2017 Annual Seaview Customer Meeting. SEAVIEW RESORT, Galloway, NJ May 4, 2017

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1 2017 Annual Seaview Customer Meeting SEAVIEW RESORT, Galloway, NJ May 4,

2 Agenda 2017 Seaview Customer Event Welcome/Enbridge Update Winter Operations Pipeline Postings New Pipeline Development Regulatory Update New Pipeline Paradigm Closing Brian McKerlie & Rich Paglia Mark MacPherson Rob Hansen Chris Harvey Break Pete Sheffield Rich Paglia 2

3 Welcome Brian McKerlie Vice President, US Gas Transmission and Storage Rich Paglia Vice President, US Marketing 3

4 Highlights of Strategic Combination Global energy infrastructure leader $166 Billion EV * Unparalleled secured growth program of $27 Billion + $48 Billion in probability weighted development project pipeline Stable and predictable cash flows 96% Take-or-pay and equivalent or regulated Diversified assets and strong investment grade balance sheet Industry leading total return potential 4.6% Yield Superior annual dividend growth 10-12% Through 2024 *As of Feb 24, 2017 Note: 4.6% yield implied by the current share price and the 2017 increase. Slide reflects pro-forma combination with Spectra. For more information please refer to the presentation and news release dated September 6, 2016 which is available on Enbridge s website.

5 What we do We help to fuel the quality of life for millions of people everyday by connecting them with the energy they need. Our liquids business Our natural gas business Our renewables & transmission business Our gas distribution business 16,500 miles (28,000 km) of active pipe 3 million bpd capacity More than 100 unique commodity types 34, 410 miles (55,200 km) of natural gas lines Moving 15% - 20% of North America s gas needs 23 renewable projects in wind, solar, geothermal and waste heat recovery 2,800 megawatts generating capacity 3.5 million customers across Enbridge Gas Distribution and Union Gas Servicing more than 500 different communities 5

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7 Winter Operations Pipeline Postings Mark MacPherson Director, Capacity Management 7

8 Very Warm Market Area: Dec - Feb

9 EHDD Newark Daily Average EHDD % -9.7% -23.6% % % 19.8% % 20.5% 66.6% 54.7% Nov Dec Jan Feb Mar 5yr avg W15_16 W16_17

10 Dth Northeast Market Area Deliveries Winter Texas Eastern Transmission, L.P. 800,000,000 Nov - Mar of Each Year 700,000, ,000, ,000, ,000, ,000, ,000, ,000,

11 Mdth Northeast Market Area Monthly Deliveries Texas Eastern Transmission, L.P. 180, , , , ,000 80, % 16% of 14% of 18.7% 14% of 17.9% 26.6% 14% of 13% of 9% of 5.4% 11% of -6.7% 11% of 10% of -13.6% 13% of -5.6% 11% of 11% of 8% of 11.3% 17.0% 15% of 12% of 60,000 40,000 20,000 0 Nov Dec Jan Feb Mar Prev 5 Winter Avg Pwr W15_16 Pwr W16_17 Pwr Prev 5 Winter Avg Non Pwr W15_16 Non Pwr W16_17 Non Pwr

12 Dth Per/Chm East Load Demand vs. EHDD Nov Mar Texas Eastern Transmission, L.P. 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000, EHDD 1415 Winter 1516 Winter 1617 Winter Curve Fit (1415 Winter) Curve Fit (1516 Winter) Curve Fit (1617 Winter)

13 Mdth/d Northeast Market Area Top 25 Days Texas Eastern Transmission, L.P W13/14 W14/15 W15/16 W16/17

14 Dth Market Zone 2&3 Deliveries Winter Texas Eastern Transmission, L.P. 1,200,000,000 Nov - Mar of Each Year 1,000,000, ,000, ,000, ,000, ,000,

15 Mdth Market Zone 2&3 Area Monthly Deliveries Texas Eastern Transmission, L.P. 250, % 200, , % -3.1% 18% of 18% of 17% of 28.1% 17% of 8.5% 13% of 8.6% 16% of 16% of 14% of 3.9% 17% of -13.0% 17% of 15% of 2.7% 12% of 19% of 21.5% 18% of 18% of 100,000 50,000 0 Nov Dec Jan Feb Mar Prev 5 Winter Avg Pwr W15_16 Pwr W16_17 Pwr Prev 5 Winter Avg Non Pwr W15_16 Non Pwr W16_17 Non Pwr

