourth quarter and full-year 2018

• Achieved the upper end of 2019 outlook for Adjusted EBITDA and DCF

• Focused on capital efficiency, driving expansion capital below the 2019 outlook range

• Increased the cash return to common unitholders by raising the quarterly distribution by approximately 4%4

1Since Enable’s formation in May 20132Contract life weighted by volumes3Contracts associated with the MRT rate cases are subject to FERC approval4The partnership increased the quarterly distribution rate from $.3180/unit to $.3305/unit, an increase of approximately 4%, beginning with the Q2-19 distribution

1Enable’s total crude oil and condensate volumes have been converted to an MMBtu equivalent using a conversion factor of 5.80 MMBtus per gathered barrel2Non-GAAP financial measure are reconciled to the nearest GAAP financial measures on pages 9 and 103Non-GAAP measure calculated as DCF divided by distributions related to common and subordinated units4Self-funding calculated as FY2019 DCF plus FY2019 maintenance capital minus FY2019 common unit distributions. FY2019 Capital Program self-funding percentage calculated by dividing self-funding amount by total FY2019 capital expenditures

Business Growth, Cost Discipline and Efficient Capital Deployment “Enabled” the Self-Funding of Nearly 80% of the 2019 Capital Program After Distributions4

Total Gathered Volumes

+62% since 2016

Adjusted EBITDA2

+31% since 2016

Transported Volumes

+27% since 2016

Distribution Coverage3

+17% since 2016

Tbtu

/d

4.88

2016 2017 2018 2019

5.045.56

6.18

1.18x

2016 2017 2018 2019

1.20x1.38x 1.38x

Tbtu

/d E

quiv

alen

t1

3.28

2016 2017 2018 2019

3.71

4.725.31

$ in

mill

ions

$873

2016 2017 2018 2019

$924$1,074

$1,147

4 | Investor Highlights3

Financially Strong and Disciplined Gulf Run Pipeline Project

1Non-GAAP financial measures are reconciled to the nearest GAAP financial measures on pages 9 and 102Gross margin profile represents hedges as of Feb. 14, 2020, and Enable’s Q4-19 Earnings internal 2020 forecast and price assumptions3ENBL leverage is calculated as Total Debt / Adjusted EBITDA and is based off of FY2019 Actuals 4Source: Bloomberg. Current (as of Feb. 7, 2020) Total Debt / FY2019 Adjusted EBITDA average analyst estimates; Peers include DCP, ENLC, OKE, WES and WMB; Peers shown on graph in order of ascending Debt-to-EBITDA rather than alphabetical order

Highlights

• Continued focus on operating efficiency and cost discipline

• Favorable contract structures with significant fee-based and demand-fee margins

• Committed to aligning expansion capital expenditures with the business environment

• Significant liquidity and investment-grade credit metrics

Cost Discipline

Strong Financial Position

2020F Gross Margin Profile2

~93% Fee-Based or Hedged

• The Gulf Run Pipeline project, backed by a 20-year commitment from cornerstone shipper Golden Pass LNG,

will provide access to some of the most prolific natural gas producing regions in the U.S.

• Expect to file certificate applications with FERC by the end of first quarter 2020 seeking authorization for the project

• Project scope expected to be filed would provide approximately 1.7 Bcf/d of capacity, which would both

accommodate Golden Pass’s 1.1 Bcf/d commitment and allow for additional capacity subscriptions that may develop

from ongoing discussions at an estimated total cost for the filed scope of approximately $640 million1

• Project will be appropriately sized to meet contracted customer capacity commitments and is expected to be placed

into service in late 2022, subject to FERC approval

2018 2019 2020 20222021

Project Announcement

Open Season

Golden Pass FID

Survey Work

FERC Pre-Filing

Public Open

Houses

FERC Scoping Meetings

FERC 7(c) Filing

FERC Approval

Begin Construction

Project Completed

Note: Map as of Feb. 24, 20201Excludes the estimated allowance for funds used during constructions, which represents the approximate net composite interest cost of borrowed funds and a reasonable return on the equity funds used for construction

Deb

t-to

-EB

ITD

A

4.51x

Peer A

3.83x

ENBL

ENBL3 Peer4

4.51x

Peer B

4.56x

Peer C

4.82x

Peer D

4.89x

Peer E

Gross Margin1 O&M & G&A % Gross Margin

$1,255

37%

33%

31% 31%

2016 2017 2018 2019

$1,422$1,612 $1,681

39%

50%

7%4%

Commodity-Based Hedged Commodity-Based Unhedged

Fee-Based Volume Dependent Fee-Based Demand

6 | Investor Highlights5

2020 FocusQ4 2019 Commercial Highlights

Note: SCOOP counties are designated as Caddo, Carter, Garvin, Grady, McClain and Stephens and STACK counties are designated as Blaine, Canadian, Custer, Dewey, Kingfisher, Major and Woodward counties of Oklahoma1Rigs per Enverus as of Feb. 10, 2020; represents wells expected to be connected to either Enable’s natural gas gathering or crude oil and condensate gathering systems2Source: Enverus3Contracts associated with the MRT rate cases are subject to FERC approval

