reference to non-GAAP and other financial measures, including EBITDA. EBITDA is
defined as earnings before interest, income taxes, depreciation and
amortization. Management uses EBITDA to assess performance of Enbridge and to
set targets. Management believes the presentation of EBITDA gives useful
information to investors as it provides increased transparency and insight into
the performance of Enbridge.
The non-GAAP and other financial measures described above are not measures that
have a standardized meaning prescribed by generally accepted accounting
principles in the United States of America (US GAAP) and are not US 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 set out in
this MD&A and is available on our website. Additional information on non-GAAP
and other financial measures may be found on our website, www.sedar.com or
www.sec.gov.
5
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