Enbridge Energy Partners, L.P. MLPA Investor Conference June 1-3, 2016

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1 Enbridge Energy Partners, L.P. MLPA Investor Conference June 1-3, 2016

2 Legal Notice 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, consider, continue, could, estimate, expect, explore, evaluate, forecast, intend, may, opportunity, 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 or dropdown opportunities; (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; (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; and (8) permitting at federal, state and local levels in regards to the construction of new assets. Enbridge refers collectively to Enbridge Inc. and its subsidiaries other than the Partnership and its subsidiaries. Forward-looking statements regarding drop-down growth opportunities from Enbridge are further qualified by the fact that Enbridge 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, L.P. are further qualified by the fact that we are under no obligation to sell to Midcoast Energy Partners, L.P. any such interests, and Midcoast Energy Partners, L.P. is under no obligation to buy any such interests. As a result, we do not know when or if any such transactions will occur. 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 year ended December 31, 2015 and any subsequently filed Quarterly Report 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 ( and at the Partnership s web site. SLIDE 2

3 Investment Highlights ~$16B* Enterprise Value Large-Cap MLP BBB, Baa3, BBB Strong Investment Grade & Stable Outlook (S&P, Moody s, DBRS) Pure-Play Liquids Pipeline MLP Low-risk Growth Underway Utility-like MLP Defensive cash flow risk profile Ticker Symbol NYSE: EEP Total Unitholder Return $250,000 Market Capitalization* $10.6 Billion Yield* 10.6% $200,000 Current Cash Distribution $2.332/unit annual Total Unitholder Return (CAGR since inception)** 11% $150,000 Incorporated 1991 $100,000 Total Assets $18.8 Billion Assets ~6,100 miles liquids pipelines ~20MM barrels merchant crude storage 17 active natural gas processing plants $50,000 $ EEP Total Shareholder return S&P 500 Utilities Apr 2016 *Market capitalization and yield as of 5/20/16; **Return CAGR since inception to 4/29/2016 (nominal) SLIDE 3

commodity exposure >90% of Partnership cash flows from Liquids segment >90% of revenues from investment grade customers 1 Commodity sensitive gross margin forecast is before hedging; greater than

4 Well Positioned for Current Environment Low-risk, reliable business model provides highly certain cash flows Commercial Structures Counterparty Credit Profile 2 Long-term, low-risk commercial structures in core liquids pipelines business Cost of Service/Take-or-Pay Fee for Service Commodity sensitive 1 Investment Grade Non-Investment Grade <5% of business cash flows subject to direct commodity exposure >90% of Partnership cash flows from Liquids segment >90% of revenues from investment grade customers 1 Commodity sensitive gross margin forecast is before hedging; greater than 90% of 2016e commodity sensitive cash flows are hedged substantially above current market prices. 2 EEP consolidated (including MEP) and net of Accounts Receivable purchased by affiliate of Enbridge. SLIDE 4

Strong Western Canadian Supply Outlook and Demand for Pipeline Capacity Oil Sands

WCSB Supply CAPP Crude Oil Forecast, Markets and Transportation (June 2015

5 0 Q2 2014 Lakehead Deliveries Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1

5 Strong Western Canadian Supply Outlook and Demand for Pipeline Capacity Oil Sands Growth Pipeline Capacity vs. WCSB Supply CAPP Crude Oil Forecast, Markets and Transportation (June 2015 Operating & In Construction) MMBPD Q Lakehead Deliveries Q Q Q Q Q Q Q ~800 kbpd oil sands supply growth through 2019 Basin short >500 kbpd pipeline capacity by 2021 U.S. Mainline oversubscribed; Q deliveries +15% vs. prior quarter SLIDE 5

6 Western Canadian Supply Profile vs. Crude Price History demonstrates steady oil sands production growth in all price environments kbpd 4,000 WCSB Production Enbridge Ex-Gretna Deliveries WTI Annual Avg ($US/bbl) $US/bbl 120 3,500 3,000 2, , ,500 1, Sources: CAPP, Bloomberg SLIDE 8

