Enbridge Reports 2012 Results

CALGARY, ALBERTA -- (Marketwire) -- 02/15/13 -- HIGHLIGHTS

(all financial figures are unaudited and in Canadian dollars unless otherwise noted)


--  Fourth quarter earnings were $146 million; earnings for the full year
    were $610 million
--  Fourth quarter adjusted earnings were $0.42 per common share, or $327
    million
--  Full year adjusted earnings were $1.62 per common share, an 11% increase
    over 2011
--  Enbridge plans to invest $6.2 billion in the Light Oil Market Access
    Program, a collection of projects anticipated to expand access to
    markets for growing volumes of North Dakota and western Canada light oil
--  Enbridge announced the expansion of its Canadian Mainline system between
    Edmonton and Hardisty, Alberta at an approximate cost of $1.8 billion
--  Enbridge and Energy Transfer Partners, L.P. agreed to the principal
    terms for joint development of a project to provide access to the
    eastern Gulf Coast refinery market
--  Enbridge plans a further expansion of its mainline system between
    Hardisty, Alberta and Superior, Wisconsin, at an estimated cost of $0.6
    billion
--  Enbridge secured a 50% interest in development of the 150-MW Massif du
    Sud Wind Project with an expected investment of $0.2 billion, bringing
    interests in renewable and alternative energy capacity to more than
    1,300 MW
--  Enbridge to develop US$0.1 billion Heidelberg Lateral Pipeline in deep
    water Gulf of Mexico
--  Guidance for 2013 adjusted earnings is $1.74 to $1.90 per common share
--  The quarterly dividend increased by 12% to $0.315 per common share
    effective March 1, 2013
--  An impairment charge of $105 million, net of tax, related to certain
    Offshore assets was recorded in the fourth quarter

Enbridge Inc. (TSX: ENB) (NYSE: ENB) - "Enbridge finished 2012 with a solid fourth quarter and full year results that again achieved our guidance for the year," said Al Monaco, President and Chief Executive Officer. "For the three months ended December 31, 2012 adjusted earnings totaled $327 million, or $0.42 per common share. This brings our full year 2012 adjusted earnings to $1,249 million, or $1.62 per common share, an 11% year-over-year increase. This increase is particularly noteworthy in light of the significant prefunding which we completed in the year for future growth projects."

Operations

Enbridge's strong performance in 2012 reflects a stable and diversified mix of operating businesses. Liquids Pipelines delivered record earnings, largely on the strength of a full year operating under the mainline Competitive Tolling Settlement (CTS), with both increased volumes and tolls. Liquids Pipelines also benefited from higher volumes on the Spearhead Pipeline and from the Seaway Crude Pipeline System (Seaway Pipeline) initial reversal phase which commenced mid-year. The Gas Distribution business delivered its usual steady contribution under the final year of Enbridge Gas Distribution's (EGD) five year incentive tolling regime, with incentive earnings more than offsetting the new regulations affecting Enbridge Gas New Brunswick (EGNB).

Within Gas Pipelines, Processing and Energy Services, the United States portion of Alliance Pipeline and Vector Pipeline delivered steady results consistent with their regulatory and contractual business model. Enbridge Offshore Pipelines (Offshore) stabilized at a small loss. The Aux Sable natural gas processing plant benefited from favourable natural gas liquids (NGL) prices locked in during the prior year, while Energy Services had a good year as a result of the arbitrage opportunities provided by wide location and crude grade differentials, though not to the same extent as the prior year. Within Sponsored Investments, the contribution from Enbridge Income Fund (the Fund) increased significantly as a result of the drop down of $1.2 billion of renewable assets in late 2011, more than offsetting a decrease from Enbridge Energy Partners, L.P. (EEP). The performance of EEP's liquids pipelines assets benefited from higher volumes and tolls but its gathering and processing assets experienced lower natural gas and NGL prices.

2012 earnings reflected changes in unrealized mark-to-market accounting impacts related to the comprehensive long-term economic hedging program Enbridge has in place to mitigate exposures to interest rate variability and foreign exchange, as well as commodity prices. The Company believes that the hedging program supports the generation of reliable cash flows and dividend growth.

Enbridge's strong and stable growth enabled the Company to announce a 12% increase in its common share dividend in December 2012.

Mr. Monaco commented, "The safety, reliability and environmental sustainability of our operations are our top priority. Our Operational Risk Management Plan is designed to position Enbridge as the industry leader on a number of important fronts. To that end, we continue to implement enhancements in key operational areas such as pipeline integrity, control centre operation, leak detection capability, environmental protection and response. Since 2011, we have conducted what we believe has been the most extensive integrity management program in the history of the North American pipeline industry. We also attach the greatest importance to the health and safety of our employees. During 2012, we had no serious injuries and in every business unit our safety record compares favourably to the industry."

Mr. Monaco cited Enbridge's Neutral Footprint plan as another example of how the Company is delivering on its commitment to its stakeholders. "Our Neutral Footprint plan is designed to counteract the Company's environmental impact where it is felt most: on the trees we remove to build our facilities, the natural habitat we disturb, and the impacts associated with the electricity we buy to power our operations. At year-end 2012, Enbridge has planted close to 100% of the trees it has removed, conserved many times over the number of acres we have disturbed and has the capacity to generate renewable energy well in excess of our forecasted growth in power consumption from operations. We report our progress quarterly on our website.

"Our commitment to sustainability resulted in Enbridge being recognized in January 2013 as one of the Global 100 Most Sustainable Corporations in the World for the fifth year in a row," said Mr. Monaco. "We are honoured to be one of ten Canadian companies acknowledged to be leaders in their ability to deal with key social and environmental factors while delivering the best returns for their shareholders."

New Capital Initiatives

Earlier today, Enbridge announced an agreement with Energy Transfer Partners, L.P. (Energy Transfer) for joint development of the first pipeline transportation option for transportation of crude oil to the eastern Gulf Coast from the United States midwest. The project will involve the conversion of one of three pipelines of the existing Trunkline system, currently 100% owned by Energy Transfer, from natural gas transmission service to crude oil service, and is subject to approval by the Federal Energy Regulatory Commission (FERC) of the removal of the one line from gas service.

"The Gulf Coast is one of the largest refinery centres in the world, and the eastern Gulf market makes up more than a third of that capacity at over three million barrels per day," said Mr. Monaco. "It is both a heavy and a light crude oil market where barrels receive premium pricing. Up until now, this market has not been directly accessible to western Canadian and Bakken crude producers. As the project takes advantage of existing pipe in the ground, we can get it flowing to market sooner, and at a lower cost, than a new build."

In Liquids Pipelines, growth initiatives will continue to be driven by producers' needs for greater capacity and access to new markets and refiners' needs for secure, reliable and cost-competitive supply. Over the fourth quarter of 2012 and into January 2013, Enbridge announced investments in more than $9 billion of new commercially secured expansion projects as well as progress in advancing previously announced projects across the Company's three broad market access initiatives: Eastern Access, Gulf Coast Access and Light Oil Market Access.

"Anticipating the infrastructure needs of energy producers and consumers - and developing strategies to meet those needs - is central to our business," said Mr. Monaco. "Western Canadian and United States north western crude oil production is facing significant market access constraints. As a result, price discounting of this oil production relative to global pricing continues to be a major industry concern. Enbridge's market access strategies are responses to rapidly changing North American supply and demand fundamentals and will create significant value for our customers by helping to close these differentials and enhancing refinery access to supply."

Mr. Monaco noted that the design, construction and operation of its expansion projects will be guided by Enbridge's commitment to industry leadership in safe, reliable and environmentally sustainable operational performance. "We're committed to ensuring we build and operate our facilities safely, reliably and with respect for local communities and the environment. Importantly, our market access strategies utilize existing energy corridors and pipelines to the greatest extent possible so we will minimize disruption to the environment and lessen the industry's footprint."

Also announced in the fourth quarter was the Heidelberg Lateral Pipeline (Heidelberg), a crude oil pipeline in the Gulf of Mexico to connect the proposed Heidelberg development, operated by Anadarko Petroleum Corporation (Anadarko), to an existing third-party pipeline system. Enbridge will build, own and operate the pipeline which is expected to be operational by 2016 at an approximate cost of US$0.1 billion. Construction of the pipeline is subject to finalization of definitive agreements and sanction of the development by Anadarko and its project co-owners.

In gas transportation, Enbridge continued to execute its Canadian midstream strategy through a midstream services relationship with Encana Corporation (Encana) to develop gas gathering and compression facilities in the Peace River Arch (PRA) region in northwestern Alberta. Enbridge has agreed to acquire from Encana certain sour gas gathering and compression facilities in the PRA region currently in service and under construction on terms consistent with the Company's investment in the Cabin Gas Plant (Cabin). Enbridge is also working exclusively with Encana on facility scoping for further development of additional major midstream facilities in this region. This announcement followed the deferral of both the commissioning of Phase 1 and the construction of Phase 2 of Cabin in October 2012.

"This new opportunity establishes a broader footprint for Enbridge in the liquids rich and prolific Montney play complementing our existing interest in the Alliance Pipeline and Aux Sable NGL plant," said Mr. Monaco. "We are pleased to be extending our midstream interests and look forward to working with producers and all stakeholders in this region."

In green energy, Enbridge added to its renewable energy asset base with the securement of a 50% interest in the development of the 150-MW Massif du Sud Wind Project (Massif du Sud) in Quebec. The project went into service in January 2013.

