Enbridge Income Fund
TSX : ENF.UN

Enbridge Income Fund

July 27, 2009 18:10 ET

Enbridge Income Fund Announces Second Quarter Results

CALGARY, ALBERTA--(Marketwire - July 27, 2009) - Enbridge Income Fund (TSX:ENF.UN) (the Fund) announced today earnings of $3.4 million, or $0.10 per unit, for the three months ended June 30, 2009. Earnings for the three-month period ending June 30, 2008 were $4.6 million or $0.13 per unit. Cash available for distribution for the three and six-month periods ended June 30, 2009 was $23.7 million and $46.2 million, respectively, compared with $28.8 million and $46.4 million in the corresponding periods of 2008. The $5.1 million decrease in cash available for distribution in the three months ended June 30, 2009 compared with the same period of the prior year reflected the $6.1 million received from Alliance Canada in the second quarter of 2008 in respect of the Calpine Energy Services Canada Partnership (CESCA) bankruptcy settlement. The offsetting increase of $1.0 million in cash available for distribution is mainly due to growth in the Saskatchewan System and the Green Power segment.

"The Fund's core assets delivered steady results in the second quarter of 2009, sustaining earnings and cashflows and, in turn, our monthly cash distributions to unitholders," said Jim Schultz, President of Enbridge Management Services Inc., the Administrator of the Fund.

"The Fund continued to make strong progress on its organic growth initiatives, including finalizing scope of the Phase II of the Saskatchewan System expansion. Pending National Energy Board approval, we anticipate beginning construction in the third quarter 2009 and bringing much-needed new capacity out of the Bakken play into service in 2010," said Mr. Schultz. "We are also encouraged by the positive response Alliance Canada has received this month to its open seasons for new receipt capacity along the Alliance pipeline and a new delivery service into Canadian markets."

Mr. Schultz concluded, "The strategic positioning of our crude oil assets in the Bakken, combined with Alliance Pipeline's proximity to shale gas plays in Northeastern British Columbia, provide the Fund with significant organic growth opportunities. Based on secured expansion initiatives only, the Fund expects to maintain distributions at the current level beyond 2011 despite the implementation of the SIFT Tax. Continued success in the development of organic growth projects should provide opportunity to increase distributions in the future."

During the six months ended June 30, 2009, the Fund declared monthly cash distributions of $0.096 per unit, and distributions in the same amount per unit were declared on the Enbridge Commercial Trust (ECT) preferred units. The Fund pays cash distributions on a monthly basis to unitholders of record on the last business day of each month. Distributions are payable on or about the 15th day of the month following the declaration. Cash distributions paid to trust unitholders for the three and six months ended June 30, 2009 were $9.9 million and $19.6 million (2008 - $9.4 million and $17.7 million), respectively.

Based on current operations, the Fund estimates that approximately 80% of cash to be distributed in 2009 will be included in the income of unitholders for income tax purposes. The remaining 20% of cash distributed to unitholders represents a non-taxable return of capital.

FORWARD LOOKING INFORMATION

In the interest of providing the Fund's unitholders and potential investors with information about the Fund and its subsidiaries, including management's assessment of the Fund's and its subsidiaries' future plans and operations, certain information provided in this News Release constitutes forward-looking statements or information (collectively, "forward-looking statements"). Forward-looking statements are 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 the Fund believes that these forward-looking statements are reasonable based on the information available on the date such statements are made, 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.

The Fund's forward-looking statements are subject to risks and uncertainties pertaining to operating performance, regulatory parameters, weather, economic conditions and commodity prices, including but not limited to those risks and uncertainties discussed in this News Release and in the Fund'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 Fund's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by law, the Fund 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 the Fund or persons acting on the Fund's behalf, are expressly qualified in their entirety by these cautionary statements.

