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Some of the statements in this document concerning future
company performance will be forward-looking within the
meanings of the securities laws. Actual results may materially
differ from those discussed in these forward-looking statements,
and you should refer to the additional information contained in
Spectra Energy’s Form 10-K and other filings made with the SEC
concerning factors that could cause those results to be different
than contemplated in today's discussion.
Reg G Disclosure
In addition, today’s discussion includes certain non-GAAP
financial measures as defined under SEC Regulation G. A
reconciliation of those measures to the most directly comparable
GAAP measures is available on our website.



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6F32!G/3C!=E*                               K)M)
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•! 1 Bcf/d raw gas processing capacity – largest
 facility of its kind in North America

•! Spectra Energy gathering and processing assets
 are strategically positioned in the growing Horn
 River Basin, processing both conventional and
 unconventional shale gas resources

•! Horn River recoverable shale gas ~100 Tcf

•! Horn River shale gas contains 12% CO2



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Fort Nelson, Canada

  • 2. *,H&)I,-@#J-)*7,7&5&"7) Some of the statements in this document concerning future company performance will be forward-looking within the meanings of the securities laws. Actual results may materially differ from those discussed in these forward-looking statements, and you should refer to the additional information contained in Spectra Energy’s Form 10-K and other filings made with the SEC concerning factors that could cause those results to be different than contemplated in today's discussion. Reg G Disclosure In addition, today’s discussion includes certain non-GAAP financial measures as defined under SEC Regulation G. A reconciliation of those measures to the most directly comparable GAAP measures is available on our website. K)<)
  • 3. !"#$%&'()%"*#%*+,-(#$.*/"-$01* 2%$#*3-45%"*66+*2-.578747#1*9$%:-(#* ;75<*=55-55>-"#*?@=*=,,$%.(A* 6'$$-"#*B-1*;75<5*."&*?7)0.)%"* 9$%:-(#*C7>-47"-* 3-D#*+#-,5* E-55%"5*E-.$"-&* 6F32!G/3C!=E* K)L)
  • 4. HIJJ*97,-47"-*CA$%'0A,'#K* LMH*C(N* C$."5>7557%"*97,-K* JOPQII*>7* +#%$.0-*6.,.(7#1K* QIIR*S(N* T.#A-$7"0*97,-K* ULPVII*>7* +/*T.5*9$%(-557"0*6.,.(7#1K**QMQ*S(NW&* G69*QXJJ*TY9K* UMJ*CS#'W&* G69**QXJJ*3TE5*,$%&'(-&K* QOH*?S84W&* G75#$78')%"*97,-K* LJPOII*>7* ;-#.74*6'5#%>-$5K* JMQ*>7447%"* 6F32!G/3C!=E* K)M)
  • 5. 2%$#*3-45%"*T.5*94."#* •! 1 Bcf/d raw gas processing capacity – largest facility of its kind in North America •! Spectra Energy gathering and processing assets are strategically positioned in the growing Horn River Basin, processing both conventional and unconventional shale gas resources •! Horn River recoverable shale gas ~100 Tcf •! Horn River shale gas contains 12% CO2 K)N)
