ENB.PR.A Enbridge Preferred Shares Series A

The following is a set of excerpts from the prospectus document for the Series A preferreds. The excerpts, highlight the most relevant information, an investor should know when analyzing this preferred. A link to the prospectus is provided lower in this page. The original document for ENB.PR.A Enbridge Preferred Shares Series A was used for the excerpts and the important information was highlighted for quick access.

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Excerpt: Size and initial yield

November 17, 1998 $125,000,000 (5,000,000 shares) 5.50% Cumulative Redeemable Preference Shares, Series A The Cumulative Redeemable Preference Shares, Series A (the “Series A Preferred Shares”) of Enbridge Inc. (“Enbridge” or the “Corporation”) will be entitled to fixed cumulative preferential cash dividends, as and when declared by the board of directors of the Corporation, at a rate of $1.375 per Series A Preferred Share per annum ($0.34375 per Series A Preferred Share per quarter), payable quarterly commencing March 1, 1999. Assuming an issue date of December 1, 1998, the first dividend, if declared, will be payable on March 1, 1999 in the amount of $0.34375 per Series A Preferred Share. The Corporation may redeem, on not more than 60 days’ and not less than 30 days’ prior notice, at any time on or after December 1, 2003, the whole or any part of the then outstanding Series A Preferred Shares at $26.00 per Series A Preferred Share, if redeemed on or prior to December 1, 2004; at $25.75 per share if redeemed after December 1, 2004 and on or prior to December 1, 2005; at $25.50 per share if redeemed after December 1, 2005 and on or prior to December 1, 2006; at $25.25 per share if redeemed after December 1, 2006 and on or prior to December 1, 2007; and at $25.00 per share if redeemed after December 1, 2007, in each case together with accrued and unpaid dividends up to but excluding the date fixed for redemption. The Toronto Stock Exchange and the Montréal Exchange have each conditionally approved the listing of the Series A Preferred Shares. Listing is subject to the Corporation fulfilling all of the requirements of such exchanges on or before February 15, 1999 including distribution of the Series A Preferred Shares to a minimum number of public shareholders. In the opinion of counsel, based on legislation in effect on the date of this short form prospectus, the Series A Preferred Shares offered by this short form prospectus will be eligible for investment under those statutes referred to under “Eligibility for Investment”. Dividends The holders of the Series A Preferred Shares will be entitled to receive, as and when declared by the board of directors of the Corporation, fixed cumulative preferential cash dividends at the annual rate of $1.375 per Series A Preferred Share payable quarterly on the first day of March, June, September, and December in each year. Assuming an issue date of December 1, 1998, the first dividend, if declared, will be payable on March 1, 1999 and will be in the amount of $0.34375 per Series A Preferred Share.

Excerpt: Reset Date and Yield Terms

This is a perpetual with an issue yield of 5.5%.