Enbridge Updates Shareholders on Series 15 Preferred Shares and New Dividend Rates

Enbridge Inc., a leading North American energy delivery company, has made a significant announcement regarding its Series 15 Preferred Shares. On August 5, 2025, the company revealed its decision not to redeem the outstanding Cumulative Redeemable Preference Shares, Series 15 (Series 15 Shares) due on September 1, 2025. This decision allows shareholders the opportunity to convert their Series 15 Shares into Cumulative Redeemable Preference Shares, Series 16 (Series 16 Shares) at a one-for-one basis on the same date. The conversion of shares is contingent upon certain conditions that investors should be aware of.

Conversion Conditions

The conversion right will be valid unless Enbridge determines that there would be fewer than 1,000,000 Series 15 Shares outstanding after the redemption date. Should this scenario occur, all remaining Series 15 Shares would automatically convert into Series 16 Shares. Conversely, if it is determined that the number of Series 16 Shares would drop below 1,000,000 after the conversion, no Series 15 Shares will be converted. With currently 11,000,000 Series 15 Shares in circulation, this initiates an important dynamic for shareholders interested in conversion.

Those shareholders who opt to retain their Series 15 Shares will receive quarterly fixed cumulative preferential cash dividends, contingent on declarations by the Enbridge Board of Directors. For the upcoming five-year period commencing September 1, 2025, the new annual dividend rate for the Series 15 Shares has been set at 5.626%. This figure represents the current yield of the five-year Government of Canada bond plus an additional margin.

New Dividend Structure for Series 16 Shares

In the case of any Series 16 Shares that are issued as a result of this conversion, holders will receive quarterly floating rate cumulative preferential cash dividends, also dictated by Board declarations. The initial dividend rate for Series 16 Shares for the three-month floating period starting from September 1, 2025, is projected to be at 1.33882%. This rate is derived from the current annual rate of Government of Canada treasury bills and includes the previously mentioned margin.

Shareholders interested in converting their Series 15 Shares are encouraged to initiate this process as soon as possible. The conversion period runs from August 2, 2025, to 5:00 PM EST on August 18, 2025. Given the time-sensitive nature of these conversions, it is advisable for investors to act promptly to facilitate communication with their brokers or intermediaries in advance of the deadline.

Forward-Looking Statements

This announcement includes forward-looking statements regarding Enbridge and the processes involved with the conversion of shares. These statements are meant to provide insight into future operations but are not guarantees. Enbridge notes that various risks, uncertainties, and assumptions could impact actual future events, and investors should exercise caution in relying solely on these statements when making investment decisions.

About Enbridge Inc.

Enbridge is dedicated to connecting millions to essential energy supplies that support quality living across North America and into Europe through its strong energy network. With a focus on advancing technologies in energy delivery and implementing renewable options, Enbridge aims to deliver secure energy access while maintaining a rich history in conventional energy infrastructure. For more information on Enbridge, visit enbridge.com.