Gathering and Processing

• Producers remain active across Enable’s gathering footprint with 27 rigs1 currently drilling wells expected to be connected to Enable’s gathering systems

- 47% of all active rigs1 in the SCOOP and STACK plays are drilling wells expected to be connected to Enable’s gathering systems

- Operators have reduced the number of days it takes to drill a well in the Anadarko by an average of 17% in Q3-19 compared to Q3-182

• Total crude oil and condensate volumes gathered reached 153 MBbl/d in Q4-19, driven by continued growth in the Anadarko Basin

Transportation and Storage

• Contracted or extended over 1.2 million Dth/d of transportation capacity during Q4-193

• MRT Rate Case Update:

- Agreed to rate case settlement terms with all of MRT’s firm capacity customers that participated in the recent rate cases, with 90% of third-party transportation capacity now extended into 2024

- Expect FERC to rule on the proposed settlements in the first half of 2020

- Assuming the settlements are approved in 2020, MRT expects revenues for 2020 to be higher than the revenues MRT recognized in 2018, which were unaffected for the rate case or capacity turnbacks

SCOOP Ark-La-Tex

WillistonGranite Wash

Transported Volumes

TBtu/d

4.7%Increase

5.99

Q4 2019

5.72

Q4 2018

Strong Financial Position• Focused on maintaining strong distribution coverage and investment-grade credit metrics

Optimization• Continuing to improve efficiency and generate cost savings

Commercial Excellence• Pursuing additional high-value opportunities across the footprint

Capital Discipline• Right-sizing expansion capital program for customer activity

Sustainability Reporting• Planning to expand sustainability disclosures by year-end 2020

Active Rigs onEnable’s Footprint1

2718

3

51

7 8 | Investor Highlights

Non-GAAP Reconciliations

Forward-looking Statements

Three Months Ended December 31,

Year Ended December 31,

Reconciliation of Adjusted EBITDA and DCF to net income attributable to limited partners and calculation of Distribution coverage ratio:

2019 2018 2019 2018 2017 2016

(In millions, except Distribution coverage ratio)

Net income attributable to limited partners $ 18 $ 174 $ 396 $ 521 $ 436 $ 312

Depreciation and amortization expense 110 106 433 398 366 338

Interest expense, net of interest income 47 43 188 152 120 99

Income tax expense — (1) (1) (1) (1) 1

Distributions received from equity method affiliate in excess of equity earnings

— (4) 8 7 5 15

Non-cash equity-based compensation 3 4 16 16 15 13

Change in fair value of derivatives1 8 (54) 11 (26) (28) 60

Other non-cash losses2 3 3 12 7 11 26

Impairment 86 — 86 — — 9

Non-controlling Interest Share of Adjusted EBITDA (1) — (2) — — —

Adjusted EBITDA $ 274 $ 271 $1,147 $1,074 $ 924 $ 873

Series A Preferred Unit distributions3 (9) (9) (36) (36) (36) (31)

Distributions for phantom and performance units4 — — (10) (5) (2) —

Adjusted interest expense5 (48) (45) (191) (159) (123) (103)

Maintenance capital expenditures (40) (44) (126) (114) (101) (101)

Current income taxes — — — — (2) 1

DCF $ 177 $ 173 $ 784 $ 760 $ 660 $ 639

Distributions related to common and subordinated unitholders6 $ 144 $ 138 $ 570 $ 552 $ 551 $ 539

Distribution coverage ratio 1.23 1.26 1.38 1.38 1.20 1.18

Three Months Ended December 31,

Year Ended December 31,

Reconciliation of Adjusted interest expense to Interest expense:

2019 2018 2019 2018 2017 2016

(In millions)

Interest Expense $ 48 $ 43 $ 190 $ 152 $ 120 $ 99

Interest income (1) — (2) — — —

Amortization of premium on long-term debt 2 2 6 6 6 6

Capitalized interest on expansion capital 1 2 2 6 — 1

Amortization of debt expense and discount (2) (2) (5) (5) (3) (3)

Adjusted interest expense $ 48 $ 45 $ 191 $ 159 $ 123 $ 103

Three Months Ended December 31,

Year Ended December 31,

Reconciliation of Gross margin to Total Revenues:

2019 2018 2019 2018 2017 2016

(In millions)

Consolidated

Product sales $ 377 $ 609 $ 1,533 $ 2,106 $ 1,653 $ 1,172

Service revenue 354 341 1,427 1,325 1,150 1,100

Total Revenues 731 950 2,960 3,431 2,803 2,272

Cost of natural gas and natural gas liquids (excluding depreciation and amortization) 321 484 1,279 1,819 1,381 1,017

