Enbridge : Q1 2024 Supplemental Package

First Quarter 2024: Supplemental Package

(unaudited)

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge. Please refer to the "Non- GAAP Reconciliations Appendices" section of this supplemental package.

LEGAL NOTICE

This Supplemental Package has been prepared and is presented solely for the purpose of providing readers with certain financial information about Enbridge Inc. (Enbridge, ENB or the Company) and its subsidiaries, affiliates and associates to assist with their financial analysis and models, and is not appropriate for any other purposes. All figures in the Supplemental Package are unaudited. Enbridge's auditors have neither examined nor compiled this Supplemental Package, and have not expressed an opinion or provided any assurance with respect thereto. Figures in the following tables are subject to confirmation by Enbridge in its public disclosure documents prepared in accordance with applicable securities laws and filed with Canadian and U.S. securities regulatory authorities. Figures have been rounded and may not reconcile directly to previously disclosed information. Unless otherwise specified, all dollar amounts in this Supplemental Package are expressed in Canadian dollars, all references to "dollars" or "$" are to Canadian dollars and all references to "US$" are to US dollars. This Supplemental Package should be reviewed in conjunction with Enbridge's first quarter 2024 report on Form 10-Q, which includes Management's Discussion and Analysis and Financial Statements, and News Release which are available as part of the "Enbridge Inc. First Quarter 2024 Financial Results" event posted on Enbridge's website at: http://www.enbridge.com/investment-center/events and on EDGAR at www.sec.gov and SEDAR+ at www.sedarplus.ca under Enbridge's profile.

Non-GAAP and Other Financial Measures

This Supplemental Package contains references to non-GAAP and other financial measures, including earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA for each segment, adjusted earnings/(loss), adjusted earnings/(loss) per common share, distributable cash flow (DCF) and DCF per common share, as well as base business adjusted EBITDA ("Base Business Adjusted EBITDA") and base business DCF (Base Business DCF"), as described below. Management believes the presentation of these metrics gives useful information to investors and shareholders of Enbridge as they provide increased transparency and insight into the performance of Enbridge.

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 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 noncontrolling 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.

Base Business Adjusted EBITDA represents adjusted EBITDA, as further adjusted to exclude contributions from, and the impact of financing of, the acquisitions of three natural gas utilities from Dominion Energy, Inc. (the "Gas Utility Acquisitions") (including the associated EBITDA, DCF, capital expenditures, and common share and debt issuances). Management is using Base Business Adjusted EBITDA in 2024 to assess the performance of the Company and its business units excluding the impact of the Gas Utility Acquisitions, which are expected to close in 2024.

Base Business CF represents adjusted DCF, as further adjusted to exclude contributions from, and the impact of financing of, the Gas Utility Acquisitions (including the associated EBITDA, DCF, capital expenditures, and common share and debt issuances). Management is using Base Business DCF in 2024 to assess the performance of the Company and its dividend payout target, excluding the impact of the Gas Utility Acquisitions.

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge. Please refer to the "Non- GAAP Reconciliations Appendices" section of this supplemental package.

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This Supplemental Package also contains references to Debt to EBITDA. Debt to EBITDA is used as a liquidity measure to indicate the amount of adjusted earnings available to pay debt (as calculated on a GAAP basis) before covering interest, tax, depreciation and amortization.

The non-GAAP and other financial measures 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.

Reconciliations of non-GAAP and other financial measures to the most directly comparable GAAP measures are available in the Appendices of this document and on Enbridge's website. Additional information on Enbridge's use of non-GAAP and other financial measures can be found in Enbridge's annual report on Form 10-K and Fourth Quarter 2023 News Release available on Enbridge's website and on EDGAR at www.sec.gov and SEDAR+ at www.sedarplus.ca under Enbridge's profile. Reconciliations of forward-lookingnon-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-lookingnon-GAAP and other financial measures are not available without unreasonable effort.

Forward-Looking Information

This Supplemental Package includes certain forward-looking statements or information to provide information about Enbridge and its subsidiaries, affiliates and associates, including management's assessment of Enbridge's future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are 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 forward-looking information. In particular, this Supplemental Package contains forward- looking information pertaining to, but not limited to, tariff information, and information with respect to secured growth projects; future growth, development and expansion programs, including expected construction and in service dates and capital costs; and acquisitions, dispositions and other transaction and the timing thereof, including the Gas Utility Acquisitions.

