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Enbridge Inc.2014 Annual Review

Le présent document est disponible en français.

The Global 100 Most Sustainable Corporations in the Worldhighlights global corporations that have been most proactivein managing environmental, social and governance issues.Enbridge was named to the Global 100 in 2010, 2011, 2012,2013, 2014 and again in January 2015.

In 2014, DJSI named Enbridge to both its World and NorthAmerica index. The DJSI indices track the performanceof large companies that lead the field in terms of sustainability,financial results, community relations and environmentalstewardship. Enbridge is one of only three Canadian energycompanies on the World Index; and is one of eight Canadianenergy companies on the North America Index.

Forward-Looking Information

This Annual Review includes references to forward-lookinginformation. By its nature this information applies certainassumptions and expectations about future outcomes, sowe remind you it is subject to risks and uncertainties thataffect every business, including ours. The more significantfactors and risks that might affect future outcomes forEnbridge are listed and discussed in the “Forward-LookingInformation” section on page 32 of this Annual Review andalso in the risk sections of our public disclosure filings,including Management’s Discussion and Analysis, availableon both the SEDAR and EDGAR systems at www.sedar.comand www.sec.gov/edgar.shtml, respectively.

Life Takes Energy™

At Enbridge, we are extremely proud of the work we do.For generations, Enbridge has made a meaningfuldifference in the way people are able to live their lives.And every day, in important ways, people count on usto make their lives better. We are looking aheadwith confidence and purpose—connecting peopleto the energy they need to fuel their quality of life.

“In a volatile energy environment,Enbridge remains keenlyfocused on the safety andreliability of our operations,opening access to the bestmarkets for our customers,and delivering superiorreturns to our shareholders.”—Al Monaco

President & CEO, Enbridge Inc.

Enbridge Overview 2Growth and Execution 6Extending and Diversifying Growth 16Superior Shareholder Returns 22Letter to Shareholders 26Corporate Governance 312014 Awards and Recognition 33Investor Information 34

Contents

1Enbridge is makingthings happen—to enable economicgrowth and fuelpeople’s qualityof lifeEveryone expects more from energy companies, and that’sthe way it should be. We take our responsibilities veryseriously. That’s why we’re investing billions of dollars inall types of energy infrastructure in undertaking the largestcapital growth program in our company’s history to addressNorth America’s energy challenges. And it’s why we arefocused on connecting people with the energy that is essentialto their daily lives and at the same time achieving the benefitsof economic development in a safe and sustainable way.

2 Enbridge Inc.

2014 Annual Review 3

Enbridge Overview

By transporting, distributing and generatingenergy, we play a critical role in enablingthe economic well-being of North Americans.

We deliver energy to where it’s neededmost—reliably, efficiently and with thesafety of our employees, the public andthe environment in mind.

We’re growing today to help meet NorthAmerica’s future energy needs. We’recurrently developing $34 billion incommercially secured energy infrastructureprojects—all with a planned in-servicedate of 2018 or earlier—and we have$10 billion in additional potential capitalprojects that could further extendour growth.

As we grow, our vision is unchanged—to bethe leading energy delivery company inNorth America.

First and foremost, we’re striving forindustry leadership in safety and protectionof the environment.

We’re also determined to be leaders invalue creation for our shareholders,customer service, developing our peopleand community investment.

Whether it is customers looking for energydelivery solutions, professionals consideringcareers, investors looking for a solidreturn on their investment or landownersconsidering who they can trust, we wantthe name they think of to be Enbridge.

Life Takes Energy

In 2014, we started speaking publicly aboutEnbridge’s purpose—fueling people’s qualityof life. Our brand reflects the important roleenergy and Enbridge play in the lives of allNorth Americans—a role we’re proud of.

For more information on our brand initiative, please visitenbridge.com/lifetakesenergy

Who We Are andWhat We Value MostEnbridge exists to fuel people’s quality of life. We know thatwhat we do matters—for our customers, shareholders, employees,communities and society—and we always aim to do things right.

4 Enbridge Inc.

We Transport Energy

Whether oil and gas is moving acrosstown or across the country, no one isbetter equipped to deliver this energy thanEnbridge. We operate the world’s largestand most sophisticated transportationnetwork for crude oil and liquids. We alsohave a growing ability to move naturalgas and electricity. And we take pridein delivering it all with an outstandingrecord of safety.

We Distribute Energy

Our customers rely on the clean-burningnatural gas we deliver to cook their foodand heat their homes, water and workplaces.We own and operate Canada’s largestnatural gas distribution company, providingsafe, reliable service to more than 2 millionresidential, commercial and industrialcustomers in Ontario, Quebec,New Brunswick and New York State.

We Generate Energy

We never stop thinking about the futureof energy and sustainability, which is whywe’re now a major and growing renewableenergy company in Canada and the UnitedStates. Since our initial investment in 2002,we’ve invested more than $4 billion in wind,solar, geothermal and waste-heat powergeneration assets.

What We DoIf we step back and take a look at the big picture, Enbridge isabout connecting people to the energy we all need. We connectpeople in three key ways:

Our Strategic PrioritiesOur strategic plan charts our path toachieving our vision of being the leadingenergy delivery company in North America.

Achieving success means that we needto maintain a strong organizational andcultural foundation.

This requires us to:

• uphold Enbridge’s values of Integrity,Safety and Respect in everything wedo as a company and as employees;

• shape, promote and protect Enbridge’sreputation by focusing on strategiescentred around openness andtransparency, effective communicationand constructive relationships withstakeholders across our operations; and

• attract, retain and develop our people.

1 Focus on Safety andOperational Reliability

Safety and operational reliability is—andalways will be—our Number One priority.

Our goal is industry leadership in thesafety of our pipelines and protectionof the environment.

We put safety and environmental protectionahead of everything else, aiming tonot just meet regulations, but to achieveworld-class performance. We relentlesslyensure the safety of our employees,contractors, communities, customersand partners. We invest in the newestin integrity management technology andadvancements in leak detection.

By doing so, we believe we can all achievethe benefits of economic development ina responsible, sustainable way.

Please see pages 20 – 21 for more information.

2 Execute On Our GrowthCapital Program

The successful delivery of Enbridge’scommercially secured energy projects isof critical importance to our customers,our shareholders and society at large.We’re achieving that through highlyeffective project management and theexecution of a funding program thatpreserves Enbridge’s financial strengthand flexibility.Please see pages 6 – 15 for more information.

3 Secure the Longer-Term Future

As we execute on the growth projectswe’ve already secured, we’re alsostrengthening Enbridge’s longer-termfuture by extending the growth of ourcore businesses and developing newplatforms for growth and diversification.Please see pages 16 – 19 for more information.


2We’re fully engagedin our $44-billiongrowth program—the largest inEnbridge’s historyThe dynamics of the energy business have changeddramatically over a very short period of time. A sizableincrease in North American oil and gas supply is drivinga transformation of the continent’s pipeline grid.And there is a shift happening in the energy supply mixtowards both natural gas and renewables. We’reresponding by building the infrastructure needed todeliver the energy North Americans rely on, every day.

6 Enbridge Inc.

Growth and Execution

The rapid growth in production inmany energy supply regions across NorthAmerica—from Canada’s oil sands tounconventional shale oil and gas basinsin the United States and Canada—hascreated an acute demand for newtransportation infrastructure.

And it’s clear that energy needs will continueto grow globally over the long term, drivenby economic and population growth, greaterurbanization, as well as the desire in developingcountries for increased standards of living.

We’re also starting to see a shift in theenergy supply mix—towards natural gasand renewable energy.

Our strong position is driving growthacross our whole enterprise. We’re currentlydeveloping and executing a $44-billionslate of energy infrastructure projects,$34 billion of which are already commerciallysecured and projected to be in servicebetween now and the end of 2018.

Where We’re GrowingThrough our growth program, we’re helpingto transform the North American energylandscape. We’re building capacity soproducers can access new markets forCanadian and U.S. crude oil. We’re expandingour network of natural gas assets to supportgrowing supply regions across North America.We’re upgrading and expanding our gasdistribution system to better serve ourresidential, commercial and industrialcustomers. We’re also promoting growth inclean power by investing in renewable andalternative energy generating capacity.

Our growth program is already well advanced.We brought approximately $10 billion ofthese growth projects into service in 2014,and we expect over $9 billion more to bein service before the end of 2015.

Liquids Pipelines

Long-term supply outlooks in Alberta’s oilsands and the Bakken region are drivingboth our current growth and potential futureopportunities in our Liquids Pipelines

business. In addition to placing new projectsinto service, we’re optimizing all our assetsto ensure they deliver the services expectedby our customers and the financialperformance expected by our investors.

Enbridge always looks at things from ourcustomers’ point of view. What concernsthem, concerns us. As we entered 2015,a dramatic plunge in oil prices was creatingtremendous uncertainty for our customers.As a result, delivering on our strategy—toprovide producers innovative, flexible andcost-competitive solutions so that theycan access multiple markets and realizethe best prices for their energy—is moreimportant now than ever.

We’re ConnectingPeople to the EnergyThey NeedWe understand that the energy we deliver moves oureconomy and makes life more convenient for everyone.Today, we’re expanding our transportation, distributionand clean power generation infrastructure so that producerscan connect to the best markets, refiners have accessto reliable feedstock and North American consumers canalways access energy, safely and reliably.

continues inside spread

Enbridge always looks at thingsfrom our customers’ pointof view. What concerns them,concerns us.

