Mr. Al Monaco reports

ENBRIDGE ANNOUNCES CLOSING OF TRANSFER OF CANADIAN LIQUIDS PIPELINES BUSINESS AND RENEWABLE ENERGY ASSETS TO ENBRIDGE INCOME FUND

Enbridge Inc. has closed the transfer of its Canadian liquids pipeline business and certain Canadian renewable energy assets to Enbridge Income Fund Holdings Inc. for consideration of $30.4-billion plus additional incentive rights, as set out in the terms of an agreement announced June 19, 2015.

The transaction is a key component of Enbridge's financial strategy optimization introduced in December of last year, which included an increase to 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 in 2015 and expected annual average dividend per share growth of 14 to 16 per cent from 2016 through 2018. The transaction is expected to provide Enbridge with an alternative source of financing for its $44-billion enterprise-wide growth capital program and enhance its competitiveness in the pursuit of new organic growth opportunities and asset acquisitions.

"The close of the transaction marks a significant achievement for Enbridge," said president and chief executive officer Al Monaco. "Our sponsored vehicle strategy is expected to further enhance the value of our industry leading capital program by providing access to diversified sources of low-cost funding. The strategy is also expected to improve our competitiveness to pursue new investment opportunities as well as position us to extend our industry leading growth rate beyond 2018."

The transaction, which was approved by the shareholders of Enbridge Income Fund Holdings at a meeting held on Aug. 20, 2015, also transforms the fund. Through a substantial increase in scale and scope, the fund is now positioned as a premier Canadian energy infrastructure investment vehicle with a highly visible and secure growth capital program. Enbridge Income Fund Holdings, the vehicle through which public investors can participate in the fund's growth, announced a 10-per-cent annual dividend per share increase today, and expects an additional 10-per-cent increase at the beginning of 2016 and each year thereafter through 2019.

"While the drop-down changes how we hold our liquids assets, our commercial strategies and approach to business remain the same, including our No. 1 priority -- the safety and reliability of our systems," said Mr. Monaco.

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