1. A Northern Gas Pipeline: The Big Picture Patrick D. Daniel President & CEO Enbridge Inc. : Far North Oil & Gas Conference September 20, 2001

2. The Bottom Line n Project economics must be positive and robust n Political / Social issues must be resolved n Either pipeline route can be effectively constructed and operated n Two routes cannot be developed at the same time n There is also an alternative that cant be ignored

3. Enbridge: North and South America Jose

4. Northern Expertise Enbridge built, and since 1985 has owned and operated the only major pipeline in the NWT. Right-of-Way = 869 km (540 mi) Pump stations = 3 Pumps = 6 Employees = 20 2000 payroll = $1.5M 2000 capital investment = $568,000 2000 property taxes = $1.4M 2000 power costs = $760,000 Norman Wells Crude Oil Pipeline

5. Northern Expertise Cdn $44 million project: Two wells Production facility 50 kilometre pipeline 25 kilometre distribution system 500th customer Aug. 2001 Partners: Inuvialuit Petroleum Corporation AltaGas Services Enbridge Inuvik Gas Enbridge is involved in the production, processing, transmission and distribution of northern natural gas to the Town of Inuvik.

6. A Continental Energy Issue n North America is headed for a 30-plus TCF market n No single source will meet growth in demand n Continental decision- making required n Northern gas and WCSB are part of a continental supply solution to a continental demand challenge

7. The Alternatives

8. Hot Topics n Routing n Will two routes go ahead at the same time? n Northern Route is feasible n Pipeline ownership n Regulatory process

9. Success requires: n Continental decision-making n Robust project economics n Common understanding n Cooperation of all stakeholders

10. The need for a broad perspective.