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge. Please refer to the "Non- GAAP Reconciliations Appendices" section of this supplemental package.

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Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, 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 such statements. Material assumptions include assumptions about the following: the expected supply of, demand for and prices of crude oil, natural gas, natural gas liquids (NGL), liquefied natural gas (LNG) and renewable energy; energy transition, including the drivers and pace thereof; anticipated utilization of our assets; exchange rates; inflation; interest rates; availability and price of labour and construction materials; the stability of our supply chain; operational reliability and performance; maintenance of support and regulatory approvals for our projects and rate applications; anticipated construction and in-service dates; weather; announced and potential acquisition, disposition and other corporate transactions and projects and the timing and benefits thereof, including the Gas Utility Acquisitions; governmental legislation; litigation; credit ratings; hedging program; expected EBITDA and expected adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/ (loss) per share; expected future cash flows; expected future DCF and DCF per share; expected Base Business Adjusted EBITDA and Base Business DCF; estimated future dividends; financial strength and flexibility; debt and equity market conditions; and general economic and competitive conditions. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL, LNG and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which the Company operates and may impact levels of demand for the Company's services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward looking statement cannot be determined with certainty. The most relevant assumptions associated with forward- looking statements regarding announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labour and construction materials; the stability of our supply chain; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; the impact of weather; the timing and closing of acquisitions, dispositions and other transactions and the realization of anticipated benefits therefrom; and customer, government, court and regulatory approvals on construction and in-service schedules and cost recovery regimes.

Enbridge's forward-looking statements are subject to risks and uncertainties pertaining to the successful execution of our strategic priorities; operating performance; regulatory parameters; litigation; acquisitions and dispositions and other transactions and the realization of anticipated benefits therefrom; project approval and support; renewals of rights-of-way; weather; economic and competitive conditions; global geopolitical conditions; political decisions; public opinion; dividend policy; changes in tax laws and tax rates; exchange rates; interest rates; inflation; commodity prices; and supply of and demand for commodities, including but not limited to those risks and uncertainties discussed in the Company's other filings with Canadian and U.S. securities regulators. The impact of any one assumption, risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statement made in this Supplemental Package or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge. Please refer to the "Non- GAAP Reconciliations Appendices" section of this supplemental package.

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Contents
Distributable Cash Flow (DCF)	6
Additional Disclosure Items Related to Enbridge DCF Calculation	6
Adjusted EBITDA to Adjusted Earnings	8
Business Segment Performance and Additional Business Level Detail	8
Detailed Asset Performance	10
Debt to EBITDA	14
Growth Projects	15
Non-GAAPReconciliations Appendices	16

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge. Please refer to the "Non- GAAP Reconciliations Appendices" section of this supplemental package.

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Distributable Cash Flow (DCF)

Q1 2023

Q1 2024

(unaudited; millions of Canadian dollars, except share information and per share amounts)

Liquids Pipelines	2,342	2,460
Gas Transmission	1,189	1,274
Gas Distribution and Storage	716	765
Renewable Power Generation	139	279
Eliminations and Other	82	176
Adjusted EBITDA1,3	4,468	4,954
Maintenance capital	(173)	(196)
Interest expense (net of capitalized interest)1	(926)	(1,014)
Current income taxes1	(180)	(263)
Distributions to noncontrolling interest (NCI)1	(92)	(78)
Cash distributions in excess of equity earnings1	65	96
Preference share dividends	(84)	(93)
Other receipts of cash not recognized in revenue2	83	28
Other non-cash adjustments	19	29
DCF3	3,180	3,463
Weighted average common shares outstanding4	2,025	2,126
DCF per common share3	1.57	1.63

1 Presented net of adjusting items.

• Consists of cash received, net of revenue recognized, for contracts under make-up rights and similar deferred revenue arrangements.

• Non-GAAPfinancial measures. Please refer to Non-GAAPReconciliations Appendices.
  4 Includes equity pre-funding for the Acquisitions which are expected to close in 2024.

Additional Disclosure Items Related to Enbridge DCF Calculation

Interest Expense
	Q1 2023	Q1 2024
(unaudited; millions of Canadian dollars)
Interest expense1	937	1,033
Amortization of fair value adjustments - Spectra acquisition	11	11
Capitalized interest expense	(22)	(30)
Interest expense (net of capitalized interest)1	926	1,014

• These balances are presented net of adjusting items. For more information on non-GAAP financial measures, please refer to the Non-GAAP Reconciliations Appendices

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge. Please refer to the "Non- GAAP Reconciliations Appendices" section of this supplemental package.

