Business: Enbridge Inc. Cumulative Redeemable Preference Shares, Series L, liquidation preference $25 per share, redeemable at the issuer's option on 9/01/2017 and every September 1st in every fifth year thereafter at $25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of the Annual Fixed Dividend Rate will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the record date fixed by the board, not more than 60 days or less than 30 days prior to the payment date (NOTE: the ex-dividend date is the record date). The Annual Fixed Dividend Rate will be $1.00 until the first redemption date, then it will be equal to the sum of the Non-callable 5 Year United States Treasury bond on the applicable fixed rate calculation date plus 3.15%, resetting every 5 years thereafter on the applicable fixed rate calculation date. (see prospectus for more details). <p> On 9/01/2017 and every September 1st in every fifth year thereafter the holder will have the right to convert their Cumulative Redeemable Reset Rate Preference Shares, Series L into Cumulative Redeemable Floating Rate Preference Shares, Series M (see prospectus for more details). <p> In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company.