8 Enbridge Inc.

Current Assets

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CANADA

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Chicago

Edmonton

Regina

Fort McMurray

Fort St John

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Lethbridge

Salt Lake City

Seattle

Casper

Denver

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Patoka

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Cromer

Flanagan

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Calgary

Montreal

Ottawa

Bu�alo

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Houston

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Edmonton

Regina

Fort McMurray

Fort St John

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Great FallsPortland

Lethbridge

Salt Lake City

Seattle

Casper

Denver

Patoka

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Gretna

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Calgary

Toronto

Montreal

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TulsaCushing

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Las VegasLas Vegas

New OrleansNew OrleansEnbridge Inc. and Enbridge Income Fund Holdings Inc.Headquarters, Calgary, Alberta, Canada

Enbridge Energy Partners, L.P. and Midcoast Energy Partners, L.P.Headquarters, Houston, Texas, USA

Enbridge Gas Distribution HeadquartersToronto, Ontario, Canada

Liquids Systems and Joint Ventures

Natural Gas Systems and Joint Ventures

Power Transmission

Gas Distribution

Wind Assets Waste Heat Recovery

Solar Assets Rail

Geothermal Assets Trucking

Storage


Market Access Initiatives

We're making significant progress withthis suite of initiatives through which we'relinking growing oil producing regions tothe best markets and providing refineriesin Canada and the U.S. with reliableNorth American feedstock. By the end of2014, we had added 1.3 million barrels perday (bpd) of incremental market accesscapacity and we expect to add another400,000 bpd by the end of 2015.

Light Oil Market Access

Through this $6.0-billion initiative, we’reexpanding access to markets for growingvolumes of North Dakota and westernCanadian light oil to premium refinerymarkets in Ontario, Quebec and the easternportion of the U.S. Midwest. The initiative willsee an additional 400,000 bpd of light crudeaccess those refinery markets, and helpensure that consumers in those regions areprovided with gasoline, diesel and otherproducts refined from secure, reliablesupplies of North American crude. Theinitiative includes: the Southern AccessExtension Pipeline from Flanagan, Illinois

to the Patoka, Illinois hub that we expect tobe in service in late 2015; and the SandpiperPipeline, which will effectively twin our NorthDakota System.

Eastern Access

We’ve already completed five of the sixprojects that make up this $2.7-billion suiteof initiatives, which is designed to providecritical capacity for western Canadianand Bakken crude oil producers to accessrefineries in eastern Canada, the U.S.Midwest and eastern U.S., and to providerefineries in those regions access tolower-cost feedstock. The final piece—theLine 9 Reversal Project—is expected to bein service in the second quarter of 2015.

Western Gulf Coast Access

In a major milestone for Enbridge and ourcustomers, we completed this $5.4-billioninitiative in late 2014, the two majorcomponents of which were the 600,000-bpdFlanagan South Pipeline and the SeawayPipeline Twinning, which has more thandoubled Seaway’s capacity to 850,000 bpd.These achievements represent a major boost

for North American energy security and area key factor in achieving fair market value forCanadian natural resources. Connected withEnbridge’s existing network, Flanagan Southand Seaway Twin represent the energyindustry’s first large-volume, full-path solutionfor delivering western Canadian heavy crudeoil to the world’s largest refinery complexlocated along the western Gulf Coast nearHouston. In conjunction with this improvedaccess, we're expanding the capacity of ourmainline system upstream of Flanagan from450,000 bpd to 800,000 bpd. This additionalcapacity is expected to be available in 2015.

Western Access

Our proposed Northern Gateway Projectwould transport 525,000 bpd of oil fromAlberta for export to refineries in theAsia-Pacific region and U.S. west coast.The project received Governor in Councilapproval by the Government of Canadain June 2014, subject to 209 conditions.We now estimate that Northern Gatewaycould be in service in 2019 at the earliest.

Building a Path to the Gulf Coast

We completed our Western Gulf CoastAccess initiative in 2014—providing thefirst large-volume, full-path solution fordelivering western Canadian heavy crudeoil to the world's largest refinery complexlocated along the western Gulf Coastnear Houston.

Investing in Wind

We're one of Canada's largest investorsin wind power production and we'rea growing player in the United States.In 2014, we made major investments inwind projects in Texas, Indiana, Albertaand Quebec.

Connecting with Stakeholders

Gaining and building public trust hasalways been important to us. In 2014,we spent a lot of time in the communitieswhere we're operating and growing ourbusinesses—updating people aboutour plans, listening to and addressingtheir concerns and seeking their support.

Building, Investing, ConnectingWe're helping to transform the North American energy landscape—building capacity so producers can access new markets, as well as promotinggrowth in renewable power and focusing on sustainable development.

Renewable and alternative energy projects

The renewable and alternative energy projects across North Americain which we’ve invested have the capacity to generate more than2,200 MW (1,600 MW net)—enough electricity to power more than

Through our suite of initiatives,we're adding incremental marketaccess capacity of approximately1.7 million barrels per day of crude oil.By the end of 2014, we had alreadyadded 1.3 million bpd and we expectto complete another 400,000 bpdby the end of 2015.

Enbridge Gas Distribution (EGD)is the largest natural gas utility inCanada and one of the fastestgrowing gas distribution franchisesin North America. Our $0.8-billionGreater Toronto Area (GTA) Projectwill allow EGD to meet the growthdemands of Canada’s largest city.

Market Access Initiatives

1.7 2million bpd

%

We’re one of the largest gas gatherersand transporters in the Gulf of Mexico,handling approximately 60% ofdeepwater gas production.

Gas Pipelines and Processing

60

Mainline and Regional Projects

Line 3 Replacement (L3R) Program

This $7.5-billion program is the largestin Enbridge’s 65-year history. It includesreplacing the existing Line 3 pipe fromHardisty, Alberta to Superior, Wisconsin.L3R represents a major enhancementof our mainline liquids pipeline systemand comes with significant benefits toour customers. The increased reliabilityof throughput on our system will providecustomers with greater certainty ofservice to key markets, and aligns wellwith our Number One priority of safetyand operational reliability. The L3R Programis targeted to be completed in late 2017.

Mainline Expansion

To ensure there is adequate capacity onour mainline system to supply our newmarket access projects, we’re expandingthe capacity of our Alberta Clipper andSouthern Access pipelines in Canadaand the U.S. through the addition of newpumps and pump stations. We completedPhase 1 of these expansions in 2014.

Also, to accommodate volume growthat our Edmonton hub, we’re investing$1.8 billion in a new 36-inch line betweenEdmonton and Hardisty, Alberta with initialcapacity of 570,000 bpd, expandable to800,000 bpd.

Alberta Regional Infrastructure

We’re adding significant incrementalcapacity from Alberta’s oil sands region,with $5.6 billion in commercially securedgrowth projects through to 2017. Enbridgeis the largest pipeline operator in theFort McMurray to Edmonton/Hardistycorridors, and our strategic position andscale in the region continues to presentgrowth opportunities for the Company.

Bakken Regional Infrastructure

Our recent infrastructure expansionprojects in the prolific Bakken region inNorth Dakota and Saskatchewan areproviding the region’s crude oil producersreliable, economical and secure accessto a wide variety of refinery markets.Our proposed Sandpiper Pipeline, whichforms part of our Light Oil Market Access

program and is targeted to be in servicein 2017, will deliver Bakken light crude oilto U.S. and eastern Canadian refineries.Once Sandpiper is completed, we willhave total capacity of 650,000 bpd totransport crude oil from North Dakota.


We expect unconventional shale andtight gas plays, as well as an upswing ingas-fired power generation, will continueto boost natural gas production inNorth America for the foreseeable future.Enbridge is well positioned to capitalizeon growth in select regions.

We currently have US$1.3 billion in newgas pipelines and processing initiatives,and in both Canada and the U.S. weplan to pursue additional pipeline andprocessing opportunities that meetEnbridge’s well-defined investment criteria.

Gas Distribution

750,000 homes

million customers


Onshore Pipelines

Alliance Pipeline is making very goodprogress in securing new pipelinetransportation contracts after existing firmservice contracts expire in December 2015.With its unique ability to transport liquids-rich gas, Alliance Pipeline is ideally positionedto benefit from production growth in anumber of liquids-rich natural gas shaleplays, particularly the Bakken play, as wellas the Montney and Duvernay plays inBritish Columbia and Alberta.

Offshore Pipelines

Enbridge is one of the largest gas gatherersand transporters in the Gulf of Mexico,handling approximately 40% of totaloffshore gas production and 60% ofdeepwater gas production. In 2015, weexpect to place into service the Walker

Ridge Gas Gathering System and theBig Foot Oil Pipeline. In January 2015,Enbridge announced that it will build, ownand operate a crude oil pipeline in theGulf of Mexico to connect the plannedStampede development to an existingthird-party pipeline system. The lateralpipeline is expected to cost approximately$0.2 billion and be operational in 2018.

Processing

In Canada, we’re developing gas gatheringand compression facilities in the Peace RiverArch (PRA) region in northwest Alberta.In 2014, we completed construction of newgathering lines and natural gas liquidshandling facilities there; and going forwardwe plan to extend the reach and capacityutilization of those facilities. The PRA isin close proximity to the Alliance Pipeline.

In the United States in 2015, we expectto put into service our Beckville cryogenicnatural gas processing plant in Texas.

Gas Distribution

With more than 2 million customers,Enbridge Gas Distribution (EGD) is thelargest natural gas utility in Canada and oneof the fastest growing gas distributionfranchises in North America. EGD is nowengaged in the largest capital expenditureprogram in its 167-year history and the mostsignificant upgrade to the distributionsystem in 20 years. Through its $0.8-billionGreater Toronto Area (GTA) Project, EGDis upgrading the backbone of its existingnatural gas distribution system—allowing itto meet the growth demands of Canada’slargest city, while continuing the safe andreliable delivery of natural gas to current

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12 Enbridge Inc.

and future customers. The GTA project isscheduled for completion in 2015.

