#1CENBRIDGE Bridge to a Cleaner Energy Future Modernizing Systems and Achieving Net Zero Sustainable North American Energy Drives Exports Growing Renewables and Other Low-Carbon Platforms Al Monaco President & CEO H2 2021 Investor Day 2#2Legal Notice ENBRIDGE® 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: Enbridge's strategic plan, priorities and outlook; 2021 and 2022 financial guidance, including projected DCF per share and EBITDA, and expected growth thereof; expected dividends, dividend growth and dividend policy; share repurchases and related filing of notice of intent to make a normal course issuer bid; expected supply of, demand for, exports of and prices of crude oil, natural gas, natural gas liquids (NGL), liquified natural gas (LNG) and renewable energy; energy transition and our approach thereto; environmental, social and governance (ESG) goals, targets and plans, including greenhouse gas (GHG) emissions intensity and reduction targets and diversity and inclusion goals; industry and market conditions; anticipated utilization of our existing assets; expected EBITDA; expected DCF and DCF per share; expected future cash flows; expected shareholder returns, asset returns and returns on equity; expected performance of the Company's businesses, including customer growth and organic growth opportunities; financial strength, capacity and flexibility; financial priorities; expectations on sources of liquidity and sufficiency of financial resources; cash taxability; expected debt to EBITDA outlook and target range; expected costs related to announced projects, projects under construction and system expansion, optimization and modernization; expected in-service dates for announced projects and projects under construction, and the contributions of such projects; expected capital expenditures; capital allocation framework and priorities; investable capacity; anticipated cost savings, synergies and productivity improvements; expected future growth, including secured growth program, development opportunities and low carbon and new energies opportunities and strategy; expected future actions of regulators and courts and the timing and anticipated impact thereof; and toll and rate case proceedings and frameworks, including with respect to the Mainline, and anticipated timing and impact therefrom. 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 and demand for crude oil, natural gas, NGL, LNG and renewable energy; prices of crude oil, natural gas, NGL, LNG and renewable energy; anticipated utilization of our existing assets; anticipated cost savings; exchange rates; inflation; interest rates; availability and price of labour and construction materials; operational reliability and performance; customer, regulatory and stakeholder support and approvals; anticipated construction and in-service dates; weather; announced and potential acquisition, disposition and other corporate transactions and projects, and the timing and impact thereof; governmental legislation; litigation; credit ratings; hedging program; expected EBITDA; expected future cash flows; expected future DCF and DCF per share; estimated future dividends; financial strength and flexibility; debt and equity market conditions; general economic and competitive conditions; the ability of management to execute key priorities; and the effectiveness of various actions resulting from the Company's strategic priorities. 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. 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 any of its subsidiaries or affiliates, or persons acting on their 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, adjusted earnings per share, distributable cash flow (DCF) and DCF per share. 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 performance. Adjusted earnings represent earnings attributable to common shareholders adjusted for unusual, infrequent or other non-operating factors included in adjusted EBITDA, as well as adjustments for unusual, infrequent or other non-operating factors in respect of depreciation and amortization expense, interest expense, income taxes and noncontrolling interests on a consolidated basis. Management uses adjusted earnings as another measure 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 performance and to set its dividend payout target. 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 the Company. 