NON-GAAP MEASURES

This News Release contains references to cash available for distribution. Cash available for distribution represents cash available to fund distributions on trust units and ECT preferred units as well as for debt repayments and reserves. This measure is important to unitholders as the Fund's objective is to provide a predictable flow of distributable cash to unitholders. Please refer to Cash Available for Distribution reconciliation on page 5. Cash available for distribution is not a measure that has standardized meaning prescribed by Canadian Generally Accepted Accounting Principles (GAAP) and is not considered a GAAP measure. Therefore, this measure may not be comparable with similar measures presented by other issuers.



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SELECTED OPERATING AND FINANCIAL HIGHLIGHTS(1)
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Three months ended Six months ended
June 30, June 30,
------------------------------------------
(millions of dollars except where
otherwise noted) 2009 2008 2009 2008
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Average Daily Throughput Volume
Alliance Canada (millions of cubic
feet per day) 1,587.0 1,623.0 1,638.0 1,654.0
Saskatchewan System(2) (thousands of
barrels per day)
Westspur System 186.8 163.9 193.2 159.2
Saskatchewan Gathering System 131.2 118.4 134.4 115.4
Weyburn System 36.1 34.4 35.6 34.7
Virden System 16.7 26.8 18.0 29.6
Green Power(3) (thousands of megawatt
hours produced) 89.3 66.8 185.5 145.7

Revenues 77.3 72.4 152.0 141.1

Earnings 3.4 4.6 6.7 12.2
Per Unit (dollars per unit) 0.10 0.13 0.19 0.35

Cash Provided by Operating Activities 3.3 13.2 39.8 57.5
Cash Available for Distribution(4) 23.7 28.8 46.2 46.4
Cash Distributions Declared 20.9 20.1 41.8 37.5

Cash Distributions Declared Per Unit
(dollars per unit)
Trust Units 0.2880 0.2760 0.5760 0.5160
ECT Preferred Units 0.2880 0.2760 0.5760 0.5160

Total Long-Term Liabilities 1,496.7 1,505.7

Total Assets 1,918.0 1,849.2

ECT Preferred Units (number of units) 38,023,750 38,023,750

Trust Units (number of units) 34,625,000 34,625,000
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(1) Financial Highlights have been extracted from financial statements
prepared in accordance with GAAP.
(2) Totals are not presented as the same volumes can be transported through
a combination of the pipelines comprising the Saskatchewan System.
(3) NRGreen's Loreburn, Estlin and Alameda waste heat recovery facilities
began operations in May, July and November of 2008, respectively.
(4) See Non-GAAP Measures.


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CONSOLIDATED EARNINGS
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Three months ended Six months ended
June 30, June 30,
-----------------------------------------
(millions of dollars) 2009 2008 2009 2008
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Alliance Canada 14.6 14.3 29.1 35.0
Saskatchewan System 4.8 5.5 9.0 9.3
Green Power 0.9 0.1 2.7 0.1
Corporate (16.9) (15.3) (34.1) (32.2)
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Earnings 3.4 4.6 6.7 12.2
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- Alliance Canada earnings for the six months ended June 30, 2009 have decreased by $5.9 million from the prior year comparable period primarily due to the CESCA bankruptcy settlement received in the six months ended June 30, 2008 in respect of CESCA's repudiated capacity commitment. The final settlement, together with accrued interest, resulted in the recognition of $6.1 million in earnings for Alliance Canada in the first half of 2008. The associated tax effect of $1.7 million is included in the Corporate segment for the six months ended June 30, 2008. After removing the impact of the CESCA settlement from the prior year, earnings have increased by $0.2 million in the first six months of 2009. This $0.2 million increase and the $0.3 million increase in earnings in the second quarter of 2009 compared with the prior year corresponding period are both a result of higher allowance for income taxes included in toll revenue offset by a lower return on equity resulting from Alliance Canada's depreciating investment base. The rate used to calculate the equity return is not expected to change; however, the investment base upon which the equity return is calculated will change over time due to depreciation as well as new capital expenditures.

- For both the three and six-month periods ended June 30, 2009, earnings were positively impacted by growth in the rate base resulting from the expansion of the Westspur System, in service June 2008, and from new customer connections on the Saskatchewan Gathering System, offset by lower earnings contributions from allowance oil sales on the Virden and Weyburn Systems. Allowance oil sales for the Virden and Weyburn Systems have been impacted by decreased commodity prices as well as the timing of sales. Additionally, the Virden System had experienced higher than usual throughputs in the prior year due to capacity restrictions on the Westspur System which was under-going an expansion.

