1. Second Quarter 2008 Ongoing EBITDA
August 6, 2008

2. Ongoing Segment and Other EBITDA
Ongoing Segment and Other EBITDA ($ millions)
2Q08 2Q07 YTD ‘08 YTD ‘07
U.S. Transmission $ 280 $ 285 $ 574 $ 568
Distribution 100 94 312 275
Western Canada Transmission &
Processing 129 82 297 189
Field Services 280 182 537 321
Other (24) (18) (41) (29)
$ 765 $ 625 $ 1,679 $ 1,324
Total Ongoing Segment and Other EBITDA
• U.S. Transmission Ongoing EBITDA also includes Spectra Energy’s 50% share of
Gulfstream’s Interest and DD&A
• 2Q08 - $9 YTD ’08 - $19
• 2Q07 - $10 YTD ’07 - $20
• Field Services Ongoing EBITDA represents Spectra Energy’s Ongoing Equity
Earnings of DCP Midstream plus half of DCP Midstream’s Interest, Taxes and DD&A
• 2Q08 - $64 YTD ’08 - $129
• 2Q07 - $56 YTD ’07 - $110

4. SPECTRA ENERGY CORP
U.S. Transmission Segment
Reconciliation of Ongoing EBITDA
June 2008
(Dollars in millions)
QTD 08 QTD 07 YTD 08 YTD 07
Reported EBIT(Includes 50% Gulfstream's Net Income) $ 244 $ 223 $ 470 $ 443
Depreciation and Amortization 58 52 116 105
Reported EBITDA (Includes 50% of Gulfstream's Net Income) 302 275 586 548
50% of Gulfstream D&A 3 4 7 8
50% of Gulfstream Interest 6 6 12 12
Reported EBITDA 311 285 605 568
Special Item (31) - (31) -
Ongoing EBITDA $ 280 $ 285 $ 574 $ 568
SPECTRA ENERGY CORP
Distribution Segment
Reconciliation of Ongoing EBITDA
June 2008
(Dollars in millions)
QTD 08 QTD 07 YTD 08 YTD 07
Reported EBIT $ 54 $ 54 $ 219 $ 198
Depreciation and Amortization 46 40 93 77
Reported EBITDA 100 94 312 275
Special Item - - - -
Ongoing EBITDA $ 100 $ 94 $ 312 $ 275
SPECTRA ENERGY CORP
Western Canada Transmission & Processing Segment
Reconciliation of Ongoing EBITDA
June 2008
(Dollars in millions)
QTD 08 QTD 07 YTD 08 YTD 07
Reported EBIT $ 87 $ 48 $ 218 $ 122
Depreciation and Amortization 42 34 79 67
Reported EBITDA 129 82 297 189
Special Item - - - -
Ongoing EBITDA $ 129 $ 82 $ 297 $ 189
SPECTRA ENERGY CORP
Field Services Segment
Reconciliation of Ongoing EBITDA
June 2008
(Dollars in millions)
QTD 08 QTD 07 YTD 08 YTD 07
Equity Earnings (50% of DCP Midstream's Net Income) $ 217 $ 123 $ 408 $ 205
O&M Expense (1) - - -
Reported EBIT 216 123 408 205
50% of DCP Midstream D&A 44 37 88 74
50% of DCP Midstream Interest 20 17 40 33
50% of DCP Midstream Income Taxes - 2 1 3
Reported EBITDA 280 179 537 315
Special Items 3 - 6
Ongoing EBITDA $ 280 $ 182 $ 537 $ 321
SPECTRA ENERGY CORP
Other Segment
Reconciliation of Ongoing EBITDA
June 2008
(Dollars in millions)
QTD 08 QTD 07 YTD 08 YTD 07
Reported EBIT $ (28) $ (26) $ (48) $ (41)
Depreciation and Amortization 4 1 7 1
Reported EBITDA (24) (25) (41) (40)
Special Item - 7 - 11
Ongoing EBITDA $ (24) $ (18) $ (41) $ (29)
$ 765 $ 625 $ 1,679 $ 1,324