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 certain contingent liabilities and non-cash unrealized derivative fair value losses and gains which are subject to market variability. Because of those challenges, a reconciliation of forward-looking non-GAAP measures is not available without unreasonable effort. The non-GAAP measures described above are not measures that have a standardized meaning prescribed by generally accepted accounting principles in the United States of America (U.S. GAAP) and are not U.S. GAAP measures. Therefore, these measures may not be comparable with similar measures presented by other issuers. A reconciliation of historical non-GAAP measures to the most directly comparable GAAP measures is available on the Company's website. Additional information on non GAAP measures may be found in the Company's earnings news releases or in additional information on the Company's website, www.sedar.com or www.sec.gov. Unless otherwise specified, all dollar amounts in this presentation are expressed in Canadian dollars, all references to "dollars" or "$" are to Canadian dollars and all references to "US$" are to US dollars. 2#3Today's Approach Strategic Overview Enbridge Value Proposition Approach to Energy Transition Business Unit & Financial Review Key Priorities Strategic Priorities & Growth Outlook Capital Allocation Growth Hopper Low-Carbon Opportunities ENBRIDGE® Financial Policies & 3-Year Outlook 3#4ENBRIDGE® Mainline Update Mainline Capacity During CTS¹ (mmbpd) ~2 1.1mmbpd of added capacity & optimizations ~3.1 2021 2010 • Maximize capacity and throughput Two Attractive Options 1) Incentive Tolling Arrangement: Aligned with customers Incentivized to optimize system Premium return 2) Cost of Service Model: Low-risk cash flows Rate base driven growth Path Forward Re-engaging with industry Pursuing both options in parallel Interim tolls remain in effect - Subject to refund . Manage operating and power costs Utility return Maintain crude batch quality Two paths to achieve a commercial model that ensures an appropriate Mainline return (1) Competitive Tolling Settlement 4#5Financial Highlights 2021 Guidance 2022 Guidance Adjusted EBITDA1 $13.9-$14.3B $15.0-$15.6B DCF per share¹ $4.70-$5.00 $5.20-$5.50 ENBRIDGE® $3.44 (3% growth) 3 Year Outlook (to 2024) n/a 5 to 7% CAGR No change Up to level of medium-term DCF/share growth No change $9B secured capital program $5-6B annually No change Dividend $3.34 (3% growth) Organic Growth ~$10B into service ~$4B into service Investment Capacity: ~$6B (1) Adjusted EBITDA, DCF and DCF/share are non-GAAP measures. Reconciliations to GAAP measures can be found at www.enbridge.com. 5#6New Project Highlights ~$1.0B sanctioned in first 9 months of 2021 $1.1B of New Projects Advancing New Development Opportunities (1) Working under executed Letter of Intent $0.9B Calvados offshore wind $0.1B solar self-power investments $0.1B Flanagan South expansion (completed in Q4) $0.3B Dawn-to-Corunna expansion $0.5B expansion of Valley Crossing, pending liquefaction FID1 $0.15B solar self-power projects $0.1B Provence Grand Large floating offshore wind (France) ~$2.5B potential expansion of T-South CCUS MOU with Capital Power Advancing solid growth opportunities across the business ENBRIDGE® 6#7Enbridge Footprint Vancouver อ Cushing Houston Corpus Christi Chicagoe Ireland UK France Toronto Germany Boston New York Asset Portfolio 1: ENBRIDGE® Gas Distribution Gas Transmission Liquids Power ~2 Tcf of natural gas delivered; ~3.8 MM customers 20% of natural gas consumed in US; ~10% of LNG exports 25% of N. America's crude oil transported & exported 1.8 GW1 of contracted renewable energy 17,809 miles Liquids pipeline 75,696 miles Natural Gas pipeline² 23 Wind farms - onshore & offshore 17 Solar energy operations 60 MMbbls of contracted Liquids storage R 7 RNG 5 Waste heat recovery facilities e 440 Bcf Natural Gas storage C 3 CNG Fueling Stations 840 kbpd Texas City, Liquids export H 2 Hydrogen Orlando e 500 kbpd Freeport, Liquids export 1 Geothermal facility Tampa 1,600 kbpd Corpus Christi, Liquids export 1 Hydro facility (1) Includes assets in operations and under construction (2) Includes ~51,000 miles of DCP gathering pipe. 7#8ENBRIDGE® Low-Risk Commercial Profile 40+ Diversified Sources of Cash Flow Highly Predictable Utility-Like Cash Flows 4% Power (Power Price Agreements) 98% Cost-of-service/ Contracted