<SEC-DOCUMENT>0001193125-15-228238.txt : 20150619
<SEC-HEADER>0001193125-15-228238.hdr.sgml : 20150619
<ACCEPTANCE-DATETIME>20150619111053
ACCESSION NUMBER:		0001193125-15-228238
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150619
FILED AS OF DATE:		20150619
DATE AS OF CHANGE:		20150619

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENBRIDGE INC
		CENTRAL INDEX KEY:			0000895728
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15254
		FILM NUMBER:		15941648

	BUSINESS ADDRESS:	
		STREET 1:		3000 425 - 1ST STREET SW
		CITY:			CALGARY ALBERTA CANA
		STATE:			A0
		ZIP:			T2P 3L8
		BUSINESS PHONE:		4032313900

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IPL ENERGY INC
		DATE OF NAME CHANGE:	19940616

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERPROVINCIAL PIPE LINE SYSTEM INC
		DATE OF NAME CHANGE:	19930108
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d945786d6k.htm
<DESCRIPTION>FORM 6-K
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<TITLE>Form 6-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 6-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of Foreign Issuer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule 13a-16 or 15d-16 of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dated June&nbsp;19, 2015 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission file number 001-15254 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>ENBRIDGE INC.
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as specified in its charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>None</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3000, 425 &#150; 1<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> Street S.W. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calgary, Alberta, Canada T2P 3L8 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices and postal code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(403) 231-3900 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrants telephone number, including area code) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether
the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form&nbsp;20-F&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#254;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the Registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#254;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the Registrant is
submitting the Form 6-K in paper as permitted by regulation S-T Rule 101(b)(7): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#254;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the Registrant by
furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#254;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If &#147;Yes&#148; is marked, indicate below the
file number assigned to the Registrant in connection with Rule 12g3-2(b): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">N/A </P>
<P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENTS ON FORM
S-8 (FILE NO. 333-145236, 333-127265, 333-13456, 333-97305 AND 333-6436), FORM F-3 (FILE NO. 333-185591 AND 33-77022) AND FORM F-10 (FILE NO. 333-198566) OF ENBRIDGE INC. AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE
EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following documents are being submitted herewith: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Press Release dated June&nbsp;19, 2015 </TD></TR></TABLE> <P STYLE="margin-top:22pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ENBRIDGE INC.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Registrant)</P></TD></TR>
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<TD VALIGN="top">Date: June 19, 2015</TD>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ &#147;Tyler W. Robinson&#148;</TD></TR>
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<TD VALIGN="top">Tyler W. Robinson</TD></TR>
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<TD VALIGN="bottom">Vice President &amp; Corporate Secretary</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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<IMG SRC="g945786g82p57.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NEWS RELEASE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Enbridge Reaches Agreement to Transfer Canadian Liquids Pipelines Business and Renewable Energy Assets to Enbridge Income Fund for $30.4 billion Plus
Incentive/Performance Rights </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"><B>$30.4 billion transfer of the Canadian Mainline, the Regional Oil Sands System and Canadian renewable energy assets to Enbridge Income Fund </B></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><B>Transaction supports higher dividend payout and positions Enbridge to extend its industry leading growth rate beyond 2018 </B></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><B>Available Cash Flow from Operations growth expected to average approximately 18 percent from 2014 to 2018 </B></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><B>33 percent dividend per share growth in 2015, as previously announced </B></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"><B>14 to 16 percent expected annual average dividend per share growth from 2016 to 2018 </B></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Transformation of Enbridge Income Fund Holdings to a premier Liquids Pipelines investment vehicle in Canada </B></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Enbridge to remain as manager and operator of transferred assets </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>*Conference call information is
contained at the end of this release. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CALGARY, ALBERTA &#150; June&nbsp;19, 2015 &#151;</B> Enbridge Inc. (TSX:ENB) (NYSE:ENB) (Enbridge or the
