<SEC-DOCUMENT>0001104659-21-024859.txt : 20210217
<SEC-HEADER>0001104659-21-024859.hdr.sgml : 20210217
<ACCEPTANCE-DATETIME>20210217170016
ACCESSION NUMBER:		0001104659-21-024859
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20210217
DATE AS OF CHANGE:		20210217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENBRIDGE INC
		CENTRAL INDEX KEY:			0000895728
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-231553
		FILM NUMBER:		21645790

	BUSINESS ADDRESS:	
		STREET 1:		200 425 - 1ST STREET SW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3L8
		BUSINESS PHONE:		403-231-3900

	MAIL ADDRESS:	
		STREET 1:		200 425 - 1ST STREET SW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 3L8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IPL ENERGY INC
		DATE OF NAME CHANGE:	19940616

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERPROVINCIAL PIPE LINE SYSTEM INC
		DATE OF NAME CHANGE:	19930108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENBRIDGE ENERGY PARTNERS LP
		CENTRAL INDEX KEY:			0000880285
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		IRS NUMBER:				391715850
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-231553-01
		FILM NUMBER:		21645788

	BUSINESS ADDRESS:	
		STREET 1:		5400 WESTHEIMER COURT
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
		BUSINESS PHONE:		713-821-2000

	MAIL ADDRESS:	
		STREET 1:		5400 WESTHEIMER COURT
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LAKEHEAD PIPE LINE PARTNERS L P
		DATE OF NAME CHANGE:	19930328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Spectra Energy Partners, LP
		CENTRAL INDEX KEY:			0001394074
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION [4922]
		IRS NUMBER:				412232463
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-231553-02
		FILM NUMBER:		21645789

	BUSINESS ADDRESS:	
		STREET 1:		5400 WESTHEIMER COURT
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
		BUSINESS PHONE:		713-627-5400

	MAIL ADDRESS:	
		STREET 1:		5400 WESTHEIMER COURT
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77056
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>tm216594d1_424b2.htm
<DESCRIPTION>424B2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule&nbsp;424(b)(2)</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-231553</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.75pt; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left; font-size: 10pt; font-weight: bold">Title of Each Class of Securities <BR>
to be Registered</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">Amount to be<BR>
 Registered</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">Proposed Maximum<BR>
 Offering Price Per<BR>
 Security</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">Proposed<BR>
 Maximum <BR>
Aggregate <BR>
Offering Price</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">Amount
    of<BR>
    Registration<BR>
    Fee<SUP>(1)(2)</SUP></TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 39%; font-size: 10pt; font-weight: bold; text-align: left">Floating Rate Senior Notes due 2023</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt; text-align: left">US$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"> 500,000,000</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">100</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt; text-align: left">US$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"> 500,000,000</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt; text-align: left">US$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">54,550</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">Guarantees of the Floating Rate Senior Notes due 2023</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right"></TD><TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt; text-align: left"><SUP>(3)</SUP></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top; width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="padding-right: 38pt">Calculated in accordance with Rule 457(r) of the Securities Act of 1933, as amended. The total
registration fee due for this offering is US$54,550.00.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; vertical-align: top; width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="padding-right: 13.95pt">Pursuant to Rule 457(p) under the Securities Act of 1933, as amended, US$730,170 was previously
paid by the Registrant in connection with the registration of unissued securities under the Registrant&rsquo;s F-10 shelf registration
statement (File No. 333- 220471), filed on September 15, 2017 and under the Registrant&rsquo;s F-3 shelf registration statement
(File No. 333-221507), filed on November 22, 2017, and was carried forward to the Registrant&rsquo;s S-3 shelf registration statement
(File No. 333-223094), filed on February 20, 2018, of which US$549,645 was further carried forward to the Registrant&rsquo;s S-3
shelf registration statement (File No. 333-231553), filed on May 17, 2019. The US$54,550 filing fee with respect to the Floating
Rate Senior Notes due 2023 offered and sold hereby pursuant to this registration statement is offset against those filing fees
carried forward, and US$9,315 remains available for future registration fees. No additional filing fee has been paid with respect
to this offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="vertical-align: top; width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">Pursuant to Rule 457(n), no separate fee is payable with
respect to the guarantees of the notes.</TD>
</TR></TABLE>

<P STYLE="font: bold 4pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prospectus Supplement<BR>
February 16, 2021<BR>
(To Prospectus Dated May&nbsp;17, 2019)</P>

<P STYLE="font: bold 4pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">US$500,000,000 &nbsp;</P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm216594d1_424b2-img1.jpg" ALT="">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Enbridge Inc.</P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Floating Rate Senior Notes due 2023</P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Fully and Unconditionally Guaranteed
by<BR>
Enbridge Energy Partners, L.P. and Spectra Energy Partners, LP</P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We are offering
US$500,000,000 aggregate principal amount of Floating Rate Senior Notes due 2023 (the &ldquo;Notes&rdquo;). The Notes will
mature on February 17, 2023. The Notes will bear interest at a rate equal to Compounded SOFR (as defined herein) plus 40
basis points per annum, payable quarterly in arrears on February 17, May 17, August 17 and November 17 of each year,
beginning on May 17, 2021, subject to the provisions set forth under
 &ldquo;Description of the Notes and the Guarantees &mdash;&nbsp;Principal and Interest&rdquo;.</P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes will not
be redeemable prior to their maturity, other than, in whole, at any time, if certain changes affecting Canadian withholding taxes
occur. See &ldquo;Description of the Notes and the Guarantees &mdash; General&rdquo;.</P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes will be our
direct, unsecured and unsubordinated obligations and will rank equally with all of our existing and future unsecured and unsubordinated
debt. See &ldquo;Description of the Notes and the Guarantees &mdash; General&rdquo;. The guarantees of the Notes will be direct,
unsecured and unsubordinated obligations of Enbridge Energy Partners, L.P. and Spectra Energy Partners, LP (together, the &ldquo;Guarantors&rdquo;),
each an indirect, wholly-owned subsidiary of Enbridge, and will rank equally with all of the applicable Guarantor&rsquo;s existing
and future unsecured and unsubordinated debt. See &ldquo;Description of the Notes and the Guarantees &mdash; Guarantees&rdquo;.</P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes are a new
issue of securities with no established trading market. We do not intend to apply for listing of the Notes on any securities exchange.</P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: red; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">NEITHER THE SECURITIES
AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE
ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The enforcement
by investors of civil liabilities under United States federal securities laws may be affected adversely by the fact that we are
incorporated and organized under the laws of Canada, that many of our officers and directors are residents of Canada, that some
of the experts named in this prospectus supplement or the accompanying prospectus are residents of Canada, and that a substantial
portion of our assets and said persons are located outside the United States.</P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in the
Notes involves risks. See &ldquo;<A HREF="#a_005">Risk Factors</A>&rdquo; beginning on page S-5 of this prospectus supplement.</B></P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Per Note</P></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Total</P></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; width: 50%; font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">Public offering price</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 31%; font-size: 10pt; text-align: right">100.000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt; text-align: left">US$</TD>
                                                                        <TD STYLE="width: 10%; font-size: 10pt; text-align: right">500,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Underwriting discounts and commissions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.200</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">US$</TD>
                                                             <TD STYLE="font-size: 10pt; text-align: right">1,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Proceeds to us (before expenses)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">99.800</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">US$</TD>
                                                             <TD STYLE="font-size: 10pt; text-align: right">499,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest on the Notes
will accrue from February 19, 2021.</P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The underwriters expect
to deliver the Notes to the purchasers in book-entry form through the facilities of The Depository Trust Company and its direct
and indirect participants, including Euroclear Bank SA/NV, as operator of the Euroclear System (&ldquo;Euroclear&rdquo;), and Clearstream
Banking, <I>soci&eacute;t&eacute; anonyme</I> (&ldquo;Clearstream&rdquo;), on or about February 19,
2021.</P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Joint Book-Running Managers</P>

<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 6pt; padding-bottom: 6pt; text-align: center">Deutsche Bank Securities</TD>
    <TD STYLE="width: 50%; padding-top: 6pt; padding-bottom: 6pt; text-align: center">TD Securities</TD></TR>
</TABLE>
<P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">IMPORTANT NOTICE ABOUT INFORMATION
IN<BR>
THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This document is in
two parts. The first part is this prospectus supplement, which describes the specific terms of the Notes we are offering. The second
part, the accompanying prospectus, gives more general information, some of which may not apply to the Notes we are offering. The
accompanying prospectus, dated May 17, 2019, is referred to as the &ldquo;prospectus&rdquo; in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>We are responsible
for the information contained and incorporated by reference in this prospectus supplement, the accompanying prospectus and any
related free writing prospectus we prepare or authorize. We have not authorized anyone to give you any other information, and we
take no responsibility for any other information that others may give you. We are not making an offer of the Notes in any jurisdiction
where the offer is not permitted. You should bear in mind that although the information contained in, or incorporated by reference
in, this prospectus supplement or the accompanying prospectus is intended to be accurate as of the date on the front of such documents,
such information may also be amended, supplemented or updated by the subsequent filing of additional documents deemed by law to
be or otherwise incorporated by reference into this prospectus supplement or the accompanying prospectus and by any subsequently
filed prospectus amendments.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>If the description
of the Notes varies between this prospectus supplement and the prospectus, you should rely on the information in this prospectus
supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In this prospectus
supplement, all capitalized terms and acronyms used and not otherwise defined herein have the meanings provided in the prospectus.