"Enbridge continues to look for opportunities to expand our portfolio of renewable infrastructure in Canada and the United States," said Mr. Monaco. "Enbridge today is Canada's largest player in generating solar power and second largest in wind power. We see renewable energy playing an important role in our longer-term strategy of developing a more diversified asset base as we move towards a future energy economy with lower reliance on hydrocarbons."

In December, Enbridge completed the transfer of a group of crude oil storage, wind and solar power assets at a price of $1.2 billion to the Fund. The Company also issued $400 million in preference shares.

"The drop down of assets to the Fund provided $0.8 billion of net funding for our large growth capital investment program, including further front end bolstering of our equity base," said Mr. Monaco. "This funding complements the conventional capital markets funding that, for the year as a whole, totals approximately $6 billion and helps ensure ample liquidity to execute on our capital program."

Looking ahead, Mr. Monaco concluded, "Our positive results in 2012 reflect both our focus on operations and the disciplined execution of our growth strategy. Based on the number of opportunities we were able to secure over the course of the year, and the opportunities ahead of us, we have confidence that we will be able to maintain our industry leading growth through 2016 and well into the latter half of the decade," concluded Mr. Monaco.

FOURTH QUARTER 2012 OVERVIEW

For more information on Enbridge's growth projects, please see the Management's Discussion and Analysis (MD&A) which is filed on SEDAR and EDGAR and also available on the Company's website at www.enbridge.com/InvestorRelations.aspx.


--  On February 15, 2013, Enbridge announced it entered into an agreement
    with Energy Transfer on the terms for joint development of a project to
    provide access to the eastern Gulf Coast refinery market from the
    Patoka, Illinois hub. Subject to FERC approval, the project will involve
    the conversion from natural gas service of certain segments of pipeline
    that are currently in operation as part of the natural gas system of
    Trunkline Gas Company, LLC, a wholly owned subsidiary of Energy Transfer
    and Energy Transfer Equity, L.P. The converted pipeline is expected to
    have a capacity of up to 420,000 to 660,000 barrels per day (bpd),
    depending on crude slate and the level of subscriptions received in an
    open season, and is expected to be in service by early 2015. Enbridge
    and Energy Transfer would each own a 50% interest in the venture.
    Enbridge's participation in the venture is subject to a minimum level of
    commitments being obtained in the open season and on completion of due
    diligence on the conversion cost. Depending on the level of commitments
    and finalization of scope and capital cost estimates, Enbridge expects
    to invest approximately US$1.2 billion to US$1.7 billion.

--  On January 4, 2013, Enbridge announced a further expansion of the
    Canadian Mainline system between Hardisty, Alberta and the Canada/United
    States border near Gretna, Manitoba, at an estimated cost of $0.4
    billion, along with an announcement to further expand the Lakehead
    System owned by EEP between Neche, North Dakota and Superior, Wisconsin,
    at an estimated cost of US$0.2 billion. Subject to regulatory approval,
    the expansion involves the addition of pumping horsepower sufficient to
    raise the capacity of both the Canadian Mainline and the Lakehead System
    by another 230,000 bpd. This expansion is expected to be in service in
    2015. The announcement was in addition to the Company's May 2012
    announcement of a project to raise capacity on the same sections of the
    Canadian Mainline and the Lakehead System by 120,000 bpd at an
    approximate cost of $0.2 billion and US$0.2 billion, respectively, with
    an expected in-service of mid-2014.

--  On December 20, 2012, Enbridge secured a 50% interest in the development
    of the 150-MW Massif du Sud wind project development, located 100
    kilometres (60 miles) east of Quebec City, Quebec. Project construction
    was completed in December 2012 and commercial operation commenced in
    January 2013. Massif du Sud delivers energy to Hydro-Quebec under a 20-
    year power purchase agreement. The Company's total investment in the
    project is approximately $0.2 billion.

--  On December 6, 2012, Enbridge announced the $6.2 billion Light Oil
    Program to expand access to markets for growing light oil production
    from North Dakota and Canada. The Light Oil Program is a series of
    projects that will supplement the Company's previously announced Eastern
    Access initiative and provide increased pipeline capacity on Enbridge's
    North Dakota regional system; further expand capacity on the United
    States mainline system; and enhance Canadian mainline terminal
    capability. The Light Oil Program will provide access from the Enbridge
    system to attractive refinery markets in Ontario, Quebec and the United
    States midwest for an additional 400,000 bpd of light oil. The projects
    within the Light Oil Program are targeted to be available for service
    between 2014 to early 2016.

--  In December 2012, the Company recorded an impairment charge of $166
    million ($105 million after-tax) related to certain of its Offshore
    assets, predominantly located within the Stingray and Garden Banks
    corridors in the Gulf of Mexico. The Company had been pursuing
    alternative uses for these assets; however, due to changing competitive
    conditions in the fourth quarter of 2012, the Company concluded that
    such alternatives were no longer likely to proceed. In addition, unique
    to these assets is their significant reliance on natural gas production
    from shallow water areas of the Gulf of Mexico which have been
    challenged by macro-economic factors including prevalence of onshore
    shale gas production, hurricane disruptions, additional regulation and
    the low natural gas commodity price environment.

--  On November 26, 2012, Enbridge announced it had entered into a joint
    venture to develop a unit-train unloading facility and related local
    pipeline infrastructure near Philadelphia, Pennsylvania to deliver
    Bakken and other light sweet crude oil to Philadelphia area refineries.
    The Eddystone terminal will include leasing portions of a power
    generation facility and reconfiguring existing track to accommodate 120-
    car unit-trains, installing crude oil offloading equipment, refurbishing
    an existing 200,000 barrel tank and upgrading an existing barge loading
    facility. Subject to regulatory and other approvals, the project is
    expected to be placed into service by the end of 2013 to receive and
    deliver an initial capacity of 80,000 bpd, expandable to 160,000 bpd.
    The total estimated cost of the project is approximately US$68 million
    and Enbridge's share of the project costs will be based upon its 75%
    joint venture interest.

--  On November 22, 2012, the Company announced plans to proceed with an
    expansion of the Canadian Mainline system between Edmonton, Alberta and
    Hardisty, Alberta. The expansion project, with an estimated cost of
    approximately $1.8 billion, will include 181 kilometres (112 miles) of
    new 36-inch diameter pipeline, expected to generally follow the same
    route as Enbridge's existing Line 4 pipeline, new terminal facilities at
    Edmonton which include five new 500,000 barrel tanks and connections
    into existing infrastructure at Hardisty Terminal. The initial capacity
    of the new line is expected to be approximately 570,000 bpd, with
    expansion potential to 800,000 bpd. Subject to regulatory approvals, the
    project is expected to be placed into service in 2015.

--  On November 6, 2012, Enbridge announced it would build, own and operate
    a crude oil pipeline in the Gulf of Mexico to connect the proposed
    Heidelberg development, operated by Anadarko, to an existing third-party
    system. Heidelberg, which will be 20 inches in diameter and
    approximately 55 kilometres (34 miles) in length, will originate in
    Green Canyon Block 860, approximately 320 kilometres (200 miles)
    southwest of New Orleans, Louisiana and in an estimated 1,600 metres
    (5,300 feet) of water. Subject to regulatory and other approvals, as
    well as sanctioning of the development by Anadarko and its project co-
    owners, Heidelberg is expected to be operational by 2016, at an
    approximate cost of $0.1 billion.

--  On October 25, 2012, Enbridge Income Fund Holdings Inc. (ENF) and the
    Fund announced they had entered into an agreement with Enbridge pursuant
    to which Enbridge would transfer five entities, which comprise crude oil
    storage in Alberta and renewable energy assets in Ontario, to the Fund.
    On December 10, 2012, ENF and the Fund finalized the acquisition of
    Hardisty Storage Caverns, Hardisty Contract Terminals, Greenwich Wind
    Energy Project (Greenwich) and Amherstburg and Tilbury solar projects
    for an aggregated price of approximately $1.2 billion.

--  On October 22, 2012, the Company agreed, and subsequently in November
    2012 completed, the acquisition from Encana of certain sour gas
    gathering and compression facilities. These facilities, which are either
    currently in service or under construction, are located in the PRA
    region of northwest Alberta. The project will be completed in phases
    with new gathering lines expected to be in service in late 2013, and
    with the new NGL handling facilities expected to be completed in the
    first quarter of 2014. Enbridge's investment in the PRA Gas Development
    is expected to be approximately $0.3 billion. Enbridge is also working
    exclusively with Encana on facility scoping for development of
    additional major midstream facilities in the liquids-rich PRA region.
    This announcement followed the deferral of both the commissioning of
    Phase 1 and the construction of Phase 2 of Cabin in October 2012.

