We’re pleased to start 2009 with strong performance across all of our business segments with results that position us well to achieve our guidance for adjusted earnings of 20% growth or CAD2.18 to CAD2.32 per share, said Patrick D. Daniel, president and chief executive officer. We remain on track for 10% plus average annual earnings per share growth through 2012 on the strength of bringing into service our current slate of Liquids Pipelines growth projects.

Daniel noted that the sale of Oleoducto Central S.A. (OCENSA) in the first quarter 2009 further strengthens Enbridge’s ability to finance its capital program and provides flexibility for the company to take advantage of new opportunities.

With bank facilities of CAD6.7 billion, we have about CAD3.5 billion of availability liquidity. As well, the CAD512 million of cash proceeds from the sale of OCENSA reduces the need for equity to fund the currently secured capital program through 2012.”

”Over the first quarter, Enbridge achieved key milestones on its Liquids Pipelines projects. The Southern Access Expansion Phase II, spearhead pipeline expansion, Line 4 Extension and the first stage of the Hardisty Terminal project were all substantially completed during the quarter.”

With the completion of these key projects, Enbridge continues to expand markets for Canadian crude oil, helping to meet the needs of Eastern Canadian and U.S.-based refineries, and contributing to the development of safe and reliable North American energy supply, said Daniel. By virtue of our existing regional and mainline systems, and the projects we have currently under development, Enbridge is uniquely positioned to respond to the anticipated crude oil supply, demand and pricing environment, and to offer shippers a range of creative and flexible options to meet their transportation needs.

Enbridge also reached a key milestone in the Alberta Saline aquifer project (ASAP) initiative to sequester carbon dioxide in deep saline aquifers in order to decrease greenhouse gas emissions on a large scale and address the challenges posed by climate change.

In early April, the 38 ASAP partners announced the completion of Phase I of the project and the launch of Phase II, which entails constructing a pilot project and actually injecting CO2 into a saline aquifer beginning in 2010. Phase III would involve expanding the pilot project to a large-scale, long-term commercial operation, said Daniel. Our involvement in the ASAP project, and many other clean energy developments, reflects the pride Enbridge takes in fulfilling our responsibility to deliver energy safely and reliably while protecting the environment.

Our first quarter results and accomplishments further demonstrate that Enbridge’s value proposition of safety, income and growth can deliver for investors even during tough economic times, concluded Daniel.

First Quarter 2009 Project Highlights

— On April 1, 2009, building of the second stage of the Southern access mainline expansion project, which comprises of a new pipeline from Delavan, Wisconsin to Flanagan, Illinois, was concluded by EEP on schedule and the related toll surcharge took effect. The Southern access mainline expansion adds a total of 400,000 barrels per day (bpd) incremental capacity to the mainline system, with very low cost future expansion potential.

— The CAD0.3 billion line 4 extension project, extending line 4 from Edmonton to Hardisty, Alberta, was considerably complete and ready to receive linefill at the end of March 2009.

— Also in March 2009, the $0.1 billion spearhead pipeline expansion, which comprises additional pumping stations to raise capacity from Flanagan, Illinois to Cushing, Oklahoma by 68,300 bpd to 193,300 bpd, was accomplished.

— Two components of the Southern lights pipeline became operational in the first quarter, with the project on track for completion in late 2010. Construction of the second US segment of the new diluent pipeline between Delavan, Wisconsin and Streator, Illinois was concluded during the first quarter of 2009. In Canada, the new 20-inch diameter light sour crude oil pipeline (LSr pipeline) from Cromer, Manitoba to Clearbrook, Wisconsin was also finished. The LSr pipeline was built to replace light capacity on the Enbridge mainline system that will be lost when Line 13 is reversed, at which time the LSr pipeline provides a net 45,000 bpd of incremental capacity.

— During the first quarter of 2009, the 190-megawatt Enbridge Ontario wind project, attained full commercial operation with the final 50 turbines phased into service.

On May 5, 2009, the Enbridge board declared quarterly dividends of CAD0.37 per common share and CAD0.34375 per series A preferred share. Both dividends are payable on June 1, 2009 to shareholders of record on May 15, 2009.

Earnings applicable to common shareholders were CAD558.1 million for the first quarter of 2009, or CAD1.54 per share, compared with CAD251.3 million, or CAD0.70 per share, in the year-ago quarter. The CAD306.8 million increase reflected a CAD329 million after-tax gain on the sale of Enbridge’s investment in OCENSA and allowance for equity funds used during construction (AEDC) in liquids pipelines, partly counterbalanced by unrealized fair value losses on derivative financial instruments used to risk manage commodity and foreign exchange variability, and reduced earnings from worldwide as Enbridge sold its interest in Compania Logistica de Hidrocarburos CLH, S.A. (CLH) in the second quarter of 2008.

Adjusted earnings were CAD269.4 million, or CAD0.74 per share, for the first quarter of 2009, compared with CAD238.9 million, or CAD0.67 per share, in the year-ago quarter.

The following factors increased adjusted earnings in the three month period:

— AEDC on Southern lights pipeline and, within Enbridge System, on Alberta Clipper and Line 4 projects.

— Raised contribution from Enbridge Energy Partners (EEP) resulting from the company’s increased ownership interest.

— Increased adjusted earnings from Energy Services due to higher volumes and the impact of realizing favorable and, in some cases, previously locked in storage and transportation margins.

These increases were partly equalized by decreased earnings from international as a result of the sale of CLH in the second quarter of 2008.

Liquids pipelines:

While under construction, certain regulated pipelines are entitled to identify AEDC in earnings. These amounts will contribute to earnings throughout Enbridge’s major growth period and will be collected in tolls once the pipelines are in service. The earnings impact of AEDC for the first quarter of 2009 was CAD15.1 million (2008 – CAD2.2 million) for Enbridge System and CAD15.3 million (2008 – CAD4.7 million) for Southern lights pipeline.

— Enbridge System earnings comprised AEDC on Alberta Clipper and line 4 project as well as lower taxes in the Terrace component, partly counterbalanced by higher labor costs and higher pipeline integrity costs.

— Adjusted earnings from Athabasca system in 2009 reflected contributions from the new Waupisoo pipeline and the positive impact of terminal infrastructure additions.

— Higher Southern lights pipeline earnings reflected AEDC identified on a growing capital base while the project is under building as well as a stronger US dollar.

Liquids Pipelines earnings were impacted by the following non-recurring or non-operating adjusting item:

— During the first quarter of 2009, a CAD6 million after-tax accrual was recorded related to clean up and remediation costs related to a valve leak within the Enbridge Cheecham terminal in January 2009.