16 Mdth/d Zones M2/M3 Top 25 Days Texas Eastern Transmission, L.P W14/15 W15/16 W16/17

17 Dth Zone M2/M3 Power Load Demand vs. EHDD Nov Mar Texas Eastern Transmission, L.P. 1,800,000 1,600,000 1,400,000 1,200,000 1,000, , , , , EHDD 1415 Winter 1516 Winter 1617 Winter Curve Fit (1415 Winter) Curve Fit (1516 Winter) Curve Fit (1617 Winter)

18 Supply Diversity (MDth/d) Texas Eastern Transmission, L.P. Nov 13 - Mar 14 Nov 14 - Mar 15 Nov 15 - Mar 16 Nov 16 - Mar 17 TE Marcellus Production 3,011 4,344 5,524 5,612 REX - Clarington Lebanon Area (ANR, PEPL, REX, TX Gas) TETLP Mainline (traditional) 906 1, from Access Area from Access Area NJ/NY Hanover TETLP Market Zones Supply 4,526 4,526 7,108 6,919

19 1/1/2010 4/1/2010 7/1/ /1/2010 1/1/2011 4/1/2011 7/1/ /1/2011 1/1/2012 4/1/2012 7/1/ /1/2012 1/1/2013 4/1/2013 7/1/ /1/2013 1/1/2014 4/1/2014 7/1/ /1/2014 1/1/2015 4/1/2015 7/1/ /1/2015 1/1/2016 4/1/2016 7/1/ /1/2016 1/1/2017 Dth Texas Eastern Appalachian Shale Supply Growth 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0

20 Dth Berne Station Load Duration Apr Mar Texas Eastern Transmission, L.P. 2,000,000 1,500,000 1,000, ,000 C16_17 C15_16 C14_15 C13_14 Traditional South-to-North 0-500,000-1,000,000-1,500,000 Reverse Flow North-to-South -2,000,000-2,500,000-3,000,000 Days

21 EHDD Boston Daily Average EHDD % -15.5% -6.7% -10.0% % 19.7% % % -10.7% 45.0% Nov Dec Jan Feb Mar 5yr avg W15_16 W16_17

22 Dth Deliveries Winter Algonquin Gas Transmission 300,000,000 Nov - Mar of Each Year 275,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000,000 75,000,000 50,000,000 25,000,

23 Mdth Monthly Deliveries Algonquin Gas Transmission 70,000 60,000 50,000 40,000 30, % 26% of 27% of 21.8% 29% of 16.6% 24.0% 21% of 26% of 18% of 6.8% 4.4% 18% of 18% of 16% of 0.9% 0.4% 15% of 18% of 18% of 20.9% 23.9% 18% of 20% of 17% of 20,000 10,000 0 Nov Dec Jan Feb Mar Prev 5 Winter Avg Pwr W15_16 Pwr W16_17 Pwr Prev 5 Winter Avg Non Pwr W15_16 Non Pwr W16_17 Non Pwr

24 Mdth/d Top 25 Days Algonquin Gas Transmission W09/10 W14/15 W15/16 W16/17

25 Dth Power Load Demand vs. EHDD Nov Mar Algonquin Gas Transmission 600, , , , , , EHDD 1415 Winter 1516 Winter 1617 Winter Curve Fit (1415 Winter) Curve Fit (1516 Winter) Curve Fit (1617 Winter)

26 Supply Diversity - Algonquin Nov 13 - Mar 14 Nov 14 - Mar 15 Nov 15 - Mar 16 Nov 16 - Mar 17 Texas Eastern Tenn Mahwah- AGT Tenn Mahwah- TE 652* 667* 663* 660* Transco Columbia Iroquois Millennium- AGT Millennium- TE 51* 56* 50* 62* West End Supply 1,343 1,431 1,311 1,643 Maritimes Distrigas Tenn - Mendon Excelerate East End Supply

