Enbridge : Q2 2021 Supplemental Package

Second Quarter 2021: (unaudited) Supplemental Package

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge as disclosed in its second quarter 2021 news release and its website, www.enbridge.com.

LEGAL NOTICE

This Supplemental Package has been prepared and is presented solely for the purpose of providing readers with certain financial information about Enbridge Inc. (Enbridge, ENB or the Company) and its subsidiaries, affiliates and associates to assist with their financial analysis and models, and is not appropriate for any other purposes. All figures in the Supplemental Package are unaudited. Enbridge's auditors have neither examined nor compiled this Supplemental Package, and have not expressed an opinion or provided any assurance with respect thereto. Figures in the following tables are subject to confirmation by Enbridge in its public disclosure documents prepared in accordance with applicable securities laws and filed with Canadian and U.S. securities regulatory authorities. Figures have been rounded and may not reconcile directly to previously disclosed information.

This Supplemental Package should be reviewed in conjunction with Enbridge's second quarter 2021 report on Form 10-Q, which includes Management's Discussion and Analysis and Financial Statements, and News Release which are available as part of the "Enbridge Inc. Second Quarter 2021 Financial Results" event posted on Enbridge's website at: http://www.enbridge.com/investment-center/events and on EDGAR at www.sec.govand SEDAR at www.sedar.comunder Enbridge's profile.

Non-GAAP Measures

This Supplemental Package contains references to adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA), adjusted EBITDA for each segment, adjusted earnings/(loss), adjusted earnings/(loss) per common share, distributable cash flow (DCF) and DCF per common share, as described below. Management believes the presentation of adjusted EBITDA, adjusted earnings/(loss), adjusted earnings/(loss) per common share, DCF and DCF per common share gives useful information to investors and shareholders of Enbridge as they provide increased transparency and insight into the performance of Enbridge and its subsidiaries, affiliates and associates.

Adjusted EBITDA, adjusted EBITDA for each segment, adjusted earnings/(loss), adjusted earnings/(loss) per common share, DCF and DCF per common share 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.

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 the performance of the Company. Adjusted earnings represent earnings attributable to common shareholders adjusted for unusual, non-recurring or non-operating factors included in adjusted EBITDA, as well as adjustments for unusual, non-recurring or 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 reflection 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 noncontrolling 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 the performance of the Company and to set its dividend payout target.

A reconciliation of non-GAAP measures to the most directly comparable GAAP measures is available in the Appendices of this document and on Enbridge's website. Additional information on Enbridge's use of non-GAAP measures can be found in Enbridge's Second Quarter 2021 News Release available on Enbridge's website and on EDGAR at www.sec.govand SEDAR at www.sedar.comunder Enbridge's profile.

Forward-Looking Information

This Supplemental Package includes certain forward-looking statements or information to provide information about Enbridge and its subsidiaries, affiliates and associates, including management's assessment of Enbridge's future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are 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 forward-looking information. In particular, this supplemental package contains forward-looking information pertaining to, but not limited to, information with respect to secured growth projects and future growth, development and expansion programs, including expected construction and in service dates and capital costs.

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge as disclosed in its second quarter 2021 news release and its website, www.enbridge.com.

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Although Enbridge believes these forward-looking statements are 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 forward-looking statements. By their nature, forward-looking statements involve 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 such statements, including but not limited to the energy transition, including the drivers and pace thereof, and the expected supply of and demand for crude oil, natural gas, natural gas liquids and renewable energy, and the prices of these commodities. These factors are relevant to all forward-looking statements as they may impact current and future levels of demand for Enbridge's services. Similarly, exchange rates, inflation, interest rates and the COVID-19 pandemic impact the economies and business environments in which Enbridge operates and may impact levels of demand for Enbridge's services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty. The most relevant assumptions associated with forward- looking statements on announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labor and construction materials; the effects of inflation and foreign exchange rates on labor and material costs; the effects of interest rates on borrowing costs; the impact of weather and customer, government and regulatory approvals on construction and in-service schedules and cost recovery regimes; and the COVID-19 pandemic and the duration and impact thereof.

A further discussion of the risks and uncertainties facing Enbridge can be found in Enbridge's filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time.

Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this Supplemental Package or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward- looking statements, whether written or oral, attributable to Enbridge or persons acting on their behalf, are expressly qualified in their entirety by these cautionary statements.

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge as disclosed in its second quarter 2021 news release and its website, www.enbridge.com.