In this prospectus supplement, the prospectus and any document incorporated by reference, unless otherwise specified or the context
otherwise requires, all dollar amounts are expressed in Canadian dollars or &ldquo;$&rdquo;. &ldquo;U.S. dollars&rdquo; or &ldquo;US$&rdquo;
means the lawful currency of the United States. Unless otherwise indicated, all financial information included in this prospectus
supplement, the prospectus and any document incorporated by reference is determined using U.S. GAAP. &ldquo;U.S. GAAP&rdquo; means
generally accepted accounting principles in the United States. Except as set forth under &ldquo;Description of the Notes and the
Guarantees&rdquo; and unless otherwise specified or the context otherwise requires, all references in this prospectus supplement,
the prospectus and any document incorporated by reference to &ldquo;Enbridge&rdquo;, the &ldquo;Corporation&rdquo;, &ldquo;we&rdquo;,
 &ldquo;us&rdquo; and &ldquo;our&rdquo; mean Enbridge Inc. and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus Supplement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Page</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_001">Special Note Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_001">S-iii</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_002">Where You Can Find More Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_002">S-iv</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_003">Documents Incorporated by Reference</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_003">S-iv</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_004">Summary</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_004">S-1</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_005">Risk Factors</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_005">S-5</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_006">Consolidated Capitalization</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_006">S-10</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_007">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_007">S-11</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_008">Description of the Notes and the Guarantees</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_008">S-12</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_009">Material Income Tax Considerations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_009">S-32</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_010">Certain Benefit Plan Investor Considerations</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_010">S-35</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_011">Underwriting</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_011">S-36</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_012">Expenses</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_012">S-40</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_013">Validity of Securities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_013">S-40</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_014">Experts</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in"><A HREF="#a_014">S-40</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Page</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">About this Prospectus</FONT></A></TD>
    <TD STYLE="text-align: right; width: 10%"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">2</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_016"><FONT STYLE="font-size: 10pt">Note Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_017"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">5</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_018"><FONT STYLE="font-size: 10pt">Incorporation by Reference</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">6</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_019"><FONT STYLE="font-size: 10pt">The Corporation</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_019"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_020"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_020"><FONT STYLE="font-size: 10pt">8</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_021"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_021"><FONT STYLE="font-size: 10pt">9</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_022"><FONT STYLE="font-size: 10pt">Description of Debt Securities and Guarantees</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_022"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_023"><FONT STYLE="font-size: 10pt">Description of Share Capital</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_023"><FONT STYLE="font-size: 10pt">14</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_024"><FONT STYLE="font-size: 10pt">Material Income Tax Considerations</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_024"><FONT STYLE="font-size: 10pt">16</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_025"><FONT STYLE="font-size: 10pt">Certain Benefit Plan Investor Considerations</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_025"><FONT STYLE="font-size: 10pt">17</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_026"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_026"><FONT STYLE="font-size: 10pt">18</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_027"><FONT STYLE="font-size: 10pt">Enforcement of Civil Liabilities</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_027"><FONT STYLE="font-size: 10pt">19</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_028"><FONT STYLE="font-size: 10pt">Validity of Securities</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_028"><FONT STYLE="font-size: 10pt">20</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_029"><FONT STYLE="font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_029"><FONT STYLE="font-size: 10pt">21</FONT></A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>Special
Note Regarding Forward-Looking Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-align: left; text-indent: 0.5in">The prospectus and
this prospectus supplement, including the documents incorporated by reference into the prospectus and this prospectus
supplement, contain both historical and forward-looking statements within the meaning of Section 27A of the U.S. Securities
Act of 1933, as amended (the&nbsp;&ldquo;U.S. Securities Act&rdquo;), and Section 21E of the U.S. Securities Exchange Act of 1934,
as amended (the &ldquo;U.S. Exchange Act&rdquo;), and forward-looking information within the meaning of Canadian securities
laws (collectively, &ldquo;forward-looking statements&rdquo;). This information has been included to provide readers with
information about the Corporation and its subsidiaries and affiliates, including management&rsquo;s assessment of the
Corporation&rsquo;s and its subsidiaries&rsquo; future plans and operations. This information may not be appropriate for
other purposes. Forward-looking statements are typically identified by words such as &ldquo;anticipate&rdquo;,
 &ldquo;believe&rdquo;, &ldquo;estimate&rdquo;, &ldquo;expect&rdquo;, &ldquo;forecast&rdquo;, &ldquo;intend&rdquo;,
 &ldquo;likely&rdquo;, &ldquo;plan&rdquo;, &ldquo;project&rdquo;, &ldquo;target&rdquo; and similar words suggesting future
outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference
in the prospectus and this prospectus supplement include, but are not limited to, statements with respect to the following:
the Corporation&rsquo;s corporate vision and strategy, including strategic priorities and enablers; the COVID-19 pandemic and
the duration and impact thereof; energy intensity and emissions reduction targets and related ESG matters; diversity and
inclusion goals; expected supply of, demand for, and prices of crude oil, natural gas, natural gas liquids
(&ldquo;NGL&rdquo;), liquified natural gas and renewable energy; energy transition; anticipated utilization of the
Corporation&rsquo;s existing assets; expected earnings before interest, income taxes and depreciation and amortization
(&ldquo;EBITDA&rdquo;); expected earnings/(loss); expected future cash flows and distributable cash flow; dividend growth and
payout policy; financial strength and flexibility; expectations on sources of liquidity and sufficiency of financial
resources; expected strategic priorities and performance of the Liquids Pipelines, Gas Transmission and Midstream, Gas
Distribution and Storage, Renewable Power Generation and Energy Services businesses; expected costs related to announced
projects and projects under construction and for maintenance; expected in-service dates for announced projects and projects
under construction; expected capital expenditures, investment capacity and capital allocation priorities; expected equity
funding requirements for the Corporation&rsquo;s commercially secured growth program; expected future growth and expansion
opportunities; expectations about the Corporation&rsquo;s joint venture partners&rsquo; ability to complete and finance
projects under construction; expected closing of acquisitions and dispositions and the timing thereof; expected benefits of
transactions, including the realization of efficiencies, synergies and cost savings; expected future actions of regulators
and courts; toll and rate cases discussions and filings, including Mainline System Contracting; anticipated competition;
United States Line 3 Replacement Program, including anticipated in-service dates and capital costs; Line 5 dual pipelines and
related litigation and other matters; and this offering, including the closing date thereof, the expected use of proceeds,
the use of Compounded SOFR (as defined herein) as the interest rate benchmark for the Notes and the Corporation&rsquo;s
intention to not list the Notes on any stock exchange or other market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Although the
Corporation believes these forward-looking statements are reasonable based on the information available on the date such
statements are made and processes used to prepare the information, 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.
Material assumptions include assumptions about the following: the COVID-19 pandemic and the duration and impact thereof; the
expected supply of and demand for crude oil, natural gas, NGL and renewable energy; prices of crude oil, natural gas, NGL and
renewable energy; anticipated utilization of assets; exchange rates; inflation; interest rates; availability and price of
labor and construction materials; operational reliability; customer and regulatory approvals; maintenance of support and
regulatory approvals for the Corporation&rsquo;s projects; anticipated in-service dates; weather; the timing and closing of
acquisitions and dispositions and of this offering; the realization of anticipated benefits and synergies of transactions;
governmental legislation; litigation; estimated future dividends and impact of the Corporation&rsquo;s dividend policy on its
future cash flows; the Corporation&rsquo;s credit ratings; capital project funding; hedging program; expected EBITDA;
expected earnings/(loss); expected future cash flows; expected distributable cash flow; and the impact of the use of
Compounded SOFR as an interest rate benchmark and any transition from Compounded SOFR to another interest rate benchmark.
Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices
of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future
levels of demand for the Corporation&rsquo;s services. Similarly, exchange rates, inflation, interest rates and the COVID-19
pandemic impact the economies and business environments in which the Corporation operates and may impact levels of demand for
the Corporation&rsquo;s services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the
interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking
statement cannot be determined with certainty, particularly with respect to expected EBITDA, expected earnings/(loss),
expected future cash flows, expected distributable cash flow or estimated future dividends. The most relevant assumptions
associated with forward-looking statements regarding announced projects and projects under construction, including estimated
completion dates and expected capital expenditures, include the following: the availability and price of labor and
construction materials; the effects of inflation and foreign exchange rates on labor and material costs; the effects of
interest rates on borrowing costs; the impact of weather, customer, government, court and regulatory approvals on
construction and in-service schedules and cost recovery regimes; and the COVID-19 pandemic and the duration and impact
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-align: left; text-indent: 0.5in">The
Corporation&rsquo;s forward-looking statements are subject to risks and uncertainties pertaining to the successful execution
of the Corporation&rsquo;s strategic priorities, operating performance, legislative and regulatory parameters; litigation,
including with respect to the Dakota Access Pipeline and the Line 5 dual pipelines; acquisitions, dispositions and other
transactions and the realization of anticipated benefits therefrom; the Corporation&rsquo;s dividend policy; project approval
and support; renewals of rights-of-way; weather; economic and competitive conditions; public opinion; changes in tax laws and
tax rates; exchange rates; interest rates; commodity prices; political decisions; the supply of, demand for and prices of
commodities; and the COVID-19 pandemic, including but not limited to those risks and uncertainties discussed in the
prospectus, this prospectus supplement and in documents incorporated by reference into the prospectus and this prospectus
supplement. 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 Corporation&rsquo;s future course of action depends on management&rsquo;s
assessment of all information available at the relevant time. Except to the extent required by applicable law, the
Corporation assumes no obligation to publicly update or revise any forward-looking statement made in the prospectus and this
prospectus supplement or otherwise, whether as a result of new information, future events or otherwise. All forward-looking
statements, whether written or oral, attributable to the Corporation or persons acting on the Corporation&rsquo;s behalf, are
expressly qualified in their entirety by these cautionary statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For more information
on forward-looking statements, the assumptions underlying them, and the risks and uncertainties affecting them, see &ldquo;Note
Regarding Forward-Looking Statements&rdquo; in the prospectus and &ldquo;Risk Factors&rdquo; in this prospectus supplement and
the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_002"></A>Where You
Can Find More Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Corporation is
subject to the information requirements of the U.S. Exchange Act, and in accordance therewith files reports and other information
with the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;). Such reports and other information are available
on the SEC&rsquo;s website at www.sec.gov and the Corporation&rsquo;s website at www.enbridge.com. The information contained on
or accessible from the Corporation&rsquo;s website does not constitute a part of this prospectus and is not incorporated by reference
herein. Prospective investors may read and download the documents the Corporation has filed with the SEC&rsquo;s Electronic Data
Gathering and Retrieval system at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have filed with
the SEC a registration statement on Form S-3 relating to certain securities, including the Notes offered by this prospectus supplement.
This prospectus supplement and the accompanying prospectus are a part of the registration statement and do not contain all the
information in the Registration Statement. Whenever a reference is made in this prospectus supplement or the accompanying prospectus
to a contract or other document, the reference is only a summary and you should refer to the exhibits that are a part of the Registration
Statement for a copy of the contract or other document. You may review a copy of the Registration Statement through the SEC&rsquo;s
website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_003"></A>Documents
Incorporated by Reference</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The SEC allows us to
incorporate by reference the information we file with the SEC. This means that we can disclose important information to you by
referring to those documents and later information that we file with the SEC. The information that we incorporate by reference
is an important part of this prospectus supplement and the accompanying prospectus. We incorporate by reference the following documents
and any future filings that we make with the SEC under Sections 13(a), 13(c) and 15(d) of the U.S. Exchange Act, as amended, until
the termination of the offering under this prospectus supplement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572821000010/enb-20201231.htm" STYLE="-sec-extract: exhibit">Our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed on February 12, 2021</A>; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/895728/000089572820000009/ei12312019-10kxdocument.htm" STYLE="-sec-extract: exhibit">Our
                                                                                                              Annual Report on Form 10-K for the fiscal year ended December 31, 2019</A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
                                                                                                              as amended by&nbsp;</FONT> <A HREF="http://www.sec.gov/Archives/edgar/data/895728/000119312520067327/d885928d10ka.htm" STYLE="-sec-extract: exhibit">Amendment
                                                                                                              No. 1 on Form 10-K/A filed on March 9, 2020</A> (but only the information set forth in Part III of our Annual Report on Form
                                                                                                              10-K for the year ended December 31, 2019).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>Any statement contained
in this prospectus supplement or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to
be modified or superseded for purposes of this prospectus supplement to the extent that a statement contained herein or in any
other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such
statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include
any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement
is not to be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation,
an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary
to make a statement not misleading in the light of the circumstances in which it was made. Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus supplement.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Copies of the documents
incorporated herein by reference (other than exhibits to such documents, unless such exhibits are specifically incorporated by
reference in such documents) may be obtained on request without charge from the Corporate Secretary of Enbridge Inc., Suite 200,
425 - 1st Street S.W., Calgary, Alberta, Canada T2P 3L8 (telephone 1-403-231-3900). Documents that we file with or furnish to the
SEC are also available on the SEC&rsquo;s website at www.sec.gov. This site contains reports, proxy and information statements
and other information regarding issuers that file electronically with the SEC. The information on that website is not part of this
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_004"></A>Summary</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This summary
highlights information contained elsewhere in this prospectus supplement and the accompanying prospectus. It is not complete and
may not contain all of the information that you should consider before investing in the Notes. You should read this entire prospectus
supplement and the accompanying prospectus carefully.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">The Corporation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Enbridge is a leading
North American energy infrastructure company. The Corporation&rsquo;s core businesses include Liquids Pipelines, which transports
approximately 25% of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20%
of the natural gas consumed in the United States; Gas Distribution and Storage, which serves approximately 3.8 million retail customers
in Ontario and Quebec; and Renewable Power Generation, which generates approximately 1,750 megawatts of net renewable power in
North America and Europe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Enbridge is a public
company, with common shares that trade on both the Toronto Stock Exchange and the New York Stock Exchange under the symbol &ldquo;ENB&rdquo;.
The Corporation was incorporated under the <I>Companies Ordinance</I> of the Northwest Territories on April 13, 1970 and was continued
under the <I>Canada Business Corporations Act</I> on December 15, 1987. Enbridge&rsquo;s principal executive offices are located
at Suite 200, 425 - 1st Street S.W., Calgary, Alberta, Canada T2P 3L8, and its telephone number is 1-403-231-3900.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">The Offering</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this section,
the terms &ldquo;Corporation&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo; or &ldquo;our&rdquo; refer only to Enbridge Inc. and not
to its subsidiaries.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 44%; padding-bottom: 12pt; font-weight: bold">Issuer<FONT STYLE="font-weight: normal">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 56%; padding-bottom: 12pt; text-align: justify">Enbridge Inc.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; font-weight: bold">Guarantors<FONT STYLE="font-weight: normal">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; text-align: left">Enbridge Energy Partners, L.P. (&ldquo;EEP&rdquo;) and Spectra Energy Partners, LP (&ldquo;SEP&rdquo; and, together with EEP, the &ldquo;Guarantors&rdquo;). The Guarantors are indirect, wholly-owned subsidiaries of the Corporation.</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 12pt; font-weight: bold">Securities Offered<FONT STYLE="font-weight: normal">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; text-align: left">US$500,000,000 aggregate principal amount of
    Floating Rate Senior Notes due 2023 (the &ldquo;Notes&rdquo;).</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 12pt; font-weight: bold">Maturity Date<FONT STYLE="font-weight: normal">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; text-align: left">The Notes will mature on February 17, 2023.</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 12pt; font-weight: bold">Interest Rate<FONT STYLE="font-weight: normal">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; text-align: left">The Notes will bear interest at a rate equal to Compounded SOFR plus the Margin.</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 12pt; font-weight: bold">Compounded SOFR&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; text-align: left">A compounded average of daily SOFR (as defined herein) determined for each quarterly Interest Period in accordance with the specific formula described under &ldquo;Description of the Notes and the Guarantees &mdash; Principal and Interest &mdash;&nbsp;Compounded SOFR&rdquo;.</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 12pt; font-weight: bold">Margin<FONT STYLE="font-weight: normal">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; text-align: left">0.40% per annum (40 basis points).</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 12pt; font-weight: bold">Day Count Convention&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; text-align: left">Actual/360 as described under &ldquo;Description of the Notes and the Guarantees &mdash; Principal and Interest&rdquo;.</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 12pt; font-weight: bold">Interest Periods&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; text-align: left">Each quarterly period from, and including, an Interest Payment Date (or, in the case of the initial Interest Period, the original issue date) to, but excluding, the immediately succeeding Interest Payment Date (or in the case of the final Interest Period, the Maturity Date).</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 12pt; font-weight: bold">Interest Payment Dates&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; text-align: left">On February 17, May 17, August 17 and November 17