7 Our Strategy: Stability + Growth The foundation for delivering sustainable growth Strategic Position Exceptional liquids pipeline infrastructure network Connectivity to large producing basins and key North American refining centers Low-risk business model delivers stable cash flows >90% of cash flows are backed by long-term cost-of-service, take-or-pay or fee-based Organic growth and drop-down potential further transition business to even lower risk Robust Organic Growth Liquids pipeline organic growth program underway Well positioned to secure additional low-cost, phased expansions Premier MLP Sponsor: Enbridge Inc. Industry-leading $26 billion secured organic growth program underway at ENB >$10 billion of U.S. Liquids Pipelines assets available for potential drop down SLIDE 7

Foundation for Delivering Sustainable Growth Strategic position: Largest pipeline transporter of growing oil production from Western Canada and Bakken Seattle Portland Norman Wells Regional Oil Sands

8 Foundation for Delivering Sustainable Growth Strategic position: Largest pipeline transporter of growing oil production from Western Canada and Bakken Seattle Portland Norman Wells Regional Oil Sands Edmonton Zama Fort McMurray Hardisty North Dakota System Cheecham Regina Mainline System Cromer Clearbrook Gretna Lakehead System Superior Flanagan Chicago Patoka Line 9 Buffalo Sarnia Toledo Toronto Montreal Competitive Advantages Refiners: Access to multiple crude streams Producers: Access to multiple premium markets Flexible system; low-cost provider Size and scale unmatched: 2.85 MMbpd Mainline capacity Positioned for Long-Term Growth Direct connection to growing supply basins (Heavy & Light) Cushing Houston Port Arthur Wood River Mid-Continent System Seaway EEP Contract Storage EEP Liquids Pipelines ENB Liquids Pipelines High quality customer base ENB and EEP strategically aligned SLIDE 8

9 Foundation for Delivering Sustainable Growth Demand pull: pipeline system accesses 8.5 MMbpd of refining capacity Key Markets Served by the Enbridge System Strong Demand for Pipeline Systems Premier connectivity to North American refining centers Competitive transportation rates Expanded market access *Excludes NGLs Source: Enbridge estimates and EIA data SLIDE 9

Low-Risk Business Model Delivers Stable Cash Flows Liquids pipeline business generates greater than 90% of Partnership s distribution cash flow 2016e EBITDA (1) Cost of Service

comprised of equity and debt components Fee-Based Liquids Segment ~85% of fee-based component Pipeline toll indexed to PPI + 2.

Contribution is based on revenues from Liquids segment and gross margin from Natural Gas segment, after deducting non-controlling interest.

10 Low-Risk Business Model Delivers Stable Cash Flows Liquids pipeline business generates greater than 90% of Partnership s distribution cash flow 2016e EBITDA (1) Cost of Service (Liquids Segment) Utility style regulatory model: return-of and return-on invested capital Highly predictable cash flows - No volume and commodity price sensitivity Rate base comprised of equity and debt components Fee-Based Liquids Segment ~85% of fee-based component Pipeline toll indexed to PPI % (3) System highly utilized Natural Gas Segment ~15% of fee-based component Commodity Sensitive (2) (Natural Gas Segment) Hedging program largely mitigates commodity price risk (1) Contribution is based on revenues from Liquids segment and gross margin from Natural Gas segment, after deducting non-controlling interest. (2) Commodity sensitive gross margin forecast is before hedging; greater than 90% of 2016e commodity sensitive cash flows are hedged substantially above current market prices. (3) FERC index annual adjustment of PPI %. (prior index adjustment of PPI % expiries June 30, 2016). SLIDE 10

Fee-based Cost-of-Service Liquids Pipelines Remaining Contract Life Long-term, low-risk commercial structures underpin liquids pipeline revenues Lakehead System: 0 10 years 20 years 30 years Mainline