Gross margin $ 410 $ 466 $ 1,681 $ 1,612 $ 1,422 $ 1,255

Reportable Segments

Gathering and Processing

Product sales $ 353 $ 605 $ 1,449 $ 2,016 $ 1,538 $ 1,081

Service revenue 226 203 889 802 632 559

Total Revenues 579 808 2,338 2,818 2,170 1,640

Cost of natural gas and natural gas liquids (excluding depreciation and amortization) 308 479 1,203 1,741 1,285 915

Gross margin $ 271 $ 329 $ 1,135 $ 1,077 $ 885 $ 725

Transportation and Storage

Product sales $ 106 $ 183 $ 487 $ 625 $ 621 $ 479

Service revenue 130 142 551 537 525 545

Total Revenues 236 325 1,038 1,162 1,146 1,024

Cost of natural gas and natural gas liquids (excluding depreciation and amortization) 97 190 491 628 604 492

Gross margin $ 139 $ 135 $ 547 $ 534 $ 542 $ 532

Some of the information in this presentation may contain forward-looking statements. Forward-looking statements give our current expectations, contain projections of results of operations or of financial condition, or forecasts of future events. Words such as “could,” “will,” “should,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation include our expectations of plans, strategies, objectives, growth and operational performance, including revenue projections, capital expenditures and tax position. Forward-looking statements can be affected by assumptions used or by known or unknown risks or uncertainties. Consequently, no forward-looking statements can be guaranteed.

A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. However, when considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this presentation and in our Annual Report on Form 10-K for the year ended December 31, 2019 (“Annual Report”). Those risk factors and other factors noted throughout this presentation and in our Annual Report could cause our actual results to differ materially from those disclosed in any forward-looking statement. You are cautioned not to place undue reliance on any forward-looking statements.

Forward-looking statements speak only as of the date on which they are made. We expressly disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

1Change in fair value of derivatives includes changes in the fair value of derivatives that are not designated as hedging instruments2Other non-cash losses includes loss on sale of assets and write-downs of materials and supplies3This amount represents the quarterly cash distributions on the Series A Preferred Units declared for the periods presented. The year-ended 2016 amount includes the prorated quarterly cash distribution on the Series A Preferred Units declared on April 26, 2016. In accordance with the Partnership Agreement, the Series A Preferred Unit distributions are deemed to have been paid out of available cash with respect to the quarter immediately preceding the quarter in which the distribution is made 4Distributions for phantom and performance units represent distribution equivalent rights paid in cash. Phantom unit distribution equivalent rights are paid during the vesting period and performance unit distribution equivalent rights are paid at vesting5See below for a reconciliation of Adjusted interest expense to Interest expense6Represents cash distributions declared for common units outstanding as of each respective period. Amounts for 2019 reflect estimated cash distributions for common units outstanding for the quarter ended Dec. 31, 2019. All outstanding subordinated units converted into common units on a one-for-one basis on Aug. 30, 2017

Non-GAAP Financial MeasuresGross margin, Adjusted EBITDA, Adjusted interest expense, Distributable cash flow and Distribution coverage ratio are not financial measures presented in accordance with GAAP. Enable has included these non-GAAP financial measures in this presentation based on information in its consolidated financial statements.

Gross margin, Adjusted EBITDA, Adjusted interest expense, Distributable cash flow and Distribution coverage ratio are supplemental financial measures that management and external users of Enable’s financial statements, such as industry analysts, investors, lenders and rating agencies may use, to assess:

• Enable’s operating performance as compared to those of other publicly traded partnerships in the midstream energy industry, without regard to capital structure or historical cost basis;

• The ability of Enable’s assets to generate sufficient cash flow to make distributions to its partners;

• Enable’s ability to incur and service debt and fund capital expenditures; and

• The viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

This presentation includes a reconciliation of Gross margin to total revenues, Adjusted EBITDA and Distributable cash flow to net income attributable to limited partners and Adjusted interest expense to interest expense, the most directly comparable GAAP financial measures, as applicable, for each of the periods indicated. Distribution coverage ratio is a financial performance measure used by management to reflect the relationship between Enable’s financial operating performance and cash distributions. Enable believes that the presentation of Gross margin, Adjusted EBITDA, Adjusted interest expense, Distributable cash flow and Distribution coverage ratio provides information useful to investors in assessing its financial condition and results of operations. Gross margin, Adjusted EBITDA, Adjusted interest expense, Distributable cash flow and Distribution coverage ratio should not be considered as alternatives to net income, operating income, revenue, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Gross margin, Adjusted EBITDA, Adjusted interest expense, Distributable cash flow and Distribution coverage ratio have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP measures. Additionally, because Gross margin, Adjusted EBITDA, Adjusted interest expense, Distributable cash flow and Distribution coverage ratio may be defined differently by other companies in Enable’s industry, Enable’s definitions of these measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

10 | Investor Highlights9

Investor Relations(405) 558-4600ir@enablemidstream.comInvestors.EnableMidstream.com