Company) has reached agreement with Enbridge Income Fund (the Fund) to transfer its Canadian Liquids Pipelines Business, held by Enbridge Pipelines Inc. (EPI) and Enbridge Pipelines Athabasca Inc. (EPA), and certain Canadian renewable energy assets
to the Fund for consideration payable at closing valued at $30.4 billion (the Transaction). The Transaction is subject to customary regulatory approvals and closing conditions, as well as a vote of the public shareholders of Enbridge Income Fund
Holdings Inc. (TSX: ENF) (ENF), which is expected to occur in August 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Transaction is a key component of Enbridge&#146;s Financial Strategy
Optimization introduced in December of last year which included an increase in the Company&#146;s targeted dividend payout. It advances the Company&#146;s sponsored vehicle strategy and supports Enbridge&#146;s previously announced 33 percent
dividend increase in 2015 and expected annual average dividend per share (DPS) growth of 14 to 16 percent from 2016 through to 2018. It also positions Enbridge to extend its industry leading DPS growth beyond 2018. The Transaction is expected to
provide Enbridge with an alternate source of funding for its enterprise wide growth initiatives and enhance its competitiveness for new organic growth opportunities and asset acquisitions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In conjunction with the execution of the Transaction, Enbridge will commence employing supplemental cash flow
metrics as part of its normal course quarterly reporting of financial performance and in its guidance. Among other measures, management also expects to utilize available cash flow from operations (ACFFO), as defined under Non-GAAP Measures below, to
assess the performance of its base business and expected growth program as well as its dividend outlook. ACFFO is currently expected to grow at a compound average annual rate of approximately 18 percent from 2014 to 2018 (the Company&#146;s current
long-range planning horizon), inclusive of the impacts of the Transaction. Going forward, the Company will express its dividend payout range as a percentage of ACFFO rather than adjusted earnings. The target dividend payout policy range will be 40
to 50 percent of ACFFO, which is approximately equivalent to the previous payout range of 75 to 85 percent of adjusted earnings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Transaction will
significantly increase the Fund&#146;s scale and scope and create a transparent source of long-term growth driven by the $15 billion low risk, commercially secured growth program embedded within the transferred business, $2 billion of which is
already in service. ENF&#146;s dividend is expected to be increased by approximately 10 percent on closing and by an expected further 10 percent at the beginning of 2016 and each year thereafter through 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We are very pleased to have reached an agreement with the Fund on what we believe is truly a win-win transaction for shareholders of both Enbridge and
Enbridge Income Fund Holdings,&#148; said Al Monaco, President and Chief Executive Officer, Enbridge Inc. &#147;For Enbridge, this Transaction and our previously announced increase in dividend payout enhances the value of our existing assets and
industry leading $44 billion capital program. Strategically, we believe the Transaction should allow us to further improve our competitiveness to capture new investment opportunities and position Enbridge to deliver industry leading growth beyond
2018. The change to our structure is expected to generate even greater shareholder value from our business plan by reducing our overall cost of equity capital, allowing us to accelerate dividend growth and further diversify our sources of funding.
Adopting an ACFFO reporting metric and guidance will more clearly convey the compelling cash flow and dividend growth that we expect our reliable business model will generate through the current planning horizon and beyond. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;For the Fund, the Transaction will be transformational,&#148; said Mr.&nbsp;Monaco. &#147;It will provide greater asset scale and more visible sources
of low risk growth and we believe it will position the Fund as the premier liquids pipelines vehicle in Canada. The combination of asset quality, visible growth and superior dividend growth helps establish ENF and the Fund as highly effective and
sustainable sources of equity and debt capital.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consideration </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consideration payable at closing valued at approximately $30.4 billion (based on ENF 20-day volume weighted average price (VWAP) of $35.44 per common share
as at June&nbsp;18, 2015) will be subject to customary closing adjustments and represents a valuation multiple of 13.8 times the 2015 EBITDA (second half annualized) projected to be generated by the transferred assets. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The consideration that Enbridge will receive upon closing will be $18.7 billion of units in the Fund structure,
comprised of $3 billion of Fund units and $15.7 billion of equity units of Enbridge Income Partners L.P. (EIPLP), currently an indirect subsidiary of the Fund. The Fund will also assume debt of EPI and EPA of $11.7 billion. In addition, a portion of
Enbridge&#146;s Transaction consideration is expected to be received over time in the form of units which carry Temporary Performance Distribution Rights (TPDR) as described more fully below. 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 as more
