#1Bridge to a Cleaner Energy Future CENBRIDGE H2 Danger 2 Al Monaco President & Chief Executive Officer Vern Yu EVP, Corporate Development & Chief Financial Officer Q1 2022 Financial Results & Business Update#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; 2022 financial guidance, including projected DCF per share and adjusted EBITDA, and expected growth thereof; expected dividends, dividend growth and dividend policy; 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 low carbon energy, and our approach thereto; environmental, social and governance (ESG) goals, targets and plans, including with respect to greenhouse gas (GHG) emissions; ESG engagement, commitments and disclosure; industry and market conditions; anticipated utilization of our 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; 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; expected capital expenditures; capital allocation framework and priorities; share repurchases under normal course issuer bid; investable capacity; anticipated productivity enhancements; 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, demand for, exports of and prices of crude oil, natural gas, NGL, LNG and renewable energy; anticipated utilization of our 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 and Other Financial Measures This presentation makes reference to non-GAAP and other financial measures, including EBITDA, adjusted EBITDA, adjusted earnings, adjusted earnings per share, distributable cash flow (DCF) and DCF per share, and debt to EBITDA. Management believes the presentation of these metrics gives useful information to investors and shareholders as they provide increased transparency and insight into the performance of the Company. EBITDA represents earnings before interest, tax, depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted for unusual, infrequent or other non-operating factors on both a consolidated and segmented basis. Management uses EBITDA and adjusted EBITDA to set targets and to assess the performance of the Company and its business units. 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 the impact of changes in operating assets and liabilities (including changes in environmental liabilities) less distributions to non-controlling interests, preference share dividends and maintenance capital expenditures, and further adjusted for unusual, infrequent or other non-operating factors. Management also uses DCF to assess the performance of the Company and to set its dividend payout target. Debt to EBITDA is used as a liquidity measure to indicate the amount of adjusted earnings available to pay debt (as calculated on a GAAP basis) before covering interest, tax, depreciation and amortization. Reconciliations of forward-looking non-GAAP and other financial measures to comparable GAAP measures are not available due to the challenges and impracticability of estimating certain 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, reconciliations of forward-looking non-GAAP and other financial measures are not available without unreasonable effort. Our non-GAAP metrics described above are not measures that have 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 and other financial measures to the most directly comparable GAAP measures is available on the Company's website. Additional information on non-GAAP and other financial 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#3Agenda • Q1 Highlights Energy Markets ⚫ Business Update Financial Performance Photo Source: OParc éolien en mer de Saint-Nazaire | Production CAPA Corporate First turbine installed at Saint Nazaire UK ENBRIDGE® Germany Saint Nazaire 480MW | Late 2022 France 3#4Q1 Highlights • High asset utilization Operations • Good operational and safety performance Financial Execution ☑ Growth Strong Q1 results • On track to achieve 2022 full-year EBITDA and DCF/s guidance ⚫ BBB+ credit ratings re-affirmed by S&P and Fitch • Progressing on $10B1 secured growth program; ~$4B expected in service in 2022 • Modernization; advancing construction activities on 9 compressor stations . . • • ENBRIDGE® Sanctioned additional $0.3B ($1.0B YTD) 1 of secured growth projects to date New