To meet its responsibility for reliable and accurate financial statements, management has established or assumed responsibility for monitoring systems of internal control which are designed to provide reasonable assurance that financial information is relevant, reliable, and accurate, and that assets are safeguarded from loss or unauthorized use and transactions are executed in accordance with management’s authorization. The internal control system includes an internal audit function as well as monitoring of an established code of business conduct.

The Board of Trustees and the Audit Committee are responsible for all aspects related to governance of the Fund. The Audit Committee, composed of independent and financially literate directors, has a specific responsibility to oversee management’s efforts to fulfil its responsibilities for financial reporting and internal controls related thereto. The Audit Committee meets regularly during the year with management, internal auditors and independent auditors to review the consolidated financial statements, Management’s Discussion and Analysis, and Annual Information Form as well as internal controls related thereto, prior to submission to the Board of Trustees for approval.

PricewaterhouseCoopers LLP, appointed by the unitholders as the Fund’s independent auditors, conducts an examination of the consolidated financial statements in accordance with Canadian generally accepted auditing standards.

James A. Schultz, President January 29, 2007	John K. Whelen, Vice President, Business Development and Chief Financial Officer

Auditors’ Report
To the Unitholders of Enbridge Income Fund

We have audited the consolidated statements of financial position of Enbridge Income Fund as at December 31, 2006 and 2005 and the consolidated statements of earnings, unitholders’ equity and cash flows for each of the years then ended. These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Fund as at December 31, 2006 and 2005 and the results of its operations and its cash flows for each of the years then ended in accordance with Canadian generally accepted accounting principles.

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