Legal Notice

2

This presentation includes certain forward looking information (“FLI”) to provide Enbridge Energy Partners, L.P. (“EEP”) and Enbridge

Energy Management, L.L.C. (“EEQ”) investors and potential investors with information about EEP and EEQ and management’s

assessment of the future plans and operations, which may not be appropriate for other purposes. FLI involves statements that frequently

use words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “position,”

“projection,” “should,” “strategy,” “will” and similar words. Although we believe 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 EEP’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) EEP’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 facilities of EEP or refineries, petrochemical plants, utilities or other businesses

for which EEP transports products or to whom EEP 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 EEP’s tariff rates; (7) changes in laws or regulations to which EEP is subject, including

compliance with environmental and operational safety regulations that may increase costs of system integrity testing and maintenance;

and (8) inability of any party to consummate the proposed transaction.

FLI regarding “drop-down” sales opportunities for our ownership in Midcoast Operating, L.P. are further qualified by the fact that Midcoast

Energy Partners, L.P. is under no obligation to buy any of our interests in Midcoast Operating, L.P., and we are under no obligation to sell

any such additional interests. As a result, we do not know when or if any such additional interests will be sold.

Our FLI is also 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 U.S. securities regulators. The impact of any one risk, uncertainty or factor on any particular FLI is not determinable

with certainty as these are interdependent and our future course of action depends on management’s assessment of all information

available at the relevant time. Any FLI in this presentation is based only on information currently available to us and speaks only of the

date on which it is made. Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as

a result of new information, future events or otherwise. All FLI in this presentation is expressly qualified in its entirety by these cautionary

statements and by such other factors as discussed in EEP’s and EEQ’s SEC filings, including its most recently filed Annual Report on

Form 10-K and subsequently filed Quarterly Reports on Form 10-Q.

First Half 2014 Highlights

Distribution Increase

Record Liquids System Deliveries

Equity Restructure

Project Execution

Drop-Down to MEP

3

Equity Restructure

Improves EEP’s cost of capital

Increases distributable cash

available to LP unit holders

Establishes momentum for

distribution growth

Enhances acquisition

competitiveness

Prospective Benefits

(1) Revised Structure Incentive pertains to distributions paid by EEP in excess of

$0.5435/unit per quarter. 4

EEP Equity Restructuring

Strengthen and position EEP as future drop-down vehicle

Distribution Growth Target

5

Organic growth platform supports distribution growth

2007 2008 2009 2010 2011 2012 2013 2014 2017e

2% - 5% Annual Growth Target

2.7% 4.2% - 3.8% 3.6% 2.1% - 2.1%

Momentum to

achieve higher

end of growth

target

Project Execution – 2014 In-Service

6

Eastern Access: Ln 6B Replacement

• 160 miles of Line 6B replacement

entered service May 1st

• Remaining 50 mile replacement

construction underway (early 4Q

2014 in service)

• ~$2.1 billion* capital

Mainline Expansions

• Line 61 expansion from 400kbpd to

560kbpd between Superior and

Flanagan (3Q 2014 in-service)

• ~$0.2 billion* capital

* Jointly funded 25% EEP / 75% ENB

Commercially Secured

30 year Cost of Service

Montreal Gretna

Regina

Hardisty

Kerrobert

Toledo

Buffalo

Edmonton

Houston

Fort McMurray

Cromer

Cushing

Patoka

Chicago/ Flanagan

Sarnia

Superior

Port Arthur

Market Access Programs

7

Westover

+600

kbpd

+300

kbpd

+440

kbpd

+80

kbpd

+320 kpbd

2013

Bakken Pipeline Expansion+ Berthold Rail - EEP

Line 5 Expansion (+50 kbpd) - EEP

Line 62 Expansion (+105 kbpd) - EEP

Line 9A Reversal (+50 kbpd) - ENB

Toledo Pipeline Partial Twin (+80 kbpd) - ENB

Seaway Pipeline Expansion (+400 kbpd) - ENB

2014

Line 6B Replacement (+260 kbpd) - EEP

• Line 67 (+120 kbpd) (1)- EEP

• Line 61 (+160 kbpd) - EEP

• Line 9B Reversal + Expansion (+320 kbpd) - ENB

• Flanagan South Pipeline (+600 kbpd) - ENB

• Seaway Twin + Lateral (+450 kbpd) - ENB

2015

• Line 67 (+230 kbpd) – ENB/EEP

• Line 61 (+640 kbpd) - EEP

• Chicago Area Connectivity (+570 kbpd) – EEP

• Southern Access Extension (+300 kbpd) - ENB

• Edmonton to Hardisty (+570 kbpd) - ENB

2016

• Sandpiper Pipeline (+225/+375 kbpd) – EEP

• Line 6B Expansion (+70kbpd) - EEP

Market Access Programs Bolster Lakehead System Utilization

(1) Phase 1 of Line 67 in-service delayed, however, throughput impacts expected to be substantially mitigated

by temporary system optimization actions.

2017

• Line 3 Replacement –ENB/ EEP

Sandpiper:

Petition for Declaratory

Order approved by the

FERC May 2014

Lakehead System

Executed Drop-Down to MEP Drop-Downs Bolster Funding Program

8

Past

Sta

te

Cu

rren

t S

tate

EEP: ‘Pure-Play’ Liquids Pipeline MLP

MEP: ‘Pure-Play’ Natural Gas & NGL Midstream MLP

Gas & Liquids Operations

• Executed Drop-Down to MEP July 1, 2014

o Sold 12.6% interest in Midcoast Operating for $350 million

• Drop-down remaining interests in gas business to MEP through 2017

Gas-Focused Operations Liquids-Focused Operations

Drop-down proceeds mitigate equity funding requirements

Financial Summary

9

($millions, except per unit amounts) 2Q 2014 2Q 2013

Adjusted EBITDA1 $362.3 $284.6

Adjusted Net Income2 $107.1 $74.7

Adjusted Net Income per unit2 $0.21 $0.13

Unaudited; adjusted results exclude the impact of: (a) additional environmental costs, net of insurance recoveries, associated with the incident on Line 6B; and (b) non-cash, mark-to-

market net gains and losses; among other adjustments. Refer to the Non-GAAP Reconciliation tables presented in the supplemental slides. 1Adjusted EBITDA includes non-controlling interest. 2Adjusted net income after non-controlling interest and deferred distribution attributable to preferred unitholders. Preferred units deferred distribution of $22.5 million in 2Q 2014.

