Enbridge : acquires North America's premier crude export facility Presentation

Farhah (VLCC) docked at Ingleside

Acquisition of North America's Premier Export Facility

September 7, 2021- Enbridge Inc. (TSX/NYSE: ENB)

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: the acquisition of Moda Midstream Operating, LLC (the "Transaction"), including the expected closing and the timing thereof; expected benefits of the Transaction; expected accretion of the Transaction to our financial outlook, including distributable cash flow per share and earnings per share; expected cash flows; our corporate vision and strategy; emissions reductions and targets; expected supply of, demand for and export of energy commodities; expectations on sources of funding for the Transaction and sufficiency of financial resources; capital allocation priorities; expected leverage ratios; expected tax pool step up; expected organic growth potential; expected solar power capacity and low carbon energy infrastructure potential; and expected continuity of management and operations.

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 and export of crude oil, natural gas, natural gas liquids, liquified natural gas and renewable energy; expected prices of energy commodities; exchange rates; inflation; interest rates; availability and price of labor and construction materials; execution of our strategic priorities; anticipated utilization of our existing assets; operational reliability and performance; customer and regulatory approvals; maintenance of support and regulatory approvals for projects; anticipated in-service dates; weather; the timing and closing of the Transaction; the realization of anticipated benefits and synergies of the Transaction and other transactions; governmental legislation; litigation; changes in regulations applicable to our businesses; political decisions; impact of capital project execution on the Company's future cash flows; credit ratings; capital project funding; hedging program; expected earnings before interest, income taxes, depreciation and amortization (EBITDA) and adjusted EBITDA; expected future cash flows and expected future distributable cash flow (DCF) and DCF per share; estimated future dividends; financial strength and flexibility; debt and equity market conditions, including the ability to access capital markets on favorable terms or at all; cost of debt and equity capital; economic and competitive conditions; and changes in tax laws and tax rates. 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 (including our most recently filed Form 10-K and any subsequently filed Form 10-Q, as applicable). 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 persons acting on its behalf, are expressly qualified in its entirety by these cautionary statements.

Non-GAAP Measures

This presentation makes reference to non-GAAP measures, including distributable cash flow (DCF) and DCF per share. 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 Enbridge. 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 uses DCF to assess the performance and to set its dividend payout target. Reconciliations of forward-lookingnon-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability with estimating some of the items, particularly with estimates for certain contingent liabilities, and estimating non-cash unrealized derivative fair value losses and gains and ineffectiveness on hedges which are subject to market variability and therefore a reconciliation is not available without unreasonable effort.

These measures are not measures that have a standardized meaning prescribed by generally accepted accounting principles in the United States of America (U.S. GAAP) and may not be comparable with similar measures presented by other issuers. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures is available on Enbridge's website. Additional information on non GAAP measures may be found in Enbridge's earnings news releases on Enbridge's website and on EDGAR at www.sec.govand SEDAR at www.sedar.comunder Enbridge's profile.

2

Enbridge U.S. Gulf Coast Strategy

• Strategic & disciplined build out of U.S. Gulf Coast (USGC) energy infrastructure to support North American exports
• • Contracted cash flows aligned with low-risk business model
  • Full-pathintegrated capabilities connecting long-lived,low-cost supply to global markets
  • Leverage existing assets to deliver capital efficient market optionality

Crude Oil Export Strategy

	Cushing	Flanagan South
	(2014)
	Storage
	OK
	TX	Seaway	ETCOP
	Gray Oak	(2011)	(2016)
	(2019)	Houston
	EHOT	SPOT
Mexico	(2021)		Existing ENB assets
		Acquired assets
	Corpus Christi	In Development

Natural Gas Export Strategy

			LA
		Cameron	Venice
	Texas	Extension	Extension
	Eastern			Plaquemines
TX			Cameron	LNG
	Sabine	LNG
	Calcasieu
	Pass
	Pass LNG
	LNG
Rio Bravo
Freeport
Pipeline	LNG
	Valley		ENB pipelines
VCP	ENB connected/contracted LNG facilities
Expansion	Crossing		In service/commissioning
	Rio Grande LNG		Under construction
		In development
Mexico	Texas LNG	Other LNG facilities
		In service & in development

• Accretion to near and long-term financial outlook
• Leading ESG approach and carbon emissions profile

•	Heavy andlight oil capabilities	•	Pipelines connected to multiple
•	Full path solutions to USGC	•	LNG export facilities
•	Connected to competitive,	Full path solutions to USGC
	long-lived supply	•	Connected to competitive,
			long-lived supply

Disciplined execution of strategy to connect sustainably produced N. American energy to global markets

3

Advancing Crude Oil Export Strategy

Acquiring N. America's		Aligns With Low-Risk		Embedded Future
Largest Export Terminal		Commercial Model		Organic Growth
15.3million	1.6million		~90%		5.5million	0.3million
barrels of current	barrels/day of current		of revenue supported by		barrels of new crude	barrels/day of new export
liquids storage	export capacity		long-term contracts		storage permitted	capacity permitted

Immediately Accretive	2022+ Capital Allocation	Targeting Net-Negative
to DCF/s and Earnings/s	Priorities Unchanged	Emissions Profile

~8x	$5-6billion	Up to60MW
forward EBITDA	of annual investable capacity for	solar farm to be built
transaction valuation	conventional and new energy optionality	on-site

Acquisition of premier terminal facility squarely fits capital allocation criteria

4

Acquisition Overview

• Agreed to acquire Moda Midstream Operating, LLC ("Moda") in an all-cash transaction that values the enterprise at USD $3.0 billion on a debt-free basis

Transaction Terms	•	Transaction to be financed with existing liquidity and internally generated equity
	•	Retaining key management to provide operating and development continuity
	•	Immediately and strongly accretive to EBITDA, DCF/share and Earnings/share

Financial Implications • Pro forma 2022 leverage expected to be at lower end of target leverage range

• Sizeable tax pool step up extends cash tax horizon
• Approved by the Boards of both Enbridge and Moda

Timing and Approvals • Transaction is expected to close in Q4 2021

• Subject to regulatory approval - Hart-Scott-Rodino

Disciplined investment provides immediate accretion and supports future cash flow growth outlook

5