An anonymous director reports

ENBRIDGE PROVIDES NOTICE OF SERIES 13 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 13, on June 1, 2025. As a result, subject to certain conditions, the holders of the Series 13 shares have the right to convert all or part of their Series 13 shares on a one-for-one basis into cumulative redeemable preference shares, Series 14, of Enbridge, on June 1, 2025. Holders who do not exercise their right to convert their Series 13 shares into Series 14 shares will retain their Series 13 shares.

The foregoing conversion right is subject to the conditions that: (i) if Enbridge determines that there would be fewer than one million Series 13 shares outstanding after June 1, 2025, then all remaining Series 13 shares will automatically be converted into Series 14 shares on a one-for-one basis on June 1, 2025; and (ii) alternatively, if Enbridge determines that there would be fewer than one million Series 14 shares outstanding after June 1, 2025, no Series 13 shares will be converted into Series 14 shares. There are currently 14 million Series 13 shares outstanding.

With respect to any Series 13 shares that remain outstanding after June 1, 2025, 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 13 shares for the five-year period commencing on June 1, 2025, to, but excluding, June 1, 2030, will be 5.395 per cent, being equal to the five-year government of Canada bond yield of 2.735 per cent determined as of today plus 2.66 per cent in accordance with the terms of the Series 13 shares.

With respect to any Series 14 shares that may be issued on June 1, 2025, 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 14 shares for the three-month floating-rate period commencing on June 1, 2025, to, but excluding, Sept. 1, 2025, will be 1.33841 per cent, based on the annual rate on three-month government of Canada treasury bills for the most recent treasury bill auction of 2.65 per cent plus 2.66 per cent in accordance with the terms of the Series 14 shares. The floating quarterly dividend rate will be reset every quarter.

Beneficial holders of Series 13 shares who wish to exercise their right of conversion during the conversion period, which runs from May 2, 2025, until 5 p.m. EST on May 20, 2025, 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 and 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 more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. It is advancing new technologies including hydrogen, renewable natural gas, carbon capture and storage. 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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