Mr. Jesse Semko reports

ENBRIDGE ANNOUNCES CDN$4.0 BILLION BOUGHT-DEAL OFFERING OF COMMON SHARES

Enbridge Inc. has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets LLC and Morgan Stanley & Co. LLC, and including BMO Capital Markets, CIBC Capital Markets, National Bank Financial Markets, Scotiabank and TD Securities, under which the underwriters have agreed to purchase, on a bought deal basis, 89.49 million common shares of the company for aggregate gross proceeds of $4-billion at an offering price of $44.70 per common share.

Enbridge intends to use the net proceeds from the offering to finance a portion of the cash consideration payable by it for the purchase of local distribution company gas utilities in the United States from Dominion Energy Inc., the details of which were announced today in a separate news release issued by Enbridge.

The common shares will be offered to the public in all of the provinces of Canada through the underwriters and their affiliates by way of a Canadian prospectus supplement to Enbridge's short form base shelf prospectus dated Sept. 5, 2023. The common shares will be offered to the public in the United States pursuant to Enbridge's registration statement, including a prospectus, filed with the U.S. Securities and Exchange Commission, and a prospectus supplement to the U.S. prospectus. Before investing, prospective purchasers in Canada should read the Canadian prospectus supplement, the Canadian prospectus and the documents incorporated by reference therein and prospective purchasers in the United States should read the U.S. prospectus, the U.S. prospectus supplement and the documents incorporated by reference therein for more complete information about Enbridge and the offering in Canada and the United States, respectively. Common shares may also be offered on a private placement basis in other international jurisdictions in reliance on applicable private placement exemptions.

The offering is expected to close on or about Sept. 8, 2023. Pursuant to the agreement, the underwriters have an option to purchase up to 15 per cent in additional common shares by providing notice to Enbridge at any time until the date that is 30 days after the closing of the offering to cover overallotments, if any. If the overallotment option is exercised in full, the aggregate gross proceeds from the offering will be approximately $4.6-billion.

A copy of the Canadian prospectus for the offering is, and a copy of the Canadian prospectus supplement will be, available on SEDAR+ and a copy of the U.S. prospectus is, and a copy of the U.S. prospectus supplement will be, available on the SEC website. Potential investors can request copies of the Canadian prospectus and Canadian prospectus supplement from RBC Dominion Securities Inc., 180 Wellington St. West, eighth floor, Toronto, Ont., M5J 0C2, attention: distribution centre; or by telephone at 1-416-842-5349; or by e-mail at Distribution.RBCDS@rbccm.com; and the U.S. prospectus and U.S. prospectus supplement from RBC Capital Markets, 200 Vesey St., eighth floor, New York, N.Y., 10281-8098, attention: equity syndicate; phone: 877-822-4089; e-mail: equityprospectus@rbccm.com; or Morgan Stanley, attention: prospectus department, 180 Varick St., second floor, New York, N.Y., 10014.

The closing of the offering is not conditional upon the completion of the acquisitions. In the event that any or all of the acquisitions are not completed, Enbridge may use the net proceeds from the offering to reduce its outstanding indebtedness; to finance future growth opportunities, including acquisitions; to finance its capital expenditures; or for other general corporate purposes.

About Enbridge Inc.

At Enbridge, the company safely connects millions of people to the energy they rely on every day, fuelling quality of life through the company's North American natural gas, oil or renewable power networks and its growing European offshore wind portfolio. Enbridge 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. Enbridge 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's common shares trade under the symbol ENB on the Toronto Stock Exchange and New York Stock Exchange.