#1Bridge to a Cleaner Energy Future CENBRIDGE H. 2 A Danger 2 Al Monaco President & Chief Executive Officer Vern Yu EVP, Corporate Development & Chief Financial Officer Q3 2022 Financial Results & Business Update#2Legal Notice ENBRIDGE® 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: Enbridge's strategic plan, priorities and outlook; 2022 financial guidance, including projected DCF per share and adjusted EBITDA, and expected growth thereof; expected dividends, dividend growth and dividend policy; expected supply of, demand for, exports of and prices of crude oil, natural gas, natural gas liquids (NGL), liquified natural gas (LNG) and renewable energy; energy transition and low carbon energy, and our approach thereto; environmental, social and governance (ESG) engagement, commitments and disclosure, including the Regional Oilsands Indigenous partnership; industry and market conditions, including market risks, tailwinds and headwinds such as recession and inflation and interest rates; anticipated utilization of our assets; expected adjusted EBITDA; expected DCF and DCF per share; expected future cash flows; expected shareholder returns; expected performance of the Company's businesses, including customer growth and organic growth opportunities; financial strength, capacity and flexibility; financing costs(1); expected costs related to announced projects, projects under construction and system expansion, optimization and modernization; expected in-service dates for announced projects and projects under construction; expected capital expenditures; capital allocation framework and priorities; share repurchases under normal course issuer bid; expected future growth, including secured growth program, development opportunities and low carbon and new energies opportunities and strategy, including the T-North and T-South pipeline expansions, and the Gray Oak and Tri Global Energy acquisition; expected future actions of regulators and courts and the timing and anticipated impact thereof; toll and rate case proceedings and frameworks, including with respect to the Mainline, and anticipated timing and impact therefrom; and CEO transition. 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; global economic growth and trade; the expected supply of, demand for, exports of and prices of crude oil, natural gas, NGL, LNG and renewable energy; anticipated utilization of our assets; anticipated cost savings; exchange rates; inflation; interest rates; the COVID- 19 pandemic and the duration and impact thereof; 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; expectations about our partners' ability to complete and finance proposed projects; governmental legislation; litigation; credit ratings; hedging program; expected EBITDA; expected future cash flows; expected future DCF and DCF per share; estimated future dividends; financial strength and flexibility; debt and equity market conditions; general economic and competitive conditions; the ability of management to execute key priorities; and the effectiveness of various actions resulting from the Company's strategic priorities. 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. 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 any of its subsidiaries or affiliates, or persons acting on their behalf, are expressly qualified in its entirety by these cautionary statements. 1. As at September 30, 2022, approximately 10% of Enbridge's debt is exposed to floating interest rates as well as 2023 debt maturities that require re-financing which, given rising interest rates, has had and could continue to have an impact on our financing costs. Non-GAAP and Other Financial Measures This presentation makes reference to non-GAAP and other financial measures, including EBITDA, adjusted EBITDA, adjusted earnings, adjusted earnings per share, distributable cash flow (DCF) and DCF per share. Management believes the presentation of these metrics gives useful information to investors and shareholders as they provide increased transparency and insight into the performance of the Company. 