Enbridge Inc. Annual Report 2008

2008 Highlights

Year ended December 31,	2008	2007	2006
Financial (unaudited; millions of Canadian dollars, except per share amounts)
Earnings Applicable to Common Shareholders	1,320.8	700.2	615.4
Earnings per Common Share	3.67	1.97	1.81
Adjusted Earnings per Common Share	1.88	1.79	1.74
Dividends per Common Share	1.32	1.23	1.15
Total Common Share Dividends Declared	489.3	452.3	403.1
Return on Average Shareholders’ Equity	22.2%	13.6%	13.9%
Debt to Debt Plus Shareholders’ Equity	66.6%	66.5%	68.6%
Operating
Liquids Pipelines—Average Deliveries (thousands of barrels per day)
Enbridge System ¹	2,030	2,005	2,013
Athabasca System ²	202	164	190
Spearhead Pipeline	110	103	82
Olympic Pipeline	291	284	289
Gas Pipelines—Average Throughput Volume (millions of cubic feet per day)
Alliance Pipeline US	1,609	1,598	1,592
Vector Pipeline	1,321	1,034	1,015
Enbridge Offshore Pipelines	1,672	2,060	2,153
Gas Distribution and Services
Volumes ³ (billions of cubic feet)	444	450	408
Number of active customers ³ (thousands)	1,942	1,902	1,852
Degree-day deficiency ⁴
Actual	3,802	3,659	3,355
Forecast based on normal weather	3,543	3,617	3,745

Enbridge System includes Canadian mainline deliveries in Western Canada and to the Lakehead System at the U.S. border as well as Line 8 and Line 9 in Eastern Canada.
Volumes are for the Athabasca mainline and Waupisoo Pipeline and do not include laterals on the Athabasca System.
Gas Distribution and Services volumes and the number of active customers are derived from the aggregate system supply and direct purchase gas supply arrangements.
Degree-day deficiency is a measure of coldness, which is indicative of volumetric requirements of natural gas utilized for heating purposes. It is calculated by accumulating for each day in the period the total number of degrees each day by which the daily mean temperature falls below 18 degrees Celsius. The figures given are those accumulated in the Greater Toronto Area.