Financial Results

As-declared Coverage Ratio *

0.88x

0.75x

1.05x

0.87x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1H 2014 1H 2013

Cash coverage

Coverage including PIK distribution * Coverage metric excludes deferred distribution attributable to preferred unitholders.

Second Quarter 2014 Highlights

Record Lakehead System

Deliveries

Record North Dakota System

Deliveries

Eastern Access Line 6B

Replacement project in-service

May 1, 2014

Strengthening Distribution

Coverage

Liquids Segment Results

10

1.68 1.83

1.92 2.00 2.09

0.17

0.22 0.20

0.21 0.18

0.15

0.21 0.20

0.25 0.31

-

0.50

1.00

1.50

2.00

2.50

2Q13 3Q13 4Q13 1Q14 2Q14

Vo

lum

e b

y S

yste

m (

mm

bp

d)

Lakehead Mid-Continent North Dakota

167.9

150.2

185.8

205.2

232.8

0

50

100

150

200

250

2Q13 3Q13 4Q13 1Q14 2Q14

$ m

illio

ns

Adjusted Operating Income Volumes

Unaudited; adjusted results exclude the impact of: (a) additional environmental costs, net of insurance recoveries, associated with the incident on Line 6B; and (b) non-cash, mark-to-

market net gains and losses; among other adjustments. Refer to the Non-GAAP Reconciliation tables presented in the supplemental slides.

Natural Gas Segment

11

15.7

16.8

4.4

8.8

7.7

0

5

10

15

20

2Q13 3Q13 4Q13 1Q14 2Q13

$ m

illio

ns

Unaudited; adjusted results exclude the impact of: (a) non-cash, mark-to-market net gains and losses; among other adjustments. Refer to the Non-GAAP Reconciliation tables

presented in the supplemental slides.

Adjusted Operating Income * Volumes / Rig Count

972 957 902 824 826

1,211 1,120 1,028 971 1,029

333 314

292 272 300

-

50

100

150

200

250

300

350

400

-

500

1,000

1,500

2,000

2,500

3,000

2Q13 3Q13 4Q13 1Q14 2Q14

Ave

rag

e R

ig C

ou

nt

EE

P M

ain

Re

gio

ns

Volu

me b

y S

yste

m

(mm

btu

/d in t

housands)

Anadarko East Texas North Texas Rig Count

* During the first quarter of 2014, the Partnership changed its reporting segments. The Marketing segment was

combined with the Natural Gas segment to form one new segment called “Natural Gas”.

0

20,000

40,000

60,000

80,000

100,000

2Q13 3Q13 4Q13 1Q14 2Q14

NG

L P

rod

uc

tio

n (

bp

d)

NGL Production attributable

to lost customer

Delivering Cash Flow Growth* (unconsolidated)

12

$701

$0

$400

$800

$1,200

$1,600

IH 2014 FY 2014e

Eastern Access Line 6B Replacement

Phase 1: In-service May 1st

Phase 2: In-service early 4Q14

EBITDA ramps up in 2H14: project in-service + increasing system utilization

* Includes noncontrolling interest attributable to projects jointly funded with Enbridge Inc. and noncontrolling interest

attributable to Midcoast Energy Partners. L.P.

Ad

jus

ted

EB

ITD

A (

$ m

illio

ns

)

Line 61 Expansion In-service 3Q14

Lakehead Volume/Rate Growth

Natural Gas G&P Volumes

Forecasted Capital Expenditures 2014 Capital Expenditures

1 Eastern Access and US Mainline Expansion capital expenditures are forecasted net of joint funding, with assumed Enbridge Inc. 75% funding; Sandpiper capital expenditures are

forecasted net of 37.5% joint funding from Marathon Petroleum Corp. 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).

Eastern Access1 235

US Mainline Expansions1 180

Sandpiper1 245

Line 6B 75-mile Replacement 10

Line 3 Replacement 115

Liquids Integrity 335

Liquids Other Growth Enhancements 320

Beckville Gas Processing Plant2 55

NG Other Growth Enhancements2 95

Maintenance Capital2 110

Total $1,700

13

1,950

2,345

114

89

0

500

1,000

1,500

2,000

2,500

3,000

6/30/2014 3/31/2014

$ m

illio

ns

Credit Facilities Cash

$2,064

$2,434

Available Liquidity*

Strong investment grade credit profile (BBB/Baa2)

*EEP’s available liquidity excludes credit available to its affiliates MEP and MOLP under

their credit agreement and also excludes MEP’s cash balance at period end.

On July 3, 2014, we amended our 364-Day Credit Facility to extend the termination date

to July 3, 2015 and to decrease the aggregate commitments under the facility by $550.0

million.

Key Takeaways

14

Record Lakehead and North Dakota system deliveries

Coverage strengthens as organic growth projects enter service

Drop-downs to MEP minimize equity funding requirements

Targeting 2% to 5% annual distribution growth

General Partner is strategically aligned and invests in EEP

Safety and operational reliability are cornerstones that underpin

our business and growth outlook