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Westcoast Energy Declares Dividends

March 15, 2012

VANCOUVER, British Columbia – On March 15, 2012, Westcoast Energy Inc. (“Westcoast”) declared the following quarterly dividends:

1. 5.50% CUMULATIVE FIRST PREFERRED SHARES, SERIES 7:  A dividend of 34.375 cents per share payable on April 15, 2012 to shareholders of record at the close of business on April 1, 2012.

2. 5.60% CUMULATIVE FIRST PREFERRED SHARES, SERIES 8:  A dividend of 35.00 cents per share payable on April 15, 2012 to shareholders of record at the close of business on April 1, 2012.

All dividends paid or deemed paid for Canadian federal, provincial or territorial income tax purposes to be paid on or after January 1, 2006 by Westcoast including the dividends above are designated eligible dividends pursuant to Subsection 89(14) of the Income Tax Act (Canada) or similar provincial or territorial legislation. This designation continues to apply in the future unless otherwise notified by Westcoast. An eligible dividend received by a Canadian resident individual shareholder is entitled to the enhanced dividend tax credit.

Westcoast is an indirect subsidiary of Spectra Energy Corp.

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 more than 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's operations in the United States and Canada include more than 19,000 miles of transmission pipeline, over 305 billion cubic feet of storage, as well as natural gas gathering and processing, natural gas liquids operations and local distribution assets. The company also has a 50 percent ownership in DCP Midstream, one of the largest natural gas gatherers and processors in the United States. Spectra Energy is a member of the Dow Jones Sustainability World and North America Indexes and the U.S. S&P 500 Carbon Disclosure Project's Carbon Disclosure Leadership Index. For more information, visit www.spectraenergy.com.