Industry-Leading Financial Risk Profile 12% Gas Distribution (Cost-of-service) 4% 20% Gas Canadian Gas Transmission (Cost-of-service/Take-or-pay) U.S. Transmission (COS/TOP) (Cost-of-service/Take-or-pay) Transmission Gas Distribution & Storage Market Access 25% & Regional Oil Sands (Cost-of-service/Take-or-pay) Liquids Pipelines Renewable Power / Other Mainline 33% (Incentive tolling settlement/ cost-of-service)1 95% of customers are Investment Grade² <2% cash flow at risk³ 80% of EBITDA has inflation protections4 BBB+ Our diversified pipeline-utility model drives predictable results in all market cycles (1) Canadian Mainline is currently charging fixed price interim tolls and is supported by a cost-of-service backstop (2) Investment grade or equivalent (3) Cash flow at risk measures the maximum cash flow loss that could result from adverse Market Price movements over a specified time horizon with a pre-determined level of statistical confidence under normal market conditions. (4) Approximately 65% of EBITDA is derived from assets with revenue inflators and 15% of EBITDA is derived from assets with regulatory mechanisms for recovering rising costs. credit rating 8#9ENBRIDGE® Diversify our Workforce³ (Representation as at June 30, 2021) Delivering on ESG Commitments Industry Leading Safety (US Pipelines from 2017 to 20191) Emissions Reductions (emissions in MtCO2e) 3 N Total Inspection Miles / Total Miles of Pipe 100 Total Barrels Released / Billion Barrel Miles 50 50 18 16 14 12 10 8 Scope 2 50% 40% ■Current 2025 Goals 40% Pathways: 30% 28% ⚫ Modernization -14% 31% Procure low emissions vs. 2018 20% 22% power Nature based offsets -32% 10% 6% 7% vs. 2018 0% 3% 5% 2020 Women 6 Scope 1 4 20 Enbridge Peer Average ILI2 Miles / Miles of Pipe Released (bbl/billion bbl miles) #1 enterprise-wide priority Striving for zero incidents 2018 Visible pathways to Net-Zero goal Businesses executing on emissions reduction plans Racial and People with US Military ethnic disabilities veterans groups Enterprise-wide and Board goals Embedding equity through policies, programs and practices ESG goals fully integrated into our operations and enterprise-wide compensation (1) Source: U.S. Department of Transportation, PHMSA (2) In-line inspections (3) All percentages or specific goals regarding inclusion, diversity, equity and accessibility are aspirational goals, which we intend to achieve in a manner compliant with state, local, provincial and federal law, including, but not limited to, U.S. federal regulations and Equal Employment Opportunity Commission, Department of Labor and Office of Federal Contract Programs guidance. 6#10ENB - A Differentiated Service Provider Today's Success Factors... ... in Action Line 3 Replacement Ingleside Export Facility ENBRIDGE® ESG Leadership Net-zero emissions & diversity goals World-Class Execution $36B into service since 2017 Undeveloped Terminal Land Low-Carbon Capabilities Early investments in Wind, Solar, Hydrogen (H2), & RNG1 • >300 route modifications •>$900MM of Indigenous spend World-class environmental measures Pathway to net zero facility Developing 60 MW of solar power Potential for H, and CCUS Focus on sustainable operations; energy infrastructure provider of choice (1) Renewable natural gas 10 10#11Surfacing Shareholder Value Revenue & Productivity Asset Sales & Monetization Optimization 400kbpd of zero-capital Mainline optimizations $1.2B of cost savings since 2017 Optimizing volumes, power savings & efficiencies Spectra, utility amalgamation synergies (1) Canadian dollar equivalent. $6 $5.7 $5 $4 $3 $2.1 $2 Es es Es $1 2018 -$9B Asset sales since 2018 Capital Efficiency Recent Projects DRA Expansion ENBRIDGE® EV/EBITDA Multiple <3x Gas Pipe -6x Compression Announced $1.2 Gulf Coast LNG ~7x Laterals $0.3 ~8x 2019 2020 2021e ⚫ CDN Midstream ($4.2B): ~13x EBITDA • Noverco ($1.1B): 29x Earnings • U.S. Midstream ($1.4B): ~8.5x EBITDA Ingleside Acquisition Disciplined capital deployment at attractive valuations • Aligned with strategic objectives Maximizing shareholder value is benchmark for every Management action 11#12Surfacing Shareholder Value Improving Asset Returns Balance Sheet Strength (ROCE¹) ~6.5% -8% (Debt/EBITDA) Target Range: 4.5x-5.0x1 ENBRIDGE® Simplified Structure TENBRIDGE Sponsored Vehicle Buy In Ⓡ SEP TEEP TEEQ CENF 2018 2019 2020 2021 2022 2023 2024e Toll escalators & cost containment Focus on capital