11 Fee-based Cost-of-Service Liquids Pipelines Remaining Contract Life Long-term, low-risk commercial structures underpin liquids pipeline revenues Lakehead System: 0 10 years 20 years 30 years Mainline Expansions Eastern Access Alberta Clipper (2) Southern Access Lakehead base toll indexed to PPI % (1) North Dakota System: toll indexed to PPI % (1) Mid-Continent System: toll indexed to PPI % (1) (1) FERC index annual adjustment of PPI %. (prior index adjustment of PPI % expiries June 30, 2016). (2) 30 year cost of service agreement, with 15 year initial term. SLIDE 11

12 Foundation for Delivering Sustainable Growth Premier MLP Sponsor: Enbridge Inc. (ENB) Wind Solar Gas Distribution Storage Liquids Pipelines Gas Pipelines ENB: A leader in energy delivery Owner and operator of largest crude oil pipeline system ~$37 billion equity market cap Strong investment grade (BBB+, Baa2) Proven track record: industry leading EPS and DPS growth 13% 10-year TSR CAGR 13% 10-year DPS CAGR 10% - 12% DPS growth forecast Strategy aligned with Partnership ~$26 billion enterprise-wide secured organic growth program underway Note: Standard & Poor s/moody s credit ratings respectively. Market capitalization in USD as of 5/20/2016 SLIDE 12

13 Three Pillars of Growth Diversified growth platform EEP Drop-downs from Sponsor Single-tier IDR structure Commercially secured organic growth underway Low-cost, phased expansion opportunities Strategic alignment with sponsor SLIDE 13

Long-term contracts +250 kbpd +50 kbpd +300 kbpd +80 kbpd Incremental Market Access by 2019: +1.

14 Pillar #1: Market Access Well Advanced Transformative low-risk organic growth expected to provide substantial cash flow growth +50 kbpd +250 kbpd +50 kbpd Organic Growth Projects: Commercially secured Low risk framework Long-term contracts +250 kbpd +50 kbpd +300 kbpd +80 kbpd Incremental Market Access by 2019: +1.0MMbpd of Heavy +0.7MMbpd of Light +600 kbpd Light Heavy Western USGC Access Eastern Access Light Oil Market Access SLIDE 14

Pillar #2: Expansion & Extension Opportunities Well positioned to pursue additional expansions to meet shipper needs; phased expansions are attractive

Expansion 70 Ex-Superior Expansion Opportunities kbpd 1 Line 61 Twin 550+ 2 3 4 1 3 2 SAX Expansion 150 1 Upstream of Superior Expansion Opportunities

15 Pillar #2: Expansion & Extension Opportunities Well positioned to pursue additional expansions to meet shipper needs; phased expansions are attractive in a low crude price environment Market Access Opportunities kbpd 1 Eastern Gulf Coast Access Flanagan South / Seaway Expansions Line 9 Expansion 70 Ex-Superior Expansion Opportunities kbpd 1 Line 61 Twin SAX Expansion Upstream of Superior Expansion Opportunities kbpd 1 Sandpiper Expansion/ Bakken Interconnect Idle Line 2A/LSR Expansion Line 2B/4 Capacity Recovery Line 3 at SLIDE 15

16 Pillar #3: Enbridge U.S. Liquids Pipelines Drop Down Attractive, low-risk U.S. liquids pipeline assets available for potential drop down Pipeline System Risk Profile C F B E G D A H A B C D E F G H Eastern Access Mainline Expansion Line 3 Replacement Southern Access Extension Flanagan South Seaway/Seaway Twin Spearhead Toledo Cost-of-Service/Take-or-Pay Indexed Toll (fee-based) SLIDE 16

17 Crude Oil Fundamentals and the Enbridge System

18 WCSB Crude Supply Forecast Western Canadian producers have a long-term investment horizon kbpd 6,000 5,000 4,000 3,000 2,000 1,000 Incremental economics of projects in construction Long-term price views Synergies with existing operations Cost reductions Integrated Operations Total Conventional Upgraded Light (Synthetic) Oil Sands Heavy CAPP O & C Source: CAPP Crude Oil Forecast, Markets and Pipelines (June 2015) SLIDE 18