    of each year, beginning on May 17, 2021, and ending on the Maturity Date.</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 12pt; font-weight: bold">Interest Payment Determination Date&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; text-align: left">The date that is two U.S. Government Securities Business Days before each Interest Payment Date.</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-bottom: 12pt; font-weight: bold">Observation Period<FONT STYLE="font-weight: normal">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">In respect of each Interest Period, the period from, and including, the date that is two U.S. Government Securities Business Days preceding the first date in such Interest Period to, but excluding, the Interest Payment Determination Date for such Interest Period. In respect of the payment of any interest in connection with any redemption of the Notes, the period from, and including, the date that is two U.S. Government Securities Business Days preceding the first date in the Interest Period in which such redemption occurs to, but excluding, the date that is two U.S. Government Securities Business Days before such redemption.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 44%; padding-right: 9pt; padding-bottom: 12pt; padding-left: 9pt; text-indent: -9pt; font-weight: bold">U.S. Government Securities Business Day<FONT STYLE="font-weight: normal">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 56%; padding-bottom: 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 9pt; padding-bottom: 12pt; padding-left: 9pt; text-indent: -9pt; font-weight: bold">Ranking of the Notes<FONT STYLE="font-weight: normal">&#9;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="background-color: white">The
        Notes will be our direct, unsecured and unsubordinated obligations and will rank equally with all of our existing and future unsecured
        and unsubordinated debt. Our business operations are conducted substantially through our subsidiaries and through our partnerships
        and joint ventures. The Notes will be structurally subordinated to all existing and future liabilities of our subsidiaries other
        than the Guarantors. See &ldquo;Description of the Notes and the Guarantees &mdash; General&rdquo; in this prospectus supplement.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">As of December 31, 2020, the long-term
        debt (excluding current portion, as well as guarantees and intercompany obligations between the Corporation and its subsidiaries)
        of the Corporation&rsquo;s subsidiaries other than the Guarantors totaled approximately $22,937 million.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 9pt; padding-bottom: 12pt; padding-left: 9pt; text-indent: -9pt; font-weight: bold">Guarantees<FONT STYLE="font-weight: normal">&#9;</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Notes will be fully, unconditionally,
        irrevocably, absolutely and jointly and severally guaranteed by each of the Guarantors. The guarantees of the Notes will be general,
        unsecured, senior obligations of each of the Guarantors and will rank equally with all other existing and future unsecured and
        unsubordinated indebtedness of that Guarantor, other than preferred claims imposed by statute.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Pursuant to the Indenture (as defined herein)
        governing the Notes, the guarantees of either Guarantor will be unconditionally released and discharged automatically upon the
        occurrence of certain events as described under &ldquo;Description of the Notes and the Guarantees &mdash; Guarantees&rdquo; in
        this prospectus supplement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 9pt; padding-bottom: 12pt; padding-left: 9pt; text-indent: -9pt; font-weight: bold">Optional Redemption<FONT STYLE="font-weight: normal">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; text-align: left">Other than as described in &ldquo;Description of the Notes and the Guarantees &mdash; Redemption &mdash; Tax Redemption&rdquo; in this prospectus supplement, the Notes are not redeemable prior to their maturity.</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 9pt; padding-bottom: 12pt; padding-left: 9pt; text-indent: -9pt; font-weight: bold">Change in Tax Redemption<FONT STYLE="font-weight: normal">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; text-align: left">We may redeem the Notes in whole, but not in part, at the redemption price equal to the principal amount of Notes being redeemed, plus accrued and unpaid interest to the redemption date, at any time in the event certain changes affecting Canadian withholding taxes occur. See &ldquo;Description of the Notes and the Guarantees &mdash; Redemption &mdash; Tax Redemption&rdquo; in this prospectus supplement.</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 9pt; padding-bottom: 12pt; padding-left: 9pt; text-indent: -9pt; font-weight: bold">Sinking Fund<FONT STYLE="font-weight: normal">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 12pt; text-align: left">The Notes will not be entitled to the benefit of a sinking fund.</TD></TR>

<TR>
    <TD STYLE="text-align: left; vertical-align: top; padding-right: 9pt; padding-left: 9pt; text-indent: -9pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds</B>&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We estimate that the net proceeds of the offering of the Notes, after deducting underwriting discounts and commissions and the estimated expenses of the offering, will be approximately US$498,755,000. We intend to use the net proceeds of this offering to refinance existing indebtedness of the Corporation or its subsidiaries and, if applicable, for other general corporate purposes of the Corporation and its affiliates. See &ldquo;Use of Proceeds&rdquo; in this prospectus supplement.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-right: 9pt; padding-bottom: 12pt; padding-left: 9pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -9pt"><B>Additional Amounts</B>&#9;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P></TD>
    <TD STYLE="padding-bottom: 12pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payments made by us with respect to the Notes will be made without withholding or deduction for Canadian taxes unless required to be withheld or deducted by law or by the interpretation or administration thereof. If we are so required to withhold or deduct for Canadian taxes with respect to a payment to the Noteholders (as defined herein), we will pay the additional amounts necessary so that the net amounts received by the Noteholders after the withholding or deduction is not less than the amounts that such Noteholders would have received in the absence of the withholding or deduction. See &ldquo;Description of the Notes and the Guarantees &mdash;&nbsp;Payment of Additional Amounts&rdquo; in this prospectus supplement.</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; padding-bottom: 12pt; vertical-align: top; padding-right: 9pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form</B>&#9;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Notes will be represented by one or more fully registered global notes deposited in book-entry form with, or on behalf of, The Depository Trust Company, and registered in the name of its nominee. See &ldquo;Description of the Notes and the Guarantees &mdash; Book-Entry System&rdquo; in this prospectus supplement. Except as described under &ldquo;Description of the Notes and the Guarantees&rdquo; in this prospectus supplement, Notes in certificated form will not be issued.</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; padding-bottom: 12pt; vertical-align: top; padding-right: 9.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trustee and Paying Agent</B>&#9;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deutsche Bank Trust Company Americas.</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; padding-bottom: 12pt; vertical-align: top; padding-right: 9.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calculation Agent&#9;</B></FONT></TD>
    <TD STYLE="padding-bottom: 12pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deutsche Bank Trust Company Americas.</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; padding-bottom: 12pt; vertical-align: top; padding-right: 9pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing Law</B>&#9;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Notes and the related guarantees will be, and the Indenture is, governed by the laws of the State of New York.</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; padding-bottom: 12pt; vertical-align: top; padding-right: 9pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk Factors</B>&#9;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing in the Notes involves risks. See &ldquo;<A HREF="#a_005">Risk Factors</A>&rdquo; beginning on page S-5 of this prospectus supplement for a discussion of factors that you should refer to and carefully consider before deciding to invest in these Notes.</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; padding-bottom: 12pt; vertical-align: top; padding-right: 9pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lack of Public Market for the Notes</B>&#9;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Notes are a new issue of securities with no established trading market. We do not intend to apply for listing of the Notes on any securities exchange. The underwriters have advised us that they intend to make a market in the Notes as permitted by applicable laws and regulations; however, the underwriters are not obligated to make a market in the Notes, and they may discontinue their market-making activities at any time without notice. </FONT></TD></TR>

<TR>
    <TD STYLE="text-align: left; vertical-align: top; width: 46%; padding-right: 9pt; padding-bottom: 12pt; padding-left: 9pt; text-indent: -9pt; font-weight: bold">Conflicts of Interest<FONT STYLE="font-weight: normal">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 54%; padding-bottom: 12pt; text-align: left">We may have outstanding existing indebtedness owing to certain of the underwriters and affiliates of the underwriters, a portion of which we may repay with the net proceeds of this offering. See &ldquo;Use of Proceeds&rdquo; in this prospectus supplement. As a result, one or more of the underwriters or their affiliates may receive more than 5% of the net proceeds from this offering in the form of the repayment of existing indebtedness. Accordingly, this offering is being made pursuant to Rule 5121 of the Financial Industry Regulatory Authority, Inc. Pursuant to this rule, the appointment of a qualified independent underwriter is not necessary in connection with this offering, because the conditions of Rule 5121(a)(1)(C) are satisfied.</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_005"></A>Risk Factors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">You should consider
carefully the following risks and other information contained in and incorporated by reference into this prospectus supplement
and the accompanying prospectus before deciding to invest in the Notes. In particular, we urge you to consider carefully the following
risk factors, as well as the risk factors set forth under the heading &ldquo;Item 1A. Risk Factors&rdquo; in the Corporation&rsquo;s
Annual Report on Form 10-K for the fiscal year ended December 31, 2020, incorporated by reference into this prospectus supplement
and the accompanying prospectus. The following risks and uncertainties could materially and adversely affect our financial condition
and results of operations. In that event, the value of our securities, including the Notes, or our ability to meet our obligations
under the Notes, may be adversely affected.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Risks Related to
the Notes</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We are a
holding company and as a result are dependent on our subsidiaries to generate sufficient cash and distribute cash to us to service
our indebtedness, including the Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-align: left; text-indent: 0.5in">Our ability to make
payments on our indebtedness, fund our ongoing operations and invest in capital expenditures and any acquisitions will depend
on our subsidiaries&rsquo; (including subsidiary partnerships and joint-ventures through which we conduct business) ability
to generate cash in the future and distribute that cash to us. It is possible that our subsidiaries may not generate cash
from operations in an amount sufficient to enable us to service our indebtedness, including the Notes. The Notes are U.S.