Renewable Power Generationand Power Transmission

We have interests in wind, solar, geothermaland waste heat recovery facilities witha total generating capacity of more than2,200 megawatts of emissions-freeelectricity. Of this total, Enbridge and itssubsidiaries own more than 1,600 MW ofnet capacity. We’re one of Canada’s largestinvestors in solar and wind power production,and in the United States we’re a growingrenewable energy player. In 2014, weinvested in the 110-MW Keechi Wind Projectin Texas that entered service in January2015; brought into service the 300-MWBlackspring Ridge Windfarm in Alberta;purchased additional ownership stakes in

the 300-MW Lac Alfred Wind Project andthe 150-MW Massif du Sud Wind Project inQuebec; and purchased an 80% interestin a portfolio of two operating wind farms inthe U.S.—the 203-MW Magic Valley 1 inTexas and the 202-MW Wildcat 1 in Indiana.We’re also now assessing the potentialfor investing in gas-fired power generationin Alberta.

Enbridge first entered into the powertransmission business with the commissioningin 2013 of the 300-MW Montana-AlbertaTie-Line (MATL) from Great Falls, Montanato Lethbridge, Alberta. Enbridge is also amember of the consortium selected in 2013to develop the East-West Tie Line Project,a proposed electricity transmission line innorthwestern Ontario. The line will beapproximately 400 kilometres long and runbetween Thunder Bay and Wawa.

1. We closely monitor ourcrude oil pipeline systems ona continuous, 24/7 basis fromour Control Centre Operationsin Edmonton, Alberta.

2. Across the enterprise,our customer relations teamsare constantly looking foropportunities to improveservice for our customers.

3. We're building our WalkerRidge Gas Gathering Systemin the Gulf of Mexico withthe help of the Deep Blue,a technologically advanceddeepwater pipelay vessel.

4. Nearly 200 members ofthe surrounding communityattended an open house atour new Beckville CryogenicProcessing Plant in Texasin November 2014.

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3 4


Growth and Execution

We have the expertiseand financial strengthto deliver the new energyinfrastructure NorthAmericans needWhat will it take to achieve our vision of being the leadingenergy delivery company in North America? One way isby safely delivering our growth projects on time andon budget for our customers. Another is through prudentfinancial management. Those are priorities for us becausethey’ll translate directly into shareholder value for manyyears to come.

Executing Projectswith ConfidenceWe strive to safely deliver all of our growthprojects on time and on budget and at thelowest practical cost, while also maintainingthe highest standards for safety, quality,customer satisfaction and environmentaland regulatory compliance.

To help us deliver on that promise, in 2008we formed our Major Projects groupas a stand-alone, specialized projectmanagement function within Enbridge.

Over the past six years, Major Projectshas safely and successfully placed 39Enbridge projects valued at $20 billioninto service—33 of them ahead of oron schedule and under budget.

Major Projects is now applying its provenknowledge and expertise to bring another25 projects valued at $2 billion intoservice through 2018.

The world-class skills, processes anddiscipline that we’ve developed within our

Major Projects group, along with its abilityto execute large-scale energy infrastructureprojects, is now a key feature of Enbridge’sbusiness model, supporting our ability tosustainably create value. Our customersare choosing Enbridge precisely becausethey know we can successfully and costeffectively deliver projects.

Preserving Our FinancialStrength and FlexibilityWe’re optimizing our cost of capital forthe benefit of our shareholders.

That means prudently financing our largest-ever capital spending program by securinglow-cost funding.

We take a disciplined and conservativeapproach to financing and financialmanagement. We always aim to ensure thatwe have adequate liquidity and sufficientfinancial flexibility to fund our capitalgrowth, while at the same time closelymanaging any financial risk inherent in ourexisting businesses.

To support these objectives, we developfinancing plans and strategies withEnbridge’s credit profile in mind. We seekto diversify the Company’s funding sources,and maintain substantial standby bankcredit capacity and access to capitalmarkets in both Canada and the UnitedStates. Our policy is to maintain at all timesenough liquidity to fund at least a full yearof capital commitments.

In 2014, we raised $9.9 billion of long-termcapital, including $0.5 billion of incrementalcommitted bank credit lines. At year-end,our enterprise-wide committed bank creditlines totaled $18.6 billion.

We have access to multiple low-cost fundingalternatives, including our sponsoredvehicles—Enbridge Income Fund (theFund), Enbridge Energy Partners (EEP) andMidcoast Energy Partners (MEP)—and weplan to use all of our funding alternativesselectively to minimize our funding costs.

“Our Major Projects team is generatingsignificant value for both Enbridgeand in the communities where we'regrowing. Not only are we making theCompany's growth capital programa reality, we are also making sure thatour projects are designed and builtto world-class standards of safetyand reliability.”

—Byron Neiles, Senior Vice President,Major Projects, Enterprise Safety andOperational Reliability

14 Enbridge Inc.

4

Proactivesupply chainmanagement

Projectdevelopment

expertise

Strongregulatory process

experience

Safetyand qualityleadership

Robust costand schedule

controls

Advancedengineering and

construction

Disciplined projectmanagement

CoreStrengths

Our Major Projects group has a strongsafety record. In 2014, the group turnedin one of its best performances ever—achieving a total recordable incidentfrequency (TRIF) of 0.77 on a record27 million hours worked.

Our Major Projectsgroup has seven corecompetencies thatenable repeatableperformance.

0.7727M

TRIF

HRS

Safety Record Leaders inProject Execution

Enbridge’s Sponsored Vehicles

Enbridge Income Fund Holdings Inc.(TSX: ENF; enbridgeincomefund.com)

A publicly traded Canadian corporationthat invests in high-quality, low-riskenergy infrastructure assets. ThroughENF, investors participate in a diversifiedportfolio of energy transportation andrenewable power generation businessesowned by Enbridge Income Fund andoperated by Enbridge Inc.

Enbridge Energy Partners, L.P.(NYSE: EEP / NYSE: EEQ;enbridgepartners.com)

A U.S. master limited partnership witha diversified portfolio of oil and gasdelivery assets.

Midcoast Energy Partners, L.P.(NYSE: MEP; midcoastpartners.com)

A U.S. master limited partnership thatserves as Enbridge Energy Partners’primary vehicle for owning and growingits natural gas and natural gas liquids(NGL) midstream businesses in the U.S.

Unlocking Value throughour Sponsored VehiclesWe’ve been actively utilizing our sponsoredvehicles to support our funding program.In 2014:

• Enbridge sold a $1.8-billion packageof natural gas assets and diluent pipelineinterests to Enbridge Income Fund,representing the largest transaction theFund has undertaken since its inceptionin 2003.

• Enbridge sold its 66.7% interest inthe U.S. segment of its Alberta ClipperPipeline to EEP for US$1 billion.EEP already owned the remaining33.3% interest. (This transaction wascompleted on January 2, 2015.)

• EEP sold a 12.6% interest in its subsidiary,Midcoast Operating, L.P., to MEP forUS$350 million.

These transactions, which are sometimesreferred to as drop downs, create valuethrough monetizing the value of existing assetsand providing sources of low-cost fundingfor our enterprise-wide growth program.Going forward, we expect our sponsoredvehicles will continue to play an importantrole in supporting our growth strategy.

Proposed Financial Restructuring

In December 2014, we announced aproposed financial restructuring plan thatwould see the transfer to the Fund ofEnbridge’s Canadian liquids pipelinesbusiness, comprised of Enbridge PipelinesInc. and Enbridge Pipelines (Athabasca) Inc.,and including certain renewable energyassets. The assets have a combined carryingvalue of $17 billion with an associatedsecured growth capital program ofapproximately $15 billion. The restructuringis targeted for completion by mid-2015.

The restructuring is intended to enhanceEnbridge's value to investors while weexecute our $44-billion growth capitalprogram and to enhance the competitivenessof our funding costs for new organic growthopportunities and asset acquisitions. It hasbeen approved in principle by Enbridge’sBoard of Directors but remains subjectto finalization of preliminary internalreorganization steps and a number ofconsents and approvals, including the receiptof all necessary shareholder and regulatoryapprovals that may be required.

By late 2014, Enbridge also had underreview a potential U.S. restructuring plan thatwould involve transfer of Enbridge’s directlyheld U.S. liquids pipelines assets to EEP.


3Our sights are firmlyset on extendingand diversifying ourgrowth beyond 2018To strengthen our industry leadership position even further,we’re aiming to become a bigger player in natural gasand renewables. At the same time, we’ll continue to investin emerging technologies that will help us contribute toa cleaner energy future.

16 Enbridge Inc.

Extending and Diversifying Growth

As we execute our current growth projects,we’re also working to secure Enbridge’sgrowth for the longer term.

One way we’ll achieve that is by strengtheningour core businesses—extending the growthof our liquids pipelines business beyond 2018;building competitive advantage and expandingthe scale, reach, scope and capabilities ofour gas pipelines and processing business;and seeking opportunities to enhancelow-risk earnings growth in our naturalgas distribution business.

In addition, we’re developing new platformsfor growth and diversification.

We expect there will be a shift in the energysupply mix towards renewables and naturalgas, so we’re planning to build on our existingsolid base of investments in renewable powergeneration and natural gas infrastructure,while continuing to evaluate internationalopportunities.

These growth platforms have strongsupply-demand fundamentals, and we

believe we can build these platformswithout compromising our reliablebusiness model, which is the foundationof our value proposition to investors.

We’re also investing in innovative emergingtechnologies that show good potential toimprove the safety and operational reliabilityof our existing assets and to contributeto a cleaner energy future.

We own a 40% interest in the 23-MWNeal Hot Springs Geothermal facility inOregon, which is delivering electricity tothe Idaho Power grid under a long-termpower purchase agreement.

