Why Invest

"Our goal is to consistently deliver superior value for our customers and shareholders alike. Through our recent merger, we’ve created North America’s premier energy infrastructure company. We have the highest quality liquids and gas infrastructure assets in North America along with $26 billion of secured growth projects in execution and another $48 billion of projects under development. This has allowed us to extend our anticipated 10% – 12% annual dividend growth through 2024."

Al Monaco, President and Chief Executive Officer

Highlights of Strategic Combination

Highlights

*As of Sept. 2, 2016
Note: 4.6% yield implied by the current share price and the 2017 increase.

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Shareholder Value Proposition

Enbridge offers a unique value proposition that brings together a combination of transparent growth, a reliable, low-risk business model andsignificant dividend income. We credit this unique value proposition for delivering excellent returns to shareholders year after year, and we plan to stick with our proven formula.

Our best-in-class value proposition:

  • Transparent growth:
    • $26B of secured projects in execution with over $48B of additional development opportunities
    • 12-14% ACFFO per share CAGR through 2019, driven by our base business and projects in execution
  • Reliable, low risk business model:
    • Unparalleled commercial underpinning
    • Minimal commodity price exposure
    • Investment grade customers
  • Significant dividend income:
    • Attractive 4.6% dividend yield
    • Expected 15% dividend per share increase in 2017
    • Expected 10-12% annual DPS growth from 2018 through 2024
    • Conservative dividend payout ratio of 50-60% of ACFFO

Total Shareholder Return

The compound annual growth rate (CAGR) of Enbridge’s Total Shareholder Return1 has outperformed the TSX Composite Index and our peer average return by approximately 10% and 2% over the past 10 years, respectively.

1 Pre-Spectra merger, Enbridge CAGR only

Transparent Growth

"Enbridge’s growth outlook is driven by our strong base business, $26 billion of secured growth capital projects in execution and over $48B of projects in development."

Enbridge’s $26B secured capital program of projects in execution combined with another $48 billion of projects under development is expected to translate into 12% to 14% ACFFO CAGR through 2019 and support DPS growth of 15% in 2017 and 10% to 12% from 2018 through 2024.

Major Components of Risked Capital2, 3

  • De-bottlenecking liquids pipelines / market access
  • Northeast gas pipelines expansion / extension
  • Southeast gas pipeline capacity
  • Gas pipelines for exports
  • EDF – Offshore wind
  • Other offshore wind
  • Utility organic growth
  • Organic midstream expansion
  • Others

Note: KMI, ETP, EPD and WMB secured expansion capex figures converted to CAD using a 1.28 USD to CAD F/X rate.
(1) Secured growth capital program reflects only publicly announced secured projects entering into service between 2017 and 2019.
(2) Probability weighted development growth capital.
(3) Capital spending (predominantly post-2020) will further extend growth beyond the next decade

ACFFO

Reliable Business Model

"Our reliable business model is supported by strong commercial constructs, limited commodity exposure and the strong credit profile of our customers."

Reliable business model

Significant Dividend Income

"Enbridge's transparent growth and reliable business model support our ability to provide our shareholders with significant dividend income while maintaining a prudent level of coverage."

We have a strong history of increasing dividends to shareholders. In January 2017, we announced our 23rd consecutive increase to our annual dividend per share. We expect to announce a further increase to the quarterly dividend by an amount sufficient to bring the aggregate increase in the dividend to approximately 15% above the prevailing quarterly rate in 2016. We expect further 10% to 12% annual dividend growth from 2018 through 2024. While we believe in growing our dividends per share and providing dividend income to our shareholders, we maintain strong dividend per share coverage and a conservative payout ratio of 50% – 60% of ACFFO.

Significant dividend income

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