Enbridge Reports Record Quarterly Results and Reaffirms 2025 Financial Guidance, Illustrating Its Industry Leading, Resilient Business Model

CALGARY, AB, May 9, 2025  – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported first quarter 2025 financial results, reaffirmed its 2025 financial guidance and provided a quarterly business update.

Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.)

• First quarter GAAP earnings of $2.3 billion or $1.04 per common share, compared with GAAP earnings of $1.4 billion or $0.67 per common share in 2024
• Adjusted earnings* of $2.2 billion or $1.03 per common share*, compared with $2.0 billion or $0.92 per common share in 2024
• Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $5.8 billion, an increase of 18%, compared with $5.0 billion in 2024
• Cash provided by operating activities of $3.1 billion, compared with $3.2 billion in 2024
• Distributable cash flow (DCF)* of $3.8 billion, an increase of 9%, compared with $3.5 billion in 2024
• Reaffirmed 2025 full year financial guidance and multi-year financial outlook
• Sanctioned up to $2.0 billion of Mainline capital investment through 2028 to further reliability and maximize existing throughput given continuing demands on the system
• Launched a binding open season on Flanagan South Pipeline (FSP) supporting Mainline Optimization Phase 1 which adds 150 kbpd of capacity
• Announced definitive agreement to acquire a 10% equity interest in the operating Matterhorn Express Pipeline (MXP), a 2.5 bcf/d natural gas pipeline connecting growing Permian supply to Katy, Texas, for US$0.3 billion of cash consideration
• Sanctioned construction of the Traverse Pipeline alongside Whitewater Midstream (Whitewater), MPLX LP (MPLX), and Targa Resources (Targa) to provide natural gas transportation service between Katy and Agua Dulce in the U.S. Gulf Coast
• Sanctioned the $0.4 billion Birch Grove expansion of T-North Pipeline in British Columbia to serve growing egress needs out of the Montney basin
• Sanctioned a US$0.1 billion expansion of the T15 project at Enbridge Gas North Carolina, doubling capacity of the original natural gas generation related project

CEO COMMENT

Greg Ebel, President and CEO commented the following:

“Despite the unique challenges that 2025 has presented, Enbridge is operating from a position of strength and stability and will continue to deliver safe, reliable, and affordable energy to our customers throughout North America and beyond. This can be seen in our very solid first quarter results. Strong utilization across our asset base underpinned record financial results and sets us up to meet or exceed our financial guidance for the 20^th consecutive year.

“In Liquids, the Mainline was apportioned the entire quarter, delivering a first quarter record of 3.2 million barrels per day, and illustrating its critical role in the transportation of oil to key demand centers. The continued need for efficient, reliable service underpins the sanctioning of up to $2 billion of Mainline capital investment. In addition, the growth outlook in the economically advantaged Western Canadian Sedimentary Basin (WCSB) remains strong with approximately 1 million incremental barrels per day expected to come onstream by 2035. We are actively progressing the first phase of the Mainline Optimization, and we look forward to working with our customers, the Government of Alberta, and other stakeholders to support future phased growth. In the U.S., the Permian will continue to provide low-cost supply to North America and beyond. We achieved record quarterly export volumes at Enbridge Ingleside Export Center (EIEC) and are on track to place its Phase VII storage expansion into service in 2025.

“In Gas Transmission, we have made two exciting announcements, demonstrating progress towards the $23 billion of opportunities we highlighted at Investor Day. Through our interest in the Whistler Parent JV, we sanctioned the 1.75 bcf/d Traverse Pipeline which will connect Agua Dulce to Katy, Texas providing market optionality for our customers. We also signed an agreement to acquire a 10% equity interest in Matterhorn Express Pipeline, a 2.5 bcf/d natural gas pipeline connecting Permian supply to Katy, Texas. These investments are complementary to each other and the existing Whistler Parent JV assets.

“In Gas Distribution, we recently filed rate cases in both North Carolina and Utah. We have strong relationships with our regulators and communities, and target outcomes that prioritize safety and preserve customer affordability while delivering competitive and predictable shareholder returns. We anticipate that constructive regulatory outcomes will continue to inform our capital allocation plans.

“In Renewable Power, the 130 MW Orange Grove solar project entered service on time and on budget, and we are on track to place the first phase of Sequoia into service by the end of the year. These two solar projects are both located in Texas and are contracted under long-term PPA’s with blue-chip customers.