fully described below). These growing cash flows attributable to Enbridge in the latter years of the Company&#146;s five year planning horizon and beyond are expected to help sustain strong ongoing dividend growth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enbridge will continue to earn from the Fund a base incentive through Management Fees and Incentive Distribution Rights which entitle it to receive 25 percent
of the pre-incentive distributable cash flow above a base distribution threshold of $1.295 per unit, adjusted for a tax factor (unchanged from the current incentive sharing formula). In addition, Enbridge will receive the TPDR, a payment equivalent
to 33 percent of pre-incentive distributable cash flow above the base distribution of $1.295 per unit. The TPDR will be paid in the form of Class D units of EIPLP and will be issued each month until the later of the end of 2020 or 12 months after
the Canadian Line 3 Replacement Program enters service. The Class D unit holders will receive a distribution each month equal to the per unit amount paid on Class C units of EIPLP, but to be paid in kind in additional Class D units. Each Class D
unit is convertible into a cash paying Class C unit of EIPLP on the fourth anniversary of the year of its issuance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund units and equity units of
EIPLP (excluding Class D units) will pay a per unit cash distribution equivalent to the per unit cash distribution that the Fund pays on its units held by ENF. The Fund units, EIPLP equity units and existing preferred units of Enbridge Commercial
Trust (ECT) also include an exchange right whereby they may be converted into common shares of ENF. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Financial Outlook </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Transaction is expected to be accretive to adjusted earnings per share (EPS) by approximately 2 percent. The expected accretion reflects the benefits of
growing incentive fees to Enbridge and reduced equity funding requirements at Enbridge of approximately $3 billion, the amount of external equity capital expected to be raised by ENF through 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The impact of the Transaction on adjusted EPS is lower than the 10 percent accretion previously announced. The original proposal contemplated that preference
units would form part of the consideration paid to Enbridge; however, the terms were amended upon finalization of the transaction to replace such preference units with common units. As a result of this change, the earnings attributable to Enbridge
will be lower than originally anticipated as its equity interest arising from this transaction will no longer have a priority claim on the net assets of the Fund upon liquidation. The change impacts earnings but does not result in a change to the
parties&#146; cash flow entitlements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on the Company&#146;s current long range plan and after taking into account the impact of the Transaction,
the Company anticipates annual average adjusted EPS growth of between 10 percent and 12 percent through 2018 and expected annual average DPS growth of 14 to 16 percent from 2016 through to 2018. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Financing Plan </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To acquire an increasing ownership
interest in the Fund, the financing plan contemplates the issuance by ENF of $600 million to $800 million of public equity per year in one or more tranches through 2018 to fund an increasing investment in the Canadian Liquids Pipelines Business. In
total, Enbridge expects approximately $3 billion of its forecasted future equity requirements will be satisfied through ENF through 2018. Enbridge has agreed to backstop the equity funding required by ENF to undertake the growth program embedded in
the assets it will acquire in the Transaction. The amount of public equity issued by ENF will be adjusted as necessary to match its capacity to raise equity funding on favourable terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At the time the Transaction was originally proposed in December 2014, Enbridge announced that it was considering the potential to allow certain of its note
holders to exchange a portion of their Canadian dollar denominated Enbridge term notes for Canadian dollar denominated term debt of the Fund. After further consideration, including feedback from investors, financial advisors and credit rating
agencies, the Company has concluded that it will not offer the contemplated debt exchange. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Development Opportunities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Canadian Liquids Pipelines Business is expected to have future organic growth opportunities beyond the current inventory of secured projects. The Fund will
have a first right to execute any such projects that fall within the footprint of the Canadian Liquids Pipelines Business. Should the Fund choose not to proceed with a specific growth opportunity, Enbridge may pursue such opportunity. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ownership </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon closing of the Transaction,
Enbridge&#146;s overall economic interest in the Fund, including all of its direct and indirect interests in the Fund group structure, is expected to be approximately 90 percent. As ENF executes its expected financing plan and increases its
ownership in the Fund over time, Enbridge&#146;s economic interest is expected to decline to approximately 80 percent by the end of 2018. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fund
Governance </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enbridge will continue to act as the manager of the Fund and operator and commercial developer of the Canadian Liquids Pipelines Business.