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Contents

Distributable Cash Flow (DCF)...........................................................................................................................	5
Additional Disclosure Items Related to Enbridge DCF Calculation....................................................................	5
Interest Expense...........................................................................................................................................	5
Distributions to NCI.....................................................................................................................................	6
Cash Distributions from Equity Investments...............................................................................................	6
Other Non-CashAdjustments......................................................................................................................	7
Adjusted EBITDA to Adjusted Earnings.............................................................................................................	7
Business Segment Performance and Additional Business Level Detail..............................................................	8
Liquids Pipelines..........................................................................................................................................	8
Gas Transmission and Midstream................................................................................................................	8
Gas Distribution and Storage.......................................................................................................................	8
Renewable Power Generation......................................................................................................................	8
Energy Services............................................................................................................................................	8
Eliminations and Other.................................................................................................................................	9
Detailed Asset Performance.........................................................................................................................	10
Mainline System.................................................................................................................................	10
Regional Oil Sands System................................................................................................................	11
Gulf Coast and Mid-ContinentSystem...............................................................................................	11
US Gas Transmission.........................................................................................................................	11
Canadian Gas Transmission...............................................................................................................	11
Enbridge Gas Inc................................................................................................................................	12
Realized Foreign Exchange Hedge Settlements.................................................................................	12
Debt to EBITDA..........................................................................................................................................	13
Growth Projects............................................................................................................................................	14
Non-GAAPReconciliations Appendices.............................................................................................................	15
Appendix A: Adjusted EBITDA to Adjusted Earnings...............................................................................	16
Appendix B: Adjusted EBITDA to Segmented EBITDA............................................................................	18
Appendix C: Cash Provided by Operating Activities to DCF.....................................................................	20

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge as disclosed in its second quarter 2021 news release and its website, www.enbridge.com.

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Distributable Cash Flow (DCF)

	Q2 2020	Q2 2021	YTD 2020	YTD 2021
(unaudited; millions of Canadian dollars, except share information and per share amounts)
	1,744		3,663
Liquids Pipelines	1,844	3,725
Gas Transmission and Midstream	975	935	2,072	1,942
Gas Distribution and Storage	406	461	1,015	1,107
Renewable Power Generation	150	113	268	267
Energy Services	86	(86)	73	(161)
Eliminations and Other	(49)	35	(16)	165
Adjusted EBITDA	3,312	3,302	7,075	7,045
Maintenance Capital	(135)	(161)	(339)	(270)
Interest Expense (net of capitalized interest)1, 2	(709)	(635)	(1,420)	(1,312)
Current Income Taxes1	(134)	(20)	(242)	(121)
Distributions to noncontrolling interest (NCI)1	(88)	(73)	(164)	(141)
Cash distributions in excess of equity earnings1	210	153	282	196
Preference Share Dividends	(94)	(90)	(190)	(182)
Other receipts of cash not recognized in revenue	81	32	132	51
Other non-cash adjustments	(6)	(5)	9	(2)
DCF	2,437	2,503	5,143	5,264
Weighted average common shares outstanding3	2,019	2,024	2,019	2,023
DCF per common share	1.21	1.24	2.55	2.60

• These balances are presented net of adjusting items. For more information on non-GAAP measures please refer to the disclosure in the Appendices to this document and the Q2 earnings release available at www.enbridge.com.
  2 Excludes the impact of the non-cash amortization of the fair value adjustment related to debt assumed in the acquisition of Spectra Energy Corp.
  3 For the purpose of DCF/share and Adjusted EPS, the weighted average common shares outstanding is reduced by Enbridge's pro-rata weighted average interest in its own common shares through its reciprocal investment in Noverco of 2M and 3M shares for the three and six months ended June 30,2021.. As at June 30, 2021, Enbridge had 2,026M shares outstanding.

Additional Disclosure Items Related to Enbridge DCF Calculation

Interest Expense
	Q2 2020	Q2 2021	YTD 2020	YTD 2021
(unaudited; millions of Canadian dollars)
Interest expense1	742	695	1,478	1,415
Amortization of fair value adjustments - Spectra acquisition	14	13	29	25
Capitalized interest expense	(47)	(73)	(87)	(128)
Interest expense (net of capitalized interest)1	709	635	1,420	1,312

• These balances are presented net of adjusting items. For more information on non-GAAP measures please refer to the disclosure in the Appendices to this document and the Q2 earnings release available at www.enbridge.com.

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge as disclosed in its second quarter 2021 news release and its website, www.enbridge.com.

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