ENB Supplemental Investor Package: Resiliency and Strength

Enbridge Inc.(TSX: ENB; NYSE: ENB)

Supplemental Investor Package: Covering Our Resiliency & Strength

Investment Community Presentation

March 2020

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: strategic priorities and guidance; expected EBITDA; expected adjusted EBITDA; expected future debt to EBITDA; expected capital expenditures; expectations on sources and uses of funds and sufficiency of financial resources; secured growth projects and future growth, development, modernization, optimization and expansion programs and opportunities; expected throughput; Mainline Contract Offering and related tolls; project execution, including capital costs, expected construction and in service dates and regulatory approvals; expected supply, demand and export of energy; and expected population growth.

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: the coronavirus pandemic and the duration and impact thereof; the expected supply of, demand for and prices of crude oil, natural gas, natural gas liquids, liquified natural gas and renewable energy; exchange rates; inflation; interest rates; availability and price of labour and construction materials; operational reliability and performance; customer and regulatory approvals; maintenance of support and regulatory approvals for projects; anticipated in- service dates; weather; governmental legislation; litigation; changes in regulations applicable to our businesses; announced and potential acquisitions, dispositions and reorganization transactions, and the timing and impact thereof; impact of capital project execution on the Company's future cash flows; credit ratings; capital project funding; expected EBITDA; expected future cash flows; estimated future dividends; financial strength and flexibility; debt and equity market conditions, including the ability to access capital markets on favourable terms or at all; cost of debt and equity capital; economic and competitive conditions; changes in tax laws and tax rates; and changes in trade agreements. 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 the 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 adjusted earnings before interest, income taxes, depreciation and amortization (adjusted EBITDA). 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. 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.

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

N. America's Premier Energy Infrastructure Company

25%	of North America's crude
oil transported
20%	of natural gas consumed
in the U.S
3.8M	gas utility customers
1.8GW	of long-term contracted
renewable energy

$13.7B

2020e EBITDA1

Gas

Transmission

Liquids

Pipelines

Gas

Distribution

& Storage

Power/

Other

Essential energy delivery infrastructure serving North America's largest markets

(1) Based on guidance provided at 2019 Enbridge Day. Adjusted EBITDA is a non-GAAP measures. Reconciliations to GAAP measures can be
found at www.enbridge.com.	3

Low Risk Business Model Built for Resiliency

Best-in-Class Commercial Underpinning	Credit Worthy Counterparties
	COS/	98%		95%
	Contracted/		Investment
	CTS		Grade
		Cost of Service /		Investment
		Contracted / CTS1		Grade3
			Low Risk
			Low Risk
			Pipeline/Utility
			Business
			Business
Diverse Assets & Geographies	Model	Conservative Financial Policies
Model
Liquids	Gas	More than
Pipelines	Transmission		<2%	Predictable
		40+
			Cash Flow
	Gas
		Cash Flow at Risk2
	Distribution	Diverse sources of		(hedging controllable market price
	& Storage	cashflow
		exposure)
	Power/Other

Industry-leading financial strength and stability

(1) EBITDA generated under current Liquids Mainline tolling agreement, ability to revert to cost of service or other negotiated settlement on expiry. (2) Cash flow at risk measures the maximum cash flow loss that could result
from adverse Market Price movements (i.e. FX, interest rates) over a specified time horizon with a pre-determined level of statistical confidence under normal market conditions. (3) Consists of Investment Grade or equivalent.	4

Strong Performance Through Commodity Cycles
$16,000										Adjusted EBITDA $100
						WTI1
$14,000
$12,000												$75
$10,000					WCS1
$8,000												$50
$6,000
$4,000												$25
$2,000
$0												$0
2008	2009	2010	2011	2012	2013	2014	2015	2016	2017*	2018	2019	2020e
Financial						Commodity Alberta
Crisis						Price	Forest
							Collapse	Fires

Low risk businesses generate predictable and growing cash flow through commodity cycles

