Enbridge : Investment Community Presentation

Modernizing Systems and	Sustainable North American	Growing Renewables and Other
Achieving Net Zero	Energy Drives Exports	Low-Carbon Platforms

Enbridge Inc.

Investment Community Update

(TSX: ENB; NYSE: ENB)

May 2022

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; 2021 and 2022 financial guidance, including projected DCF per share and EBITDA, and expected growth thereof; expected dividends, dividend growth and dividend policy; share repurchases and related filing of notice of intent to make a normal course issuer bid; 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 our approach thereto; environmental, social and governance (ESG) goals, targets and plans, including greenhouse gas (GHG) emissions intensity and reduction targets and diversity and inclusion goals; industry and market conditions; anticipated utilization of our existing 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; expectations on sources of liquidity and sufficiency of financial resources; cash taxability; 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, and the contributions of such projects; expected capital expenditures; capital allocation framework and priorities; investable capacity; anticipated cost savings, synergies and productivity improvements; 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 and demand for crude oil, natural gas, NGL, LNG and renewable energy; prices of crude oil, natural gas, NGL, LNG and renewable energy; anticipated utilization of our existing 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 Measures

This presentation makes reference to non-GAAP measures, including adjusted earnings before interest, income taxes, depreciation and amortization (Adjusted EBITDA), adjusted earnings, adjusted earnings per share, distributable cash flow (DCF) and DCF per share. Adjusted EBITDA represents EBITDA adjusted for unusual, non-recurring or non-operating factors on both a consolidated and segmented basis. Management uses adjusted EBITDA to set targets and to assess performance. 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 changes in operating assets and liabilities (including changes in environmental liabilities) less distributions to non-controlling interests and redeemable non-controlling interests, preference share dividends and maintenance capital expenditures, and further adjusted for unusual, non-recurring or non-operating factors. Management also uses DCF to assess performance and to set its dividend payout target. Management believes the presentation of these measures gives useful information to investors and shareholders as they provide increased transparency and insight into the performance of the Company.

Reconciliations of forward looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability with estimating some of the 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, a reconciliation of forward-lookingnon-GAAP measures is not available without unreasonable effort.

The non-GAAP measures described above are not measures that have a 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 measures to the most directly comparable GAAP measures is available on the Company's website. Additional information on non GAAP 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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Enbridge Footprint

Ireland

UK

Germany

France

Vancouver

Toronto Boston

Chicago	New York

Asset Portfolio1:

Gas	170 MM people served; ~10%
Transmission	of LNG exports
Gas
~2 Tcf of natural gas
Distribution	delivered; ~3.9 MM customers
Liquids	12 MMbpd globally
	competitive refineries served
Power	1.8 GW1 of contracted
	renewable energy

			17,809 miles Liquids pipeline		24	Wind farms - onshore & offshore
Cushing			76,546 miles Natural Gas pipeline2		17	Solar energy operations
		60 MMbbls of contracted Liquids storage	R	7	RNG
				5	Waste heat recovery facilities
			440 Bcf Natural Gas storage
			C	3	CNG Fueling Stations
			840 kbpd Texas City, Liquids export
			H	2	Hydrogen
Orlando			500 kbpd Freeport, Liquids export
			1	Geothermal facility
Houston			1,600 kbpd Corpus Christi, Liquids export		1	Hydro facility
Tampa
Corpus
Christi	(1) Includes assets in operations and under construction (2) Includes ~51,000 miles of DCP Midstream gathering pipe and	3
	6,350 miles of DCP Midstream NGL pipe.

Low-Risk Commercial Profile

40+ Diversified	Highly Predictable	98%	Industry-Leading
Sources of Cash Flow	Utility-Like Cash Flows	Contracted	Financial Risk Profile
		Cost-of-service/

	Gas
	Transmission
	Gas Distribution
	& Storage
Liquids	Renewable
Pipelines	Power / Other

4%

12%

4%

20%

25%

33%

Power (Power Price Agreements)
Gas Distribution (Cost-of-service)
95%		<2 %
Canadian Gas Transmission
(Cost-of-service/Take-or-pay)
U.S. Transmission	of customers		cash flow
(COS/TOP) (Cost-of-service/Take-or-pay)	are Investment		at risk3
	Grade2
Market Access
& Regional Oil Sands
(Cost-of-service/Take-or-pay)	80%		BBB+
Mainline	of EBITDA has		credit
(Incentive tolling settlement/	inflation		rating
cost-of-service)1	protections4

Our diversified pipeline-utility model drives predictable results in all market cycles

(1) Canadian Mainline is currently charging fixed price interim tolls and is supported by a cost-of-service backstop (2) Investment grade or equivalent (3) Cash flow at risk measures the maximum cash flow loss that could result from	4
adverse Market Price movements over a specified time horizon with a pre-determined level of statistical confidence under normal market conditions.(4) 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.

Strengthening Our Base Business

Regulatory Update

			Texas Eastern	•	+ ~C$125M EBITDA
			Algonquin	•	+ ~C$25M EBITDA
			BC Pipeline	•	+ ~C$10M EBITDA
			East Tennessee	•	+ ~C$10M EBITDA
			Alliance U.S.	•	FERC Approved
			M&N U.S.	•	FERC Approved
	PROGRESSIN		Texas Eastern	•	Filed with FERC in Q3
	Lakehead	•	Settlement negotiations
				underway
			Mainline Tolling	•	Pursuing parallel paths

Built-in Revenue Escalators1

(% of EBITDA)

Regulatory recovery mechanisms

~15%

~65%

Annual contracted and COS2 revenue escalators

Cost and Productivity Improvements

Supply Chain	Enhanced
Efficiencies	Productivity

Optimize	Technology
Power Costs	& Innovation

Advancing regulatory strategy, driving costs down and improving productivity

(1) 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 (2) Cost of Service

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