Enbridge Provides Notice of Series 11 Preferred Shares Conversion Right and Announces Reset Dividend Rates

Core Viewpoint - Enbridge Inc. will not redeem its Cumulative Redeemable Preference Shares, Series 11 on March 1, 2025, allowing holders to convert their shares into Series 12 Shares under certain conditions [1][2]. Summary by Relevant Sections Conversion Rights - Holders of Series 11 Shares can convert their shares into Series 12 Shares on a one-for-one basis on March 1, 2025, unless there are fewer than 1,000,000 Series 11 or Series 12 Shares outstanding [2]. Dividend Information - The annual dividend rate for Series 11 Shares from March 1, 2025, to March 1, 2030, will be 5.477%, calculated as the five-year Government of Canada bond yield of 2.837% plus 2.64% [3]. - Series 12 Shares will have a floating quarterly dividend rate starting at 1.41151% for the period from March 1, 2025, to June 1, 2025, based on the three-month Government of Canada treasury bill rate [4]. Conversion Period - The conversion period for beneficial holders of Series 11 Shares runs from January 30, 2025, until 5:00 p.m. (EST) on February 14, 2025, and holders are advised to contact their brokers promptly [5].