CONSOLIDATED EARNINGS
                                     Three months ended          Year ended
                                           December 31,        December 31,
                                         2012      2011      2012      2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars, except per share amounts)
Liquids Pipelines                         136       203       726       505
Gas Distribution                          127      (226)      207       (88)
Gas Pipelines, Processing and Energy
 Services                                 (52)      156      (478)      305
Sponsored Investments                      71        89       282       269
Corporate                                (136)      (63)     (127)     (171)
----------------------------------------------------------------------------
Earnings attributable to common
 shareholders                             146       159       610       820
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per common share                0.19      0.21      0.79      1.09
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Diluted earnings per common share        0.18      0.21      0.78      1.08
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Earnings attributable to common shareholders were $610 million, or $0.79 per common share, for the year ended December 31, 2012 compared with $820 million, or $1.09 per common share, for the year ended December 31, 2011. In total, the Company has delivered significant earnings growth from operations over the course of the last year, as discussed below in Adjusted Earnings; however, the positive impact of this growth was reduced by a number of unusual, non-recurring or non-operating factors, the most significant of which are changes in unrealized derivative fair value and foreign exchange gains or losses. The Company has a comprehensive long-term economic hedging program to mitigate exposures to interest rate, foreign exchange and commodity price exposures. The unrealized mark-to-market accounting impacts from this program create volatility in short-term earnings but the Company believes over the long-term it supports reliable cash flows and dividend growth.

Earnings for 2012 and 2011 were also negatively impacted by the impact of asset transfers between entities under common control of Enbridge. Intercompany gains realized as a result of these asset transfers for both years have been eliminated for accounting purposes; however, income taxes of $56 million and $98 million for the years ended December 31, 2012 and 2011, respectively, incurred on the related capital gains remain as charges to consolidated earnings.

Another significant item impacting the comparability of earnings year-over-year were costs and lost revenues, net of the related insurance recoveries, associated with the Lines 6A, 6B and Line 14 crude oil releases. Earnings for the years ended December 31, 2012 and 2011 included the Company's after-tax share of EEP's costs and lost revenues, before insurance recoveries and excluding fines and penalties, of $9 million and $33 million, respectively, related to these incidents. Insurance recoveries recorded for the years ended December 31, 2012 and 2011 were $24 million and $50 million after-tax net to Enbridge, respectively, related to the Line 6B crude oil release.

Earnings attributable to common shareholders for the three months ended December 31, 2012 were $146 million compared with $159 million for the three months ended December 31, 2011. Fourth quarter earnings drivers are largely consistent with year-to-date trends and continued to include changes in unrealized fair value derivative gains and losses. Aside from operating factors discussed in Adjusted Earnings, factors unique to the fourth quarter of 2012 included a $105 million after-tax asset impairment relating to Stingray and Garden Banks assets within Offshore, $56 million of income taxes on the intercompany gain on sale to the Fund not eliminated for accounting purposes and the favourable impact of a $63 million gain arising on recognition of a regulatory asset related to other postretirement benefits (OPEB) within EGD.

Earnings for the comparable fourth quarter of 2011 reflected the discontinuance of rate-regulated accounting at EGNB, which resulted in a write-off of certain regulatory balances totaling $262 million, after tax.

NON-GAAP MEASURES

This news release contains references to adjusted earnings/(loss), which represent earnings or loss attributable to common shareholders adjusted for unusual, non-recurring or non-operating factors on both a consolidated and segmented basis. These factors, referred to as adjusting items, are reconciled and discussed in the financial results sections for the affected business segments. Management believes the presentation of adjusted earnings/(loss) provides useful information to investors and shareholders as it provides increased transparency and predictive value. Management uses adjusted earnings/(loss) to set targets, assess performance of the Company and set the Company's dividend payout target. Adjusted earnings/(loss) and adjusted earnings/(loss) for each of the segments are not measures that have a standardized meaning prescribed by accounting principles generally accepted in the United States of America (U.S. GAAP) and are not considered GAAP measures; therefore, these measures may not be comparable with similar measures presented by other issuers. See Non-GAAP Reconciliations for a reconciliation of the GAAP and non-GAAP measures.


ADJUSTED EARNINGS
                                     Three months ended          Year ended
                                           December 31,        December 31,
                                         2012      2011      2012      2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars, except per share amounts)
Liquids Pipelines                         183       126       684       536
Gas Distribution                           63        48       176       173
Gas Pipelines, Processing and Energy
 Services                                  37        41       154       163
Sponsored Investments                      67        74       263       244
Corporate                                 (23)      (16)      (28)      (16)
----------------------------------------------------------------------------
Adjusted earnings(1)                      327       273     1,249     1,100
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Adjusted earnings per common
 share(1)                                0.42      0.36      1.62      1.46
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Adjusted earnings and adjusted earnings per common share are non-GAAP
 measures that do not have any standardized meaning prescribed by generally
 accepted accounting principles. For more information on non-GAAP measures
 see above.

Adjusted earnings for the year ended December 31, 2012 were $1,249 million, or $1.62 per common share, compared with $1,100 million, or $1.46 per common share, for the year ended December 31, 2011, an increase of 11% in adjusted earnings per common share. The increase in adjusted earnings over the prior year was predominantly attributable to strong operating performance from the Company's Liquids Pipelines assets, as well as contributions from new assets placed into service. An increase in volumes most notably impacted adjusted earnings from mid-2011 onward when the CTS on the Canadian Mainline took effect. In 2012, the Company also began realizing earnings from its 50% interest in the Seaway Pipeline, which commenced southbound service from the United States midwest to the Gulf Coast in May 2012. The start-up of Seaway Pipeline also had a positive earnings impact on Spearhead Pipeline in 2012 as it also benefited from producers' desire to move crude onward to Gulf Coast markets in order to capture attractive price differentials. In addition to the Seaway Pipeline, other new assets commencing operations and contributing to adjusted earnings growth included the Cedar Point Wind Energy Project (Cedar Point) in late 2011 and the Silver State North Solar Project (Silver State) in 2012. Areas of the Company's operations which realized year-over-year declines in adjusted earnings included EEP due to declines in natural gas and NGL prices, as well as higher operating and administrative costs, specifically pipeline integrity costs, personnel costs and higher property taxes, and Energy Services where changing market conditions gave rise to fewer margin opportunities in crude oil and NGL marketing. Increased preference share dividends for the year ended December 31, 2012 also negatively impacted earnings due to the Company's increased activity in the capital markets to prefund future growth projects.

Adjusted earnings were $327 million, or $0.42 per common share, for the three months ended December 31, 2012 compared with $273 million, or $0.36 per common share, for the three months ended December 31, 2011. The primary drivers of adjusted earnings growth period-over-period included strong volumes on the Company's liquids pipelines assets both in Canada and the United States, including contributions from new assets such as the Seaway Pipeline, growth in the Company's renewable energy portfolio and customer expansion at EGD. Partially offsetting these increases were lower adjusted earnings from Energy Services, where margin opportunities in liquids marketing remained tempered relative to the prior period and increased costs within Offshore.



LIQUIDS PIPELINES
                                     Three months ended          Year ended
                                           December 31,        December 31,
                                         2012      2011      2012      2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Canadian Mainline                         117        72       432       336
Regional Oil Sands System                  29        30       110       111
Southern Lights Pipeline                   18        21        71        75
Seaway Pipeline                            11        (3)       24        (3)
Spearhead Pipeline                          7         3        37        17
Feeder Pipelines and Other                  1         3        10         -
----------------------------------------------------------------------------
Adjusted earnings                         183       126       684       536
----------------------------------------------------------------------------
Canadian Mainline - Line 9 tolling
 adjustment                                 -         -         6        10
Canadian Mainline - changes in
 unrealized derivative fair
value gains/(loss)                        (41)       86        42       (48)
Canadian Mainline - shipper dispute
 settlement                                 -         -         -        14
Regional Oil Sands System - prior
 period adjustment                         (6)        -        (6)        -
Regional Oil Sands System - asset
 impairment write-off                       -        (8)        -        (8)
Spearhead Pipeline - changes in
 unrealized derivative fair
value gains                                 -         -         -         1
Feeder Pipelines and Other - changes
 in the unrealized
derivative fair value loss                  -        (1)        -         -
----------------------------------------------------------------------------
Earnings attributable to common
 shareholders                             136       203       726       505
----------------------------------------------------------------------------
----------------------------------------------------------------------------

--  Canadian Mainline earnings for the year ended December 31, 2012
    reflected increased volumes and a higher Canadian Mainline International
    Joint Tariff (IJT) Residual Benchmark Toll which, under the IJT, is
    impacted by changes in the Lakehead System Local Toll. An increase in
    operating and administrative costs, primarily due to higher employee
    related costs and higher leak remediation costs also impacted 2012 full
    year adjusted earnings.
--  The 2012 full year and fourth quarter Regional Oil Sands System adjusted
    earnings reflected higher operating and administrative expense and
    higher depreciation expense, partially offset by higher shipped volumes
    and increased tolls on certain laterals and higher earnings from an
    annual escalation in storage and terminaling fees, than the prior year.
    Adjusted earnings for 2012 also included contributions from new regional
    infrastructure, the Woodland and Wood Buffalo pipelines, placed into
    service in the fourth quarter, although offset by earnings no longer
    being generated on assets sold to the Fund in December.
--  Southern Lights Pipeline adjusted earnings reflected higher income tax
    expense which exceeded the deemed tax recovery in rates.
--  Seaway Pipeline adjusted earnings for both the full year and fourth
    quarter of 2012 reflected preliminary service at an approximate capacity
    of 150,000 bpd which commenced in May 2012. Subsequent to year end, in
    January 2013, with further pump station additions and modifications, the
    reversal was completed, increasing capacity available to shippers to up
    to 400,000 bpd, depending on crude oil slate. Actual throughput
    experienced to date in 2013 has been curtailed due to constraints on
    third party takeaway facilities. A lateral from the Seaway Jones Creek
    tankage to the ECHO crude oil terminal in Houston, Texas should
    eliminate these constraints when it comes into service, expected in the
    fourth quarter of 2013. In the interim, the Seaway Pipeline is
    attempting to reduce these downstream constraints with other actions.
    The $3 million loss recognized for the year ended December 31, 2011 was
    related to early stage business development costs that were not eligible
    for capitalization.
--  The 2012 full year and fourth quarter increase in Spearhead Pipeline
    adjusted earnings reflected higher volumes and tolls, partially offset
    by higher operating and administrative costs, including power and
    repairs and maintenance. Volumes significantly increased over 2011 due
    to higher commodity price differentials and increased demand at Cushing,
    Oklahoma in anticipation of additional capacity on the Seaway Pipeline
    for further transportation to the Gulf Coast.
--  The increase in Feeder Pipelines and Other earnings for 2012 compared
    with 2011 reflected a higher contribution from Olympic Pipeline due to a
    tariff increase, higher volumes on Toledo Pipeline and increased
    terminaling fees. In 2011, earnings from Toledo Pipeline were negatively
    impacted by integrity work on Lines 6A and 6B of EEP's Lakehead System.
    The decrease in adjusted earnings for the fourth quarter of 2012
    reflected higher business development costs.

