1. Wyoming Pipeline Authority Public Meeting January 15, 2008 A Spectra Energy Proposal

2. 2 Wyoming Pipeline Authority Public Meeting January 15,2008 Disclaimer Forward Looking Statements This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events. This release includes forward-looking statements concerning future developments at our facilities, including the anticipated timing and amount of planned capital expansions and anticipated future natural gas pipeline capacity as well as the demand for such capacity. Such statements are subject to risks, uncertainties and other factors, many of which are outside our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. Those factors include: the timing and success of efforts to develop infrastructure projects; the timing and receipt of required regulatory approvals; the timing and receipt of sufficient capacity commitments for the described project; and fluctuations in the demand for natural gas in the markets serviced by the described project. These factors, as well as additional factors that could affect our forward-looking statements, are described in our Form 10-K, filed with the Securities and Exchange Commission on April 2, 2007, and other filings that we make with the SEC, which are available at the SEC’s website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

3. 3 Wyoming Pipeline Authority Public Meeting January 15,2008 Spectra Energy System Map

4. 4 Wyoming Pipeline Authority Public Meeting January 15,2008 Western Markets and Supply Markets Washington and Oregon demand 1.3 Bcf/d *1 California demand 6.1 Bcf/d *1 Demand expected to increase due to generation needs Supply Western Canada 2007 16.2 Bcf/d declining to 11.3 Bcf/d by 2025 *2 Increased use for oil production from 1.0 Bcf/d to 3 Bcf/d Rockies 2007 8.6 Bcf/d increasing to 11.4 Bcf/d by 2025 Expected bubble in 2011-2012 *1 EIA *2 Wood MacKenzie

5. 5 Wyoming Pipeline Authority Public Meeting January 15,2008 California Inlets and Demand - 2006 GTN Bronco 23% Demand 6 BCF/d Kern 24% Southern Trails 1% Transwestern 10% El Paso 28% CA 14% Source: 2006/2007 California Gas Report

6. 6 Wyoming Pipeline Authority Public Meeting January 15,2008 Bronco Pipeline Route 680 miles of 42-inch, 1480 psig pipeline 1.2 MDth/d initial capacity 3 compressor stations: 64,000 hp total Expandable to over 1.7 MDth/d with additional compression Fuel near 1% Project Cost: - $2.9 Billion Material$1.1 Installation$1.0 Services$0.1 ROW & MISC$0.1 Other$0.6

7. 7 Wyoming Pipeline Authority Public Meeting January 15,2008 Bronco Service Offering Bronco working with upstream transport providers to ensure access to project ReceiptsDeliveries Opal Malin Meeker Paiute Wamsutter Tuscarora Others GTN NWPL Others Initial terms of 10 years or longer Open Season rate $0.9880 Fuel 1.2% Open Season through February 8 –Open Season brochure and precedent agreement on www.broncopipeline.com

8. 8 Wyoming Pipeline Authority Public Meeting January 15,2008 Development Schedule Marketing Effort; Project Due DiligenceJune – December 2007 Open SeasonJanuary - February 2008 Market/Facility RefinementFebruary – April 2008 FERC 7c Pre-filing ProcessMay 2008 - February 2009 File 7c ApplicationMarch 2009 Receive FERC OrderFebruary 2010 FERC Notice to ProceedApril 2010 Construction CommencesMay/June 2010 Full Project In-serviceNovember 2011

9. 9 Wyoming Pipeline Authority Public Meeting January 15,2008 Governmental Contacts October: –Bureau of Land Management (BLM) –U.S. Congress Wyoming, Idaho, Oregon, Utah November: –BLM Meeting (Filed ROW application October 19) –FERC Meeting –U.S. Forest Service –Various State Agencies Oregon, Wyoming, Idaho December: –Various State Agencies Colorado, California

10. 10 Wyoming Pipeline Authority Public Meeting January 15,2008 Bronco Challenges Construction Remote areas in Western Idaho & Eastern Oregon Construction camps required Poor railroad access requiring extensive trucking Topography Large areas of rock Crossing Snake River Steep terrain in Oregon’s National Forests

11. 11 Wyoming Pipeline Authority Public Meeting January 15,2008 Solving the Supply Outlet