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JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc.

Enbridge Income Fund Holdings Inc. · Jul 9, 2015 · 37 slides

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Slides

  1. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 1
    Enbridge Income Fund Holdings Inc. Positioned for Industry Leading Growth July 2015
  2. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 2
    3
  3. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 3
    Agreement Reached to Transfer 30.4 billion of Assets to the Fund Transformational; creating a premier energy infrastructure investment vehicle Anticipated transparent dividend growth Visible and secured growth 13 billion of growth…
  4. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 4
    Terms of Transaction - Summary Purchase price in line with previous disclosure Canadian Liquids Pipelines, Renewable Energy and Assets 13 billion embedded secured growth Aggregate Purchase Price 30.4 billion - 13.8x 2015 EBITDA…
  5. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 5
    Terms of Transaction Initial Consideration Total consideration of 30.4B Enbridge Inc. Public EPI EPA Enbridge Income 84.7 MM Fund Common units Fund Consideration Units (M) Value (B) Fund Common Units 84.7 3.0 EIPLP Class…
  6. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 6
    Terms of Transaction Details on Incentive fees TPDRs paid-in-kind defer cash payment during growth construction Existing Incentive Fee Mechanism Existing cash incentive fee continues Base incentive of 7.9 million, plus 25%1 of…
  7. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 7
    Debt Funding Upon Close of Transaction The Fund to assume 11.7 B in debt upon close ENB Term Debt Bank Credit Lines Debt Assumed (Billions) EPI Public 3.2 Fund EPI Commercial Paper* 2.0 Southern Lights Project Debt 0.4…
  8. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 8
    New Structure (Simplified) 2015 ENB will have a 92% economic interest post close Public Enbridge Inc. 80.1% 19.9% 10% 90%* Fund Fund Ownership Total Units ENB Units ENB (MM) (MM) Effective Ownership ENF 70.4 14.0 2%…
  9. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 9
    Timeline Expected to close Q3 2015 10% ENF DPS CAGR Reiterated Agreement expected Expected Timing Reached to Increased asset scale and Benefits transfer assets Independent Special Committee Process Dec 3rd March 31st…
  10. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 10
    ENF Expected DPS Growth Meaningful and visible dividend growth Previously 1% annual growth, supplemented with ad hoc drop downs Expect approximately 10% 2015 2019 CAGR Sequential investments in the Fund Participation in Canadian…
  11. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 11
    Asset Overview Canadian Liquids Pipeline Assets - Mainline Asset description Six adjacent pipelines originating in western Canada that deliver into the US system Lines 7, 8, 9, 10 and 11 that deliver into Eastern Canada and the…
  12. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 12
    Asset Overview Canadian Liquids Pipeline Assets Regional Pipelines Asset description Wood Buffalo Pipeline Waupisoo Pipeline Athabasca Pipeline Woodland Pipeline 50% Norealis Pipeline Athabasca Twin Pipeline & Expansion…
  13. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 13
    13 billion of Secured Growth Capital yet to come into Service Transparent, reliable and low-risk embedded growth capital plan Alberta Regional Woodland Pipeline Extension (50%) AOC Hangingstone Lateral 13B By in-service date…
  14. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 14
    Asset Overview Renewable Assets Initial Capacity Wind Assets Ownership In-Service Date Commercial Contracts (MW) Phase 1: Q4 2012 Lac Alfred 308 67.5% 20 Year PPA Phase 2: Q4 2013 Massif du Sud 153 80% Q1 2013 20 Year PPA…
  15. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 15
    Manageable and Flexible Go-Forward Funding Plan Trading liquidity expected to grow significantly over time Ongoing Equity Funding Annual Average Daily Trading Volumes (millions annually) Public ENB 600 - 800 150 - 200…
  16. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 16
    Magnitude of Enbridge Sponsorship Increased ENF will continue to benefit from ENB sponsorship Funding Backstop Flexibility ensures timely and effective funding of growth program Operational Expertise Continue to operate asset…
  17. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 17
    Established Value Proposition Diversified Asset Base Low Risk Business Model High Payout of Predictable Cash Flows Strong Sponsor 18
  18. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 18