*Acquisition of Spectra Energy Corp on February 27, 2017.	5
1Pricing up to March 11, 2020 (2020 represented using average of weekly prices)

Liquids Pipelines

Strong Demand-Pull Assets

Mainline Critical to North American Markets

Integral to PADD II & PADD III Steady Mainline Throughput (kbpd)

~1

mmbd

0.3

mmbd

PADD II

PADD III
Existing refining capacity	8+

mmbd

Refining markets

~1

mmbd

2+

mmbpd

3+

mmbpd of

exports

• Mainline system connects to ~2 mmbpd sole sourced supply into PADD II and >1 mmbpd downstream contracts delivering into PADD III
• Connected PADD II & III refineries most competitive globally; supports consistent demand pull for Mainline and downstream capacity
• Connected light refineries have limited crude alternatives
• Enbridge system serves heavy oil refining demand
• Heavy currently apportioned by 49% on the Mainline

3,000	Financial		Commodity	Alberta	$100
	Price
	Crisis				Curtailment
			Collapse
2,500			WTI
								$75
2,000
1,500								$50
1,000			Mainline Throughput
				$25
				(Ex-Gretna)
500
0								$0
	2008	2010	2012	2014	2016	2018	2020e

Integrated pipeline network serving the largest and most complex refining centers in North America

6

Liquid Pipelines

Commercial Profile

2019 Liquids Pipelines EBITDA by Asset1	Investment Grade Counterparties
12%	Regional Oil Sands	Long Term Take-or-Pay
30%	Canadian Mainline	Competitive Tolling Settlement/Cost of	97%
Service or equivalent agreements	Investment
			Grade
25%	Lakehead	Cost of Service	Top 20 Customers
13%	Mid-Con & Gulf Coast	Long Term Take-or-Pay	90%	Integrated	Refiner
7%	Bakken System	Long Term Take-or-Pay
5%	Express-Platte	Long Term Take-or-Pay on Express	Refiners &
4%	Southern Lights	Long Term Take-or-Pay
4%	Other	Highly Contracted	Integrated Producers	Marketer
Demand for Canadian Mainline and Lakehead systems are supported by			Producer
take-or-pay contracts on the upstream regional oilsands assets and
downstream on Flannagan South and Seaway, included in Mid-Continent.

Top 10 Customers

• Imperial Oil(AA)
• BP(A-)
• Suncor(BBB+)
• Marathon Petroleum(BBB)
• Cenovus(BB+)2
• Flint Hills(A+)
• Plains All American(BB+)2
• Total(A+)
• Valero(BBB)
• Phillips 66(BBB+)

Top 20 Customers represent 86% of Liquids Pipelines Revenue

Our assets are highly contracted to the largest investment grade refiners and integrated companies

(1) Adjusted EBITDA, DCF and DCF/share are non-GAAP measures. Reconciliations to GAAP measures can be found at www.enbridge.com.

(2) Investment Grade equivalent through credit enhancements.

7

Liquids Pipelines

WCSB Basin Resiliency

Oil Sands Cash Costs*

Major oil sands projects (US$/bbl WTI equivalent)

WTI US$29/bbl (3/16/20)

Competitive & Stable Mainline Tolls

Transportation Costs to USGC

Avg. US$24/bbl

$21 $23 $23$24 $24$25 $25 $25

Project 1 Project 2 Project 3 Project 4 Project 5 Project 6 Project 7 Project 8

Oil sands producers expected to utilize pipeline capacity

2011 2020

Enbridge system offers competitive stable tolls to premium markets

ENB

System~$8/bbl

Toll

Rail~$20/bbl

• Rail utilization is the least economic method out of the WCSB, causing rail to drop first if production declines
• Current WCSB rail volumes ~ 340 kbpd
• Mainline heavy apportionment at 49% for March 2020

WCSB supply is more resilient to low prices, long-lived reserves with minimal sustaining capex

Sources:

RBC Capital Markets report and company estimates.8*WTI equivalent includes operating costs, transportation and quality adjustments.