Securing Enbridge’sLonger-Term FutureWe believe market fundamentals support a broaderbusiness base for the Company.

18 Enbridge Inc.

4 Energy Marketing

We provide energy supply and marketingservices to North American refiners,producers and other customers. Ourcrude oil and natural gas liquids (NGL)marketing services include transportation,storage, supply management and productexchanges. We forecast that our EnergyMarketing group’s earnings will growover the next five years as a result ofgeographic expansion, a wider rangeof marketing strategies and increasingscale of business.

3 Power Transmission

Our Montana-Alberta Tie-Line (MATL)commenced commercial operationsin 2013. With tremendous growth inelectrical generation expected in NorthAmerica over the next 15 years, thecontinent’s transmission network willneed to be reconfigured to handlethese new generating assets. Currently,we plan to be selective in pursuingtransmission projects and we expectto leverage our existing position andstrategic partnerships to secure futuretransmission opportunities.

2 Natural Gas Infrastructure

Enbridge has already built a sizeablenatural gas pipelines and processingbusiness both onshore in Canada andthe United States and offshore in theGulf of Mexico. We plan to leverage thisfootprint to capture new opportunitieswithin our existing gas businesses.

We also view gas-fired power generationas an attractive new growth platformfor Enbridge, one that complements ourrenewables business. North Americanswant affordable energy options, and webelieve natural gas is a fuel of choicedue to its low-carbon intensity. As agingcoal-fired power plants are retired inboth Canada and the U.S., we seesignificant opportunity for capitalinvestment in new gas-fired generation,especially post 2018. And like ourrenewables investments, gas-firedgeneration can deliver stable cash flowand attractive returns through long-termpower purchase arrangements.

Our Five NewGrowth Platforms

1 Renewable Power Generation

We’ve been building our renewable powergeneration business since 2002, and todate have invested more than $4 billion ina wide range of energy projects acrossNorth America.

Today, we’re one of the largest investorsin solar and wind power production inCanada, and in the United States we’rea growing renewable energy player withinvestments in wind, solar and geothermal.

We’re also investing in a wide rangeof alternative energy projects, includingwaste heat recovery, run-of-riverpower generation and technologiesthat will make it economical to storerenewable energy.

Enbridge’s ownership interests in therenewable and alternative energy projectscurrently in operation equates to a netgenerating capacity for the Companyof more than 1,600 MW, and we’re notstopping there.

5 International

We’re exploring international opportunitiesto establish asset positions in countrieswith strong energy export fundamentals,favourable investment climates andsignificant infrastructure developmentneeds. For example, we’re currentlyworking with partners on the developmentof the Oleoducto al Pacifico pipeline,a proposed heavy oil pipeline to thePacific coast of Colombia, with significantsupport from potential shippers.

Enbridge’s Renewables andAlternative Energy Investments


14 wind farms(in Quebec, Ontario,Saskatchewan,Alberta, Indiana, Texasand Colorado)

Enbridge’s interest1,479 MW

Total capacity2,065 MW

4 solar energyprojects(in Ontario and Nevada)

Enbridge’s interest116 MW

Total capacity150 MW

1 geothermalproject(in Oregon)


Total capacity23 MW

5 waste heatrecovery facilities(in Saskatchewanand Alberta)


Total capacity34 MW

Extending and Diversifying Growth

Investing inEnergy InnovationWe’re constantly searching for innovativeideas, new approaches and emergingtechnologies, projects and companiesthat will help us reduce Enbridge’senvironmental footprint and contributeto a cleaner energy future.

Global demand for energy in all formsis on the rise, and as it grows, we believefinding lower-impact, less carbon-intensivesolutions will benefit everyone.

Our Emerging Technology group uses itsventure capital funds to first thoroughlyscreen technologies and then invest in away that makes sense for Enbridge. If aninvestment that Enbridge owns reachesa significant size, the group turns it over toone of Enbridge’s business units to growand operate it as a new business platform.For example, our initial investments in windand solar energy have long since movedfrom the incubation stage to the pointwhere they are now meaningful andprofitable new businesses for Enbridge.

Our Emerging Technology group hopesto add more energy platforms to ourcompany’s portfolio in the years to come.The group currently has investments incompanies that are developing run-of-the-river hydro, electricity generation from wasteenergy sources, the transportation ofcompressed natural gas by sea, large-scale

electricity storage and next-generationsolar technology. In 2014, the group madea new investment in Skyonic Corporation,a Texas-based carbon capture technologycompany that we believe has real potentialto help the energy industry mitigate its overallenvironmental impact.

Investing in PipelineIntegrity andLeak DetectionBecause our core business is to safely transportliquid hydrocarbons, we make significantinvestments every year in advanced pipelineintegrity and leak detection technologies.We’ve even been asked by regulators and ourpipeline industry peers to assist in advancingthe state of integrity management, technologyand safety to new levels—and that’s a rolewe embrace.

Innovations we’re evaluating and investingin include: real-time leak detectiontechnologies; ultra-high-sensitivity leakmonitoring systems; and advanced aerialleak-detection technologies.

For example, in 2014, our EmergingTechnology group invested in HifiEngineering, a Calgary-based companythat develops leading fibre-optic acousticmonitoring technology designed to locateextremely low-rate leaks and even providepreventive indications of strain before a leakoccurs. To date, this patented technology

has been demonstrated in more than 600 oiland gas wells, and research is currently underway to adapt it for pipeline leak detection.

Also, Enbridge, along with our peers, hashelped form a joint industry partnershipto perform groundbreaking research in thearea of leak detection. We're conductingtests on a number of leading externaldetection technologies, using the ExternalLeak Detection Experimental Research(ELDER) test apparatus in Edmonton.Believed to be the first tool of its kind in theworld, ELDER allows external leak detectiontechnologies to be evaluated in a settingthat closely represents the actual conditionsin which liquids pipelines are installed.

In 2014, the partnership together withC-FER Technologies performed a seriesof tests on four external leak-detectiontechnologies—vapour-sensing tubes,fibre-optic distributed temperature sensingsystems, hydrocarbon-sensing cables andfibre-optic distributed acoustic sensingsystems—all focusing on discovering whichtechnology is optimal for external leakdetection on liquids pipelines. We willshare equally in the knowledge andadvancements provided by this research,and expect to apply them directly to improveleak detection capabilities in our operations.

To learn more about our many otherinvestments in energy innovation and pipelineintegrity and leak detection, please visitenbridge.com/innovation

“Because our core business is to safelytransport liquid hydrocarbons, wemake significant investments everyyear in advanced leak detection,damage prevention and pipelineintegrity management technologies.”—Leon Zupan, Chief Operating Officer,

Liquids Pipelines

20 Enbridge Inc.

Aerial surveillance is oneof the ways we regularlysurvey our pipelinerights-of-way.

Eyes in the Sky

If our in-line inspections reveal apipeline anomaly, we expose the pipe,examine it and make any necessaryrepairs. In 2014, we conducted morethan 2,500 integrity digs.

Integrity DigsEach pipeline is precisely manufactured andrigorously inspected and tested.

We carefully select pipeline routes to meetstringent engineering, design and environmentalstandards and regulations.

We carefully manage pipeline pressures andmonitor temperature, pipe movement and vibration.

Ensuring Pipeline Integrity

In-line Inspection

We regularly communicate withneighbours and customers abouthow to stay safe around ourpipelines and facilities.

Talking to our Neighbours

Eyes on the GroundWe monitor and respond to anypotential problems along ourrights-of-way.

Sophisticated tools allow us to monitor the integrity of ourpipelines from the inside out. Using imaging technologies,such as ultrasound and MRI, we scan our mainlinesystems, major natural gas mains and transmission lines.In 2014, we conducted 205 in-line inspections.

Integrity24/7/365We invest billions of dollars in the safe operation, integrityand maintenance of our pipelines. Here are some ofthe ways we keep communities and the environment safe.


Delivering superiorshareholder returnsis in our DNAThrough our proven value creation formula,our shareholders have benefited from many yearsof strong capital appreciation and dividend growth.And today, with our largest-ever portfolioof organic growth projects, Enbridge is on solidfooting to deliver growing and sustainablevalue to investors for many years to come.

4

22 Enbridge Inc.

Superior Shareholder Returns

An InvestmentYou Can Count OnWe believe we are well positioned to deliversuperior and growing returns for our shareholders.

In December 2014, we announced a 33%increase in our dividend for 2015.

We also set a higher dividend payout policyrange of 75% to 85% of adjusted earningsper share (EPS), up from 60% to 70%previously. This means that we now expectto grow the dividend by 14% to 16% onaverage from 2015 to 2018, and we believeEnbridge is well positioned to delivercontinued dividend growth beyond 2018.

All this reflects our confidence in thestrong cash flows from our existing assetsand the capital projects that we’ll put intoservice over the next four years, as well asthe longer-term prospects of the newbusiness platforms we’re developing.

It also reflects the underlying strengthof Enbridge’s proven formula for creatingshareholder value in varied market conditions.

How We Create Valuefor ShareholdersIndustry-Leading Growth

Our capital program now stands at arecord $44 billion, $34 billion of which iscommercially secured and in execution.The $10 billion of unsecured capitalrepresents projects that are currently inearly stages of development. We expectthis growth program, which is almostentirely organic and stems from the strategicpositioning of our assets, will drive Enbridge’searnings and cash flow growth through

2018 and beyond. After 2018, we alsoexpect to see growing contributions fromour new business platforms such asalternative energy sources and our increasedfocus on natural gas (please see pages

A Reliable Business Model

For more than six decades and througha variety of market conditions, our reliablebusiness model has generated superiorreturns to shareholders through capitalappreciation and dividends.