Liquids Pipelines earnings were impacted by the following adjusting items:


--  Canadian Mainline earnings for 2012 and 2011 included Line 9 tolling
    adjustments related to services provided in prior periods.
--  Canadian Mainline earnings for all periods reflected changes in
    unrealized fair value gains and losses on derivative financial
    instruments used to risk manage exposures inherent within the CTS,
    namely foreign exchange, power cost variability and allowance oil
    commodity prices.
--  Canadian Mainline earnings for 2011 included $14 million from the
    settlement of a shipper dispute related to oil measurement adjustments
    in prior years.
--  Regional Oil Sands System earnings for 2012 included a revenue
    recognition adjustment related to prior periods.
--  Regional Oil Sands System earnings for 2011 included the write-off of
    development expenditures on certain project assets.
--  Spearhead Pipeline earnings for 2011 included changes in unrealized fair
    value gains on derivative financial instruments used to manage exposures
    to allowance oil commodity prices.
--  Feeder Pipelines and Other earnings for 2011 included changes in the
    unrealized fair value loss on derivative financial instruments used to
    manage exposures to allowance oil commodity prices.

GAS DISTRIBUTION
                                     Three months ended          Year ended
                                           December 31,        December 31,
                                          2012     2011      2012      2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Enbridge Gas Distribution Inc. (EGD)        56       38       149       135
Other Gas Distribution and Storage           7       10        27        38
----------------------------------------------------------------------------
Adjusted earnings                           63       48       176       173
----------------------------------------------------------------------------
  EGD - (warmer)/colder than normal
   weather                                   1      (12)      (23)        1
  EGD - tax rate changes                     -        -        (9)        -
  EGD - recognition of regulatory
   asset                                    63        -        63         -
  Other Gas Distribution and Storage
   - regulatory deferral
  write-off                                  -     (262)        -      (262)
----------------------------------------------------------------------------
Earnings/(loss) attributable to
 common shareholders                       127     (226)      207       (88)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

--  The increase in EGD's adjusted earnings was primarily due to customer
    growth, favourable rate variances and higher pipeline capacity
    optimization. This growth was partially offset by an increase in system
    integrity and safety-related costs and higher employee costs, as well as
    higher depreciation due to a higher in-service asset base.
--  Other Gas Distribution and Storage adjusted earnings decreased for both
    the full year and fourth quarter of 2012 primarily due to the change in
    rate setting methodology applicable to EGNB enacted in 2012. Effective
    January 1, 2012, the discontinuance of rate-regulated accounting at EGNB
    resulted in earnings subject to increased variability, including
    quarterly seasonality, as there was no further accumulation of the
    regulatory deferral account. Earnings for 2012 were impacted by lower
    volume due to a decrease in demand for natural gas, which was the result
    of a warmer than normal winter.

Gas Distribution earnings were impacted by the following adjusting items:


--  EGD earnings were adjusted to reflect the impact of weather.
--  Earnings from EGD for 2012 reflected the impact of unfavourable tax rate
    changes on deferred income tax liabilities.
--  EGD earnings for 2012 included the recognition of a regulatory asset
    related to recovery of OPEB costs pursuant to an Ontario Energy Board
    rate order.
--  Other Gas Distribution and Storage earnings for 2011 reflected the
    discontinuation of rate-regulated accounting for EGNB and the related
    write-off of a deferred regulatory asset and certain capitalized
    operating costs, net of tax.

GAS PIPELINES, PROCESSING AND ENERGY SERVICES
                                             Three months
                                                    ended        Year ended
                                             December 31,      December 31,
                                            2012     2011     2012     2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Aux Sable                                     21       19       68       55
Energy Services                                9       13       40       56
Alliance Pipeline US                           6        7       24       26
Vector Pipeline                                4        5       16       18
Enbridge Offshore Pipelines (Offshore)        (3)      (2)      (3)      (7)
Other                                          -       (1)       9       15
----------------------------------------------------------------------------
Adjusted earnings                             37       41      154      163
----------------------------------------------------------------------------
  Aux Sable - changes in unrealized
   derivative fair value
  gains/(loss)                                (5)      (4)      10       (7)
  Energy Services - changes in
   unrealized derivative fair value
  gains/(loss)                                21       95     (537)     125
  Offshore - asset impairment loss          (105)       -     (105)       -
  Other - changes in unrealized
   derivative fair value gains                 -       24        -       24
----------------------------------------------------------------------------
Earnings/(loss) attributable to common
 shareholders                                (52)     156     (478)     305
----------------------------------------------------------------------------
----------------------------------------------------------------------------

--  Aux Sable adjusted earnings increased, in both the full year and the
    fourth quarter of 2012, primarily due to higher realized fractionation
    margins. A full year of earnings contributions from the Prairie Rose
    Pipeline and the Palermo Conditioning Plant acquired in July 2011 also
    contributed to increased adjusted earnings for the full year.
--  The decrease in Energy Services adjusted earnings was primarily due to
    changing market conditions which gave rise to fewer margin opportunities
    in crude oil and NGL marketing.
--  Offshore realized a second year of consecutive losses due to weak
    volumes from delayed drilling programs and more scheduled production
    outages by producers in the Gulf of Mexico. The decrease in loss year-
    over-year resulted from a higher transportation rate for volumes shipped
    on the Stingray Pipeline System, a reduction in interest expense and a
    $2 million favourable impact related to the reversal of a shipper
    reserve pertaining to a rate case from 2011. The increase in adjusted
    loss for the fourth quarter of 2012 reflected increased pipeline
    integrity and insurance costs.
--  The decrease in Other adjusted earnings was primarily due to the sale of
    Ontario Wind, Sarnia Solar and Talbot Wind energy projects to the Fund
    in October 2011, followed by the sale of Greenwich and Amherstburg and
    Tilbury solar projects to the Fund in December 2012. Higher business
    development costs also contributed to the decrease in adjusted earnings.
    Partially offsetting this increase was the contributions from Cedar
    Point and Greenwich, which were commissioned in late 2011, and the new
    Silver State project which was commissioned in early 2012.

Gas Pipelines, Processing and Energy Services earnings were impacted by the following adjusting items:


--  Aux Sable earnings for each period reflected changes in the fair value
    of unrealized derivative financial instruments related to the Company's
    forward gas processing risk management position.
--  Energy Services earnings for each period reflected changes in unrealized
    fair value gains and losses related to the revaluation of financial
    derivatives used to manage the profitability of transportation and
    storage transactions. A gain or loss on such a financial derivative
    corresponds to a similar but opposite loss or gain on the value of the
    underlying physical transaction which is expected to be realized in the
    future when the physical transaction settles. Unlike the change in the
    value of the financial derivative, the loss or gain on the value of the
    underlying physical transaction is not recorded for financial statement
    purposes until the periods in which it is realized.
--  Offshore earnings for 2012 were impacted by an asset impairment loss
    related to certain of its assets, predominantly located within the
    Stingray and Garden Banks corridors.
--  Other earnings for 2011 reflected changes in the fair value of
    unrealized derivative financial instruments.

SPONSORED INVESTMENTS
                                     Three months ended          Year ended
                                           December 31,        December 31,
                                         2012      2011      2012      2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Enbridge Energy Partners, L.P. (EEP)       32        45       141       151
Enbridge Energy, Limited Partnership
 (EELP) - Alberta
Clipper US                                  6        10        38        42
Enbridge Income Fund (the Fund)            29        19        84        51
----------------------------------------------------------------------------
Adjusted earnings                          67        74       263       244
----------------------------------------------------------------------------
  EEP - leak insurance recoveries           -        29        24        50
  EEP - leak remediation costs and
   lost revenue                             -        (6)       (9)      (33)
  EEP - changes in unrealized
   derivative fair value
  gains/(loss)                             (3)       (5)       (2)        3
  EEP - NGL trucking and marketing
   investigation costs                      -        (3)       (1)       (3)
  EEP - prior period adjustment             7         -         7         -
  EEP - shipper dispute settlement          -         -         -         8
  EEP - lawsuit settlement                  -         -         -         1
  EEP - impact of unusual weather
   conditions                               -         -         -        (1)
----------------------------------------------------------------------------
Earnings attributable to common
 shareholders                              71        89       282       269
----------------------------------------------------------------------------
----------------------------------------------------------------------------

--  Adjusted earnings from EEP for 2012 included higher general partner
    incentive income and strong results from the liquids business primarily
    due to higher average delivery volumes and increased tolls on all major
    liquids systems, as well as contributions from storage terminal and
    other facilities that were placed into service during 2012. Earnings
    from the natural gas business decreased as a result of lower natural gas
    and NGL prices. Earnings were also negatively impacted by an increase in
    operating and administrative costs, specifically pipeline integrity
    costs, personnel costs and higher property taxes.
--  Earnings from EELP - Alberta Clipper US decreased due to a reduction in
    rates which took effect April 1, 2012.
--  Increased earnings from the Fund reflected a full year of earnings from
    the Ontario Wind, Sarnia Solar and Talbot Wind energy projects acquired
    from a wholly-owned subsidiary of Enbridge in October 2011. Earnings
    also reflected the December 2012 transfer of Hardisty Storage Caverns,
    Hardisty Contract Terminals, Greenwich and Amherstburg and Tilbury solar
    projects. Partially offsetting the earnings contributions were increased
    interest costs, higher business development expense and non-cash
    deferred income taxes.