dollar-denominated obligations and a substantial portion of our subsidiaries&rsquo; revenues are denominated in Canadian
dollars. Fluctuations in the exchange rate between the U.S. and Canadian dollars may adversely affect our ability to service
or refinance our U.S. dollar-denominated indebtedness, including the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Notes
are structurally subordinated to the indebtedness of our non-Guarantor subsidiaries.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes are not guaranteed
by our subsidiaries (including subsidiary partnerships and joint ventures through which we conduct business) that are not Guarantors
and are thus structurally subordinated to all of the debt of these subsidiaries. Additionally, each of the Guarantors will be released
from its guarantees following the repayment in full or discharge or defeasance of the Guarantor&rsquo;s debt securities outstanding
as of January 22, 2019, or upon the occurrence of certain other events, as described under &ldquo;Description of the Notes and
the Guarantees &mdash; Guarantees&rdquo; in this prospectus supplement, in which case the Notes will be structurally subordinated
to all of the debt of that former guarantor subsidiary. The Corporation&rsquo;s interests in its subsidiaries and the partnerships
and joint ventures through which it conducts business generally consist of equity interests, which are residual claims on the assets
of those entities after their creditors are satisfied. As at December 31, 2020, the long-term debt (excluding current portion,
as well as guarantees and intercompany obligations between the Corporation and its subsidiaries) of the subsidiaries of the Corporation
other than the Guarantors totaled approximately $22,937 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Indenture restricts
our ability to incur liens, but places no such restriction on our subsidiaries or the partnerships and joint ventures through which
we conduct business. Holders of parent company indebtedness that is secured by parent company assets will have a claim on the assets
securing the indebtedness that is prior in right of payment to our general unsecured creditors, including you as a holder of the
Notes (a &ldquo;Noteholder&rdquo;). The Indenture permits us to incur additional liens as described under &ldquo;Description of
the Notes and the Guarantees &mdash; Covenants &mdash; Limitation on Security Interests&rdquo; in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Your right
to receive payments on the Notes is effectively subordinate to those lenders who have a security interest in the assets of the
Corporation or the Guarantors.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes and the related
guarantees are unsecured. The Corporation or the Guarantors may incur indebtedness that is secured by certain or substantially
all of their respective tangible and intangible assets, including the equity interests of each of their existing and future subsidiaries.
If the Corporation or the Guarantors were unable to repay any such secured indebtedness, the creditors of those obligations could
foreclose on the pledged assets to the exclusion of Noteholders, even if an event of default exists under the Indenture at such
time. As at December 31, 2020, SEP and EEP had no secured indebtedness outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The composition
and characteristics of SOFR are not the same as those of U.S. dollar LIBOR, and SOFR is not expected to be comparable to U.S. dollar
LIBOR.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In June 2017, the Federal
Reserve Bank of New York&rsquo;s Alternative Reference Rates Committee (the &ldquo;ARRC&rdquo;) identified SOFR as the rate that,
in the consensus view of the ARRC, represented best practice for use in certain new U.S. dollar derivatives and other financial
contracts. However, the composition and characteristics of SOFR are not the same as those of U.S. dollar LIBOR. SOFR is a broad
Treasury repurchase financing rate that represents overnight secured funding transactions and is not the economic equivalent of
U.S. dollar LIBOR. While SOFR is a secured rate, U.S. dollar LIBOR is an unsecured rate. And, while SOFR is currently only an overnight
rate, U.S. dollar LIBOR is a forward-looking rate that represents interbank funding for a specified term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As a result, there
can be no assurance that SOFR will perform in the same way as U.S. dollar LIBOR would have at any time, including, without limitation,
as a result of changes in interest and yield rates in the market, bank credit risk, market volatility or global or regional economic,
financial, political, regulatory, judicial or other events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">SOFR has
a very limited history, and the future performance of SOFR cannot be predicted based on historical performance.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-align: left; text-indent: 0.5in">The publication of
SOFR began in April 2018, and, therefore, it has a very limited history. The future performance of SOFR cannot be predicted
based on the limited historical performance. Levels of SOFR going forward may bear little or no relation to the historical
actual or historical indicative data. Prior observed patterns, if any, in the behavior of market variables and their relation
to SOFR, such as correlations, may change in the future. While some pre-publication historical data have been released
by the Federal Reserve Bank of New York, such analysis inherently involves assumptions, estimates and approximations. The
future performance of SOFR is impossible to predict and therefore no future performance of SOFR may be inferred from any of
the historical actual or historical indicative data. Hypothetical or historical performance data are not indicative of, and
have no bearing on, the potential performance of SOFR. There can be no assurance that SOFR will be positive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">SOFR may
be more volatile than other benchmark or market rates.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Since the initial publication
of SOFR, daily changes in the rate have, on occasion, been more volatile than daily changes in other benchmark or market rates,
such as three-month U.S. dollar LIBOR, during corresponding periods, and SOFR may bear little or no relation to the historical
actual or historical indicative data. The volatility of SOFR has reflected the underlying volatility of the overnight U.S. Treasury
repurchase agreement market. For example, such volatility in the overnight U.S. Treasury repo market caused SOFR to increase temporarily
to 5.25% in September 2019. The Federal Reserve Bank of New York has at times conducted operations in the overnight U.S. Treasury
repo market in order help maintain the federal funds rate within a target range. There can be no assurance that the New York Federal
Reserve will continue to conduct such operations in the future, and the duration and extent of any such operations is inherently
uncertain. The effect of any such operations, or of the cessation of such operations to the extent they are commenced, is uncertain
and could be materially adverse to investors in the Notes. In addition, although changes in Compounded SOFR generally are not expected
to be as volatile as changes in daily levels of SOFR, the return on and value of the Notes may fluctuate more than floating rate
securities that are linked to less volatile rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Any failure
of SOFR to gain market acceptance could adversely affect the Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">According to the ARRC,
SOFR was developed for use in certain U.S. dollar derivatives and other financial contracts as an alternative to U.S. dollar LIBOR
in part because it is considered a good representation of general funding conditions in the overnight U.S. Treasury repurchase
agreement market. However, as a rate based on transactions secured by U.S. Treasury securities, it does not measure bank-specific
credit risk and, as a result, is less likely to correlate with the unsecured short-term funding costs of banks. This may mean that
market participants would not consider SOFR a suitable replacement or successor for all of the purposes for which U.S. dollar LIBOR
historically has been used (including, without limitation, as a representation of the unsecured short-term funding costs of banks),
which may, in turn, lessen market acceptance of SOFR. Any failure of SOFR to gain market acceptance could adversely affect the
return on and value of the Notes and the price at which investors can sell the Notes in the secondary market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The interest
rate on the Notes is based on a Compounded SOFR rate, which is relatively new in the marketplace.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For each Interest Period,
the interest rate on the Notes is based on Compounded SOFR, which is calculated using the specific formula described under &ldquo;Description
of the Notes and the Guarantees &mdash; Principal and Interest &mdash; Compounded SOFR&rdquo;, not the SOFR rate published on or
in respect of a particular date during such Interest Period or an arithmetic average of SOFR rates during such period. For this
and other reasons, the interest rate on the Notes during any Interest Period will not be the same as the interest rate on other
SOFR-linked investments that use an alternative basis to determine the applicable interest rate. Further, if the SOFR rate in respect
of a particular date during an Interest Period is negative, its contribution to Compounded SOFR will be less than one, resulting
in a reduction to Compounded SOFR used to calculate the interest payable on the Notes on the Interest Payment Date for such Interest
Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition, limited
market precedent exists for securities that use SOFR as the interest rate and the method for calculating an interest rate based
upon SOFR in those precedents varies. Accordingly, the specific formula for the Compounded SOFR rate used in the Notes may not
be widely adopted by other market participants, if at all. If the market adopts a different calculation method, that would likely
adversely affect the market value of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Compounded
SOFR with respect to a particular Interest Period will only be capable of being determined near the end of the relevant Interest
Period.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The level of Compounded
SOFR applicable to a particular Interest Period and, therefore, the amount of interest payable with respect to such Interest Period
will be determined on the Interest Payment Determination Date for such Interest Period. Because each such date is near the end
of such Interest Period, you will not know the amount of interest payable with respect to a particular Interest Period until shortly
prior to the related Interest Payment Date and it may be difficult for you to reliably estimate the amount of interest that will
be payable on each such Interest Payment Date. In addition, some investors may be unwilling or unable to trade the Notes without
changes to their information technology systems, both of which could adversely impact the liquidity and trading price of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">The secondary
trading market for securities linked to SOFR may be limited.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If SOFR does not prove
to be widely used as a benchmark in securities that are similar or comparable to the Notes, the trading price of the Notes may
be lower than those of securities that are linked to rates that are more widely used. Similarly, market terms for securities that
are linked to SOFR, including, but not limited to, the spread over the reference rate reflected in the interest rate provisions,
may evolve over time, and as a result, trading prices of the Notes may be lower than those of later-issued securities that are
