Providing Market Access for Discounted Canadian and Bakken Crude Oil
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1 Providing Market Access for Discounted Canadian and Bakken Crude Oil RBC Capital Markets Crude and Refined Investor Day Toronto April 4, 2013 Vern Yu Senior Vice President, Business & Market Development Liquids Pipelines
2 Forward Looking Statement This presentation includes certain forward looking information (FLI) to provide Enbridge shareholders and potential investors with information about Enbridge and management's assessment of its future plans and operations, which may not be appropriate for other purposes. FLI is typically identified by words such as "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Although we believe that our FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. FLI inherently involves a variety of assumptions, risks, uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied in our FLI. Material assumptions include: expected supply and demand for crude oil, natural gas and natural gas liquids; prices of crude oil, natural gas and natural gas liquids; expected exchange rates; inflation; interest rates; availability and price of labour and pipeline construction materials; operational reliability; customer project approvals; maintenance of support and regulatory approvals for Enbridge s projects; anticipated in-service dates and weather. Our FLI is subject to risks and uncertainties pertaining to operating performance, regulatory parameters, project approval and support, construction schedules, weather, economic and competitive conditions, exchange rates, interest rates, commodity prices and supply and demand for commodities, including but not limited to those discussed more extensively in our filings with Canadian and US securities regulators. The impact of any one risk, uncertainty or factor on any particular FLI is not determinable with certainty as these are interdependent and our future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as a result of new information, future events or otherwise. All FLI in this presentation is expressly qualified in its entirety by these cautionary statements. This presentation may make reference to certain financial measures, such as adjusted net income, which are not recognized under GAAP. Reconciliations to the most closely related GAAP measures are included in the MD&A filings and/or Supplementary Financial Information available on our website or in the slides that accompany this presentation, if applicable. 2
3 Strategic Asset Position Norman Wells Zama Fort McMurray Hardisty Quebec City Portland Salt Lake City Clearbrook Superior Casper Chicago Cushing Toronto Montreal 2012 Adjusted Earnings Toronto 2012 Adjusted Earnings 16% Liquids Pipelines 65% 65% Gas Distribution Fort St. John Wind Power Generation Solar Power Generation Waste Heat Recovery Geothermal Power Generation Power Transmission Toronto Chicago Sarnia 2012 Adjusted Earnings 2012 Adjusted Earnings 15% 4% Gas Pipelines Renewable Energy 3
4 Current Environment Crude Oil Pricing Average YTD Pricing - As at March 20, 2013 (US$ per barrel) North American Supply Asia $107 $66 WCS North American Demand Public Opposition to Infrastructure Transportation Bottlenecks Bakken Light Significant Price Differentials $92 $116 * Brent WTI $94 Light Crude Heavy Crude $103 Maya $114 NOTE: *Brent price is a landed price on US East Coast/ US Gulf Coast. Assumed tanker freight cost of US$2.00 per bbl. LLS 4
5 Market Access Initiatives Heavy Crude Oil Fort McMurray Asia +525 Hardisty Eastern Access (Phase 1) Kerrobert Line 62 Expansion (2013) West Coast Access Northern Gateway Pipeline (2018) Regina Cromer Gretna Line 17 Twin (2013) Montreal Cushing Chicago/ Flanagan Toledo Chicago +250 Sarnia Buffalo Detroit +50 West USGC +585 Port Arthur Western Gulf Coast Access Flanagan South Pipeline (2014) Seaway Pipeline Twin & Lateral (2014) 5
6 Market Access Initiatives Light Crude Oil Fort McMurray Eastern Access (Phase 2) Hardisty Kerrobert Regina Cromer Gretna Ontario/ Quebec +320 Line 5 Expansion (2013) Line 9 Reversal ( ) Montreal Light Oil Market Access Southern Access Extension (2015) Superior to Flanagan ( ) Sandpiper Pipeline (2016) Cushing Toledo Chicago/ Flanagan PADD II +300 Sarnia Buffalo Philadelphia +160 Rail Loading & Unloading Berthold Rail Loading Facility (2013) Eddystone Rail Unloading Facility (2013) Port Arthur 6
7 Market Access Initiatives Eastern Gulf Coast Superior Southern Access Extension (100%) Flanagan Reversal & Conversion to Crude Service: 30 pipeline, Illinois to St. James, Louisiana Up to capacity depending on crude slate Anticipated in-service date of 2015 Reversed Trunkline (50%) Memphis Memphis, Alabama/Mississippi, Mississippi River Refinery Capacity New Trunkline Lateral (50%) St. James ~3,200 Light Heavy 7
8 Market Access Initiatives Mainline Expansions Fort McMurray Hardisty Kerrobert Regina Mainline Expansions Cromer Gretna Montreal to Hardisty (2015) Alberta Clipper ( ) Southern Access Expansion ( ) Line 6B Replacement (2013) Chicago/ Flanagan Toledo Sarnia Buffalo Cushing Port Arthur 8
9 Market Access Initiatives Summary Potential New Market Access for Over 2 Million Barrels Per Day Asia Fort McMurray +525 Hardisty Kerrobert Regina Cromer Gretna Ontario/ Quebec +320 Montreal Philadelphia Heavy Crude Sarnia Buffalo +160 West Coast Access (2018) Eastern Access - Phase 1 (2013) Western Gulf Coast Access (2014) Eastern Gulf Coast Access (2015) Cushing Toledo Chicago/ Flanagan PADD II +300 Detroit +50 Light Crude Berthold Rail Loading Facility (2013) Eddystone Rail Unloading Facility (2013) Eastern Access - Phase 2 ( ) Light Oil Market Access ( ) Eastern Gulf Coast Assess (2015) West USGC +585 Port Arthur East USGC
10 Significant Capital Program = Industry Leading Long-Term Growth Rate Enterprise Wide Growth Capital Adjusted EPS * Growth Risked Unsecured 1 Highly Probable Unsecured $35 B $5 Billion $3 Billion Eastern USGC Access $3.00 Commercially Secured $27 Billion Tilted Return Projects 2016 Risked Unsecured New Growth Platforms Sponsored Vehicle Drop Downs As at February Risked unsecured included in the funding plan assuming zero contribution to 2016 earnings 1 $ * Adjusted earnings EPS is non-gaap measures. For more information on non-gaap measures please refer to disclosure in news release. 10
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