Enbridge Income Fund Closes $1.08 Billion Debt Offering; Repays Enbridge Inc. Bridge Loan to Complete Acquisition Financing

CALGARY, ALBERTA–(Marketwired – Nov. 19, 2014) – Enbridge Income Fund (the Fund) announced that it has closed a $1.08 billion multi-tranche debt offering of senior unsecured medium-term notes (MTNs) in the Canadian debt capital markets. A portion of the proceeds of the offering were used by the Fund to fully repay the $878 million bridge loan from Enbridge Inc., provided on November 7, 2014 in connection with the closing of the previously announced acquisition. The remainder of the proceeds will be used to refinance a $200 million note maturing on November 28, 2014.

“We are pleased with the execution of this sizeable offering and its effective funding cost,” said Perry Schuldhaus, president of Enbridge Income Fund Holdings Inc. “The term debt funding cost associated with the acquisition is approximately 3.9 percent, which is in-line with our acquisition economics. Moreover, we see the offering enhancing the Fund’s growing capital market presence and ongoing access to the capital markets to fund our business plan which includes potential further drop downs from our sponsor, Enbridge Inc.”

The following MTNs were issued:

• $330 million 2-year floating rate note priced at 3-month CDOR+67 bps, maturing November 21, 2016
• $500 million 10-year senior unsecured MTN with a fixed coupon of 3.95 percent per annum, payable semi-annually and maturing November 19, 2024
• $250 million 30-year senior unsecured MTN with a fixed coupon of 4.87 percent per annum, payable semi-annually and maturing November 21, 2044

The offering was priced on November 14, 2014 and placed through a syndicate of dealers led by BMO Capital Markets, CIBC World Markets and National Bank Financial under the Fund’s Base Shelf Prospectus dated November 4, 2014.

About Enbridge Income Fund

Enbridge Income Fund (the Fund) is an unincorporated, open-ended trust created to provide a stable and sustainable flow of distributable cash to unitholders. The Fund has a diversified asset portfolio which includes crude oil gathering and transportation pipelines in Saskatchewan and Manitoba, crude oil storage terminals and caverns near Hardisty, Alberta and Class A Units which provide a defined cash flow stream from the Southern Lights Pipeline. The Fund also has interests in renewable and alternative power generation assets in Alberta, Saskatchewan and Ontario with a combined capacity of over 500 megawatts (MW). In addition the Fund holds a 50 percent interest in the Alliance Pipeline which transports high-energy natural gas from northeastern British Columbia and northwestern Alberta to delivery points near Chicago, Illinois. Public investment in the Fund is available through Enbridge Income Fund Holdings Inc. (the Company). The Company is a publicly traded corporation and trades on the Toronto Stock Exchange under the symbol ENF. Further information about Enbridge Income Fund and Enbridge Income Fund Holdings Inc. is available at www.enbridgeincomefund.com.

FORWARD LOOKING INFORMATION

Certain information provided in this news release constitute forward-looking statements, and in particular, statements regarding the Fund’s capital market presence, the ability to fund the Fund’s business plan and future dropdown transactions from Enbridge Inc.. Forward looking statements are typically identified by words such as “contemplate”, “anticipate”, “expect”, “project”, “estimate”, “forecast”, “potential”, “we see” and similar words suggesting future outcomes or statements regarding an outlook. Although the Company believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements and assumptions are necessarily subject to a variety of risks and uncertainties. You can find a discussion of those risks and uncertainties in our Canadian securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the outcomes contemplated in the forward-looking statements may not materialize and actual results, may vary significantly from those expected. Readers are cautioned against placing undue reliance on forward-looking statements. Except as may be required by applicable securities laws, the Company assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.