An anonymous director reports

ENBRIDGE PROVIDES NOTICE OF SERIES 15 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 15 (symbol ENB.PF.G), on Sept. 1, 2025. As a result, subject to certain conditions, the holders of the Series 15 shares have the right to convert all or part of their Series 15 shares on a one-for-one basis into cumulative redeemable preference shares, Series 16, of Enbridge on Sept. 1, 2025. Holders who do not exercise their right to convert their Series 15 shares into Series 16 shares will retain their Series 15 shares.

The foregoing conversion right is subject to the conditions that: (i) if Enbridge determines that there would be less than one million Series 15 shares outstanding after Sept. 1, 2025, then all remaining Series 15 shares will automatically be converted into Series 16 shares on a one-for-one basis on Sept. 1, 2025; and (ii) alternatively, if Enbridge determines that there would be less than one million Series 16 shares outstanding after Sept. 1, 2025, no Series 15 shares will be converted into Series 16 shares. There are currently 11 million Series 15 shares outstanding.

With respect to any Series 15 shares that remain outstanding after Sept. 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 15 shares for the five-year period commencing on Sept. 1, 2025, to, but excluding, Sept. 1, 2030, will be 5.626 per cent, being equal to the five-year government of Canada bond yield of 2.946 per cent, determined as of today, plus 2.68 per cent in accordance with the terms of the Series 15 shares.

With respect to any Series 16 shares that may be issued on Sept. 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 16 shares for the three-month floating rate period commencing on Sept. 1, 2025, to, but excluding, Dec. 1, 2025, will be 1.33882 per cent, based on the annual rate on three-month government of Canada treasury bills for the most recent treasury bills auction of 2.69 per cent, plus 2.68 per cent, in accordance with the terms of the Series 16 shares. The floating quarterly dividend rate will be reset every quarter.

Beneficial holders of Series 15 shares who wish to exercise their right of conversion during the conversion period, which runs from Aug. 2, 2025, until 5 p.m. EST on Aug. 18, 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 in order 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.

Enbridge 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. Enbridge 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. The company is advancing new technologies, including hydrogen, renewable natural gas, carbon capture and storage. Headquartered in Calgary, Alta., Enbridge's common shares trade under the symbol ENB on the Toronto Stock Exchange and New York Stock Exchange.

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