This will ensure continuity of management and operational expertise, with an ongoing commitment to the safe and reliable operation of the system. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of its significant ownership interest, Enbridge will have the right to appoint a majority of the
Trustees of the Board of ECT for as long as the Company holds a majority economic interest in the Fund group structure. A formal conflicts committee will be established to review material transactions and arrangements involving Enbridge or its Fund
group affiliates. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Special Committee Process </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To
conduct its assessment of the Transaction, the Fund and ENF were represented by a joint special committee of independent directors of ENF and independent trustees of ECT, supported by independent financial, technical and legal advisors. The joint
special committee recommended the Transaction and the Boards of ECT and ENF have approved the terms and the ENF Board has recommended that ENF shareholders vote in favour of the transaction at ENF&#146;s special meeting of shareholders expected to
occur in August 2015. BMO Nesbitt Burns Inc. and Norton Rose Fulbright Canada LLP acted as advisors to ENF and the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RBC Capital Markets acted as
financial advisor to Enbridge. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Closing Conditions and Timeline </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Transaction is subject to receipt of customary regulatory approvals and a vote of ENF shareholders, which is expected to occur in August 2015, with closing
expected to follow shortly thereafter. Required approvals include Toronto Stock Exchange, Competition Bureau and Transport Canada. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enbridge has obtained
exemptive relief from the Ontario Securities Commission from requirements to obtain a formal valuation and to obtain approval from its minority shareholders in connection with the Transaction. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Summary Terms </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>Assets and<BR>Growth&nbsp;Projects<BR>Transferred</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Canadian Liquids Pipelines Business, comprised of the
Canadian Liquids Pipelines Mainline System held through EPI, the Regional Oil Sands System held by EPA, re-contracting and development rights for the Hardisty crude oil storage assets and the residual interest in the Canadian portion of the Southern
Lights Pipeline.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewable assets comprised of the Massif du Sud, Lac Alfred and Saint Robert
Bellarmin wind projects in Quebec and the Blackspring Ridge wind project in Alberta.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15 billion program of commercially secured growth projects, $2 billion of
which is already in service</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Canadian Mainline</U> &#150; Eastern Access, Canadian Mainline Expansion,
Canadian Mainline System Terminal Flexibility and Connectivity, Edmonton to Hardisty, Canadian Line 3 Replacement Program</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Alberta Regional</U> &#150; Norealis, Surmont, Sunday Creek, Woodland,
Regional Oilsands Optimization, Norlite, AOC Hangingstone, JACOS Hangingstone</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="86%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>EBITDA of<BR>Contributed<BR>Assets</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately $2.2 billion (second half of 2015
annualized)</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Growing thereafter as commercially secured growth projects come into
service</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>Value of<BR>Consideration</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30.4 Billion (based on ENF 20-day VWAP of $35.44 per common share as of June 18,
2015)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>Consideration</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.7 million ordinary trust units of the Fund</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443.0
million Class C Units of EIPLP (EIPLP is a limited partnership owned by the Fund which holds directly or indirectly all of the Fund&#146;s operating assets)</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumption of $11.7 billion of debt held in EPI and EPA</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund units and EIPLP Class C units are entitled to the same distribution as paid on the ECT preferred units currently held by Enbridge and on the Fund units held by ENF</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>Base Incentive</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.9 million plus 25% of pre-incentive distributable cash flow from the Fund above a
threshold of $1.295/unit adjusted for a tax factor (unchanged from current incentive sharing formula)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>Temporary<BR>Performance<BR>Distribution<BR>Right (TPDR)</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equivalent to 33% of pre-incentive distributable cash flow
from the Fund above $1.295/unit</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid to Enbridge in the form of EIPLP Class D units</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EIPLP
Class D units will pay distributions at the same rate as EIPLP Class C units; however, payment will be in the form of additional EIPLP Class D units</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All EIPLP Class D units will be convertible into cash paying EIPLP Class C
units four years after their year of issuance</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires the later of 2020 or one year post the Canadian Line 3 Replacement
Program in-service date</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>Management<BR>and&nbsp;Operations</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge will retain the employees</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge will remain as the operator of the Canadian Liquids Pipelines
