42 ENBRIDGE 2000 ANNU AL REPORT The options outstanding at the end of 2000 had the following characteristics. Performance-Based Options The Plan provides for the granting of performance-based options to executive management with vesting based upon the performance of the Company’s common stock price. The options become exercisable, as to 50% of the grant, when the  market price of a common share exceeds $40.00 per share for 20 consecutive trading days during the period January 20, 1998 to December 31, 2002. If the share price exceeds $45.00 during the same period the grant is fully exercisable. The performance-based options expire on January 1, 2003 but will extend to January 20, 2006 if the options become  exercisable before December 31, 2002. None of the performance-based options have met the vesting conditions at  December 31, 2000. A summary of the status of the Company’s performance-based options is presented below. 2000 1999 Weighted Weighted Average Average Exercise Exercise (options in thousands; exercise prices in dollars) Number Price Number Price Number of shares under option at beginning of year 1,480 31.60 1,420 31.40 Options granted — — 120 33.80 Options cancelled — — (60) 31.35 1,480 31.60 1,480 31.60 Weighted Average Weighted Options Options Remaining Average Available Weighted Exercise Outstanding Contractual Exercise for Exercise Average (exercise prices in dollars) Price Range (000’s) Life (years) Price (000’s) Exercise Price 11.43 to 20.00 835 3.7 15.41 835 15.41 20.01 to 30.00 1,779 8.4 26.11 382 24.36 30.01 to 35.50 1,498 8.1 33.85 540 33.64 4,112 1,757 2000 1999 1998 Weighted Weighted Weighted Average Average Average (options in thousands; Exercise Exercise Exercise exercise prices in dollars) Number Price Number Price Number Price Number of shares under option at beginning of year 3,116 26.63 2,415 23.33 1,874 18.45 Options granted 1,360 26.74 888 34.45 811 33.11 Options exercised (179) 19.85 (115) 15.35 (128) 15.02 Options cancelled or expired (185) 31.17 (72) 30.25 (142) 22.22 Number of shares under option at end of year 4,112 26.76 3,116 26.63 2,415 23.33 Options available for exercise 1,757 1,421 633