The three main elements of our businessmodel are:

• Conservative commercial structures:The vast majority of our adjustedearnings are underpinned by strongcommercial arrangements that generatepredictable earnings and cash floweven in challenging market conditions.These arrangements include regulatedassets that are supported by cost-of-service tolling methodologies, long-termtake-or-pay contracts and fee-for-service arrangements.

• Prudent financial management:We actively manage financial risk tomaintain a strong balance sheet, stronginvestment-grade credit ratings andongoing access to low-cost sources ofcapital. We seek to limit our exposure tocommodity prices, interest rate variabilityand foreign exchange risk througha comprehensive hedging program.

We manage our projects efficientlyto deliver them on time and on budget,thereby reducing residual capital costand schedule risk. We continually seekways to optimize our cost of capitalto drive the maximum value from ourbusinesses by accessing multiplelow-cost funding alternatives, includingasset drop downs to our sponsoredinvestments—Enbridge Income Fund,Enbridge Energy Partners and MidcoastEnergy Partners (please see pages14 – 15 for more details).

• Disciplined investment process:We have a rigorous capital investmentreview process to ensure each projectmeets or exceeds our expected returntargets and low risk requirements. We’reselective about the growth opportunitieswe pursue. We consider organic growthfirst, where our assets and skills provideus with a better opportunity to add valuefor customers. We only pursue acquisitionopportunities if they fit with our strategy.

Significant Dividend Income

Our growing earnings and cash flow providea solid base for superior, predictabledividend growth. Over the past 10 years,we’ve delivered average annual dividendgrowth of approximately 12%. In December2014, we announced a 33% dividendincrease, which represents Enbridge’s 20thconsecutive annual increase and reflectsthe underlying strength of our assets andgrowth profile.

“Our shareholders depend onEnbridge to deliver a predictableand growing stream of dividends,and we have a proven track recordof doing so.”

—John Whelen, Executive Vice President& Chief Financial Officer

24 Enbridge Inc.

18 –19 for more details).

Dividends percommon share(Canadian dollars per share)

Adjusted earnings per common share(Canadian dollars per share)

Enbridge Enterprise Book Value1

(billions of dollars)

1 Enterprise-wide book value, including Enbridge’ssponsored investment

2 Estimated total assumes all current commerciallysecured projects are in-service but does not takeinto account depreciation and amortization orchanges in regulatory assets and working capital.

1 Excludes the impact of the proposedfinancial restructuring plan announcedon December 3, 2014.

10 11 12 13 14 15e

0.8

5 0.9

8

1.13

1.26

1.4

0

1.86e

10 11 12 13 14 15e

1.32 1.4

6 1.62 1.7

8 1.9

0

2.0

5 –

2.35

06 10 14 18e2

24

38

73

~10

0

Total Shareholder Return*

*Compound annual growth rate assuming dividends are reinvested

In 2014, Enbridge’s total shareholder return (TSR) was 32%.Over the past 10 years, Enbridge’s TSR has outperformedthe S&P/TSX Composite Index on average by 11 percentagepoints per year.

We’re currently developing $34 billion incommercially secured energy infrastructureprojects. On the strength of that, weanticipate Enbridge’s asset book value willgrow to approximately $100 billion by2018—a fourfold increase since 20062.

The substantial 33%increase to our dividendfor 2015 reflects thestrength of our businessmodel, strong operatingperformance and confidencein our growth outlook.

On the strength of our businessmodel and large inventory ofgrowth projects, we expect todeliver average annual adjustedEPS growth rate of 10–12%through 20

We increased the quarterlydividend for 2015 by 33%to $0.465 per share.

32Enbridge’s total shareholderreturn in 2014 was 32%.

Superior returns

%

The 33% dividend increasewe announced in December2014 represents Enbridge's20th consecutive annualincrease—reflecting ourconfidence in the strengthof our existing assets andthe capital projects thatwe will put into service overthe next four years.

20thConsistent Achievement

1 year

5 year

10 year

32%

11%

23%

8%

8%

19%

Enbridge Inc.TSX Index

+33%

We’ve raised our dividendpayout policy range to 75%to 85% of adjusted earningsper share, up from 60%to 70%.

75 –Dividend payout policy range

85%

Dividend Growth


18

1

1.

s.

making ours one of the largest growthprograms in North America and providinginvestors with an exceptional level of highlyvisible and reliable growth. This programremains firm despite the current lowcrude price.

With the strength of our business modeland this large inventory of growth projects,we expect to deliver industry-leadinggrowth through 2018 and beyond.

While the vast majority of Enbridge'sbusinesses have limited direct commodityprice exposure, the recent drop in oil pricesis having an impact on our customers.As a critical transportation provider, we’reworking to support the competitiveness ofour customers and the industry throughstable and predictable tolls, operating andcapital efficiency, and opening new marketsthat help to alleviate price discounts.

2014 was a year of significantprogress both for the year itself andin building momentum for the future

We extended our track record of deliveringstrong and predictable earnings growth.Adjusted earnings rose to nearly $1.6 billion,equating to adjusted earnings per share(EPS) of $1.90, well within our guidancerange. Over the past five years, our averageannual adjusted EPS growth rate hasbeen 10%.

In December, we announced a substantial33% increase to our dividend and an increasein our dividend payout ratio. Both increasesreflect the strength of our business model,strong operating performance andconfidence in our growth outlook.

We delivered a total return to shareholders(TSR) of 32% in 2014, outperforming ourpeers and the broader market. Over the past10 years, Enbridge’s TSR has, on average,outperformed the S&P/TSX Composite indexby 11 percentage points per year.

We placed 15 capital projects into servicetotaling $10 billion in 2014 and we expectto complete another $9 billion in 2015.

Extending and diversifying our earnings isone of our key priorities and in 2014, weadded $9 billion in secured growth projectsacross all of our businesses. Our growthcapital investment program now stands ata record $44 billion—$34 billion of whichis commercially secured and in execution,

The value of our reliablebusiness model

Given the commodity price volatility, it’simportant to emphasize the key elementsof our business model, which gives usconfidence in our ability to consistentlydeliver reliable and predictable earningsand cash flow:

• investing in assets supported by strong,long-term supply and demandfundamentals;

• enhancing the reliability of earningsand cash flow through conservativecommercial structures which deliverpredictable earnings and protect againstdownside risk;

• ensuring that investment opportunitiesalign closely with our business modeland earn attractive returns;

• executing projects safely, on time andon budget; and

Financial Highlights

Year ended December 31, 2014 2013 2012(millions of Canadian dollars, except per share amounts)

Earnings per common share 1.39 0.55 0.78

Adjusted earnings per common share 1.90 1.78 1.61

Dividends paid per common share 1.40 1.26 1.13

Common share dividends declared 1,177 1,035 895

Letter toShareholdersAt a time of volatility in the energy industry, Enbridge’slong-standing and demonstrated reliable business modelis designed to provide a safe investment without giving upgrowth and strong returns.

26 Enbridge Inc.

• ensuring we have sufficient fundingflexibility to deliver on our growth plansregardless of market conditions.

This reliability and predictability hastranslated directly into the consistent andsuperior returns for our shareholdersregardless of market cycles.

Our earnings are primarily derived fromthe fees we charge for our energy deliveryservices. We have very little direct exposureto commodity prices, and where we do,we seek to closely manage that risk.Our overall earnings and cash flow remainsteady, even in periods of significantcommodity price volatility.

Demand for liquids pipeline capacity hasnever been higher, and our mainline systemcontinues to run full. In a challengingcommodity price environment, low-costaccess to key markets is vitally importantto our customers. Production in WesternCanada continues to grow; but we’vetaken care to structure our commercialagreements to provide against volumedeclines should that scenario arise.

How we look at the futureof our business

In 2015, Enbridge marks 65 years of safelyand reliably delivering western Canadiancrude oil production to eastern U.S. andCanadian markets; and we’ve been deliveringnatural gas to homes and businesses formore than 165 years. We’re in this business

for the long-term—and as such, we take along-term perspective.

We believe energy fundamentals remainstrong despite the current low-priceenvironment.

Global demand for energy continues togrow, driven by increasing population, risingstandards of living in developing countriesand continued urbanization. North Americanenergy supply will also continue to grow,making the prospect of continentalself-sufficiency and becoming a netexporter of energy increasingly attainable.

While crude oil will remain essentialto meeting demand growth well into thefuture, we’re also seeing a shift in theenergy mix toward sources like naturalgas and renewables.

These supply and demand fundamentalscontinue to drive the reconfiguration ofthe North American energy transportationnetwork. Market access remains astrategic imperative—now more than everfor our liquids and gas customers seekingaccess to coastal markets where they canrealize the best prices for their production.The changing nature and location of powergeneration, combined with the need toupgrade legacy infrastructure, is alsocreating new opportunities to deliver theenergy our society relies on.

The strategic positioning of our crude oil,natural gas and renewable power generation

assets places Enbridge at the centre of thistransformation. We’re playing a key role inmaking it happen and we’re capitalizing onthe fundamentals to drive our continuedgrowth and diversification.

Our overarching vision is to be theleading energy infrastructure companyin North America which for us meansaiming for top-notch operational capability,strong environmental performance,exceptional customer service and creatingshareholder value.

Here’s how we’re growingand creating alignment withour customers

Liquids Pipelines

What’s important to our customers isimportant to us, and in our Liquids Pipelinesbusiness, we’ve made significant progressin connecting our customers’ growingsupply to coastal markets that attract globalprices. By the end of 2015, we’ll have addedincremental market access capacity of 1.7million barrels per day (bpd) of crude oil, whilealso managing our way through a challengingregulatory and permitting environment.