efficient growth Sale of non-core, low return assets 2017 2018 2019 2020 2021e 2022 2023 2024e Organic capital execution Self-funded equity model Prioritize financial flexibility • Enabled operating cost synergies Extended cash tax horizon ⚫ Eliminated structural subordination Prioritizing operational efficiency & financial flexibility, while growing the business (1) Return on Capital Employed = Adjusted Earnings Before Interest and Tax (EBIT) divided by Capital Employed (annual average balance of Net Property, Plant & Equipment, Long-Term Investments, Intangibles, and Goodwill less average Current Work in Progress) 12#13A Proven Investment Track Record Significant EBITDA1 Growth (Billion, CAD) Superior Dividend Growth (Dividend per Share) $2.5 2008 $15.0-15.6 $0.66 2022e 2008 $3.44 ENBRIDGE® Industry Leading TSR2 (since 2008) 11.7% 11.0% 8.1% 2022e Midstream Peers S&P 500 Enbridge Our approach has yielded superior growth and value creation (1) Adjusted EBITDA, DCF and DCF/share are non-GAAP measures. Reconciliations to GAAP measures can be found at www.enbridge.com. (2) Average TSR for November 2021 13#14Energy Fundamentals Global Demand Outlook1 (IEA Announced Pledges Scenario, Exajoules) STEPS² (MMbpd) Biofuels SDS2 Wind & Solar Hydro Nuclear Gas Oil Coal 2019 2050 • 25%+ increase in global population • • 50%+ growth in urbanization 65%+ growth in the middle class ENBRIDGE® N.A. Oil Exports² N.A. LNG Exports² (Bcf/d) ~3 >4.5 2021 2030+ ~7 2020 >20 2030+ Abundant, low-cost crude oil and natural gas resources Globally competitive petrochemical & refining . • N. America is a global leader in sustainable production North American sustainable energy supply will be essential to satisfying global energy needs (1) International Energy Agency (2021), World Energy Outlook 2021, IEA, Paris (2) 2021 IHS Markit. All rights reserved. The use of this content was authorized in advance. Any further use or redistribution of this content is strictly prohibited without prior written permission by IHS Markit 14#15The Role of Conventional Energy Essential (IEA Announced Pledges Scenario) Petrochemical1 (MMbpd) ~+20% Transport1 (Exajoules) Reliable² (Realized Capacity Factors) ~+10% Gas Other 48% Liquids 35% 39% Oil Hard to Abate 25% Today 2050 ↓ Today 2050 . • No viable or affordable alternatives Embedded in millions of everyday products. Limited heavy transport fuel alternatives Solar Wind Hydro Coal 57% 94% Affordable³ (Cost/MMBtu) $4 ENBRIDGE® $19 $16 Gas Nuclear Natural gas enables reliable and lower carbon baseload Gas Blue Green Hydrogen Hydrogen Hydrogen will take time to scale up and be cost competitive Conventional energy will be key to meeting future energy demand International Energy Agency (2021), World Energy Outlook 2021, IEA, Paris and company estimates (2) U.S. Energy Information Administration, Monthly Energy Review, March 2020 (3) Blue Hydrogen defined as gas-based hydrogen production with carbon capture and Green Hydrogen defined as renewable-based hydrogen production 15#16Lowering Emissions Global Emissions Outlook1 (Announced Pledges Scenario- Mt CO2 emissions reductions) -1,000 -3,000 -5,000 -7,000 -9,000 -11,000 -13,000 2020 2030 2035 2040 2045 2050 • Behaviour & Efficiency Conventional Energy Emissions Reduce Energy efficiency & conservation efforts . • Low-Carbon Energies . Electrification OCCUS Modernize All forms of emissions reduction required Leverage existing infrastructure to contain costs ⚫ State-of-the-art facilities Solar self-power Remove coal ENBRIDGE® Displace Repurpose • Enable low-carbon energy (H2, RNG, CCUS) Meeting energy demand, while lowering emissions requires innovation across energy value chain (1) International Energy Agency (2021), World Energy Outlook 2021, IEA, Paris, Mt = megatonnes 16#17ENBRIDGE® Our Approach to Energy Transition Conventional Investment Required (Cumulative global investment, USD Trillions)1 $10.0 Core Business Remain Critical Gas Transmission Liquids Pipelines Gas Distribution & Storage $5.0 $0.0 2021 2025 170 MM People served 12 MMBPD Refining capacity 15 MM People served 2030 Low-carbon Investment Gaining Momentum Getting the Pace Right is Critical (Cumulative global investment, USD Trillions)² $10.0 $5.0 $0.0 2020 2025 2030 Driven by policy change Maintain value proposition Provide scalable technology Deliberate and disciplined investment in long-lived conventional and low carbon platforms (1) IEA World Energy Outlook - Announced Pledges Scenario (2) IEA World Energy Outlook - Announced Pledges Scenario and RBC Capital Markets report "Carbon Capture & Storage; Asset classes include: Renewable power, Battery storage, Low-carbon fuels, CCUS). 