  • 6. O#-7)P&%6#")33*)O&,6.@.%.7C)Q-#>&:7) !"#$%"&'($)' O#-7)P&%6#"A)XU3U) •!)))Q-#R#6&').">&:8#")6.7&),RR-#S.5,7&%C) DN)T5)$&67)#H)(,6)R%,"7U))) •!))1RR-#S.5,7&%C)LN)T5)#H)R.R&%."&) -&VJ.-&'U) •!?+&)R-#R#6&').">&:8#")6.7&)$,6)5#W&') 7#)7+&)$&67)6#J7+)$&67)7#).":-&,6&) '.67,":&)H-#5)&S.68"()R-#'J:8#"U) K)E)
  • 7. Y&#%#(.:)Z.6T)166&665&"7) ("*+,,-&./'0-12'311+114+&5'$&*'(63' •! ;@>&:8W&)*7,7&5&"7[) •! Q-#(-&66[) –! ?#)'&W&%#R),)Z.6T)166&665&"7),RR-#,:+A) –! Z.6T)166&665&"7)/&7+#'#%#(C)&67,@%.6+&') /01)R-#(-,5),"')-.6T)5,",(&5&"7)R%,") .")<GGe)$#-T."()$.7+)ddZ3A);S,"') 7+,7).6)-.6TB@,6&'),"')7BH#-BRJ-R#6&)J6."() ="7&-",8#",%A)*R&:7-,)d"&-(C),"').76)R,"&%) R-#W&")7&:+".VJ&6)7+,7)$.%%)C.&%')&]&:8W&) #H)&SR&-76) 5,",(&5&"7)#H)7+&)6&VJ&67&-&'):,-@#") '.#S.'&) –! Z1)<GGf) !! 3#5R%&7&').")<GDG) •! 1RR-#,:+[) !! Z.6T)Z&(.67&-)#H)<F)&W&"76),66&66&')@C)dSR&-7) –! Y,7+&-),"'),",%C^&)',7,)_)*&.65.:A):#-&) Q,"&%)-&g&:8"()(&#%#(.:)T"#$%&'(&),"') 6,5R%&6A)$&%%)%#(6A)R-#'J:8#"A)&7:U) $#-T)JR)7#)h,"J,-C)<GDG) –! `8%.^&)Z.6T)166&665&"7)aR#RJ%,7&')@C) –! Z1)<GDG) 6J@>&:7)5,b&-)&SR&-76c)7#)&W,%J,7&)-.6T) !! 3#5R%&7&').")<GDD) –! `8%.^&)/#'&%."(),"')*.5J%,8#"6) !! XJ.%'6)JR#")Z1<GGf) –! `8%.^&)I.67#-CB/,7:+."()7#)W,%.',7&) !! Z.6T)Z&(.67&-)#H)LD)&W&"76),66&66&')@C)dSR&-7) 5#'&%."() Q,"&%)-&g&:8"()(&#%#(.:)T"#$%&'(&),"') $#-T)JR)7#)4&:&5@&-)LDA)<GDG) –! *&%&:7),'W,":&')7&:+"#%#(.&6).") :#5@.",8#")$.7+)67,"',-')5#".7#-."() •! P&S7)*7&R6) 7&:+".VJ&6)J6."(),)-.6TB@,6&'),RR-#,:+) @,:T&')JR)@C)X,C&6.,")4&:.6.#")?+&#-C) –! 4-.%%)?&67)I#%&)i<A)6+##7)"&$)L4)6&.65.:) 1",%C6.6) –! 3#"'J:7)Y&#%#(.:)`R',7&) –! =7&-,7&A),6)-&VJ.-&'A)7#)'&W&%#R),)6J.7,@%&) –! 3#"'J:7)P&S7)Z.6T)166&665&"7)=7&-,8#") /01),"')Z.6T)/,",(&5&"7)Q%,")7+,7)$.%%) 5&&7)7+&)#@>&:8W&6)H#-)7+&)R-#>&:7) –! 1RR%C)X,C&6.,")1",%C6.6)?&:+".VJ&6)7#) –! 4&R%#C)6&%&:7&')7&:+"#%#(CA).H)'&:.6.#").6) 6&%&:7),RR-#R-.,7&)/01)?&:+"#%#(C) 5,'&)7#)5#W&)7#)Q-#>&:7)dS&:J8#")Q+,6&) –! =5R%&5&"7).H)Q-#>&:7)1RR-#W&')H#-) dS&:J8#") K)F)
  • 8. Z&6&-W#.-)j)Z.6T)/,",(&5&"7)3C:%&) !#-$.)[-*9$%(-55* G.#.*=55-55>-"#*Y*=".415-5[) G.#.** a.":%U)+C'-#(&#%#(CA)(&#5&:+,".:,%A) 4*?),",%C6&6)j)R&7-#%#(C)c) ;-(%"(747.)%"* G$744P*+-75>7(* B"%Z"* Y*E.8K* !"N%$>.)%"K* •!)=")6.7J)7&68"() •!)k&%%6) T-%4%07(.4*?%&-4* •!)k&%%)%#((."() •!)*&.65.:) •!)3#-&)j):Jl"(6)) •!)Q-#'J:8#") •!)O%J.')6,5R%&6) •!)k,7&-).">&:8#") •!)9,@#-,7#-C)7&676) S'74&*+#.)(*?%&-4K* /,R6),-&)7+&")J6&')7#):-&,7&),) R&7-#R+C6.:,%)5#'&%)#H)7+&)6."T_ 6&,%)6C67&5U) G1".>7(*?%&-4* G1".>7(*?%&-4K* DU! =">&:8#"),"')R%J5&)@&+,W.#J-) ),"')H,7&) Z1<GGf) <U! 33*)$&%%)R%,:&5&"7)j)'&6.(") LU! 33*)6:+&5&))5,",(&5&"7) BBBBBBBBBBBBBB) MU! Y&#:+&5.:,%)j)(&#5&:+,".:,%)) Z1<GDG) K)e)
  • 9. 1RR%.:,8#")#H)Z.6T)/,",(&5&"7) <N)C&,-6) DGG)C&,-6)) !"7).4*7":-()%"* 4%(.)%"*.$%'"&* #-5#*Z-44** <N))C&,-6) DGG)C&,-6) 3-Z*,$%,%5-&* 7":-()%"*4%(.)%"* 5A7-&*Z-5#*%N* #-5#*Z-44** K)f)
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