Sponsored Investments earnings were impacted by the following adjusting items:


--  Earnings from EEP included insurance recoveries associated with the Line
    6B crude oil release.
--  Earnings from EEP for each period included a charge related to estimated
    costs, before insurance recoveries, associated with the Lines 6A, 6B and
    Line 14 crude oil releases.
--  Earnings from EEP included changes in the unrealized fair value on
    derivative financial instruments in each period.
--  EEP earnings reflected charges for legal and accounting costs associated
    with an investigation at a NGL trucking and marketing subsidiary, which
    was concluded in the first quarter of 2012.
--  EEP earnings for 2012 reflected a non-recurring out-of-period
    adjustment.
--  EEP earnings for 2011 included proceeds from the settlement of a shipper
    dispute related to oil measurement adjustments in prior years.
--  EEP earnings for 2011 included proceeds related to the settlement of a
    lawsuit during the first quarter of 2011.
--  EEP earnings for 2011 included an unfavourable effect related to
    decreased volumes due to uncharacteristically cold weather in February
    2011 that disrupted normal operations of its natural gas systems.

CORPORATE
                                     Three months ended          Year ended
                                           December 31,        December 31,
                                         2012      2011      2012      2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Noverco Inc. (Noverco)                      8        10        27        24
Other Corporate                           (31)      (26)      (55)      (40)
----------------------------------------------------------------------------
Adjusted loss                             (23)      (16)      (28)      (16)
----------------------------------------------------------------------------
  Noverco - equity earnings
   adjustment                               -         -       (12)        -
  Noverco - changes in unrealized
   derivative fair value
  gains/(loss)                              1         -       (10)        -
  Other Corporate - changes in
   unrealized derivative fair
  value gains/(loss)                      (54)       45       (22)      (87)
  Other Corporate - foreign tax
   recovery                                 -         -        29         -
  Other Corporate - unrealized
   foreign exchange gains/
  (loss) on translation of
   intercompany balances, net               -         1       (17)       24
  Other Corporate - impact of tax
   rate changes                            (4)        5       (11)        6
  Other Corporate - tax on
   intercompany gain on sale              (56)      (98)      (56)      (98)
                                    ----------------------------------------
Loss attributable to common
 shareholders                            (136)      (63)     (127)     (171)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

--  Noverco adjusted earnings reflected contributions from the Company's
    increased preferred share investment and Noverco's underlying gas
    distribution investments. The decrease in adjusted earnings in the
    fourth quarter of 2012 reflected warmer than normal weather which
    impacted Noverco's underlying gas distribution operations.
--  Although net Corporate segment financing costs decreased in 2012
    compared with 2011, this decrease was more than offset by increased
    preference share dividends and higher personnel costs.

Corporate costs were impacted by the following adjusting items:


--  Earnings from Noverco for 2012 included an unfavourable equity earnings
    adjustment related to prior periods.
--  Earnings from Noverco for 2012 included changes in the unrealized fair
    value of derivative financial instruments.
--  Loss for each period included changes in the unrealized fair value gains
    and losses on derivative financial instruments related to forward
    foreign exchange risk management positions.
--  Loss for 2012 was impacted by taxes related to a historical foreign
    investment.
--  Loss included net unrealized foreign exchange gains and losses on the
    translation of foreign-denominated intercompany balances.
--  Loss for each period reflected tax rate changes.
--  Loss for each period was impacted by tax on an intercompany gain on
    sale.

NON-GAAP RECONCILIATIONS


                                     Three months ended          Year ended
                                           December 31,        December 31,
                                         2012      2011      2012      2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Earnings attributable to common
 shareholders                             146       159       610       820
Adjusting items:
Liquids Pipelines
  Canadian Mainline - Line 9 tolling
   adjustment                               -         -        (6)      (10)
  Canadian Mainline - changes in
   unrealized derivative fair value
  (gains)/loss                             41       (86)      (42)       48
  Canadian Mainline - shipper
   dispute settlement                       -         -         -       (14)
  Regional Oil Sands System - prior
   period adjustment                        6         -         6         -
  Regional Oil Sands System - asset
   impairment write-off                     -         8         -         8
  Spearhead Pipeline - changes in
   unrealized derivative fair
  value gains                               -         -         -        (1)
  Feeder Pipelines and Other -
   changes in the unrealized
  derivative fair value loss                -         1         -         -
Gas Distribution
  EGD - warmer/(colder) than normal
   weather                                 (1)       12        23        (1)
  EGD - tax rate changes                    -         -         9         -
  EGD - recognition of regulatory
   asset                                  (63)        -       (63)        -
  Other Gas Distribution and Storage
   - regulatory deferral write-off          -       262         -       262
Gas Pipelines, Processing and Energy
 Services
  Aux Sable - changes in unrealized
   derivative fair value
  (gains)/loss                              5         4       (10)        7
  Energy Services - changes in
   unrealized derivative fair value
  (gains)/loss                            (21)      (95)      537      (125)
  Offshore - asset impairment loss        105         -       105         -
  Other - changes in unrealized
   derivative fair value gains              -       (24)        -       (24)
Sponsored Investments
  EEP - leak insurance recoveries           -       (29)      (24)      (50)
  EEP - leak remediation costs and
   lost revenue                             -         6         9        33
  EEP - changes in unrealized
   derivative fair value
   (gains)/loss                             3         5         2        (3)
  EEP - NGL trucking and marketing
   investigation costs                      -         3         1         3
  EEP - prior period adjustment            (7)        -        (7)        -
  EEP - shipper dispute settlement          -         -         -        (8)
  EEP - lawsuit settlement                  -         -         -        (1)
  EEP - impact of unusual weather
   conditions                               -         -         -         1
Corporate
  Noverco - equity earnings
   adjustment                               -         -        12         -
  Noverco - changes in unrealized
   derivative fair value
  (gains)/loss                             (1)        -        10         -
  Other Corporate - changes in
   unrealized derivative fair value
  (gains)/loss                             54       (45)       22        87
  Other Corporate - foreign tax
   recovery                                 -         -       (29)        -
  Other Corporate - unrealized
   foreign exchange (gains)/loss on
  translation of intercompany
   balances, net                            -        (1)       17       (24)
  Other Corporate - impact of tax
   rate changes                             4        (5)       11        (6)
  Other Corporate - tax on
   intercompany gain on sale               56        98        56        98
                                    ----------------------------------------
Adjusted earnings                         327       273     1,249     1,100
----------------------------------------------------------------------------
----------------------------------------------------------------------------

CONFERENCE CALL

Enbridge will hold a conference call on Friday, February 15, 2013 at 9 a.m. Eastern Time (7 a.m. Mountain Time) to discuss the 2012 annual results. Analysts, members of the media and other interested parties can access the call toll-free at 1-888-771-4371 from within North America and outside North America at 1-847-585-4405 using the access code 34177918. The call will be audio webcast live at www.enbridge.com/InvestorRelations.aspx. A webcast replay and podcast will be available approximately two hours after the conclusion of the event and a transcript will be posted to the website within 24 hours. The replay will be available at toll-free 1-888-843-7419 within North America and outside North America at 1-630-652-3042 (access code 34177918) until February 22, 2013.

The conference call will begin with a presentation by the Company's Chief Executive Officer and Chief Financial Officer followed by a question and answer period for investment analysts. A question and answer period for members of the media will immediately follow.

Enbridge Inc. is a North American leader in delivering energy and has been included on the Global 100 Most Sustainable Corporations in the World ranking for the past five years. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids transportation system. The Company also has a significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in close to 1,300 megawatts of renewable and alternative energy generating capacity and is expanding its interests in wind, solar and geothermal. Enbridge employs more than 10,000 people, primarily in Canada and the U.S., and is ranked as one of Canada's Greenest Employers and one of Canada's Top 100 Employers for 2013. Enbridge is included on the 2012/2013 Dow Jones Sustainability World Index and the Dow Jones Sustainability North America Index and is also a constituent of the 2012/2013 FTS4Good Index Series. Enbridge's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com.

