Profile: Enbridge Inc. (ENB)

Enbridge Inc. (Enbridge) is an energy delivery company that transports natural gas and crude oil, which are used to heat homes, power transportation systems, and provide fuel and feedstock for industries. The Company’s activities are carried out through five business units: Liquids Pipelines, which includes the operation and construction of the Enbridge crude oil mainline system and feeder pipelines that transport crude oil and other liquid hydrocarbons; Gas Pipelines, which consists of the Company’s interests in natural gas pipelines, including Alliance Pipeline US, Vector Pipeline and Enbridge Offshore Pipelines; Sponsored Investments, which includes investments in Enbridge Income Fund (EIF) and Enbridge Energy Partners, L.P. (EEP), both managed by Enbridge; Gas Distribution and Services, which includes Enbridge Gas Distribution (EGD), Aux Sable and the Company’s commodity marketing businesses, and International, which includes the Company’s energy-delivery investment outside of North America. In January 2010, Enbridge's company Enbridge Offshore (Gas Transmission) L.L.C. acquired 50% limited liability company interest in Starfish Pipeline Company, LLC from MarkWest Energy Partners, L.P.

Gas Distribution and Services, which consists of gas utility operations which serve residential, commercial, industrial and transportation customers, primarily in central and eastern Ontario, the most significant being EGD. It also includes natural gas distribution activities in Quebec, New Brunswick and New York State, the Company’s investment in Aux Sable, a natural gas fractionation and extraction business, and the Company’s commodity marketing businesses.

Liquids Pipelines

Liquids Pipelines consists of crude oil, natural gas liquids (NGLs) and refined products pipelines in Canada and the United States. The mainline system consists of the Enbridge System and the Lakehead System. Through five adjacent pipelines with a combined capacity of approximately two million barrels per day (bpd), the system transports crude oil and diluted bitumen from Western Canada to the Midwest region of the United States and Eastern Canada. The Enbridge System also includes two crude oil pipelines and one refined products pipeline with a combined capacity of 0.4 million bpd.

The Athabasca System includes two long haul pipelines, the Athabasca Pipeline and the Waupisoo Pipeline, as well as a variety of other facilities including the MacKay River, Christina Lake, Surmont and Long Lake facilities. It also includes the Company’s interest in the Hardisty Caverns Limited Partnership, which provides crude oil tankage services, and two large terminals, the Athabasca Terminal located North of Fort McMurray, Alberta and the Cheecham Terminal, which is a new hub located 95 kilometers south of

Fort McMurray where the Waupisoo Pipeline initiates. The Athabasca Pipeline is a 540 kilometer (335 mile) synthetic and heavy oil pipeline, which links the Athabasca oil sands in the Fort McMurray, Alberta region to a pipeline hub at Hardisty, Alberta. The Athabasca Pipeline has a design capacity of approximately 570,000 bpd and is configured to transport approximately 390,000 bpd.

The Waupisoo Pipeline is a 380 kilometer (236 mile) synthetic and heavy oil pipeline that provides access to the Edmonton market for oil sands producers. The Waupisoo Pipeline initiates at Enbridge’s Cheecham Terminal and terminates at its Edmonton Mainline Terminal. The pipeline is configured to transport 350,000 bpd. The Feeder Pipelines and Other primarily includes the NW System, which transports crude oil from Norman Wells in the Northwest Territories to Zama, Alberta; interests in a number of liquids pipelines in the

United States; contract tankage facilities, and business development costs related to Liquids Pipelines activities.

Gas Pipelines

Gas Pipelines activities consist of investments in Alliance Pipeline US, Vector Pipeline and Enbridge Offshore Pipelines. Enbridge has joint control over these investments with one or more other owners. Enbridge owns a 50% interest in Alliance System US, a 60% interest in Vector Pipeline, and interests ranging from 22% to 100% in the pipelines comprising Offshore. The Alliance System (Alliance), which includes both the Canadian and United States portions of the pipeline system, consists of an approximately 3,000 kilometer (1,875 mile) integrated, high-pressure natural gas transmission pipeline system and an approximately 730 kilometer (455 mile) lateral pipeline system and related infrastructure. Alliance transports liquids-rich natural gas from northeast British Columbia and northwest Alberta to Channahon, Illinois. The pipeline has firm service shipping contract capacity to deliver 1.325 billion cubic feet per day (bcf/d).