Gas Transmission

Last Mile Market Connectivity

Gas Transmission serves large regional end use consuming markets

15

bcfd

4

bcfd 14

Serves regional markets with >170 million people

•First and last mile connectivity

•Top 10 customers primarily

demand-pull investment grade

utilities and integrated energy

19

18

bcfd

bcfd

companies

•Competitive tariffs to North

American and export markets

•Long-haul and market access

pipeline capacity in high demand

and re-marketable at or near current

rates

bcfd

Current demand
Gas-fired plant attached	3
	bcfd

18

bcfd

•Regulatory protections under cost of

service framework

Long lived, demand pull energy infrastructure

9

Gas Transmission

Commercial Profile

EBITDA by Asset1(As of 12/31/19)

2019 Reservation Revenue

4000				Avg
	7%	Other(Mixed)
3500	5%	DCP/ Aux Sable (Mixed)		contract
	term
	5%	Alliance(Take or Pay)	Texas Eastern	7yrs	99%
3000	12%	B.C. Pipeline	Algonquin	8	100%
		(Cost of Service)	East Tennessee	8	100%
2500
		BC Pipeline	8	99%
2000			Valley Crossing	22	100%
1500			Gulfstream	11	100%
71%	U.S. Transmission	SESH	3	93%
	(Take or Pay/	Maritimes	8	96%
1000		Cost of Service)
500			Vector	9	96%
		Sabal Trail	23	100%
0			Alliance	3	88%
EBITDA		Offshore	lease	68%
•93% Contracted/Cost of Service	NEXUS	13	91%
		2019 Reservation Revenue
•Strong customer base and commercial
underpinning drives predictable cash flows			2019 Usage & Other Revenue
•Commodity price exposure through interest in	(Based on revenues for 12 months ended 12/31/19)
DCP & Aux Sable; immaterial to ENB cashflows

Credit Exposure (As of 12/31/19)

91%

Investment Grade

Non- Investment

Grade

Top 10 Customers

• Eversource(A-)•National Grid (BBB+)
• BP(A-)•Comision Federal
• Fortis(A-)Group (BBB+)
• Public Service•Duke Energy (BBB+)
• • Repsol (BBB)
  • EQT (BB+)2Enterprise (BBB+)•NextEra (BBB+)

(1)	Adjusted EBITDA, DCF and DCF/share are non-GAAP measures. Reconciliations to GAAP measures can be found at www.enbridge.com.	10
(2)	Investment Grade equivalent through credit enhancements.

Gas Distribution & Storage

World Class Gas Utility

Gas Distribution & Storage

ONTARIO

	OTTAWA
DAWN
HUB	TORONTO

Serves 5th largest N.A. population center

• Population of 14 million today, growing to ~19 million by 2040
• Regulated cost of service backstop

Comparable Residential Annual Heating Bills ($/year)

			$2,597
							$2,078
									$2,032
			67%			58%			57%
				Savings to			Savings to			Savings to
				use gas			use gas			use gas
	$870
					Electric
	Natural Gas Heating Oil					Propane

