Enbridge Income Fund Holdings Inc.

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1 Enbridge Income Fund Holdings Inc. Annual General Meeting of Shareholders May 12, 2016 Perry Schuldhaus, President

2 Forward Looking Statements This presentation includes certain forward looking statements and information ( FLI ) to provide Enbridge Income Fund Holdings Inc. ( EIFH ) shareholders and potential investors with information about EIFH and its investee, Enbridge Income Fund (the Fund ), management's assessment of their future plans and operations, which may not be appropriate for other purposes. FLI is typically identified by words such as "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Although we believe that the FLI in this presentation is reasonable based on the information available today and the processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. FLI inherently involves a variety of assumptions, known and unknown risks, uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied in our FLI and the FLI relating to the Fund. Material assumptions include: expected supply and demand for crude oil, natural gas and natural gas liquids; prices of crude oil, natural gas and natural gas liquids; expected exchange rates; inflation; interest rates; availability and price of labour and pipeline construction materials; operational reliability; customer project approvals; maintenance of support and regulatory approvals for the Fund s projects; anticipated in-service dates and weather. In particular, this Presentation contains FLI pertaining to the following: expectations regarding and anticipated impact of dividend payouts, yield and growth rate; available cash flow from operations (ACFFO); and the components thereof; future equity and debt offerings and financing requirements and plans; expected future sources and costs of financing; operating performance, results and expenses; future growth expectations and opportunities; continued strength of Enbridge Inc. s sponsorship; projected trading volumes; expected in-service dates and completion costs of projects; expected impact of projects under construction; outlook for oil prices, future supply of natural gas, oil and oil blends; pipeline capacity and throughputs; tolls and competitiveness of tolls; ability to complete and timing of completion of market access initiatives; WSCB NGL capacity and demand; safety and reliability of natural gas transportation; downstream natural gas market; anticipated resumption of service of Regional Oil Sands facilities; future demand for services, future utilization rates and creditworthiness of counterparties Our FLI is subject to risks and uncertainties pertaining to operating performance, regulatory parameters and approvals, project approval and support, construction schedules, weather, economic conditions, exchange rates, interest rates and commodity prices, including but not limited to those discussed more extensively in our filings and the filings of the Fund with Canadian securities regulators. The impact of any one risk, uncertainty or factor on any particular FLI is not determinable with certainty as these are interdependent and the future course of action of EIFH and the Fund depends on management's assessment of all information available at the relevant time. Certain FLI is obtained from third party sources, which the EIFH and the Fund have not independent verified. Except to the extent required by law, neither EIFH nor the Fund assumes any obligation to publicly update or revise any FLI, whether as a result of new information, future events or otherwise. All FLI in this presentation is expressly qualified in its entirety by these cautionary statements. This presentation may make reference to certain financial measures, such as available cash flow from operations (ACFFO), which is not recognized under GAAP. Reconciliations to the most closely related GAAP measures are included in the MD&A filings and/or Supplementary Financial Information available on our website or in the slides that accompany this presentation, if applicable as well as on SEDAR under the ENF and Fund profiles. SLIDE 2

3 Northern Alberta Update Current Priorities: Safety of the public and our people Protect our assets and the environment Disciplined plan to restart operations Photo: Cheecham Terminal SLIDE 3

4 Northern Alberta Update Cheecham Terminal returned to service May 11 Waupisoo restarted Initiating service on Woodland shortly Expect to initiate service on Athabasca over the weekend SLIDE 4

5 Highlights Completed largest energy infrastructure transaction in Canadian history at $30.4 billion in September 2015 Increased dividend by 10% in September 2015 and another 10% in January 2016 Successfully completed two equity placements in 2015 and early 2016 totaling ~$1.3B Raised $1 billion through issuance of medium-term notes and increased credit facilities by $3.7 billion Continued focus on safe and reliable operations Alliance Pipeline successfully transitioned to New Services Framework Delivered strong financial results with stable and predictable cash flow growth SLIDE 5

6 Strong Results ENF continues to deliver solid financial results ENF Earnings per Share ENF Dividend $1.86 $1.59 $1.48 $1.60 $1.34 $ SLIDE 6

7 ENF & Fund Group Q1 Results Drop down strategy continues to support DPS growth ($ Millions, Except per share amounts) Fund Group Q Q ACFFO Total Payout 75% 82% Enbridge Income Fund Holdings Earnings Dividends Declared ENF Dividend per Share $0.47 $0.39 SLIDE 7

8 Fund Group Infrastructure Asset Base Canadian Liquids focused asset base 80% Fund Group ACFFO SLIDE 8 Some assets may be held within entities that are only partially owned by the Fund Group

9 Liquids Infrastructure Asset Base Strategically located asset base SLIDE 9 Some assets may be held within entities that are only partially owned by the Fund Group