27 New Pipeline Development Rob Hansen Senior Business Development Representative 27

28 SLIDE 28

29 Growth Now and in the Future Supply to Markets Power Generation Demand Market Growth Northeast & New England Strong throughput throughout winter seasons Market expansion opportunities to serve LDCs, power generators and industrial customers Marcellus/Utica Marcellus averaging 5.5 Bcf/d of flows directly into Texas Eastern By 2017, Spectra Energy will have capacity for transport of ~9.5 Bcf/d out of the basin LNG & Mexico Exports Power Generation Southeast & Gulf Coast Significant incremental growth from power generation coal conversions Gulf Coast regional demand projected to increase 19 Bcf/d by 2025

30 New England Market Driven Projects ME Strong throughput throughout winter seasons QC Maritimes & Northeast NS Market expansion opportunities to move abundant, economic supplies of natural gas from the Marcellus & Utica plays to serve LDCs, power generators and industrial customers MA VT Project Status AIM Full in-service January 2017 NH Salem Lateral In-service November 2016 NY MA Salem Lateral Atlantic Bridge Received FERC Certificate January 2017; expecting partial in-service November 2017, with full in-service in 2018 PA Regional Supplies Texas Eastern NJ CT RI Algonquin Project Volume (MMcf/d) Target In-service AIM 342 In-Service Salem Lateral 115 In-Service Atlantic Bridge 133 4Q17, 2018

31 Access Northeast Algonquin and Maritimes systems directly connect to 60% of ISO- NE s gas-fired generators New gas-fired generators totaling ~2,570 MW attaching to Algonquin by 2019 Market area LNG peak shaving Texas Eastern Algonquin NEW YORK Maritimes & Northeast PORTLAND BOSTON With increasing reliance on natural gas for electric generation, the Access Northeast project provides a critical opportunity to improve New England s future energy reliability, cost volatility and competitiveness Project Scope ~$3 billion (100%); 900 MMcf/d Joint development with Eversource and National Grid Project Need New England electric power market continues to become more gas dependent Natural gas generation has increased from 15% to 50% market share since 2000 Likely to rise further with Brayton Point, Pilgrim retirements, new gas-fired facilities coming on line Additional natural gas infrastructure is needed to serve growing gas generation Access Northeast is best positioned to meet growing natural gas demand needs in New England

32 NEXUS & TEAL MI NEXUS Dawn Hub DETROIT OH TEAL Parkway Texas Eastern TORONTO MARCELLUS / UTICA SUPPLY ON QC U.S. Northeast PA NY Connecting Marcellus and Utica supplies to LDCs, power generators and industrials in Ohio, Michigan, Chicago and Ontario Project Scope NEXUS 1.5 Bcf/d design capacity, ~255 miles, 36 pipeline; $2.2B (50% ownership) TEAL 950 MMcf/d expansion of Texas Eastern and reversal of OPEN line to deliver into NEXUS; $184MM (100% ownership) Supply Sources Kensington Processing Plant, Tennessee Gas, Texas Eastern Pipeline Interconnects DTE Gas, Vector, ANR, PEPL, Great Lakes Transmission, Union Gas, Texas Eastern, Tennessee Gas Project Status Filed FERC application November 2015 Received Final EIS from FERC November 2016 Expected in-service November 2017

33 Northeast Expansions on Texas Eastern MARCELLUS PennEast PA MD NY Marcellus to Market NJ Greater Philadelphia Expansion Bayway Lateral Continued opportunities on Texas Eastern to link supply to growing Northeast markets In Execution Bayway Lateral 300 MMcf/d lateral expansion to serve Bayway Refinery & Linden Cogen; in-service January 2018 PennEast 1.1 Bcf/d greenfield project connecting Northeast Pennsylvania supply with New Jersey and New York markets; in-service November 2018 In Development Marcellus to Market Texas Eastern expansion up to 200 MMcf/d from Lambertville; in development Greater Philadelphia Expansion Project incremental lateral capacity to serve growing power, industrial and LDC market; in development