“Looking ahead, we will remain focused on our strategic priorities. We don’t expect tariffs to have a material impact on our current operations or deployment of capital. We have secured approximately $3 billion of capital so far this year and increased our secured backlog to $28 billion, all of which is focused on accretive, low risk projects which extend our growth outlook through the end of the decade.

“Our disciplined approach to capital allocation is designed to support a strong balance sheet, annual investment capacity of $9 to $10 billion and sustainable return of capital to shareholders. This discipline, coupled with our low-risk business model and diversification, uniquely positions us to meet growing energy demand.

“More broadly, North America is in a unique position to strengthen its economy, raise the standard of living and create jobs. We look forward to working with the newly elected Canadian government to grow the conventional and unconventional energy sector, diversify the country’s export markets and improve competitiveness, permitting timelines and prosperity. In the United States, we continue engaging with policy makers and regulators to advocate for new energy infrastructure that will support domestic needs in the United States, the powerful energy partnership between Canada and the U.S., and energy demand globally through growing exports.

“Enbridge intends to continue to be the first-choice partner with all its stakeholders, reliably operate and grow its business and deliver stable and predictable returns to investors. At Enbridge, tomorrow is on!”

FINANCIAL RESULTS SUMMARY

Financial results for the three months ended March 31, 2025 and 2024 are summarized in the table below:

		Three months ended March 31,
		2025	2024
	(unaudited; millions of Canadian dollars, except per share amounts; number of shares in millions)
	GAAP Earnings attributable to common shareholders	2,261	1,419
	GAAP Earnings per common share	1.04	0.67
	Cash provided by operating activities	3,052	3,151
	Adjusted EBITDA1	5,828	4,954
	Adjusted Earnings1	2,242	1,955
	Adjusted Earnings per common share1	1.03	0.92
	Distributable Cash Flow1	3,777	3,463
	Weighted average common shares outstanding	2,179	2,126

GAAP earnings attributable to common shareholders for the first quarter of 2025 increased by $0.8 billion, or $0.37 per share, compared with the same period in 2024. This increase was primarily due to non-cash, unrealized changes in the value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks and the absence in 2025 of severance costs from workforce reductions in February 2024. In addition, the quarterly operating performance factors discussed below contributed to higher earnings, compared to the first quarter of 2024.

The period-over-period comparability of GAAP earnings attributable to common shareholders is impacted by certain unusual, infrequent factors or other non-operating factors which are noted in the reconciliation schedule included in Appendix A of this news release. Refer to the Company’s Management’s Discussion & Analysis for Q1 2025 filed in conjunction with the quarter-end financial statements for a detailed discussion of GAAP financial results.

Adjusted EBITDA in the first quarter of 2025 increased by $874 million compared with the same period in 2024. This was due primarily to contributions from the US gas utility acquisitions (the Acquisitions), higher Mainline throughput and system tolls from annual escalators, rate settlements and favorable contracting on U.S. Gas Transmission assets, colder weather and higher distribution charges from increases in rates and customer base at Enbridge Gas Ontario, and the effect of translating U.S. dollar EBITDA at a higher average exchange rate in 2025, as compared to 2024. These factors were partially offset by the absence of contributions from Alliance Pipeline and Aux Sable due to the sale of our interests in these investments in April 2024, lower volumes on Flanagan South Pipeline and Express-Platte, as well as lower wind resources in Europe.

Adjusted earnings in the first quarter of 2025 increased by $0.3 billion, or $0.11 per share, compared with the same period in 2024, due to EBITDA factors discussed above, partially offset by higher financing costs and depreciation expense from the Acquisitions and capital investments as well as higher taxes on higher earnings. The impact of translating U.S. dollar depreciation, interest expense and income taxes offsets the effect of translating U.S. dollar EBITDA at higher average exchange rates between periods.

DCF for the first quarter of 2025 increased by $0.3 billion compared with the same period in 2024, primarily due to EBITDA factors discussed above, partially offset by higher financing costs and maintenance capital from the Acquisitions and capital investments as well as higher taxes on higher earnings. The impact of translating U.S. dollar interest expense, maintenance capital and current income taxes partially offsets the effect of translating U.S. dollar EBITDA at higher average exchange rates between periods.

