2010 Financial Performance

Our financial results for 2010, detailed in the Spectra Energy annual report, demonstrate our ability to deliver strong results even in a challenging economic environment. Spectra Energy is well positioned with strong cash flow, an investment-grade balance sheet, ample liquidity and excellent access to capital support our growth.

Our financial highlights in 2010:

• Net income, earnings per share and dividends at or above our targeted levels
• Total Shareholder Return outperformed both the S&P 500 and the Dow Jones Industrial Average
• Placed half a dozen pipeline, storage and processing growth projects into service on time and on budget, for a total investment of more than $900 million.

We achieved these successes by addressing current market realities while staying focused on our long-term goals. Our sharp focus on financial and cost management provided sufficient liquidity to fund our operations, expansion projects and dividends to our stockholders. Despite a challenging economy, we strengthened our ability to deliver outstanding growth and value now and into the future.