Thematic Exposure -- 8/10

Enbridge holds dominant, regulated infrastructure positions across three themes: ~66-70% of Canadian crude export pipeline capacity, largest NA gas distribution utility (7.1M customers, regulated Ontario monopoly), and top-3 gas transmission (~20% of US gas throughput). Oligopoly gate PASS decisively. Customers cannot switch within 12 months. Regulated/contracted returns rather than commodity price exposure. Held from 9-10 because the crude pipeline theme faces long-run energy transition risk. Weight: 35%

Canadian Crude Pipelines -- ~66-70% Export Capacity

~66-70% OF CANADIAN CRUDE EXPORT PIPELINE CAPACITY -- REGULATED TOLL-BASED RETURNS -- CANNOT BE REPLICATED

Enbridge operates ~66-70% of all Canadian crude export pipeline capacity -- a dominant position in critical infrastructure. Mainline system is the single most important artery for Canadian oil sands production to reach US/global markets. Regulated toll-based returns. Cannot be replicated (decades to permit/build new capacity).

Gas Distribution -- Largest NA Utility (7.1M Customers)

7.1M CUSTOMERS -- REGULATED ONTARIO MONOPOLY -- RATE-BASE GROWTH DRIVES PREDICTABLE EARNINGS

Largest natural gas distribution utility in North America with 7.1M customers including a regulated Ontario monopoly. Stable, regulated returns. Rate-base growth drives predictable earnings growth.

Gas Transmission -- ~20% of US Gas Throughput

~20% OF US GAS THROUGHPUT -- TOP-3 POSITION -- LONG-TERM CONTRACTS WITH INVESTMENT-GRADE COUNTERPARTIES

Operates ~20% of US natural gas transmission throughput. Top-3 position in a critical infrastructure oligopoly. Long-term contracts with investment-grade counterparties.

Oligopoly Gate

PASS. ~66-70% Canadian crude pipeline capacity. Largest NA gas utility. Top-3 gas transmission.

Data sourced from Daloopa.