based on SOFR. Investors in the Notes may not be able to sell the Notes at all or may not be able to sell the Notes at prices that
will provide them with a yield comparable to similar investments that have a developed secondary market, and may consequently suffer
from increased pricing volatility and market risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">SOFR may
be modified or discontinued and the Notes may bear interest by reference to a rate other than Compounded SOFR, which could adversely
affect the value of the Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">SOFR is a relatively
new rate, and the Federal Reserve Bank of New York notes on its publication page for SOFR that the use of SOFR is subject to important
limitations and disclaimers, including that the Federal Reserve Bank of New York (or a successor), as administrator of SOFR, may
make methodological or other changes that could change the value of SOFR. Such changes could include, but are not limited to, changes
related to the method by which SOFR is calculated, eligibility criteria applicable to the transactions used to calculate SOFR,
or timing related to the publication of SOFR. If the manner in which SOFR is calculated is changed, that change may result in a
reduction of the amount of interest payable on the Notes, which may adversely affect the trading prices of the Notes. The administrator
of SOFR may withdraw, modify, amend, suspend or discontinue the calculation or dissemination of SOFR in its sole discretion and
without notice (in which case a fallback method of determining the interest rate on the Notes as further described under &ldquo;Description
of the Notes and the Guarantees &mdash; Principal and Interest &mdash; Compounded SOFR&rdquo; will apply) and has no obligation
to consider the interests of holders of the Notes in calculating, withdrawing, modifying, amending, suspending or discontinuing
SOFR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If we or our Designee
(as defined herein) determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred in respect
of SOFR, then the interest rate on the Notes will no longer be determined by reference to SOFR, but instead will be determined
by reference to a different rate, which will be a different benchmark than SOFR, plus a spread adjustment, which we refer to as
a &ldquo;Benchmark Replacement,&rdquo; as further described under &ldquo;Description of the Notes and the Guarantees &mdash; Principal
and Interest &mdash; Compounded SOFR.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If a particular Benchmark
Replacement or Benchmark Replacement Adjustment cannot be determined, then the next-available Benchmark Replacement or Benchmark
Replacement Adjustment will apply. These replacement rates and adjustments may be selected, recommended or formulated by (i) the
Relevant Governmental Body (such as the ARRC), (ii) the International Swaps and Derivatives Association (&ldquo;ISDA&rdquo;) or
(iii) in certain circumstances, us or our Designee. In addition, the terms of the Notes expressly authorize us or our Designee
to make Benchmark Replacement Conforming Changes with respect to, among other things, changes to the definition of &ldquo;interest
period&rdquo;, the timing and frequency of determining rates and making payments of interest and other administrative matters.
The determination of a Benchmark Replacement, the calculation of the interest rate on the Notes by reference to a Benchmark Replacement
(including the application of a Benchmark Replacement Adjustment), any implementation of Benchmark Replacement Conforming Changes
and any other determinations, decisions or elections that may be made under the terms of the Notes in connection with a Benchmark
Transition Event, could adversely affect the value of the Notes, the return on the Notes and the price at which you can sell such
Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition, (i) the
composition and characteristics of the Benchmark Replacement will not be the same as those of SOFR, the Benchmark Replacement may
not be the economic equivalent of SOFR, there can be no assurance that the Benchmark Replacement will perform in the same way as
SOFR would have at any time and there is no guarantee that the Benchmark Replacement will be a comparable substitute for SOFR (each
of which means that a Benchmark Transition Event could adversely affect the value of the Notes, the return on the Notes and the
price at which you can sell the Notes), (ii) any failure of the Benchmark Replacement to gain market acceptance could adversely
affect the Notes, (iii) the Benchmark Replacement may have a very limited history and the future performance of the Benchmark Replacement
cannot be predicted based on historical performance, (iv) the secondary trading market for Notes linked to the Benchmark Replacement
may be limited and (v) the administrator of the Benchmark Replacement may make changes that could change the value of the Benchmark
Replacement or discontinue the Benchmark Replacement and has no obligation to consider your interests in doing so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">We or our
Designee will make determinations with respect to the Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We or our Designee
will make certain determinations with respect to the Notes as further described under &ldquo;Description of the Notes and the Guarantees.&rdquo;
In addition, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, we or our Designee will
make certain determinations with respect to the Notes in our or our Designee&rsquo;s sole discretion as further described under
 &ldquo;Description of the Notes and the Guarantees &mdash;&nbsp;Principal and Interest &mdash; Compounded SOFR.&rdquo; Any of these
determinations may adversely affect the value of the Notes, the return on the Notes and the price at which you can sell such Notes.
Moreover, certain determinations may require the exercise of discretion and the making of subjective judgments, such as with respect
to Compounded SOFR or the occurrence or non-occurrence of a Benchmark Transition Event and any Benchmark Replacement Conforming
Changes. These potentially subjective determinations may adversely affect the value of the Notes, the return on the Notes and the
price at which you can sell such Notes. For further information regarding these types of determinations, see &ldquo;Description
of the Notes and the Guarantees &mdash; Principal and Interest &mdash; Compounded SOFR.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Federal and
state statutes allow courts, under specific circumstances, to void the guarantees of the Notes by our Guarantors and require the
Noteholders to return payments received from the Guarantors.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Under U.S. bankruptcy
law and comparable provisions of state fraudulent transfer laws, a guarantee can be voided, or claims under the guarantee may be
subordinated to all other debts of that guarantor if, among other things, the guarantor, at the time it incurred the indebtedness
evidenced by its guarantee or, in some states, when payments become due under the guarantee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>received less than reasonably equivalent value or fair consideration for the incurrence of the
guarantee and was insolvent or rendered insolvent by reason of such incurrence;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">was engaged in a business or transaction for which the guarantor&rsquo;s remaining assets constituted
unreasonably small capital; or</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">intended to incur, or believed that it would incur, debts beyond its ability to pay those debts
as they mature.</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">A guarantee may also
be voided, without regard to the above factors, if a court found that the guarantor entered into the guarantee with the actual
intent to hinder, delay or defraud its creditors. A court would likely find that a guarantor did not receive reasonably equivalent
value or fair consideration for its guarantee if the guarantor did not substantially benefit directly or indirectly from the issuance
of the Notes. If a court were to void a guarantee with respect to the Notes, the Noteholders would no longer have a claim against
the applicable Guarantor. Sufficient funds to repay the Notes may not be available from other sources. In addition, the court might
direct you to repay any amounts that you already received in respect of the Notes from the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The measures of insolvency
for purposes of fraudulent transfer laws vary depending upon the governing law. Generally, a guarantor would be considered insolvent
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the sum of its debts, including contingent liabilities, was greater than the fair saleable value
of all its assets;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the present fair saleable value of its assets was less than the amount that would be required to
pay its probable liability, including contingent liabilities, as they became absolute and mature; or</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">it could not pay its debts as they became due.</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The guarantee for
the Notes will contain a provision intended to limit the Guarantors&rsquo; liability to the maximum amount that they could
incur without causing the incurrence of obligations under the guarantee to be a fraudulent conveyance or fraudulent transfer
under U.S. federal or state law. This provision may not be effective to protect the guarantee from being voided under
fraudulent transfer law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">We may, under
certain limited circumstances, redeem the Notes before they mature.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Corporation may
redeem the Notes in the circumstances described under &ldquo;Description of the Notes and the Guarantees &mdash; Redemption &mdash;
Tax Redemption&rdquo; in this prospectus supplement. These redemption rights may, depending on prevailing market conditions at
the time, create reinvestment risk for the Noteholders in that they may be unable to find a suitable replacement investment with
a comparable return to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">We cannot
provide assurance that an active trading market will develop for the Notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes will constitute
a new series of securities with no established trading market. The underwriters have advised us that they intend to make a market
in the Notes as permitted by applicable laws and regulations; however, the underwriters are not obligated to make a market in the
Notes, and they may discontinue their market-making activities at any time without notice. Therefore, we cannot assure you that
an active market for the Notes will develop or, if developed, that it will continue. We cannot assure you that the market, if any,
for the Notes will be free from disruptions that may adversely affect the price at which you may sell the Notes. Future trading
prices of the Notes will also depend on many other factors, including, among other things, prevailing interest rates, the market
for similar securities, our financial performance and other factors. Generally, the liquidity of, and trading market for, the Notes
may also be materially and adversely affected by declines in the market for similar debt securities. Such a decline may materially
and adversely affect that liquidity and trading independent of our financial performance and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_006"></A>Consolidated
Capitalization</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table
summarizes our consolidated capitalization as of December 31, 2020 on an actual basis and on an as adjusted basis to give effect
