Legal Notice

2

This presentation includes forward-looking statements and projections, which are statements that do not relate strictly to

historical or current facts. These statements frequently use the following words, variations thereon or comparable terminology:

“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “position,” “projection,” “should,”

“strategy,” “target”, “will” and similar words. Although the Partnership believes 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 the Partnership’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) the Partnership’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 the Partnership’s facilities or

refineries, petrochemical plants, utilities or other businesses for which the Partnership transports products or to whom the Partnership

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 the

Partnership’s tariff rates; and (7) changes in laws or regulations to which the Partnership is subject, including compliance with

environmental and operational safety regulations that may increase costs of system integrity testing and maintenance.

Forward-looking statements regarding “drop-down” growth opportunities are further qualified by the fact that Enbridge Inc. is

under no obligation to offer to sell us interests in its U.S. projects, and we are under no obligation to buy any such interests. Similarly,

any forward-looking statements regarding potential “drop-down” transactions of interests in Midcoast Operating to Midcoast Energy

Partners are further qualified by the fact that we are under no obligation to sell to Midcoast Energy Partners any such interests, and

Midcoast Energy Partners is under no obligation to buy any such interests. As a result, we do not know when or if any such

transactions will occur.

The Partnership’s forward looking statements are 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 the U.S. securities regulators. The effect of any one risk, uncertainty

or factor on any particular forward looking statement is not determinable with certainty as these are independent 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 forward looking statements, whether as a result of new information, future

events or otherwise. Reference should also be made to the Partnership’s filings with the U.S. Securities and Exchange Commission

(the “SEC”), including its Annual Report on Form 10-K for the most recently completed fiscal year and its subsequently filed Quarterly

Reports on Form 10-Q, for additional factors that may affect results. These filings are available to the public over the Internet at the

SEC’s web site (www.sec.gov) and at the Partnership’s web site.

3

Strong Business Fundamentals: Strength & Stability

Migrating to a Much Lower Risk

Business Model

Strong General Partner

Stable Distributions & Prudent Growth

Attractive Yield

Investment Proposition

3

Investment Highlights

4

*Enterprise Value as of 12/4/14; **Return CAGR since inception to 12/4/2014 (nominal)

One of the longest established pipeline MLPs (1991)

Track record of consistently delivering cash distributions (never reduced)

Largest pipeline transporter of crude oil production growth from Western Canada

Largest pipeline transporter of crude oil production growth from Bakken formation

Total Shareholder Return

1991 2014

Enterprise Value -

Large-Cap MLP

Commercially

secured organic

growth underway

Strong Investment Grade (S&P, Moody’s, DBRS) Low-risk transformative

growth underway

~$2.3 billion of growth capital placed in service

Equity restructure to reset IDRs and establish single tier IDR structure

~$900 million initial drop-down proposal from ENB received

ENB is reviewing restructuring plan to drop-down its U.S. liquids pipeline assets to EEP

Highlights

2014 Highlights

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

65% 62%

19%

• Owner and operator of largest crude

oil pipeline system

• ~$45 billion equity market cap

• Strong investment grade (A-, Baa1)

• Proven track record: industry

leading EPS and DPS growth • 19% 10-year TSR CAGR

• 12% 10-year DPS CAGR

• 33% dividend increase in 2015

• 14%-16% DPS growth forecast 2015-2018

• Strategy aligned with Partnership

• ~$44 billion organic growth program

underway

Strength of GP – Enbridge Inc.

5

ENB: North American leader in

energy delivery

Strategic Position

6

Norman Wells

Zama

Portland

Seattle

Casper

Montreal

Salt Lake City

Patoka

Cushing

Ottawa Superior

Chicago

Clearbrook

Regina

Flanagan

Hardisty

Toledo

Toronto

Sarnia Buffalo

Wood

River

Edmonton

Fort McMurray

Houston

St. James

Philadelphia

Cromer St. John

WCSB

BAKKEN

EEP Contract Storage

EEP Liquids Pipelines

ENB Liquids Pipelines

Competitive Advantages

• Refiners

– Access to multiple crude streams

• Producers

– Access to multiple premium markets

• Flexible system

• Size and scale unmatched

– Will expand to ~2.85 MMb/d in 2017

Positioned for Long-Term Growth

• Direct connection to growing supply basins (Heavy

& Light)

High quality customer base

ENB and EEP Strategically Aligned

OTHER

ENB

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

MMb/d

2014 Enbridge Forecast Optimal Pipeline Capacity

Supply Forecast

WCSB Supply Forecast vs. Pipeline

Takeaway Capacity*

7

*Includes Bakken entering ENB Mainline ex-Superior Sources: Enbridge Internal Forecast