10 Alliance Pipeline Continues to be a high-performing asset High utilization Successfully re - contracted with average contract life of ~5 years Strong demand for seasonal and interruptible service New service offering Mmcf/d 1, Liquids rich gas supply (Bcf/d) Duvernay Montney Bakken Alliance Pipeline is 50% owned by the Fund Group 1, IT US Cdn Firm SLIDE 10

11 Green Power Source of long-term stable cash flows Some assets may be held within entities that are only partially owned by the Fund Group SLIDE 11

12 Shareholder Value Proposition Premier Canadian energy infrastructure investment entity Highly reliable, low-risk business model Minimal commodity price and throughput exposure Long term commercial agreements with strong counterparties Highly visible and secured growth in execution with potential for future development opportunities Projected dividend growth of 10% per annum through 2019 Strong Sponsor Enbridge Inc. SLIDE 12

13 Low Risk Business Model Provides strong and predictable results in all environments Strong Commercial Constructs Minimal Market Price Risk* 99% of cash flow underpinned by longterm commercial agreements <1% of cash flow subject to market price risks including commodity, interest and foreign exchange Cost of service ~15% Take or pay ~25% CTS ~50% Fee for service* ~10% Other <1% *Predominately renewable power generation projects underpinned by long-term fixed price power purchase agreements CFaR <1% * Foreign Exchange, Interest Rate & Commodity price risk as at March 31, 2016 **CFaR Measures the maximum cash flow loss that could result from adverse market price movements over a 12 month period within 97.5% confidence level (1.96 std. deviations) under normal market conditions. SLIDE 13

14 Limited Credit Exposure Strong, credit worthy counterparties Counterparty Credit Profile Top 10 Mainline Shippers - % of Revenue by Credit Rating 96% 96% of credit exposure from investment grade customers or security received 80% of Mainline revenue is generated by top 10 shippers Investment grade/security received 96% Other 4% A or higher 70% BBB to BBB+ 22% Security Provided 8% SLIDE 14

15 Strong Liquids Pipelines Performance and Outlook Mainline at full capacity: Record 2.5 mmbpd throughput in Q Quarterly Throughput ex Gretna (mmbpd) Oil Sands Growth ~800 kbpd oil sands supply growth through WCSB short >500 kbpd pipeline capacity through 2021 Pipeline Capacity v. WCSB Supply 1 Source: CAPP Crude Oil Forecast, Markets and Transportation (June 2015 Operating & In Construction) SLIDE 15

16 Liquids Business Competitive Position & Market Reach MARKET Mainline Connected Refineries CAPACITY (KBPD) 1,900 $6 $4 $2 $0 Stable, competitive tolls IJT Benchmark Toll* Mainline Connected Markets (Pipelines) PADD II 200 Cushing/USGC 775 Quebec/Ontario 300 Patoka 300 Total Pipeline Access 1,575 Grand Total 3,475 *USD per barrel of heavy crude from Hardisty to Chicago SLIDE 16

17 Secured Capital Program Secured growth capital underpins strong cash flow growth through 2019 Secured Capital Program Projects coming into service projects in execution o o o o JACOS/ Nexen Hangingstone (2016) Norlite Pipeline System (2017) Regional Oilsands Optimization (2017) Line 3 Replacement Program (2019) $13B $9B ( ) Project Update Line 3 Replacement Canada: NEB recommends issuance of Certificate of Public Convenience and Necessity US: Minnesota Environmental Impact Statement underway Expected ISD early projects placed into service in 2015 $4B (2015) SLIDE 17

18 Significant Dividend Income 14% DPS increase in 2015 Dividend (or distribution) per Share e $ % CAGR $2.00 $ % 17% $1.00 $0.50 $ e 2019e Taxable Distribution paid by Enbridge Income Fund prior to restructuring in December 2010 Eligible Dividend paid by Enbridge Income Fund Holdings Inc. post restructuring Expected eligible dividend paid by Enbridge Income Fund Holdings Inc. SLIDE 18

19 Strong Sponsor Enbridge Inc. ENF will continue to benefit from ENB sponsorship Focus on Safety & Operational Reliability Enterprise wide maintenance and integrity investment Path to industry leadership Operational Expertise Continue to optimize asset base Risk management systems and processes Infrastructure Development and Investment Expertise Project development and construction management ENF has first right on growth within current Liquids Pipeline footprint Funding Backstop Flexibility ensures timely and effective funding of growth program SLIDE 19

20 Strategic Initiatives and Summary Providing investors with predictable and growing cash flow Quality Assets High-quality energy infrastructure assets generate strong and predictable cash flow Continue to optimize operations Stability Maintain low-risk business model Designed to perform consistently in all market conditions Growth The projects being built today are expected to support additional cash flow and dividend growth Exploring other opportunities to extend growth Strengthened capital markets presence to support execution of growth plan SLIDE 20

21 Q&A

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