Strong values guide the way we make decisions and conduct our business.

Enbridge’s core values form an integral part of our daily activities. They have helped sustain our success for many years and continue to guide us as we deliver the energy North Americans need—safely, reliably and efficiently.

Integrity

We operate with integrity, honesty and transparency, and to the highest ethical standards.

Accountability

We are accountable for our actions— as individuals and as an organization.

Innovation and Flexibility

We embrace innovation and learning. We are flexible, open to change and create new solutions for new challenges.

Value Creation

We strive to create value and to deliver a prosperous future through growth in the enterprise and excellence in customer service.

Social Responsibility

We are committed to sustaining safety for our employees and the public, a clean and healthy environment and strong and vibrant communities through socially responsible operations.

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VIRDEN, MB The Wallace District Fire Department serving the Town of Virden has benefited from Enbridge’s Safe Community program, through which we provide financial support to hundreds of first-response organizations across North America. They use the funds to acquire equipment, obtain training or deliver educational programs. Ensuring the safety of the communities in which we operate is one of our core values.

We hold ourselves to the highest standards of openness and care.

We strive to be a good neighbour in all the communities where we operate. In July 2010, when we experienced the most serious environmental incident in our long history—the leak of approximately 20,000 barrels of oil on our Line 6B pipeline near Marshall, Michigan—we immediately accepted responsibility and made a clear commitment to local residents: to clean up the spill and address the impacts on the environment and to the people of Marshall, Battle Creek and area. We are determined at all times to meet our responsibilities, and live up to and exceed the expectations of our stakeholders.

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MARSHALL, MI Within hours of a major leak being discovered on our Line 6B pipeline near Marshall in July 2010, Enbridge’s President & CEO Pat Daniel (right) and Stephen Wuori, President, Liquids Pipelines, relocated to Marshall for over two months to personally oversee our cleanup efforts and address the concerns of local residents. At the height of our response, we had up to 2,500 employees and contractors working on cleanup and remediation. Line 6B was safely returned to service in September 2010.

CSR is integral to how we operate.

Enbridge exists to deliver the energy North Americans needcrude oil, natural gas, environmentally responsible power—safely, reliably and efficiently. That is our primary corporate social responsibility (CSR).

CSR is also about ensuring our financial strength, conducting our business in an environmentally sustainable manner and maintaining our social license to operate.

CSR is integral to the way we operate and is at the heart of our success.

To read the Enbridge 2010 Corporate Social Responsibility Report, please visit csr.enbridge.com/csr2010.

Read our Letter to Shareholders

In 2010, Enbridge invested nearly $12 million in over 350 charitable, non-profit and community organizations. Enbridge has a balanced approach to its giving philosophy—investing in education, health and safety, the environment and arts and culture. We believe it’s investments like these that help make communities better places to live.

ROCKY MOUNTAIN HOUSE, AB Through our Neutral Footprint initiative, we have committed to planting a tree for every tree we remove, conserving an acre of natural habitat for every acre we permanently impact, and generating a kilowatt of renewable energy for every kilowatt of power our operations consume. Since launching the initiative in 2009, we have planted 150,000 trees by teaming up with Tree Canada and other not-for-profit partners. Furthermore, through the $2.5 million investment we have made to the Nature Conservancy of Canada, we will preserve and protect more than 7,400 acres of ecologically sensitive wildlife habitat in Canada to offset our impacts on the land.

Our disciplined approach creates value for shareholders.

We have consistently delivered superior value to shareholders for over 55 years as a publicly traded company through our disciplined approach to securing, financing and constructing projects. We are focused on maintaining our strong track record of capital management. We offer investors a unique investment proposition: visible, transparent and sustained earnings and cash flow growth along with a substantial and growing dividend, all while maintaining a reliable business model.

Total Shareholder Return

Total Shareholder Return

Over a period of almost 60 years, we have delivered a 13.6% average annual return to shareholders.

Reliable Business Model

Our performance is predictable because 95% of our earnings are supported by regulated or long-term contracted assets.

High Income Payout

With a payout policy of 60 – 70% of earnings, we have delivered an 11% average annual dividend increase over the past 10 years.

Visible Growth

We brought $12 billion in projects into service over the past three years, have secured more than $6 billion in projects that will come into service between 2011 and 2014 and have another $30 billion under development.

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CALGARY, AB Our head office Finance team — and all of our employees — are working to ensure that Enbridge continues to deliver superior value to our shareholders in the years and decades ahead.

Our growth is visible and sustained.

The steady growth of our liquids pipelines, natural gas transportation and distribution, and green energy businesses will continue to drive strong earnings growth and even more significant cash flow growth in coming years.