Keystone XL

ENB Northern Gateway

TransMountain Expansion

Energy East

Bakken Crude Supply and Pipeline

Takeaway Capacity

8

Range of External Forecasts

0

500

1,000

1,500

2,000

2,500Kbpd

High Case Low Case

3rd Party Pipes

Local Refining

Enbridge - Bakken

3rd-Party Proposed

Enbridge - Sandpiper

9

Market Access Well Advanced

Incremental Market Access by 2017: +1.0MMbpd of Heavy; +0.7MMbpd of Light

Eastern Access

Western USGC Access

Light Oil Market Access

+50

kbpd

+80

kbpd

+250 kbpd

+50 kbpd

+600 kbpd

+250

kbpd

+300

kbpd

Light

Heavy

+50

kbpd

Three major initiatives provide 1.7 MMbpd

of increased market access and diversification

10

Project Execution – 2014 In-Service

Eastern Access: Ln 6B Replacement

160 miles of Line 6B replacement

entered service in May

Remaining 50 mile replacement

entered service October 2014

• ~$2.1 billion capital

Mainline Expansions

Line 61- expansion from 400kbpd to

560kbpd between Superior and

Flanagan entered service August

• ~$0.2 billion capital

* Jointly funded 25% EEP / 75% ENB

Commercially Secured

30 year Cost of Service

Bakken Expansion – Sandpiper Pipeline

Clearbrook

Superior

Sarnia

Chicago

Patoka

Toledo

Montreal

Westover

Hardisty

Cushing

Regina

Gretna

• Scope: 610 mile, 24”/30” pipeline

• Capacity: ~ 225 kbpd/375 kbpd

• Target in-service: 2017

• Marathon Funding:

37.5% of construction for ~27% equity

interest in EEP ND system

Flanagan

11

Sandpiper is expandable by 160 kbpd

through horsepower upgrades

Low risk framework (ship-or-pay/COS)

Marathon is anchor shipper

Petition for Declaratory Order approved by

FERC May 2014

Sandpiper provides access to premium

PADD II market

Line 3 Replacement

12

ENB Funded

EEP/ENB Joint Funded

Increases system reliability and flexibility

• EEP Capital Investment:

– border to Superior ~ $2.6

billion capital

– to be joint funded with ENB

• Expected Completion:

– 2nd Half of 2017

• 30 year Cost-of-Service

– 15 year primary term

• Shipper Support (CAPP/RSG)

13

Commercial Structure & Risk Profile

Crude oil projects progressively transform EEP to lower risk business model

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, after deducting non-controlling interest.

Assumes Natural Gas business dropped down to MEP within five years.

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

2011 2012 2013 2014 2015 2016 2017

59%

23%

18%

Cost-of-Service/Take-or-Pay

Commodity Sensitive

Fee-Based 24%

76%

(Unconsolidated view)

Operational Risk Management Program

Industry Leadership

Third Party Damage

Avoidance and

Detection

Incident Response

Capacity

Employee and

Contractor

Occupational Safety

Public Safety and

Environmental

Protection

Integrity Management

Leak Detection

Capability and

Control Systems

• State-of-the art Liquids Pipelines control center

• Most extensive maintenance, integrity and inspection program in the history of the North

American pipeline industry

• Liquids Pipelines completed 615 in-line inspections and 8,975 verification digs (2010-2013)

Priority One – Focus on Safety &

Operational Reliability

14

Initial Drop Down:

• $900 million drop down proposal from

Enbridge

66.7% interest in the U.S. segment of

Alberta Clipper pipeline (Line 67)

• Immediately accretive to DCF/unit ~ 3%

No public equity required by EEP

Drop Down Outlook:

• Initial drop down paves the way for

future drop downs from Enbridge

Over $10 billion of U.S. liquids pipeline

assets available

Eastern Access & Mainline Expansion

15% upsize options at cost

Drop Downs Boost Distributable Cash Flow

15

Enbridge reviewing larger scale drop-down plan to EEP

Line 67

ENB Liquids Pipelines

Drop-Down Potential: $10 Billion +

16

2017e

Distributable

Cash

ENB Drop-Down Backlog:

Upsize Option- Eastern Access and Mainline Expansions

Alberta Clipper

Eastern Access

Mainline Expansions

Line 3 Replacement

Spearhead

Flanagan South

Seaway/Seaway Twin

Other

Pipeline System Upsize Option Capital Cost/

Book Value*

Eastern Access $0.4 (2016/2017) ~ $1.5

Mainline Expansion $0.4 (2016/2017) ~ $1.4

Alberta Clipper** - ~ $0.8

Line 3 Replacement*** $0.4 (2018) ~ $0.9

Flanagan South - ~ $2.8

Seaway/Seaway Twin - ~ $2.4

Substantial drop-down opportunities from parent supports long-term growth outlook

* Estimated capital cost or net book value of assets held by Enbridge Inc.

** Drop-down proposal for remaining 66.7% interest in Alberta Clipper received from Enbridge for approximately $900 million.

*** Line 3 Replacement Joint Funding Agreement under consideration by a Special Committee of the independent Board of Directors., including an option to upsize EEP ownership by 15%

one year after the in-service date.

~ $10B + ($ Billions)

Examples:

Key Takeaways

17

• Strategic position supported by strong business fundamentals

• Secured Liquids projects collectively transform the Partnership

to an even lower risk business model

• Minimal equity funding requirements

• Enbridge reviewing larger scale drop-down plan to EEP

• General Partner is strategically aligned with and invests in EEP

• Distribution growth: targeting 2% to 5% annual growth

Safety and operational reliability are cornerstones that underpin

our business and growth outlook