Embedded Competitive Advantage

Gas costs 60% lower than competing fuels

2019 Distribution Revenues

29%

Commercial

68%

Residential

3%

Industrial

Diversified Customer Base

Resilient demand primarily for space heating

Strong fundamentals underpin resiliency of base business and future growth

11

Secured Capital Program

Projects in Execution ($ billions)			Expenditures
			Capital
	Project	Expected ISD	through 2019	Commercial Framework
	($B)	($B)
	Line 3 Replacement - U.S. Portion	TBD1	2.9 USD	1.3 USD	Toll Surcharge
	Southern Access to 1,200 kbpd	2H20	0.5 USD	0.5 USD	Toll Surcharge
	Other Liquids	2H20	0.1 USD	-	CTS3
	PennEast	2021+	0.2 USD	0.1 USD	Long term take or pay
	Utility Reinforcement	2020	0.2 CAD	-	Cost of service
2020+	Utility Growth Capital	2020	0.5 CAD	-	Cost of service
Atlantic Bridge (Phase 2)	2020	0.1 USD	0.1 USD	Long term take or pay
	GTM Modernization Capital	2020	0.8 USD	-	Cost of service
	Spruce Ridge	2021	0.5 CAD	0.2 CAD	Cost of service
	T-South Expansion	2021	1.0 CAD	0.4 CAD	Cost of service
	Other expansions	2020/23	0.6 USD	0.3 USD	Long term take or pay
	Dawn-Parkway Expansion	2021	0.2 CAD	-	Cost of service
	East-WestTie-Line	2021	0.2 CAD	-	Cost of service
	Saint-Nazaire Offshore Wind -	2022	2	0.1 CAD	Long term take or pay
	France	1.8 CAD

					TOTAL 2020+ Capital Program	$11B*		$6B
					Project financing - Saint Nazaire	$1.5B		Remaining secured
TOTAL 2020+ Capital Program,net of project financing	$9.5B	~$3.5B	capital to fund in
Segments:			Liquids Pipelines			Gas Transmission			near- term
					Gas Distribution			Renewable Power Generation & Transmission	(2020-2022)

Cumulative EBITDA Growth from Secured Projects (C$ billions)

~$2.5B

2020e

Post 2022

Near term growth of 5-7% supported by secured projects in execution; discretionary capital under review

* Rounded, USD capital has been translated to CAD using an exchange rate of $1 U.S. dollar = $1.30 Canadian dollars.
(1) Update to project ISD under review. (2) Enbridge's equity contribution will be $0.3B, with the remainder of the construction financed through non-recourse project level	12
debt. (3) Liquids Mainline tolling agreement, Competitive Toll Settlement.

Balance Sheet Strength & Flexibility
Consolidated Debt to EBITDA1
7.0x
6.0x				Target Range:	2020 Capital Expenditures & Funding ($B)
			4.5x to5.0x
5.0x
						~$8.5B
4.0x
3.0x							of Excess	$12B
2015	2016	2017	2018	2019	2020e	2021e	Liquidity	Liquidity
Capital Expenditures 2($ billions)					Available
$12							$4B Debt
							Maturities
$8								~$3B
							~$5.5B	Debt Funding
						~$5.5B	Completed
$4						Secured	~$4B
					Secured	Growth
						Growth
								Cash Flow net of
						~$1B	~$1B Maintenance	common dividends
$0						Maintenance
2015	2016	2017		2018	2019	2020e	2020e	2020e

Strong and flexible financial position to fund secured growth and future opportunities

(1) Management methodology. Individual rating agency calculations will differ. (2) Includes maintenance capital and secured growth capital.

13

Best-in-Class Risk Profile

Strong Credit Ratings & Business Risk Assessments

Credit Metric	Business Risk
Assessment
BBB+	Excellent	The company has limited direct commodity price exposure, with approximately 98%
of its cash flows stemming from low-risktake-or-pay, fixed fee, or cost-of-service-type
stable		contracts, which underline the company's cash flow stability.
BBB+	A	ENB is one of the most stable and largest tariff-regulated pipeline companies in the
Fitch midstream coverage.
stable

BBB High	A
stable	(low)

On a consolidated basis, ENB's low-risk, mostly regulated and/or contracted operations, comprising a diversified portfolio of investments, provide 98% of its EBITDA on a regulated, take-or-pay or fixed-fee basis.

Baa2	A	ENB's low business risk continues to be a key credit strength and key rating driver.
positive

Strong credit ratings and a positive assessment of business risk from the rating agencies

14

Enbridge's Value Proposition

• Our business isresilientover the long-term
• Our low risk business model providesstability
• We will grow in adisciplinedmanner
• We aredeliveringon our commitments

Critical infrastructure, lowest risk profile and attractive growth potential

15