II Colombia Oil and Gas Investment Conference

Cartagena, ColombiaDecember 2006

Enbridge InternationalIndependent Midstream Expertise

Enbridge’s Experience in Colombia

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Presentation ObjectivesPresentation Objectives

Introduction to EnbridgeAn overview of Enbridge InternationalOur strategyHow we add valueEnbridge in ColombiaCriteria for international investments

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Who is Enbridge?Who is Enbridge?

North American leader in energy deliveryEssential link between supply and demandClose to 80,000 km of pipelineUS$12 billion market capitalizationOver US$15.0 billion in assets“A” credit ratingEmploys more than 4,000 people in Canada, USA, Latin America, and Europe

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WoodRiver

Spain

Three Strong BusinessesConnecting Supply With DemandThree Strong BusinessesConnecting Supply With Demand

Ottawa

Saint John

Kansas City

SuperiorClearbrook

Zama

Fort McMurray

Montreal

TorontoBuffalo

Regina

Hardisty

Patoka

CasperSalt Lake City

Houston

Toledo

Edmonton

Norman Wells

Fort St. John

Cushing

Inuvik

El Dorado

SarniaChicago

Gas Distribution

Liquids PipelinesGas Pipelines

Seattle

Portland

38%38%

10%10%29%29%

10%10%13%13%

2005 Adjusted Earnings

Gas Distribution

Gas Pipelines

Sponsored Investments

International

Liquids Pipelines

OCENSA

Bogotá

Coveñas

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Other New Market (C$ 1 B)

Southern Access Extension

(US$ 350 M)

Southern Lights (US$ 920 M)

Spearhead Pipeline (US$ 200 M)

Alberta Clipper (US$2.1B)

Gateway(C$4.0 B)

Regional Infrastructure(C$1.9B)

Southern Access Expansion (US$1.3 B)

Exxon Mobil

Enbridge PipelinesEnbridge Energy PartnersPotential Projects

RefineriesCanadian Supplied Not Canadian Supplied

Liquids Strategy Broadening Market AccessLiquids Strategy Broadening Market Access

Chicago

Edmonton

Zama

Fort McMurray

Montreal

TorontoBuffalo

Patoka

Casper

Norman Wells

Cushing

Vancouver

Houston

Hardisty

Salt Lake City

Kitimat

Regina

Major Announced Projects In-Service

Spearhead Q1 2006

Gulf Coast Q1 2006

Southern Access Expansion 2009

Southern Access Extension 2009/2010

Southern Lights 2009

Alberta Clipper 2010

Gateway 2010

Seattle

Portland

WoodRiver

Superior

Contract Terminalling(C$1.4B)

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Enbridge Pipelines

EEP Infrastructure

Alliance Canada (ENF)

Potential Projects

Gas Distribution

Sarnia

Edmonton

Fort St. John

LNG

LNG

Chicago

Houston

Toronto

Quebec City

Gas StrategyLinking Growing Supply to MarketGas StrategyLinking Growing Supply to Market

Inuvik

Alliance Pipeline

Mackenzie Delta

Alaska Pipeline

VectorPipeline

New Orleans

Rabaska(C$280 M, 2010)

Kansas City

East Texas Expansion

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International CLHInternational CLH

3,400 km of products pipelines€1.54 billion assetThroughput of 768,000 b/dEnbridge (25%), Repsol-YPF (25%), CEPSA (Total), Oman Oil, BP, Disa, China Aviation Oil, and GALPFee for service model83% market share SpainSpain

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OCENSA

Bogotá

Conveñas

Cusiana/Cupiagua

International OCENSAInternational OCENSA

820 km crude oil pipelineUS$2.3 billion assetEnbridge operatedCapacity of 550,000 b/dThroughput of 235,000 b/dEnbridge (24.7%), Ecopetrol, BP, and TotalFull cost of service modelMoves 100% of volumes from the Cusiana/Cupiagua fields

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Enbridge in ColombiaEnbridge in Colombia

OCENSA has performed as expectedEntered Colombia in 1994 with construction of OCENSAPartner and operator (CitCol) in OCENSA

OCENSA is operated as a prudent North America operator adapted to local conditionsHSE and CSR performance, including human rights, have been consistent with North American standards

ISO 14001/OHSAS 18001 certifiedHuman Rights Policy and Code of ConductAnnual Corporate Social Responsibility reportBe prepared for some NGO questioning

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Enbridge in ColombiaEnbridge in Colombia

Enbridge is pleased with the support it receives from partners, the government, and local communitiesPeople and asset security has improved but it is still a challengeEnbridge is interested in additional investments in Colombia

Political and regulatory stability

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Key International StrategiesKey International Strategies

Exploit core competencies in ownership of energy infrastructure

Operating and project management expertiseIndependence – energy midstream onlySignificant regulatory experience in multiple jurisdictionsStrong financial positionEfficient deal structuring experience

Lever relationships with key partners, energy majors, and significant regional playersFocus on regions with compelling energy fundamentals and political stability

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Opportunities of InterestOpportunities of Interest

Greenfield and acquisition projects:Oil, gas, and products pipelinesMarine terminalsOil and gas storageNatural gas distribution

Projects that:Generate superior risk adjusted returnsAllow Enbridge to have significant governance and operating roleAllow Enbridge to add valueHave local partnersHave attractive fundamentals of supply, market demand, and commercial arrangements

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SummarySummary

Enbridge – North American leader in energy deliverySeeking new opportunities in regions of interestEnbridge adds valueEnbridge is interested in additional investments in Colombia

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Contact InformationContact Information

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Enbridge Inc.3000, 425-1st Street S.W.Calgary, Alberta, Canada T2P 3L8Telephone: (403) 231-3900Website: www.enbridge.comStock symbols: ENB-T, ENB-N

Enbridge International Inc.Leigh S. CruessPresident, Enbridge International Inc.3000, 425-1st Street S.W.Calgary, Alberta, Canada T2P 3L8Tel: +1 (403) 231 5700

Algimantas DidziulisVice President Commercial Affairs & Business DevelopmentCalle 98 No. 9-03, of 501Edificio SanchoBogotá, ColombiaTel: +57 (1) 623 5904