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NEWS RELEASE

Enbridge Inc. Reports Strong Fourth Quarter & Full Year 2019 Results

CALGARY, ALBERTA - February 14, 2020 - Enbridge Inc. (Enbridge or the Company) (TSX:ENB) (NYSE:ENB) today reported fourth quarter and full year 2019 financial results and provided a quarterly business update.

HIGHLIGHTS
(all financial figures are unaudited and in Canadian dollars unless otherwise noted)

Full year GAAP earnings of $5,322 million or $2.64 per common share compared with $2,515 million or $1.46 per common share for 2018
Adjusted earnings of $5,341 million or $2.65 per common share in 2019 compared with $4,568 million or $2.65 per common share for 2018
Adjusted earnings before interest, income tax and depreciation and amortization (EBITDA) of $13,271 million in 2019 compared with $12,849 million for 2018
Cash Provided by Operating Activities of $9,398 million in 2019 compared with $10,502 million for 2018
Distributable Cash Flow (DCF) of $9,224 million in 2019 compared with $7,618 million for 2018
Achieved the top-end of full-year DCF per share guidance range of $4.30 to $4.60
Reaffirmed 2020 DCF per share guidance range of $4.50 to $4.80, and longer term 5 to 7% DCF per share growth outlook, within an equity self-funding model
Increased the quarterly dividend by 9.8% for 2020 to 81 cents per share, reflecting strong operating and financial performance and the Company’s outlook
Delivered 100 thousand barrels per day (kbpd) of planned Mainline optimizations, providing much needed egress capacity for Western Canadian producers
Placed $7 billion of new projects into service in the fourth quarter, including the US$0.7 billion investment in the Gray Oak pipeline, the $1.1 billion German Hohe See offshore wind project, and the Canadian segment of the Line 3 Replacement project, under an interim surcharge agreement
Filed regulatory application in support of contracting the Liquids Mainline System on December 19, with support from shippers representing over 70% of current throughput
Minnesota Public Utilities Commission (MPUC) re-certified the Line 3 Replacement project Final Environmental Impact Statement (FEIS), the Certificate of Need and the Route Permit on February 3, 2020
Advanced LNG supply strategy with the announcement of agreement to expand our system to supply the Annova LNG facility in the Port of Brownsville, Texas, and agreements to acquire the Rio Bravo pipeline development project and supply the Rio Grande LNG facility


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The following information was filed by Enbridge Inc (ENB) on Friday, February 14, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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