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 EBITDA and 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 non-controlling 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. Reconciliations of forward-looking non-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-looking non-GAAP and other financial measures are not available without unreasonable effort. Our non-GAAP metrics 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. A reconciliation of historical non-GAAP and other financial measures to the most directly comparable GAAP measures is available on the Company's website. Additional information on non-GAAP and other financial measures may be found in the Company's earnings news releases or in additional information on the Company's website, www.sedar.com or www.sec.gov. Unless otherwise specified, all dollar amounts in this presentation are expressed in Canadian dollars, all references to "dollars" or "$" are to Canadian dollars and all references to "US$" are to US dollars. 2#3Agenda Q3 Highlights Business Update Financial Performance & Outlook ENBRIDGE® 3#4Q3 Highlights Operations • Focused on operational safety and integrity programs. • High capacity utilization across the business Financial Execution • Strong Q3 results; On track to achieve 2022 EBITDA & DCF/share guidance Bolstering balance sheet flexibility . On track for $3.8B to enter service in 2022 ENBRIDGE® • Placed Gulfstream Phase VI into service New . St. Nazaire (offshore wind in France) expected in service in November New ⚫ Secured $3.8B in new organic investments New Growth • • Acquired Tri Global Energy extending N.A. onshore renewable development Acquired additional 10% interest in Cactus II Permian pipeline New New Capital Recycling • Increased interest in Gray Oak pipeline; US$0.4B cash received $1.12B sale in select Regional Oil Sands assets New New#5Our Dual-Pronged Strategy Low-Carbon Growth Core Growth Optimize/ Modernize Expand Exports Assets Solar/ Wind RNG1 Liquids Pipelines 3 Gas Transmission Gas Distribution Renewable Power 3 H₂ ENBRIDGE® Our strategies focus on conventional and low-carbon growth opportunities (1) RNG: Renewable Natural Gas (2) CCS: Carbon Capture & Sequestration (3) Solar self-power program CCS² LO#6Business Update Gas Transmission Gas Distribution & Storage ENBRIDGE® Renewables Liquids Pipelines . . 20% of natural gas consumed in the U.S. Advancing ~$10B capital program • Gulfstream Phase VI New in service ⚫ B.C. Pipeline rate settlement in principle ~2 Tcf of natural gas delivered; Serving 75% of Ontarians $3.5B utility growth capital program in execution 2.2 GW renewable energy serving ~900,000 homes $2.9B of growth capital in execution $1.1B projects to enter service in 2022 New Filed application to establish 2024-2028 rates Sanctioned 2 new RNG projects New New ⚫10 solar self-power projects in construction TETCO settlement awaiting FERC approval Successfully executing on our strategies • ~30% of N. America's oil transported and exported Mainline volumes on track for average of 2.95 mmbpd2 Advancing Wabamun Carbon Hub - Signed Carbon Evaluation New Agreement with Gov't of AB Progressing EIEC³ Blue Ammonia & Sequestration Hub (1) Net capacity of assets in operation and under construction; (2) Average Ex-Gretna throughput for 2022; (3) Enbridge Ingleside Energy Center 6#7ENBRIDGE® Global Natural Gas Fundamentals Growing Global Demand¹ (Bcf/d) ~385 ~420 Growing N.A. LNG Exports¹ (Bcf/d) -190% ~11 >30 Demand growth driven by security benefits, reliability of supply, and lower emissions Essential fuel for quality of life; stable part of the supply mix well into the future. • North America's gas advantage will lead to increased LNG market share through 2040 Today 2040 Today 2040 North American