#1Bridge to the Energy Future CENBRIDGE Al Monaco President & CEO Vern Yu Chief Financial Officer CUBIC FEET 18 90 23 2- 3. 99 6 5 *****.000 PER REV 1,000 PER REV 5-250&400 Q3 Financial Results & Business Update#2Legal Notice EENBRIDGE Forward-Looking Information. This presentation includes certain forward-looking statements and information (FLI) to provide potential investors and shareholders of Enbridge Inc. (Enbridge or the Company) with information about Enbridge and its subsidiaries and affiliates, including management's assessment of their future plans and operations, which FLI may not be appropriate for other purposes. FLI is typically identified by words such as "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe", "likely" and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI. In particular, this presentation contains FLI pertaining to, but not limited to, information with respect to the following: strategic priorities, financial guidance and outlook; energy transition, including Enbridge's approach thereto; emissions reductions and the pathways to such reductions; the expected supply of, demand for, exports of and prices of crude oil, natural gas, natural gas liquids, liquified natural gas and renewable energy; anticipated utilization of our existing assets; expected EBITDA and adjusted EBITDA; expected cash flows; expected DCF and DCF/share; expected dividend growth; expected shareholder returns; expected future debt to EBITDA; financial strength and flexibility; expectations on sources and uses of funds and sufficiency of financial resources; capital allocation priorities, including investable capacity; expected performance and outlook of the Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation and Energy Services businesses; secured growth projects and future growth, optimization and integrity programs, including carbon capture, solar self- power projects and low carbon projects and opportunities; expected transactions and the closing thereof; expected future decisions and actions of regulators and the timing and impact thereof; and project execution, including capital costs, expected construction and in service dates and regulatory approvals, and the benefits thereof. Although we believe that the FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its nature, FLI involves a variety of assumptions, which are based upon factors that may be difficult to predict and that may involve known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by the FLI, including, but not limited to, the following: energy transition, including the drivers and pace thereof; the COVID-19 pandemic and the duration and impact thereof; global economic growth and trade; the expected supply of, demand for and export of crude oil, natural gas, natural gas liquids, liquified natural gas and renewable energy; expected prices of energy; anticipated utilization of our assets; exchange rates; inflation; interest rates; availability and price of labor and construction materials; operational reliability and performance; customer and regulatory approvals; maintenance of support and regulatory approvals for projects; anticipated in-service dates; weather; the realization of anticipated benefits of transactions; governmental legislation; litigation; changes in regulations applicable to our businesses; political decisions; impact of capital project execution on the Company's future cash flows; capital project funding; hedging program; expected EBITDA and adjusted EBITDA; expected future cash flows and expected future DCF and DCF per share; estimated future dividends; financial strength and flexibility; debt and equity market conditions, including the ability to access capital markets on favorable terms or at all; credit ratings; economic and competitive conditions; and changes in tax laws and tax rates. We caution that the foregoing list of factors is not exhaustive. Additional information about these and other assumptions, risks and uncertainties can be found in applicable filings