EQUITY RESEARCH August 17, 2022 Earnings Update ENBRIDGE INC. Accretive Transaction That Strengthens The Portfolio Our Conclusion The transaction to gain operatorship and a controlling interest in Grey Oak is on strategy, slightly accretive to DCF/share, and reduces midstream exposure. The transaction may also prove timely if Permian oil supply continues to grow, unlocking additional value. We reiterate our Outperformer rating. Our DCF-based price target remains $61 given limited near-term accretion.