natural gas is critical to meeting rising global demand (1) Rystad Energy GasMarketCube, October 2022 7#8Enbridge's Natural Gas Strategy T-South T-North ENBRIDGE® Potential Enbridge LNG Export Volumes4 (Bcf/d) 10 ~9 Bcf/d Maritimes & Northeast 1. Venice Extension Squamish CS-8A EGP1 Woodfibre T-South Alliance Plaquemines LNG ☐ Vector Algonquin US$0.4B TETCO expansion Reached positive FID TX CS-8B Vancouver Hope CS-9 Sumas Haynesville Basin USGC Market Pull ⚫TETCO expansion ⚫Greenfield pipeline • New connections ENB LNG export market share4 up to -30% NEXUS 2. Rio Bravo Pipeline ⚫ Rio Grande LNG Texas Eastern 1 8 Rio Grande5 6 - Under Precedent Agreement Texas Eastern East Tennessee US$1.2B+ pipeline BIG3 ⚫Pending positive FID Cameron LNG Texas LNG Sabine Pass LNG Calcasieu Pass LNG Plaquemines LNG 4 Woodfibre ~84GW of planned coal retirements by 2030 in N.A.2 Sabal Trail 3. VCP Expansion 2 Freeport LNG Plaquemines In Construction ⚫ Texas LNG • US$0.4B VCP Valley Crossing ENB connected/contracted LNG facilities expansion O In service Valley Crossing ⚫ Pending positive FID Texas LNG 2 Calcasieu Pass • Under construction 3 ● In development Sabine Pass -In-Service Rio Grande LNG Haynesville opportunities Venice extension Cameron Freeport 0 Well-positioned to capitalize on positive North American fundamentals Eagle Mountain Gas Pipeline - Fortis adding ~50 kilometers of new gas pipeline to existing Eagle Mountain Gas Pipeline to connect with Woodfibre (2) S&P Global Platts (3) Brazoria Interconnector Gas Pipeline (4) Served by Enbridge natural gas pipelines; assumes ~30Bcf/d of N.A. LNG exports by 2040 (5) Rio Grande LNG phase 1 expected to bring 1.8 Bcf/d into production with full capacity potential of 4.5 Bcf/d 8#9T-South Pipeline Expansion Newly Secured Organic Project . Successful binding open season Expanding system by 300 MMcf/d - Looping & compression Serving regional and U.S. NW demand Capital cost: up to $3.6B Enbridge B.C. Pipeline System Quesnel CS-5 Montney Basin ENBRIDGE® WCGT T-North STATION 2 St. John Fort Taylor Prince Rupert CS-2B PTP LNG Canada CS-3 McLeod Lake Dawson Creek Coastal Gaslink AB Summit Lake CS-4A Prince George BC CS-4B Alliance Pipeline Existing Enbridge Pipelines Deep Basin Enbridge Compressor Station Fortis Pipeline Williams Lake. CS-6A ☐ CS-6B T-South Savona CS-7 Environmental & routing assessment CER application in 2024 Construction mid-2026 In-service expected in 2028 4.1 Woodfibre LNG Squamish ☐ CS-8A CS-8B UR CS-9 Sumas Hope 7.6 9.5 2021 2040e Commercial model: cost of service Next Steps: Indigenous & stakeholder engagement Coastal Gaslink Pipeline no Vancouver West Coast Demand Forecast¹ (bcfd) (1) Third party & company estimates (2) Northwest Pipeline owned and operated by Williams Northwest Pipeline² | Domestic LNG Export 6#10ENBRIDGE® T-North Expansions Aspen Point Program (Sanctioned Q2) • 535 MMcf/d expansion Pipeline looping and new compression ~$1.2B of capital under cost-of-service rates T-North 2028 Expansion • ~500 MMcf/d capacity - Additional egress to accommodate Montney production growth Enbridge B.C. Pipeline System 2 Ksi Lisims LNG AK BC N-4 WCGT T-North N-5☐ Fort St. John Taylor CS-2B STATION 2 P CS-1 Prince Rupert PTP Chetwynd Sunset LNG Canada Coastal Gaslink McLeod Lake CS-3 Dawson Creek Cedar LNG AB Supports West Coast LNG exports Downstream demand Estimated capital cost up to $1.9B under cost-of-service rates Binding open season November 4, 2022 - January 10, 2023 (1) Rystad Energy GasMarketCube, October 2022 WCSB Supply Growth1 (Bcf/d) -50% 2021 2040 Summit Lake CS-4A Montney Basin Alliance Pipeline CS-4B T-South Deep Basin CS-5 Existing Enbridge Pipelines Existing Compressor Station 10 10#11Liquids Update +60 kbpd +500 kbpd1 Express Casper +350 kbpd +160 kbpd 0 Cushing 1° + kbpd Expansion potential Seaway Mainline Tolling • Two commercial options: • Incentive Tolling Settlement Cost of Service Negotiations continuing