Content

SUPPLEMENTARY INFORMATION (UNAUDITED)

QUARTERLY SHARE TRADING INFORMATION

The Toronto Stock Exchange

2008   First   Second   Third   Fourth  

(Canadian dollars)

                  
High   42.95   46.27   45.85   43.00  
Low   36.25   41.06   37.50   33.10  
Close   42.33   44.06   39.38   39.56  
Volume (millions)   57.8   62.4   75.7   96.6  
2007   First   Second   Third   Fourth  

(Canadian dollars)

                  
High   41.48   38.35   38.74   40.97  
Low   36.50   35.21   33.62   35.75  
Close   37.66   35.90   36.44   40.01  
Volume (millions)   60.6   45.8   47.3   50.1  

The New York Stock Exchange

2008   First   Second   Third   Fourth  

(U.S. dollars)

                  
High   43.16   46.76   44.81   38.90  
Low   35.59   40.25   35.97   26.29  
Close   41.16   43.18   38.09   32.47  
Volume (millions)   20.5   15.6   30.3   60.2  
 
2007   First   Second   Third   Fourth  

(U.S dollars)

                  
High   35.40   36.15   37.13   44.29  
Low   30.93   32.06   31.26   36.20  
Close   32.65   33.78   36.67   40.43  
Volume (millions)   9.1   11.7   12.6   15.6  

FIVE-YEAR CONSOLIDATED HIGHLIGHTS

FINANCIAL AND OPERATING INFORMATION

    2008   2007   2006   2005   2004 1  

(millions of Canadian dollars, except where otherwise noted)

    
Earnings Applicable to Common Shareholders                        
  Liquids Pipelines   328.0   287.2   274.2   229.1   219.9    
  Gas Pipelines   48.5   69.7   61.2   59.8   53.8    
  Sponsored Investments   111.7   96.9   86.8   64.8   66.2    
  Gas Distribution and Services   300.6   179.4   173.7   177.0   311.4    
  International   608.2   95.1   83.2   87.4   73.6    
  Corporate   (76.2 ) (28.1 ) (63.7 ) (62.1 ) (79.6 )  
    1,320.8   700.2   615.4   556.0   645.3    
Adjusted Earnings 2   677.3   636.5   592.9   537.2   491.1    

Cash Flow Data
 
 
 
 
 
 
 
 
 
 
 
 
  Cash provided by operating activities before changes in operating assets and liabilities   1,398.0   1,358.0   1,191.6   1,300.9   1,027.8    
  Cash provided by operating activities   1,387.7   1,351.6   1,315.3   947.0   886.7    
  Additions to property, plant and equipment   3,635.7   2,299.2   1,205.9   724.1   496.4    
Total Common Share Dividends Declared   489.3   452.3   403.1   361.1   315.8    

Operating Data
 
 
 
 
 
 
 
 
 
 
 