with Canadian and U.S. securities regulators (including the most recently filed Form 10-K and any subsequently filed Form 10-Q, as applicable). Due to the interdependencies and correlation of these factors, as well as other factors, the impact of any one assumption, risk or uncertainty on FLI cannot be determined with certainty. Except to the extent required by applicable law, we assume no obligation to publicly update or revise any FLI made in this presentation or otherwise, whether as a result of new information, future events or otherwise. All FLI in this presentation and all subsequent FLI, whether written or oral, attributable to Enbridge or persons acting on its behalf, are expressly qualified in its entirety by these cautionary statements. Non-GAAP Measures This presentation makes reference to non-GAAP measures, including adjusted earnings before interest, income taxes, depreciation and amortization (adjusted EBITDA), adjusted earnings/(loss), adjusted earnings/(loss) per share, distributable cash flow (DCF) and DCF per share. Management believes the presentation of these measures gives useful information to investors and shareholders as they provide increased transparency and insight into the performance of Enbridge. Adjusted EBITDA represents EBITDA adjusted for unusual, non-recurring or non-operating factors on both a consolidated and segmented basis. Management uses adjusted EBITDA to set targets and to assess the performance of the Company. Adjusted earnings represent earnings attributable to common shareholders adjusted for unusual, non-recurring or non-operating factors included in adjusted EBITDA, as well as adjustments for unusual, non-recurring or non-operating factors in respect of depreciation and amortization expense, interest expense, income taxes, noncontrolling interests and redeemable noncontrolling interests on a consolidated basis. Management uses adjusted earnings as another reflection of the Company's ability to generate earnings. DCF is defined as cash flow provided by operating activities before changes in operating assets and liabilities (including changes in environmental liabilities) less distributions to non- controlling interests and redeemable non-controlling interests, preference share dividends and maintenance capital expenditures, and further adjusted for unusual, non-recurring or non-operating factors. Management also uses DCF to assess the performance and to set its dividend payout target. Reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability with estimating some of the items, particularly with estimates for certain contingent liabilities, and estimating non-cash unrealized derivative fair value losses and gains and ineffectiveness on hedges which are subject to market variability and therefore a reconciliation is not available without unreasonable effort. These measures are not measures that have a standardized meaning prescribed by generally accepted accounting principles in the United States of America (U.S. GAAP) and may not be comparable with similar measures presented by other issuers. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures is available on Enbridge's website. Additional information on non-GAAP measures may be found in Enbridge's earnings news releases on Enbridge's website and on EDGAR at www.sec.gov and SEDAR at www.sedar.com under Enbridge's profile. 2#3Agenda Quarter Review • Energy Exports ⚫ New Energies Financial Performance VLCC at Enbridge Ingleside Energy Center EENBRIDGE FARHAN 3#4EENBRIDGE Our Energy Perspectives Global Energy Outlook Energy demand is increasing Economic growth depends on low-cost, reliable, secure energy supply Transition to a low-carbon economy underway Existing infrastructure is essential for the transition Enbridge - Bridge to the Energy Future Differentiated service provider • Comprehensive ESG & emissions targets Deliberate transition of asset mix • Investing in wind, solar, hydrogen, RNG and CCUS Our differentiated and diversified approach to energy infrastructure