Forward-Looking Information

Forward-looking information, or forward-looking statements, have been included in this news release to provide the Company's shareholders and potential investors with information about the Company and its subsidiaries and affiliates, including management's assessment of Enbridge's and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are 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. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to: expected earnings/(loss) or adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share; expected future cash flows; expected costs related to projects under construction; expected in-service dates for projects under construction; expected capital expenditures; estimated future dividends; and expected costs related to leak remediation and potential insurance recoveries.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about: the expected supply and demand for crude oil, natural gas, NGL and green energy; prices of crude oil, natural gas, NGL and green energy; expected exchange rates; inflation; interest rates; the availability and price of labour and pipeline construction materials; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for the Company's projects; anticipated in-service dates; and weather. Assumptions regarding the expected supply and demand of crude oil, natural gas, NGL and green energy, and the prices of these commodities, are material to and underlie all forward-looking statements. These factors are relevant to all forward-looking statements as they may impact current and future levels of demand for the Company's services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which the Company operates, may impact levels of demand for the Company's services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty, particularly with respect to expected earnings/(loss) or adjusted earnings/(loss) and associated per share amounts, or estimated future dividends. The most relevant assumptions associated with forward-looking statements on projects under construction, including estimated in-service date and expected capital expenditures include: the availability and price of labour and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; and the impact of weather and customer and regulatory approvals on construction schedules.

Enbridge's forward-looking statements are subject to risks and uncertainties pertaining to operating performance, regulatory parameters, project approval and support, weather, economic and competitive conditions, exchange rates, interest rates, commodity prices and supply and demand for commodities, including but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.


HIGHLIGHTS
                                     Three months ended          Year ended
                                           December 31,        December 31,
                                         2012      2011      2012      2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars, except per share amounts)
Earnings attributable to common
 shareholders
  Liquids Pipelines                       136       203       726       505
  Gas Distribution                        127      (226)      207       (88)
  Gas Pipelines, Processing and
   Energy Services                        (52)      156      (478)      305
  Sponsored Investments                    71        89       282       269
  Corporate                              (136)      (63)     (127)     (171)
----------------------------------------------------------------------------
                                          146       159       610       820
  Earnings per common share              0.19      0.21      0.79      1.09
  Diluted earnings per common share      0.18      0.21      0.78      1.08
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Adjusted earnings(1)
  Liquids Pipelines                       183       126       684       536
  Gas Distribution                         63        48       176       173
  Gas Pipelines, Processing and
   Energy Services                         37        41       154       163
  Sponsored Investments                    67        74       263       244
  Corporate                               (23)      (16)      (28)      (16)
----------------------------------------------------------------------------
                                          327       273     1,249     1,100
  Adjusted earnings per common
   share(1)                              0.42      0.36      1.62      1.46
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash flow data
  Cash provided by operating
   activities                             502       823     2,874     3,371
  Cash used in investing activities    (2,182)   (2,676)   (6,204)   (5,079)
  Cash provided by financing
   activities                           1,725     1,435     4,395     2,030
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dividends
  Common share dividends declared         227       190       895       759
  Dividends paid per common share      0.2825    0.2450      1.13      0.98
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Shares outstanding (millions)
Weighted average common shares
 outstanding                              783       753       772       751
Diluted weighted average common
 shares outstanding                       795       765       785       761
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating data
Liquids Pipelines - Average
 deliveries (thousands of barrels
 per day)
  Canadian Mainline(2)                  1,622     1,594     1,646     1,554
  Regional Oil Sands System(3)            477       354       414       334
  Spearhead Pipeline                      133        54       151        82
Gas Distribution - Enbridge Gas
 Distribution Inc. (EGD)
  Volumes (billions of cubic feet)        123       115       395       426
  Number of active customers
   (thousands)(4)                       2,032     1,997     2,032     1,997
  Heating degree days(5)
    Actual                              1,205     1,091     3,194     3,597
    Forecast based on normal weather    1,204     1,223     3,532     3,602
Gas Pipelines, Processing and Energy
 Services
  Average throughput volume
   (millions of cubic feet per day)
    Alliance Pipeline US                1,561     1,562     1,553     1,564
    Vector Pipeline                     1,575     1,600     1,534     1,525
    Enbridge Offshore Pipelines         1,547     1,390     1,540     1,595
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Adjusted earnings represent earnings attributable to common
 shareholders adjusted for non-recurring or non-operating factors. Adjusted
 earnings and adjusted earnings per common share are non-GAAP measures that
 do not have any standardized meaning prescribed by GAAP.
(2) Canadian Mainline includes deliveries ex-Gretna, Manitoba, which is
 made up of United States and eastern Canada deliveries originating from
 western Canada.
(3) Volumes are for the Athabasca mainline and Waupisoo Pipeline and
 exclude laterals on the Regional Oil Sands System.
(4) Number of active customers is the number of natural gas consuming EGD
 customers at the end of the period.
(5) Heating degree days is a measure of coldness that is indicative of
 volumetric requirements for natural gas utilized for heating purposes in
 EGD's franchise area. It is calculated by accumulating, for the fiscal
 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.


CONSOLIDATED STATEMENTS OF EARNINGS
                                     Three months ended          Year ended
                                           December 31,        December 31,
                                         2012      2011      2012      2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars, except per share amounts)
Revenues
 Commodity sales                        5,111     5,195    19,101    20,611
 Gas distribution sales                   585       568     1,910     1,906
 Transportation and other services      1,477     1,546     4,295     4,536
----------------------------------------------------------------------------
                                        7,173     7,309    25,306    27,053
----------------------------------------------------------------------------
Expenses
 Commodity costs                        5,130     5,029    18,566    19,864
 Gas distribution costs                   441       451     1,220     1,281
 Operating and administrative             853       725     2,890     2,281
 Depreciation and amortization            323       289     1,206     1,112
 Environmental costs, net of
  recoveries                               18      (162)      (88)     (116)
----------------------------------------------------------------------------
                                        6,765     6,332    23,794    24,422
----------------------------------------------------------------------------
                                          408       977     1,512     2,631
Income from equity investments             56        70       160       210
Other income                               38       109       240       117
Interest expense                         (211)     (240)     (841)     (928)
----------------------------------------------------------------------------
                                          291       916     1,071     2,030
Income taxes                             (114)     (303)     (128)     (526)
----------------------------------------------------------------------------
Earnings before extraordinary loss        177       613       943     1,504
Extraordinary loss, net of tax              -      (262)        -      (262)
----------------------------------------------------------------------------
Earnings                                  177       351       943     1,242
(Earnings)/loss attributable to
 noncontrolling interests and
 redeemable noncontrolling interests        5      (184)     (228)     (409)
----------------------------------------------------------------------------
Earnings attributable to Enbridge
 Inc.                                     182       167       715       833
Preference share dividends                (36)       (8)     (105)      (13)
----------------------------------------------------------------------------
Earnings attributable to Enbridge
 Inc. common shareholders                 146       159       610       820
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Earnings attributable to Enbridge
 Inc. common shareholders
 Earnings before extraordinary loss       146       421       610     1,082
 Extraordinary loss, net of tax             -      (262)        -      (262)
----------------------------------------------------------------------------
                                          146       159       610       820
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Earnings per common share
 attributable to Enbridge Inc.
 common shareholders
 Earnings before extraordinary loss      0.19      0.56      0.79      1.44
 Extraordinary loss, net of tax             -     (0.35)        -     (0.35)
----------------------------------------------------------------------------
                                         0.19      0.21      0.79      1.09
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Diluted earnings per common share
 attributable to
 Enbridge Inc. common shareholders
 Earnings before extraordinary loss      0.18      0.55      0.78      1.42
 Extraordinary loss, net of tax             -     (0.34)        -     (0.34)
----------------------------------------------------------------------------
                                         0.18      0.21      0.78      1.08
----------------------------------------------------------------------------
----------------------------------------------------------------------------

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


                                     Three months ended          Year ended
                                           December 31,        December 31,
                                         2012      2011      2012      2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Earnings                                  177       351       943     1,242
Other comprehensive income/(loss),
 net of tax
 Change in unrealized gain/(loss) on
  cash flow hedges                         48      (230)     (176)     (582)
 Change in unrealized gain/(loss) on
  net investment
  hedges                                  (15)       43        13       (19)
 Other comprehensive income/(loss)
  from equity investees                    (1)      (15)        2       (17)
 Reclassification to earnings of
  realized cash flow hedges               (10)       29         7        14
 Reclassification to earnings of
  unrealized cash flow hedges              18        18        20        12
 Reclassification to earnings of
  pension plans and other
  postretirement benefits
   amortization amounts                     4        13        18        21
 Actuarial loss on pension plans and
  other postretirement
  benefits                                (56)     (165)      (56)     (165)
 Change in foreign currency
  translation adjustment                  103      (154)     (159)      151
----------------------------------------------------------------------------
Other comprehensive income/(loss)          91      (461)     (331)     (585)
----------------------------------------------------------------------------
Comprehensive income/(loss)               268      (110)      612       657
Comprehensive income attributable to
 noncontrolling
  interests and redeemable
   noncontrolling interests               (56)      (82)     (164)     (329)
----------------------------------------------------------------------------
Comprehensive income/(loss)
 attributable to Enbridge Inc.            212      (192)      448       328
Preference share dividends                (36)       (8)     (105)      (13)
----------------------------------------------------------------------------
Comprehensive income/(loss)
 attributable to Enbridge Inc.
  common shareholders                     176      (200)      343       315
----------------------------------------------------------------------------
----------------------------------------------------------------------------