Business</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge will continue to serve as the manager of the Fund</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>Governance</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECT Trustee composition amended to 7 of 11 Trustees
appointed by Enbridge so long as Enbridge holds a majority economic interest in the Fund structure</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enhanced provisions to protect public shareholders of ENF (including
establishment of a formal conflicts committee comprised of Directors independent of Enbridge Management and Board)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>Development<BR>Opportunities</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund to have first right with respect to growth opportunities within the footprint of the
existing Canadian Liquids Pipelines Business</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>Exchange&nbsp;Right</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECT preferred units, Fund units and EIPLP Class C units held by Enbridge are exchangeable for
ENF common shares</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>Funding<BR>Obligation</B></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge will have the obligation to finance the Fund&#146;s equity requirement for the
commercially secured growth projects transferred as part of this Transaction through 2020 (or to the final equity funding of the Canadian Line 3 Replacement Program) to the extent not financed by the Fund</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FORWARD-LOOKING INFORMATION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Forward-looking information, or forward-looking statements, have been included in this news release to provide information about the Company and its
subsidiaries and affiliates, including management&#146;s assessment of Enbridge and its subsidiaries&#146; future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified
by words such as &#147;anticipate&#148;, &#147;expect&#148;, &#147;project&#148;, &#147;estimate&#148;, &#147;forecast&#148;, &#147;plan&#148;, &#147;intend&#148;, &#147;target&#148;, &#147;believe&#148; and similar words suggesting future outcomes
or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to: expectations regarding, and anticipated impact of, the
Transaction; dividend payout policy and dividend payout expectations; adjusted earnings per share guidance; available cash flow from operations (ACFFO) guidance; satisfaction of closing conditions and the obtaining of consents and approvals required
to complete the Transaction; effect, results and perceived benefits of the Transaction, including with respect to the consideration to be received by the Company; expected timing and completion of the Transaction; future equity and debt offerings
and financing requirements and plans; expected future sources and costs of financing; and future growth opportunities and the allocation and impact thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although Enbridge believes 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
assumptions about: expected timing and terms of the Transaction; anticipated completion of the Transaction; adoption of the dividend policy; satisfaction of all closing conditions and receipt of regulatory, shareholder and third party consents and
approvals with respect to the Transaction; impact of the Transaction and dividend policy on the Company&#146;s future cash flows and capital project funding; impact of the Transaction and dividend policy on the Company&#146;s credit ratings;
expected earnings/(loss) or adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share; expected future cash flows and expected future ACFFO; estimated future dividends; debt and equity market conditions; expected
supply and demand for crude oil, natural gas and natural gas liquids; prices of crude oil, natural gas and natural gas liquids; expected exchange rates; inflation; interest rates; availability and price of labour and pipeline
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
construction materials; operational reliability; anticipated in-service dates and weather. Assumptions regarding the expected supply of and demand of 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 Company&#146;s
services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which the Company operates and may impact levels of demand for the Company&#146;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 expected earnings/(loss), adjusted earnings/(loss), ACFFO and associated per share amounts, or estimated future dividends. The most relevant assumptions associated with forward-looking statements on the Transaction and dividend policy, including
estimated completion date and expected future cash flows, include: expected earnings/(loss) or adjusted earnings/(loss) of the Company and the Fund; expected earnings/(loss) or adjusted earnings/(loss) per share or unit of the Company and the Fund;
expected future cash flows and ACFFO of the Company and the Fund; estimated future distributions of the Fund; expected market conditions; and the ability of ENF to access capital markets on favourable terms or at all. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enbridge&#146;s forward-looking statements are subject to risks and uncertainties pertaining to the Transaction, dividend policy, adjusted earnings guidance,
ACFFO guidance, operating performance, regulatory parameters, project approval and support, weather, economic and competitive conditions, changes in tax law and tax rate increases, exchange rates, interest rates, commodity prices and supply and
demand for commodities, including but not limited to those risks and uncertainties discussed in this news release and in the Company&#146;s other filings with Canadian and United States 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 Enbridge&#146;s future course of action depends on management&#146;s assessment of all information available at the relevant time.