34 PennEast & Texas Eastern Marcellus to Market Project Providing direct connection to abundant, affordable Northeast Pennsylvania Marcellus supplies with growing Texas Eastern M3 market Project Scope PennEast will provide an incremental 1.1 Bcf/d of capacity to Lambertville Texas Eastern Capacity: 125,000 MMcf/d Project Status PennEast filed FERC Application Sept 2015 PennEast received FERC FEIS April 2017 PennEast expects to receive FERC Certificate 3Q17 In-service 2H18 Preliminary Facilities Marcellus to Market will consist of Texas Eastern piping and meter station modifications to create firm capacity from Lambertville to the west

35 Northeast Pennsylvania to M2/M3 Development (Stagecoach) NEXUS Millennium Stagecoach Tennessee GRANTVILLE LAMBERTVILLE EAGLE MARIETTA CLARINGTON STA 195 Transco Directly links 1 Bcf/d of Stagecoach supply with major Texas Eastern delivery points Project Scope All Stagecoach receipt points Considering Texas Eastern deliveries to: Clarington Transco St. 195 (Lower Chanceford) interconnection Eagle head of Philadelphia lateral Targeting 2H20 in service Preliminary Facilities Looping and/or compression on Stagecoach MARC I system Greenfield pipeline in Pennsylvania to connect to Texas Eastern On system looping, compressor station modifications, and added compression at existing stations

36 Philadelphia Lateral Expansion Purpose: Provide existing Philadelphia Lateral shippers with additional capacity to meet their growth needs Connect Appalachian supplies to the growing Greater Philadelphia power generation and industrial markets Market: LDC Growth Power Gen/Industrial/Refinery/LNG Project Timeline: Binding Open Season: 2017 Target In-service: 2020/21 Facilities: Facilities to be determined based on ultimate project scope. Likely take up and relay of 22 miles of pipe(with larger diameter pipe) from Eagle to Chester Junction + additional work downstream of Chester Junction. Potential for receipt interconnects with Transco and Columbia.

37 APPENDIX

38 Access South, Adair Southwest & Lebanon Extension Projects Delivering Appalachian shale supply to markets in the Midwest and Southeast Lebanon Extension Kosciusko Lebanon Access South Adair Co. KY Uniontown Adair Southwest Combined Projects Scope Capacity: 622 MMcf/d Access South 320 MMcf/d Adair Southwest 200 MMcf/d Lebanon Extension 102 MMcf/d CapEx: $450MM Timeline Received FERC Certificate December 2016 On target for in-service 2H17

39 Gulf Markets Expansion & Stratton Ridge MARCELLUS Expanding Texas Eastern to serve Gulf Coast LNG markets UTICA M2 Gulf Markets Under construction Phase 1 in-service Phase 2 target in-service 3Q17 Stratton Ridge M1 Gulf Markets Gulf Markets Transporting Texas Eastern M1, East Texas and South Texas gas to Freeport LNG s Stratton Ridge storage facility Expect 1H17 FERC filing Targeting 1H19 in-service Project Volume (MMcf/d) Target In-Service Gulf Markets /17 Stratton Ridge 322 1H19

40 Valley Crossing Pipeline & Texas Eastern STEP TEXAS EASTERN Nueces VIDOR South Texas Expansion Project STEP New intrastate pipeline to export reliable natural gas supply to meet Mexico s growing electric generation needs Texas Eastern mainline reversal Customer Comision Federal de Electricidad Capacity 400 MMcf/d FERC filing target 4Q16 Expect FERC certificate 4Q17 In-Service 4Q18 Brownsville Valley Crossing Greenfield intrastate, 170 miles of 42 and 48 pipeline, 258,000 HP, 8 receipt meters, export meter to MX Infraestructura Marina del Golfo Customer Comision Federal de Electricidad Capacity 2.6 Bcf/d Mainline, 5 Bcf/d Nueces Header CapEx $1.5B Commence construction 1H17 In-Service 4Q18

41 Sabal Trail & Loudon Serving Southeast power generation growth Loudon Loudon East Tennessee expansion to serve a power plant conversion from coal to natural gas In-service Sept 2016 Sabal Trail Sabal Trail 515-mile greenfield pipeline to provide incremental supply to FPL and Duke Energy Joint venture with NextEra and Duke Energy Under construction Phase I in-service end of 2Q17 Project Volume (MMcf/d) Target In-Service Loudon 40 Sept 16 Sabal Trail 1,075 2Q17

