Enbridge : (4.5 MB) PDF

Al Monaco	Vern Yu
President &	EVP, Corporate Development &
Chief Executive Officer	Chief Financial Officer

Q2 2022 Financial Results & Business Update

Legal Notice

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 and diversity and inclusion; ESG engagement, commitments and disclosure; industry and market conditions; anticipated utilization of our assets; expected adjusted 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; expected future growth, including secured growth program, development opportunities and low carbon and new energies opportunities and strategy, including the Venice extension, T-North and T-South pipeline expansions and Woodfibre LNG investment; 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 Texas Eastern systems, 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; the stability of our supply chain; 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; expectations about our partners' ability to complete and finance proposed projects; 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-lookingnon-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-lookingnon-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.

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Agenda

• Mid-YearPriorities Check-in
• Business Update
• Financial Results & Outlook
• ESG Performance

Accelerating Our Natural Gas Strategy

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Enbridge's Two-Pronged Strategy

Global Demand & Supply Outlook1
(IEA Announced Pledges Scenario, Exajoules)	STEPS2
Biofuels
Wind & Solar	NZE2
Hydro
Nuclear
Gas
Oil
Coal

2019

2050

• 25%+ increase in global population
• 50%+ growth in urbanization
• 65%+ growth in the middle class

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 RNG3, H2 and CCS4
• Grow onshore/offshore renewable business
• Solar self-power

All forms of energy will be needed to deliver reliable, affordable, secure and sustainable energy

(1) International Energy Agency (2021), World Energy Outlook 2021, IEA, Paris (2) STEPS: IEA's Stated Policies Scenario, NZE: IEA's Net Zero Scenario by 2050 (3) Renewable Natural Gas; (4) Carbon capture & storage

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Mid-Year Priorities Check In

Safely Running	• Strong safety performance across the company
our systems
Serving	• Record gas pipeline delivery days & strong renewable performance
Customers Well	• Successful re-contracting of Alliance and settlement in principle on TETCO1 rate filing New

Delivering Strong Financial Results

• YTD performance in line with plan
• Expect to exit 2022 at ≤4.7x Debt/EBITDA; Credit ratings re-affirmed

Growing the Business

•	Sanctioned new USGC and Western Canada pipeline expansions New
•	Extending BC value chain with investment in Woodfibre LNG New

• Progressing portfolio of low-carbon growth opportunities

Disciplined Capital Allocation

• 3% dividend per share growth in 2022; 65% cash flow dividend payout2
• ~$150M in share repurchases year to date

On track to achieve 2022 guidance; $4.5B added to secured capital program3

(1) Texas Eastern Transmission; (2) Payout ratio is a full year forecast for 2022; (3) FX translated at $1.25 C/US, includes utility and gas transmission projects announced since February 2022;

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