17#18Capitalizing on the Energy Transition Conventional Core Growth Liquids Pipelines Gas Transmission Gas Distribution Renewable Power ENBRIDGE® Low-Carbon Growth Optimize / Expand Exports Modernize Solar/ Assets Wind RNG H₂ CCUS 1 1 Embedded conventional and low-carbon growth opportunities across our businesses (1) Solar self-power program 18#19ENBRIDGE® Strategic Priorities Safety and Reliability ESG Leadership Strong Balance Sheet Disciplined Capital Allocation Extend organic growth Capitalize on Conventional Growth • Prioritize organic low-capital Modernize existing assets Grow export connections (LNG & Crude Oil) Grow Low-Carbon Platforms Over Time •⚫ Projects that fit our low-risk commercial model Grow onshore and offshore renewables platform Extend into RNG, H2, CCUS value chains 19#20ENBRIDGE® Predictable Organic Growth Executing on Secured Growth (2021-2024) $17B Up to $6B/year of Organic Growth Potential Supplements 2022-2024, drives post-2024 growth Gas Transmission up to ~$2.0B/year Gas Distribution up to ~$1.5B/year $2B $9B · $10B 2021 Capital 2021 Capital Program In Service New Projects 2022+ Capital Program 1155 • System modernization • Capital efficient expansions ⚫LNG export connections Low carbon Liquids Pipelines up to ~$1.0B/year System optimizations Capital efficient expansions • USGC export platform ENBRIDGE • • System modernization ⚫ Customer growth • ⚫ Dawn system expansions . Low carbon Renewable Power up to ~$1.0B/year ⚫European offshore wind • Onshore behind the meter • Onshore front-of-the-meter • Low carbon Our secured capital and further organic opportunities drive visible cash flow growth 20#21Low-Carbon Opportunities Gas Distribution $0.5B Gas Transmission $0.5B CCUS Post-2025; Multiple suitable locations QUEBEC through 2025 ONTARIO Hydrogen 10-15 projects in development Ottawa CO₂ Sarnia Detroit RNG RNG H₂ RNG RNG CONG RNG RNC Hamilton DAWN HUB TORONTO RNG 60+ projects in early-stage and advanced development1 Hydrogen Studies underway across system; Multiple opportunities in development RNG Projects Up to 8 projects planned; Several more in development CCUS Post-2025; Multiple suitable locations RNG H₂ RNG through 2025 H. RNG RNG RNCO₂ CO₂ RNG RNG CO Solar Self-Powering 2 in service 3 sanctioned RNG CO. CO 5 in development ENBRIDGE® Liquids Pipelines $0.5B CO₂ CO CO₂ Oil Sands & Fort Saskatchewan Post-2025; Multiple projects in development through 2025 Capital Power CCS (2026/27) 3+ MM tons of CO2 Ingleside Low Carbon Fuels Hydrogen/Ammonia ******* Our conventional assets have visible near-term low-carbon growth (1) Including projects in development as part of the Walker Industries & Comcor Environmental partnership Solar Self-Powering 1 in service 7 sanctioned 25 in development NH₂ CO₂ Ingleside CCUS Post-2025 21#22ENBRIDGE® New Energies Compelling Opportunity Set RNG & Hydrogen Demand1 (EJ) RNG Hydrogen ENB's Capabilities Advancing Low-Carbon Strategy through Strategic Partnerships Transportation & storage assets operations Wind/Solar RNG H2 CCUS Shell Develop N.A. low-carbon solutions across H2, RNG, CCUS, & Renewables 5 4 27 Strong customer & Indigenous relationships 2 Capital Power Develop CCUS solutions for Genesee Generating New Station near Warburg, Alberta 15 11 Today APS 2030 NZE 2030 Carbon Capture Capacity1 (GtCO2) 1.7 Major project development & execution Strategic technology & industry partnerships ESG Leadership Svante COMCOR 0.4 0.1 Today APS NZE 2030 2030 Apply Svante's innovative CCUS technology across multiple industries walker Canada: Develop RNG projects leveraging partnership technology, landfill rights and deep experience Vanguard RENEWABLES U.S.: Develop RNG projects in Midwest & Northeast, building on Vanguard's leading RNG position Our capabilities and strategic partnerships allow us to capitalize on growing demand (1) International Energy Agency (2021), World Energy Outlook 2021, IEA, Paris and company estimates. APS is the Announced Pledges Scenario and NZE is the Net Zero Emissions by 2050 Scenario from the World Energy Outlook 2021 22 242#23Capital Allocation Priorities 1 Protect Balance Sheet . • Preserve financial strength and flexibility 2 Sustainable Return of Capital . 