Except to the extent required by applicable law, Enbridge assumes 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 Enbridge or persons acting on the Company&#146;s behalf, are expressly qualified in their entirety by these cautionary statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Readers should be cautioned that there is no assurance that the Transaction will be completed in the manner contemplated, or at all, or that the current
market conditions and the Company&#146;s assumptions and forecasts based on such market conditions will not materially change. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NON-GAAP MEASURES
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This news release contains references to adjusted earnings/(loss), which represent earnings or loss attributable to common shareholders adjusted for
unusual, non-recurring or non-operating factors. These factors, referred to as adjusting items, are reconciled and discussed in the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
financial results sections for the affected business segments in the Company&#146;s MD&amp;A. Adjusting items referred to as changes in unrealized derivative fair value gains or loss are
presented net of amounts realized on the settlement of derivative contracts during the applicable period. Management believes the presentation of adjusted earnings/(loss) provides useful information to investors and shareholders as it provides
increased transparency and predictive value. Management uses adjusted earnings/(loss) to set targets and to assess the performance of the Company. Adjusted earnings/(loss) and adjusted earnings/(loss) for each of the segments are not measures that
have a standardized meaning prescribed by accounting principles generally accepted in the United States of America (U.S. GAAP) and are not considered U.S. GAAP measures; therefore, these measures may not be comparable with similar measures presented
by other issuers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Available cash flow from operations (ACFFO) is defined as cash flow provided by operating activities before changes in operating assets
and liabilities (including changes in regulatory assets and liabilities and environmental liabilities) less distributions to noncontrolling interests and redeemable noncontrolling interests, preference share dividends and maintenance capital
expenditures, and further adjusted for unusual, non-recurring or non-operating factors. Among other measures, management uses ACFFO to assess the performance of the Company and to set its dividend payout target. ACFFO and ACFFO per share are
non-GAAP measures and do not have standardized meanings prescribed by U.S. GAAP; therefore, these measures may not be comparable with similar measures presented by other issuers. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Enbridge Inc. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Enbridge, a Canadian Company, is
a North American leader in delivering energy and has been included on the Global 100 Most Sustainable Corporations in the World ranking for the past seven years. As a transporter of energy, Enbridge operates, in Canada and the United States, the
World&#146;s longest crude oil and liquids transportation system. The Company also has significant and growing involvement in natural gas gathering, transmission and midstream businesses, and an increasing involvement in power transmission. As a
distributor of energy, Enbridge owns and operates Canada&#146;s largest natural gas distribution company and provides distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in
more than 2,200 MW (1,600 MW net) of renewable and alternative energy generating capacity and is expanding its interests in wind, solar and geothermal facilities. Enbridge employs more than 11,000 people, primarily in Canada and the United States
and is ranked as one of Canada&#146;s Top 100 Employers for 2015. Enbridge&#146;s common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit <U>www.enbridge.com</U>. None of the information
contained in, or connected to, Enbridge&#146;s website is incorporated in or otherwise part of this news release. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONFERENCE CALL </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enbridge will hold a conference call on Friday, June&nbsp;19 at 8:30 a.m. Eastern Time (6:30 a.m. Mountain Time) to discuss today&#146;s announcement.
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 40052978#. The call will be audio webcast
live at <U>http://edge.media-server.com/m/p/vnpjde2y</U>. A webcast replay and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
podcast will be available approximately two hours after the conclusion of the event and a transcript will be posted to the 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 40052978#) until June&nbsp;26, 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The conference call
will begin with presentations by the Company&#146;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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FOR FURTHER INFORMATION PLEASE CONTACT: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Graham White</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Media</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(403) 508-6563 or Toll Free: (888) 992-0997</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email:
graham.white@enbridge.com</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adam McKnight</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investment Community</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(403) 266-7922</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Email: adam.mcknight@enbridge.com</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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