19 Pipeline Capacity vs. Supply Outlook Strong demand for pipeline takeaway capacity out of Western Canada MMbpd supply outlook Enbridge Regina Deliveries Other Existing Pipelines The Fort Hills project remains on schedule with construction more than 50% complete at the end of the fourth quarter (2015). Suncor Energy Inc. 4th Quarter 2015 Results Feb 3, 2016 Production at Sunrise Energy Project is increasing as expected, with recent peak gross volumes of more than 25,000 bbls/day compared to 13,000-14,000 in late October. The plan provides for a steady and deliberate ramp up towards full capacity of 60,000 barrels per day around the end of Husky Energy 4 th Quarter Results Release Feb 26, 2016 Kearl bitumen production averaged 203,000 barrels per day in the quarter (144,000 barrels Imperial s share). Production was up 137,000 barrels (97,000 barrels Imperial's share) from the fourth quarter of 2014, and up 22,000 barrels (16,000 barrels Imperial's share) from the third quarter of The increase was largely due to continued strong performance from the expansion project and Regina Deliveries optimization efforts at the combined Kearl operation Imperial Oil Q4 Earnings release Feb 2, Western facility in Canadian Canada. Refineries Source: CAPP Crude Oil Forecast, Markets and Pipelines (June 2015) Western Canadian Refineries CAPP 2015 CAPP 2015 Operating & Construction Only ConocoPhillips safely delivered first oil at its Surmont 2 in-situ oil sands Production will ramp-up through 2017, adding approximately 118,000 barrels per day gross capacity. ConocoPhillips News Release Sept 1, 2015 SLIDE 19

20 kbpd Bakken Crude Supply Forecast Highly productive and economic resource base; pipeline access to market enhances producer netbacks Bakken Crude Supply vs. Takeaway Capacity ~75% of resource base in 4 core counties (McKenzie, Dunn, Mountrail and Williams) Highest productivity wells Rail 3rd Party Pipelines Enbridge pipelines Most potential for future drilling Core counties remain relatively healthy, and operators remain selective within the region Enbridge system provides access to multiple premium markets 0 Local refinery North Dakota Pipeline Authority (NDPA) Base Crude Oil Production Forecast (February 2016) SLIDE 20

Strong Competitive Position Enbridge system is a reliable, low cost crude oil transportation provider with access to premium markets WCSB $/bbl Rail Transport Other Pipelines Enbridge System WCSB to

21 Strong Competitive Position Enbridge system is a reliable, low cost crude oil transportation provider with access to premium markets WCSB $/bbl Rail Transport Other Pipelines Enbridge System WCSB to Chicago Area ~$15 - $21 ~$5 - $6 ~$4 Montreal WCSB to Western USGC ~$15 - $22 ~$8 - $13 ~$7 -$11 Bakken Bakken to Chicago Area ~$10 - $12 - ~$3 - $4 Bakken to Montreal ~$12 - $14 - ~$5 - $8 Chicago Heavy Light Western USGC SLIDE 21

Matching Supply Push and Demand Pull Production growth with limited ❶ alternative takeaway capacity 2 EEP Lakehead System matches supply and demand Strong demand

22 Matching Supply Push and Demand Pull Production growth with limited ❶ alternative takeaway capacity 2 EEP Lakehead System matches supply and demand Strong demand from refineries ❸ and connected markets CAPACITY (kbpd) Mainline Connected Refineries 1,900 Mainline Connected Markets (Pipeline Access) 1,575 Total 3,475 SLIDE 22

23 Liquids Pipelines Organic Growth Underway

24 Bakken Expansion Sandpiper Pipeline EEP pipeline takeaway will reach 580,000 bpd with next phase of expansion Total Secured Capital = $2.6 B Scope Capacity Target In-Service Marathon Funding 600 mile, 24 /30 pipeline ~225 kbpd/375kbpd Early % of construction for ~27% equity interest in EEP ND system Sandpiper is expandable by 170 kbpd through horsepower upgrades Low risk framework (ship-or-pay/cost-of-service) Marathon Petroleum is anchor shipper Sandpiper provides access to premium PADD II market SLIDE 24