3 Further Organic Growth ⚫ Ratable dividend increases up to medium-term DCF/s growth • Periodic share repurchases¹ Prioritize low-capital intensity & utility-like growth • Excess investable capacity deployed to next best choice ENBRIDGE® Capital Allocation Drivers 4.5x D/EBITDA² 60% DCF1 payout 5.0x 70% Low-risk (utility) High-risk (G&P) Focused on generating sustainable organic growth and return of capital to shareholders (1) Via a normal course issuer bid to be filed in Q1, 2022, subject to stock exchange approval (2) Adjusted EBITDA, DCF and DCF/share are non-GAAP measures. Reconciliations to GAAP measures can be found at www.enbridge.com. 23#24Strong Portfolio Business Mix (2022e EBITDA by business unit) 26% Gas Transmission 58% 12% Gas Distribution Liquids Pipelines 4% Renewable Power ENBRIDGE® Consistent low-risk profile Significant operating synergies Robust equity returns Increasing free cash flow generation Diversified growth opportunity set Complementary low-carbon projects Our assets position Enbridge to generate reliable and growing cash flows for decades to come 24#25Investable Capacity ($ Billion) Adjusted EBITDA1 2022e $15.0-$15.6 Less: Cash Requirements² ~($4.5) Distributable Cash Flow¹ ~$11B Less: Dividends ~($7.0) (~65% payout) Add: Annual Debt Capacity³ ~2.0 Investable Capacity $5-6B Expect to generate $5-6B of annual investable capacity (1) Adjusted EBITDA, DCF and DCF/share are non-GAAP measures. Reconciliations to GAAP measures can be found at www.enbridge.com. (2) Consists of Maintenance Capital, Financing Costs, Current Income Taxes, Distributions to Noncontrolling Interests, Cash Distributions in Excess of Equity Earnings, and Other Non-Cash Adjustments (3) Assumes debt up to 4.7x ENBRIDGE® 25#26ENBRIDGE® Capital Allocation Framework ($5-6B of Annual Investable Capacity) Core Allocation $3-4B annually High Priority Investments Drive Sustainable Long- Term Growth . Enhance returns from existing business (zero capital) Complete secured projects Low capital intensity organic expansions & optimizations . Regulated utility & Gas Excess Deploy Incremental Capacity Allocation -$2B to Drive Additional Growth and Value Other Organic Growth annually Share Repurchases Select I best | option ! Asset Acquisition Transmission modernization investments Reduce Debt Below Range Disciplined investment $5 to 6 billion of financial capacity to maximize value creation 26 26#27Share Repurchase Program Criteria Up to $1.5B Commencing in Q1 20221 Open market purchases Non-programmatic ENBRIDGE® Balance sheet metrics & financial flexibility Assessment of investment alternatives Fundamental value of shares Share repurchases are a benchmark for capital investment and support further DCF/s growth (1) Subject to stock exchange approval 27#28Visible 3-Year Plan Outlook DCF/share1 2021e 5-7% Deploy CAGR through 2024 Excess Execute Revenue Capacity Secured Inflators & Productivity Enhancements Capital Program 2024e ENBRIDGE® Post-2024 Cash Flow Growth Drivers: 1. Revenue inflators & productivity enhancements 2. $3-4B of core capital allocation 3. ~$2B of additional capital allocation (alternatives compete) Further Organic growth - Asset M&A Share repurchases Secured growth and deployment of excess investable capacity drives cashflow growth through 2024 (1) Adjusted EBITDA, DCF and DCF/share are non-GAAP measures. Reconciliations to GAAP measures can be found at www.enbridge.com. 28#29ENBRIDGE® Value Proposition Resiliency and longevity of cash flows ⚫ ESG Leadership Strong balance sheet Growing investable free cash flow • Solid conventional long-term growth. Extensive low-carbon opportunity set Capital discipline, return of capital <4.7x debt to EBITDA; BBB+ credit rating Up to $6B of annual organic capital investments Highly visible 5-7% DCF/s growth through 2024 ~$7+ billion in annual dividend payments $1.5 billion share repurchase program Robust TSR outlook provides for a very attractive investment opportunity 29 29#30Today's Speakers Vern Yu EVP & CFO 28 years Colin Gruending Cynthia Hansen Bill Yardley EVP & President LP 22 years EVP & President, GDS 23 years EVP & President, GTM 21 years ENBRIDGE® Matthew Akman SVP Strategy, Power & New Energy Technologies 6 years A deep bench of executive talent and continued emphasis on development Length of service includes time at ENB and where applicable Spectra. 30