Per share metrics in 2025, relative to 2024, are impacted by the at-the-market (ATM) issuances of common shares in the second quarter of 2024 as part of the pre-funding plan for the Acquisitions.

Detailed financial information and analysis can be found below under First Quarter 2025 Financial Results.

FINANCIAL OUTLOOK

The Company reaffirms its 2025 financial guidance for adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90.

The Company also reaffirms its financial outlook presented at its Investor Day on March 4, 2025;

• 2023 to 2026 near-term growth of 7-9% for adjusted EBITDA, 4-6% for adjusted earnings per share (EPS) and approximately 3% for DCF per share; and
• Post 2026; adjusted EBITDA, EPS and DCF per share are all expected to grow by approximately 5% annually.

FINANCING UPDATE

On February 19, 2025, Enbridge issued $2.8 billion of senior notes consisting of $700 million of 3-year notes, $800 million of 5-year notes, $700 million of 10-year notes, and $600 million of 30-year notes. Proceeds from these offerings were used to pay down existing indebtedness, fund capital expenditures, and for general corporate purposes.

The Company’s rolling 12 month Debt-to-EBITDA metric at the end of the quarter was 4.9x (which includes partial year EBITDA from the Acquisitions in 2024). As of March 31, 2025, debt is translated at the period end rate of $1.44 USD/CAD and EBITDA is translated at the trailing 12 month average rate of $1.39 USD/CAD. Enbridge expects annualized EBITDA contributions from the Acquisitions to strengthen its Debt-to-EBITDA metric towards the midpoint of its 4.5-5.0x target range throughout 2025.

SECURED GROWTH PROJECT EXECUTION UPDATE

Enbridge added $3 billion of projects to its secured growth backlog this quarter:

• Mainline Capital Investment; up to $2 billion
• Birch Grove expansion of T-North; $0.4 billion
• T15 expansion; US$0.1 billion

Enbridge recently placed the >Orange Grove solar project  into service, and the project has been removed from the Company’s $28 billion backlog. Financing of the secured growth program is expected to be provided entirely through the Company’s anticipated $9-10 billion of annual growth capital investment capacity.

FIRST QUARTER BUSINESS UPDATES

Liquids Pipelines: Mainline Capital Investment

On March 4, 2025, Enbridge announced plans to invest up to $2 billion in the Mainline through 2028. These investments will be focused on further enhancing reliability and extending useful life of the Mainline so that it continues to operate safely and at full capacity to meet strong demand for years to come.

These Mainline investments are expected to earn attractive risk-adjusted returns within the Mainline Tolling Settlement and to enter service ratably through 2028.

Liquids Pipelines: Flanagan South Open Season

The Company has launched a binding open season for long-term contracted service on Flanagan South Pipeline for 100 kbpd of incremental capacity. The contracted capacity will be available under an International Joint Tariff, with receipts in Western Canada and delivery points to the U.S Gulf Coast via the Mainline, FSP, and Seaway pipelines.

The open season is being advanced in coordination with Mainline Optimization (Phase 1) discussions and, together with 50 kbpd of existing un-contracted FSP capacity, will offer 150 kbpd of full-path capacity to serve destinations across the U.S. Gulf Coast for WCSB production growth.

Gas Transmission: Matterhorn Express Pipeline

Enbridge announced it has signed a definitive agreement to acquire a 10% non-operating equity interest in the operating Matterhorn Express natural gas pipeline for US$0.3 billion of cash consideration. MXP is a leading natural gas infrastructure asset providing 2.5 bcf/d of Permian egress to the Katy area in the U.S. Gulf Coast region. Matterhorn benefits from growing LNG and Gulf Coast demand and is fully contracted under long-term agreements with predominantly investment grade counterparties. The acquisition is strategically aligned with Enbridge’s existing Permian assets.

The transaction is expected to close in the second quarter of 2025, subject to satisfaction of closing conditions.

Gas Transmission: Traverse Pipeline

On April 3, 2025, Whitewater, MPLX, and Enbridge, through the Whistler Parent JV, reached a final investment decision to move forward with the Traverse Pipeline. The Traverse Pipeline is a joint venture owned 70% by the Whistler Parent JV, 17.5% by Targa, and 12.5% by MPLX. This pipeline is designed to transport up to 1.8 bcf/d of natural gas between Agua Dulce and the Katy area in Texas. Enbridge’s effective interest in Traverse Pipeline will be 13.3%.

