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UBS MLP ConferencePartnership OverviewSeptember 19-20, 2007

1Spectra Energy Partners | September 2007

Forward Looking Statements

Some of the statements in this presentation concerning future performance will be forward-looking within the meanings of the securities laws.

Forward-looking statements are not guarantees of future performance or an assurance that our current assumptions and projections are valid. Actual results may differ materially from those projected.

Except for historical information contained herein, the matters discussed in this presentation include forward looking statements that involve risks and uncertainties.

You are encouraged to closely consider the additional disclosures and risk factors contained in the prospectus that discuss in detail the factors that could cause future results to be different than contemplated in today’s discussion.

Investing in common units involves risks associated with Spectra Energy Partners’ business, the partnership structure and tax characteristics of the common units. Please read the “Risk Factors”section of the prospectus.

In addition, today’s presentation includes certain non-GAAP financial measures as defined under SEC Regulation G. A reconciliation of those measures to the most directly comparable GAAP measures is available in the prospectus.


SEP Representatives

• 25 years with Spectra Energy / Duke

• 10 years in Investor Relations

• Prior to Investor Relations, experience in other financial

disciplines in the company

VP – Investor Relations,

Spectra Energy Corp

John Arensdorf

• 7 years in Spectra Energy tax research & planning group

• 17 years experience in tax research & planning in the energy

industry

• Certified Public Accountant in Texas

Director, Investor & Public

Relations

M. Sean Blakley

• 29 years of diverse energy industry experience

• 7 years with Duke/Spectra Energy as financial officer of various

unregulated operations

• 9 years with Pacificorp regulated and unregulated entities

• 13 years with Pennzoil

Vice President & Chief

Financial Officer

Lon C. Mitchell, Jr.

Position BackgroundName


SEP Management Team

Vice President & Chief Financial OfficerLon C. Mitchell, Jr.

President, Chief Executive Officer & DirectorC. Gregory Harper

Chairman of the SEP BoardMartha B. Wyrsch

PositionName


SEP Board of Directors

• Independent financial consultant and senior business

advisor

• Former lead director of Kinder Morgan, Inc.

Independent DirectorStewart A. Bliss

• Former FERC Commissioner

• Former SVP, Meridian Bancorp

Independent DirectorNora M. Brownell

• President of Bordley Management Co.

• Former SVP, Prudential Capital Group

Independent DirectorSteven D. Arnold

• Group Vice President of U.S. Regulatory and Project

Management for Spectra Energy Transmission

DirectorGregory J. Rizzo

• Group Executive, General Counsel and Secretary of

Spectra Energy

DirectorWilliam S. Garner, Jr.

• President and CEO of SEPDirectorC. Gregory Harper

• President and CEO, Spectra Energy TransmissionChairman of the BoardMartha B. Wyrsch

GP Board Position AffiliationName


Key Investment HighlightsElements of SEP’s Compelling Investment Profile

Attractive Assets

Growth Opportunities

Experienced Management

Financial Strength

Strong Sponsorship

• Portfolio Strategically Positioned

• Provides Stable Cash Flows

• Growth-Oriented Business Strategies

– Visible Growth from Identified Organic Projects

– Focus on Acquisitions

– Increase Contracted Capacity by Marketing Diverse Supply

Sources / Attractive End Markets

– Storage Poised to Capture Gulf Coast LNG Opportunities

• Veteran Leadership Team with Extensive Industry Experience

• Access to and Alignment with Senior Management of Spectra Energy

• Strong and Flexible Financial Position

• Beneficial Affiliation with Spectra Energy

– Alignment of Interests

– Access to Deal Flow

– Provides Support Services


Asset Portfolio

East Tennessee Natural Gas (100%)

Gulfstream Natural Gas (24.5%)

Market Hub Partners (50%)

• 1,400 mile interstate natural

gas pipeline

• 1.3 Bcf/d of capacity

• 19 receipt points

• 175 delivery points

• 1.0 Bcf LNG storage facility

• 690 mile interstate natural

gas pipeline

• 1.1 Bcf/d of capacity

• 1.25 Bcf/d by 2009

• 7 receipt points

• 19 delivery points

• 2 high deliverability salt cavern

storage facilities

• 35 Bcf capacity

• 58 miles of pipeline

• 12 interconnects

Note: Texas Eastern pipeline will be retained by Spectra Energy.

Gulfstream

East TennesseeNatural Gas

Market HubPartners

Texas Eastern

Moss Bluff Egan

Houston

Mobile

Tampa

Orlando

Miami

Atlanta

Chattanooga

Nashville

Knoxville

Roanoke


Capacity Reservation FeesVariable FeesInterruptible Contracts

Cash Flow Certainty

East Tennessee Gulfstream Market Hub

2006 Revenue Composition

97.7%1.7%0.6%

85.6%2.9%11.5%

90.0%0.0%10.0%

Capacity Reservation Fees Underpin Stable Cash Flows

$85 million of estimated cash flow available for distribution, almost equally contributed by each asset


