Page 19 - Although Enbridge believes these forward-looking statements are reasonable based on the information
SPECTRA ENERGY PARTNERS, LP filed this Form SC 13D/A on 11/30/2017
Although Enbridge believes these forward-looking
statements are reasonable based on the information available on the date such statements are made and processes used to prepare
the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance
on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and
uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from
those expressed or implied by such statements. Material assumptions include assumptions about the following: the expected supply
of and demand for crude oil, natural gas, natural gas liquids (NGL) and renewable energy; prices of crude oil, natural gas, NGL
and renewable energy; exchange rates; inflation; interest rates; availability and price of labour and construction materials; operational
reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for the Company's projects; anticipated
in-service dates; weather; governmental legislation; acquisitions and dispositions and the timing and terms thereof; the success
of integration plans; impact of capital project execution on the Company's future cash flows; credit ratings; capital project
funding; expected future cash flows and expected future ACFFO and ACFFO per share; and estimated future dividends and distributions.
Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of
these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of
demand for the Company's services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments
in which the Company operates and may impact levels of demand for the Company's services and cost of inputs, and are therefore
inherent in all forward-looking statements.
Due to the interdependencies and correlation
of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty, particularly
with respect to expected ACFFO and distributable cash flow and associated per share amounts, or estimated future dividends or distributions.
The most relevant assumptions associated with forward-looking statements on announced projects and projects under construction,
including estimated completion dates and expected capital expenditures, include the following: the availability and price of labour
and construction materials; the effects of inflation and foreign exchange rates on labour and material costs; the effects
of interest rates on borrowing costs; the impact of weather and customer, government and regulatory approvals on construction and
in-service schedules and cost recovery regimes.
Enbridge's forward-looking statements
are subject to risks and uncertainties pertaining to operating performance, regulatory parameters, dividend policy, project approval
and support, renewals of rights of way, weather, economic and competitive conditions, public opinion, changes in tax laws and tax
rates, changes in trade agreements, exchange rates, interest rates, commodity prices, political decisions and supply of and
demand for commodities, including but not limited to those risks and uncertainties discussed in this news release and in the
Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor
on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future
course of action depends on management's assessment of all information available at the relevant time. Except to the extent required
by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news
release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements,
whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety
by these cautionary statements.