An anonymous director reports

ENBRIDGE PROVIDES NOTICE OF SERIES F PREFERRED SHARES CONVERSION RIGHT AND ANNOUNCES RESET DIVIDEND RATES

Enbridge Inc. does not intend to exercise its right to redeem its currently outstanding cumulative redeemable preference shares, Series F (Toronto Stock Exchange: ENB.PR.F), on June 1, 2023. As a result, subject to certain conditions, the holders of the Series F shares have the right to convert all or part of their Series F shares on a one-for-one basis into cumulative redeemable preference shares, Series G, of Enbridge on June 1, 2023. Holders who do not exercise their right to convert their Series F shares into Series G shares will retain their Series F shares.

The foregoing conversion right is subject to the conditions that: (i) if Enbridge determines that there would be fewer than one million Series F shares outstanding after June 1, 2023, then all remaining Series F shares will automatically be converted into Series G shares on a one-for-one basis on June 1, 2023; and (ii) alternatively, if Enbridge determines that there would be fewer than one million Series G shares outstanding after June 1, 2023, no Series F shares will be converted into Series G shares. There are currently 20 million Series F shares outstanding.

With respect to any Series F shares that remain outstanding after June 1, 2023, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, as and when declared by the board of directors of Enbridge. The new annual dividend rate applicable to the Series F shares for the five-year period commencing on June 1, 2023, to, but excluding, June 1, 2028, will be 5.538 per cent, being equal to the five-year government of Canada bond yield of 3.028 per cent determined as of today plus 2.51 percent in accordance with the terms of the Series F shares.

With respect to any Series G shares that may be issued on June 1, 2023, holders thereof will be entitled to receive quarterly floating-rate cumulative preferential cash dividends, as and when declared by the board of directors of Enbridge. The dividend rate applicable to the Series G shares for the three-month floating-rate period commencing on June 1, 2023, to, but excluding, Sept. 1, 2023, will be 1.75430 per cent, based on the annual rate on three-month government of Canada treasury bills for the most recent treasury bill auction of 4.45 per cent plus 2.51 per cent in accordance with the terms of the Series G shares. The floating quarterly dividend rate will be reset every quarter.

Beneficial holders of Series F shares who wish to exercise their right of conversion during the conversion period, which runs from May 2, 2023, until 5 p.m. EST, on May 17, 2023, should communicate as soon as possible with their broker or other intermediary for more information. It is recommended that this be done well in advance of the deadline to provide the broker or other intermediary time to complete the necessary steps. Any notices received after this deadline will not be valid.

About Enbridge Inc.

At Enbridge, it safely connects millions of people to the energy they rely on every day, fuelling quality of life through its North American natural gas, oil or renewable power networks and its growing European offshore wind portfolio. It is investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on two decades of experience in renewable energy to advance new technologies, including wind and solar power, hydrogen, renewable natural gas, and carbon capture and storage. It is committed to reducing the carbon footprint of the energy it delivers, and to achieving net-zero greenhouse gas emissions by 2050. Headquartered in Calgary, Alta., Enbridge has common shares that trade under the symbol ENB on the Toronto and New York stock exchanges.

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