Liquids Pipelines Steve Wuori

President, Liquids Pipelines & Major Projects

This presentation includes certain forward looking information (FLI) to provide Enbridge shareholders and

potential investors with information about Enbridge and management’s assessment of its future plans and

operations, which may not be appropriate for other purposes. FLI is typically identified by words such as

“anticipate”, “expect”, “project”, “estimate”, “forecast”, “plan”, “intend”, “target”, “believe” and similar words

suggesting future outcomes or statements regarding an outlook. Although we believe that our FLI is

reasonable based on the information available today and processes used to prepare it, such statements are

not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its

nature, FLI involves a variety of assumptions, risks, uncertainties and other factors which may cause actual

results, levels of activity and achievements to differ materially from those expressed or implied in our FLI.

Material assumptions include assumptions about: the expected supply and demand for crude oil, natural gas

and natural gas liquids; prices of crude oil, natural gas and natural gas liquids; expected exchange rates;

inflation; interest rates; the availability and price of labour and pipeline construction materials; operational

reliability; anticipated in-service dates and weather.

Our FLI is subject to risks and uncertainties pertaining to operating performance, regulatory parameters,

weather, economic conditions, exchange rates, interest rates and commodity prices, including but not limited

to those discussed more extensively in our filings with Canadian and US securities regulators. The impact of

any one risk, uncertainty or factor on any particular FLI is not determinable with certainty as these are

interdependent and our future course of action depends on management’s assessment of all information

available at the relevant time. Except to the extent required by law, we assume no obligation to publicly

update or revise any FLI, whether as a result of new information, future events or otherwise. All FLI in this

presentation is expressly qualified in its entirety by these cautionary statements.

This presentation will make reference to certain financial measures, such as adjusted net income, which are

not recognized under GAAP. Reconciliations to the most closely related GAAP measures are included in the

earnings release and also in the Management Discussion and Analysis posted to the website.

Legal Notice

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Liquids Pipelines & Major Projects Leadership Team

3

Chief Operating Officer

Leon Zupan

Senior VP Business

& Market

Development

Vern Yu

Senior VP Major Projects

Byron Neiles

VP Strategy & Integrated Services

David Bryson

VP Customer Service

Sonya Buys

VP Finance

Bill Ross

President, Liquids Pipelines & Major Projects

Steve Wuori

North America Crude Oil Pricing

Asia

$96

$96

$112

Alberta

Light

WCS

Bakken

Light

Brent

Maya

Pricing as at September 25, 2013

(USD per barrel)

$89

$108

$105

LLS

$103

WTI

$117

Light Crude

Heavy Crude

*Brent price is a landed price on US East Coast/ US Gulf

Coast. Assumed tanker freight cost of US$2.00 per bbl.

*

4

$72

North American Supply

North American Demand

Public Opposition to

Infrastructure

Transportation Bottlenecks

Volatile Price Differentials

North American Crude Supply Growth (2013 - 2025)

Bakken

Eagle Ford

Permian Basin

Other

Niobrara

Oil Sands

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Heavy Light

Cardium, Viking, Duvernay

Sources: Enbridge Internal Forecast and External Forecasts

5

+ 7 MMbpd by 2025

MMbpd

Pricing History

($50)

($40)

($30)

($20)

($10)

$0

$10

$/bbl

WTI-Brent WCS-Maya

2010 2011 2013 2012

6

WCS Remains Disadvantaged

2013 Light & Heavy Markets

Source: StatsCan, EIA, Enbridge Internal Forecasts 7

Light Markets

• East Coast

• Eastern PADD II

• PADD III

Heavy Markets

• PADD II

• PADD III

US Refining Crude Coverage

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

2013F 2015 2020 2025

US Production Waterborne Imports Imports from Canada

MMbpd

U.S. Production Displaces Waterborne Imports

Sources: Enbridge Internal Forecast

8

Providing New Market Access (Heavy & Light)

Norman Wells

Zama

Edmonton

Fort McMurray

Portland

Seattle

Casper

Montreal

Salt Lake City

Patoka

Cushing

Superior

Chicago

Clearbrook

Regina

Flanagan

Hardisty

Toledo Sarnia

Buffalo

Houston

St. James

Cromer St. John

+600 kbpd

Heavy

+80 kbpd

Heavy

+250 kbpd Light

+50 kbpd Heavy

+300 kbpd Light

Western USGC Access

($6.4B)

Eastern Access

($2.7B)

Light Oil Market Access

($6.3B) +50 kbpd Light

Incremental Market Access Volumes

+ ~1.0 MMbpd of Heavy

+ ~0.7 MMbpd of Light

+50 kbpd Light

Nanticoke

+1.7 MMbpd New Market Access by 2015

+250 kbpd

Heavy

9

System Reliability & Integrity

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• Risk Management

– Risk Policy, Risk Framework, Risk Culture

Survey + Training

• Inline inspection (ILI)