25 Line 3 Replacement Enbridge system operating capacity from Western Canada increases to 2.85 MMbpd; project provides high reliability and assurance to key markets EEP Capital Investment Border to Superior ~$2.6 billion capital To be joint funded with ENB Expected Completion: Early year Cost-of-Service 15 year primary term Shipper Support (CAPP/RSG) SLIDE 25

Sandpiper and Line 3 Replacement Projects Early 2019 in-service; reduced near-term capital requirements MPUC Regulatory Timeline Clarified Certificate

26 Sandpiper and Line 3 Replacement Projects Early 2019 in-service; reduced near-term capital requirements MPUC Regulatory Timeline Clarified Certificate of Need/Route Permit processes rejoined EIS to precede evidentiary phase; EIS process underway Expected in-service early 2019 Line 3 Sandpiper SLIDE 26

27 Financial Outlook and Risk Management

28 Funding Outlook Manageable funding needs Significantly reduced 2016 capital expenditures, ~$920MM Based on liquidity position and combined with current equity valuation, do not expect to access equity market in 2016 Joint Funding with sponsor enhances financial flexibility Line 3 Replacement project joint-funding levels being reviewed and not yet determined Credit metrics and distribution coverage strengthen as projects enter service Cost of service and take-or-pay structures to deliver highly certain cash flow growth Maintaining investment grade rating remains a priority SLIDE 28

29 Delivering Prudent Growth Manageable funding outlook; joint funding with sponsor enhances financial flexibility Liquids Pipelines (1) ($mm) Eastern Access Line 6B Expansion + Tankage US Mainline Expansion Line 61 (additional tankage) Line 61 (expansion to 1.2 MMbpd) Growth Capital Net Capital EEP Target In-Service $310 $78 Mid-2016 $380 $95 3Q15-3Q16 $485 $121 Early 2019 Line 3 Replacement $2,600 $1,300 Early 2019 Risk Profile 30 Year Cost of Service No Volume Risk No Capital Risk Sandpiper Pipeline $2,600 $1,625 Early 2019 Long-term Ship-or-Pay $6,375 $3,219 (1) Eastern Access and Mainline Expansion Liquids projects to be jointly funded 75% by ENB and 25% by EEP. Sandpiper construction to be funded 37.5% by Marathon Petroleum Corp. (2) Joint funding with Enbridge assumes estimated 50% funding by Enbridge for U.S. component of Line 3 Replacement project and 50% estimated funding by EEP. Participation levels under consideration by Independent Special Committee and have not been determined. SLIDE 29

Natural Gas Segment Large-scale G&P assets along US Gulf Coast with access to multiple drilling formations Key Assets Natural Gas Deliveries Gathering and Transportation Pipelines ~2.

30 Natural Gas Segment Large-scale G&P assets along US Gulf Coast with access to multiple drilling formations Key Assets Natural Gas Deliveries Gathering and Transportation Pipelines ~2.0 bcf/d 10,900 miles Active Natural Gas Processing Plants 17 Active Natural Gas Treating Plants 5 Texas Express NGL system 35% JV interest EEP 2016e Segment EBITDA* Natural Gas Liquids *Based on EEP 2016 forecasted adjusted EBITDA Note: EEP owns a 48.4% interest in Midcoast Operating, L.P. SLIDE 30

