TD London Energy Conference January 14, 2013

Market Access for Land Locked

North American Crude Oil

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

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

investors with information about Enbridge and management's assessment of its future plans and operations, which

may not be appropriate for other purposes. FLI is typically identified by words such as "anticipate", "expect",

"project", "estimate", "forecast", "plan", "intend", "target", "believe" and similar words suggesting future outcomes or

statements regarding an outlook. Although we believe that our FLI is reasonable based on the information available

today and processes used to prepare it, such statements are not guarantees of future performance and you are

cautioned against placing undue reliance on FLI. FLI inherently involves a variety of assumptions, risks,

uncertainties and other factors which may cause actual results, levels of activity and achievements to differ

materially from those expressed or implied in our FLI. Material assumptions include: expected supply and demand

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

exchange rates; inflation; interest rates; availability and price of labour and pipeline construction materials;

operational reliability; customer project approvals; maintenance of support and regulatory approvals for Enbridge’s

projects; anticipated in-service dates and weather.

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

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

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

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

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

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

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

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

by these cautionary statements.

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

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

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

presentation, if applicable.

Legal Notice

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Toronto

Quebec City

$45 Billion Energy Infrastructure Asset Base

Gas Distribution

Norman

Wells

Zama

Fort McMurray

Portland

Casper

Montreal

Salt Lake City

Patoka

Cushing

Houston

Superior

Clearbrook

Edmonton Hardisty

Toronto

Chicago

Liquids Pipelines

Edmonton

Fort St. John

Houston

Chicago

Sarnia

Gas Pipelines

Toronto

Edmonton

Renewable Energy

2011

Adjusted

Earnings

65%

16%

17%

2011

Adjusted

Earnings

2011

Adjusted

Earnings

2011

Adjusted

Earnings

2%

62%

19%

17%

Wind Power Generation

Waste Heat Recovery

Solar Power Generation

Geothermal Power Generation

Power Transmission

3

16%

20% 19%

7%

1%

9%

0%

5%

10%

15%

20%

25%

1 Year 5 Year 10 Year

Tota

l Sh

are

ho

lde

r R

etu

rn C

AG

R

Enbridge Inc.

S&P/TSX Composite Index

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

Value Creation Track Record

4

89% 100% 96% North American

Peer Group Percentile

Edmonton

Fort McMurray

Chicago

Trans Mountain

8%

Express

9%

W Corridor

3%

Alberta Oilsands

Hardisty

Keystone

17%

US Imports 20121 MMbpd

Western Canada

Enbridge

Other

2.1

1.3

0.8

Saudi Arabia 1.5

Mexico 1.0

Venezuela 0.8

Iraq 0.5

Columbia 0.4

Nigeria 0.4

Kuwait 0.3

Brazil 0.3

Angola 0.3

Others 1.1

Total 8.8

2012 Capacity MMbpd

Enbridge 2.50

Keystone 0.59

Trans Mountain 0.30

Express 0.28

West Corridor 0.15 1 Average Q1/Q2 2012. Source: Enbridge, Energy Information Administration

2 Includes tanker shipments from Canadian east coast production

Enbridge

transports 63% of

U.S. bound Western

Canadian production

Dominant Transporter of Canadian Crude Oil

ENB ~ 15% Total US Imports

5

Global Light Oil Price Benchmark Outlook

6

Source: EIA “Annual Energy Outlook 2013”, PIRA Energy Group

$80

$85

$90

$95

$100

$105

$110

$115

$120

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

USD

pe

r b

bl

PIRA EIA

Brent Price Outlook (2011 dollars) 2013 - 2025

U.S. Domestic

Production Growth

Developing Country

Demand Growth

Western Canada/U.S. Northwest Supply Growth

7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

CAPP Forecast

1.5 MMbpd

Forecast Western Canada Production

MMbpd

2.4 MMbpd

0.0

1.0

2.0

3.0

4.0

5.0

6.0

PIRA Energy Group Forecast

Forecast Bakken Production

MMbpd

1.0 MMbpd 1.3 MMbpd

Landlocked Supply Price Discounts

8

$91

WCS

Bakken

Light Brent

Maya

Pricing reflects December 2012 averages

(Crude prices are in US$ per bbl)

$106

$55

$110

LLS

WTI

$85

Light Crude

Heavy Crude

NOTE: * Brent price is a landed price on US East Coast/ US Gulf Coast. Assumed tanker freight cost of US$2.00 per bbl.

Edm Light

$81

$88

Asia

Brent

$113 *

$113 *

Value Lever # 1

– Mainline System

9

Montreal

Gretna

Regina

Hardisty

Kerrobert

Superior

Toledo

Buffalo

Edmonton

Houston

Detroit

Clearbrook

Flanagan

Oil

Sands

Cromer

Cushing

Patoka

Chicago

Sarnia

Bakken

• Largest crude oil pipeline

system in the world

• Value Leverage:

– Scale

– Product Segregation

– Market Diversity

– Premium Markets

– Established ROW

Value Lever # 2

– Alberta Regional System

• Largest operator in Alberta

• Value Leverage:

– Low cost expansion

– “Bridging” of new projects

– Regional expertise

– ROW access

– Dual delivery hubs Lloydminster

Edmonton

Cold Lake

Hardisty Hub

Cheecham

Terminal

Nexen (Long Lake)

