Credit Ratings

Enbridge Income Fund

Medium Term Notes

The Medium Term Notes have received a rating of "BBB (high)" from DBRS and a rating of "Baa2" with a stable outlook from Moody's. These credit ratings are not recommendations to purchase, hold or sell the Medium Term Notes and such ratings do not comment as to market price or suitability for a particular investor. There is no assurance that any rating will remain in effect for any given period of time or that any rating will not be revised or withdrawn entirely by a rating agency in the future if, in its judgement, circumstances so warrant.

DBRS rates debt instruments by rating categories ranging from a high of "AAA" to a low of "D". Each rating category is denoted by the subcategories "high" and "low". The absence of either a "high" or "low" designation indicates the rating is in the "middle" of the category. The "AAA" and "D" categories do not utilize "high", "middle" and "low" as differential grades. The rating of "BBB (high)" from DBRS is characterized as "adequate credit quality" and is the fourth highest of ten available rating categories. Protection of interest and principal is considered acceptable, but the entity is considered by DBRS to be fairly susceptible to adverse changes in financial and economic conditions, or there may be other adverse conditions present which reduce the strength of the entity and its rated securities.

Moody's assigns ratings to debt instruments ranging from a high of "Aaa" to a low of "C". According to Moody's rating system, debt securities rated "Baa" are considered as medium-grade obligations (i.e., they are neither highly protected nor poorly secured). Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such debt securities lack outstanding investment characteristics and in fact have speculative characteristics as well. Moody's applies numerical modifiers 1, 2 and 3 in each generic rating classification from Aa through Caa in its corporate bond rating system. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.