BUSINESS UNIT HEADER IMAGE GOES HERE Strategic Overview Al Monaco President & Chief Executive Officer E n b r i dg e Da y 2 0 1 4
Enbridge Day Key Themes Record growth capital plan of 44 billion drives exceptional EPS & DPS growth through 2018 and beyond Growth capital plan progressing well - Major Projects execution - Securing low cost funding Sponsored…
Approach to the Business VISION To be the leading energy delivery company in North America Operations Environmental Protection Customer Service Employee Development Value Creation PURPOSE To safely deliver the energy that enables…
Shareholder Value Proposition Industry Leading Growth Strategic Asset Positioning Scale Supply-Demand Fundamentals + Reliable Business Model Conservative Commercial Structures Managed Financial Risk Disciplined Investment +…
Global Energy Outlook Global Energy Demand Growth Growing energy demand 1000 by Region - Regional shift QBtu 0 1990 2000 2010 2020 2030 2040 OECD Non-OECD Source: EIA 250 Global Energy Supply Mix Shifting supply mix -…
North American Energy Outlook Crude Supply Growth Infrastructure growth drivers 4.0 +7 MMbpd by 2025 - Rising production MMbpd - Regional price dislocations Large infrastructure 0.0 opportunity set Heavy Light Source:…
Strategic Position Liquids Pipelines Unparalleled, strategically positioned assets Scale and flexibility to extend reach to coastal markets Continued growth and further enhancing returns Gas Distribution Excellent embedded growth…
Diversification Continue to capture liquids opportunities Re-balance business mix over time Illustrative Maintain investment discipline 9% 15% 9% 23% 76% 4% 68% 57% 39% 2000 2013 2018 Long Liquids Gas Other Term 8
Priority 1 Safety & Operational Reliability Path to industry leadership well progressed Operational Risk Management Industry Leadership Enterprise Wide Maintenance Industry Position Rank & Integrity 2015 2012 Target 4th 3rd…
Priority 2 Execution of 44B Capital Program Executed Projects Projects in Execution Project Management - Disciplined processes - Supply chain management - Capacity, experience & resources 20B 27B 2008-Q3 2014 Q4 2014 - 2017…
Priority 3 Extend and Diversify Growth Extend Diversify New growth platforms + + Increase natural gas focus + ++ Surplus free cash flow ++ ++ Tilted return investments ++ Sponsored vehicle drop downs ++ 11
Tilted Return Profile Projects 20 billion in tilted return capital supports post-2018 growth Secured Capital by Return Profile 20B in secured tilted return ( billions) Flat Tilted Liquids Pipelines 10.1 19.3 projects Gas Pipelines &…
Sponsored Vehicles Strategy Enbridge Inc. Enbridge Enbridge Energy Noverco Partners Income Fund Midcoast Energy Partners Access lower cost funding and enhance returns for certain assets Release capital to Enbridge as…
Sponsored Vehicles Strategy ENF Enbridge Income Fund well positioned to deliver superior value to its shareholders and an advantageous source of funding to Enbridge 1.8 billion 2014 drop down expands Relative Price Performance…
Sponsored Vehicles Strategy MEP MEP now well positioned to provide an advantageous source of funding for both EEPs G&P business, and through sequential drop downs, EEPs Liquids Pipelines growth projects 2014 initial post IPO drop down…
Sponsored Vehicles Strategy EEP Significant progress in re-establishing EEP as an attractive MLP investment and an effective source of funding for Enbridge Minimal equity requirement Relative Price Performance - Investment by ENB 150%…
Growth Capital Program* 44 billion capital program drives growth outlook - Increased opportunity set by 9 billion since 2012 - 15 billion net increase in secured capital since 2012 - Current program 80% secured Strong commercial…
Adjusted Earnings* Growth 10-12% average annual EPS growth through 2018 - Highly transparent growth outlook Several sources of post 2018 growth Tilted Return Projects Natural Gas New Growth Platforms Sponsored Vehicle Drop…
Free Cash Flow* Per Share Adjusted FFO - Maintenance and integrity capital = Free cash flow (FCF) 2013 2018 *Free cash flow is a non-GAAP measure and may not be comparable with similar measures presented by other issuers 19
Dividend Payout Considerations High organic growth capital program Rising internal free cash flow Progress on equity prefunding Robustness of equity funding options (sponsored vehicles) 20
Senior Leadership Team and Succession Planning President & CEO Strategic Advisor Al Monaco Steve Wuori Senior VP Executive VP, President Executive Executive Executive Senior President President Enterprise CFO & Gas VP VP & Chief…
BUSINESS UNIT HEADER IMAGE GOES HERE Strategic Overview Al Monaco President & Chief Executive Officer E n b r i dg e Da y 2 0 1 4
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