Advancing USGC and Western Canadian LNG export infrastructure strategy Awarded right to advance development of the proposed Wabamun Carbon Hub Progressing integrated crude oil and low-carbon strategy at Ingleside Energy Center New New On track to achieve full-year guidance; Growth prospects accelerating (1) Includes growth capital announced February 11, 2022 and May 6, 2022; USD capital has been translated to CAD using an exchange rate of $1 U.S. dollar = $1.25 Canadian dollars 4#5Energy Markets Macro Drivers Energy Security (Economic Growth, Affordability & Reliability) Energy Transition (Emissions Reduction) Implications ENBRIDGE® Incremental energy supply buffer required to manage risk Further diversification & expansion of global energy supply Acceleration of low-carbon investment including natural gas Leverage existing infrastructure to minimize transition risks North American Energy Advantage Greater role for North American conventional energy Abundant resources; competitive costs; ESG leadership 5#6North American Energy Advantage Low-Cost, Reliable, Secure, & Sustainable Energy Top ten energy reserves by country ESG Scores¹ N.A. Energy Export Growth2 LNG3 (Bcf/d) ENBRIDGE® Billion boe 500 90 80 400 300 200 70 25 60 50 40 14 Crude Oil4 (mmbpd) >30 ~4.5-4.5 3.5 ~3~3 -50% 30 11 100 20 9 ~230% 10 0 Canada U.S. UAE Qatar Russia China Saudi Brazil Iran Iraq 0 • Long-lived and low-cost conventional resources ⚫ Most sustainable energy globally Investing in lower emission capabilities 2022 2025 2030 2040 2021 2022 2025 2030 2040 • North American integrated energy grid Capitalizing on existing export infrastructure Significant export capacity growth potential North American energy ideally positioned to support global demand growth (1) ESG Scores - aggregation using an equal weighting (1/3) for each of 2020 Yale Environmental Performance Index, 2020 Social Progress Index and 2019 World Bank Governance Index. Reserves - Rystad, Rystad UCube, CAPP, Company estimates (2) Canada and U.S. (3) Wood Mackenzie (4) 2022 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 2021#7ENBRIDGE® All Forms of Energy Required Crude Oil Demand¹ (MMb/d) Industrial 80% of demand from hard to abate uses Industrial Natural Gas Demand¹ (Bcf/d) 21% Low-Carbon Investment Potential (Cumulative, USD Trillions)² Bioenergy (incl. RNG) CCUS 3 ■ Hydrogen Wind & Solar $25 Heavy Duty Vehicles Air/Marine Heavy Duty Vehicles Air/Marine Passenger Vehicles Passenger Vehicles Today 2040 . ⚫ Limited viable alternatives ⚫17% increase in petrochemical Today 2040 Coal displacement; high-capacity factors enable renewables demand • ⚫ Essential heating and cooking . $0.5 Today $10 2030 2040 Accelerated energy transition scenarios require significant investment • Must leverage existing infrastructure Significant investment and existing infrastructure will support affordable, reliable and sustainable energy (1) International Energy Agency (2021), World Energy Outlook 2021, Announced Pledges Scenario and company estimates (2) IEA World Energy Outlook - Net Zero Emissions by 2050 (3) CCUS - Carbon capture, utilization & storage 7#8Enbridge's Two-Pronged Strategy Spain UK France + Germany Asset Portfolio 1: Liquids pipeline Natural Gas pipeline e Liquids storage e Natural Gas storage Liquids export 24 Wind farms - onshore & offshore 17 Solar energy operations R 7 RNG 2 Hydrogen 10 Other renewable power assets Business Mix (2022 EBITDA Guidance) Gas 26% Transmission 58% 12% Gas Distribution & Storage Liquids Pipelines 4% Renewable Power / Other ENBRIDGE® Conventional Growth • Optimize existing capacity and throughput . Expand and modernize assets . Develop export markets • Accelerate natural gas investment Low-Carbon Growth . Leverage existing conventional assets to develop RNG, H2 and CCUS² Grow onshore/offshore renewable business Solar self-power A dual strategy is essential for energy security and climate (1) Includes assets in operations and under construction (2) Carbon capture, utilization & storage 8#9Capital Program in Execution Gas Transmission Update Systems Highly Utilized¹ (deliveries as a % of 3-year avg.) ~107% Texas Eastern ~104% Algonquin 3 Year Average -100% Q1 2022 East Tenessee ENBRIDGE® Emissions reduction of -182 ktco₂e per year by 2023 Demand and supply exceeds pre-pandemic levels 16 of top 25 peak days on Texas Eastern in Q1 ⚫ New infrastructure required to meet growing demand & reliability requirements • US$1.3B secured growth capital in execution for 2022 ISDS • Modernization drives lower emissions & greater reliability . 