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY


Year ended December 31,                                      2012      2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian dollars, except per
 share amounts)
Preference shares
  Balance at beginning of year                              1,056       125
  Preference shares issued                                  2,651       931
----------------------------------------------------------------------------
Balance at end of year                                      3,707     1,056
----------------------------------------------------------------------------
Common shares
  Balance at beginning of year                              3,969     3,683
  Common shares issued                                        388         -
  Dividend reinvestment and share purchase plan               297       229
  Shares issued on exercise of stock options                   78        57
----------------------------------------------------------------------------
Balance at end of year                                      4,732     3,969
----------------------------------------------------------------------------
Additional paid-in capital
  Balance at beginning of year                                242       131
  Stock-based compensation                                     26        18
  Options exercised                                           (17)       (7)
  Issuance of treasury stock                                  236         -
  Dilution gains and other                                     35       100
----------------------------------------------------------------------------
Balance at end of year                                        522       242
----------------------------------------------------------------------------
Retained earnings
   Balance at beginning of year                             3,926     3,993
   Earnings attributable to Enbridge Inc.                     715       833
   Preference share dividends                                (105)      (13)
   Common share dividends declared                           (895)     (759)
   Dividends paid to reciprocal shareholder                    20        25
   Redemption value adjustment to redeemable
   noncontrolling interests                                  (197)     (153)
----------------------------------------------------------------------------
Balance at end of year                                      3,464     3,926
----------------------------------------------------------------------------
Accumulated other comprehensive loss
  Balance at beginning of year                             (1,532)   (1,027)
  Other comprehensive loss attributable to Enbridge Inc.
   common shareholders                                       (267)     (505)
----------------------------------------------------------------------------
Balance at end of year                                     (1,799)   (1,532)
----------------------------------------------------------------------------
Reciprocal shareholding
  Balance at beginning of year                               (187)     (154)
  Issuance of treasury stock                                   61         -
  Acquisition of equity investment                              -       (33)
----------------------------------------------------------------------------
Balance at end of year                                       (126)     (187)
----------------------------------------------------------------------------
Total Enbridge Inc. shareholders' equity                   10,500     7,474
----------------------------------------------------------------------------
Noncontrolling interests
  Balance at beginning of year                              3,141     2,424
  Earnings attributable to noncontrolling interests           241       416
  Other comprehensive income/(loss) attributable to
   noncontrolling interests, net of tax
    Change in unrealized loss on cash flow hedges             (39)      (84)
    Change in foreign currency translation adjustment         (60)       66
    Reclassification to earnings of realized cash flow
     hedges                                                    23       (63)
    Reclassification to earnings of unrealized cash flow
     hedges                                                    13         4
----------------------------------------------------------------------------
                                                              (63)      (77)
----------------------------------------------------------------------------
  Comprehensive income attributable to noncontrolling
   interests                                                  178       339
----------------------------------------------------------------------------
  Distributions                                              (421)     (355)
  Contributions                                               382       735
  Dilution gains                                                6        22
  Acquisitions                                                (25)      (27)
  Other                                                        (3)        3
----------------------------------------------------------------------------
Balance at end of year                                      3,258     3,141
----------------------------------------------------------------------------
Total equity                                               13,758    10,615
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Dividends paid per common share                              1.13      0.98
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF CASH FLOWS

                                     Three months ended Year ended December
                                           December 31,                 31,
                                         2012      2011      2012      2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Operating activities
  Earnings                                177       351       943     1,242
    Depreciation and amortization         323       289     1,206     1,112
    Deferred income taxes
     (recovery)/expense                    19       171       (40)      368
    Changes in unrealized
     (gain)/loss on derivative
     instruments, net                     (83)     (331)      665       (73)
    Cash distributions in excess of
     equity earnings                       39        27       474       125
    Regulatory asset write-off              -       262         -       262
    Asset impairment                      166        11       166        11
    Allowance for equity funds used
     during construction                    -        (3)       (1)       (3)
    Other                                  67         6       110        14
  Changes in regulatory assets and
   liabilities                              5         3        37        28
  Changes in environmental
   liabilities, net of recoveries          20       (15)      (26)     (118)
  Changes in operating assets and
   liabilities                           (231)       52      (660)      403
----------------------------------------------------------------------------
                                          502       823     2,874     3,371
----------------------------------------------------------------------------
Investing activities
  Additions to property, plant and
   equipment                           (1,932)   (1,348)   (5,468)   (3,508)
  Long-term investments                  (200)   (1,221)     (531)   (1,515)
  Additions to intangible assets          (33)     (115)     (163)     (154)
  Acquisitions, net of cash acquired     (119)       (5)     (340)      (33)
  Affiliate loans, net                      4        (3)        8         7
  Proceeds on sale of investments
   and net assets                          18         -        18         -
  Government grant                          -       145         -       145
  Changes in restricted cash                7        (3)       (2)       (2)
  Changes in construction payable          73      (126)      274       (19)
----------------------------------------------------------------------------
                                       (2,182)   (2,676)   (6,204)   (5,079)
----------------------------------------------------------------------------
Financing activities
  Net change in bank indebtedness
   and short-term borrowings              127        24       412       224
  Net change in commercial paper and
   credit facility draws                  398       416      (294)     (630)
  Net change in Southern Lights
   project financing                        -       (12)      (13)      (62)
  Debenture and term note issues        1,200       375     2,199     1,604
  Debenture and term note repayments     (193)      (83)     (349)     (234)
  Repayment of acquired debt             (160)        -      (160)        -
  Contributions from noncontrolling
   interests                                7       291       448       873
  Distributions to noncontrolling
   interests                             (116)      (83)     (421)     (355)
  Contributions from redeemable
   noncontrolling interests               213       210       213       210
  Distributions to redeemable
   noncontrolling interests               (14)      (13)      (49)      (35)
  Preference shares issued                389       438     2,634       926
  Common shares issued                     46        17       465        46
  Preference share dividends              (30)       (2)      (93)       (7)
  Common share dividends                 (142)     (143)     (597)     (530)
----------------------------------------------------------------------------
                                        1,725     1,435     4,395     2,030
----------------------------------------------------------------------------
Effect of translation of foreign
 denominated cash and cash
 equivalents                                5       (15)      (12)       25
----------------------------------------------------------------------------
Increase/(decrease) in cash and cash
 equivalents                               50      (433)    1,053       347
Cash and cash equivalents at
 beginning of year                      1,726     1,156       723       376
----------------------------------------------------------------------------
Cash and cash equivalents at end of
 year                                   1,776       723     1,776       723
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31,                                                 2012      2011
----------------------------------------------------------------------------
(unaudited; millions of Canadian dollars)
Assets
Current assets
  Cash and cash equivalents                                 1,776       723
  Restricted cash                                              19        17
  Accounts receivable and other                             4,014     4,029
  Accounts receivable from affiliates                          12        55
  Inventory                                                   779       823
----------------------------------------------------------------------------
                                                            6,600     5,647
Property, plant and equipment, net                         33,318    29,074
Long-term investments                                       3,386     3,081
Deferred amounts and other assets                           2,622     2,500
Intangible assets, net                                        817       711
Goodwill                                                      419       440
Deferred income taxes                                          10        41
----------------------------------------------------------------------------
                                                           47,172    41,494
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities and equity
Current liabilities
  Bank indebtedness                                           479       102
  Short-term borrowings                                       583       548
  Accounts payable and other                                5,052     4,753
  Accounts payable to affiliates                                -        48
  Interest payable                                            196       185
  Environmental liabilities                                   107       175
  Current maturities of long-term debt                        652       354
----------------------------------------------------------------------------
                                                            7,069     6,165
Long-term debt                                             20,203    19,251
Other long-term liabilities                                 2,541     2,208
Deferred income taxes                                       2,601     2,615
----------------------------------------------------------------------------
                                                           32,414    30,239
----------------------------------------------------------------------------
Redeemable noncontrolling interests                         1,000       640
Equity
  Share capital
    Preference shares                                       3,707     1,056
    Common shares                                           4,732     3,969
  Additional paid-in capital                                  522       242
  Retained earnings                                         3,464     3,926
  Accumulated other comprehensive loss                     (1,799)   (1,532)
  Reciprocal shareholding                                    (126)     (187)
----------------------------------------------------------------------------
  Total Enbridge Inc. shareholders' equity                 10,500     7,474
----------------------------------------------------------------------------
  Noncontrolling interests                                  3,258     3,141
----------------------------------------------------------------------------
                                                           13,758    10,615
----------------------------------------------------------------------------
                                                           47,172    41,494
----------------------------------------------------------------------------
----------------------------------------------------------------------------