is key to sustainable growth#5Energy Markets Growing Global GDP1 (Indexed Real GDP1 Sept. 2021 Forecast) Forecast Growing Oil & Gas Demand2 (2021 Global Demand vs. 2020) EENBRIDGE Tight Inventory Balances 2021 % of 5-year range for N.A. & Europe 140% Crude + Products³ +5% +7% +9% 120% 100% ~4% CAGR 80% +8% 60% 40% +17% 20% Natural Gas Storage² 0% 2018 2019 2020 2021 2022 2023 LNG Exports Diesel (Bcf/d) Gasoline PetChems Jet Fuel -20% Jan Feb Mar Apr May Jun Jul Aug Sep • 4% average annual GDP growth through 2023 Global growth driven by low-cost, reliable and secure energy supply Natural gas in high demand supported by growing LNG trade Crude oil demand in 2022 expected to exceed pre-pandemic levels ⚫ Under-investment driving inventories to near 5-year lows Replenishing inventories and supply growth will take time Sustainably produced conventional energy is critical to the global economy (1) World Bank Group (2) Source: IHS Markit. The use of this content was authorized in advance. Any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit. 3) U.S. Energy Information Administration, third-party data and company estimates. 5 LO#6EENBRIDGE Consumer and Industrial Impacts Underinvestment driving energy costs higher... Consumers Year-over-year price increase as of Oct 20211 310% 180% 110% 80% Power (Eur.) Power (N.A.) Gasoline Propane (N.A.) (N.A.) Industry Year-over-year price increase as of Oct 20211 480% and, compromising reliability China • 130% • 100% 110% LNG (Exports) Nat. Gas Crude Crude (N.A.) (Brent) (WTI) Power rationing & rolling brownouts Increased coal fired generation Europe Increased coal fired generation Gasoline & diesel shortages United States • California natural gas generation at full capacity ⚫ Northeast and Midwest inventory. concerns for winter heating Record diesel generator sales Retail & wholesale prices rising as demand outpaces energy supply Intermittent energy sources unable to meet incremental demand Energy transition must sustain affordable and reliable energy supply, while lowering emissions across the energy value chain (1) Underlying commodities: Power (N.A: CAISO/PJM & Eur: Nord Pool N2EX), Gasoline (NY Harbor), Propane (Mt. Belvieu), LNG (Japan/Korea Marker), Natural Gas (Henry Hub), 6#7Q3 Highlights EENBRIDGE ✔ Operational Financial Execution . . ✓ Growth Robust system-wide utilization Integrity and maintenance programs progressing Strong Q3 financial results On track to achieve 2021 full-year EBITDA and DCF/share guidance Maintained balance sheet strength and flexibility ~$8B of projects placed into service¹; on track for ~$10B in 2021 Line 3 Replacement and Southern Access Expansion placed into service on Oct. 1 T South and Spruce Ridge expansions fully in service Nov. 1 Advanced USGC strategy with acquisition of the Ingleside Terminal Commissioned North America's first utility scale H2 blending facility Established New Energies Team and additional strategic low-carbon partnerships Advancing 3-Year Plan priorities; well-positioned for 2022 and beyond (1) Includes the Line 3 Replacement and Southern Access Expansion projects and the T South and Spruce Ridge expansions placed into service subsequent to September 30, 2021 7#8EENBRIDGE Liquids Pipelines: Line 3 Replacement CAT Line 3 Southern Access Critical safety and reliability project Minnesota section placed into service Oct. 1 Restores Line 3 capacity to 760 kbpd Southern Access Expansion to 1.2 mmbpd in-service (Superior to Chicago) Unprecedented Indigenous participation with ~2,000 workers and >$900MM of spend US$0.935/bbl surcharge1 ~$200 MM of EBITDA contribution expected in 2021 Supports future market access expansions Line 3 Replacement improves the safety and reliability of our system (1) For the first nine months of 2021, Enbridge has been collecting a partial surcharge of US$0.20 per barrel on the Canadian portion of Line 3 Replacement Project that was placed into service in late 2019. 