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Union Gas To Not Proceed with Preference Share Redemption

December 1, 2008

TORONTO – Union Gas Limited announced today that it will not proceed with a proposed preference share redemption, planned for January 1, 2009. The share redemption, which received Board of Directors approval last September, was under consideration as part of a potential conversion of Union Gas into an unlimited liability company which will not proceed.

Union Gas is an integrated natural gas storage, transmission and distribution company serving about 1.3 million residential, commercial and industrial customers in more than 400 communities in northern, southwestern and eastern Ontario. Union Gas is a Spectra Energy company. Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of North America's premier natural gas infrastructure companies serving three key links in the natural gas value chain: gathering and processing, transmission and storage, and distribution. For nearly a century, Spectra Energy and its predecessor companies have developed critically important pipelines and related infrastructure connecting natural gas supply sources to premium markets. Based in Houston, Texas, the company operates in the United States and Canada approximately 18,300 miles of transmission pipeline, 265 billion cubic feet of storage, natural gas gathering and processing, natural gas liquids operations and local distribution assets. Spectra Energy Corp also has a 50 percent ownership in DCP Midstream, the largest natural gas gatherer and processor in the United States. For more information, visit www.spectraenergy.com.