to the issuance and sale of the Notes described in this prospectus supplement, without giving effect to the application of the
net proceeds thereof. See &ldquo;Use of Proceeds&rdquo; in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">You
should read this table together with our &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results
of Operations&rdquo; and the audited consolidated annual financial statements and the related notes thereto in our Annual Report
on Form 10-K for the fiscal year ended December 31, 2020, which is incorporated by reference in this prospectus supplement and
the accompanying prospectus. All U.S. dollar amounts in the following table have been converted to Canadian dollars using the
exchange rate on December 31, 2020 of US$0.7854 per $1.00 as reported on the Bank of Canada website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">As of December 31, 2020</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Actual</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">As Adjusted for the <BR> Notes</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font-size: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font-size: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 1pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font-size: 1pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 1pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">(millions of dollars)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Long-term debt:</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; width: 65%; font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 23.75pt">Long-term debt (excluding current portion)<SUP>(1)</SUP>&#9;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; width: 15%; font-size: 10pt; text-align: right">62,819</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="white-space: nowrap; width: 15%; font-size: 10pt; text-align: right">62,819</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 23.75pt">Notes offered hereby (US$500,000,000)&#9;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right">637</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 38.15pt">Total long-term debt&#9;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">62,819</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">63,456</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Shareholders&rsquo; equity:</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-indent: -0.2in; padding-left: 0.4in">Preference shares&#9;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">7,747</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">7,747</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-indent: -0.2in; padding-left: 0.4in">Common shares&#9;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">64,768</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">64,768</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; text-indent: -0.2in; padding-left: 0.4in">Additional paid-in capital&#9;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">277</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">277</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-indent: -0.2in; padding-left: 0.4in">Deficit&#9;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(9,995</TD><TD STYLE="white-space: nowrap; font-size: 10pt">)</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(9,995</TD>
    <TD>)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; text-indent: -0.2in; padding-left: 0.4in">Accumulated other comprehensive loss&#9;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(1,401</TD><TD STYLE="white-space: nowrap; font-size: 10pt">)</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">(1,401</TD>
    <TD>)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -0.2in; padding-left: 0.4in">Reciprocal shareholding&#9;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(29</TD><TD STYLE="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right">(29</TD>
    <TD>)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 38.15pt">Total Enbridge Inc. shareholders&rsquo; equity&#9;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">61,367</TD><TD STYLE="white-space: nowrap; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: right">61,367</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 38.15pt"><B>Total
    capitalization&#9;</B></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 10pt; text-align: right">124,186</TD><TD STYLE="white-space: nowrap; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; font-size: 10pt; text-align: right">124,823</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>





<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: left">As at December 31, 2020, long-term debt includes $11,610 million of outstanding commercial paper
borrowings and credit facility draws and excludes the Notes offered hereby.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_007"></A>Use of Proceeds</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We estimate that the
net proceeds of this offering of the Notes, after deducting underwriting discounts and commissions and the estimated expenses of
this offering, will be approximately US$498,755,000. We
intend to use the net proceeds to refinance existing indebtedness of the Corporation or its subsidiaries and, if applicable, for
other general corporate purposes of the Corporation and its affiliates. The Corporation may invest funds that it does not immediately
require in short-term marketable debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We may have outstanding
existing indebtedness owing to certain of the underwriters and affiliates of the underwriters, a portion of which we may repay
with the net proceeds of this offering. As a result, one or more of the underwriters or their affiliates may receive a portion
of the net proceeds of this offering. See &ldquo;Underwriting&rdquo; in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_008"></A>Description
of the Notes and the Guarantees</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following description
of the terms of the Notes and the guarantees supplements, and to the extent inconsistent therewith supersedes, the description
of the general terms and provisions of debt securities and guarantees under the heading &ldquo;Description of Debt Securities and
Guarantees&rdquo; in the accompanying prospectus, and should be read in conjunction with that description. In this section, the
terms &ldquo;Corporation&rdquo;, &ldquo;Enbridge&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo; or &ldquo;our&rdquo; refer only to
Enbridge Inc. and not to its subsidiaries and the term &ldquo;Guarantors&rdquo; refers to SEP and EEP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes will be issued
under an indenture (as amended and supplemented from time to time, the &ldquo;Indenture&rdquo;), dated as of February 25, 2005,
among the Corporation, the Guarantors and Deutsche Bank Trust Company Americas, as Trustee. The Notes will not be offered or sold
to persons in Canada pursuant to this prospectus supplement. The Trustee will initially serve as paying agent for the Notes. The
following summary of certain provisions of the Indenture and the Notes does not purport to be complete and is qualified in its
entirety by reference to the actual provisions of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Trustee under the
Indenture is referred to in this section as the &ldquo;Trustee&rdquo;, which term shall include, unless the context otherwise requires,
its successors and assigns. Capitalized terms used but not defined in this section shall have the meanings given to them in the
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes will be direct,
unsecured and unsubordinated obligations of the Corporation, issued under the Indenture and will rank equally with all other existing
and future unsecured and unsubordinated indebtedness of the Corporation other than preferred claims imposed by statute. The Notes
will be guaranteed by both Guarantors. See &ldquo;&mdash; Guarantees&rdquo; in this prospectus supplement. In addition, our business
operations are conducted substantially through our subsidiaries and through partnerships and joint ventures. The Notes will be
structurally subordinated to all existing and future liabilities of our subsidiaries other than the Guarantors. As of December
31, 2020, the long-term debt (excluding current portion, as well as guarantees and intercompany obligations between the Corporation
and its subsidiaries) of the Corporation&rsquo;s subsidiaries other than the Guarantors totaled approximately $22,937 million.
At December 31, 2020, as determined under U.S. GAAP, the Corporation&rsquo;s total consolidated long-term debt and long-term debt
due within one year was, in aggregate principal amount, approximately $66,897 million (excluding the Notes and the Corporation&rsquo;s
proportionate share of non-recourse debt of joint ventures), none of which was secured debt. There are no terms of the Indenture
that limit the ability of the Corporation or its subsidiaries, partnerships or joint ventures to issue preferred stock or incur
additional indebtedness, including in the case of the Corporation and its subsidiaries, partnerships and joint ventures, indebtedness
that ranks, either effectively or by contract, senior to the Notes. See &ldquo;&mdash; Covenants&rdquo; in this prospectus supplement.
Nonetheless, we do not expect either Guarantor to issue any preferred stock or any additional debt after the date of this prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes will be subject
to the provisions of the Indenture relating to Defeasance and Covenant Defeasance as described under the heading &ldquo;&mdash;&nbsp;Defeasance&rdquo; in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The provisions of the
Indenture relating to the payment of additional amounts in respect of Canadian withholding taxes in certain circumstances and relating
to the redemption of the Notes in the event of specified changes in Canadian withholding tax law on or after the date of this prospectus
supplement will apply to the Notes. See &ldquo;&mdash; Payment of Additional Amounts&rdquo; and &ldquo;&mdash; Redemption &mdash;
Tax Redemption&rdquo; in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes will not
be entitled to the benefit of any sinking fund, will not be convertible into other securities of the Corporation in lieu of payment
of principal and will not be listed on any automated quotation system, and we do not intend to apply for listing of the Notes on
any securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes will be denominated
in U.S. dollars, and payments of principal of, and premium, if any, and interest on, the Notes will be made in U.S. dollars in
the manner and on terms set out in the Indenture. Payments of principal of, and premium, if any, and interest on, the Notes will
be made by the Corporation through the Trustee to the Depositary. See &ldquo;&mdash; Book-Entry System&rdquo; in this prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For purposes of the
Notes, &ldquo;Business Day&rdquo; means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in the City of New York and in the applicable Place of Payment, if other than the City of New York, are authorized
or obligated by law or executive order to close. The initial Place of Payment for the Notes will be the Trustee&rsquo;s corporate
trust office in The City of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Corporation may,
at any time, and from time to time in accordance with the terms of the Indenture, issue additional Notes in unlimited amounts having
the same terms as the Notes and such additional Notes will, together with the then outstanding Notes and any notes which may be
issued in exchange or substitution therefor, constitute a single series of notes under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Principal and Interest</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes will be issued
as a series of debt securities under the Indenture in an initial aggregate principal amount of US$500,000,000.