In December, we brought into servicethe Flanagan South Pipeline and theSeaway Crude Pipeline System Twin,which, together with our mainline system,establish the first full-path, large-volumepipeline network from western Canadato the U.S. Gulf Coast.


Letter to Shareholders

We completed the reversal and expansionof Line 9B—a critical project for ourcustomers and a positive strategicdevelopment for Canada. We have appliedfor Leave to Open with the National EnergyBoard (NEB). Subject to the NEB's approval,we anticipate first deliveries in the secondquarter of 2015. With that, western Canadianand Bakken producers will gain accessto a new market and eastern refineries willgain a new source of reliable supply that willenhance their competitiveness, sustaina vital petrochemical complex and protectthousands of jobs.

We continue to focus on flexible solutionsthat leverage our strong position in the oilsands and the Bakken.

In March 2015, we announced a plan tooptimize the Wood Buffalo Extension andAthabasca Pipeline Twin systems in Albertathat will generate significant toll savings forour shippers while meeting our contractualcommitments. At the same time, the planresults in a more efficient use of capital forEnbridge and preserves attractive returns.

Our Sandpiper project, designed totransport an additional 225,000 bpd outof the Bakken to the premium marketsconnected by our systems, is in theregulatory process and expected tobe in service in 2017.

In June 2014, the Canadian governmentapproved the Northern Gateway Project,subject to 209 conditions. We continueto work closely with our customers inadvancing this project to open West Coastmarket access and are making progressin fulfilling the conditions and buildingrelationships and trust with communities andAboriginal groups along the proposed route.

One of our biggest accomplishments in 2014was optimizing the capacity of our liquidsmainline. Over the past two years, our effortshave generated a 340,000-bpd improvementin effective available capacity, providing morelow-cost pipeline service for our customers.

Looking ahead, we have a number ofopportunities to continue to increasemarket access through further expansionsand new initiatives to connect to marketslike the eastern Gulf Coast. All of theseinvolve projects that can be staged inincrements to meet shipper needs in themost cost-effective way, adding value evenin a low-price environment.

Importantly, we will continue to strive whereverpossible to use existing infrastructure toreduce costs and minimize the industry’simpact to communities and the environment.


We see tremendous potential in the futureof natural gas. It’s abundant, low cost, safeand reliable.

We’re focused on building competitiveadvantage and expanding the scale, reach,scope and capabilities of our gas pipelinesand processing business. We see significantinvestment opportunities in both Canadaand the U.S. in the coming years.

The Alliance Pipeline has made very goodprogress in securing new transportationcontracts after existing contracts expire inDecember 2015. With its unique capabilityto transport liquids-rich natural gas, we’reconfident the system will be highly utilized.

We’re seeking to expand our Canadianmidstream footprint. In 2014, we completedthe Pipestone and Sexsmith projects,which included sour gas gathering and

compression facilities located in the PeaceRiver Arch region of northwest Alberta.

We’re also pursuing crude oil and natural gasgathering pipeline opportunities to connectour customers’ ultra-deep projects in theGulf of Mexico. In the fourth quarter of2014, we placed the Jack St. Malo portionof the Walker Ridge Gas Gathering System(WRGGS) into service and expect to placethe Big Foot gas portion of WRGGS alongwith the Big Foot Oil Pipeline into servicelater in 2015.

Enbridge Gas Distribution

Two decades ago, we acquired what is nowEnbridge Gas Distribution (EGD). Today, it’sone of the fastest-growing gas companiesin North America with an average of 35,000new customers each year, and it plays a keystrategic role for Enbridge.

In 2014, EGD achieved a major milestonewith the approval of a customized IncentiveRegulation Plan, which establishes naturalgas distribution rates over a five-year periodfrom 2014 to 2018. The plan allows EGDan opportunity to earn above an allowedreturn on equity, with benefits shared withcustomers. Just as important, the planreinforces the stability of the earnings andcash flow that EGD delivers to Enbridge.

We’ve begun construction on the largest-ever expansion of our franchise, breakingground in early 2015 on our Greater TorontoArea Project, which will increase capacityand reliability for EGD’s more than 2 millioncustomers and give more people accessto low-cost natural gas. We expect tocomplete the project in late 2015.

We continue to support our customers’efforts to use energy wisely through demand-side management programs. Since 1995,

“ Our overarching vision is to be the leadingenergy infrastructure company in North Americawhich for us means aiming for top-notchoperational capability, strong environmentalperformance, exceptional customer serviceand creating shareholder value.”

28 Enbridge Inc.

we’ve saved more than 8.8 billion cubicmetres of natural gas or 16.5 million tonnesof CO2 emissions. That’s like taking 3.2 millioncars off the road for a year—and it’s savedour customers around $2.4 billion.

New growth platforms

To position our company to continue tocapture the opportunities of a changingenergy mix and diversify our earnings, we’rewell advanced in developing several newplatforms for growth and diversificationbeyond 2018, including renewable powergeneration, power transmission, energymarketing and international opportunities.

Since the end of 2013, we’ve placed intoservice the Blackspring Ridge and Keechiwind farms and increased our ownershipinterest in the Lac Alfred and Massif du Sudwind farms in Quebec. We also purchased an80% interest in a portfolio of two wind farmslocated in Texas and Indiana. Enbridge nowhas interests in more than 2,200 MW (1,600MW net) of renewable and alternative energygenerating capacity and we plan to doubleour existing net capacity to about 3,000 MWby 2018.

We’re working hard to enhancepublic trust in what we do

A critical challenge facing our industry isthe increasingly intense opposition to fossilfuels and energy development. Pipelinesare at the centre of this polarized debate.

As a result, regulators, employees,shareholders, political leaders andthe public are today expecting moreof energy companies than ever before.That’s as it should be—and you won’thear us complaining.

The pipelines and facilities we build andoperate require public trust and confidencethat we’re transporting energy responsibly,with public safety and the environment asthe main priority.

Our approach—from our day-to-dayoperations to our growth projects—iscentered on our stakeholders and reflectsour commitment to:

• put safety and environmentalprotection ahead of everything else;

• set our sights on not just meetingregulations, but exceeding them;

• take the time to understandcommunities’ concerns;

• be open and transparent andcommunicate effectively; and

• partner with communitiesand Aboriginal groups.

Ultimately, it’s about finding the balancewhere we gain the benefits of economicdevelopment in a sustainable way.

It's easy to forget what fuels day-to-daylife and how energy gets to where itneeds to be, safely and reliably—whetherit's for industry, our homes or ourtransportation systems.

Enbridge’s purpose is to fuel people’squality of life by connecting them to theenergy they need. We’re proud of whatwe do—and we’re spending more timetalking about it to help people understandthe value we bring and the approach we take.

We remain focused on ourkey priorities

What’s important to us—the key prioritiesguiding our business—haven’t changed.

Safety and Operational Reliability

Our Number One priority is the safety andreliability of our systems and our goal isindustry-leading safety performance.

We invest heavily in pipeline integrity, leakdetection capability, environmental protectionand emergency response to ensure ourenergy transportation and distributionsystems operate safely, reliably and in anenvironmentally responsible manner,supporting the important role we play inmeeting North American energy requirements.

In 2014, we completed the replacement ofthe U.S. segment of Line 6B, restoring thecapacity of this critical piece of energyinfrastructure for the region and reducingthe number of maintenance activitiesrequired over the coming years.

We also announced our Line 3 ReplacementProgram. It’s the largest project in Enbridge’shistory and involves replacing one of theprimary pipelines on our mainline systemfrom Hardisty, Alberta to Superior, Wisconsinwith a new line, using modern pipelinematerials and construction methods.

Executive Leadership Team

Glenn BeaumontPresident, Enbridge Gas Distribution

C. Gregory HarperPresident, Gas Pipelines & Processing

Guy JarvisPresident, Liquids Pipelines

Al MonacoPresident & Chief Executive Officer

Byron NeilesSenior Vice President, Major Projects,Enterprise Safety &Operational Reliability

Karen RadfordExecutive Vice President,People and Partners

David T. Robottom, Q.C.Executive Vice President& Chief Legal Officer

John K. WhelenExecutive Vice President& Chief Financial Officer

Stephen J. WuoriStrategic Advisor, Office of the Presidentand CEO

Vern YuSenior Vice President, Corporate Planning,& Chief Development Officer

Leon ZupanChief Operating Officer, Liquids Pipelines


Letter to Shareholders

In 2014, a year where our employees and contractors worked recordnumbers of hours, our recordable injuries and lost-days injuries rateswere the lowest that they have been since we began tracking them.We’re proud of our progress but we never stop seeking ways to getbetter as we strive for 100% safety and zero incidents.

Executing our Capital Program

Good execution of our $44-billion capital program translates directlyinto industry-leading growth for Enbridge for many years to come.

There are two parts to good execution.

First, we focus on project management—safely delivering projectson time, on budget and at the lowest practical cost, while attainingthe highest standards for safety, quality, customer satisfaction andenvironmental and regulatory compliance. Since 2008, we’ve putapproximately $20 billion worth of projects into the ground and mostof those ahead of or on schedule and under budget.

Second, we focus on ensuring we maintain a strong financialposition. Our projected capital spending program is Enbridge’slargest ever, so effective capital market execution and strategies tooptimize the availability and cost of capital are critical. Our Financegroup raised approximately $10 billion in 2014, making it the mostactive financing year the Company has ever undertaken.

We’re also actively using our sponsored vehicles, primarily throughasset drop downs, to cost effectively fund a portion of our growthcapital program. In 2014, we finalized the transfer of natural gasand diluent pipeline interests to Enbridge Income Fund, and inJanuary 2015, Enbridge and Enbridge Energy Partners, L.P. finalizedthe transfer of the U.S. segment of the Alberta Clipper Pipeline.