KingsportLNG Facility

Transco

Columbia Gulf

Tennessee Gas

Texas Eastern

Texas Eastern

Southern

Natural Gas

SC

NC

GA

AL

MS

TN

KY

INIL

WV

VA

Midwestern G

as

CHARLOTTE

ATLANTA

CHATTANOOGA

NASHVILLE

KNOXVILLE

ROANOKEJewell RidgeLateral

PatriotExtension

EastTennessee

Tennessee Gas

Columbia Gulf

SaltvilleGas Storage

East Tennessee Natural Gas

Primary transportation alternative for on-system customers;off-system customers represent growth opportunity

The Partnership’s Cornerstone Asset

• Managed on a fully-integrated basis with

Spectra Energy’s U.S. pipeline and storage

assets

• Base market provides solid foundation; new

markets provide growth

• Geographic region provides significant

barriers to entry

• Offers consumers diversity of supplies

• Offers producers market reach

– Current expansion projects:

• Jewell Ridge – in service (228 Mdth/d)

• Equitable Nora – in service (10 Mdth/d)

• Equitable Jewell Ridge – Q4 2008 (40

Mdth/d)

• Ability to reach off-system customers

Note: Texas Eastern pipeline and Saltville Gas Storage retained by Spectra Energy.


Gulfstream Natural Gas System

• State-of-the-art interstate natural gas

transmission system

– One of two major pipelines that serves

the nation’s fourth most populous state

– System is only 5 years old

– Approximately $1.7 billion invested to

date

• Long-term firm transportation contracts in

place

• Meaningful long-term growth opportunities

– Phase III – 2H 2008 / 1H 2009

– Phase IV – 2H 2008 / 1H 2009

– G2 (potential future expansion) – Open

season process initiated

Key Growth Vehicle for the Partnership

MIAMI

ORLANDO

JACKSONVILLE

TAMPA

TALLAHASSEE

PENSACOLA

CODEN

Gulfstream

Florida Gas Transmission

Southeast

Supply

Header

CypressPipelineProject

FL

GA

MS

AL

Phase III

Phase IV


TX

LA MSLAL

MossBluff

Egan

Market Hub Partners

Well positioned to serve growing demand for storage services,including requirements of LNG imports

Strategically Located Storage Facilities

• Two high deliverability salt cavern natural gas storage facilities

• Aggregate working gas storage capacity of approximately 35 Bcf

– Planned expansions take capacity to approximately 47Bcf by 2011

• Access to natural gas supplies from Texas, Louisiana and growing imports of LNG to the Gulf Coast

• SEP owns a 50% interest

Interconnecting Pipelines

Egan Moss Bluff

ANR Enterprise Intrastate

Columbia Gulf Kinder Morgan Texas

Florida Gas NGPL

Tennessee Kinder Morgan Tejas

Texas Eastern Texas Eastern

Texas Gas

Trunkline Gas

Growing SEMarkets

Growing OnshoreSupplyGrowing NE

Markets

Emerging

LNG Supply


Asset Portfolio

Note: Texas Eastern, Algonquin, Maritimes & Northeast pipelines retained by Spectra Energy.

Gulfstream


Market HubPartners

Texas Eastern

Algonquin

Moss Bluff Egan

Maritimes & Northeast

Houston

Mobile

Tampa

Orlando

Miami

Atlanta

Chattanooga

Nashville

Knoxville

Roanoke


Financial Highlights and Objectives

Objectives

• Maintain stable and increasing distributable cash flows

• Maintain strong balance sheet

• Provide flexibility for opportunistic growth and expansion

• Pursue potential acquisitions from third parties and / or Spectra Energy

FinancialHighlights

• Attractive cash flow profile

– Fee-based businesses

– Long-term contracts and customer relationships

– Visible growth opportunities

– Almost no direct commodity price exposure

• Distribution support through subordination structure

SEP Will Maintain a Strong and Flexible Financial Position


Minimum Cash Flow for Distributions

Provides 1.05x Coverage Ratio

($ in millions, except per unit data) Twelve months

ending

June 30, 2008

Net Income $72.4

Add:Depreciation and amortization 21.5

Interest expense 26.9

Less:Equity in earnings from Gulfstream and MHP 53.6

Interest income 8.4 Cash reserve 4.1

Adjusted EBITDA 54.8

Add:

Interest income 8.4 Estimated cash available for distribution from Gulfstream 23.8

Estimated cash available for distribution from MHP 32.9

Less:Cash interest expense (income), net 26.9

Maintenance capital expenditures 11.8

Minimum estimated cash available for distribution $81.1

Per unit minimum annual distribution $1.20

Annual distributions to:

Public common unitholders 13.8 Spectra Energy 67.3

Total distributions to unitholders and GP at the initial distribution rate $81.1


Key Investment Highlights

Note: Texas Eastern, Algonquin, Maritimes & Northeast pipelines retained by Spectra Energy.

�� Attractive Assets

Growth Opportunities

Experienced Management

Financial Strength

Strong Sponsorship

��

��

��

��

Gulfstream


Market HubPartners

Texas Eastern

Algonquin

Moss Bluff Egan

Maritimes & Northeast

Houston

Mobile

Tampa

Orlando

Miami

Atlanta

Chattanooga

Nashville

Knoxville

Roanoke

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