Mr. Al Monaco reports

ENBRIDGE INC. AND SPECTRA ENERGY PARTNERS, LP ANNOUNCE DEFINITIVE AGREEMENT AND COMPLETION OF THE ELIMINATION OF INCENTIVE DISTRIBUTION RIGHTS

Enbridge Inc. and Spectra Energy Partners LP have executed a definitive agreement, resulting in Enbridge converting all of its incentive distribution rights (IDRs) and general partner (GP) economic interests in SEP into 172.5 million newly issued SEP common units. As part of the transaction, all of the IDRs have been eliminated. The 172.5 million newly issued SEP common units have a value of approximately $7.2-billion (U.S.) based on the volume-weighted average price of SEP common units over the past 20 days. The transaction value represents a multiple of 15.7 times forecast 2018 GP/IDR cash flow and is expected to be break-even to SEP's distributable cash flow per common unit by the second half of 2019 and be accretive thereafter.

Enbridge now holds a non-economic GP interest in SEP and owns approximately 403 million SEP common units, representing approximately 83 per cent of SEP's outstanding common units.

The transaction provides significant benefits to all SEP common unitholders. The elimination of the IDRs will improve SEP's competitiveness and growth potential by permanently improving its cost of capital, thereby improving value for both SEP unitholders and Enbridge. The transaction also simplifies SEP's capital structure and further aligns the interests of all SEP unitholders. SEP maintains its current guidance of 7-per-cent distribution growth in 2018 and 4- to 6-per-cent distribution growth in 2019 to 2020, distribution coverage of 1.1 times to 1.2 times and a strong credit profile of sub-4.0 times debt/EBITDA (earnings before interest, taxes, depreciation and amortization).

Bill Yardley, president and chairman of the board of SEP, added: "Today's transaction improves SEP's long-term value proposition. With an improved cost of capital, we are even better positioned to improve and extend SEP's distribution growth outlook through organic growth projects, potential future dropdowns from Enbridge and third party acquisitions."

"We are pleased to have completed this transaction which we believe is a win-win for both Enbridge and SEP," said Al Monaco, president and chief executive officer of Enbridge. "An even stronger SEP supports our strategic priority to continue to grow our natural gas business. The transaction also simplifies SEP and reinforces its value proposition as a best-in-class MLP that will create long-term benefits for investors in both organizations."

The Enbridge board of directors reviewed and approved this transaction with assistance from Barclays Capital Inc., acting as Enbridge's financial adviser, and Sullivan & Cromwell LLP and Vinson & Elkins LLP, acting as Enbridge's legal and tax advisers. The terms of the transaction were unanimously approved by the board of directors of the general partner of SEP, based on the unanimous approval and recommendation of the SEP GP board's conflicts committee, which comprises only independent directors. The conflicts committee engaged Jefferies LLC to act as its financial adviser and Locke Lord LLP to act as its legal adviser.

The transaction closed immediately after the signing of the definitive agreement.

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 interests in more than 2,500 megawatts of net renewable generating capacity in North America and Europe.