What is the significance of this filing being on Form 40-F?

Form 40-F is used by eligible Canadian issuers to file their annual reports with the U.S. Securities and Exchange Commission (SEC). It allows them to satisfy their SEC reporting obligations by providing information equivalent to U.S. domestic companies, primarily by referencing their home country filings, such as the Annual Information Form and audited financial statements.

What does 'incorporated by reference' mean for investors?

'Incorporated by reference' means that information contained in other documents (like the Annual Information Form, Audited Financial Statements, and Management's Discussion and Analysis) is officially considered part of this 40-F filing. To get a complete picture of Enbridge's financial health and operations for 2011, investors must review these referenced exhibits.

Are there any off-balance sheet arrangements that investors should be concerned about?

No, Enbridge explicitly states in this filing that it has no off-balance sheet arrangements as defined by the SEC's regulations. This suggests that the company's financial obligations and commitments are likely reflected on its balance sheet.

Who are Enbridge's auditors, and have they been the auditors for a long time?

Enbridge's auditors are PricewaterhouseCoopers LLP (PwC). The filing notes that PwC (or a predecessor firm) has served as Enbridge's auditor since 1992, indicating a long-standing relationship which can imply familiarity with the company's operations and financial structure.

ENBRIDGE INC 10-K FY2011 Annual Report — Revenue, Net Income, EPS

Summary

Enbridge Inc.'s 2011 Form 40-F filing confirms its status as a Canadian foreign private issuer and highlights robust disclosure controls and procedures, with management affirming their effectiveness as of December 31, 2011. The company has no off-balance sheet arrangements, and key financial information, contractual obligations, and audit details are incorporated by reference from accompanying exhibits, including its Annual Information Form and Management's Discussion and Analysis. Enbridge's principal auditor, PricewaterhouseCoopers LLP, has served the company since 1992, with pre-approval policies for their services in place. The company also maintains a comprehensive code of ethics applicable to all employees and officers. For investors, this filing emphasizes Enbridge's commitment to transparent financial reporting and strong internal controls. The incorporation of detailed financial statements and management discussion by reference means investors should refer to exhibits 99.6 and 99.7 for a deeper understanding of the company's financial performance, strategic initiatives, and risk factors during the 2011 fiscal year. The presence of experienced individuals on the Audit Committee, identified as audit committee financial experts, further underscores the company's governance strength.

Key Highlights

1Enbridge Inc. filed its 2011 Annual Report on Form 40-F, confirming its status as a foreign private issuer.
2Disclosure controls and procedures were evaluated and deemed effective by management, including the CEO and CFO.
3No changes in internal control over financial reporting materially affecting them occurred during the reporting period.
4The company confirmed it has no off-balance sheet arrangements.
5PricewaterhouseCoopers LLP has been the principal auditor since 1992.
6Key financial and operational details are incorporated by reference from other exhibits (Annual Information Form, MD&A, Audited Financial Statements).
7The Audit Committee includes members identified as audit committee financial experts, meeting NYSE independence standards for foreign private issuers.

ENBRIDGE INC Annual Report, Year Ended Dec 31, 2011

Summary

Key Highlights

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