FORWARD LOOKING STATEMENTS This presentation includes certain forward looking 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”), including management's assessment of their future plans and operations, which may not be appropriate for other purposes. The FLI pertains to expected in-service dates and costs for projects, expectations regarding operations, performance and growth, projections of cash available for distributions and future distributions and dividends. 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 the FLI. Material assumptions about: expected supply and demand for crude oil, natural gas, natural gas liquids and green energy; prices of crude oil, natural gas, natural gas liquids and green energy; expected exchange rates; inflation; interest rates; availability and price of labor and construction materials; operational reliability; customer project approvals; maintenance of support and regulatory approvals; anticipated in-service dates and weather. Further, the FLI is subject to risks and uncertainties pertaining to operating performance, regulatory parameters, 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/or the Fund depends on management's assessment of all information available at the relevant time. 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 cash available for distribution, which are 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. 2
HIGHLIGHTS Another Strong Year Completed $1.16B acquisition of crude storage and green power facilities Delivered strong financial results Increased dividend by 8% Successfully accessed capital markets Focused on operational excellence and system integrity 3
INVESTOR RETURNS Delivering Shareholder Value 1 Year – Total Shareholder Return 5 Year – Total Shareholder Return 130 400 ENF = 27% ENF = 28% 120 300 110 200 TSX = 7% TSX = 1% 100 100 90 0 2007 2008 2009 2010 2011 2012 2011 2012 4 Total Return Index December 31, 2011 = 100 Total Return Index December 31, 2007 = 100
ASSET ACQUISITION – DECEMBER 2012 $1.16 Billion A Great Fit for Our Fund Hardisty Contract Terminals Greenwich Amherstberg & Tilbury & Storage Caverns Wind Project Solar Projects • • • 11 million barrels of contract 99 MW of generation capacity 15 MW and 5 MW solar storage in Hardisty, Alberta near Thunder Bay, Ontario facilities in Southern, Ontario All underpinned by long-term, fixed price contracts. 5
ASSET PORTFOLIO 2012 Proforma CAFD* * Cash Available for Distribution (CAFD) before Corporate expenses, pro forma the acquisition of crude oil storage and renewable energy 6 assets acquired in December 2012 as if these assets were owned by the Fund from January 1, 2012. CAFD is a non-GAAP measure.
2012 FINANCIAL RESULTS CAD $millions, unless otherwise noted ENBRIDGE INCOME FUND 2012 2011 Cash Available for Distribution 195.6 134.3 Preferred Distributions (80.8) (58.8) Common Distributions (73.6) (53.5) Total Payout 79% 84% ENBRIDGE INCOME FUND HOLDINGS INC. 2012 2011 Common Unit Interest in Enbridge Income Fund (Avg.) 80.9% 74.2% Distribution Income 59.8 40.3 Income Tax - (2.9) Net Income 59.8 37.3 Dividends Declared 52.8 34.8 Annual Dividend per Share $1.244 $1.166 7
2013 FIRST QUARTER FINANCIAL RESULTS CAD $millions, unless otherwise noted ENBRIDGE INCOME FUND 2012 2011 Cash Available for Distribution 70.2 56.3 Preferred Distributions (28.5) (19.6) Common Distributions (25.9) (17.8) Total Payout 78% 66% ENBRIDGE INCOME FUND HOLDINGS INC. 2012 2011 Common Unit Interest in Enbridge Income Fund 85.6% 80.7% Distribution Income 22.2 14.4 Income Tax (1.0) (0.1) Net Income 21.2 14.3 Dividends Declared 18.3 12.3 1 st Quarter – Dividend per Share $0.334 $0.309 8
