Enbridge Income Fund Announces Settlement on Westspur System

Enbridge Income Fund Announces Settlement on Westspur System 
CALGARY, ALBERTA -- (Marketwire) -- 04/01/13 -- Enbridge Income Fund
(TSX:ENF) ("the Fund") today announced that a settlement ("the
Settlement") has been concluded with a group of shippers relating to
new tolls on the Westspur System, one of five crude oil
transportation pipelines comprising the Fund's Saskatchewan System.
The Westspur System transports crude oil from southeastern
Saskatchewan to Enbridge Pipeline Inc.'s mainline pipeline system at
Cromer, Manitoba. Pursuant to the Settlement, made with a number of
shippers including the shipper who made the original toll complaint,
new Westspur tolls were filed with the National Energy Board
effective April 1, 2013. In conjunction with the filing of the
Settlement, the complaint has been withdrawn. 
The Settlement establishes a toll methodology for an initial term of
five years and which renews for additional one year terms unless
otherwise terminated. Pursuant to the Settlement, the tolls on the
Westspur System will be fixed and increased annually with reference
to a pre-identified inflation index, subject to throughput remaining
within a volume band close to volumes recently transported on the
Westspur System. To preserve a relatively stable cash flow profile,
toll surcharges or discounts will be applied should throughput
increase or decrease on a sustained basis outside this pre-defined
band. Additionally, tolls will be increased should integrity,
regulatory or operating costs exceed defined thresholds or if new
capital projects are undertaken. At current levels of throughput, the
Settlement is expected to result in a decrease of annual after tax
cash flows generated by the Westspur System in the range of $10
million. The Settlement will also result in the discontinuance of
rate-regulated accounting for the Westspur System and the Fund is
expected to record an after tax write-down of approximately $13
million related to previously recorded deferred revenue, which will
not be collected under the terms of the Settlement. The financial
impact of the Settlement is not expected to materially affect the
Fund's consolidated financial prospects, distribution coverage or
"We are pleased to have implemented this collaborative agreement,"
said Jo
hn Whelen, President of Enbridge Management Services Inc., the
Fund's Administrator. "The Settlement will provide greater toll
certainty and transparency for shippers and a strong alignment of
interests, creating a foundation upon which to build longer term
value for our customers and for the Fund."  
About Enbridge Income Fund  
The Fund is an unincorporated, open-ended trust created to provide a
stable and sustainable flow of distributable cash to unitholders. The
Fund, with an enterprise value of over $5 billion, owns high quality,
low risk energy infrastructure assets. The Fund's assets include
interests in more than 500 megawatts of renewable and alternative
power generation capacity, a portfolio of liquids transportation and
storage businesses and a 50% interest in the Canadian segment of the
Alliance Pipeline. Public investment in the Fund is available through
Enbridge Income Fund Holdings Inc. (the Company), which holds a 40.8%
economic interest in the Fund. The Company trades on the Toronto
Stock Exchange under the symbol "ENF". Further information about the
Fund and the Company is available at www.enbridgeincomefund.com. 
Certain information provided in this news release constitute
forward-looking statements, and in particular, statements regarding
the performance of the Fund, its assets, cash flows and financial
results. Forward-looking statements are typically identified by words
such as "contemplate", "anticipate", "expect", "project", "estimate",
"forecast" and similar words suggesting future outcomes or statements
regarding an outlook. Although the Fund believes that these
statements are based on information and assumptions which are
current, reasonable and complete, these statements and assumptions
are necessarily subject to a variety of risks and uncertainties
pertaining to operating performance, regulatory approvals and
parameters, weather, economic conditions and commodity prices. You
can find a discussion of those risks and uncertainties in the
Canadian securities filings of the Fund. While the Fund makes these
forward-looking statements in good faith, should one or more of these
risks or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results, including with respect to in service
dates, volumes and throughputs, expected earnings, cash flows or
write-downs, may vary significantly from those expected. Readers are
cautioned against placing undue reliance on forward-looking
statements. Except as may be required by applicable securities laws,
the Fund assumes no obligation to publicly update or revise any
forward-looking statements made herein or otherwise, whether as a
result of new information, future events or otherwise.
Enbridge Income Fund
Jennifer Varey
(403) 508-6563
Enbridge Income Fund
Investment Community
Teri Majer
(403) 508-3185
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