Mr. Al Monaco reports

ENBRIDGE REPORTS SECOND QUARTER ADJUSTED EARNINGS OF $505 MILLION OR $0.60 PER COMMON SHARE AND AVAILABLE CASH FLOW FROM OPERATIONS OF $808 MILLION OR $0.96 PER COMMON SHARE

Enbridge Inc. had second quarter adjusted earnings of $505-million or 60 cents per common share. Available cash flow from operations (ACFFO) increased to $808-million, or 96 cents per common share, from $516-million, or 63 cents per common share for the second quarter of 2014.

"At the halfway point in the year, we're pleased to report solid second quarter and six-month results," said Al Monaco, president and chief executive officer. "Enbridge's strong adjusted earnings and cash flow growth reflect the strength of our core assets and the ongoing successful execution of our growth capital program. We remain solidly on track to be within our full-year adjusted earnings guidance range of $2.05 to $2.35 per share."

Commencing with the second quarter results, Enbridge is reporting ACFFO as a supplemental metric to assess the performance of its business. Enbridge today announced full year ACFFO guidance of $3.30 to $4.00 per share.

"Adopting an ACFFO reporting metric and guidance will more clearly convey the cash flow and dividend growth potential that we expect our reliable business and record growth capital program will generate through the current planning horizon and beyond," said Mr. Monaco.

"Looking forward, we remain focused on implementing our strategic plan and on our key priorities of safety and operational reliability, execution of our record growth capital program, and extending and diversifying our growth beyond 2018," Mr. Monaco said. "We continue to be well positioned to safely and reliably deliver the energy North Americans need, and in doing so add value for our customers and our shareholders."

During the second quarter, Enbridge announced an agreement to transfer its Canadian liquids pipelines business and Canadian renewable energy assets to Enbridge Income Fund for units of the fund and its subsidiaries valued at $30.4-billion, plus incentive distribution and temporary performance distribution rights. The transaction is on track to close in the third quarter of 2015, subject to regulatory approvals and a vote of the public shareholders of Enbridge Income Fund Holdings Inc. (ENF), at a special meeting to be held on Aug. 20, 2015.

The transaction is a key component of Enbridge's financial strategy optimization announced in December, 2014, which included an increase to the company's dividend payout policy. Together, these actions support the company's previously announced 33-per-cent dividend increase (which took effect March 1, 2015) and expected dividend per share growth rate of 14 to 16 per cent through to 2018, which is expected to be driven by growing cash flow from existing businesses and the successful execution of the company's $44-billion growth capital program (over the company's five-year planning horizon from 2014 to 2018), $34-billion of which is commercially secured. In addition, the transaction is expected to provide alternative sources of financing for Enbridge's enterprise-wide growth initiatives and enhance its competitiveness for new organic growth opportunities and asset acquisitions.

"We believe the transfer of the Canadian liquids pipelines business to the fund will be a win-win for shareholders of Enbridge and Enbridge Income Fund Holdings," said Mr. Monaco. "For Enbridge, our optimization plan is expected to further improve our ability to capture new investment opportunities and position Enbridge to deliver industry-leading growth beyond 2018. We expect the change in our structure to generate even greater shareholder value by reducing our overall cost of equity capital, allowing us to further diversify our funding sources and accelerate dividend growth. That said, our commercial model, strategies and disciplined approach to infrastructure development that have served us well won't change.

"At the same time, the drop down is expected to transform the fund, increasing its asset base and embedding a highly secured source of organic growth which is expected to support a dividend increase by Enbridge Income Fund Holdings of 10 per cent upon closing of the transaction and 10 per cent annually thereafter through 2019."

The review of a potential transfer of Enbridge's United States liquids pipelines assets to Enbridge Energy Partners LP (EEP) is continuing. However, at this time, conditions in the master limited partnership market do not support a large-scale drop down. The longer-term outlook for EEP remains strong, with over $5-billion of secured growth projects coming into service through 2018 and options to increase its economic interest in projects that are jointly financed by Enbridge and EEP. EEP remains important to Enbridge's overall strategy and Enbridge continues to support EEP during this time of significant organic growth. Enbridge has a large inventory of United States liquids pipelines assets which are well suited to EEP and continues to evaluate opportunities to generate value through selective drop downs to EEP as market conditions improve.

