Midstream Business is in High Gear Enbridge Energy Partners Stephen JJ Letwin Houston Gas Processors Association May 2008 May 2008

#2 Certain information during this presentation will constitute forward- looking statements. These will include, but are not necessarily limited to, throughput volumes, financial projections, expansion or acquisition projects, external economics and competitive factors. These statements are based on certain assumptions made by management. Accordingly, actual results may differ materially from current estimates. You are referred to the Enbridge Energy Partners' SEC filings, including the annual Form 10-K, for a more detailed discussion of risk factors. Legal Notice

Outline Who is Enbridge Oil and gas prices Natural gas demand Natural gas supply Midstream views

#4 Ottawa Saint John 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 Natural Gas Distribution Liquids Systems Natural Gas Systems Detroit Strategy focused on North American energy delivery Enbridge Inc. (ENB), as parent of general partner, is strong and supportive sponsor Enbridge Energy Partners (EEP) is primary vehicle for mature energy transportation infrastructure in U.S. ENB 5-year capital forecast is >$12 billion (excluding EEP) - several projects will benefit EEP Enbridge Continental Focus

#5 Enbridge Energy Partners, L.P. EEP Liquids Systems EEP Gas Systems Enbridge Liquids Systems Buffalo Toledo Patoka Cushing Wood River Chicago Houston EEP has strong long-term positions in liquid petroleum and natural gas transportation ~2 MMbpd deliveries on three liquids systems – expanding to serve growth in Canadian oil sands production ~2 MMcfd throughput on three principal natural gas systems – increasing production in TX and OK providing opportunities in treating, processing and transmission

Crude Oil Price WTI/$/Barrel May 9, 2008

Natural Gas Price Henry Hub $/MMbtu May 9, 2008

Factors Driving Gas Price Increases Lower 48 storage balances down –~300 Bcf y/y –~ 1.7 Bcf/d of additional injections to reach last year levels Gas demand remains strong despite economic conditions Gas price low in comparison to fuel oil –Gulf Coast Spot 1% - $14.64/mmbtu Lower Canadian Imports –Down ~ 0.5 Bcf/d y/y Lower LNG imports –Down ~ 2 Bcf/d y/y –Asian & European demand strong & not yet showing seasonal drop Lower 48 production offsetting lower Canadian & LNG imports –Up ~ 2 bcf/d y/y If storage is to fill to last year levels: –Must outbid Europe for LNG – recent drop in NBP price improving prospect –Or; gas price must move above resid.

LNG is only gas source for Japan and Korea –Will bid up price to meet demand North America is currently the market of last resort Asian & European prices are higher than US prices Source Data Paneurasian * Includes lower priced legacy contracts *

Forecast for LNG imports continues to drop as domestic supply grows Asia will absorb more LNG World LNG supply growth also slowing –Project cost and risk have been increasing Source Data Wood Mackenzie

US LNG imports will be a function of Europe and Asia demand –Same seasonal influences as North America but less storage Swings in LNG availability will lead to greater pricing volatility LNG imports will be seasonal, and vary significantly from year to year Source Data Paneurasian

North American Gas Consumption Enbridge Forecast

We expect North American natural gas demand to grow over the next decade. Cumulative change from 2006 (Bcf/d) Enbridge Forecast

After 5 years of decline US gas production making a comeback US Dry Gas Production Source: EIA

The cost of domestic production will set the long run price of North American Gas. Source: Cambridge Energy Research Associates Average cost estimate ~ $US 6.90 / a 10% IRR Cost moderated in 2007 by % but remain high

Drilling activity remains robust

Supply will expand in some regions of North America and contract in others….. Eastern Canada Gulf of Mexico Mackenzie Delta Alaska WCSB Eastern United States Gulf Coast Onshore West Coast Rockies Permian & MidContinent San Juan 2010 – – – – 2015 – 2020 – 2010 – – – – 2015 – 2020 – 2010 – – 2020 – 2010 – – – – – – – – – – 2015 – 2020 – LNG 2010 – – – 13.3 Cumulative Change from 2006 Bcf/d Supply reductions shown in red with brackets North America Supply 2010 – – – Enbridge Forecast

And all this gas growth needs Midstream services Gathering Treating Processing Fractionation Transportation Marketing

US Pipeline Map

Gas Processing Plants

#21 Processing margins are at historical highs Forward Prices on May 9 HH Nymex and quoted Mt. Belvieu Non-Tet Weighted Avg. based on 45%-C 2 ; 27%-C 3 ; 10%- nC 4 ; 6%-iC 4 ; & 12%-C 5 +

All this is keeping everyone very busy Our experience in 2007: –Added ~800 mcf/d of processing 5 Plants (200 Cryogenic & 600 HDP Control) –Over 200+ Mcf/d treating capacity –400 new well connects –37,000 HP of net compression added –450+ miles of pipe Similar experiences for other midstream companies

Finding people to do the work Enbridge added 55 G & P staff in ‘07 Challenges: –Aging workforce –High demand –Work not always in ideal locations Response: –Work with trade schools –Apprenticeship programs

Other challenges for which we are working on solutions Significant inflationary pressures –Labour, equipment and materials all rising Delivery times longer –Eg. (compression delivery times up 25% in last 2 years) Right of way more expensive and more difficult to obtain

The fish are jump’n and the cotton is high Incredibly strong price environment Demand for gas remains solid Numerous new gas plays to exploit Challenges for Midstream are big but the opportunity greater

Midstream Business is in High Gear Enbridge Energy Partners Jeff Cardinal, Mgr. Planning & Economics