On June 16, 2026, Enbridge Inc. and its wholly owned subsidiary Enbridge Pipelines Inc. (EPI) completed a transaction to exchange all outstanding series of EPI's medium term note debentures, having an aggregate principal amount of approximately C$4.3 billion, for an equal principal amount of newly issued Enbridge medium term notes with the same financial terms as the EPI Notes. The Enbridge Notes were issued under Enbridge's existing medium term note trust indenture dated October 20, 1997, as amended and supplemented, which governs Enbridge's other senior Canadian dollar unsecured debt securities. The Note Exchange Transaction was effected following a successful consent solicitation. Pursuant to a management information circular and consent solicitation statement dated May 25, 2026, EPI sought the approval of EPI Noteholders, as a single class, to pass an extraordinary resolution authorizing the exchange.