AUDITORS’ REPORT ENBRIDGE 2000 ANNU AL REPORT 29 To the Shareholders of Enbridge Inc. Comments by Auditors for U.S. Readers on Canada-U.S. Reporting Difference We have audited the consolidated statements of financial position of Enbridge Inc. as at December 31, 2000 and 1999 and  the consolidated statements of earnings, retained earnings and cash flows for each of the years in the three year period ended December 31, 2000. These financial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we  plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the  Corporation as at December 31, 2000 and 1999 and the results of its operations and cash flows for each of the years in the  three year period ended December 31, 2000 in accordance with Canadian generally accepted accounting principles. In the United States, reporting standards for auditors require the addition of an explanatory paragraph (following the opinion paragraph) when there is a change in accounting principles that has a material effect on the comparability of the Corporation’s financial statements, such as the change described in Note 10 to the consolidated financial statements. Our report to the shareholders dated January 12, 2001 is expressed in accordance with Canadian reporting standards which do not require a reference to such a change in accounting principles in the auditors’ report when the change is properly accounted for and adequately disclosed in the financial statements. Calgary, Alberta, Canada Calgary, Alberta, Canada January 12, 2001 Chartered Accountants (PricewaterhouseCoopers LLP) Chartered Accountants (PricewaterhouseCoopers LLP)