3 more solar self-power projects in-service this year Delivering strong operating results and executing on organic growth (1) First quarter throughput year over year as a percentage of the 3-year average of first quarters of prior years 6#10Gas Transmission Expansion Potential Regional Price Comparison (January 2022) Natural Gas2 ($/MMbtu) Power² ($/MWh) ~2x $25 ~5x $150 $20 U.S. Northeast $15 $100 $10 $50 West Coast $5 12.7 10.5 $- $- Henry Hub USNE PJM 3 New England 9.5 7.6 2021 2040e 5.5 2021 2040e Demand Forecast1: Debottleneck Northeast Connectivity • Natural gas required to backup renewables & displace coal and oil generation Increase access to Appalachian supply . . Inventory of capital efficient system expansions LNG Exports Opportunities across USGC & West Coast (bcfd) Domestic S.E. Atlantic LNG Export U.S.G.C. 25.6 18.2 17.1 . 21.0 25.7 8.5 2021 0.8 2021 T 1.0 2040e 2040e In corridor transmission system expansions Pipeline supply source to LNG plants ENBRIDGE® Built-in system optionality to accelerate reliable domestic and export market access to natural gas (1) Source: Wood Mackenzie North America Gas Strategic Planning Outlook - March 2022 (2) ICE Connect Gas and Power Prices (3) PJM: Pennsylvania, New Jersey, and Maryland 10#11LNG Exports: U.S. Gulf Coast USGC LNG Export Volumes Served by Enbridge facilities (bcf/d) 10 9 bcf/d export capacity by 2025+ TX Rio Grande¹ Rio Bravo Pipeline Rio Grande LNG US$1.2B+ pipeline Pending positive FID Texas Eastern ENBRIDGE® Venice Extension • Plaquemines LNG . US$0.4B TETCO expansion LA • Pending positive FID Sabine Pass LNG Calcasieu Pass LNG Plaquemines LNG Freeport LNG Cameron LNG Texas LNG 4 Plaquemines 2 Calcasieu Pass Texas LNG Sabine Pass Cameron Freeport VCP Expansion US$0.4B VCP expansion Pending positive FID Valley Crossing In-Service Fully Contracted Offtake Partially Contracted Growth Opportunity Offtake ("Peak Day Design") Rio Grande LNG Texas LNG ENB connected/contracted LNG facilities In service Under construction In development • Underpinned by long-term take-or-pay contracts . Plaquemines LNG Phase 1 fully contracted; expect near-term FID2 • Additional opportunities in development • Texas LNG & Rio Grande targeting FID this year Our U.S. Gulf Coast transmission assets are ideally positioned to enable LNG export growth (1) Rio Grande LNG phase 1 to bring 1.5bcf/d into production with full capacity to reach 4.5 bcf/d (2) Final Investment Decision 11#12ENBRIDGE® LNG Exports: W. Canadian Fundamentals Abundant Supply Bcf/d of natural gas production by basin Others Deep Basin 25.0 20.0 15.0 10.0 5.0 Montney Proximity to Asia³ Journey time to Northeast Asia ~50% reduction in shipping emissions ~2 weeks LNG Export Breakevens4 Delivered Ex-Ship Breakevens ($/mmbtu) ~5-6 weeks Range of USGC Facility Breakevens ~4 weeks 2021 2025 2030 2035 2040 Production expected to increase 50% by 2040 Long-lived resource (1,100 Tcf1) Developed by well-capitalized producers (public/private/NOCs²) West Coast USGC via Panama Canal USGC via Suez Canal ⚫ Enables USGC LNG to divert to Europe Significantly lower transit times; reduces Panama Canal congestion Lower transit times drive ~60% lower shipping costs4 Woodfibre LNG Canada Competitive with existing and proposed USGC LNG facilities Among most sustainably produced supply of natural gas Woodfibre NTP5 announced in April W. Canada can play a meaningful role in providing sustainable LNG supply to global markets (1) Canada Energy Regulator (2) National Oil Companies (3) Wood Mackenzie (4) Rystad Energy GasMarketCube; Breakevens represent both operating and proposed LNG facilities (5) Notice to Proceed to main contractor 12#13LNG Exports: B.C. Pipeline Expansion O LNG Terminal opportunities T-North Expansion Opportunities 1) T-North Expansion (~$1.0B) New - Serves production and demand growth ~400 MMcf/d expansion (2026) ENBRIDGE® 1 3 WCGT Ksi Lisims LNG AB (Prince Rupert) 4 Cedar LNG (Kitimat) PTP T-South Alliance Pipeline FORT SASKATCHEWAN BC 2 Woodfibre LNG (Squamish) Expansion Opportunities VANCOUVER SK EDMONTON CALGARY Open season underway 2) T-South Expansion (~$2.5B+) - Serves Pacific Northwest demand - ~300 MMcf/d expansion (2027) Targeting open season in Q3 3) Potential T-North Expansion New Serves production and demand growth - ~300 MMcf/d expansion (potentially paired with T-South Expansion) 4) Long term LNG Development Optionality PTP1 and WCGT2 pipeline routes - PTP1 fully permitted right of way B.C. Pipeline System expansions essential to W. Canadian LNG exports (1) Pacific Trail Pipeline (2) Westcoast Connector Gas Transmission 13#14ENBRIDGE® Liquids Mainline Update Mainline Utilization (ex-Gretna, mmbpd) 2021 2022 Average planned volumes: ~2.95 Mainline Negotiation Timeline Dec 2021 Mid 2022 Late 2022 Mid 2023 Late 2023 3 2 2 1 Stakeholder Consultation & Shipper Discussions Underway 0 0 Q1 Q2 Q3 Q4 Q1 Q2e Q3e Q4e Underway Q1 volumes in line with expectations Prepare COS Application . On track for ~2.95 mmbpd full year average Evaluate best path forward 1) Incentive Tolling Option File Negotiated Settlement CER1 Review Mid-2023: framework to take effect 2) Contested COS² Settlement Option File COS Application CER Review Late-2023: framework to take effect Mainline remains highly utilized; Progressing towards a tolling framework to be in place in 2023 (1) Canada Energy Regulator; (2) Cost of Service 14#15Liquids Expansion Potential Express +60 kbpd Pipeline available capacity ENBRIDGE® Regional +500 kbpd available capacity Pipeline and expansion potential1 Express Casper Mainline | +350 kbpd System expansion potential Up to $3.5B+ of near term organic growth potential • Integrated North American network Low-cost solutions support further capacity increases and full-path USGC tidewater access Greater USGC reliance on Canadian heavy Strong equity returns. Pursuing connection of Express to Seaway via Pony New Express to provide access to USGC for Canadian crude USGC Exports by Terminal² (MMbbl) Flanagan +160 kbpd South Pipeline expansion potential Seaway ETCOP Cushing Seaway Gray Oak SPOT EHOT Cactus II EIEC In development Enbridge Ingleside Energy Center (EIEC) Terminal 2 Terminal 3 Terminal 4 >20% of 2022 YTD exports Liquids system well positioned to support growing global demand for crude oil (1) 350 kbpd of available capacity & 150 kbpd of expansion potential (2) ClipperData - Crude oil exports by terminal January through March 2022 15#16ENBRIDGE® Liquids: Ingleside Terminal Developments H₂ Gray Oak 4 EIEC1 Ammonia Export Cactus II Corpus Christi Area CCUS Opportunity Area Crude Oil & NGL Exports 1 2 TETCO Houston Area EIEC Terminal Footprint 3 Undeveloped Land 1) Crude Oil Storage & Export Expansion Late-stage development ~2 mmbbls expansion (increase capacity to 17 mmbbls) 2) Developing Additional Export Products New - NGL export opportunities 3) Proposed 60MW+ Solar Power Facility - Enables net zero terminal emissions - Additional power to reduce 3rd party scope 3 reductions 4) Hydrogen & Ammonia Export - New Utility-scale blue ammonia, H₂ production with CCS2 Strong domestic & export market interest Natural gas supplied via Texas Eastern LO13 with Humble Midstream Best-in-class export infrastructure provides conventional and low-carbon energy growth (1) Enbridge Ingleside Energy Center (2) Carbon Capture & Storage (3) Letter of Intent 16#17Liquids: Carbon Capture & Storage Open Access Wabamun Carbon Hub Milestones Today ENBRIDGE® 2023 Illustrative 2024 2025 2026 2027 Fort McMurray Alexis Nakota Sioux Nation Alexander First Nation FORT Awarded Evaluation Rights Geological Validation Regulatory Review Award of all Permits Lac Ste. Anne Métis Community SASKATCHEWAN Initial phase ISD as early as 2026 Lehigh Cement Commercial Terms & Investment Decision Paul O EDMONTON Cold Lake First Nation Enoch Cree Greater Edmonton Area 4 MtCO₂e annual carbon capture and storage under MOU Capital Power Nation 20+ MtCO2 within Greater Edmonton Area Phased Construction • Awarded right to advance development by the AB Government