Enbridge continued to make steady progress in the execution of its growth capital program and, since the end of 2014, placed into service, either fully or partially, eight projects amounting to approximately $3-billion. By the end of 2015, the company expects to place a further $5-billion worth of projects into service, with a further $26-billion of projects expected to be completed between 2016 and 2018.

In July, Enbridge and EEP increased mainline system capacity by expanding the Alberta Clipper pipeline from 570,000 barrels per day (bpd) to 800,000 bpd through additional pumping stations. Also in July, the company completed the Woodland pipeline extension project, which extends the Woodland pipeline south from Enbridge's Cheecham terminal to its Edmonton terminal and increases available capacity to oil sands shippers.

Commenting on low oil prices, Mr. Monaco said: "In the current price environment, cost-effective, reliable access to key markets is even more critical for our customers. Demand for capacity on our mainline remains strong. We continue to provide stable and competitive tolls and work hard to optimize capacity on our systems. Excluding new capacity expansions, we've been able to add approximately 350,000 bpd of capacity on our mainline from our optimization efforts at minimal cost to shippers.

"We continue to advance our commercially secured market access projects, and we're assessing further opportunities to expand and extend the reach of our systems through low-cost, incremental capacity expansion projects."

In June, the company reached an important milestone on the Sandpiper pipeline project with the granting of a certificate of need by the Minnesota Public Utilities Commission. Enbridge continues to work co-operatively with the regulatory and permitting authorities, state agencies, elected officials, and the public as the company proceeds with the route permitting process.

Also in June, the National Energy Board (NEB) granted a leave to open on Enbridge's reversal of line 9B and expansion of line 9, and issued a separate order requiring hydrostatic tests of selected segments of the pipeline. Enbridge filed its hydrostatic test plan with the NEB on July 23, 2015, which was approved on July 27, 2015. Pending detailed engineering to confirm scope and timelines and fulfilment of permitting requirements, the company expects the hydrostatic testing to be completed before the end of 2015. The line is expected to be placed into service following completion of the NEB's review of the hydrostatic testing. Once in service, the company's line 9B project, which is part of the company's Eastern access market initiative, is expected to help Canadian refineries access reliable feedstock, safeguard jobs and bolster the security of Canada's energy supply.

Operations -- earnings

Enbridge 2015 second quarter adjusted earnings were $505-million or 60 cents per common share. The increase in adjusted earnings was achieved across various businesses reflecting the strength of the company's asset base and the successful execution of the company's growth capital program.

In liquids pipelines, throughput on Canadian mainline continued to be strong in 2015, although throughput growth in the second quarter of 2015 was limited by upstream plant maintenance in Alberta. Additionally, the impact on revenues of a strong United States dollar compared with the Canadian dollar had a positive impact on Canadian mainline earnings as the international joint tariff (IJT) benchmark toll and its components are set in United States dollars. The majority of the company's foreign exchange risk on Canadian mainline earnings is hedged and the company's effective United States/Canada-hedged foreign exchange rate was higher in the first half of 2015 compared with the same 2014 period. Partially offsetting the increase in Canadian mainline earnings was a lower quarter-over-quarter Canadian mainline IJT residual benchmark toll, although this impact lessened in the second quarter of 2015 as effective April 1, 2015, this toll increased by 10 U.S. cents per barrel to $1.63 (U.S.) per barrel. Changes in the Canadian mainline IJT residual benchmark toll are inversely related to the Lakehead system toll, which was higher due to the recovery of incremental costs associated with EEP's growth projects. Also mitigating the impact of a lower Canadian mainline IJT residual benchmark toll were new surcharges related to system expansions, including a surcharge for the Edmonton to Hardisty expansion pipeline completed in April, 2015. Liquids pipelines earnings also continued to reflect lower Southern Lights pipeline earnings in the first half of 2015. The majority of the economic benefit derived from Southern Lights pipeline is now reflected in earnings from the fund following the fund's November, 2014, subscription and purchase of Class A units of certain Enbridge subsidiaries, which provide a defined cash flow stream from Southern Lights pipeline.

