An anonymous director reports

ENBRIDGE ANNOUNCES $400 MILLION PREFERRED SHARE OFFERING

Enbridge Inc. has entered into an agreement with a group of underwriters to sell $400-million cumulative redeemable minimum rate reset preference shares, Series 19, at a price of $25 per share for distribution to the public. Closing of the offering is expected on or about Dec. 11, 2017.

The holders of Series 19 preferred shares will be entitled to receive fixed cumulative dividends at an annual rate of $1.225 per share, payable quarterly on the first day of March, June, September and December, as and when declared by the board of directors of Enbridge. The Series 19 preferred shares are expected to yield 4.90 per cent per annum for the initial fixed rate period to, but excluding, March 1, 2023. The first quarterly dividend payment date is scheduled for March 1, 2018. The dividend rate will reset on March 1, 2023, and every five years thereafter at a rate equal to the sum of the then five-year Canadian government bond yield plus 3.17 per cent, provided that, in any event, such rate shall not be less than 4.90 per cent per annum. The Series 19 preferred shares are redeemable by Enbridge, at its option, on March 1, 2023, and on March 1 of every fifth year thereafter.

The holders of Series 19 preferred shares will have the right to convert their shares into cumulative redeemable preference shares, Series 20, on March 1, 2023, and on March 1 of every fifth year thereafter, subject to certain conditions. The holders of Series 20 preferred shares will be entitled to receive quarterly floating rate cumulative dividends, as and when declared by the board of directors of Enbridge, at a rate equal to the sum of the 90-day government of Canada treasury bill rate plus 3.17 per cent.

Enbridge has granted to the underwriters an option to purchase up to an additional four million Series 19 preferred shares at a price of $25 per share, exercisable at any time up to 48 hours prior to the closing of the offering.

The offering is being made only in Canada by means of a prospectus supplement to the base shelf prospectus of the company dated Sept. 14, 2017. Proceeds are expected to be used to partially finance capital projects, to reduce existing indebtedness, and for other general corporate purposes of the company and its affiliates.

The syndicate of underwriters is led by Scotiabank, BMO Capital Markets, CIBC Capital Markets and National Bank Financial.

About Enbridge Inc.

Enbridge is North America's premier energy infrastructure company with strategic business platforms that include an extensive network of crude oil, liquids and natural gas pipelines, regulated natural gas distribution utilities, and renewable power generation. The company safely delivers an average of 2.8 million barrels of crude oil each day through its Mainline and Express pipeline; accounts for approximately 65 per cent of U.S.-bound Canadian crude oil exports; and moves approximately 20 per cent of all natural gas consumed in the U.S., serving key supply basins and demand markets. The company's regulated utilities serve approximately 3.6 million retail customers in Ontario, Quebec, New Brunswick and New York State. Enbridge also has a growing involvement in electricity infrastructure with interests in more than 2,500 megawatts of net renewable generating capacity in North America and Europe.

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