Enbridge Companies

2015 Annual Review | A Stable Low-Risk Investment | Letter to Shareholders | Shareholder Information

2015 Annual Review

ENF provides
investors with
and growing
cash flow—
today and for
the long term.

The Fund Group
  • Works with Enbridge Inc. to manage assets and fund growth
  • Pays distributions to unitholders (including Enbridge Inc.)
  • Holds a diversified portfolio of strategically positioned energy infrastructure assets with low-risk business models
ENF Holdings
  • Publicly traded company (ENF.TO)
  • Receives cash flow through ownership interest in the Fund Group
ENF Shareholders
  • Receive stable and predictable- dividends
  • 10 percent expected dividend growth annually through 2019
  • Low-risk investment
2015 Annual Review (PDF)

  1. The Fund Group is comprised of the Enbridge Income Fund (the Fund) and its direct and indirect investees, Enbridge Commercial Trust (ECT) and Enbridge Income Partners LP (EIPLP), which holds the operating assets of the group through its subsidiaries and investees.
  2. ENF's business is limited to its ownership interest in the Fund. ENF holds 50.8 percent of the ordinary trust units (Fund Units) in the Fund and an approximate 10.8 percent overall economic interest in the Fund Group. ENF’s corporate structure is discussed in greater detail beginning on page 10 of the Enbridge Income Fund Holdings Management’s Discussion and Analysis available at enbridgeincomefund.com/ar2015.

Fund Group Current Assets Map

Fund Group Current Assets

ENF is a premier Canadian energy infrastructure investment vehicle for investors looking for predictable and growing cash flow from high quality assets and a reliable, low-risk business model. The assets, which are held in the Fund Group, play a critical role in fueling the quality of life for millions of people, every day.

“ The ENF business is designed to perform predictably and consistently in all market conditions. Our low-risk business model— which is underpinned by solid business fundamentals; minimal exposure to commodity prices and interest and foreign exchange rates; and long-term commercial agreements with strong creditworthy counter parties— has produced a consistent track record of results for our shareholders. ”

ENF has delivered compound average annual dividend per share growth of more than seven percent over the last 10 years.


The Fund Group’s diversified portfolio of assets and $13-billion suite of commercially secured growth projects currently in execution is expected to provide strong and predictable cash flow growth through the rest of the decade and create a platform for further growth for years to come.


On the strength of our low-risk business model, we expect to increase ENF’s dividend by 10 percent annually through 2019, even through the current volatile market period.

Dividend is Growing Area

2015 Annual Review | A Stable Low-Risk Investment | Letter to Shareholders | Shareholder Information