Earnings and Dividends

Adjusted earnings per share have grown at an average annual rate of 9.4% over the past 10 years and are expected to grow on average by 10% annually through the middle of the decade.

Enbridge has increased its dividend each year for the past 16 years and is very well positioned for further increases. We expect to be able to continue delivering exceptional dividend growth to our investors.

* 2011 earnings guidance announced December 1, 2010 of $2.75 to $2.95.

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Enbridge increased its annual dividend by 15% in both 2010 and 2011 and aims to pay out 60 – 70% of its adjusted earnings as dividends annually.

FLANAGAN, IL Flanagan is the end point of the Alberta Clipper pipeline, the single largest project we’ve ever completed. Both Alberta Clipper and the unique Southern Lights diluent pipeline, which together represented a capital investment of more than $5 billion, were completed and brought into service in 2010. Our strategy continues to emphasize a high level of financial flexibility. We have ample financial capacity to undertake the many attractive investment opportunities that lie before us.

Our growth is predictable.

The projects we’ve secured give us confidence in predicting our future growth. We have already secured a large portion of the projects that will help us achieve an expected 10% average annual growth rate of adjusted earnings per share through the middle of the decade.

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Commercially Secured Growth Projects

  • Amherstburg/Tilbury Solar Projects (2010 – 2011)
  • Greenwich Wind Energy Project (2011)
  • Christina Lake Lateral Project (2011)
  • Cedar Point Wind Energy Project (2011)
  • Edmonton Terminal Expansion (2011 – 2012)
  • Woodland Pipeline (2012)
  • Neal Hot Springs Geothermal Project (2012)
  • Venice Gas Processing Facility (2013)
  • Waupisoo Pipeline Expansion (2013)
  • Bakken Expansion Program (2013)
  • Wood Buffalo Pipeline (2013)
  • Norealis Pipeline (2013)
  • Athabasca Pipeline Capacity Expansion (2013 – 2014)
  • Walker Ridge Gas Gathering System (2014)
  • Big Foot Oil Pipeline (2014)
  • Fort Hills Pipeline System (TBD)

Projects Completed in 2010

  • Alberta Clipper Project
  • Southern Lights Pipeline
  • Sarnia Solar Project (60-MW Expansion)
  • Saskatchewan and North Dakota Systems Expansions
  • Talbot Wind Energy Project

Learn more about our Values

We currently have over $6 billion of secured growth projects in Canada and the U.S.—pipelines serving Canada’s oil sands and the Bakken region in Saskatchewan and North Dakota, as well as green energy projects—and another $30 billion in development opportunities.

DeKalb, Il From project development and design, from construction through to operations, Enbridge has developed a strong track record for solid execution and on-time delivery. Our success comes from our strong technical skills and exceptional project management capabilities, combined with partnerships with world-class contractors. As we shift our focus from mainline expansion to key growth areas like the oil sands and the Bakken region, those attributes give producers a compelling reason to choose Enbridge to develop the transportation infrastructure they need.

Our assets connect more North Americans with the energy they need.

Enbridge’s continent-wide energy delivery infrastructure connects secure and reliable sources of energy—crude oil, refined products, natural gas and renewable electricity—to key North American markets. We deliver energy safely and reliably from a number of key continental energy resource developments, including Canada’s oil sands region, the Bakken oil region, major gas plays in both Canada and the U.S., and from our expanding Green Energy assets.

Liquids Pipelines

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Gas Pipelines, Processing and Energy Services

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Gas Distribution

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Green Energy

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FORT MCMURRAY, AB Our storage terminal located in the heart of Canada’s oil sands region is part of the critical infrastructure we provide to oil sands producers. As the leading pipeline operator in the Fort McMurray to Edmonton/Hardisty corridor, we offer our customers a wide range of competitive transportation options to reach new markets throughout North America.

We are growing our network to help oil producers reach new markets.

Enbridge’s pipeline systems are located in strategically important geographical areas, giving us an unparalleled ability to expand and extend our energy delivery networks throughout North America. We are the leading pipeline operator in both Canada’s oil sands region, the second largest resource play in the world with an estimated 170 billion barrels of proven recoverable reserves, and the rapidly growing Bakken formation in Canada and the United States. We are currently expanding our pipeline capacity in both regions.

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Enbridge delivers approximately 13% of the United States’ daily crude oil imports

EDMONTON, AB Enbridge’s Edmonton Terminal is the starting point of our mainline system. Comprising six adjacent pipelines with combined capacity of 2.5 million barrels per day, the system transports approximately 65% of western Canadian crude oil exports.

