Wednesday, June 29 2022

CALGARY, AB, December 31, 2021 / CNW / – Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) today announced that the Toronto Stock Exchange (TSX) has approved the normal course issuer bid (OPC) of the Company to purchase, for cancellation, up to 31,062,331 of its outstanding ordinary shares for a total amount of up to $ 1.5 billion.

Purchases under the NCIB may be made through the TSX, the New York Stock Exchange (NYSE) and other designated exchanges and alternative trading systems, as of January 5, 2022 and continue until January 4, 2023, at the expiration of the offer, or at a date prior to which the Company has either acquired the maximum number of ordinary shares authorized under the public share buyback offer, or decides otherwise not to carry out any ‘other buybacks under the public tender offer. The maximum number of common shares that Enbridge can repurchase for cancellation represents approximately 1.53% of the 2,026,085,179 common shares issued and outstanding as of 22 December 2021.

Share buybacks carried out in accordance with the Company’s public tender offer will be based on maintaining a strong balance sheet, the performance of the company and the availability and attractiveness of alternative capital investment opportunities. . The price that Enbridge will pay for the Common Shares in Open Market Transactions will be the market price at the time of purchase and the Common Shares purchased under the issuer bid will be canceled. The actual number of Common Shares purchased under the Offer, the timing of the purchases and the price at which the Common Shares vest will depend on future market conditions.

The NCIB Offer will be made in accordance with the NCIB Rules of the TSX and the 10b-18 under the United States Securities Exchange Act of 1934, as amended, which contains restrictions on the number of common shares that can be purchased in a single day, subject to certain exceptions for block purchases, based on average daily trading volumes of Enbridge Common Shares on the applicable exchange. Subject to exceptions for bulk purchases, Enbridge will limit daily purchases of Common Shares on the TSX as part of the issuer bid to a maximum of 25% (1,929,706 Common Shares) of the average daily volume. trading in common shares on the TSX of June 1, 2021 to and including November 30, 2021 (7,718,824 ordinary shares) on any trading day.

The Company has retained the services of TD Securities Inc. as a broker to effect repurchases of common shares of the Company as part of the public tender offer against a defined set of criteria.

About Enbridge Inc.

Enbridge Inc. is a leading energy infrastructure company in North America. We safely and reliably provide the energy people need and want to improve their quality of life. Our core businesses include liquids pipelines, which transport approximately 25% of crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20% of the natural gas consumed in the United States; Gas distribution and storage, which serves approximately 3.8 million retail customers in Ontario and Quebec; and Renewable Power Generation, which owns approximately 1,766 megawatts (net) of renewable electricity generation capacity in North America and Europe. The ordinary shares of the Company are traded on the Toronto and New York exchanges under the symbol ENB. For more information visit

Forward-looking information

Forward-looking information, or forward-looking statements, has been included in this press release to provide information about Enbridge and its subsidiaries and affiliates, including management’s assessment of the future plans and activities of Enbridge and its subsidiaries. This information may not be appropriate for other purposes. Forward-looking statements are generally identified by words such as ” anticipate ”, ” expect ”, ” project ”, ” estimate ”, ” forecast ”, ” plan ”, ” intend ”, ” target ”, ” believe ”, “likely”, “will” and similar words suggesting future results or statements regarding a prospect. Forward-looking information or statements contained in this press release include statements regarding Enbridge’s intention to initiate the tender offer, the subject matter of the offer and the timing, method and amount of any purchase. ‘ordinary shares in connection with the offer.

Although Enbridge believes that these forward-looking statements are reasonable based on the information available at the date such statements are made and the processes used to prepare the information, these statements are not guarantees of future performance and readers are cautioned. caution against over reliance on forward-looking statements. statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, activity levels and achievements to differ materially from those expressed. or implied by these statements. Assumptions regarding the expected supply and demand of crude oil, natural gas, NGLs and renewable energy, as well as the prices of these commodities, are important and underlie all forward-looking statements, as they may affect current and future levels of demand for the Company’s Services. Likewise, the energy transition, including the drivers and pace of it, the COVID-19 pandemic, exchange rates, inflation and interest rates are impacting economies and business environments. in which the Company operates and may impact levels of demand for the Company’s services and the cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and interrelationship of these macroeconomic factors, the impact of an assumption on a forward-looking statement cannot be determined with certainty.

Enbridge’s forward-looking statements are subject to risks and uncertainties, including, but not limited to, the risks and uncertainties referred to in this press release and in other documents filed by the Company with Canadian and United States securities regulators. The impact of any risk, uncertainty or factor on a particular forward-looking statement cannot be determined with certainty as they are interrelated and Enbridge’s future course of action depends on management’s assessment. all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this press release or otherwise, whether as a result of new information, events future or otherwise. All subsequent forward-looking statements, whether oral or written, attributable to Enbridge or to persons acting on behalf of the Company, are expressly qualified in their entirety by these cautionary statements.


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