    Company Snapshot Ticker Symbol: TSX: ENF Market Capitalization: 2.4 Billion Equity Capitalization: 5.8 Billion Enterprise Value*: 8.3 Billion Dividend Frequency: Monthly 2015 Annualized Dividend Per Share: 1.54 CDN Dividend…
  19. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 19
    Strong Total Shareholder Returns Total Shareholder Return 5 year ENF Midstream Peer Avg TSX Comp. June 2014 Announces 350 Dec 2012 Dec 2012 Sept 2014 agreement with ENB for the Acquires crude oil 8.0% dividend Announces 12.1%…
  20. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 20
    Diversified Asset Base Low Risk Business Model High Payout of Predictable Cash Flows Strong Sponsor
  21. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 21
    Diversified Asset Base Low risk energy infrastructure assets Natural Gas Transmission Liquids Transportation and Storage Green Power Generation 22
  22. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 22
    Liquids Transportation and Storage Strategically located Western Canadian crude oil infrastructure Pipeline Assets Capacity Saskatchewan Gathering 255 kbpd Weyburn System 47 kbpd Westspur System 255 kbpd Bakken Expansion…
  23. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 23
    Green Power One of Canadas largest suppliers of environmentally friendly power Western Assets Asset Location Capacity Interest Greenwich Wind Ontario 99 MW 100% Ontario Wind Ontario 190 MW 100% Talbot Wind Ontario 99 MW 100%…
  24. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 24
    Natural Gas Transmission Alliance Pipeline is well positioned to capture WCSB & Bakken liquids rich gas supply growth Revenue Uplift Opportunity Post 2015 1,800 1,600 1,400 1,200 1,000 800 600 400 200 - 2007 2008 2009 2010…
  25. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 25
    Diversified Asset Base Low Risk Business Model High Payout of Predictable Cash Flows Strong Sponsor
  26. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 26
    Low Risk Business Model Mitigate risk where possible Market Price Risk* Cash Available for Distribution Strong contractual support (CAFD) CAD ( million) Solid underlying fundamentals Disciplined growth Prudent financial…
  27. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 27
    Diversified Asset Base Low Risk Business Model High Payout of Predictable Cash Flows Strong Sponsor
  28. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 28
    Strong Dividend Growth Long term dividend growth exceeding plan 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Taxable Distribution paid by Enbridge Income Fund prior…
  29. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 29
    Diversified Asset Base Low Risk Business Model High Payout of Predictable Cash Flows Strong Sponsor
  30. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 30
    Strong Sponsorship ENF benefits from the sponsorship of Enbridge Inc. Strategic Alignment Operational Expertise Asset operations Risk management systems and processes Project development costs and construction management…
  31. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 31
    Contact Information: Allison Morley, Investor Relations Phone: (587) 955-2837 Email: allison.morleyenbridge.com http://www.enbridgeincomefund.com 32
  32. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 32
    Appendix
  33. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 33
    Current Asset Base Contract Profile Revenue generation models reinforce stability of cash flows Business Current Revenue Primary Contract Term Throughput Capacity Segment Generation Model* Expiry Fixed Price Green Power 530…
  34. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 34
    Natural Gas Transmission 100% of targeted capacity has been re-contracted CDN + US 5-year 5-year New Services Offering is an attractive /MCF CDN at PAR Current 2013 New Firm Receipt Service - Z1 to ATP 0.42 0.42 market-focused…
  35. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 35
    Growing Liquidity Acquisitions and project related financing have increased trading liquidity and access to capital Active Publicly Traded Common Shares Long-term Outstanding Debt Debt* Term 3.0 2.5 200,000 Avg. Daily…
  36. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 36
    Strong Sell Side Support ENF 12-Month target prices and recommendations Broker/Analyst Current Target Price Recommendation AltaCorp Capital, Dirk Lever 40.00 Hold BMO Capital Markets, Carl L. Kirst Research Restricted CIBC World…
  37. JULY 2015 INVESTOR PRESENTATION – Enbridge Income Fund Holdings Inc. – slide 37
    15 billion in Secured Growth Capital; 2 billion In Service Transparent, reliable and low-risk embedded growth capital plan Alberta Regional Capital Spend In Service Date Norealis Pipeline 0.5 In service Surmont Phase 2 Expansion 0.3…

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