42 Regulatory Update Chris Harvey Manager, Rates Certificates 42

43 U.S. Transmission Major Projects Atlantic Bridge Dawn Hub AIM Salem Lateral Project Completed Est. CapEx ($MM) Status NEXUS AIM 1,100 In-service Lebanon Extension Adair Southwest Salem Lateral 60 In-service Gulf Markets 150 In-service (partial) Certificates Received Sabal Trail (1) 1,600 Under construction Access South Sabal Trail Access South, Adair Southwest, & Lebanon Extension Atlantic Bridge 500 Certificate Order Awaiting Issuance 450 Under construction Initial NTP requests approved in 2017 Stratton Ridge Gulf Markets Expansion NEXUS (1) 1,100 Requested 11/1/2016 TEAL 185 Requested 11/1/2016 Bayway Lateral 30 Requested 2/28/2017 Greenfield pipeline (1) Enbridge s expected portion 43

44 Regulatory Affairs Update Current FERC Activity & Trends - Certificates Lack of Quorum January 26 th Trump Administration demotes Norman Bay and appoints Cheryl LaFleur as Acting Chairman January 26 th FERC Chairman Norman Bay announces resignation hours after demotion, to be effective February 3 rd. February 3 rd FERC expand the delegation authority of its staff. Many Certificate Proceedings left in waiting. Enbridge Projects Impacted NEXUS, TEAL, Bayway Lateral 44

45 Regulatory Affairs Update Current FERC Activity & Trends - Certificates Increased Stakeholder Activity on Certificate Projects, particularly in populated areas (NY, CT, MA). Overall, FERC review times trended longer under Commissioner Bay. Opposition involved in other Federal & State permit proceedings as well. Social media & celebrities accelerating the message of the opposition. Enbridge Example Projects Texas Eastern OPEN Project: ~76 miles greenfield 30 diameter pipeline; 18,800 HP at greenfield compressor station items on FERC docket: 276 FERC review time: 17 months (400 page EA, 30 page Order w/24 environmental conditions) Algonquin AIM Project: 37 miles of pipeline (over 75% take-up & relay within existing right-of-way); 81,620 HP at 6 existing compressor stations. items on FERC docket: 2,060 FERC review time: 20 months (485 page FEIS, 66 page Order w/32 environmental conditions) Opposition continues to fight the project after certificate issuance and in-service 45

46 How have things changed? Multiple concerns have become one Various arguments have coalesced into general, widespread anti-pipeline sentiment Anti-Carbon/ Climate Change Anti-Fracking Safety Eminent Domain We should not use fossil fuels at all. Gas as the new coal, methane worse than CO2. Fracking is bad; fracked gas is full of chemicals or radioactive. Pipelines endanger communities with emissions, risk of rupture, noise from compressor stations etc. Pipelines are for profit, not for public benefit putting corporate interests ahead of the public. 46

47 Our Pictures Hudson River HDD Pull Back AIM Project NY Facilities 47

48 Our Pictures East Side of Hudson River AIM Project NY Facilities Valve Station 15B-1 Valve Station 15B-3 48

49 Opposition Appointed Monitor Reports AIM Project NY Facilities 49

50 Opposition Appointed Monitor Reports AIM Project NY Facilities 50

51 Regulatory Affairs Update Current FERC Activity & Trends - Rates Enbridge Rate Related Activities Incremental vs. System analysis of all rate components. FERC began looking at each component of a new project rate (demand, usage, fuel, EPC) in comparison to the equivalent system rate in evaluating the appropriate rate to charge project customers. Texas Eastern requested rehearing/seeking clarification on recent projects regarding this issue. Customer meetings as part of the dispute resolution process on Texas Eastern to address the recovery of certain ongoing remediation costs related to PCBs. Good participation in meetings thus far, process is ongoing. Last meeting held 4/25/17. 51

52 Break 15 minutes

53 New Pipeline Paradigm Pete Sheffield Director, US External Affairs 53

54 Closing Rich Paglia Vice President, US Marketing