Legal Notice Forward Looking Information This presentation includes certain forward looking statements and
information (FLI) to provide potential investors, shareholders and unitholders of Enbridge Inc. (Enbridge or the Company), Enbridge Income Fund Holdings Inc. (ENF), Enbridge Energy Partners, L.P. (EEP) and Spectra Energy Partners, LP (SEP) with
information about Enbridge, ENF, EEP, SEP and their respective subsidiaries and affiliates, including managements 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: 2018 and future year strategic priorities and guidance; expected EBITDA or expected adjusted EBITDA; expected DCF and DCF/share; expected future debt/EBITDA; future financing options; expectations on sources and uses of funds and
sufficiency of financial resources; secured growth projects and future growth, development and expansion program and opportunities; expected benefits of asset dispositions; closing of announced dispositions and amalgamations and the timing and
impact thereof; future asset sales or other monetization transactions; sponsored vehicle strategy, including the proposed simplification of the Companys corporate structure and expected benefits thereof; distribution coverage; dividend and
distribution growth and dividend and distribution payout expectations; expected impact of tax reform and FERC policy-related matters, including sponsored vehicle impacts; foreign exchange hedges; project execution, including capital costs, expected
construction and in service dates and regulatory approvals; and system throughput, capacity and expansions. 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 expected supply
of, demand for and prices of crude oil, natural gas, natural gas liquids 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 the projects; anticipated
in-service
dates; weather; governmental legislation; announced and potential disposition, amalgamation
and corporate simplification transactions, and the timing and impact thereof; impact of capital project execution on the Companys future cash flows; credit ratings; capital project funding; expected EBITDA or expected adjusted EBITDA; expected
future cash flows and expected future DCF and DCF per share; estimated future dividends and distributions; 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, ENF, EEP or SEP, or persons acting on their 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), ongoing EBITDA, distributable cash flow
(DCF), ongoing DCF and DCF per share. 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. 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 and redeemable 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 and to set its dividend or distribution payout target. Management believes the presentation of these measures gives useful information to
investors, shareholders and unitholders as they provide increased transparency and insight into the performance of Enbridge, ENF, EEP and SEP. Reconciliations of forward looking
non-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 the applicable entitys website. Additional information on
non-GAAP
measures may be
found in the earnings news releases or additional information on the applicable entitys website, www.sedar.com or www.sec.gov. 2