New Calgary • ITC2 announced in Canada's budget (50% on capture equipment, 37.5% on transportation & storage) • MOUS with Capital Power and Lehigh Cement Project will contribute significantly to meeting Canada's net zero emission goals . ⚫ LOIS with FNCIP1 & Lac Ste. Anne Métis Community Wabamun Carbon Hub will be one of the largest integrated capture projects in the World (1) First Nation Capital Investment Partnership (FNCIP) is comprised of Alexander First Nation, Alexis Nakota Sioux Nation, Enoch Cree Nation and Paul First Nation (2) Investment tax credit New 17#18Gas Distribution Update Population Growth (Ontario¹, MMs) Capital Program 20 20 15 10 in Execution ~30% GROWTH Sanctioned Panhandle Expansion Existing - Proposed ENBRIDGE® e DAWN HUB ONTARIO ONTARIO OTTAWA 19 km of NPS 36 Pipeline 8 11 km of NPS 16 Pipeline TORONTO NEW YORK 5 0 2020 2030e 2040e In-migration driving energy demand Growing peak demand requirements Provide essential energy supply Announced Community Expansions Storage Enhancement Projects (2022 & 2024) Dawn to Corunna Project TORONTO Advancing $1.1B 2022 capital program >40k customer additions $0.3B Dawn to Corunna replacement Panhandle Transmission Expansion | 2023 $0.3B expansion project (2023-24) New • 203 TJ/d additional capacity . Serves greenhouses & power generation Continuing to execute growth in North America's premier utility franchise (1) Statistics Canada for 2020 and Ontario Ministry of Finance projections, Spring 2021 18#19Renewables Update Offshore Wind Portfolio Solar Self-Power Projects UK Alberta Solar One 10.5 MW Lambertville, NJ- 2.25 MW Heidlersburg, PA® 2.5, MW Germany Fécamp 497MW | 2023 Plummer Calvados 448MW | 2024 Saint Nazaire 480MW | Late 2022 France ▲ In operation Under construction PGL (Floating)| 24 MW1 ▲ Awarded In development Enbridge Ingleside Energy Center L 96 Strong wind resources in Q1 Visible growth through 2025 First turbine installed on St. Nazaire ENBRIDGE® Renewable Growth Potential (Gross GW)1 >1.3 GWS 10 Onshore Wind Offshore Wind potential² 8 Solar Operating In Execution Under Development Liquids Pump Station Gas Compressor Station 10 projects in construction. • 83 ktCO2e emission reductions (1st yr) Progressing strategy to serve 3rd parties • 2 0 In Operation Under In Development Opportunities Construction 14 projects in construction (~1.6GW) >3 GWs in advanced development $1.2B to go into service in 2022 Highly visible renewable growth program in North America and Europe (1) Net capacity: In operation (1.7 GW) and under construction (0.4 GW), (2) Including behind-the-meter and front-of-the-meter opportunities 19#20Q1 Financial Results ENBRIDGE® ($ Millions, except per share amounts) 2022 2021 Quarterly Drivers Liquids Pipelines Gas Transmission & Midstream Gas Distribution & Storage Renewable Power Generation 2,217 1,881 1,058 1,007 674 646 160 154 Energy Services (71) (75) Eliminations and Other 109 130 Adjusted EBITDA1 4,147 3,743 Cash distributions in excess of equity earnings 33 43 Maintenance capital (104) (109) Financing costs (824) (769) Current income tax (173) (101) Distributions to Noncontrolling Interests Other (60) (68) 53 22 Distributable Cash Flow1 3,072 2,761 DCF per share1 1.52 1.37 Strong operational performance L3R² in service & Ingleside acquisition Mainline toll provision B.C. Pipeline expansions (T-South & Spruce Ridge) Colder weather at the Utility Strong wind resources Lower capitalized interest (L3R) Taxes on higher earnings Adjusted earnings per share1 0.84 0.81 Q1'22 results on track; reaffirm 2022 financial guidance (1) Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), Adjusted Earnings and Distributable Cash Flow (DCF) are non-GAAP measures. Reconciliations to the nearest GAAP measures are included in the Q1 earnings release and other documents available at www.enbridge.com. (2) Line 3 Replacement 20 20#212022 Financial Outlook EBITDA Guidance1 ($Billions) $14.0 +9% DCF/share Guidance¹ $5.20 - $5.50 $15.0-$15.6 $4.96 2021 2022e 2021 +8% 2022e Solid EBITDA & DCF growth outlook ENBRIDGE® Tailwinds/Headwinds to Full Year Guidance + (1) Adjusted EBITDA and DCF/share are non-GAAP measures. Reconciliations to the nearest GAAP measures