- Higher earnings in Green Power reflected the fact that NRGreen had four waste heat facilities operating during the first six months of 2009, whereas only two facilities were in service during the first half of 2008. The increased earnings associated with the operation of additional waste heat facilities are partially offset by higher interest expense in this segment related to NRGreen's credit facility, which was first drawn upon in March 2008. Additionally, Green Power earnings for the six months ended June 30, 2009 have increased from the prior year comparable period primarily due to a $1.3 million unrealized non-cash gain (2008 - a loss of $0.9 million) on derivative instruments used to mitigate cash-flow fluctuations related to revenue generated by the wind power projects. The unrealized non-cash gain on derivative instruments for the three months ended June 30, 2009 was $0.3 million (2008 - a loss of $0.2 million).

- Corporate costs incurred in the three and six months ended June 30, 2009 were higher than the corresponding period of 2008. The monthly distribution increases made in 2008 and in 2009 resulted in higher ECT preferred unit distributions and higher incentive fees in the current year. These increases are offset by lower current taxes in both the three and six months ended June 30, 2009 than in the prior year comparable period due to the CESCA claim settlement in 2008, as well as reduced interest expense resulting from lower interest rates on credit facilities.



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CASH AVAILABLE FOR DISTRIBUTION(1)
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Three months Six months
ended June 30, ended June 30,
------------------------------------
(millions of dollars) 2009 2008 2009 2008
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Cash Provided by Operating Activities 3.3 13.2 39.8 57.5
Add/(Deduct):
ECT preferred unit distributions(2) 10.9 10.5 21.9 19.6
Alliance Canada maintenance capital
expenditures(3) (0.6) (0.6) (1.1) (2.4)
Alliance Canada debt repayments(4) (15.5) (14.2) (15.5) (14.2)
Alliance Canada other cash
(retained)/distributed(5) 4.6 12.1 (6.5) (5.9)
Green Power cash
(retained)/distributed(5) (0.3) (2.0) (0.8) (2.0)
Saskatchewan System maintenance capital
expenditures(3) (0.6) (0.7) (1.0) (1.1)
Change in operating assets and
liabilities in the period(6) 21.9 10.5 9.4 (5.1)
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Cash Available for Distribution(1) 23.7 28.8 46.2 46.4
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Cash Available for Distribution is
comprised of the following:
Alliance Canada distributions 17.8 23.8 35.7 40.6
Alliance Canada capital tax - (0.1) - (0.1)
Saskatchewan System operating income
before depreciation, amortization and
accretion 9.6 9.3 18.7 16.7
Saskatchewan System maintenance capital
expenditures (0.6) (0.7) (1.0) (1.1)
Green Power distributions 1.6 0.9 2.5 1.8
Corporate management and administrative
expense (2.3) (1.7) (4.6) (2.9)
Corporate other income - - 0.1 0.1
Corporate interest expense (2.4) (2.8) (5.1) (5.9)
Corporate current taxes - 0.1 (0.1) (2.8)
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Cash Available for Distribution(1) 23.7 28.8 46.2 46.4
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ECT Preferred Unit Distributions
Declared 10.95 10.50 21.90 19.60
Trust Unit Distributions Declared 9.97 9.60 19.94 17.90
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Cash Distributions Declared 20.92 20.10 41.84 37.50
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(1) See Non-GAAP Measures.
(2) The cash available for distribution above is compared to the total
distributions, including ECT preferred unit distributions. Since ECT
preferred units are treated as debt under GAAP with distributions
deducted from earnings, the ECT preferred unit distributions have been
added back to the cash provided from operating activities.
(3) Maintenance capital expenditures reduce cash available for distribution
since these expenditures are funded through cash from operations.
(4) Debt repayments in Alliance Canada are deducted from cash from
operations in deriving cash available for distribution because they are
funded from cash from Alliance Canada's operations.
(5) The cash retained or distributed by Alliance Canada and Green Power
reflects the cash from operations of these segments that has not been
distributed to the Fund or distributions in excess of cash earnings in
the period. While this cash from operations is proportionately
consolidated and included in the Fund's cash provided by operating
activities, it is not available for distribution by the Fund until it
has been received from Alliance Canada and the Green Power segment.
Cash retained by Alliance Canada and Green Power includes debt service
reserves, capital expenditures and other cash needed to fund working
capital or other requirements of these segments.
(6) Change in operating assets and liabilities in the period reflect changes
in non-cash working capital related to operating activities. The change
has been added back to cash available for distribution since
fluctuations in working capital are expected each period and are not
indicative of changes in cash available to be distributed.


