Third Quarter 2008 Ongoing EBITDA for Spectra Energy Corp. and its segments. Total ongoing EBITDA was $829 million for Q3 2008, up from $709 million in Q3 2007. The U.S. Transmission segment saw ongoing EBITDA of $285 million in Q3 2008, down slightly from $296 million in Q3 2007. The Field Services segment had the largest increase in ongoing EBITDA, from $203 million in Q3 2007 to $309 million in Q3 2008.

1. Third Quarter 2008 Ongoing EBITDA
November 6, 2008
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2. Ongoing Segment and Other EBITDA
Ongoing Segment and Other EBITDA ($ millions)
3Q08 3Q07 YTD ‘08 YTD ‘07
U.S. Transmission $ 285 $ 296 $ 856 $ 864
Distribution 89 82 401 357
Western Canada Transmission &
Processing 151 136 448 315
Field Services 309 203 846 524
Other (5) (8) (46) (38)
$ 829 $ 709 $ 2,505 $ 2,022
Total
• U.S. Transmission Ongoing EBITDA also includes Spectra Energy’s 50% share of:
Gulfstream Interest and DD&A
• 3Q08 - $10 YTD ’08 - $28
• 3Q07 - $9 YTD ’07 - $29
SESH Interest and DD&A
• 3Q08 - $0 YTD ’08 – ($2)
• 3Q07 - $0 YTD ’07 - $0
• 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
• 3Q08 - $70 YTD ’08 - $199
• 3Q07 - $60 YTD ’07 - $170
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3. SPECTRA ENERGY CORP
U.S. Transmission Segment
Reconciliation of Ongoing EBITDA
September 2008
(Dollars in millions)
QTD 08 QTD 07 YTD 08 YTD 07
Reported EBIT(Includes 50% Gulfstream's Net Income) $ 213 $ 230 $ 683 $ 673
Depreciation and Amortization 58 57 174 162
271 287 857 835
50% of Gulfstream D&A 4 3 11 11
50% of Gulfstream Interest 6 6 17 18
50% of SESH D&A 1 - 1 -
50% of SESH Interest (1) - (3) -
281 296 883 864
Special Item 4 - (27) -
$ 285 $ 296 $ 856 $ 864
SPECTRA ENERGY CORP
Distribution Segment
Reconciliation of Ongoing EBITDA
September 2008
(Dollars in millions)
QTD 08 QTD 07 YTD 08 YTD 07
Reported EBIT $ 44 $ 40 $ 263 $ 238
Depreciation and Amortization 45 42 138 119
Reported EBITDA 89 82 401 357
Special Item - - - -
Ongoing EBITDA $ 89 $ 82 $ 401 $ 357
SPECTRA ENERGY CORP
Western Canada Transmission & Processing Segment
Reconciliation of Ongoing EBITDA
September 2008
(Dollars in millions)
QTD 08 QTD 07 YTD 08 YTD 07
Reported EBIT $ 113 $ 101 $ 333 $ 218
Depreciation and Amortization 38 35 115 97
Reported EBITDA 151 136 448 315
Special Item - - - -
Ongoing EBITDA $ 151 $ 136 $ 448 $ 315
SPECTRA ENERGY CORP
Field Services Segment
Reconciliation of Ongoing EBITDA
September 2008
(Dollars in millions)
QTD 08 QTD 07 YTD 08 YTD 07
Equity Earnings (50% of DCP Midstream's Net Income) $ 239 $ 140 $ 647 $ 345
O&M Expense - - - -
Reported EBIT 239 140 647 345
50% of DCP Midstream D&A 47 40 135 114
50% of DCP Midstream Interest 21 18 61 51
50% of DCP Midstream Income Taxes 2 2 3 5
Reported EBITDA 309 200 846 515
Special Items 3 - 9
Ongoing EBITDA $ 309 $ 203 $ 846 $ 524
SPECTRA ENERGY CORP
Other Segment
Reconciliation of Ongoing EBITDA
September 2008
(Dollars in millions)
QTD 08 QTD 07 YTD 08 YTD 07
Reported EBIT $ (9) $ (15) $ (57) $ (56)
Depreciation and Amortization 4 2 11 2
Reported EBITDA (5) (13) (46) (54)
Special Item - 5 - 16
Ongoing EBITDA $ (5) $ (8) $ (46) $ (38)
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