The pipeline is backed by firm transportation agreements with investment grade counterparties and is expected to enter service in 2027 pending the receipt of customary regulatory and other approvals.

Gas Transmission: Birch Grove Expansion

On March 4, 2025, the Company announced it would proceed with a 179 mmcf/d expansion of its BC Pipeline in northern British Columbia. The Birch Grove project includes pipeline looping and ancillary station modifications, within existing rights-of-ways, which are expected to be complete in 2028. Including the previously announced Aspen Point expansion, the Birch Grove project is expected to increase the total capacity of the T-North section of the BC Pipeline to ~3.7 bcf/d.

The project is underpinned by a cost-of-service commercial model and is expected to cost $0.4 billion.

Gas Distribution: T-15 Phase 2

On March 4, 2025, Enbridge announced it had sanctioned $0.1 billion to expand the scope of T15 to install additional compression and double the capacity of the original project. The expanded T15 project is expected to deliver approximately 510 mmcf/d of natural gas to Duke Energy’s Roxboro plant in North Carolina. Both phases of T15 are expected to cost an aggregate US$0.7 billion and enter service in 2027/2028.

FIRST QUARTER 2025 FINANCIAL RESULTS

GAAP Segment EBITDA and Cash Flow from Operations

	Three months ended March 31,
	2025	2024
(unaudited; millions of Canadian dollars)
Liquids Pipelines	2,593	2,404
Gas Transmission	1,473	1,265
Gas Distribution and Storage	1,600	765
Renewable Power Generation	223	257
Eliminations and Other	40	(642)
EBITDA1	5,929	4,049
Earnings attributable to common shareholders	2,261	1,419
Cash provided by operating activities	3,052	3,151

For purposes of evaluating performance, the Company makes adjustments to GAAP reported earnings, segment EBITDA and cash flow provided by operating activities for unusual, infrequent or other non-operating factors, which allow management and investors to more accurately compare the Company’s performance across periods, normalizing for factors that are not indicative of underlying business performance. Tables incorporating these adjustments follow below. Schedules reconciling EBITDA, adjusted EBITDA, adjusted EBITDA by segment, adjusted earnings, adjusted earnings per share and DCF to their closest GAAP equivalent are provided in the Appendices to this news release.

Adjusted EBITDA By Segment

Adjusted EBITDA generated from U.S. dollar denominated businesses was translated to Canadian dollars at a higher average exchange rate (C$1.44/US$) in the first quarter of 2025 when compared with the same quarter in 2024 (C$1.35/US$). A significant portion of U.S. dollar earnings are hedged under the Company’s enterprise-wide financial risk management program. The hedge settlements are reported within Eliminations and Other.

Liquids Pipelines

	Three months ended March 31,
	2025	2024
(unaudited; millions of Canadian dollars)
Mainline System	1,449	1,338
Regional Oil Sands System	248	227
Gulf Coast and Mid-Continent Systems1	385	427
Other Systems2	539	468
Adjusted EBITDA3	2,621	2,460

Liquids Pipelines adjusted EBITDA increased $161 million compared with the first quarter of 2024, primarily related to:

• higher Mainline volumes and higher Line 9 throughput;
• higher Mainline System tolls from annual escalators, effective July 1, 2024;
• equity earnings attributable to a litigation settlement; and
• the favorable effect of translating U.S. dollar earnings at a higher average exchange rate in 2025, compared to the same period in 2024; partially offset by
• lower contributions from the Gulf Coast and Mid-Continent System due to lower volumes on the Flanagan South Pipeline and Spearhead Pipeline.

