Enbridge (ENB) investor relations material

Deal rationale and strategic fit

• Acquisition of Tallgrass and Salt Creek assets expands presence in key North American crude corridors, enhancing scale, connectivity, and integrated wellhead-to-water solutions.

• Assets are highly complementary to existing infrastructure, providing strategic connections between major basins and export terminals.

• Bolsters position in the Bakken, Powder River, DJ, and Permian basins, increasing customer reach and supporting leadership in crude oil transportation.

• Provides direct connections to new refinery capacity and creates future growth opportunities, including pipeline expansions.

• Supports the goal of being a leading operator in every region served and underscores belief in the critical role of U.S. crude oil production.

Financial terms and conditions

• Tallgrass acquisition valued at $2.6 billion USD (C$3.5 billion total for both deals), with Salt Creek acquired for $600 million USD; purchase price for one deal noted as $2.55 billion in cash.

• Acquisition multiples estimated at 10x-11x 2027 EBITDA for Tallgrass and 7x EV/EBITDA for Salt Creek.

• Funding plan includes a balanced 50/50 debt-equity mix, with equity issuance and debt supporting the transaction.

• Financing structure maintains a 4.5x-5x Debt-to-EBITDA target and preserves investment-grade balance sheet.

• Transaction expected to be accretive to distributable cash flow per share by 2027 and in the first full year of ownership.

Synergies and expected cost savings

• Operational synergies and significant free cash flows expected from integrating acquired assets with existing pipeline and terminal networks.

• Integration anticipated to create new pathways and optionality for customers, supporting downstream optimization.

• Increased scale and operatorship enable cost efficiencies and enhanced marketing opportunities, including crude marketing business optimization.