Extend and Diversify Growth

While our liquids pipelines business will continue to deliver the lion’sshare of our earnings growth, we believe the fundamentals supporta broader base longer term. Our focus will be on capturingopportunities that meet our investment criteria and contributeto diversifying our earnings growth.

Over the next five years, in addition to focusing on executing ourcurrent growth program, we’ll move forward with broadening anddiversifying our asset base, notably in renewables and gas-firedpower generation, power transmission, energy services andopportunities in select international energy markets, all of whichexhibit strong supply-demand fundamentals and provide us theopportunity to invest with commercial models that resemble ourexisting business and fit our value proposition.

Enhancing value for our shareholders

In December 2014, we announced a proposed financialoptimization plan designed to increase the value for shareholdersof our record growth program.

The plan involves the large-scale drop down from Enbridge toEnbridge Income Fund of our Canadian Liquids Pipelines businessand some renewable energy assets. Pending necessary approvals,we anticipate the restructuring will be completed mid-2015.

We believe the financial optimization plan will be beneficial forshareholders of both Enbridge and Enbridge Income Fund HoldingsInc. It will position Enbridge to deliver industry-leading earnings anddividend growth beyond 2018 and enhance the competitiveness of ourfunding for new organic growth opportunities and asset acquisitions.

There will be no change to our strategy, nor our disciplined approachto the business. Our first and most important priority will continue tobe ensuring the safety and operational reliability of our systems.

Acknowledgements

Our company is built on the strength and contributions of our people.We have a great team at Enbridge and we thank all of our employeesfor their outstanding work and dedication during another successfuland very busy year.

David Leslie retired from the Board in 2014 and we thank him for hisvaluable contribution to the Board’s deliberations over the past10 years. We also welcomed to the Board as an independent directorMarcel Coutu, past Chairman of Syncrude Canada Ltd., and formerPresident and Chief Executive Officer of Canadian Oil Sands Limited.

And last but by no means least, Richard Bird retired at the end of2014 as Executive Vice President, Chief Financial Officer andCorporate Development. Richard has been a force at Enbridge formore than 20 years and has made a significant contribution to theCompany's success and we wish him all the best in his retirement.

Outlook

There’s little doubt that 2015 will be a challenging year for ourcustomers. Although we’re in a tough oil-price environment rightnow, we remain positive about the longer term fundamentals.

At Enbridge we have a lot to be excited about. We’re wellpositioned for continued growth and we’re delivering-industryleading performance.

We’ve been in the energy delivery business for more than sixdecades. We know that what we do matters—for our communities,customers and society—and we believe that everything we’redoing today will sustain our future and deliver exceptional valueto investors well into the next decade.

March 6, 2015

David A. ArledgeChair, Board of Directors

Al MonacoPresident & Chief Executive Officer

30 Enbridge Inc.

At Enbridge, corporate governancemeans that a comprehensive systemof stewardship and accountability isin place and functioning among Directors,management and employees ofthe Company.

Enbridge is committed to the principlesof good governance, and the Companyemploys a variety of policies, programsand practices to manage corporategovernance and ensure compliance.

The Board of Directors is responsiblefor the overall stewardship of Enbridgeand, in discharging that responsibility,reviews, approves and provides guidancewith respect to the strategic plan andthe operational risk management plan of theCompany, and monitors their implementation.

The Board approves all significant decisionsthat affect the Company, and reviews itsfinancial and operational results. The Boardalso oversees identification of the Company’sprincipal risks on an annual basis, monitorsrisk management programs, reviewssuccession planning and compensationprograms, and seeks assurance thatinternal control systems and managementinformation systems are in place andoperating effectively.

We have established a number of governancepolicies and procedures that are designedto ensure that our employees conducttheir work activities ethically, legally andresponsibly, including our:

Statement on Business Conduct, whichoutlines the specific standards of conductexpected of our directors, officers, employees,consultants and contractors in all thecountries in which we conduct business.

Whistle Blower Procedures, which requireemployees to report non-compliancewith any applicable legal requirements orEnbridge policies, including the Statementon Business Conduct.

Ethics and Conduct Hotline, whichindividuals can use at any time to raiseissues (anonymously, if they choose)through a third-party service provider thatoperates independent helpline or hotlineservices for many major North Americancompanies. Each report received throughour Hotline is provided directly to Enbridge’sVice President & Chief Compliance Officer,as well as to the responsible business unitCompliance Officer. All reports areinvestigated so that issues raised can beaddressed and resolved.

Compliance Policy, which defines clearresponsibilities for Enbridge’s Vice President& Chief Compliance Officer and Enbridge’sresponsible business unit ComplianceOfficers, who collectively oversee Enbridge’sCompliance Program. The program isdesigned to minimize unethical behaviourand support and demonstrate Enbridge’scommitment to corporate responsibilityand good governance.

Corporate GovernanceBoard of Directors

David A. ArledgeChair of the Board, Enbridge Inc.,Naples, Florida

James J. BlanchardChair Emeritus and Partner,Government Affairs, DLA Piper U.S., LLP,Beverly Hills, Michigan

J. Lorne BraithwaitePresident & Chief Executive Officer,Park Avenue Holdings Ltd.,Thornhill, Ontario

Marcel R. CoutuCorporate Director,Calgary, Alberta

V. Maureen Kempston DarkesCorporate Director,Toronto, Ontario,Lauderdale-by-the-Sea, Florida

J. Herb EnglandChairman & Chief Executive Officer,Stahlman-England Irrigation Inc.,Naples, Florida

Charles W. FischerCorporate Director,Calgary, Alberta

Al MonacoPresident & Chief Executive Officer,Enbridge Inc.,Calgary, Alberta

George K. PettyCorporate Director,San Luis Obispo, California

Charles E. ShultzChair & Chief Executive Officer,Dauntless Energy Inc.,Calgary, Alberta

Dan C. TutcherCorporate Director,Houston, Texas

Catherine L. WilliamsCorporate Director,Calgary, Alberta


Forward-Looking Information /Non-GAAP Measures

Forward-LookingInformationForward-looking information, or forward-looking statements,have been included in this Annual Review to provide theCompany’s shareholders and potential investors withinformation about the Company and its subsidiaries andaffiliates, including management’s assessment of Enbridge’sand its subsidiaries’ future plans and operations. Thisinformation may not be appropriate for other purposes.Forward-looking statements are typically identified by wordssuch as ‘‘anticipate’’, ‘‘expect’’, ‘‘project’’, ‘‘estimate’’,‘‘forecast’’, ‘‘plan’’, ‘‘intend’’, ‘‘target’’, ‘‘believe’’ and similarwords suggesting future outcomes or statements regardingan outlook. Forward-looking information or statementsincluded or incorporated by reference in this documentinclude, but are not limited to, statements with respect to thefollowing: expected earnings/(loss) or adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss)per share; expected future cash flows; expected costsrelated to projects under construction; expected in-servicedates for projects under construction; expected capitalexpenditures; estimated future dividends; the CanadianRestructuring Plan; and expected costs related to leakremediation and potential insurance recoveries.

Although Enbridge believes these forward-lookingstatements are reasonable based on the informationavailable on the date such statements are made andprocesses used to prepare the information, such statementsare not guarantees of future performance and readers arecautioned against placing undue reliance on forward-lookingstatements. By their nature, these statements involve avariety of assumptions, known and unknown risks anduncertainties and other factors, which may cause actualresults, levels of activity and achievements to differmaterially from those expressed or implied by suchstatements. Material assumptions include assumptionsabout the following: the expected supply of and demand forcrude oil, natural gas, NGL and renewable energy; prices ofcrude oil, natural gas, NGL and renewable energy; expectedexchange rates; inflation and interest rates; the availability

and price of labour and pipeline construction materials;operational reliability; customer and regulatory approvals;maintenance of support and regulatory approvals for theCompany’s projects; anticipated in-service dates; finalapproval of definitive transfer terms by Enbridge and ENFand the Fund; receipt of all necessary shareholder andregulatory approvals that may be required for the CanadianRestructuring Plan; and weather. Assumptions regarding theexpected supply of and demand for crude oil, natural gas,NGL and renewable energy, and the prices of thesecommodities, are material to and underlie all forward-lookingstatements. These factors are relevant to all forward-lookingstatements as they may impact current and future levels ofdemand for the Company’s services. Similarly, exchangerates, inflation and interest rates impact the economies andbusiness environments in which the Company operates andmay impact levels of demand for the Company’s servicesand cost of inputs, and are therefore inherent in allforward-looking statements. Due to the interdependenciesand correlation of these macroeconomic factors, the impactof any one assumption on a forward-looking statementcannot be determined with certainty, particularly withrespect to expected earnings/(loss) or adjusted earnings/(loss) and associated per share amounts, the impact of theCanadian Restructuring Plan on Enbridge, the adjusteddividend payout policy or estimated future dividends. Themost relevant assumptions associated with forward-lookingstatements on projects under construction, includingestimated in-service dates and expected capitalexpenditures, include the following: the availability and priceof labour and pipeline construction materials; the effects ofinflation and foreign exchange rates on labour and materialcosts; the effects of interest rates on borrowing costs; andthe impact of weather and customer and regulatoryapprovals on construction and in-service schedules.

