2018 Financial Highlights

Year ended Dec. 31 2018 2017
millions of Canadian dollars, except per share amounts
Total assets 166,905 162,093
Earnings 2,515 2,529
Earnings/share 1.46 1.66
Adjusted EBITDA1 12,849 10,317
Adjusted earnings1 4,568 2,982
Adjusted earnings/share 2.65 1.96
Distributable cash flow1,2 7,618 5,614
Distributable cash flow/share1 4.42 3.68
Weighted average shares outstanding 1,724 1,525
Dividends paid/share 2.68 2.41

1 Adjusted EBITDA, adjusted earnings, adjusted earnings/share, distributable cash flow (DCF) and DCF/share are not measures that have a standardized meaning prescribed by generally accepted accounting principles in the United States of America (U.S. GAAP) and are not U.S. GAAP measures. Schedules reconciling thesemeasurements to U.S. GAAPmeasures are available in the Investment Center at enbridge.com

2 Formerly referred to as Adjusted Cash Flow FromOperations (ACFFO). Calculation methodology remains unchanged.

Our 2018 financials reflect our first full year as a combined company following the closing of the Spectra acquisition in February 2017. We have a consistent track record of delivering reliable financial results and annual dividend increases, and our continuing goal is to provide superior shareholder returns through capital appreciation and dividends.

Over the past 20 years, Enbridge has delivered 12% dividend per share compound annual growth and generated total annual shareholder returns of approximately 12%, compared to 7% for the S&P/TSX Composite Index. We’ve accomplished this while building North America's largest energy infrastructure company.


We are committed to strong and sustainable corporate governance, which promotes the long-term interests of our shareholders, strengthens our Board and management accountability and helps build public trust in Enbridge. We have a comprehensive system of stewardship and accountability that meets the requirements of all applicable rules, regulations, standards and internal and external policies.

Our diverse and highly engaged Board of Directors brings a range of viewpoints, deep expertise and strong energy-sector knowledge that helps ensure effective oversight of our strategic priorities and operations. Our formal diversity policy highlights the importance and value we place on differences in skills, experience, gender, ethnicity and geographic background. Five of our 13 directors (and five of our 10 independent directors) are women.

For more information about our Board of Directors and our governance practices, please see Enbridge Inc.’s Notice of 2019 Annual Meeting and Proxy Statement available in the Reports & Filings section of the Investment Center.

Board of Directors

The Enbridge Inc. Board of Directors is responsible for the overall stewardship of the Company.

As of March 13, 2019

Pamela L. Carter
Clarence P. Cazalot, Jr.
Marcel R. Coutu
Susan M. Cunningham
Gregory L. Ebel, Chair
J. Herb England
Charles W. Fischer
V. Maureen Kempston Darkes
Teresa S. Madden
Al Monaco
Michael E.J. Phelps
Dan C. Tutcher
Catherine L. Williams