LIQUIDS TRANSPORTATION & STORAGE Saskatchewan System Current Toll Capacity System Regulator (kbpd) Methodology Saskatchewan Gathering 255 Cost of Service Saskatchewan Weyburn 47 Market Based Saskatchewan Virden 37 Market Based Manitoba Bakken Expansion Program 145 Long Term Take or Pay NEB Fee for Service 1 Westspur 255 NEB - downside protection 1 Pending ratification by NEB Bakken Expansion Program 9
LIQUIDS TRANSPORTATION & STORAGE Saskatchewan System Total Bakken Production North Dakota, Saskatchewan, & Manitoba MMbpd 1.4 1.2 ENB Mainline 1.0 0.8 Bakken Expansion Program 0.6 0.4 0.2 0.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 KEY PRIORITIES Expand market access - Address downstream system bottlenecks Pursue customer connections 10
LIQUIDS TRANSPORTATION & STORAGE Contract Storage CAPP Western Canadian Production Forecast Athabasca MMbpd 5.0 Cheecham 4.0 Kirby Lake 3.0 Stonefell 2.0 Edmonton 1.0 Hardisty 0.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 Oil Sands Conventional Heavy Conv. Light and Medium Pentanes/Condensate Source : CAPP – Crude Oil Forecast, Markets & Pipelines (June 2012) KEY PRIORITIES Optimize operations Pursue customer-driven expansions 11
NATURAL GAS TRANSMISSION Alliance Canada Very Rich Gas : > 1,400 Btu/cf Rich Gas: 1,050 < 1,400 Btu/cf 970 – 1,005 Lean Gas: < 1,050 Btu/cf Btu/cf 985 – 1,200 Btu/cf Firm service contracts in place for ~99% of capacity through December 2015. 1,020 – 1,170 MMcf/d Btu/cf 1,800 1,600 1,400 1,200 1,000 800 600 400 1,425 – 1,528 200 Btu/cf 0 2007 2008 2009 2010 2011 2012 Alliance Volumes Firm Capacity 12
NATURAL GAS TRANSMISSION Alliance Canada Supply Outlook Very Rich Gas : > 1,400 Btu/cf Bcf/d Rich Gas: 1,050 < 1,400 Btu/cf Montney Duvernay Bakken 12 970 – 1,005 Lean Gas: < 1,050 Btu/cf Btu/cf 9 985 – 1,200 Btu/cf 6 3 Current Total Capacity – Alliance Canada 1,020 – 1,170 Btu/cf Current Firm Service (Tolled) Capacity – Alliance Canada 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source : Enbridge 2013 Fundamentals Outlook KEY PRIORITIES 1,425 – 1,528 Btu/cf Re-contract capacity past 2015 Optimize operations Connect new rich gas production 13
GREEN POWER Renewable Generation Facilities Ontario Assets Gross Generating Avg. Remaining Facility Capacity Contract Length Ontario Wind 190 MW 17 Years Talbot 99 MW 19 Years Greenwich 99 MW 19 Years Magrath 30 MW 12 Years Chin Chute 30 MW 5 Years SunBridge 11 MW 10 Years Sarnia 80 MW 18 years Amherstburg 15 MW 19 Years Tilbury 5 MW 18 Years NRGreen Waste Heat 20 MW 15 Years Wtd. Avg. Western Assets TOTAL 579 MW ~ 17 Years Whitecourt (under construction) KEY PRIORITIES Maximize availability Optimize power generation Pursue expansion opportunities - Complete 14 MW waste heat facility 14
STRATEGY Our Strategies are Straight Forward and Remain the Same Optimize operations and value of existing assets Grow organically Acquire complimentary infrastructure Maintain low risk value proposition 15
DIVIDEND GROWTH Reliable Dividends; Steady Growth Dividends/Distributions to Investors Per Share $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013e Taxable Distribution paid by Enbridge Income Fund prior to restructuring in December 2010 Eligible Dividend paid by Enbridge Income Fund Holdings Inc. post restructuring 16
STRENGTH AND STABILITY • Diversified asset base • Strong long-term fundamentals • Enhanced access to capital • Enbridge sponsorship 17 17
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