Enbridge Operations and Financial Update
Capital 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
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