Gas Transmission

	Three months ended March 31,
	2025	2024
(unaudited; millions of Canadian dollars)
U.S. Gas Transmission	1,171	949
Canadian Gas Transmission	167	196
Other1	101	129
Adjusted EBITDA2	1,439	1,274

• Gas Transmission adjusted EBITDA increased $165 million compared with the first quarter of 2024, primarily related to:
• the recognition of revised rates attributable to the Algonquin, TETLP and Maritimes & Northeast U.S. rate case settlements since the first quarter of 2024;
• favorable contracting on our U.S. Gas Transmission assets;
• new contributions from the TETLP Venice Extension project which entered service in late 2024;
• contributions from the acquisitions of interests in the Whistler Parent JV and DBR Pipeline in the second and fourth quarters of 2024, respectively, and
• the favorable effect of translating U.S. dollar earnings at a higher average exchange rate in 2025, compared to the same period in 2024; partially offset by
• the absence of contributions from Alliance Pipeline and Aux Sable due to the sale of our interests in these investments in April 2024.

Gas Distribution and Storage

	Three months ended March 31,
	2025	2024
(unaudited; millions of Canadian dollars)
Enbridge Gas Ontario1	869	697
U.S. Gas Utilities1	715	50
Other	16	18
Adjusted EBITDA2	1,600	765

Adjusted EBITDA for Enbridge Gas Ontario, Enbridge Gas Utah and Enbridge Gas North Carolina typically follows a seasonal profile. EBITDA is generally highest in the first and fourth quarters of the year. Seasonal profiles for Enbridge Gas Ontario, Enbridge Gas Utah and Enbridge Gas North Carolina reflect greater volumetric demand during the heating season and the magnitude of the seasonal adjusted EBITDA fluctuations will vary from year-to-year in Ontario reflecting the impact of colder or warmer than normal weather on distribution volumes. Enbridge Gas Ohio’s earnings are largely decoupled from volumes and less impacted by weather fluctuations. Enbridge Gas Utah and Enbridge Gas North Carolina have revenue decoupling mechanisms that are not impacted by weather or gas volume variability, but revenues are shaped to align with the seasonal usage profile. Enbridge Gas Ontario revenue is affected by weather variability.

Adjusted EBITDA for the first quarter increased $835 million compared with the first quarter of 2024 primarily related to:

• full-quarter contributions from the US gas utilities including Enbridge Gas Ohio, Enbridge Gas Utah and Enbridge Gas North Carolina;
• colder weather in 2025, when compared with the normal forecast embedded in rates, which positively impacted Enbridge Gas Ontario by approximately $87 million period over period; and
• higher distribution charges resulting from increases in rates and customer base in Enbridge Gas Ontario.

When compared with the normal forecast embedded in rates, the positive impact of weather for Enbridge Gas Ontario was approximately $9 million in the first quarter of 2025 compared to a negative impact of approximately $78 million in the same period of 2024

Renewable Power Generation

	Three months ended March 31,
	2025	2024
(unaudited; millions of Canadian dollars)
Adjusted EBITDA1	241	279

Renewable Power Generation adjusted EBITDA decreased $38 million compared with the first quarter of 2024 primarily related to:

• weaker wind resources at European offshore wind facilities; partially offset by
• stronger wind resources at North American wind sites.

Eliminations and Other

	Three months ended March 31,
	2025	2024
(unaudited; millions of Canadian dollars)
Operating and administrative recoveries	131	195
Realized foreign exchange hedge settlement (loss)/gain	(204)	(19)
Adjusted EBITDA1	(73)	176

Operating and administrative recoveries captured in this segment reflect the cost of centrally delivered services (including depreciation of corporate assets) inclusive of amounts recovered from business units for the provision of those services. U.S. dollar denominated earnings within operating segment results are translated at average foreign exchange rates during the quarter, and the impact of settlements made under the Company’s enterprise foreign exchange hedging program are captured in this corporate segment.

Eliminations and Other adjusted EBITDA decreased $249 million compared with the first quarter of 2024 due to:

• higher realized foreign exchange loss on hedge settlements in 2025; and
• lower investment income in 2025 compared to 2024 which benefited from the pre-funding of the Acquisitions.