Enbridge’s forward-looking statements are subject to risksand uncertainties pertaining to operating performance,regulatory parameters, project approval and support,weather, economic and competitive conditions, changes intax law and tax rate increases, exchange rates, interestrates, commodity prices and supply and demand forcommodities, including but not limited to those risks and

uncertainties discussed in this Annual Review and in theCompany’s other filings with Canadian and United Statessecurities regulators. The impact of any one risk, uncertaintyor factor on a particular forward-looking statement is notdeterminable with certainty as these are interdependent andEnbridge’s future course of action depends on management’sassessment of all information available at the relevant time.Except to the extent required by applicable law, Enbridgeassumes no obligation to publicly update or revise anyforward-looking statements made in this Annual Review orotherwise, whether as a result of new information, futureevents or otherwise. All subsequent forward-lookingstatements, whether written or oral, attributable to Enbridgeor persons acting on the Company’s behalf, are expresslyqualified in their entirety by these cautionary statements.

Non-GAAP MeasuresThis Annual Review contains references to adjustedearnings/(loss), which represent earnings or lossattributable to common shareholders adjusted for unusual,non-recurring or non-operating factors on both aconsolidated and segmented basis. These factors, referredto as adjusting items, are reconciled and discussed in theManagement’s Discussion and Analysis’ financial resultssections for the affected business segments. Adjustingitems referred to as changes in unrealized derivative fairvalue gains or loss are presented net of amounts realized onthe settlement of derivative contracts during the applicableperiod. Management believes the presentation of adjustedearnings/(loss) conveys useful information to investors andshareholders as it provides increased transparency andpredictive value. Management uses adjusted earnings/(loss)to set targets, including setting the Company’s dividendpayout target, and to assess performance of the Company.Adjusted earnings/(loss) and adjusted earnings/(loss) foreach of the segments are not measures that have astandardized meaning prescribed by U.S. GAAP and arenot considered GAAP measures; therefore, these measuresmay not be comparable with similar measures presented byother issuers.

32 Enbridge Inc.

Sustainability

Global 100 Most SustainableCorporations in the World

The Global 100 Most Sustainable Corporationsin the World, which is an annual assessmentinitiated by Corporate Knights magazine,highlights global corporations that have beenmost proactive in managing environmental,social and governance issues. Enbridge wasnamed to the Global 100 in 2010, 2011, 2012,2013, 2014 and again in January 2015.

Dow Jones Sustainability Indices (DJSI)

DJSI selected Enbridge as an index componentof both its World and North America index.The DJSI indices track the financial performanceof the leading sustainability-driven companiesworldwide based on an analysis of financiallymaterial economic, environmental andsocial factors.

World’s Greenest Companies

Newsweek added Enbridge to its list of theWorld’s Greenest Companies, which ranksthe 500 largest publicly-traded companiesglobally on corporate sustainability andenvironmental impact.

Best 50 Corporate Citizens in Canada

Corporate Knights magazine recognizedEnbridge as being one of Canada’s Best 50Corporate Citizens, the 12th year in a rowthe Company has been recognized. The rankingis the longest running of its kind and isdetermined based on a thorough analysis ofcontenders’ publicly disclosed environmental,social and governance indicators.

Top Employer

Canada’s Top 100 Employers

Canada’s Top 100 Employers listing is a nationalevaluation to determine which employers leadtheir industries in offering exceptional workplacesfor their employees. This is the 10th consecutiveyear Enbridge has been on the list and 13th sincethe list’s inception 15 years ago.

The Financial Post’s 10 Best Companiesto Work For

This listing recognizes fast-growing companiesin Canada that offer tremendous careeradvancement opportunities together withleading-edge employee perks and benefits.

Diversity Leadership Awardof Distinction / Employer of Personswith Disabilities Award

Enbridge received these two awards from theAlberta Chambers of Commerce. The DiversityLeadership Award of Distinction recognizesorganizations that embrace diversity in theirworkforce, encourage respect and inclusion,are eliminating discrimination and barriers, andhelp create welcoming and inclusive workplacesand communities. The Employer of Personswith Disabilities Award is given to a businessdemonstrating creative leading edge practicein hiring, training, and developing employeeswith disabilities.

Canadian Awards for Training Excellence

Enbridge received the Canadian Society forTraining and Development’s WOW! Awardfor having successfully built a leadershipdevelopment program that is positivelyimpacting Enbridge’s leadership capacity.

Canada’s Best Diversity Employers

Enbridge was recognized for a number of itsprograms, including our “FeminEn” (Femalesin Engineering) networking group whichencourages women building engineeringcareers at the Company.

Alberta’s Top Employers

Alberta’s Top Employers is an annual competitionthat recognizes Alberta employers that lead theirindustries in offering exceptional places to work.

Houston's Healthiest Employers

The Houston Business Journal ranked Enbridgesixth in its Healthiest Employer survey thatgauges the effectiveness of companies'wellness programs.

Houston's Top Workplaces

Enbridge ranked 14th in the large companydivision of the Houston Chronicle's 2014 TopWorkplaces Awards.

Community Investment

United Way Spirit of Community Award

United Way Toronto presented Enbridge GasDistribution with its inaugural Spirit of CommunityAward, which recognizes creativity, innovationand overall commitment to building a better cityfor everyone.

Aboriginal Relations

Silver Level, Progressive AboriginalRelations (PAR) Certification(2012–2014), Canadian Council forAboriginal Business (CCAB)

The CCAB is a national business organizationwhose members include Aboriginal businesses,Aboriginal community-owned economicdevelopment corporations, and companiesoperating in Canada. The CCAB’s PARcertification program recognizes and supportscontinuous improvement in Aboriginal relations.

Financial Reporting

Corporate Reporting Award, CharteredProfessional Accountants of Canada(CPA Canada)

The Corporate Reporting Awards, presentedannually by CPA Canada, recognize the bestreporting practices in the country. For the fourthconsecutive year, Enbridge received the 2014Award of Excellence for Corporate Reportingin the ‘Utilities and Pipelines/Real Estate’industry sector.

2014 Awards and RecognitionBy focusing on our core values of Integrity, Safety and Respect,Enbridge has received many awards and much recognitionover the years from independent third parties for our performancein the areas of sustainability; environmental performance; financialhealth; workplace health, safety and fairness; community relations;and public disclosure. Listed below are some of the awards andrecognition we received in 2014.


Annual MeetingThe Annual Meeting of Shareholderswill be held in the Aria Ballroom at theFour Seasons Hotel, Toronto, Ontario at1:30 p.m. EDT on Wednesday, May 6, 2015.A live audio webcast of the meeting willbe available at enbridge.com and will bearchived on the site for approximatelyone year. Webcast details will be availableon the Company’s website closer tothe meeting date.

Registrar and Transfer Agentin Canada

For information relating to share-holdings, shareholder investment plan,dividends, direct dividend deposit,dividend re-investment accounts andlost certificates, please contact:

CST Trust CompanyP.O. Box 700Station BMontreal, Quebec, Canada H3B 3K3Toll free: 800-387-0825canstockta.com

CST Trust Company also has officesin Halifax, Toronto, Calgary and Vancouver.

Co-Registrar and Co-TransferAgent in the United States

Computershare250 Royall St.Canton, MassachusettsU.S.A. 02021

Common and Preference SharesThe Common Shares of Enbridge Inc. trade in Canada on the Toronto Stock Exchangeand in the United States on the New York Stock Exchange under the trading symbol “ENB.”The Preference Shares of Enbridge Inc. trade in Canada on the Toronto Stock Exchangeunder the trading symbols:

Series A – ENB.PR.ASeries B–ENB.PR.BSeries D–ENB.PR.DSeries F – ENB.PR.FSeries H–ENB.PR.HSeries J–ENB.PR.USeries L–ENB.PF.USeries N – ENB.PR.NSeries P–ENB.PR.P

Series R – ENB.PR.TSeries 1–ENB.PR.VSeries 3–ENB.PR.YSeries 5–ENB.PF.VSeries 7–ENB.PR.JSeries 9 –ENB.PF.ASeries 11–ENB.PF.CSeries 13–ENB.PF.ESeries 15–ENB.PF.G

2015 Enbridge Inc. Common Share Dividends

Q1 Q2 Q3 Q4

Dividend $0.465 $ – 4 $ – 4 $ – 4

Payment date Mar 01 Jun 01 Sep 01 Dec 01

Record date 1 Feb 16 May 15 Aug 14 Nov 16

SPP deadline 2 Feb 23 May 25 Aug 25 Nov 24

DRIP enrollment 3 Feb 09 May 08 Aug 07 Nov 09

1 Dividend record dates for Common Shares are generally February 15, May 15, August 15 and November 15 in each yearunless the 15th falls on a Saturday or Sunday.

2 The Share Purchase Plan cut-off date is five business days prior to the dividend payment date.3 The Dividend Reinvestment Program enrollment cut-off date is five business days prior to the dividend record date.4 Amount will be announced as declared by the Board of Directors.

Investor Inquiries

If you have inquiries regarding the following:

• Additional financial or statistical information;

• Industry and company developments;

• Latest news releases or investor presentations; or

• Any other investment-related inquiries

please contact Enbridge Investor Relations:

Toll free: 800-481-2804Office: [email protected]

34 Enbridge Inc.

Enbridge is committed to reducing its impact onthe environment in every way, including the productionof this publication. This report was printed entirely onFSC® Certified paper, which is manufactured entirelywith wind energy and contains 100% post-consumerrecycled fibre.

Operational Reliability ReportOur 2014 Operational Reliability Report, which outlines ourprogress as we strive for 100% safety and zero incidents,is available at enbridge.com/orr

Corporate Social Responsibility ReportEnbridge publishes an annual Corporate Social Responsibility Report.The 2014 report is available online at csr2014.enbridge.com

Online Annual ReportYou can read our 2014 Annual Report online at enbridge.com/ar2014D

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3000, 425 – 1st Street S. W.Calgary, Alberta, Canada T2P 3L8

Telephone: 403-231-3900Facsimile: 403-231-3920Toll free: 800-481-2804

enbridge.com

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