New Energies - Compelling Opportunity Set

ENBRIDGE® 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

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