framework is determined ENBRIDGE® . Expansion optionality once a tolling USGC Strategy Build Out In development 2 MMbbl storage expansion at EIEC New Seaway ETCOP Gray Oak -US$0.1B expansion; permitted Increased interest in Gray Oak pipeline New (58.5%) • EHOT Cactus II Acquired additional 10% interest in Cactus II pipeline New EIEC --US$0.2B purchase price Liquids system well positioned to support growing global demand for crude oil (1) 350 kbpd of existing regional oilsands capacity with 150 kbpd of expansion potential 11#12Growing Renewable Opportunities in N.A. Favorable Legislation1 Renewable Capacity Growth² (U.S. GW capacity buildout 2021 to 2050) ENBRIDGE® Cumulative Renewable Shortfall1 (GW) No target Completion of Target 0% 100% 2 500 Wind Solar 2 250 2 000 1 750 1 500 1 250 1.000 750 500 250 70 ~1,500 GW Growth 60 50 40 30 20 20 10 Many states are increasing their renewable portfolio standards (RPS) targets 2021 2030 2035 2040 2045 2050 • Onshore renewable capacity is expected to grow significantly in the U.S. 2023 2024 2025 2026 2027 2028 2029 2030 • State renewable targets and corporate clean energy goals set to outpace build-out Substantial renewable generation growth in North America driven by policy target and corporate ESG goals (1) Third party & company estimates (2) IEA 2022 World Energy Outlook 12#13Accelerating N.A. Onshore Renewables Strategy TGE Transaction Completed acquisition of Tri Global Energy (TGE) Purchase price: US$270MM • 3.9 GW of projects conditionally sold to 3rd parties Contracted revenue stream through 2023-2025 - ~3 GW of late-stage development projects - US$3B+ of capital opportunity between 2024-2028 Complementary to N.A. Renewables Strategy ✓ Enhances renewable generation capabilities ✓ Supports BTM1 and FTM² strategy ✓ Accretive to DCF/share ✓ Supports Enbridge growth outlook N.A. Onshore Portfolio (Net GW) Pre-Acquisition Portfolio 1.5 GW 0.1 GW 1.3 GW New 3.0 GW 5.9 GW Late-stage Development ENBRIDGE >3x potential growth in N.A. renewable portfolio Early stage Development (1) Behind the Meter; (2) Front of the Meter In Operation Sanctioned Existing Development TGE Portfolio Total Portfolio Accelerating investment in North American renewable generation Further development opportunties 13#14Growing Renewable Platform N. American and European Renewable Asset Portfolio (Net GW) 8 00 6 4 0.4 2 1.8 ~5 ~7 47 assets in operation and under construction Existing operations in 4 countries1 . >$8 billion invested in renewable energy since 2002 Full value chain capabilities ~7 GW development portfolio and longer- term opportunities 0 In Operation Under Construction In Development Renewable Portfolio Further Development ~11 GW2 gross renewable portfolio North America Europe 20+ year track record of profitably growing renewable power portfolio (1) Soon to be five once St. Nazaire, France is placed into service later this month (2) Gross capacity: in operation: 3.6 GW, Under Construction: 1.5 GW, In Development: 6.1 GW ENBRIDGE® 14#15Optimizing Asset Portfolio Enbridge/Phillips 66 Joint Venture Closed August 17, 2022 CENBRIDGE 0 Indirect Economic Interests1: Pre Post dcp Midstream Increased Interest in Gray Oak Ө +2MMbls of supply growth through 2040 Permian Houston ENBRIDGE® In development enleg SPOT EHOT Freeport • 28.25% 13.20% Gray Oak Pipeline: 850-mile oil pipeline 1,000 mbpd of capacity EIEC Majority contracted Corpus Christi +1MMbpd of potential additional export capacity GRAY OAK PIPELINE LLC 22.75% 58.50% (Operator) Strategic Benefits • Increased access to competitive, abundant and growing Permian supply Connected to existing LP assets at EIEC driving potential revenue synergies Transaction provides operational control of Gray Oak, reduces commodity exposure and includes US$ 400 million in cash to Enbridge (1) Pre-Transaction: ENB owned joint control in DCP Midstream LP through its 50% interest in DCP Midstream LLC 15#16Regional