– Significant dig program 3,400 pipe joints

examined followed with non-destructive testing

– Research and Development in tool

enhancements - Medical imaging technology

• On-line sensors

– Pressures/cycling, pipe movement, external

& internal corrosion, vibration

• Surveys

– Pipe depth, river crossing and geotechnical

conditions, corrosion control, 3rd party activity

• Incident Response

– Focused Emergency response tactical plans

• Health + Safety

– Process safety management implementation

Liquids Pipelines Vern Yu

Senior Vice President, Business & Market Development

WCSB Pipeline Takeaway Capacity*

*Includes Bakken entering ENB Mainline 12

OTHER

ENB

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

20

13

-Q1

201

4-Q

1

201

5-Q

1

20

16

-Q1

201

7-Q

1

201

8-Q

1

20

19

-Q1

202

0-Q

1

202

1-Q

1

202

2-Q

1MMbpd

2013 Enbridge Forecast 2013 Enbridge Upside Forecast Optimal Pipeline Capacity

Sources: Enbridge Internal Forecast

• Keystone XL

• ENB Northern Gateway

• TransMountain Expansion

• Energy East

Alberta Regional Projects

NTD: Secured capital does not align with LRP (2013 – 2017) - Fort Hills and Norlite should be classified as unsecured?

13

Edmonton

Alberta

Hardisty

Cheecham

Terminal

Kirby

1

2

3

4 5

6

7

8

9

10

Waupisoo Pipeline

Athabasca Pipeline

Athabasca Twin Pipeline

Woodland Pipeline

Woodland Pipeline Extension

Norealis Pipeline

Total Potential Capital ~$4 B

1

2

3

4

- Expand Waupisoo Pipeline to

550 kbpd (In-service)

- Expand Athabasca Pipeline to

570 kbpd (PH2 2014)

- Twin Athabasca Pipeline

450 kbpd (2014)

- Woodland Pipeline

400 kbpd (In-service)

- Norealis Pipeline

90-270 kbpd (2013) 5

- Wood Buffalo Pipeline

(In-service) 6

- Suncor Bitumen Blend

(In-service) 7

- AOC Hangingstone Lateral

20 kbpd (2015) 8

- Surmont Cheecham Facilities

(Q4 2014/ Q1 2015) 9

- Woodland Pipeline Extension

400 kbpd (2015) 10

• Industry Diluent Pipeline (Norlite)

Potential Projects:

• Cheecham to Edmonton Pipeline

• Cheecham to Hardisty Pipeline

• Gathering Laterals

Secured Projects:

Total Secured Capital = $4.5 B* * Includes ~$1.0B of projects that came into service in 2012

11

- JACOS Lateral

40 kbpd (2016) 11

Industry Diluent Pipeline (Norlite)

NTD: Secured capital does not align with LRP (2013 – 2017) - Fort Hills and Norlite should be classified as unsecured?

14

Edmonton

Terminal

Alberta

Hardisty

Cheecham

Terminal

Athabasca

Terminal

Norealis

Terminal

Wood Buffalo Pipeline

Woodland Pipeline Extension

Norlite Diluent Pipeline

Stonefell Terminal

Keyera Laterals

(existing)

Waupisoo Pipeline

Athabasca Pipeline

Total Potential Capital ~ $1.4 B

Base Case:

• Scope: 489km, 16” pipeline

• Expected In-service: Q2 2017

• Capacity: 200 kbpd

Expanded Case:

• Scope: 489km, 24”/20” pipeline

• Expected In-service: Q2 2017

• Capacity: 270 kbpd

• Keyera has the option to participate

in the project with a 30% working

interest

Bakken Crude Oil Supply vs. Pipeline Takeaway Capacity

15

Range of External Supply Forecasts

Tesoro Mandan Refinery

Enbridge Berthold Rail ND

Baker Take-away (Platte)

Plains Bakken North

Enbridge Sandpiper

0.0

0.5

1.0

1.5

2.0

2.5

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

MMbpd

Enbridge Bakken Expansion Program

Enbridge North Dakota to Clearbrook

Bakken Regional Projects

16

Clearbrook

Gretna

Saskatchewan

Minot

Lignite

Weyburn

Cromer

Berthold

Steelman

Tioga Stanley

to Superior

Total Secured Capital = $0.7 B

Enbridge Mainline

North Dakota System

Bakken Expansion Project

• 145 kbpd (In-service)

Saskatchewan System (ENF)

Bakken Access Program

(well connections)

• 100 kbpd (2013)

Berthold Rail

• 80 kbpd (In-service)