31 Strong Counterparty Credit Profile Major liquids pipeline systems underpinned by strong, investment grade customers EEP Customer Credit Quality (1) MAINLINE TOP 10 SHIPPERS Shipper 1: Integrated AA+/Aaa Shipper 2: Integrated A-/A3 Shipper 3: Refiner BBB/Baa2 Shipper 4: Integrated A-/Baa1 Shipper 5: Refiner BBB/Baa2 Shipper 6: Refiner AA-/A1 Shipper 7: Integrated A+/Aa2 Shipper 8: Midstream BBB/Baa2 Investment Grade Non-Investment Grade Shipper 9: Refiner Credit enhancement to investment grade (1) EEP consolidated (including MEP) and net of Accounts Receivable purchased by affiliate of Enbridge Inc. Shipper 10: Refiner Credit enhancement to investment grade SLIDE 31

32 Priority One Focus on Safety & Operational Reliability Operational Risk Management Program State-of-the art Liquids Pipelines control center Most extensive maintenance, integrity and inspection program in the history of the North American pipeline industry SLIDE 32

33 Key Takeaways Business model attractive in all market conditions Strategic position Connectivity to large producing basins and key North American refining centers Expanded market access underpins strong system utilization outlook Well positioned for current environment Defensive and low-risk business model; strong counterparty risk profile Manageable funding needs Maintaining investment grade credit rating remains a priority EEP exploring strategic alternatives for its investments in Midcoast Operating and MEP Diversified growth platform Sustainable growth outlook: organic growth + bolt-on expansion opportunities + drop-down potential from sponsor Long-term distribution growth target of 2 to 5%, once major projects enter service Premier MLP sponsor Enbridge Inc. strategically aligned with the Partnership SLIDE 33

34 Appendix Enbridge Energy Partners, L.P. Investment Community Presentation May 2016

35 Corporate Structure 12% of listed shares (indirect) 100% voting interest (indirect) Enbridge Inc. (NYSE: ENB) (Baa2 / BBB+) Enbridge Inc. owns ~42% of EEP Public Unitholders 88% of listed shares Enbridge Energy Management, L.L.C. (NYSE: EEQ) 16% LP interest (I-units) 2% GP interest (indirect) 38% LP interest (indirect) Enbridge Energy Partners, L.P. (NYSE: EEP) (Baa3 / BBB) 44% LP interest Public Unitholders 2% GP interest (indirect) 52% LP interest Public Unitholders 48.4% LP interest Midcoast Energy Partners, L.P. (NYSE: MEP) 46% LP interest GP interest (indirect) 51.6% LP interest Midcoast Operating, L.P. Midcoast Operating Corporate structure as of May 13, 2016 SLIDE 35

36 Capital and Investment Expenditures Sufficient liquidity to fund base capital program; not expecting to access equity market in CAPITAL AND INVESTMENT EXPENDITURES ($ millions) Eastern Access 1 50 Available Liquidity ($ millions) 1,000 US Mainline Expansions 1 70 Sandpiper 1 80 Line 3 Replacement $733 Liquids Integrity 270 Liquids Other Growth Enhancements Natural Gas Growth Projects 2 20 Maintenance Capital Expenditures Total Capital Expenditures 920 Eastern Access call option exercise 360 Line 3 Replacement joint funding scenario 3 (~350) Capital and Investment Expenditures +/ /31/2016 Credit Facilities Cash 1 Eastern Access and US Mainline Expansion capital expenditures are forecasted net of joint funding, with assumed Enbridge 75% funding. Sandpiper capital expenditures are forecasted net of 37.5% joint funding from Marathon Petroleum Corp. The joint funding by Enbridge is based on the respective economic interest in the Eastern Access and Mainline Expansions project series and do not take into account the temporary adjustment to distributions and contributions pursuant to Amendment of OLP limited partnership agreement. 2 Represents EEP s share of Natural Gas capital expenditures of Midcoast Operating, L.P., ( MOLP ) which will be proportionately funded between EEP and Midcoast Energy Partners, L.P. ( MEP ). Forecast reflects current base 48.4% funding by EEP and 51.6% by MEP. 3 The Line 3 Replacement project participation level with Enbridge is under consideration by an Independent Committee of the Board of Directors and no decision has yet been reached. This amount reflects one possible scenario and represents the approximate dollars that would be remitted to EEP by Enbridge as the capital contribution of Enbridge for an economic interest in the jointly funded project. SLIDE 36

