J. Richard Bird Executive Vice President, Chief Financial Officer &

Corporate Development

The Changing Energy Landscape:

New Market Access Initiatives TD Calgary Energy Conference

July 9, 2013

This presentation includes certain forward looking information (FLI) to provide Enbridge shareholders and

potential investors with information about Enbridge and management's assessment of its future plans and

operations, which may not be appropriate for other purposes. FLI is typically identified by words such as

"anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe" and similar words

suggesting future outcomes or statements regarding an outlook. Although we believe that our 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. FLI inherently involves a

variety of assumptions, risks, uncertainties and other factors which may cause actual results, levels of activity and

achievements to differ materially from those expressed or implied in our FLI. Material assumptions include:

expected supply and demand for crude oil, natural gas and natural gas liquids; prices of crude oil, natural gas and

natural gas liquids; expected exchange rates; inflation; interest rates; availability and price of labour and pipeline

construction materials; operational reliability; customer project approvals; maintenance of support and regulatory

approvals for Enbridge’s projects; anticipated in-service dates and weather.

Our FLI is subject to risks and uncertainties pertaining to operating performance, regulatory parameters, project

approval and support, construction schedules, weather, economic and competitive conditions, exchange rates,

interest rates, commodity prices and supply and demand for commodities, including but not limited to those

discussed more extensively in our filings with Canadian and US securities regulators. The impact of any one risk,

uncertainty or factor on any particular FLI is not determinable with certainty as these are interdependent and our

future course of action depends on management's assessment of all information available at the relevant time.

Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as a

result of new information, future events or otherwise. All FLI in this presentation is expressly qualified in its

entirety by these cautionary statements.

This presentation may make reference to certain financial measures, such as adjusted net income, which are not

recognized under GAAP. Reconciliations to the most closely related GAAP measures are included in the MD&A

filings and/or Supplementary Financial Information available on our website or in the slides that accompany this

presentation, if applicable. 2

Legal Notice

3

Enbridge’s Energy Infrastructure Asset Base

Toronto

Quebec City

Gas Distribution

Norman

Wells

Zama

Fort McMurray

Portland

Casper

Montreal

Salt Lake City

Patoka

Cushing

Houston

Superior

Clearbrook

Edmonton Hardisty

Toronto

Chicago

Liquids Pipelines

Edmonton

Fort St. John

Houston

Chicago

Sarnia

Gas Pipelines

Toronto

Edmonton

Renewable Energy

2012

Adjusted

Earnings

2012

Adjusted

Earnings

2012

Adjusted

Earnings

2012

Adjusted

Earnings

65%

15%

Wind Power Generation

Waste Heat Recovery

Solar Power Generation

Geothermal Power Generation

Power Transmission

16%

15% 4%

65%

4

16%

20% 19%

7%

1%

9%

0%

5%

10%

15%

20%

25%

1 Year 5 Year 10 Year

To

tal S

ha

reh

old

er

Re

turn

CA

GR

Enbridge Inc.

S&P/TSX Composite Index

Enbridge Performance Relative to S&P/TSX Composite Index As at December 31, 2012

89% 100% 96% North American

Peer Group Percentile

Strong Value Creation Track Record

5

-2.1 -1.7

-0.5

+0.4 +0.4

+1.5 +1.5

+2.9 +3.3

+4.1

+7.4

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

OECDEurope

OECDAmerica

OECDAsia

Oceania

Russia OtherEurasia

LatinAmerica

MiddleEast &Africa

OtherAsia

OPEC India China

MMbpd

Source: Organization of the Petroleum Exporting Countries. “World Oil Outlook “. 2012.

Global Incremental Oil Demand (2010 – 2030)

6

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Oil Sands Conv. Heavy Conv. Light and Medium Pentanes/Condensate

MMbpd

3.3 MMbpd

Source: Canadian Association of Petroleum Producers. “Crude Oil: Forecast, Markets & Transportation”. June 2013.

Canadian Oil Production Forecast

7

*Brent price is a landed price on US East Coast/ US Gulf Coast.

Assumed tanker freight cost of US$2.00 per bbl.

$100

$104

$109

$92

$111

WCS

Asia

Maya

$94

WTI

Bakken

Light

Brent*

LLS

Pricing based on YTD 2013 - Daily Average

As at June 26, 2013 (USD per barrel)

Light Crude

Heavy Crude

$72

North American Crude Oil Differentials

$90

EDM

Light

8

Western Canada & Bakken

– Pipelines Export Capacity versus Export Supply

Western Cdn Refineries, 586 (AVG)

TMPL, 260

W. Access, 450

Clearbrook/Superior, 300

ENB - Ex Superior, 1930

KSL, 590

XL, 525

NGP, 525

TMX, 550

TCPL EA, 600

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Vo

lum

e (

KB

PD

)

ENB - Ex Superior, 2730

Source: Enbridge Internal Forecast

9

Lloydminster

Edmonton

Cold Lake

Hardisty Hub

Cheecham

Terminal

Nexen (Long Lake)

Suncor (MacKay River)

ConocoPhillips (Surmont)

Suncor (Firebag)