Within sponsored investments, EEP and the fund continued to deliver positive growth into the second quarter of 2015. EEP adjusted earnings reflected higher volumes and tolls in its liquids business, as well as contributions from new assets placed into service in 2014 and 2015, the most prominent being the replacement and expansion of line 6B. EEP earnings also reflected the incremental earnings from the acquisition of the 66.7-per-cent interest in Alberta Clipper previously held by Enbridge. EEP's natural gas and natural gas liquids (NGL) businesses, which it holds directly and indirectly through its partially owned subsidiary, Midcoast Energy Partners LP (MEP), continued to reflect lower volumes as a result of reduced drilling programs by producers due to a prolonged decline in commodity prices. The earnings increase from the fund was attributable to the transfer of natural gas and diluent pipeline interests from Enbridge and higher preferred unit distributions received from the fund.

Enbridge Gas Distribution Inc. (EGD) had a strong second quarter in 2015 and reflected the impact of the Ontario Energy Board's approval of final 2015 distribution rates in May, 2015. The approved rates were higher than the interim rates applied by EGD in the first half of 2015. The revenue deficiency between the interim rates and final 2015 rates was recognized by EGD in the second quarter of 2015. EGD will commence collecting the revenue deficiency from customers in the third quarter of 2015.

In gas pipelines, processing and energy services, energy services adjusted earnings growth reflected strong refinery demand for crude oil feedstock leading to more tank management opportunities, as well as the absence of losses realized in the first quarter of 2014 on certain financial contracts intended to hedge the value of committed transportation capacity, but which were not effective in doing so.

Adjusted earnings were also impacted by higher preference share dividends in the corporate segment, as well as higher interest expense across various business segments reflecting incremental preference shares and debt issued to finance the company's growth capital program.

The discussion of adjusted earnings above excludes the impact of unusual, non-recurring or non-operating factors, the most significant of which are changes in unrealized derivative fair value gains and losses from the company's long-term hedging program, goodwill impairment charges, the tax effect associated with the transfer of assets between entities under common control of Enbridge, and gains on the disposal of non-core assets and investments, as well as certain costs and related insurance recoveries arising from crude oil releases.

Operations -- available cash flow from operations

ACFFO was $808-million, or 96 cents per common share, for the three months ended June 30, 2015, compared with $516-million, or 63 cents per common share, for the three months ended June 30, 2014. ACFFO was $1,610-million, or $1.91 per common share, for the six months ended June 30, 2015, compared with $1,287-million, or $1.57 per common share, for the six months ended June 30, 2014.

The company experienced strong quarter-over-quarter and six-month growth in ACFFO which was driven by the same factors as those impacting adjusted earnings across the company's various businesses, as discussed above. In addition, the significant growth capital program undertaken by the company over recent years is also positioning the company for future growth and new opportunities, and contributing to the ACFFO growth.

Also contributing to the period-over-period increase in ACFFO were lower maintenance capital expenditures in 2015 compared with the corresponding 2014 periods. Over the last few years, under its maintenance capital program, the company has made a significant investment on the continuing support and maintenance of the existing pipeline system and on maintaining the service capability of the existing assets. The period-over-period decrease in maintenance capital expenditures is due to the completion of certain maintenance programs in 2014. The company plans to continue to invest in its maintenance capital program to support the safety and reliability of its operations.

The period-over-period increase in ACFFO was partially offset by distributions to non-controlling interests in EEP and Enbridge Energy Management LLC and to redeemable non-controlling interest in the fund. Distributions were higher for each of the three- and six-month periods in 2015 compared with the corresponding 2014 periods. Also, the company's payment of preference share dividends increased period over period due to preference shares issued in 2014 to finance the company's growth capital program. Finally, the ACFFO was also adjusted for the cash effect of certain unusual, non-recurring or non-operating factors.

Second quarter 2015 overview

For more information on Enbridge's growth projects and operating results, please see the management's discussion and analysis (MD&A) which is filed on SEDAR and EDGAR and also available on the company's website.

