Enbridge seeks approval to exchange EPI notes for Enbridge notes, offering operational and financial benefits.

Enbridge Inc. and its subsidiary Enbridge Pipelines Inc. (EPI) are proposing a note exchange transaction where EPI's outstanding medium term notes will be exchanged for new Enbridge medium term notes with identical financial terms. This move aims to provide EPI greater operational flexibility and deliver structural and capital market benefits to EPI, Enbridge, and noteholders. EPI is soliciting consent from noteholders to approve this exchange, with a deadline for consents on June 10, 2026. If approved, noteholders will receive amendment review fees, and the planned meeting to approve the transaction may be canceled if sufficient consents are received early. The exchange is designed to streamline debt management under Enbridge's existing note indenture and enhance financial efficiency.