Delivering Shareholder Value in 2006

		2006 earnings applicable to common shareholders
		$615.4 million
		Earnings applicable to common shareholders were $615.4 million for the year ended December 31, 2006, or $1.81 per common share, compared with $556.0 million, or $1.65 per share, in 2005. The $59.4 million increase in earnings reflected strong performance from the Enbridge crude oil mainline system, Enbridge Energy Partners, and the Aux Sable natural gas fractionation facility.

		2006 adjusted earnings		2006 dividends paid
		$1.74		$1.15
		per common share		per common share
		Adjusted operating earnings, which represent earnings applicable to common shareholders adjusted for non-operating factors, increased 9% over 2005.		In January 2007, the Board announced a 7% increase in the quarterly dividend to $0.3075 per common share (or $1.23 per common share annualized) effective the first quarter of 2007.
		Dividend payout target 60% to 70% of adjusted operating earnings
		Enbridge targets to pay out approximately 60% to 70% of adjusted operating earnings, which provides Enbridge investors with an attractive combination of long-term growth and near-term cash payout.
		Total shareholder return has averaged 19% per year over the past 10 years
		Enbridge’s objective is to create superior long-term value for shareholders, and the Company has consistently delivered strong total shareholder returns – total dividends declared plus share price appreciation – since it became a publicly traded entity in 1953. Since that time, Enbridge has provided an annual average return to shareholders of more than 13%. Total shareholder return over the past decade has averaged 19.1% per year. And in 2006, total shareholder return was 14.3%.

		Enbridge combines a low-risk profile with excellent growth opportunities. The Company's value proposition is supported by:
		A DIVERSIFIED ASSET BASE: Enbridge's portfolio of long-lived energy infrastructure assets generates stable cash flow and plentiful new growth opportunities.
		A DISCIPLINED INVESTMENT APPROACH: Enbridge's strong financial returns reflect the Company's disciplined approach and stringent criteria for evaluating investments.
		FINANCIAL STRENGTH AND FLEXIBILITY: A strong balance sheet and ready access to capital markets ensures growth opportunities can be reliably and cost-effectively financed.