Distributable Cash Flow

	Three months ended March 31,
	2025	2024
(unaudited; millions of Canadian dollars; number of shares in millions)
Liquids Pipelines	2,621	2,460
Gas Transmission	1,439	1,274
Gas Distribution and Storage	1,600	765
Renewable Power Generation	241	279
Eliminations and Other	(73)	176
Adjusted EBITDA1,3	5,828	4,954
Maintenance capital	(229)	(196)
Interest expense1	(1,247)	(1,014)
Current income tax1	(390)	(263)
Distributions to noncontrolling interests1	(100)	(78)
Cash distributions in excess of equity earnings1	7	96
Preference share dividends1	(102)	(93)
Other receipts of cash not recognized in revenue2	10	28
Other non-cash adjustments	—	29
DCF3	3,777	3,463
Weighted average common shares outstanding4	2,179	2,126

First quarter 2025 DCF increased $314 million compared with the same period of 2024 primarily due to operational factors discussed above contributing to higher adjusted EBITDA, partially offset by:

• higher debt principal mainly attributable to the Acquisitions and higher average rates, resulting in higher interest expense;
• higher current taxes due to higher earnings;
• lower net distributions in excess of equity earnings for the quarter due to timing of litigation settlement proceeds and the absence of Alliance and Aux Sable distributions;
• higher maintenance capital from the Acquisitions; and
• the impact of translating U.S. dollar interest expense, maintenance capital and current income taxes at higher average exchange rates between periods.

Adjusted Earnings

	Three months ended March 31,
	2025	2024
(unaudited; millions of Canadian dollars, except per share amounts)
Adjusted EBITDA1,2	5,828	4,954
Depreciation and amortization	(1,459)	(1,234)
Interest expense2	(1,261)	(1,013)
Income taxes2	(709)	(607)
Noncontrolling interests2	(54)	(52)
Preference share dividends	(103)	(93)
Adjusted earnings1	2,242	1,955
Adjusted earnings per common share1	1.03	0.92

Adjusted earnings increased $287 million and adjusted earnings per share increased by $0.11 when compared with the first quarter in 2024 primarily due to higher adjusted EBITDA driven by operational factors discussed above, partially offset by:

• higher debt principal mainly attributable to the Acquisitions and higher average rates, resulting in higher interest expense;
• higher depreciation from assets acquired or placed into service since the first quarter of 2024;
• higher income taxes due to higher earnings; and
• the impact of translating U.S. dollar depreciation, interest expense and income taxes at higher average exchange rates between periods.

Per share metrics were negatively impacted by ATM issuances starting in the second quarter of 2024, as part of the pre-funding for the Acquisitions.

CONFERENCE CALL

Enbridge will host a conference call and webcast on May 9, 2025 at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) to provide a business update and review 2025 first quarter results. Analysts, members of the media and other interested parties can access the call toll free at 1-800-606-3040. The call will be audio webcast live at https://events.q4inc.com/attendee/739750180. It is recommended that participants dial in or join the audio webcast fifteen minutes prior to the scheduled start time. A webcast replay will be available soon after the conclusion of the event and a transcript will be posted to the website. The replay will be available for seven days after the call toll-free 1-(800)-606-3040 (conference ID: 9581867).

The conference call format will include prepared remarks from the executive team followed by a question and answer session for the analyst and investor community only. Enbridge’s media and investor relations teams will be available after the call for any additional questions.

DIVIDEND DECLARATION

The Board of Directors has declared the following quarterly dividends. All dividends are payable on June 1, 2025 to shareholders of record on May 15, 2025.

	Dividend per share
(Canadian dollars unless otherwise stated)
Common Shares	$0.94250
Preference Shares, Series A	$0.34375
Preference Shares, Series B	$0.32513
Preference Shares, Series D	$0.33825
Preference Shares, Series F	$0.34613
Preference Shares, Series G1	$0.34468
Preference Shares, Series H	$0.38200
Preference Shares, Series I2	$0.32011
Preference Shares, Series L	US$0.36612
Preference Shares, Series N	$0.41850
Preference Shares, Series P	$0.36988
Preference Shares, Series R	$0.39463
Preference Shares, Series 1	US$0.41898
Preference Shares, Series 3	$0.33050
Preference Shares, Series 43	$0.33649
Preference Shares, Series 5	US$0.41769
Preference Shares, Series 7	$0.37425
Preference Shares, Series 9	$0.35450
Preference Shares, Series 114	$0.34231
Preference Shares, Series 13	$0.19019
Preference Shares, Series 15	$0.18644
Preference Shares, Series 19	$0.38825

FOR FURTHER INFORMATION PLEASE CONTACT:

Enbridge Inc. – Media
Jesse Semko
Toll Free: (888) 992-0997
Email: media@enbridge.com

Enbridge Inc. – Investment Community
Rebecca Morley
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com

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