Enbridge provides operating services to, and holds a 60% joint venture interest in, Vector Pipeline, which transports natural gas from Chicago to Dawn, Ontario. Vector Pipeline has the capacity to deliver a nominal 1.2 bcf/d.

Vector Pipeline’s primary sources of supply are through interconnections with the Alliance System and the Northern Border Pipeline in Joliet, Illinois. Enbridge Offshore Pipelines is comprised of 11 natural gas gathering and Federal Energy Regulatory Commission (FERC) regulated transmission pipelines in five corridors in the Gulf of Mexico, extending to deepwater frontiers. These pipelines include almost 2,400 kilometers of underwater pipe and onshore facilities. During the year ended December 31, 2008, these pipelines transported approximately 1.7 bcf/d.

Sponsored Investments

Sponsored Investments includes the Company’s 27% ownership interest in EEP and a 41.9% voting interest in EIF. Enbridge manages the day-to-day operations of, and develops and assesses opportunities for each, including both organic growth and acquisition opportunities. EEP owns and operates crude oil and liquid petroleum transmission pipeline systems, natural gas gathering and related facilities, and marketing assets in the United States. Its assets include the Lakehead System, which is the extension of the Enbridge System in the United System, natural gas gathering and processing assets in Texas, the mid-continent crude oil system, various interstate and intrastate natural gas pipelines, and a crude oil feeder pipeline in North Dakota.

EIF’s assets include a 50% interest in Alliance Pipeline Canada and the 100%-owned Enbridge Saskatchewan System. Alliance Pipeline Canada is the Canadian portion of the Alliance System. The Enbridge Saskatchewan System owns and operates crude oil and liquids pipelines systems from producing fields in Southern Saskatchewan and Southwestern Manitoba connecting primarily with Enbridge’s mainline pipeline to the United States. EIF also owns interests in three wind power generation projects and a business that develops and operates waste-heat power generation projects at Alliance Pipeline Canada compressor stations.

Gas Distribution and Services

Gas Distribution and Services consists of gas utility operations, which serve residential, commercial, industrial and transportation customers, primarily in central and eastern Ontario. It also includes natural gas distribution activities in Quebec, New Brunswick and New York State, the Company’s investment in Aux Sable, a natural gas fractionation and extraction business, and the Company’s Energy Services businesses.

EGD is a Canadian natural gas distribution company, which serves approximately 1.9 million customers in central and eastern Ontario, southwestern Quebec and parts of northern New York State. EGD’s utility operations are regulated by the Ontario Energy Board (OEB) and by the New York State Public Service Commission.

Enbridge owns an equity interest in Noverco through ownership of 32.1% of the common shares. Noverco is a holding company that owns approximately 71% of

Gaz Metro Limited Partnership (Gaz Metro), a gas distribution company operating in the province of Quebec and the state of Vermont. The Company owns 70.9% of, and operates, Enbridge Gas New Brunswick (EGNB), which owns the natural gas distribution franchise in the province of New Brunswick.

Energy Services includes Gas Services and Tidal Energy, the Company’s energy marketing businesses. Gas Services markets natural gas and provides fee-for-service arrangements for third parties for access to transportation capacity. Tidal Energy provides crude oil and NGLs marketing services for the Company and its customers in a range of condensate and crude oil types, including light sweet, light and medium sours and several heavy grades. Enbridge owns 42.7% of Aux Sable, a NGLs extraction and fractionation business near Chicago. Aux Sable owns and operates a plant at the terminus of the Alliance System. The plant extracts NGLs from the energy-rich natural gas transported on the Alliance System, as necessary, to meet the heat content requirements of local distribution companies, which require natural gas with less NGLs, or lower heat content.

International

International includes the Company’s investment in, and management of, Oleoducto Central S.A. (OCENSA), a crude oil pipeline in Colombia, as well as earnings from the Company’s interest in Compania Logıstica de Hidrocarburos CLH, S.A. (CLH), Spain’s refined products transportation and storage business. Other includes administration and business development. On June 17, 2008, the Company sold its 25% equity interest in CLH.

The Company owns a 24.7% interest in OCENSA, an investment, on which the Company earns a fixed return. OCENSA is one of two main crude oil export pipelines within Colombia. Through a 100% owned entity, CITCol, the Company manages the pipeline and earns a fee for this service, which includes incentives for operating performance.