Cash available for distribution represents cash available to fund distributions on trust units and ECT preferred units, as well as for debt repayments and reserves.

For the three and six-month periods ended June 30, 2009, cash distributions declared represented 88.2% (2008 - 69.8%) and 90.5% (2008 - 80.8%) of cash available for distribution, respectively. The lower 2008 distribution payout rates reflected the CESCA bankruptcy settlement received in 2008. Excluding the cash received from the CESCA settlement in the second quarter of 2008, the ratio of distributions declared to cash available for distribution for the three and six-month periods ended June 30, 2008 was 90.5% and 90.4%, respectively.

Enbridge Income Fund is an unincorporated, open-ended trust created to provide a stable and sustainable flow of distributable cash to unitholders. The Fund is a premier income fund in Canada with a low-risk profile focused on energy infrastructure assets. Its assets include a 50% interest in the Canadian segment of the Alliance Pipeline, a 100% interest in the various pipelines comprising the Saskatchewan System, and 50% interest in each of NRGreen Limited Partnership and the SunBridge wind project as well as a 33% interest in each of the Magrath and Chin Chute wind projects. Information about Enbridge Income Fund, including the interim consolidated financial statements and MD&A, is available on the Fund's web site at www.enbridgeincomefund.com.



ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF EARNINGS
Three months ended Six months ended
June 30, June 30,
----------------------------------------
(unaudited; millions of Canadian
dollars, except per unit amounts) 2009 2008 2009 2008
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Revenue 77.3 72.4 152.0 141.1

