Enbridge Energy Partners, L.P. Mark A. Maki, President NAPTP Annual Investor Conference May 20-22, 2015 en b r i d ge p a r tn e rs . c o m
Investment Highlights Strong Investment Grade Commercially secured Enterprise Value - Low-risk transformative (S&P, Moodys, DBRS) organic growth Large-Cap MLP growth underway underway EEP: who we are Total Unitholder Return One…
Investment Proposition Strong Business Fundamentals: Strength & Stability Migrating to a Much Lower Risk Business Model Strong General Partner Stable Distributions & Prudent Growth Attractive Yield Market Cap* 17.1B Yield*…
Strength Strength ofof GPGP Enbridge Enbridge Inc. Inc. ENB: North American leader in energy delivery Owner and operator of largest crude oil pipeline system 45 billion equity market cap Strong investment grade (A-, Baa1)…
Strategic Position Competitive Advantages Refiners: Access to multiple crude streams Norman Wells Producers: Access to multiple premium markets Zama WCSB Flexible system Fort McMurray Size and scale unmatched: Will expand to…
WCSB and Bakken Crude Oil Supply Outlook 6,000 Western Canadian Crude Oil 5,000 Supply Outlook 4,000 Producers have a long-term kbpd 3,000 investment horizon 2,000 1,000 Strong demand for pipeline 0 takeaway from the…
Rail Perspective Pipelines provide the most economical transportation to market Rail Transportation Costs Forecast ForecastRail RailVolumes Volumes kbpd From Western From Western CanadaCanada 8.65 to Western Canada 800 16.05…
Strong Commercial & Fundamental Underpinnings Defensive nature of cash flows position EEP to navigate through commodity price uncertainty Low-risk business model largely mitigates volume sensitivity 2015e EBITDA Demand for crude…
Market Access Well Advanced Transformative low-risk organic growth expected to provide substantial cash flow growth Three major initiatives provide 1.7 MMbpd of increased market access and diversification +50 kbpd +250 kbpd +50…
Bakken Expansion Sandpiper Pipeline Stakeholder support for Sandpiper Pipeline Project in Minnesota Scope: 610 mile, 24/30 Total Secured Capital = pipeline 2.6 B Capacity: 225 kbpd/375 kbpd Target in-service: 2017 Marathon…
Line 3 Replacement ENB Funded EEP/ENB Joint Funded EEP Capital Investment: border to Superior 2.6 billion capital to be joint funded with ENB Expected Completion: Late 2017 30 year Cost-of-Service 15 year primary term…
Low Cost Expansion & Extension Opportunities Low cost phased expansions are attractive in a low crude price environment NTD: Map to Market Access Opportunities kbpd be updated 1 Eastern Gulf Coast Access 350+ 2 3 2 Flanagan…
Priority One Focus on Safety & Operational Reliability Operational Risk Management Program Third Party Damage Incident Response Avoidance and Capacity Detection Leak Detection Employee and Capability and Contractor Control…
Drop Downs Boost Distributable Cash Flow Substantial drop down opportunities from ENB supports Partnerships long-term growth outlook Initial Drop Down: 1 billion drop down from Enbridge closed 1/2/2015 66.7% interest in the U.S.…
Enbridge U.S. Liquids Pipelines Drop-Down Drop-down potential underpinned by long-term, low-risk contracts C Capital Cost/ Pipeline System Upsize Option Book Value* B A Eastern Access 0.4 1.5 A (2016/2017) B Mainline…
Alternative Ways to Invest in our MLP Tax Considerations EEQ EEP Allocated Taxable Income Mutual Fund Limitations Unrelated Business Income Tax Schedule K-1 Form 1099 * State Filing Obligations * Form 1099 issued for tax…
Key Takeaways Low-risk business model Well positioned in current uncertain commodity price environment Targeting 2% 5% annual distribution growth Transformative growth underway Organic growth on-track: coverage continues to…
Appendix Enbridge Energy Partners, L.P. Investment Community Presentation May 2015
Corporate Structure Enbridge Inc. owns 42% of EEP Enbridge Inc. 11.7% of listed shares (NYSE: ENB) 100% voting interest (Baa1 / A-) Enbridge Energy Management, L.L.C. 2% GP interest (NYSE: EEQ) 38.1% LP interest (indirect)…
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