37 Preferred Unit Restructuring Enhances Partnership s financing flexibility Term Prior Restructured Principle Rate $1.2 Billion/ 7.5% Unchanged Distribution Becomes Cash Paying Q Q Accumulated Deferred Distribution Becomes Payable Earlier of unit redemption date or May 2018 Q (Payment beginning May 2019) Amortize equally over 12 quarters Rate Reset Date May 8, 2018 UST 5 Yr +620 bp June 30, 2020 (same terms) Conversion Option Date to Class A After June 1, 2016 After June 1, 2018 SLIDE 37

North American Crude Oil Pricing Differentials Enbridge is the low cost

$50 $41* Alberta Light $48 WCS $38 Differentials Current (1) WCS Maya (4) WCS West

Brent* (4) Bakken LLS (2) Bakken ANS 1 WTI $52* Brent Maya $42* $49 $51 LLS Light

38 North American Crude Oil Pricing Differentials Enbridge is the low cost transportation provider and we will continue to grow our pipeline systems Pacific $50 $41* Alberta Light $48 WCS $38 Differentials Current (1) WCS Maya (4) WCS West Coast Heavy (3) ANS Alberta Light WTI (1) $48 * Bakken Light $49 Alberta Light Brent* (4) Bakken LLS (2) Bakken ANS 1 WTI $52* Brent Maya $42* $49 $51 LLS Light Crude Heavy Crude 1 May 25, 2016 pricing (Crude Prices: USD/bbl) * represents landed price. SLIDE 38

Bakken Infrastructure Largest pipeline transporter of crude oil from the Bakken region to premium markets *Marathon Petroleum Corp. will fund 37.

39 Bakken Infrastructure Largest pipeline transporter of crude oil from the Bakken region to premium markets *Marathon Petroleum Corp. will fund 37.5% of Project Sandpiper cost and assume a ~27% equity interest in the EEP North Dakota system, once the project enters service. Sandpiper target in-service date of early SLIDE 39

40 Regulatory Tolling Framework System Regulatory Methodology Lakehead System Base Toll Toll Indexed to PPI % Southern Access Alberta Clipper Facilities Surcharge Mechanism (FSM) Cost of Service at 9% ROE; 55% equity, 45% debt rate base + Tax Allowance Cost of Service at NEB basic (2) % ROE; 55% equity; 45% debt rate base + Tax Allowance Cost of Service at 11.5% ROE; 55% equity, 45% debt rate base + Tax Allowance Includes Eastern Access and Mainline Expansion projects North Dakota Toll Indexed to PPI % (Fall back is cost of service (1) ) Phase V-VI Expansion Cost of Service Mid-Continent Toll Indexed to PPI % (Fall back is cost of service (1) ) Contract based for storage (1) Can revert to Cost of Service tolling governed by the FERC by demonstrating substantial divergence between costs and rates. (2) NEB base is the annually published NEB Multi-Pipeline rate of Return FERC Index = %. (prior index adjustment of PPI % expiries June 30, 2016). SLIDE 40

41 Major Canadian and US Crude Oil Pipeline and Refineries SLIDE 41

42 Alternative Ways to Invest in our MLP Tax Considerations Ticker Symbol: EEQ (NYSE) EEP (NYSE) Allocated Taxable Income No Yes Mutual Fund Limitations No Yes Unrelated Business Income Tax No Yes Schedule K-1 No Yes Form 1099 Yes* No State Filing Obligations No Yes * Form 1099 issued for tax year during which shares are disposed. SLIDE 42

Enbridge Energy Partners, L.P. Capital Link Master Limited Partnership Investing Forum Mark A. Maki, President, Enbridge Energy Partners, L.P.

Enbridge Energy Partners, L.P. Capital Link Master Limited Partnership Investing Forum Mark A. Maki, President, Enbridge Energy Partners, L.P. March 5, 2015 enbridgepartners.com Legal Notice This presentation