 
Liquids Pipelines – Average
   Deliveries (thousands of barrels per day)		                        
  Enbridge System 3   2,030   2,005   2,013   1,872   2,001    
  Athabasca System 4   202   164   190   142   149    
  Spearhead Pipeline   110   103   82   –   –    
  Olympic Pipeline   291   284   289   –   –    
Gas Pipelines – Average Daily Throughput
   Volume (millions of cubic feet per day)		                    
  Alliance Pipeline US   1,609   1,598   1,592   1,597   1,581    
  Vector Pipeline   1,321   1,034   1,015   1,033   997    
  Enbridge Offshore Pipelines   1,672   2,060   2,153   2,102   –    
Gas Distribution and Services 5                        
  Volumes (billions of cubic feet)   444   450   408   438   575    
  Number of active customers (thousands)   1,942   1,902   1,852   1,805   1,756    
  Degree day deficiency 6                        
    Actual   3,802   3,659   3,355   3,750   5,052    
    Forecast based on normal weather   3,543   3,617   3,745   3,747   4,849    
  1. As a result of the elimination of the quarter lag basis of consolidation, Gas Distribution and Services financial and operating information for 2004 reflects earnings for the 15 months ended December 31, 2004 for Enbridge Gas Distribution, Noverco and other gas distribution entities.
  2. Adjusted earnings represents earnings applicable to common shareholders adjusted for non-recurring or non-operating factors primarily including non-operating gains and losses, the impact of weather, regulatory disallowances and impacts of tax rate changes. Adjusted earnings is not a measure that has a standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP) and is not considered a GAAP measure; therefore, this measure may not be comparable with similar measures presented by other issuers. Management believes the presentation of adjusted earnings provides useful information to investors and shareholders as it provides increased predictive value and performance trends. Earnings for 2004 have been adjusted to eliminate the quarter lag basis of consolidation described above.
  3. 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.
  4. Volumes are for the Athabasca mainline and the Waupisoo Pipeline and do not include laterals on the Athabasca System.
  5. Gas Distribution and Services volumes and the number of active customers are derived from the aggregate system supply and direct purchase gas supply arrangements.
  6. 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.

SHAREHOLDER AND INVESTOR INFORMATION

    2008   2007   2006   2005   2004  

(per share amounts in dollars)

  
Shares Outstanding

(millions)

                      
Weighted average common shares outstanding   359.8   355.3   340.0   337.4   334.5  
Diluted weighted average common shares outstanding   363.1   358.3   343.3   341.2   337.2  

Common Share Trading (TSX)
 
 
 
 
 
 
 
 
 
 
 
High   46.27   41.48   41.45   38.82   30.08  
Low   33.10   33.62   31.75   28.59   23.63  
Close   39.56   40.01   40.27   36.34   29.85  
Volume (millions)   292.5   203.8   173.7   211.3   155.4  

Per Common Share Information
 
 
 
 
 
 
 
 
 
 
 
Earnings per common share   3.67   1.97   1.81   1.65   1.93  
Adjusted earnings per common share 1   1.88   1.79   1.74   1.59   1.47  
Dividends per common share   1.32   1.23   1.15   1.04   0.92  

Financial Ratios
 
 
 
 
 
 
 
 
 
 
 
Return on average shareholders' equity 2   22.2%   13.6%   13.9%   13.2%   17.0%  
Return on average capital employed 3   9.9%   7.0%   7.0%   6.9%   8.3%  
Debt to debt plus shareholders' equity 4   66.6%   66.5%   68.6%   68.9%   67.1%  
Earnings coverage of interest 5   3.8x   2.4x   2.4x   2.4x   2.8x  
Dividend payout ratio 6   70.2%   68.7%   66.1%   65.2%   62.3%  
  1. Adjusted earnings represents earnings applicable to common shareholders adjusted for non-recurring or non-operating factors primarily including non-operating gains and losses, the impact of weather, regulatory disallowances and impacts of tax rate changes. Adjusted earnings is not a measure that has a standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP) and is not considered a GAAP measure; therefore, this measure may not be comparable with similar measures presented by other issuers. Management believes the presentation of adjusted earnings provides useful information to investors and shareholders as it provides increased predictive value and performance trends. Earnings for 2004 have been adjusted to eliminate the quarter lag basis of consolidation described above.
  2. Earnings applicable to common shareholders divided by average shareholders' equity (weighted monthly during the year).
  3. Sum of after-tax earnings (including earnings from discontinued operations) and after-tax interest expense, divided by weighted average capital employed. Capital employed is equal to the sum of shareholders' equity, EGD preferred shares, future income taxes, deferred credits and total debt (including short-term borrowings).
  4. Total debt (including short-term borrowings) divided by the sum of total debt and shareholders' equity.
  5. Earnings before taxes and interest expenses divided by interest expense (including capitalized interest).
  6. Dividends per common share divided by adjusted earnings per common share applicable to common shareholders.
 

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