are included in the Q1 earnings release and other documents available at www.enbridge.com. (2) 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. • . Strong Q1 performance Robust system utilization • Energy Services • Rising interest rates 80% of EBITDA2 have inflation protection 21#22Capital Allocation Update ENBRIDGE® 1 Protect Balance Sheet On track for ≤ 4.7x debt/EBITDA Full year benefit of L3R and EIEC; $1.1B of Noverco proceeds BBB+ ratings across all credit agencies (S&P and Fitch re-affirmed in 2022) 2 Sustainable Return of Capital 3 Further 3% dividend increase in 2022 (27th consecutive annual increase) Grow dividend up to medium term DCF/s growth (5-7% to 2024) $1.5B buyback program; $50 million used in Q1 Organic Growth $1.0B of capital sanctioned in 2022 $10B secured growth program through 2025 High visibility to annual deployment of $5-6B capacity Disciplined investment of financial capacity to maximize long-term growth & value creation 22 22#23Secured Growth Outlook ENBRIDGE® Project Expected ISD Capital ($B) Gas Modernization Program 2022-2025 2.2 USD Secured Capital ($Billions) Transmission Other Expansions 2022-2025 0.5 USD $3.9 Distribution System 2022-2024 1.8 CAD Gas Distribution & Storage Transmission/Storage Assets¹ 2022-2024 0.8 CAD $3.1 $2.8 New Connections/Expansions 2022-2024 0.7 CAD East-West Tie-Line Solar Self-Powering In Service 0.2 CAD 2022-2023 0.2 USD Renewable Power & New Energies Saint-Nazaire Offshore² Late 2022 0.9 CAD Fécamp Offshore² 2023 0.7 CAD Calvados Offshore² 2024 0.9 CAD Provence Grand Large 2023 0.1 CAD 2022 2023 In-service Date 2024+ Total 2022-2025 Secured Capital Program Capital Spent to Date 2022 capital program inflation protected Proactively managing exposures Secured capital program made up of investment in natural gas and renewables (1) Inclusive of sanctioned Panhandle expansion (2) Project is financed primarily through non-recourse project level debt. Enbridge's equity contribution will be $0.2B for Saint-Nazaire, $0.1B for Fécamp and $0.1B for Calvados. Reflects the sale of 49% of our interest in the project to CPP Investments which closed in the first quarter of 2021. (3) Rounded, USD capital has been translated to CAD using an exchange rate of $1 U.S. dollar = $1.25 Canadian dollars. Euro capital has been translated to CAD using an exchange rate of €1 Euro = $1.55 Canadian dollars (4) As at March 31, 2022 ~$10B3 ~$2B4 23#24ENBRIDGE® 3-Year Outlook Through 2024 DCF/share1 Outlook Deploy Excess Execute Revenue Secured Capacity Inflators & Productivity Enhancements Capital Program 5-7% CAGR through 2024 Growth drivers beyond 2024 Solid conventional long-term growth Extensive low-carbon opportunity set Alternative attractive deployment options 2021e 2024e Growth through 2024 on track; Organic growth opportunities post 2024 ramping up (1) Adjusted EBITDA, DCF and DCF/share are non-GAAP measures. Reconciliations to the nearest GAAP measures are included in the Q4 earnings release and other documents available at www.enbridge.com. 24#25ENBRIDGE® ESG Update Recent Additional Commitments (Announced February 11, 2022) Work with organizations advancing science-based guidance for Midstream¹ Work with key suppliers on emission reduction plans Include a net zero scenario analysis in Sustainability Report2 Further develop low-carbon partnerships All new investments must align with our emissions goals What's New Inside: • Update to biodiversity approach Role of ESG in capital allocation decisions Further granularity on pathway to net zero Updated TCFD reporting, including net zero² analysis Indigenous reconciliation activities Sustainability Report 2021 Coming Q2 2022 Fully embedded in our operations, planning and capital allocation processes (1) For example: Science Based Targets initiative, Institutional Investors Group on Climate Change and Climate Action 100+ (2) IEA net zero emissions (NZE) scenario 25#26Takeaways North American energy critical to meeting global demand ENB well-positioned for organic growth Growing FCF1 and financial strength provides capacity Disciplined capital investment framework ESG leadership a key differentiator (1) Free Cash Flow ENBRIDGE® 26#27Q&A CENBRIDGE