Expenses
Operating and maintenance 24.1 21.5 45.7 39.6
Management and administrative 2.3 1.7 4.6 2.9
Depreciation and amortization 22.6 20.7 45.1 41.5
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49.0 43.9 95.4 84.0
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28.3 28.5 56.6 57.1
Other Income and Expense 0.3 0.4 0.8 6.9
Interest Expense (14.2) (14.6) (28.4) (30.4)
ECT Preferred Unit Distributions (10.9) (10.5) (21.9) (19.6)
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3.5 3.8 7.1 14.0
Income Tax Recovery/(Expense) (0.1) 0.8 (0.4) (1.8)
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Earnings 3.4 4.6 6.7 12.2
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Earnings per Trust Unit
Basic and Diluted 0.10 0.13 0.19 0.35
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ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three months ended Six months ended
June 30, June 30,
----------------------------------------
(unaudited; millions of Canadian
dollars) 2009 2008 2009 2008
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Earnings 3.4 4.6 6.7 12.2
Other Comprehensive Income/(Loss)
Change in unrealized fair value on cash
flow hedges, net of tax (2.3) (0.9) 2.3 (4.8)
Reclassification of realized
losses/(gains) on cash flow
hedges to earnings, net of tax (0.3) 0.4 (0.3) 0.9
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(2.6) (0.5) 2.0 (3.9)
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Comprehensive Income 0.8 4.1 8.7 8.3
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ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF UNITHOLDERS' EQUITY
Six months ended
June 30,
----------------------
(unaudited; millions of Canadian dollars) 2009 2008
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Trust Units 333.4 333.4
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Deficit, Beginning of Period (61.9) (48.1)
Earnings 6.7 12.2
Distributions to unitholders (19.9) (17.9)
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Deficit, End of Period (75.1) (53.8)
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Accumulated Other Comprehensive Loss, Beginning of
Period (9.6) (6.2)
Other comprehensive income/(loss), net of tax 2.0 (3.9)
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Accumulated Other Comprehensive Loss, End of Period (7.6) (10.1)
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Total Unitholders' Equity 250.7 269.5
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ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended Six months ended
June 30, June 30,
----------------------------------------
(unaudited; millions of Canadian
dollars) 2009 2008 2009 2008
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Operating Activities
Earnings 3.4 4.6 6.7 12.2
Charges/(credits) not affecting cash
Depreciation and amortization 22.6 20.7 45.1 41.5
Amortization of deferred financing
charges 0.5 0.3 0.9 0.8
Amortization of fair value increment
on long-term debt (1.1) (1.3) (2.3) (2.6)
Future income taxes 0.5 (0.7) 0.3 (1.1)
Other (0.7) 0.1 (1.5) 1.6
Changes in operating assets and
liabilities
Change in accounts receivable and
other (4.2) 1.0 (1.9) 0.8
Change in accounts payable and accrued
liabilities (18.8) (7.9) (7.2) 5.0
Change in deferred amounts and other
assets 0.2 (5.6) (2.3) (7.8)
Change in long-term liabilities 0.9 2.0 2.0 7.1
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3.3 13.2 39.8 57.5
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Investing Activities
Additions to property, plant and
equipment (2.3) (14.9) (6.0) (25.6)
Additions to intangible assets - (0.1) (0.2) (0.3)
Change in construction payable (7.4) (2.9) (7.5) (4.6)
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(9.7) (17.9) (13.7) (30.5)
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Financing Activities
Net change in long-term credit
facility 14.0 (1.0) 3.5 (19.0)
Net change in non-recourse credit
facility 3.1 7.0 (3.8) 22.8
Repayment of non-recourse long-term
debt (15.5) (14.4) (15.5) (14.4)
Trust unit distributions (9.9) (9.4) (19.6) (17.7)
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(8.3) (17.8) (35.4) (28.3)
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Decrease in Cash and Cash Equivalents (14.7) (22.5) (9.3) (1.3)
Cash and Cash Equivalents, Beginning of
Period 22.7 35.9 17.3 14.7
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Cash and Cash Equivalents, End of
Period 8.0 13.4 8.0 13.4
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Cash and Cash Equivalents 4.9 8.9
Cash and Cash Equivalents in Trust 3.1 4.5
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8.0 13.4
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ENBRIDGE INCOME FUND
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
June 30, December 31,
(unaudited; millions of Canadian dollars) 2009 2008
----------------------------------------------------------------------------

Assets
Current Assets
Cash and cash equivalents 8.0 17.3
Accounts receivable and other 40.7 38.8
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48.7 56.1
Property, Plant and Equipment 1,269.1 1,304.1
Intangible Assets 92.4 95.7
Goodwill 308.1 308.1
Deferred Amounts and Other Assets 196.4 90.7
Future Income Taxes 3.3 3.5
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1,918.0 1,858.2
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Liabilities and Unitholders' Equity
Current Liabilities
Accounts payable and accrued liabilities 34.9 49.6
Distributions payable 3.3 3.0
Current portion of long-term debt 100.0 100.0
Current portion of non-recourse long-term debt 32.4 30.9
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170.6 183.5
Long-Term Debt 183.0 178.8
Non-Recourse Long-Term Debt 741.8 764.7
ECT Preferred Units 380.2 380.2
Long-Term Liabilities 15.9 18.3
Asset Retirement Obligations 12.0 10.9
Future Income Taxes 163.8 59.9
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1,667.3 1,596.3
Unitholders' Equity
Trust units 333.4 333.4
Deficit (75.1) (61.9)
Accumulated other comprehensive loss (7.6) (9.6)
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250.7 261.9
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1,918.0 1,858.2
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ENBRIDGE INCOME FUND
SEGMENTED INFORMATION

