Based on discussions with our investors and other members of the investment community, the following represent their most frequently asked questions together with responses by Enbridge.

My Investment in Enbridge

Which of Enbridge's securities are available to the public and how do I make an investment?
How do I get prospectuses or other information regarding common shares, preferred shares or preferred securities?
What are the key features of the Dividend Reinvestment and Share Purchase Plan and how do I participate in it?
Does the Dividend Reinvestment and Share Purchase Plan (the Plan) provide a discount on the purchase of common shares of Enbridge?
What is the difference between registered and non-registered security ownership?
How do I make changes to my investment account?
How can I communicate directly with the Company?

Enbridge Strategic Issues

What are Enbridge’s vision and objectives?
Has your international strategy changed? What do you anticipate will be your next international investment, where will it likely be, and when?

Enbridge Performance

What, in recent years, have been the major attractions of Enbridge as an investment?
Did Enbridge have a profitable year in 2008?
Has Enbridge changed its common share dividend?
Can Enbridge maintain its pattern of historical growth?
What is Enbridge's debt leverage position?

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My Investment in Enbridge

Which of Enbridge's securities are available to the public and how do I make an investment?

For a list of publicly traded Enbridge securities, check Summary of Securities on this website. As publicly traded instruments, these securities are available through regular retail brokerage services. Current shareholders may also participate in the Dividend Reinvestment and Share Purchase Plan.

How do I get prospectuses or other information regarding common shares, preferred shares or preferred securities?

Prospectuses for each Enbridge security can be obtained from this website in Reports & Filings.

What are the key features of the Dividend Reinvestment and Share Purchase Plan and how do I participate in it?

Highlights of the Enbridge "DRIP" and a downloadable copy of the related Plan information, which explains the Plan in full, are contained in Investor Relations/Stock Information/Dividends on this website. Alternatively, you may contact CIBC Mellon Trust Company to have information regarding the Plan delivered to you.

To enroll in the Plan, Non-registered Owners of Enbridge Common Shares should contact their investment representative. Registered Owners should contact CIBC Mellon Trust Company regarding Enrollment.

Does the Dividend Reinvestment and Share Purchase Plan (the Plan) provide a discount on the purchase of common shares of Enbridge?

Effective with dividends payable on March 1, 2008, participants in the Enbridge Inc. Dividend Reinvestment and Share Purchase Plan will receive a two per cent discount on the purchase of common shares with reinvested dividends. The price of the common shares purchased on behalf of Plan participants with reinvested dividends will be 98% of the weighted average of the trading prices for common shares on The Toronto Stock Exchange on the five trading days preceding a dividend payment date. Enbridge reserves the right to amend or cancel the discount at any time.

The discount will not apply to the purchase of common shares with optional cash payments under the Plan. Optional cash payments of up to $5,000 Canadian per quarter will be used to purchase common shares under the Plan at a price equal to 100% of the weighted average of the trading prices for common shares on The Toronto Stock Exchange on the five trading days preceding a dividend payment date.

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What is the difference between registered and non-registered security ownership?

Registered Owners of securities hold their securities directly and most often physically possess certificate(s) evidencing their position. Non-registered Owners hold their securities through a brokerage firm or other financial intermediary. Beneficial Owner is an alternative term for non-registered holders. Non-registered securities are often referred to being held in "street form". Most investors choose to own securities in non-registered form, primarily for reasons of convenience.

How do I make changes to my investment account?

Non-registered Owners should contact their investment representative to request any changes to their account. Registered Owners should contact the appropriate Registrar and Transfer Agent, as listed in Investor Services on this website. The Corporation is not able to make address or name changes, confirm holdings or transactions, or perform other administrative tasks affecting the accounts of either registered or non-registered owners of Enbridge securities.

How can I communicate directly with the Company?

Enbridge encourages questions and discussion with all of its shareholders and potential investors. Please refer to Contact Us for contact information, including for the Investor Relations department of Enbridge.

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Enbridge Strategic Issues

What are Enbridge’s vision and objectives?

Enbridge’s long-term vision is to be the leading energy delivery company in North America and to generate superior value for shareholders. This will entail successfully executing an unprecedented greenfield capital development program; generating EPS growth, dividend growth and capital appreciation superior to Enbridge's peer gorup; maintaining a strong risk-return profile and financial flexiblity; and positioning the Company to profitably adapt to the energy environment of the future.

What is the Company’s current International strategy?

A decision was made last year to de-emphasize international business development over the near term given the very attractive portfolio of liquids pipeline investment opportunities in North America. Nothwithstanding the sale of our 25% stake in Compania Logistica Hidrocarburos CLH, S.A. in 2008, Enbridge will continue to maintain a business development presence internationally and it will continue to pursue selective investments.

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Enbridge Performance

What, in recent years, have been the major attractions of Enbridge as an investment?

There are many features that attract different types of investors but there are three that stand out. First, over the past fifty five years, Enbridge has demonstrated strong growth in earnings, dividends and share price and has a reputation of delivering on its targets. Second, Enbridge's inventory of new projects sets us apart from many others. Just as important though is that much of our growth has come from developing and extending the core business platform, which is recognized as a premium asset base. Finally, despite superior growth and returns, Enbridge's business risk profile is relatively low. More information on this subject is contained in Investment Overview on this website.

Did Enbridge have a profitable year in 2008?

Yes. 2008 earnings were $1,321 million, or $3.67 per share. Positive factors for 2008 included the sale of the Company's stake in Compania Logistica de Hidrocarburos CLH, S.A. (CLH) for $1.3 billion. For further information regarding 2008 results, see Reports & Filings.

Has Enbridge changed its common share dividend?

Yes. The quarterly dividend was increased in December, 2008. Effective with the March 1 2009 payment, the quarterly dividend was increased to $0.37 per share or $1.48 annualized (an increase of 12%). A history of quarterly dividends is available in Dividends on this website.

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Can Enbridge maintain its pattern of historical growth?

We are confident that we can continue to generate superior returns to shareholders based on a projected 10% plus average growth rate on EPS from 2008 - 2012. Enbridge has an enviable track record of delivering long term value to investors in tough markets. Our strategies reinforce our investor value proposition – a unique combination of visible growth, predictable earnings and low risk which we believe will serve us well particularly in times of volatility. While the successful execution of our strategies will not be without challenges, we are confident in our future and our ability to achieve the growth trajectory that we have charted and sustain Enbridge’s winning value proposition.

Beyond 2012, it is now clear that a slowdown in upstream oilsands development activity will delay a portion of our longer term Liquids Pipelines growth projects. However, shippers are continuing to express interest in a number of projects required by 2012-2013 to support selected oil sands projects which are still on track. Ultimately, we expect that crude oil prices and oil sands costs will re-establish an equilibrium which will support steady, sustained growth well beyond 2012, though at a more modest pace.

In addition, we see the pendulum of opportunity swinging back toward natural gas, and this will play a role in offsetting the anticipated slowdown in Liquids Pipelines growth projects post 2012. The strategic location of our existing assets in Texas, the US Gulf Coast and our interest in the Alliance Pipeline, help to position Enbridge to capture a number of organic opportunities driven by shale gas development onshore, new discoveries offshore, and by continuing development of the US Rockies gas.

What is Enbridge’s debt leverage position?

At December 31, 2008 Enbridge had a total debt to capitalization ratio of about 61% on an adjusted basis, which is at the lower end of its target of 60-64%. Enbridge targets in the lower end of the range to ensure financial flexibility maintained.

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