Suncor (MacKay River)

ConocoPhillips (Surmont)

Suncor (Firebag)

Alberta

Husky (Sunrise)

Imperial Oil (Kearl)

Waupisoo Pipeline (up to 580 kbpd)

Athabasca Pipeline (up to 600 kbpd)

Project Connections

Athabasca Twin Pipeline (initially 450 kbpd)

Cenovus (Christina Lake)

Statoil (Leismer)

Woodland Pipeline Extension

Total Secured Capital = $3.4 B 10

Athabasca

Terminal

Value Lever # 3

– Bakken Regional System

• Largest operator in the Bakken

• Value Leverage:

– Sole gathering/collector system

in Bakken core

– Access to mainline multiple

premium markets

– Contract and common carrier

service

– Established ROW

Gretna

Saskatchewan

Minot

Lignite

Weyburn

Cromer

Berthold

Steelman

Tioga Stanley

Clearbrook North Dakota

Enbridge Mainline System

North Dakota System (EEP)

Saskatchewan System (ENF)

Bakken Expansion Project (EEP/ENF)

Total Secured Capital = $0.8 B 11

Montreal

Gretna

Regina

Hardisty

Kerrobert

Superior

Toledo

Buffalo

Edmonton

Houston

Detroit

Clearbrook

Flanagan

Fort McMurray

Cromer

Cushing

Patoka

Chicago

Sarnia

Value Lever # 4

– Existing Mainline Extensions

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• Value Leverage:

– Market Diversity

– Established ROW

– Mainline Joint Tolls

New Market Access Initiative # 1

– Western U.S. Gulf Coast Access

Cushing

Houston

Chicago/

Flanagan

Port Arthur

1

3

2

# 1. Seaway Pipeline Acquisition + Reversal ($1.4B)

• Enbridge Inc. and Enterprise JV

• Initial capacity 150 kbpd, up to 400 kbpd by Q1 ‘13

• Reversal started May 2012

• Connectivity to ECHO Terminal in 2013 (65 miles)

# 2. Seaway Pipeline Twin + Lateral ($1.0B)

• Enbridge Inc. and Enterprise JV

• Twin Seaway Pipeline (515 miles)

• Initial capacity 450 kbpd, In-service mid-2014

• Connectivity to Port Arthur (85 miles)

# 3. Flanagan South Pipeline ($2.8B)

• Enbridge Inc. 100%

• Twin Spearhead Pipeline (36-inch pipeline, 591 miles)

• Initial capacity 585 kbpd, expandable to 800 kbpd

• In-service mid-2014

Total Secured Capital = $6.4 B 13

# 4. Associated Mainline Expansions ($1.2B)

• Expanding Line 67 from 450 kbpd to 800 kbpd

• Expanding Line 61 from 400 kbpd to 560 kbpd

4

New Market Access Initiative # 2

– Eastern Access

Clearbrook

Superior

Sarnia

Chicago

Patoka

Toledo

Montreal

Westover

Hardisty

2

1

4

5

Cushing

Gretna

Regina

14

4

Total Secured Capital = $2.7 B

3

4

1

5

2

3

Line 5 Expansion

Spearhead North Expansion

Line 6B Replacement

Line 9 Reversal

Toledo Pipeline Partial Twin

New Market Access Initiative # 3

– Light Oil Market Access

15

Hardisty

Clearbrook

Gretna

Superior

Flanagan

Cushing

Montreal

Sarnia

Toledo

Patoka

15 Total Secured Capital = $6.2 B

Chicago

2

1

3

4

5

Canadian Mainline Terminal Capability ($0.6B)

Sandpiper Project ($2.5B)

U.S. Mainline Expansion ($1.8B)

a) Superior to Flanagan

b) Chicago Area Connectivity

Eastern Access Upsize ($0.5B)

a) Line 6B Expansion

b) Line 9 Reversal Expansion

Southern Access Extension ($0.8B)

Other New Market Access Initiatives

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Canadian/U.S. East Coast

Refinery Markets

16

Eastern U.S. Gulf Coast

Refinery Markets

Asia Pacific/West Coast

Refinery Markets

$35 Billion Growth Investment Plan

Enbridge Day Current

2012 – 2016 Enterprise Wide Growth Capital

Risked Unsecured

Highly Probable Unsecured

Commercially Secured

$35 B $35 B

$27 B

$18 B

$12 B

$3 B

$5 B $5 B

(Oct 2012) 17

An Industry Leading Growth Outlook

* Please refer to Non-GAAP Measures disclosure in news release. All figures are based on US GAAP reporting.

$0.00

$3.00

2011 2016e

Adjusted EPS* Growth

• Tilted Return Projects

• 2016 Risked Unsecured

• New Growth Platforms

• Sponsored Vehicle Drop Downs

Commercially Secured (as at Enbridge Day)

Highly Probable Unsecured

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Investment Merits Summary

• Exceptional array of attractive return investment opportunities

• Financial risk tightly managed

• Ample access to low cost conventional funding sources

• Sponsored vehicles further augment access to low cost capital, accelerate growth

Attractive investments low cost of capital

Industry leading growth

Substantial Valuation Upside

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