Three months ended June 30, 2009
----------------------------------------------------------------------------
(unaudited, millions Alliance Saskatchewan Green
of Canadian dollars) Canada System Power Corporate Consolidated
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Revenue 55.2 19.4 2.7 - 77.3
Operating and
maintenance (13.6) (9.8) (0.7) - (24.1)
Management and
administrative - - - (2.3) (2.3)
Depreciation and
amortization (16.0) (5.5) (1.1) - (22.6)
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25.6 4.1 0.9 (2.3) 28.3
Other Income and
Expense 0.3 - - - 0.3
Interest Expense (11.4) - - (2.8) (14.2)
ECT Preferred Unit
Distributions - - - (10.9) (10.9)
Income Tax
Recovery/(Expense) 0.1 0.7 - (0.9) (0.1)
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Earnings/(Loss) 14.6 4.8 0.9 (16.9) 3.4
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Additions to Property,
Plant and Equipment 0.5 1.6 0.9 - 3.0
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Three months ended June 30, 2008
----------------------------------------------------------------------------
(unaudited, millions Alliance Saskatchewan Green
of Canadian dollars) Canada System Power Corporate Consolidated
----------------------------------------------------------------------------
Revenue 54.4 16.6 1.4 - 72.4
Operating and
maintenance (13.6) (7.3) (0.6) - (21.5)
Management and
administrative - - - (1.7) (1.7)
Depreciation and
amortization (15.4) (4.6) (0.7) - (20.7)
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25.4 4.7 0.1 (1.7) 28.5
Other Income and
Expense 0.3 - 0.1 - 0.4
Interest Expense (11.4) - (0.1) (3.1) (14.6)
ECT Preferred Unit
Distributions - - - (10.5) (10.5)
Income Tax
Recovery/(Expense) - 0.8 - - 0.8
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Earnings/(Loss) 14.3 5.5 0.1 (15.3) 4.6
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Additions to Property,
Plant and Equipment 4.0 9.3 1.6 - 14.9
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ENBRIDGE INCOME FUND
SEGMENTED INFORMATION

Six months ended June 30, 2009
----------------------------------------------------------------------------
(unaudited, millions Alliance Saskatchewan Green
of Canadian dollars) Canada System Power Corporate Consolidated
----------------------------------------------------------------------------
Revenue 109.2 36.6 6.2 - 152.0
Operating and
maintenance (26.5) (17.9) (1.3) - (45.7)
Management and
administrative - - - (4.6) (4.6)
Depreciation and
amortization (31.9) (11.1) (2.1) - (45.1)
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50.8 7.6 2.8 (4.6) 56.6
Other Income and
Expense 0.6 - 0.1 0.1 0.8
Interest Expense (22.4) - (0.2) (5.8) (28.4)
ECT Preferred Unit
Distributions - - - (21.9) (21.9)
Income Tax
Recovery/(Expense) 0.1 1.4 - (1.9) (0.4)
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Earnings/(Loss) 29.1 9.0 2.7 (34.1) 6.7
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Additions to Property,
Plant and Equipment 1.3 3.7 1.7 - 6.7
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Six months ended June 30, 2008
----------------------------------------------------------------------------
(unaudited, millions Alliance Saskatchewan Green
of Canadian dollars) Canada System Power Corporate Consolidated
----------------------------------------------------------------------------
Revenue 108.2 30.4 2.5 - 141.1
Operating and
maintenance (24.8) (13.7) (1.1) - (39.6)
Management and
administrative - - - (2.9) (2.9)
Depreciation and
amortization (31.2) (8.9) (1.4) - (41.5)
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52.2 7.8 - (2.9) 57.1
Other Income and
Expense 6.6 - 0.2 0.1 6.9
Interest Expense (23.8) - (0.1) (6.5) (30.4)
ECT Preferred Unit
Distributions - - - (19.6) (19.6)
Income Tax
Recovery/(Expense) - 1.5 - (3.3) (1.8)
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Earnings/(Loss) 35.0 9.3 0.1 (32.2) 12.2
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Additions to Property,
Plant and Equipment 7.7 16.0 1.9 - 25.6
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