399 billion. Total number of barrel miles shipped on the Enbridge Mainline system in 2010. One barrel of oil, transported one mile, equals one barrel mile. In 2010 Enbridge delivered an average of 2.2 million barrels per day along its Mainline system.

We link major sources of natural gas supply to consumers.

All of our gas transportation and processing businesses are located in the right place to serve growing production and meet growing demand for this low cost, environmentally attractive source of energy.

Offshore Pipelines

With 13 natural gas gathering pipelines and one oil pipeline in five major corridors in the Gulf of Mexico, Enbridge is one of the largest operators in the deepwater Gulf of Mexico. We are well positioned to capture new opportunities in both gas gathering and crude oil pipelines serving the region’s energy resource developments.

Onshore Pipelines

The Alliance and Vector pipelines transport up to 1.6 billion cubic feet per day of natural gas from western Canada to Midwestern U.S. markets and eastern Canada.

Processing & Energy Services

Enbridge Energy Partners is one of the largest processors in Texas, handling about 13% of total production in the state with 65% of its volumes from unconventional sources such as shales and tight sands. Aux Sable, with operations in Canada and the U.S., has a significant presence in the North American gas processing business.

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Enbridge transports, gathers and processes over 6.3 billion cubic feet of natural gas per day through its long-haul transmission, gas gathering and offshore assets.

GULF OF MEXICO Enbridge has the best positioning for growth of any provider in the deepwater Gulf of Mexico, with an extensive infrastructure and a strong team with an established track record in the region.

50%. We transport about half of all the deepwater natural gas production in the Gulf of Mexico.

Millions count on us to deliver their natural gas safely and reliably.

Enbridge Gas Distribution (EGD) is one of the largest and fastest growing natural gas distributors in North America, serving 2 million customers and adding over 30,000 new customers every year. EGD has been delivering energy to consumers for over 160 years. Enbridge’s gas distribution business also includes Enbridge Gas New Brunswick and interests in natural gas utilities in Quebec, Vermont and northern New York State.

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Enbridge Gas Distribution has returned over $44 million to customers through the incentive regulation sharing model, which entered its fourth year in 2011. This agreement has benefited customers and improved returns to shareholders.

TORONTO, ON Our customers in Canada’s largest city rely on the natural gas we deliver to cook their food and heat their water, homes and offices. With our focus on operational excellence, Enbridge Gas Distribution regularly ranks among the top utilities in North America for safety and reliability.

Ontario-based Enbridge Gas Distribution delivers clean-burning natural gas to 2 million residential, commercial and industrial customers.

Strong fundamentals are driving our green energy growth.

Our renewable and alternative power generation investments offer an attractive risk-reward profile similar to other parts of our business, and support society’s desire for a lower impact energy future.

Enbridge has interests in 854 megawatts of renewable and alternative power generation capacity—enough to meet the energy needs of more than 290,000 homes. Our interests include wind, solar, waste heat recovery, geothermal and fuel cells.

Green Energy Generation Capacity

Enbridge has secured $1.5 billion in new green energy projects and we expect that rate of growth to continue. All of our projects are underpinned by long-term power purchase agreements and fixed price contracts, delivering stable cash flows and attractive returns.

KINCARDINE, ON The 190-MW Enbridge Ontario Wind Power Project is producing enough power to supply about 60,000 homes. Since 2001, we have grown our interests in wind power from 11 MW to 709 MW. In 2010, we marked our entry into the U.S. green energy market with a US$500 million investment in the 250-MW Cedar Point Wind Energy Project in Colorado.

We deliver energy 24/7.

Our far-reaching network is always
working—connecting vital sources of energy supply with refiners and consumers across North America.

When it comes to the energy you count on, count on us.

View Our Interactive Map

Enbridge’s network consists of approximately 51,000 miles of pipeline and delivers energy from Canada’s oil sands, growing shale gas plays in Canada and the U.S. and the Gulf of Mexico deepwater oil and gas region. We serve 2 million natural gas customers and our fast growing portfolio of wind, solar and geothermal energy facilities are delivering new sources of renewable energy.

From the company you count on.

For the energy to power economic growth,
you count on us.

For the natural gas that keeps us warm
and cooks our food, you count on us.

For the green energy that delivers
environmental benefits, you count on us.

For the peace of mind of a solid
investment return, you count on us.

It’s what we’ve done for decades, and you
can count on Enbridge to continue to deliver.

View our Assets

REGINA, SK Through our pipelines to refineries. Through our natural gas distribution networks to homes, offices and factories. From our renewable energy assets to the electrical grid—every second of every day, Enbridge delivers the energy that is integral to our daily lives.