Rockies Alliance Pipeline Wyoming Pipeline Authority Meeting Casper, Wyoming October 21, 2008 Gaylen Haag

Slide 2 Agenda Project Introduction Project Owner Background Connected Facilities RAP Project Advantages Supply & Demand Outlook Proposed Negotiated Rates & Competitive Analysis Project Details and Schedule

Slide 3 Rockies Alliance Pipeline “Bullet Line To Chicago” Proposed In-Service Nov. 1, 2012 Opal to Wamusutter: 213 miles 36” 1458 psig Capacity of 1.0 Bcf/d Expansion up to 1.3 Bcf/d Meeker to Wamusutter: 140 miles 36” 1440 psig Capacity of 810 mmcf/d Expansion up to 1.0 Bcf/d Wamusutter to Joliet: 1080 miles 42” 1440 psig Capacity of 1.3 Bcf/d Expansion up to 1.7 Bcf/d Chicago

Slide 4 RAP Project Summary Bullet Pipeline from Rockies producing area to Chicago markets. Capacity of 1.3 Bcf/d, expandable to 1.7 Bcf/d miles of 42” inch 1440 MAOP. In-service date anticipated to be November 1, Estimated capital cost of $5.0 Billion.

Slide 5 Alliance Pipeline Largest construction project in North America at the time - larger than Rockies Express  US$4.5B project delivered on time and on budget  Project executed  2,311 miles from NE BC to Chicago  Operational since 2000  Operating at full capacity (1.6 bcf/d)  Owned 50% by Enbridge and 50% by Fort Chicago

Slide 6 Alliance Pipeline Ownership Support – Enbridge – Pipeline Experience OttawaSaint John Kansas City Superior Clearbrook Zama Fort McMurray Montreal Toronto Buffalo Regina Hardisty Patoka Casper Salt Lake City Houston Toledo Edmonton Norman Wells Fort St. John Cushing Inuvik Chicago Wood River El Dorado Gas Distribution Liquids Transportation Gas Transmission Wind farms/developments Rabaska 12,000 miles of gas gathering and transmission Deliver nearly 70% of WCSB crude oil production to the US Canada’s largest LDC, Consumers Gas 16 major pipeline projects under development or execution: - Ranging between 20” to 42” Dia. - Totaling 2,475 miles - over $19B in projected capital

Slide 7 Questar Pipeline Questar Pipeline has become a major force in the Rockies Questar Pipeline’s strategic location provides the lowest cost options for expansion More than 2,500 miles of pipe with plans to add nearly 1,000 miles more Capacity commitments have grown on the system from 1.5 bcf/d to 3.5 bcf/d over the past four years Questar Pipelines E&P affiliate will be a major shipper on RAP

Slide 8 Questar Overthrust Pipeline Overthrust is a 213-mile, 36” diameter pipeline from Opal to Wamsutter with contracted capacity of over 1.4 Bcf/d Overthrust is economically expandable from Opal to Wamsutter. Overthrust is proposing to expand its system from Wamsutter to White River Hub (at Meeker). Overthrust is expected to be the major supply system to the Rockies Alliance Pipeline

Slide 9 RAP Contracted Facilities – Questar Overthrust Pipeline RAP to contract for capacity on Questar Overthrust Pipeline to provide the following interconnections: Opal area  Opal Plant  Pioneer Plant  Blacks Fork Plant  Granger Plant  Multiple interstate pipelines Wamsutter area  Echo Springs  Lost Cabin  Multiple interstate pipelines White River Hub (Meeker)  Enterprise  Multiple interstate pipelines Cheyenne (direct to RAP)  Powder River pipelines  Multiple interstate pipelines

Slide 10 RAP Connection to Alliance Pipeline “Alliance, into interstates” and “Chicago city- gates” market indices, as reported in Platts Gas Daily, are very closely matched with 99.95% correlation over the past 5 years.

Slide 11 RAP Project Advantage Integrated pipeline solution to deliver Rockies gas to market with a seamless single rate service. Optimizes and utilizes existing system capability. Expansion capability from 1.3 Bcf/d to 1.7 Bcf/d. Initial fuel rate = 1.42% (Wamsutter – Chicago). Potential for an integrated “delivery hub” with Alliance Pipeline for over 3 Bcf/d of combined flow. Well established, highly liquid delivery point into Chicago market. Focused project team dedicated to meet shipper needs and to deliver project on time and on budget.

Slide 12 Growing Rockies Gas Supply Bcf/d * Historical Data Source: PI / Dwights 2007

Slide 13 Production vs. Pipeline Capacity Bcf/d Ruby Pipeline 26 Years 1.1 BCF/D Eastbound Expansion 20 Years 1.3 BCF/D Export Capacity + Rockies Consumption 9.4 Export Capacity 7.8

Surplus Production Impact on Rockies Value

Slide 15 Surplus Production Impact on Rockies Value

Slide 16 RAP Negotiated Reservation Rates (Deliveries to Chicago) Foot notes: 1.Fuel to be adjusted to reflect actual fuel requirements. Fuel charges associated with transport upstream of Wamsutter will be calculated as per Questar Overthrust Transportation Tariff. 2.Incremental rates from Opal to Wamsutter are as per the current Overthrust Recourse Rate. 3.Incremental rates from Meeker to Wamsutter are as per the Overthrust Open Season dated Feb. 29, 2008

Slide 17 Transportation to Chicago Competitive Analysis

Slide 18 Market Outlook CIG to Chicago Basis Forecast Basis based on Platts 20 year monthly Forecast from 2009 to the end of Historical Basis based on actual monthly indices for the past 4 years. Reservation Rates based on proposed rates for 15 year contracts.

Slide 19 Project Details Open Season ended June 16, 2008  Initial interest = 480,000 Dth/d of subscriptions Follow-Up Open Season to be held in the near future. Targeted in-service November 1, 2012  Based on execution kick off early 2009  Historic regulatory and permitting process defines critical path Capacity 1.3 Bcf/d expandable to 1.7 Bcf/d Minimum contract requirements for kick off ~ 1.0 Bcf/d Project Scope  Capital Cost ~ $5.0 Billion  Length = 1080 miles  Size and Pressure = 1440 MAOP

Slide 20 RAP Project Schedule

Slide 21 Rockies Alliance Pipeline Contact Information Questions concerning the RAP project should be directed to: Alliance Pipeline: Eric Besseling (403) Lorraine Lindberg (713) Questar Overthrust Pipeline: Shelley Wright (801) Gaylen Haag (801)