Sandpiper

Clearbrook

Superior

Sarnia

Chicago

Patoka

Toledo

Montreal

Westover

Hardisty

Cushing

EEP Funded

Sandpiper

• Scope: 614 mile, 24”/30” pipeline

• Capacity: ~225 kbpd/375 kbpd

• ISD: Early 2016

Regina

Gretna

17 Total Secured Capital = $2.6 B*

* Total Secured Capital of $2.6B is a component of Light Oil Market Access Program

Cushing

Houston

Chicago/

Flanagan

Port Arthur

Seaway Pipeline Acquisition + Reversal ($1.3B)

• Enbridge Inc. and Enterprise JV

• Initial capacity 150 kbpd, up to 400 kbpd by Q1 ‘13

• Reversal started May 2012

• Connectivity to ECHO Terminal in 2013 (65 miles)

Seaway Pipeline Twin + Lateral ($1.1B)

• Enbridge Inc. and Enterprise JV

• Twin Seaway Pipeline (515 miles)

• Initial capacity 450 kbpd, In-service mid-2014

• Connectivity to Port Arthur (85 miles)

Flanagan South Pipeline ($2.8B)

• Enbridge Inc. 100%

• Twin Spearhead Pipeline (36-inch pipeline, 591 miles)

• Initial capacity 585 kbpd, expandable to 800 kbpd

• In-service mid-2014

Market Access – Western U.S. Gulf Coast Access

18

1

3

1

2

3

2

* Excluding associated Mainline expansions

Total Secured Capital = $5.2 B*

Market Access – Eastern Access

Clearbrook

Superior

Sarnia

Chicago

Patoka

Toledo

Montreal

Westover

Hardisty

Cushing

EEP/ENB joint funded

ENB funded

1. Line 5 Expansion +50 kbpd (In-Service)

2. Spearhead North Expansion +105 kbpd (2013)

3. Line 6B Replacement +260 kbpd (2014)

4. Line 9A Reversal +240 kbpd (In-Service)

5. Line 9B Reversal +240 kbpd (2014)

6. Toledo Pipeline Twin +80 kbpd (In-Service)

19 Total Secured Capital = $2.7 B

1

2

3

4

5

1

2

6

4

5

3

6

Market Access – Light Oil Market Access

Clearbrook

Superior

Sarnia

Patoka

Toledo

Montreal

Westover

Hardisty

Flanagan

Chicago

ENB funded

EEP/ENB joint funded

EEP funded

1. Sandpiper Pipeline +225-375 kbpd (2016)

2. Line 62 Twin +570 kbpd (2015)

3. Line 6B Expansion (2016)

4. Line 9 Expansion +60 kbpd (2014)

5. Southern Access Extension +300 kbpd (2015)

Gretna Cromer

20 Total Secured Capital = $4.4 B*

1

2

3

4

5

3

1

2

4

5

Stockbridge

* Excluding associated Mainline expansions

Enbridge Mainline Expansions

Toledo

21

Superior

Chicago

Flanagan

Clearbrook

Fort McMurray

Edmonton

21 Total Secured Capital = $4.9 B

Sarnia

Toledo

Edmonton to Hardisty

Alberta Clipper

Southern Access

Western U.S.

Gulf Coast

Light Oil

Market Access

Canadian Mainline Terminal Capability

($0.6B) – 2013/2015

Edmonton to Hardisty

($1.8B) – 2015

Alberta Clipper to 570 & 800 kbpd

($1.0B) – 2014/2015

Southern Access to 560 kbpd

($0.2B) – 2014

Southern Access to 1,200 kbpd

($1.3B) – 2015

Southern Lights Expansion

Regina Gretna

Superior

Chicago

Flanagan

Clearbrook

Kerrobert

Cromer

Sarnia

Toledo

Fort McMurray

Edmonton

Southern Lights

Hardisty

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Southern Lights Expansion:

• Open season before end of 2013

• Capacity: +95 kbpd (to 275 kbpd)

• ISD: Q4 2016

Total Potential Capital ~ $0.7 B

New Initiatives – Enhanced Market Access

23 Total Potential Capital ~ +$7.5B

Norman Wells

Zama

Edmonton

Fort

McMurray

Portland

Seattle

Casper

Salt Lake City

Patoka Cushing

Ottawa Superior

Chicago

Clearbrook

Regina

Flanagan

Hardisty

Toledo

Toronto

Wood

River

Sarnia Buffalo

Montreal

East

South

+525 kbpd

+120 to

200 kbpd

+400 kbpd

+200 kbpd

West

Houston

West

• Northern Gateway Pipeline

East

• Chicago Rail

South

• Flanagan South /

Seaway Expansion

• Southern Access

Extension Upsize

• Eastern U.S. Gulf Coast

Access

+300 kbpd

~1.7 MMbpd of potential new market access

+100 kbpd

Zama

Key Takeaways

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• North American crude oil fundamentals support

significant investment opportunities

• Enbridge system provides the best netbacks

for Shippers

• Regional Oil Sands investment opportunities

continue to be robust

Liquids Pipelines