Earnings attributable to common shareholders decreased from $756-million in the second quarter of 2014 to $577-million in the second quarter of 2015. The company delivered strong quarter-over-quarter earnings growth; however, the visibility and the comparability of the company's operating results are impacted by a number of unusual, non-recurring or non-operating factors, the most significant of which is changes in unrealized derivative fair value gains and losses. The company has a comprehensive long-term economic hedging program to mitigate interest rate, foreign exchange and commodity price exposures. The changes in unrealized mark-to-market accounting impacts from this program create volatility in short-term earnings, but the company believes over the long term it supports the reliable cash flows and dividend growth upon which the company's investor value proposition is based. The comparability of quarter-over-quarter earnings was also impacted by a goodwill impairment charge of $440-million ($167-million aftertax attributable to Enbridge) related to EEP's natural gas and NGL businesses. Due to a prolonged decline in commodity prices, reduction in producers' expected drilling programs has negatively impacted expected volumes on EEP's natural gas and NGL systems, which EEP holds directly and indirectly thought its partially owned subsidiary, MEP. Earnings were also negatively impacted by a tax effect of the transfer of assets between entities under common control of Enbridge. The intercompany gain realized as a result of the transfer has been eliminated for accounting purposes. However, as the transaction involved the sale of assets, all tax consequences have remained in consolidated earnings and resulted in a charge of $39-million in the second quarter of 2015.

Enbridge adjusted earnings increased from $328-million in the second quarter of 2014 to $505-million in the second quarter of 2015 and ACFFO increased from $516-million in the second quarter of 2014 to $808-million in the second quarter of 2015, as discussed above.

On June 19, 2015, Enbridge announced it had entered into an agreement with the fund and ENF to transfer its Canadian liquids pipelines business, held by Enbridge Pipelines Inc. (EPI) and Enbridge Pipelines Athabasca Inc. (EPAI), and Canadian renewable energy assets to the fund for consideration payable at closing valued at $30.4-billion plus incentive distribution and performance rights. The consideration that Enbridge will receive upon closing will be $18.7-billion of units in the fund structure, comprising $3-billion of fund units and $15.7-billion of equity units of Enbridge Income Partners LP, currently an indirect subsidiary of the fund. The fund will also assume debt of EPI and EPAI of approximately $11.7-billion. In addition, a portion of the consideration received by Enbridge is expected to be received over time in the form of units which carry temporary performance distribution rights (TPDR). The TPDR are designed to allow Enbridge to capture increasing value from the secured growth embedded within the transferred businesses; however, the cash flows derived from this incentive mechanism will be deferred (until such time as the units are convertible to a class of cash paying units in the fourth year after issuance).

The transaction is a key component of Enbridge's financial strategy optimization introduced in December, 2014, which included an increase in the company's targeted dividend payout. It advances the company's sponsored vehicle strategy and supports Enbridge's previously announced 33-per-cent dividend increase effective March 1, 2015. The transaction is expected to provide Enbridge with an alternative source of financing for its enterprise-wide growth initiatives and enhance its competitiveness for new organic growth opportunities and asset acquisitions.

In conjunction with the execution of the transaction, Enbridge has commenced employing a supplemental cash flow metric, ACFFO, as part of its normal course quarterly reporting of financial performance and in its guidance. ACFFO is used to assess the performance of the company's base business and expected growth program as well as its dividend outlook. The company has now started expressing its dividend payout range as a percentage of ACFFO rather than adjusted earnings.

The transaction is subject to receipt of customary regulatory approvals and a vote of ENF shareholders, which is expected to occur on Aug. 20, 2015, with closing expected to follow shortly thereafter. Required approvals include Toronto Stock Exchange, Competition Bureau and Transport Canada.

Dividend declaration

On July 28, 2015, the Enbridge board of directors declared quarterly dividends. All dividends are payable on Sept. 1, 2015, to shareholders of record on Aug. 14, 2015.

