Enbridge : Q2 2022 Supplemental Package

Second Quarter 2022: (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. Please refer to the "Non-GAAP Reconciliations Appendices" section of this supplemental package.

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 2022 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 2022 Financial Results" event posted on Enbridge's website at: http://www.enbridge.com/investment-center/events and on EDGAR at www.sec.gov and SEDAR at www.sedar.com under Enbridge's profile.

Non-GAAP and Other Financial Measures

This Supplemental Package contains references to non-GAAP and other financial measures, including earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted 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 these metrics gives useful information to investors and shareholders of Enbridge as they provide increased transparency and insight into the performance of Enbridge.

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 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 noncontrolling 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.

This Supplemental Package also contains references to Debt to EBITDA. 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.

The non-GAAP and other financial measures 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.

Reconciliations of non-GAAP and other financial measures to the most directly comparable GAAP measures are available in the Appendices of this document and on Enbridge's website. Additional information on Enbridge's use of non-GAAP and other financial measures can be found in Enbridge's second quarter 2022 report on Form 10-Q and News Release available on Enbridge's website and on EDGAR at www.sec.gov and SEDAR at www.sedar.com under Enbridge's profile. 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.

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. Please refer to the "Non- GAAP Reconciliations Appendices" section of this supplemental package.

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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, tariff information, information with respect to secured growth projects and future growth, development and expansion programs, including expected construction and in service dates and capital costs, and expected 2022 debt to EBITDA ratio.

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 the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these 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. Material assumptions include assumptions about 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 and prices of crude oil, natural gas, natural gas liquids (NGL), liquefied natural gas (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; governmental legislation; litigation; credit ratings; hedging program; expected EBITDA and expected adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share; expected future cash flows and 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. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL, LNG and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, exchange rates, inflation, interest rates and the COVID-19 pandemic impact the economies and business environments in which the Company operates and may impact levels of demand for the Company'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, particularly with respect to expected debt to EBITDA. The most relevant assumptions associated with forward-looking statements regarding announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labour and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; the impact of weather; 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.

Enbridge's forward-looking statements are subject to risks and uncertainties pertaining to the realization of anticipated benefits and synergies of projects and transactions, successful execution of our strategic priorities, operating performance, the Company's dividend policy, regulatory parameters, changes in regulations applicable to the Company's business, litigation, acquisitions and dispositions and other transactions, project approval and support, renewals of rights-of-way, weather, economic and competitive conditions, public opinion, changes in tax laws and tax rates, changes in trade agreements, political decisions, exchange rates, interest rates, commodity prices, supply of and demand for commodities and the COVID-19 pandemic, including but not limited to those risks and uncertainties discussed in this and in the Company's other filings with Canadian and U.S. 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 forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's 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. Please refer to the "Non- GAAP Reconciliations Appendices" section of this supplemental package.

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Contents
Distributable Cash Flow (DCF)........................................................................................................	5
Additional Disclosure Items Related to Enbridge DCF Calculation...........................................	5
Adjusted EBITDA to Adjusted Earnings.........................................................................................	7
Business Segment Performance and Additional Business Level Detail...................................	8
Detailed Asset Performance............................................................................................................	9
Debt to EBITDA.................................................................................................................................	13
Growth Projects.................................................................................................................................	14
Non-GAAPReconciliations Appendices........................................................................................	15

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. Please refer to the "Non- GAAP Reconciliations Appendices" section of this supplemental package.

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Distributable Cash Flow (DCF)

	Q2 2021	Q2 2022	YTD 2021	YTD 2022
(unaudited; millions of Canadian dollars, except share information and
per share amounts)
Liquids Pipelines	1,844	2,095	3,725	4,312
Gas Transmission and Midstream	935	1,084	1,942	2,142
Gas Distribution and Storage	461	422	1,107	1,096
Renewable Power Generation	113	127	267	287
Energy Services	(86)	(99)	(161)	(170)
Eliminations and Other	35	86	165	195
Adjusted EBITDA1,3	3,302	3,715	7,045	7,862
Maintenance Capital	(161)	(147)	(270)	(251)
Interest Expense (net of capitalized interest)1	(635)	(787)	(1,312)	(1,520)
Current Income Taxes1	(20)	(89)	(121)	(262)
Distributions to noncontrolling interest (NCI)1	(73)	(64)	(141)	(124)
Cash distributions in excess of equity earnings1	153	111	196	144
Preference Share Dividends	(90)	(82)	(182)	(173)
Other receipts of cash not recognized in revenue2	32	84	51	125
Other non-cash adjustments	(5)	6	(2)	18
DCF3	2,503	2,747	5,264	5,819
Weighted average common shares outstanding	2,024	2,026	2,023	2,026
DCF per common share3	1.24	1.36	2.60	2.87

1 Presented net of adjusting items.

• Consists of cash received, net of revenue recognized, for contracts under make-up rights and similar deferred revenue arrangements.

3 Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.

Additional Disclosure Items Related to Enbridge DCF Calculation

Interest Expense
	Q2 2021	Q2 2022	YTD 2021	YTD 2022
(unaudited; millions of Canadian dollars)
Interest expense1	695	794	1,415	1,533
Amortization of fair value adjustments - Spectra	13	11	25	22
acquisition
Capitalized interest expense	(73)	(18)	(128)	(35)
Interest expense (net of capitalized interest)1	635	787	1,312	1,520

• These balances are presented net of adjusting items. For more information on non-GAAP financial measures, please refer to the "Non-GAAP Reconciliations Appendices" section of this 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. Please refer to the "Non- GAAP Reconciliations Appendices" section of this supplemental package.

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