Alberta

Husky (Sunrise)

Imperial Oil (Kearl)

Waupisoo Pipeline (up to 580 kbpd)

Athabasca Pipeline (up to 600 kbpd)

Project Connections

Athabasca Twin Pipeline (initially 450 kbpd)

Cenovus (Christina Lake)

Statoil (Leismer)

Fort

McMurray

Woodland Pipeline Extension

4

5

3 2

1

6

7

9

AOC (Hangingstone)

8

• Significant competitive position

− Largest regional operator

− Dual hub deliverability

− Bridging capacity

• 9 commercially secured growth

projects in-service by 2016

− $3.9 billion investment

• Potential additional

opportunities

− $3.7 billion

10

Liquids Pipelines

– Alberta Regional Infrastructure

Wood Buffalo Pipeline

Montreal Gretna

Regina

Hardisty

Kerrobert

Toledo

Buffalo

Edmonton

Houston

Fort

McMurray

Cromer

Cushing

Patoka

Chicago/

Flanagan

Sarnia

Superior

Port Arthur

Westover

+585

kbpd

+300

kbpd

+440

kbpd

+80

kbpd

+320

kpbd

10

2013 • Line 5 Expansion (+50 kbpd)

• Line 62 Expansion (+105 kbpd)

• Line 9A Reversal (+50 kbpd)

• Toledo Pipeline Partial Twin (+80 kbpd)

• Seaway Pipeline Expansion (+400 kbpd)

2014 • Line 6B Replacement (+260 kbpd)

• Line 9B Reversal + Expansion (+320 kbpd)

• Flanagan South Pipeline (+585 kbpd)

• Seaway Pipeline Twin + Lateral (+450 kbpd)

• Alberta Clipper (+120 kbpd)

• Southern Access (+160 kbpd)

2015 • Southern Access Extension (+300 kbpd)

• Eastern U.S. Gulf Coast Access (+440 kbpd)

• Edmonton to Hardisty (+570 kbpd)

• Alberta Clipper (+230 kbpd)

• Southern Access (+640 kbpd)

• Chicago Area Connectivity (+570 kbpd)

2016 • Sandpiper Pipeline (+225/+375 kbpd)

• Line 6B Expansion (+75 kbpd)

Liquids Pipelines (Enterprise Wide)

– Mainline System, Market Access Extensions/Expansions

Gulf Coast Access/ Eastern Access/ Light Oil Market Access Programs Opening New

Continental Markets for up to 1.7 MMbpd

~$17 Billion Investment Commercially Secured

Liquids Pipelines

– East Coast Market Access

11

Canadian and U.S. East Coast Refinery Markets

Liquids Pipelines

– West Coast Market Access

Current Status:

• Positive TERMPOL report

• JRP hearing concluded

• 60% R-O-W First Nations support

Next 12 Months:

• Satisfy B.C. 5 conditions

• Additional R-O-W First Nations support

• Coastal First Nations support

• JRP decision

• Federal aboriginal consultation/ Cabinet

decision 12

13

1

2012 – 2016 Enterprise Wide Growth Capital

* Unsecured growth capital is included in the funding plan

Commercially

Secured

$37 B

$28

Billion

Unsecured* $9

Billion

$3

$8

$9

$5

$3

2016

2015

2014

2013

2012

Project Cost by In-Service Date (2012 -2016)

$, Billions

YTD ROY

An Exceptional Array of Attractive Investment Opportunities

Project / Program

Enbridge Inc.

Investment

($ Billions)

First Full

Year

Full Life

DCF ROE

Years to

Attain

Eastern Access1 $2.2 2014 low double digits 4

Western USGC Access2 $6.3 2015 low double digits 5

Light Oil Market Access1,2 $3.2 2016 low double digits 4

Edmonton to Hardisty Expansion1 $1.8 2016 low double digits 0

Tilted Return Profiles

14

1 Inclusive of supporting Canadian Mainline expansion capital and CTS effects.

2 Inclusive of 75% joint funding of U.S. Mainline components and CTS effects.

Enterprise Wide

– Secured Growth Capital by Return Profiles

15

Flat Profile

($ Billions)

Tilted Profile

($ Billions)

Liquids Pipelines

– Alberta Regional Infrastructure $1.4 $2.4

Liquids Pipelines

– Market Access Initiatives $7.7 $10.9

Gas Pipelines $2.0 $1.1

Gas Distribution $0.6 −

Green Power − $1.4

TOTAL $11.7 $15.8

16

$0.00

$3.00

2011 2016

Adjusted EPS* Growth

• Tilted Return Projects

• 2016 Risked Unsecured

• New Growth Platforms

• Sponsored Vehicle Drop Downs

* Adjusted earnings EPS is non-GAAP measures. For more information on non-GAAP measures please refer to disclosure in news releases.

Industry Leading Growth Outlook

• Exceptional array of attractive return investment opportunities

• Financial risk tightly managed

• Ample access to low cost funding sources

• Growing earnings and cash flows

Attractive investments low cost of capital

Industry leading growth

Substantial Valuation Upside

17

Investment Merits Summary