Enbridge : Fourth Quarter and Year End 2022 Financial Results Presentation

Greg Ebel	Vern Yu
President &	EVP, Corporate Development, CFO &
Chief Executive Officer	President, New Energy Technologies

Q4 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; 2023 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) goas, practices and performance, including emissions reductions and diversity and inclusion; anticipated utilization of our assets; expected EBITDA and adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected DCF and DCF per share; expected future cash flows; expected shareholder returns; expected performance of the Company's businesses, including organic growth opportunities; financial strength and flexibility; expectations on leverage, including debt-to EBITDA ratio; expected in-service dates and costs related to announced projects and projects under construction; expected capital expenditures; capital allocation framework and priorities; expected future growth and expansion opportunities, including secured growth program, development opportunities and low carbon opportunities; expected future actions of regulators and courts and the timing and anticipated impact thereof; and toll and rate case proceedings and filings, including with respect to the Mainline and our Gas Distribution business, and anticipated timing and impact therefrom. Although we believe that the FLI is reasonable based on the information available on the date such statements are made and processes used to prepare it, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on FLI. By its nature, FLI involves a variety of assumptions, 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: the expected supply of, demand for, exports of and prices of crude oil, natural gas, NGL, LNG and renewable energy; energy transition, including the drivers and pace thereof; anticipated utilization of our assets; exchange rates; inflation; interest rates; the COVID-19 pandemic and the duration and impact thereof; 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 in-service dates; weather; announced and potential acquisition, disposition and other corporate transactions and projects, and the timing and benefits thereof; expectations about our partners' ability to complete and finance proposed projects; governmental legislation; litigation; credit ratings; hedging program; expected EBITDA and adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected future cash flows; expected future DCF and DCF per share; estimated future dividends; financial strength and flexibility; debt and equity market conditions; and general economic and competitive conditions. 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 our behalf, are expressly qualified in their entirety by these cautionary statements.

Non-GAAP 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

• 2022 Recap
• Business Highlights
• Financial Performance & Outlook

Saint Nazaire

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Why Invest in Enbridge

~2Tcf

of natural gas

delivered to

~3.9MM

customers

Vancouver 30%

of N. America's oil transported & exported

Chicago

Business Mix

(2023 EBITDA Guidance)1

Ireland

UK

Germany

France

		2.2GW2
	Boston	of renewable
Toronto	generation
		capacity
	New York

Diversified Low-Risk Pipeline / Utility Model

Strong Balance Sheet

28 years of Annual Dividend Increases

Visible Growth in Short, Medium & Long-Term

	27% TransmissionGas	Cushing	Deliver
		20%
57%			of natural gas
13% Gas Distribution		consumed
		Orlando
	& Storage	Houston	Tampa
	3% Renewable
	Corpus
Liquids	Christi
Pipelines	Power	(1) Excludes E&O; (2) Includes assets in operation, under construction and secured

Low-Carbon Optionality Throughout the Business

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2022 Highlights

Safety and Reliability

• Achieved leading safety performance across the enterprise
• Executed over $1B in integrity programs

Strong Balance Sheet

• Maintained balance sheet strength and financial flexibility
• Achieved lower half of Debt/EBITDA range 4.7x1
• Rated BBB+ stable from all Rating Agencies

Disciplined

Capital

Allocation

• Placed 6 projects2 ~$4B of capital into service
• Secured ~$8B of new organic growth across 9 projects2
• Executed ~US$1.5B ($0.9B equity) investment in Woodfibre LNG
• Recycled ~$2B of capital through Aii3 partnership and DCP transaction

ESG Leadership	•	On target for emissions reductions, workforce diversity and board diversity
•	Best in class ISS ESG rating: Corporate ESG, Governance Quality, E&S

Disclosure Quality

1) Target range of 4.5x-5.0x; (2) Includes Gas Transmission's Modernization Program and Gas Distribution's secured capital program; (3) Athabasca Indigenous Investments	5