8#9EENBRIDGE Liquids Pipelines: Great Lakes Tunnel Critical Energy Delivery Infrastructure ON QC Superior Straits of Mackinac Line 5 MN WI NY Great Lakes Tunnel Project -65% Of Michigan Legislature voted in favor² -70% Of Michiganders support tunnel MI Sarnia PA . OH Comprehensive environmental protections in place • Provides 45% of region's¹ gas, diesel, jet fuel and propane • Supplies 55% of Michigan propane demand Ships 80% of Michigan-produced crude State Permitting: Federal Permitting: Contracting: • • EGLE³ Permits Awarded MPSC proceeding with a contested case hearing USACE5 undertaking an EIS Engineering & Design Phase. Preparation for Construction Investing in new infrastructure to protect the environment and meet essential energy needs (1) Surrounding region includes Wisconsin, Indiana, Ohio, Pennsylvania, Ontario and Quebec (2) In 2018, the Michigan House voted 73-34 and the Michigan Senate voted 25-13 to establish the Mackinac Straits Corridor Authority to enable the tunnel's construction (3) Michigan Department of Environment, Great Lakes and Energy (4) Michigan Public Service Commission (5) U.S. Army Corps of Engineers 9#10Liquids Pipelines: U.S. Gulf Coast Strategy EENBRIDGE Cushing Seaway Cactus II Gray Oak Cactus Epic Harvest SPOT EHOT ETCOP Texas City Dock -Freeport Dock Ingleside Energy Center . ~3 mmbpd pipeline capacity into USGC1 · ~50 million barrels of storage capacity1 ~3 mmbpd of operating export loading capacity 1, 2 Heavy Crude Oil Delivering Canadian supply to USGC refiners Integrated heavy crude storage/blending hub Waterborne export optionality Light Crude Oil Meet growing global demand for light crude oil Waterborne export links to diversified low-cost supply Ownership in premier export facility & feeder system Disciplined and gradual build out of strategic Gulf Coast infrastructure position (1) All figures excluding projects in development. Joint venture assets included at gross capacity. (2) Includes Ingleside Energy Center and Seaway Freeport and Texas City dock capacity 10 10#11EENBRIDGE Liquids Pipelines: Moda Midstream Acquisition Ingleside Energy Center Cactus Gray Oak Cactus II Epic Gray Oak Taft Terminal Viola • Harvest Corpus Christi Bay 80 -25% of U.S. Gulf Coast crude oil exports in 2020 Strategic Export Infrastructure Unparalleled connectivity to long-lived, low-cost light supply Contracted cash flows aligned with low-risk business model Accretive to financial outlook Best-in-class ESG profile Additional Assets Ingleside Energy Center Significant inner harbor congestion outer harbor Cactus II Pipeline 15.3 million barrels of current liquids storage Taft Terminal 1.6 mmbpd of current export capacity (VLCC1 capable) ~90% of revenue backed by long-term contracts 20% ownership in 670 kbpd pipeline from Permian Viola Pipeline 350 thousand bbl storage tank connecting intrastate pipelines and inner harbor² 100% owned, 300 kbpd pipeline connects Permian & Eagle Ford long-haul pipelines Immediately accretive acquisition of premier light oil export terminal with strong organic growth outlook (1) Very large crude carrier (2) 100% ownership 11#12Liquids Pipelines: Export Growth Outlook Growing Permian Supply & Exports1 (mmbpd) ~+2 mmbpd 7 Permian Supply 6 LO ~+2 mmbpd 5 4 3 2 1 0 2020 2022 2024 2026 2028 2030 USGC Crude Exports >70 billion barrels of recoverable, low-cost Permian reserves² ⚫ Basin underpinned by large, well-capitalized producers Most Competitive Export Facility³ Loading Cost ($/bbl) ENB A B C D E F . Lowest basin-to-water costs ⚫ VLCC loading rates & outer- harbor location ensure fastest turnaround times EENBRIDGE® Embedded Organic Growth Opportunities Loading Capacity Storage Low Carbon • • • Contract 600+ kbbls/d of existing capacity Permitted for further expansion of 300 kbbls/d ~5.5 mmbbls of permitted expansion potential Up to 60 MW of co-located solar facilities Ideally located for hydrogen, ammonia & CCUS >$1B of follow-on capital efficient organic growth opportunities • Terminal and location suitable for low carbon fuel and CCUS Embedded organic growth drives further cash flow expansion and value creation (1) Source: IHS Markit. The use of this content was authorized in advance. Any further use or redistribution of this content is strictly prohibited without written permission by IHS Markit. (2) Based on most recently completed geology-based assessments of undiscovered, technically recoverable reserves performed by the United States Geological Survey (3) Third party data and management estimates. Cost stack based on the assumption of loading VLCC freight post Port of Corpus Christi dredging. 