SEGMENTED INFORMATION


                                                                        Gas
                                                                 Pipelines,
                                                                Processing
                                          Liquids           Gas  and Energy
Three months ended December 31, 2012    Pipelines  Distribution    Services
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Revenues                                      581           780       4,032
Commodity and gas distribution costs            -          (441)     (3,936)
Operating and administrative                 (229)         (139)       (176)
Depreciation and amortization                (105)          (87)        (12)
Environmental costs, net of recoveries          -             -           -
----------------------------------------------------------------------------
                                              247           113         (92)
Income/(loss) from equity investments          20             -          26
Other income/(expense)                        (32)           87           1
Interest income/(expense)                     (57)          (42)        (18)
Income taxes recovery/(expense)               (41)          (31)         31
----------------------------------------------------------------------------
Earnings/(loss)                               137           127         (52)
(Earnings)/loss attributable to
 noncontrolling interests and
 redeemable noncontrolling interests           (1)            -           -
Preference share dividends                      -             -           -
----------------------------------------------------------------------------
Earnings/(loss) attributable to
 Enbridge Inc.
common shareholders                           136           127         (52)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Additions to property, plant and
 equipment1                                   806           137         286
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets                               15,327         7,416       5,145
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                                        Sponsored
Three months ended December 31, 2012  Investments   Corporate  Consolidated
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Revenues                                    1,780           -         7,173
Commodity and gas distribution costs       (1,194)          -        (5,571)
Operating and administrative                 (281)        (28)         (853)
Depreciation and amortization                (114)         (5)         (323)
Environmental costs, net of recoveries        (18)          -           (18)
----------------------------------------------------------------------------
                                              173         (33)          408
Income/(loss) from equity investments          13          (3)           56
Other income/(expense)                         13         (31)           38
Interest income/(expense)                    (106)         12          (211)
Income taxes recovery/(expense)               (28)        (45)         (114)
----------------------------------------------------------------------------
Earnings/(loss)                                65        (100)          177
(Earnings)/loss attributable to
 noncontrolling interests and
 redeemable noncontrolling interests            6           -             5
Preference share dividends                      -         (36)          (36)
----------------------------------------------------------------------------
Earnings/(loss) attributable to
 Enbridge Inc.
common shareholders                            71        (136)          146
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Additions to property, plant and
 equipment1                                   672          31         1,932
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets                               15,741       3,954        47,583
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                                        Gas
                                                                 Pipelines,
                                                                Processing
                                          Liquids           Gas  and Energy
Three months ended December 31, 2011    Pipelines  Distribution    Services
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Revenues                                      659           771       3,692
Commodity and gas distribution costs            -          (451)     (3,439)
Operating and administrative                 (258)         (151)        (41)
Depreciation and amortization                 (82)          (81)        (15)
Environmental costs, net of recoveries          -             -           -
----------------------------------------------------------------------------
                                              319            88         197
Income from equity investments                  2             -          54
Other income/(expense)                          6            (3)         10
Interest expense                              (64)          (41)        (13)
Income taxes expense                          (59)           (8)        (92)
----------------------------------------------------------------------------
Earnings/(loss) before extraordinary
 loss                                         204            36         156
Extraordinary loss, net of tax                  -          (262)          -
----------------------------------------------------------------------------
Earnings/(loss)                               204          (226)        156
Earnings attributable to
 noncontrolling interests and
 redeemable noncontrolling interests           (1)            -           -
Preference share dividends                      -             -           -
----------------------------------------------------------------------------
Earnings/(loss) attributable to
 Enbridge Inc.
common shareholders                           203          (226)        156
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Additions to property, plant and
 equipment1                                   287           177         540
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets                               12,348         7,189       4,468
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                                        Sponsored
Three months ended December 31, 2011  Investments   Corporate  Consolidated
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Revenues                                    2,187           -         7,309
Commodity and gas distribution costs       (1,590)          -        (5,480)
Operating and administrative                 (252)        (23)         (725)
Depreciation and amortization                (106)         (5)         (289)
Environmental costs, net of recoveries        162           -           162
----------------------------------------------------------------------------
                                              401         (28)          977
Income from equity investments                 14           -            70
Other income/(expense)                         14          82           109
Interest expense                             (100)        (22)         (240)
Income taxes expense                          (57)        (87)         (303)
----------------------------------------------------------------------------
Earnings/(loss) before extraordinary
 loss                                         272         (55)          613
Extraordinary loss, net of tax                  -           -          (262)
----------------------------------------------------------------------------
Earnings/(loss)                               272         (55)          351
Earnings attributable to
 noncontrolling interests and
 redeemable noncontrolling interests         (183)          -          (184)
Preference share dividends                      -          (8)           (8)
----------------------------------------------------------------------------
Earnings/(loss) attributable to
 Enbridge Inc.
common shareholders                            89         (63)          159
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Additions to property, plant and
 equipment1                                   324          21         1,349
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets                               13,492       3,997        41,494
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                                        Gas
                                                                 Pipelines,
                                                                Processing
                                          Liquids           Gas  and Energy
Year ended December 31, 2012            Pipelines  Distribution    Services
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Revenues                                    2,452         2,438      13,745
Commodity and gas distribution costs            -        (1,220)    (14,283)
Operating and administrative                 (943)         (528)       (289)
Depreciation and amortization                (363)         (336)        (62)
Environmental costs, net of recoveries          -             -           -
----------------------------------------------------------------------------
                                            1,146           354        (889)
Income/(loss) from equity investments          46             -         108
Other income/(expense)                         (7)           83          30
Interest income/(expense)                    (250)         (164)        (51)
Income taxes recovery/(expense)              (205)          (66)        325
----------------------------------------------------------------------------
Earnings/(loss)                               730           207        (477)
Earnings attributable to
 noncontrolling interests and
 redeemable noncontrolling interests           (4)            -          (1)
Preference share dividends                      -             -           -
----------------------------------------------------------------------------
Earnings/(loss) attributable to
 Enbridge Inc.
common shareholders                           726           207        (478)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Additions to property, plant and
 equipment1                                 2,092           438         837
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets                               15,252         7,416       5,119
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                                        Sponsored
Year ended December 31, 2012          Investments   Corporate  Consolidated
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Revenues                                    6,671           -        25,306
Commodity and gas distribution costs       (4,283)          -       (19,786)
Operating and administrative               (1,076)        (54)       (2,890)
Depreciation and amortization                (431)        (14)       (1,206)
Environmental costs, net of recoveries         88           -            88
----------------------------------------------------------------------------
                                              969         (68)        1,512
Income/(loss) from equity investments          53         (47)          160
Other income/(expense)                         49          85           240
Interest income/(expense)                    (397)         21          (841)
Income taxes recovery/(expense)              (169)        (13)         (128)
----------------------------------------------------------------------------
Earnings/(loss)                               505         (22)          943
Earnings attributable to
 noncontrolling interests and
 redeemable noncontrolling interests         (223)          -          (228)
Preference share dividends                      -        (105)         (105)
----------------------------------------------------------------------------
Earnings/(loss) attributable to
 Enbridge Inc.
common shareholders                           282        (127)          610
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Additions to property, plant and
 equipment1                                 1,993         109         5,469
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets                               15,780       3,605        47,172
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                                        Gas
                                                                 Pipelines,
                                                                Processing
                                          Liquids           Gas  and Energy
Year ended December 31, 2011            Pipelines  Distribution    Services
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Revenues                                    1,942         2,516      13,599
Commodity and gas distribution costs            -        (1,282)    (13,051)
Operating and administrative                 (752)         (508)       (138)
Depreciation and amortization                (322)         (320)        (75)
Environmental costs, net of recoveries          -             -           -
----------------------------------------------------------------------------
                                              868           406         335
Income/(loss) from equity investments           5             -         153
Other income/(expense)                         31           (12)         40
Interest expense                             (256)         (166)        (56)
Income taxes recovery/(expense)              (140)          (54)       (166)
----------------------------------------------------------------------------
Earnings/(loss) before extraordinary
 loss                                         508           174         306
Extraordinary loss, net of tax                  -          (262)          -
----------------------------------------------------------------------------
Earnings/(loss)                               508           (88)        306
Earnings attributable to
 noncontrolling interests and
 redeemable noncontrolling interests           (3)            -          (1)
Preference share dividends                      -             -           -
----------------------------------------------------------------------------
Earnings/(loss) attributable to
 Enbridge Inc.
common shareholders                           505           (88)        305
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Additions to property, plant and
 equipment(1)                                 958           483         850
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets                               12,348         7,189       4,468
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                                        Sponsored
Year ended December 31, 2011          Investments   Corporate  Consolidated
----------------------------------------------------------------------------
(unaudited; millions of Canadian
 dollars)
Revenues                                    8,996           -        27,053
Commodity and gas distribution costs       (6,812)          -       (21,145)
Operating and administrative                 (847)        (36)       (2,281)
Depreciation and amortization                (383)        (12)       (1,112)
Environmental costs, net of recoveries        116           -           116
----------------------------------------------------------------------------
                                            1,070         (48)        2,631
Income/(loss) from equity investments          57          (5)          210
Other income/(expense)                         68         (10)          117
Interest expense                             (350)       (100)         (928)
Income taxes recovery/(expense)              (171)          5          (526)
----------------------------------------------------------------------------
Earnings/(loss) before extraordinary
 loss                                         674        (158)        1,504
Extraordinary loss, net of tax                  -           -          (262)
----------------------------------------------------------------------------
Earnings/(loss)                               674        (158)        1,242
Earnings attributable to
 noncontrolling interests and
 redeemable noncontrolling interests         (405)          -          (409)
Preference share dividends                      -         (13)          (13)
----------------------------------------------------------------------------
Earnings/(loss) attributable to
 Enbridge Inc.
common shareholders                           269        (171)          820
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Additions to property, plant and
 equipment(1)                               1,187          33         3,511
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total assets                               13,492       3,997        41,494
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) Includes allowance for equity funds used during construction.

Contacts:
Enbridge Inc. - Media
Jennifer Varey
(403) 508-6563 or Toll Free: 1-888-992-0887
jennifer.varey@enbridge.com

Enbridge Inc. - Investment Community
Jody Balko
(403) 231-5720
jody.balko@enbridge.com

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here