                                QUARTERLY DIVIDENDS
Common shares                                                       $0.46500
Preference shares, Series A                                         $0.34375
Preference shares, Series B                                         $0.25000
Preference shares, Series D                                         $0.25000
Preference shares, Series F                                         $0.25000
Preference shares, Series H                                         $0.25000
Preference shares, Series J                                    25 U.S. cents
Preference shares, Series L                                    25 U.S. cents
Preference shares, Series N                                         $0.25000
Preference shares, Series P                                         $0.25000
Preference shares, Series R                                         $0.25000
Preference shares, Series 1                                    25 U.S. cents
Preference shares, Series 3                                         $0.25000
Preference shares, Series 5                                  27.5 U.S. cents
Preference shares, Series 7                                         $0.27500
Preference shares, Series 9                                         $0.27500
Preference shares, Series 11                                        $0.27500
Preference shares, Series 13                                        $0.27500
Preference shares, Series 15                                        $0.27500

Conference call

Enbridge will hold a conference call on Friday, July 31, 2015, at 9 a.m. Eastern Time (7 a.m. Mountain Time) to discuss the second quarter 2015 results. Analysts, members of the media and other interested parties can access the call toll-free at 1-800-708-4539 from within North America and outside North America at 1-847-619-6396, using the access code of 40109122 followed by the number sign. The call will be audio webcast live. A webcast replay and podcast will be available approximately two hours after the conclusion of the event and a transcript will be posted to the company's website within 24 hours. The replay will be available toll-free at 1-888-843-7419 within North America and outside North America at 1-630-652-3042 (access code 40109122 followed by the number sign) until Aug. 7, 2015.

The conference call will begin with presentations by the company's president and chief executive officer and the chief financial officer, followed by a question-and-answer period for investment analysts. A question-and-answer period for members of the media will then immediately follow.

                                  HIGHLIGHTS
                (In millions of dollars, except per share amounts)

                                           Three months ended      Six months ended 
                                                     June 30,              June 30, 
                                              2015       2014       2015       2014
Earnings attributable to common
shareholders
Liquids pipelines (loss)                      $409       $431      ($13)       $475
Gas distribution                                39         19        178        155
Gas pipelines, processing and
energy services                                 54        107         70        298
Sponsored investments (loss)                  (36)         87         95        171
Corporate (loss)                               111        112      (136)          1
Earnings attributable to common
shareholders from continuing
operations                                     577        756        194      1,100
Discontinued operations -- gas
pipelines, processing and energy
services                                         -          -          -         46
                                               577        756        194      1,146
Earnings per common share                     0.68       0.92       0.23       1.39
Diluted earnings per common share             0.67       0.91       0.23       1.38
Adjusted earnings
Liquids pipelines                              240        220        432        438
Gas distribution                                45         15        151        118
Gas pipelines, processing and
energy services                                 74         27        115         86
Sponsored investments                          139         96        266        180
Corporate (loss)                                 7       (30)          9        (2)
                                               505        328        973        820
Adjusted earnings per common
share                                         0.60       0.40       1.15       1.00
Cash flow data
Cash provided by operating
activities                                   1,350        812      2,860      1,145
Cash (used in) investing
activities                                 (2,025)    (2,886)    (3,891)    (5,629)
Cash provided by financing
activities                                     686      2,490        911      4,955
Available cash flow from
operations
Available cash flow from
operations                                     808        516      1,610      1,287
Available cash flow from
operations per common share                   0.96       0.63       1.91       1.57
Dividends
Common share dividends declared                399        293        795        584
Dividends paid per common share              0.465      0.350      0.930      0.700
Operating data
Liquids pipelines -- average
deliveries (thousands of barrels
per day)
Canadian mainline                            2,073      1,968      2,141      1,936
Regional oil sands system                      799        690        810        680
Spearhead pipeline                             153        196        152        190
Gas distribution -- Enbridge Gas
Distribution Inc. (EGD)
Volumes (billions of cubic feet)                68         76        285        288
Number of active customers
(thousands)                                  2,099      2,071      2,099      2,071
Heating degree days
Actual                                         429        493      2,661      2,699
Forecast based on normal weather               466        461      2,250      2,238
Gas pipelines, processing and
energy services -- average
throughput volume (millions of
cubic feet per day)
Vector pipeline                              1,365      1,326      1,609      1,553
Enbridge offshore pipelines                  1,400      1,590      1,275      1,477

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