Oilsands Indigenous Partnership Regional Oil Sands Partnership Overview Athabasca Terminal · Cheecham Terminal Sunday Creek Terminal Norealis Terminal -Kirby Lake Terminal A AB EDMONTON SK WBE-APT (Line 45) Athabasca (Line 19) Norlite Diluent (Line 74) • Waupisoo (Line 18) Woodland (Line 49) Wood Buffalo (Line 75) • Woodland Extension (Line 70) 23 Aii Partners Image: Enbridge, Alberta Government, AIOC2 and 23 Indigenous Nations ENBRIDGE® HARDISTY ✓ Economic alignment with Indigenous groups ✓ Recycle capital at an attractive valuation 11.57% interest in Oil Sands trunkline assets sold to Athabasca Indigenous Investments (Aii)1 ✓ Proceeds of $1.12B ✓ Transaction closed on October 5, 2022 Largest Indigenous energy partnership transaction in North America (1) A newly created partnership of 23 Indigenous Nations and Governments in Northern Alberta (2) Alberta Indigenous Opportunities Corporation 16#17Mitigating Market Risks Risks Mitigations Recession Inflation/Interest Rates Energy Transition Connected to top tier demand-pull markets 98% of cash flows underpinned by COS¹ or contractual agreements Energy security concerns driving new investment opportunities 80% of EBITDA has built-in inflation protections (with some lag) Strong track record of managing multi-year capital program Active risk management program; ~90% fixed rate debt in 2022 IRA² incentivizing low-carbon investment; improving economics Leveraging existing infrastructure to support the transition North American Energy → abundant, competitive, sustainable Enbridge's low-risk model & dual-pronged strategy drive predictable cash flows (1) COS Cost-of-Service (2) Inflation Reduction Act of 2022 (US) ENBRIDGE® 17#18Q3 Financial Results ENBRIDGE® Q3 YTD ($ Millions, except per share amounts) 2022 2021 YOY 2022 2021 YOY Liquids Pipelines 2,269 1.898 Gas Transmission & Midstream 1,158 986 6,581 5,623 3,300 2,928 Gas Distribution & Storage 293 296 1,389 1,403 Renewable Power Generation 113 89 400 356 Energy Services (132) (116) (302) (277) Eliminations and Other 57 116 252 Adjusted EBITDA1 3,758 3,269 Cash distributions in excess of equity earnings 9 52 15% 11,620 153 281 10,314 248 13% Maintenance capital (215) (142) (466) (412) Financing costs (918) (757) (2,611) (2,251) Current income tax (129) (89) (391) (210) Distributions to Noncontrolling Interests (60) (66) Other 56 23 Distributable Cash Flow¹ 2,501 2,290 9% DCF per share¹ 1.24 1.13 10% Adjusted earnings per share1 0.67 0.59 14% 2.18 (184) (207) 199 72 8,320 7,554 10% 4.11 3.73 10% 2.06 6% Strong operational performance year to date Quarterly Drivers ↑ Operational performance (1) Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), Adjusted Earnings and Distributable Cash Flow (DCF) are non-GAAP measures. Reconciliations to the nearest GAAP measures are included in the Q3 earnings release and other documents available at www.enbridge.com; (2) Line 3 Replacement (3) Included in guidance L3R2 in service & Ingleside acquisition TETCO rate increase Strong European renewable contributions Stronger USD Mainline toll provision³ Lower capitalized interest & higher interest rates Cash taxes on higher earnings Maintenance capex timing 18#192022 Financial Outlook EBITDA Guidance¹ ($Billions) DCF/share Guidance¹ $5.20 $5.50 $15.0-$15.6 $4.96 $14.0 +9% 2021 2022e +8% H 2021 2022e ENBRIDGE® Tailwinds/Headwinds to Full-Year Guidance + + Strong operating performance & system utilization + Stronger USD On track to achieve full-year financial guidance (1) Adjusted EBITDA and DCF/share are non-GAAP measures. Reconciliations to the nearest GAAP measures are included in the Q3 earnings release and other documents available at www.enbridge.com. - Energy Services - Higher power costs - Rising interest rates 19#20ENBRIDGE® 2023 Tailwinds & Headwinds + + Utility customer growth & escalating rates. + Gas Transmission rate increases & new capital in service + Energy Services