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Cash Distributions from Equity Investments
	Q1 2023	Q1 2024
(unaudited; millions of Canadian dollars)
Cash Distributions Received from Equity Investments1	608	835
Less: Equity Income1	(543)	(739)
Cash Distributions in excess of equity earnings	65	96

• These balances are presented net of adjusting items. For more information on non-GAAP financial measures, please refer to the Non-GAAP Reconciliations Appendices

Key Equity Investments, along with Enbridge's equity ownership:

As of March 31, 2024, unless otherwise noted	Ownership
Liquids Pipelines
Seaway Crude Pipeline System	50%
Bakken Pipeline System1	27.6%
Southern Access Extension	65%
Gray Oak Pipeline System2	68.5%
Cactus II Pipeline3	30%
Gas Transmission
Sabal Trail	50%
NEXUS	50%
Gulfstream Natural Gas System	50%
Southeast Supply Header	50%
Alliance Pipeline4	50%
Aux Sable4	42.7%-50%
Whistler Parent	19%
Sparta	50%
Woodfibre LNG	30%
DCP Midstream2	13.2%
Renewable Power Generation
Rampion Offshore Wind	24.9%
Hohe See and Albatros Offshore Wind5	49.9%
Saint-Nazaire Offshore Wind	25.5%
Fox Squirrel Solar	50%

1 Consists of the Dakota Access Pipeline and the Energy Transfer Crude Oil Pipeline

• Indirect economic interest following the joint venture merger transaction with Phillips 66 which closed in August 2022 and the acquisition of an additional 10% interest from Rattler Midstream in January 2023.

• Acquired an effective 20% interest in Cactus II Pipeline, LLC through the acquisition of Moda Midstream Operating LLC in Oct. 2021. Acquired an additional 10% ownership in Cactus II Pipeline, LLC from Western Midstream Partners, LP on Nov. 2, 2022.

• Enbridge closed the agreement to sell its interest in Aux Sable (including 42.7% interest in Aux Sable Midstream LLC and Aux Sable Liquid Products L.P., and 50% interest in Aux Sable Canada LP) and 50% interest in Alliance Pipeline, on Apr. 1, 2024.

• Enbridge increased its interest in Hohe See Offshore Wind Farm and Albatros Offshore Wind Farm by a further 24.25% on Nov. 3, 2023, bringing Enbridge's interest to 49.89%.

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge. Please refer to the "Non- GAAP Reconciliations Appendices" section of this supplemental package.

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Other Non-Cash Adjustments
	Q1 2023	Q1 2024
(unaudited; millions of Canadian dollars)
Equity AFUDC	(12)	(15)
Other1	31	44
Other non-cash adjustments	19	29

• Consists of non-cash items including, but not limited to, stock-based compensation expense and amortization of deferred debt issuance costs.

Adjusted EBITDA to Adjusted Earnings

		Q1 2023	Q1 2024
(unaudited; millions of Canadian dollars, except share information and per share amounts)
Adjusted EBITDA1,2	4,468	4,954
Depreciation and amortization	(1,182)	(1,234)
Interest expense (net of capitalized interest)2	(915)	(1,013)
Income taxes2	(513)	(607)
Noncontrolling interests2	(48)	(52)
Preference share dividends	(84)	(93)
Adjusted earnings1	1,726	1,955
Weighted average common shares outstanding	2,025	2,126
Adjusted earnings per common share1	$0.85	$0.92
1	Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.
2	Presented net of adjusting items.

Business Segment Performance and Additional Business Level Detail

Liquids Pipelines
	Q1 2023	Q1 2024
(unaudited; millions of Canadian dollars)
Mainline System	1,337	1,338
Regional Oil Sands System	231	227
Gulf Coast and Mid-Continent Systems1	384	427
Other Systems2	390	468
Adjusted EBITDA3	2,342	2,460

• Consists of Flanagan South Pipeline, Seaway Pipeline, Gray Oak Pipeline, Cactus II Pipeline, Enbridge Ingleside Energy Center, and others.

