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Enbridge Income Fund Holdings Inc. Releases 2018 Guidance and Long Term Financial Outlook

CALGARY, ALBERTA -- (Marketwired) -- 11/29/17 -- Enbridge Income Fund Holdings Inc. (TSX: ENF) ("ENF" or the "Company") announced today its Financial Guidance for 2018 as well as its long term business and financial outlook. The Company is a premier Canadian investment vehicle for investors looking for growing and predictable cash flow and distribution growth from a portfolio of high-quality, low-risk energy infrastructure assets.

Business Outlook

The Company's business outlook for the 2018 - 2020 planning period is expected to be strong, with continued available cash flow from operations ("ACFFO") growth within the Liquids Pipelines segment as a result of a full year contribution from $3.7 billion of new capital projects coming into service in 2017, primarily within the Regional Oil Sands business. In addition, Canadian Mainline performance is expected to further strengthen in 2018, driven primarily by increasing throughput and a higher average Canadian residual toll. Other factors leading to the improved performance include a higher effective hedge rate on the US dollar revenues generated by the Canadian Mainline and cost savings from enterprise-wide initiatives.

ACFFO Guidance for 2018

The Company expects 2018 ACFFO for the Fund Group to be in a range of $2.45 billion to $2.65 billion inclusive of the impact of the common equity issuance announced by the Company today for further investment in the Fund Group. This assumes core maintenance capital expenditures of between $65 million and $100 million and cash taxes in the range of $200 million to $260 million.

2018 Dividend Increase and Long Term Dividend Guidance

The ENF Board of Directors has declared a cash dividend of $0.1711 per common share to be paid on January 15, 2018, to shareholders of record at the close of business on December 29, 2017, and a cash dividend of $0.1883 per common share to be paid on February 15, 2018 to shareholders of record at the close of business on January 31, 2018. This represents a 10% increase in the monthly dividend rate, consistent with previously announced guidance.

The Company is now extending its 10% annual dividend growth guidance by an additional year to 2020. The Fund Group expects to maintain distribution coverage for the period of 1.2x - 1.3x.

Target Credit Metrics

The Fund Group credit metrics are expected to strengthen over the forecast horizon as a result of growing EBITDA from its strong business performance and secured capital program, and bolstered by the approximately $0.6 billion common equity investment to be made by the Company as announced today which is expected to satisfy the Fund Group's equity requirements through 2020. Debt to EBITDA levels are forecast to be below 5.0x by the end of 2018 and will remain below this level for the remainder of the outlook period.

The Company's outlook will be discussed in further detail at the upcoming Enbridge Inc. (TSX: ENB) investor conferences in New York and Toronto on December 12th and 13th.

Ownership Structure

The Company holds a 67.0 percent ordinary trust unit (Fund Unit) interest in Enbridge Income Fund (the Fund) and an approximate 19.2 percent overall economic interest in the Fund Group. The Fund Group is comprised of the Fund, Enbridge Commercial Trust (ECT), Enbridge Income Partners LP (EIPLP) and the subsidiaries and investees of EIPLP. EIPLP holds the operating entities of the Fund Group.

Forward Looking Information

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about the Company and its investee, the Fund, and the Fund's direct and indirect investments and joint ventures (collectively, the Fund Group), including management's assessment of future results, plans, operations and prospects of the Company and the Fund Group. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe", "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this news release include, but are not limited to, statements with respect to the following: future dividend and cash flow expectations; ACFFO growth; dividend and distribution growth; distribution coverage; credit metrics of the Fund Group; debt to EBITDA levels; equity capital requirements; new capital projects; Canadian Mainline performance, including system throughput and tolls; impact of hedging program; and expected cost savings.

Although the Company and the Fund Group believe these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.

Material assumptions include but are not limited to the following: supply of and demand for crude oil, natural gas, natural gas liquids (NGL) and renewable energy; prices of crude oil, natural gas, NGL and renewable energy; completion of growth projects; maintenance capital expenditures; inflation; exchange rates; interest rates; availability and price of labour and construction materials; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for the Fund Group's projects; anticipated in-service dates; weather; the impact of the dividend policy on the Company's or the Fund Group's future cash flows; capital project funding; equity capital requirements; the Fund Group's credit ratings and credit metrics; future cash flows and ACFFO; dividends or distributions; and cash taxes.

Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements. These factors are relevant to all forward-looking statements as they may impact current and future levels of demand for the Fund Group's services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which the Company and the Fund Group operate and may impact levels of demand for the Fund Group's services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty, particularly with respect to cash flow, ACFFO, dividends and distributions, debt to EBITDA levels and credit metrics.

The Company's and the Fund Group's forward-looking statements are subject to risks and uncertainties pertaining to future cash flow, ACFFO and dividends; distribution coverage; credit metrics; equity capital requirements; operating performance; regulatory parameters; project approval, construction and support; cost savings; weather; economic and competitive conditions; public opinion; changes in tax laws and tax rates; exchange rates; interest rates; commodity prices; hedging activities; political decisions; and supply of and demand for commodities, including but not limited to those risks and uncertainties discussed in this news release and in the Company's and the Fund Group's other filings with Canadian securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and the Company's or the Fund Group's future course of action depends on management's assessment of all information available at the relevant time.

Except to the extent required by applicable law, the Company and the Fund Group assume no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to the Company or the Fund Group or persons acting on the Company's or the Fund Group's behalf, are expressly qualified in their entirety by these cautionary statements.

ABOUT ENBRIDGE INCOME FUND HOLDINGS INC.

Enbridge Income Fund Holdings Inc., through its investment in the Fund, indirectly holds high quality, low-risk energy infrastructure assets. The Fund's assets consist of a portfolio of Canadian liquids transportation and storage businesses, including the Canadian Mainline, the Regional Oil Sands System, the Canadian segment of the Southern Lights Pipeline, Class A units entitling the holder to receive defined cash flows from the United States segment of the Southern Lights Pipeline, a 50 percent interest in the Alliance Pipeline, which transports natural gas from Canada to the United States, and interests in more than 1,400 megawatts of renewable and alternative power generation assets. Enbridge Income Fund Holdings Inc. is a publicly traded corporation on the Toronto stock exchange under the symbol ENF; information about the Company is available on the Company's website at www.enbridgeincomefund.com.

Contacts:
Media
Suzanne Wilton
(403) 231-7385 or Toll Free: (888) 992-0997
Email: suzanne.wilton@enbridge.com

Investment Community
Adam McKnight
(403) 266-7922 or Toll Free: (800) 481-2804
Email: adam.mcknight@enbridge.com

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