transportation contract expiries + Stronger USD Strong Business Performance - Higher power costs - Rising interest rates Cash taxes Transitory Headwinds Building off a strong 2022; Navigating weakening macroeconomic environment 20 20#21Secured Organic Capital Program Project Modernization Program Expected ISD Capital ($B) 2.2 USD ENBRIDGE® 2022-2025 Other Expansions Secured Capital 2022-2025 0.5 USD ($ Billions by in service date) Venice Extension¹ 2023-2024 0.4 USD Gas Transmission T-North Expansion (Aspen Point) $10.4 2026 1.2 CAD Woodfibre LNG² 2027 1.5 USD T-South Expansion 2028 New 3.6 CAD Distribution System 2022-2024 1.8 CAD Gas Distribution & Storage Renewable Power & New Energies New Connections/Expansions RNG Projects East-West Tie-Line Solar Self-Powering Saint-Nazaire Offshore4 Fécamp Offshore4 Transmission/Storage Assets³ 2022-2024 0.8 CAD 2022-2024 0.8 CAD Added ~$8B of newly secured capital in 2022 2025-2026 New 0.1 CAD In Service 0.2 CAD $3.8 2023-2024 0.2 USD Late 2022 0.9 CAD $3.1 2023 0.7 CAD Calvados Offshore4 2025 0.9 CAD Provence Grand Large 2023 0.1 CAD Liquids Pipelines Ingleside Phase VI (Storage) 2024 New 0.1 USD Total Secured Capital Program Capital Spent to Date ~$17B5,6 ~$4B7 2022 Previously Sanctioned 2023 2024+ Newly Sanctioned in 2022 Growing secured capital program (1) Inclusive of Gator Express Meter Project; (2) Project will be financed through a US$0.7B equity contribution and Enbridge's proportionate share of non-recourse project level debt which is US$0.6B and includes $0.2B of capitalized interest; (3) Includes Panhandle expansion; (4) Enbridge's equity contribution will be $0.2B for Saint-Nazaire, $0.1B for Fécamp and $0.15B for Calvados; (5) Rounded, USD capital translated at $1 U.S. dollar = $1.25 Canadian dollars. Euro capital translated at €1 Euro = $1.55 Canadian dollars.; (6) Secured capital program (net of project financing) $14B; (7) As at September 30, 2022 21#22ENBRIDGE® Capital Allocation Priorities Unchanged 1 Protect Balance Sheet $11B Of capital recycling ($2.8B since míd 2021) BBB+ Credit rating across all Rating Agencies 2 Sustainable Return of Capital $7B Dividends paid in 2022 $1.5B Buyback program $150M utilized 3 Further Organic Growth ~$8B New secured growth capital in 2022 $17B Secured Capital Program Capital recycling surfaces value, provides capital allocation flexibility 22 22#23ENBRIDGE® ESG Update Indigenous Reconciliation Journey: 2019 2021 2022 Canadian Line 3 Replacement Project: ~$0.5B spend with Indigenous businesses and communities #U.S. Line 3 Replacement Project: • $0.5B spend with Indigenous businesses and communities East-West Tie Line: Up to 20% ownership by 6 Indigenous communities Wabamun Carbon Hub: • LOIs with 5 First Nations and Métis communities • Publication of the Indigenous Reconciliation Action Plan: ⚫ September 20, 2022 Regional Oil Sands Equity Partnership: Agreement with 23 Indigenous Nations The journey ahead 2022 Indigenous Reconciliation Action Plan TENBRIDGE Life Takes Energy Developing a strong track record of creating Indigenous economic partnership opportunities 23#24CEO Transition ENBRIDGE 2023 Financial Guidance Late-November, 2022 Al Monaco President & CEO Retiring end of 2022 Greg Ebel Incoming President & CEO January 2023 Enbridge Day 2023 Toronto, ON March 1, 2023 New York, NY March 2, 2023 24 24#25ENBRIDGE® Takeaways ENB well-positioned for all economic cycles. Advancing two-pronged strategy of conventional and low-carbon growth opportunities Executing conventional and low-carbon growth projects across the business Strategic Priorities: Extend Organic Growth ESG Safety & Operational Leadership Reliability (Foundational) Maintain Strong Balance Sheet Capital allocation priorities unchanged: Disciplined - Strong balance sheet Capital Allocation Equity self-funding model - Return of capital Disciplined allocation of free cash flow Executing on all fronts 25 25#26Q&A CENBRIDGE