Letter to Shareholders

Enbridge maintained its reliable performance through the global recession, and is now stronger than it has ever been and poised for continued steady growth.

	2009 earnings (millions of Canadian dollars) Enbridge delivered adjusted earnings at the top end of the Company's 2009 guidance range.

We had an outstanding year in 2009, delivering the best results in the Company's history and building on a more than 50-year track record of exceptional performance. Adjusted earnings per share increased 25% to $2.35 per common share. Actual earnings increased 18% to $1,555 million, or $4.27 per common share, compared with $1,321 million, or $3.67 per common share, in 2008. Enbridge's strong earnings throughout the global recession are a testament to Enbridge's reliable business model, which delivers steady financial performance.

Our Liquids Pipelines, Gas Transportation and Green Energy businesses are all well positioned to contribute further reliable growth in 2010 and well beyond, with a large array of attractive investment opportunities under development and coming to fruition at a steady pace. We have built up ample financial capability and liquidity reserves to take full advantage of these opportunities.

Based on the midpoint of our guidance, we expect adjusted earnings per share will grow by approximately 11% this year over 2009, and as a result Enbridge's Board of Directors has raised the 2010 dividend by 15%. This represents the Company's 15th consecutive annual dividend increase. Over the past decade, Enbridge has delivered a 10% compound annual growth rate on its dividend—well ahead of the broader market and our peers.

We are targeting Enbridge's earnings per share to grow on average by 10% per year into the second half of this decade with dividends increasing in parallel.

Enbridge's strong performance in 2009, and the continued solid growth we expect to deliver in 2010 and beyond, are the direct result of the $4.5 billion in commercially secured growth projects we brought into service in 2008 and 2009 and the additional $7 billion in projects expected to come into service in 2010 and 2011. Moreover, we have secured over $5 billion of new projects for post-2012 and have an additional inventory of opportunities of approximately $30 billion currently under development across our Liquids Pipelines, Natural Gas and Green Energy businesses.

Reliable Business Model

Our reliable business model results in highly predictable earnings.

Financial Highlights

In conclusion

We believe Enbridge's value proposition is unique and compelling—sustained visible growth and steady income, coupled with highly reliable financial performance even during difficult economic times.

As Enbridge continues to grow, our shareholders will benefit from a superior investment opportunity, today and well into the future.

David A. Arledge Chair of the Board of Director	Patrick D. Daniel President and Chief Executive Officer

March 3, 2010