12#13ENBRIDGE Gas Transmission: LNG Export Connections TX Rio Bravo Pipeline LA MS AL Texas Eastern Cameron Extension Venice Extension Plaquemines LNG Freeport LNG Sabine Pass LNG Cameron LNG Calcasieu Pass LNG Supply 3 USGC LNG export facilities - Annual deliveries doubled to -1Bcf/d since 2019 Additional connections planned or underway Under construction Cameron Extension (US$0.1B, 2021 ISD) Greater than US$2B in development¹ VCP Expansion Valley Crossing Rio Grande LNG Texas LNG Mexico (1) Subject to FID of LNG facility ENB pipelines ENB connected/contracted LNG facilities In service/commissioning Under construction In development Other LNG facilities In service & in development - Rio Bravo Pipeline - VCP Expansion Venice Extension Strongly positioned to benefit from new LNG export facilities in the USGC 13#14EENBRIDGE Gas Transmission: Project Execution Spruce Ridge C$0.5B In Service T-South Expansion C$1.0B In Service Vanguard Renewables ~$0.1B In development Middlesex Extension US$0.1B In Service Appalachia to Market US$0.03B-In Service Modernization Program US$2.1B 2021-23 Cameron Extension US$0.1B Q4 2021 Vito US$0.3B 2022 Gulfstream Phase VI US$0.1B 2022 Westcoast: • T-South Reliability and Expansion Program & Spruce Ridge Project provide +590 MMcf/d of firm capacity1 U.S. Northeast: ⚫ Middlesex Extension & Appalachia to Market underpinned by capacity commitments Enhance supply reliability, optionality & capacity for customers while leveraging existing infrastructure Modernization Program: Replacement of aging compressor stations & integrity investments • Texas Eastern rate case filed Sept. 30 RNG Development: Up to 8 RNG facilities under development with Vanguard Renewables Executing on $5B North American-wide system expansion and modernization programs (1) T-South Reliability and Expansion Program - 190 MMcf/d of firm capacity; Spruce Ridge Project - 400 MMcf/d of firm capacity 14#15Gas Distribution: Project Execution Visible Franchise Growth Total EGI Natural Gas Connections (in '000s) 4,000 Community Expansions 3,800 3,600 3,400 New connections 3,200 2015 2016 2017 2018 2019 2020 2021e Announced Community Expansions TORONTO EENBRIDGE OTTAWA 8 Natural gas provides affordable and reliable supply On track for ~45k new customers additions in 2021 Highly visible in-franchise growth • 27 new community connections • Ontario Government subsidizing capital investments Reinforces long-term commitment to natural gas Executing ~$3B utility capital program through 2023 15#16Gas Distribution: Low-Carbon Update EENBRIDGE Renewable Natural Gas • 3 projects currently in service 4 additional projects in construction Developing 10-15 opportunities across Canada Hydrogen Blending Commissioned Markham H₂ blending facility - 2% H2 blended into natural gas stream - Extension of existing Power-to-H₂ facility Gatineau H2 blending assessment underway Low-Carbon Investments ONTARIO Current projects reduce >108,000 tCO2 emissions annually H2 Gatineau H2 Blending | 2023 OTTAWA RNG NEW Disco Road | 2023 RNG City of Stratford | 2022 Markham H₂ Blending | 2021 ✔H₂ RNG Ingredion London | 2022 TORONTO Markham Power-to-H2 | 2018 ✔H₂ StormFisher | 2020 Dufferin | 2021 RNG Niagara | 2022 RNG) MICHIGAN Hamilton | 2011 RNG RNG In Service Executing low-carbon investments within low-risk utility commercial model 16#17Renewables: Offshore Project Execution ~4.5GW in Construction & Development 1,2 UK Ireland Albatros | 2019 Dunkirk | 580 MW3 Rampion | 2018 Hohe See | 2019 Calvados | 2024 Renewable power: (facility | est. ISD) In operation Under construction Awarded Germany Fécamp | 2023 Saint Nazaire | Late 2022 France Provence Grand Large | 24 MW3 EENBRIDGE Saint Nazaire 480 MW (122 MW net) 35 of 80 foundations installed • On track for late 2022 ISD Fécamp 497 MW (89MW net) ⚫ Foundation fabrication underway On track for 2023 ISD Calvados 448 MW (97 MW net) Substation platform & cable manufacturing On track for 2024 ISD Offshore renewable projects progressing on budget and on schedule (1)~1GW of net ownership (2) Development projects includes additional projects not identified on the map (3) Project has been awarded, but not yet reached FID, gross operating capacity (combined net capacity 0.2 GW) 17#18Quan EENBRIDGE Renewables: Solar Self-Power 。 ㅁ D ㅁ ㅁ □ D DOO " 0000 Alberta Solar 1 10.5 MW Vesper, WI | 2022 Adams, WI | 2022 Portage, WI | 2021 Flanagan, IL | 2021 Operating Solar Self-Power Approved Solar Self-Power Liquids Pump Station Gas Compressor Station D D ㅁ D ㅁ ㅁ ם ם ° ם 898 D D D DOOD D 00000 口 ㅁ D Lambertville 2.3 MW Heidlersburg 2.5 MW ~55 MW of generation in operation & under construction 3 in service - 4 under construction - ~70 ktCO2e year 1 GHG reduction Near-term potential for additional 10-15 projects $0.5B potential capital spend through 2023 Leveraging our renewable capability to reduce system emissions and lower power costs 18#19EENBRIDGE New Energies Strategy Update Execute on Embedded Low-Carbon Growth RNG H₂ CCUS Liquids Pipelines Gas Transmission Gas Distribution Renewable Power Dedicated New Energies Team Strengthens Focus Renewable Power European offshore wind Solar self-power Onshore wind/solar + New Energies • Hydrogen Renewable natural gas Carbon capture (CCUS) Strategic Partnerships Bring Technology and Capabilities Develop N.A. low-carbon Shell Solutions across H₂, RNG, CCUS, & Renewables Apply Svante's innovative Svante CCUS technology across walker COMCOR RENEWABLES multiple industries Canada: Develop RNG projects leveraging partnership technology, landfill rights and deep experience U.S.: Develop RNG projects Vanguard in Midwest & Northeast, building on Vanguard's leading RNG position Capturing low-carbon opportunities embedded across each of our businesses 19#20Financial Dashboard EENBRIDGE Strength and Flexibility Credit Metrics Asset Sales1 BBB+ Ratings Reaffirmed ~$9B since 2018 Cash Flow Resilience Investment Grade Customers2 Percent Regulated, Take-or-pay, CTS3 95% of customers 98% of EBITDA Predictable Growth 2021 Financial Results on Track Growth Capital In-service $13.9- 14.3B of EBITDA ~$10B in 2021 Available Liquidity ~$10B Commercial Inflation Protections 80% at Q3, 2021 of EBITDA Annual Investment Capacity4 2022+ $5-6B 2022+ Execution on financial priorities provides a solid foundation for 2022+ growth (1) Includes $1.1B Noverco divestiture subject to closing in late 2021 or early 2022 (2) Consists of investment grade or equivalent (3) Competitive toll settlement (4) Annual Investable Capacity is generated from distributable cash flow, net of common share dividend requirements plus incremental debt capacity from EBITDA generated by capital investment 20 20#21Q3 2021 Financial Results EENBRIDGE Q3 YTD ($ Millions, except per share amounts) 2021 2020 2021 2020 Quarterly Drivers Liquids Pipelines 1,898 1,732 5,623 5,395 Gas Transmission & Midstream 986 945 2,928 3,017 Gas Distribution & Storage 296 315 1,403 1,330 Renewable Power Generation 89 93 356 361 Energy Services (116) (110) (277) (37) Eliminations and Other 116 Adjusted EBITDA1 3,269 22 2,997 10,314 281 6 10,072 Cash distributions in excess of equity earnings 52 197 248 479 Maintenance capital (142) (256) (412) (595) Financing costs (757) (815) (2,251) (2,425) Current income tax (89) (83) (210) (325) Strong performance across business units. Mainline volume recovery ✔ Challenging Energy Services conditions Weaker USD currency Operating segment impacts; partially offset by hedging program Lower USD currency interest expense Distributions to Noncontrolling Interests (66) (68) (207) (232) Lower utility maintenance spending Other 23 116 72 257 Distributable Cash Flow1 2,290 2,088 7,554 7,231 DCF per share¹ 1.13 1.03 3.73 3.58 Adjusted earnings per share1 0.59 0.48 2.06 1.86 Interest cost savings Absence of significant MURS2 in Other Robust operational performance drives strong financial results. (1) Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), Adjusted Earnings and Distributable Cash Flow (DCF) are non-GAAP measures. For more information on non-GAAP measures please refer to disclosure in the Q3 earnings release and MD&A available at www.enbridge.com. (2) Makeup rights 21#22EENBRIDGE 2021 Financial Outlook EBITDA Guidance¹ ($B) DCF/share Guidance¹ $13.9 $14.3 •Solid system-wide utilization - $4.70 $5.00 > $13.3 $4.67 • Favorable . interest expense • Cash tax savings • Maintenance capex 2020 2021e Moda acquisition • Energy Services • Warmer weather •Weaker USD2 (Partially hedged) 2020 2021e On track to meet 2021 full year EBITDA and DCF guidance (1) Adjusted EBITDA and DCF/share are non-GAAP measures. Reconciliations to GAAP measures can be found at www.enbridge.com. (2) Including impact of hedges. Approximately 65% of distributable cash flow has been hedged for 2021 at an average rate of $1.28 CAD/USD. Guidance assumes unhedged portion CAD/USD of $1.30 22 22#23Preliminary 2022 Outlook EBITDA Outlook' (SB) EENBRIDGE $13.9 - $14.3 Annualized benefit of 2021 growth capex $13.3 • Moda acquisition 2020 2021e 2022e • Energy Services •Weaker USD2 (Partially hedged) Roll out of 2022 guidance and 3-year strategic plan priorities at Enbridge Day (1) Adjusted EBITDA is a non-GAAP measure. Reconciliations to GAAP measures can be found at www.enbridge.com. (2) Including impact of hedges. 23#24Strong Financial Position Debt/EBITDA EENBRIDGE Target Range: 4.5x-5.0x1 2021 financing plan completed at attractive rates - Includes $2.4B of sustainability-linked bonds. Expect to exit 2021 within target D/EBITDA range 2022 expected to be at low end of target range EBITDA contributions from growth capital placed into service in 2021 - - $1.1B Noverco sale to close late 2021 or early 2022 Full year contributions from Moda acquisition 2017 2018 2019 2020 2021e 2022e Increasing financial flexibility through 2021 secured growth execution and asset sales (1) Debt to EBITDA for trailing twelve months 24#25Capital Allocation Priorities Preserve 1 Financial Strength Sustainable 2 Dividend Growth 3 Further Organic Opportunities . EENBRIDGE Strong BBB+ credit ratings Maintain debt-to-EBITDA within 4.5-5.0x Targeting mid-point of 60-70% DCF1 payout range Grow ratably up to the level of medium term DCF/share growth Enhance existing returns (low/no capital) Organic growth capital • Alternatives (share buybacks, ~$5-6B of Annual Investable Capacity2 Incremental Capacity: Share buybacks Further organic projects $2B Debt reduction Asset acquisitions High Priority Investments: • Low capital intensity expansions & optimizations Modernizations ~$3-4B deleveraging, asset acquisitions) Disciplined approach to capital allocation will maximize shareholder returns (1) DCF is a non-GAAP measure. Reconciliations to GAAP measures can be found at www.enbridge.com (2) Annual Investable Capacity is generated from distributable cash flow, net of common share dividend requirements plus incremental debt capacity from EBITDA generated by capital investment 25#26Annual Investor Day Enbridge Day 2021 Toronto, ON (In-Person Event, with Live Video Webcast) Tuesday, December 7 • 3-year plan strategic priorities EENBRIDGE 2022 financial guidance & dividend Capital allocation & growth outlook 26 26#27Takeaways Delivering on strategic priorities On track to achieve 2021 guidance range $10B of capital in service (2021) Positioned for growth - conventional & low-carbon 3-Year Plan Priorities Enhance Returns from Existing Business Execute Secured Capital Program Disciplined Capital Allocation 2021 is a catalyst year that will create significant opportunity going forward EENBRIDGE 27#28Q&A CENBRIDGE