• Other consists of Southern Lights Pipeline, Express-Platte System, Bakken System, and Feeder Pipelines and Other.
  3 Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge. Please refer to the "Non- GAAP Reconciliations Appendices" section of this supplemental package.

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Gas Transmission
		Q1 2023	Q1 2024
(unaudited; millions of Canadian dollars)
US Gas Transmission	925	949
Canadian Gas Transmission1,2	182	196
Other2,3,4	82	129
Adjusted EBITDA5	1,189	1,274
1	Canadian Gas Transmission includes the BC Pipeline System, and the Alliance Pipeline System.
2	Enbridge closed the agreement to sell its interest in Aux Sable (including 42.7% interest in Aux Sable Midstream LLC and Aux
	Sable Liquid Products L.P., and 50% interest in Aux Sable Canada LP) and 50% interest in Alliance Pipeline, on Apr. 1, 2024.

• Includes our equity interest in the Aux Sable fractionation plant and equity interest in DCP Midstream, LLC.
  4 Includes offshore pipelines within the Gulf of Mexico.
  5 Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.

Gas Distribution and Storage
	Q1 2023	Q1 2024
(unaudited; millions of Canadian dollars)
Enbridge Gas Inc. (EGI)	699	697
U.S. Gas Utilities	-	50
Other	17	18
Adjusted EBITDA1	716	765
1 Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.
Eliminations and Other
	Q1 2023	Q1 2024
(unaudited; millions of Canadian dollars)
Operating and administrative	53	195
Realized foreign exchange hedge settlements	29	(19)
Adjusted EBITDA1	82	176

1 Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge. Please refer to the "Non- GAAP Reconciliations Appendices" section of this supplemental package.

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Detailed Asset Performance

Negotiated Settlement	Q3	Q4	Q1	Q2
20231	20231	20241	20241
Tariff Information
US Dollar Base IJT Toll (USD/bbl)2	$2.57	$2.57	$2.57	$2.57
Full Line 3 Replacement Surcharge (USD/bbl)3	$0.76	$0.77	$0.76	$0.76
US Dollar Component4	$3.33	$3.34	$3.33	$3.33
Hardisty to Chicago Heavy Barrel Tariff
Canadian Dollar Base IJT Toll (CAD/bbl)	$1.65	$1.65	$1.65	$1.65
Canadian Dollar Component4	$1.65	$1.65	$1.65	$1.65
Hardisty to Chicago Heavy Barrel Tariff
Average Ex- Gretna Throughput (kbpd)	2,998	3,212	3,127

• In accordance with Canada Energy Regulator (CER) Toll Order TOI-001-2023, on March 4, 2024, the CER approved Enbridge's May 31, 2023 application on the Mainline tolling settlement.

• Includes the IJT benchmark toll for heavy crude oil movements from Hardisty, AB to Chicago, IL, and its components are set in U.S. dollars and Competitive Tolling Settlement Surcharges which were in effect on an interim basis from July 1, 2021 until June 30, 2023. Effective July 1, 2023 the Company is collecting a new dual currency, international joint tariff in line with the CER approval on the mainline tolling settlement for tolls on the Mainline pipeline system.

3 Effective July 1, 2022, the Line 3 Replacement Surcharge, exclusive of the receipt terminalling surcharge, will be determined on a monthly basis by a volume ratchet based on the 9-month rolling average of ex-Gretna volumes. Each 50kbpd volume ratchet above 2,835 kbpd (up to 3,085 kbpd) applies a US$0.035/bbl discount whereas each 50kbpd volume ratchet below 2,350 kbpd (down to 2,050 kbpd) adds a US$0.04/bbl charge. Refer to Enbridge's Application for a Toll Order respecting the implementation of the Line 3 Replacement Surchargesand CER OrderTO-003-2021for further details.

• CER approved tariff tolls in effect, per barrel, for heavy crude oil movements from Hardisty, AB to Chicago, IL. Effective July 1, 2023 the Company is collecting a dual currency, international joint tariff in line with CER approval on a negotiated settlement for tolls on the Mainline pipeline system. Excludes abandonment surcharge.

All figures in the supplemental package are unaudited. Figures in the tables have been rounded and may not reconcile directly to previously disclosed information. Non-GAAP measures have been reconciled to their most directly comparable GAAP measures for Enbridge. Please refer to the "Non- GAAP Reconciliations Appendices" section of this supplemental package.

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