The Notes will mature on February 17, 2023 (the &ldquo;Maturity Date&rdquo;)
and will bear interest at a rate (the &ldquo;Interest Rate&rdquo;) equal to Compounded SOFR (as defined below) plus 0.40%
per annum (40 basis points) (the &ldquo;Margin&rdquo;); <I>provided</I>, that the
Interest Rate shall in no event be less than 0.00%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Interest on the
Notes will accrue from February 19, 2021 and will be payable quarterly in arrears on February 17, May 17, August 17 and
November 17 of each year, beginning on May 17, 2021 (each, an &ldquo;Interest
Payment Date&rdquo;); provided, that if any Interest Payment Date would otherwise be a day that is not a Business Day (other
than the Interest Payment Date that is also the Maturity Date), the Interest Payment Date will be postponed to the
immediately succeeding day that is a Business Day, except that if that Business Day is in the immediately succeeding calendar
month, the Interest Payment Date shall be the immediately preceding Business Day. If the Maturity Date or redemption date
under &ldquo;&mdash; Description of the Notes and the Guarantees &mdash; Redemption &mdash; Tax Redemption&rdquo; is not a
Business Day, the payment of interest and principal and/or any amount payable upon redemption of the Notes will be made on
the next succeeding Business Day, but interest on that payment will not accrue during the period from and after the Maturity
Date or such redemption date. If the Notes are redeemed, unless we default on payment of the redemption price, interest will
cease to accrue on the redemption date on the Notes called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The &ldquo;Initial
Interest Period&rdquo; will be the period from and including the original issue date to but excluding the initial Interest Payment
Date. Thereafter, each &ldquo;Interest Period&rdquo; will be the period from and including an Interest Payment Date to but excluding
the immediately succeeding Interest Payment Date; <I>provided</I>, that the final Interest Period for the Notes will be the period
from and including the Interest Payment Date immediately preceding the Maturity Date of such Notes to but excluding the Maturity
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As further described
herein, the amount of interest accrued and payable on the Notes for each Interest Period will be equal to the product of (i) the
outstanding principal amount of the Notes multiplied by (ii) the product of (a) the Interest Rate for the relevant Interest Period
multiplied by (b) the quotient of the actual number of calendar days in such Interest Period divided by 360.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The regular record
dates for the Notes will be the close of business on the day immediately preceding each Interest Payment Date (or, if the Notes
are held in definitive form, the 15th calendar day preceding each Interest Payment Date, whether or not a Business Day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Secured Overnight
Financing Rate</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">SOFR is published by
the Federal Reserve Bank of New York and is intended to be a broad measure of the cost of borrowing cash overnight collateralized
by U.S. Treasury securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Federal Reserve
Bank of New York notes on its publication page for SOFR that use of SOFR is subject to important limitations and disclaimers, including
that the Federal Reserve Bank of New York may alter the methods of calculation, publication schedule, rate revision practices or
availability of SOFR at any time without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Compounded
SOFR</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Interest Rate on
the Notes for each Interest Period will be equal to Compounded SOFR plus the Margin. The Trustee or its successor appointed by
us, will act as calculation agent (the &ldquo;Calculation Agent&rdquo;). &ldquo;Compounded SOFR&rdquo; will be determined by the
Calculation Agent in accordance with the following formula (and the resulting percentage will be rounded, if necessary, to the
nearest one hundred-thousandth of a percentage point, <I>e.g.</I>, 9.753973% (or .09753973) being rounded down to 9.75397% (or
..0975397) and 9.753978% (or .09753978) being rounded up to 9.75398% (or .0975398)):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm216594d1_424b2img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;d<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT>&rdquo;
for any Observation Period, is the number of U.S. Government Securities Business Days in the relevant Observation Period;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;i&rdquo; is a series of whole numbers from one to d<SUB>0</SUB>,
each representing the relevant U.S. Government Securities Business Day in chronological order from, and including, the first U.S.
Government Securities Business Day in the relevant Observation Period;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;SOFR<SUB>i</SUB>,&rdquo; for any U.S. Government Securities
Business Day &ldquo;i&rdquo; in the relevant Observation Period, is equal to SOFR in respect of that day &ldquo;i&rdquo;;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;n<FONT STYLE="font-size: 10pt"><SUB>i</SUB></FONT>,&rdquo;
for any U.S. Government Securities Business Day &ldquo;i&rdquo; in the relevant Observation Period, is the number of calendar days
from, and including, such U.S. Government Securities Business Day &ldquo;i&rdquo; to, but excluding, the following U.S. Government
Securities Business Day (&ldquo;i+1&rdquo;);</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;d&rdquo; is the number of calendar days in the relevant
Observation Period;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Observation Period&rdquo; is (i) in respect of each Interest
Period, the period from, and including, the date that is two U.S. Government Securities Business Days preceding the first date
in such Interest Period to, but excluding, the Interest Payment Determination Date for such Interest Period and (ii) in respect
of the payment of any interest in connection with any redemption of the Notes, the period from, and including, the date that is
two U.S. Government Securities Business Days preceding the first date in the Interest Period in which such redemption occurs to,
but excluding, the date that is two U.S. Government Securities Business Days before such redemption; and</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;U.S. Government Securities Business Day&rdquo; is any
day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that
the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&ldquo;Interest Payment Determination Date&rdquo; is the date
that is two U.S. Government Securities Business Days before each Interest Payment Date.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For these calculations,
the daily SOFR in effect on any U.S. Government Securities Business Day will be the applicable SOFR as reset on that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For purposes of determining
Compounded SOFR, &ldquo;SOFR&rdquo; means, with respect to any U.S. Government Securities Business Day:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">(1) the Secured
Overnight Financing Rate published for such U.S. Government Securities Business Day as such rate appears on the Federal Reserve
Bank of New York&rsquo;s Website at 3:00 p.m. (New York time) on the immediately following U.S. Government Securities Business
Day (the &ldquo;SOFR Determination Time&rdquo;); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in">(2) if the
rate specified in (1) above does not so appear, unless both a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred, the Secured Overnight Financing Rate as published in respect of the first preceding U.S. Government Securities
Business Day for which the Secured Overnight Financing Rate was published on the Federal Reserve Bank of New York&rsquo;s Website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Notwithstanding anything
to the contrary in the documentation relating to the Notes, if we or our Designee (which may be the Calculation Agent only if the
Calculation Agent consents to such appointment in its sole discretion with no liability therefor, a successor calculation agent,
or such other designee of ours acting as our agent as described in these benchmark transition provisions (any of such entities,
a &ldquo;Designee&rdquo;)) determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related
Benchmark Replacement Date (each as defined below) have occurred with respect to determining Compounded SOFR, then the benchmark
replacement provisions set forth will thereafter apply to all determinations of the rate of interest payable on the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the avoidance of doubt, in accordance with the benchmark
replacement provisions, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest
payable for each Interest Period on the Notes will be an annual rate equal to the sum of the Benchmark Replacement (as defined
below) and the applicable margin.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Effect of Benchmark Transition Event</I></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>(a) Benchmark Replacement</I>. If we or our Designee determines
that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect
of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes
relating to the Notes in respect of such determination on such date and all determinations on all subsequent dates.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>(b) Benchmark Replacement Conforming Changes</I>. In connection
with the implementation of a Benchmark Replacement, we or our Designee will have the right to make Benchmark Replacement Conforming
Changes from time to time.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>(c) Decisions and Determinations</I>. Any determination,
decision or election that may be made by us or our Designee pursuant to the benchmark replacement provisions described herein,
including any determination with respect to tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance
or date and any decision to take or refrain from taking any action or any selection:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; padding: 0.25pt">&bull;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">will be conclusive and binding absent manifest error; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; padding: 0.25pt">&bull;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">if made by us, will be made in our sole discretion; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; padding: 0.25pt">&bull;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding: 0.25pt">if made by our Designee, will be made after consultation with us, and the Designee will not make any such determination, decision or election to which we objects; and </TD></TR>
</TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: left; width: 5%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 3%; padding: 0.25pt">&bull;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding: 0.25pt">shall become effective without consent from any other party. </TD></TR>
</TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any determination, decision or election pursuant to the benchmark
replacement provisions not made by our Designee will be made by us on the basis as described above. The Designee shall have no
liability for not making any such determination, decision or election. In addition, we may designate an entity (which may be its
affiliate) to make any determination, decision or election that we have the right to make in connection with the benchmark replacement
provisions set forth in this prospectus supplement.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Certain Defined Terms. As used herein:</I></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Benchmark&rdquo; </I>means, initially, Compounded
SOFR, as such term is defined above; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred with respect to Compounded SOFR (or the published daily SOFR used in the calculation thereof) or the then-current Benchmark,
then &ldquo;Benchmark&rdquo; means the applicable Benchmark Replacement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Benchmark Replacement&rdquo; </I>means the first alternative
set forth in the order below that can be determined by us or our Designee as of the Benchmark Replacement Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; padding: 0.25pt">(1)</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">the sum of: (a) an alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; padding: 0.25pt">(2)</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; padding: 0.25pt">(3)</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">the sum of: (a) the alternate rate of interest that has been selected by us or our Designee as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Benchmark Replacement Adjustment&rdquo; </I>means
the first alternative set forth in the order below that can be determined by us or our Designee as of the Benchmark Replacement
Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; padding: 0.25pt">(1)</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; padding: 0.25pt">(2)</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; padding: 0.25pt">(3)</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">the spread adjustment (which may be a positive or negative value or zero) that has been selected by us or our Designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated floating rate notes at such time. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Benchmark Replacement Conforming Changes&rdquo; </I>means,
with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the
definitions or interpretations of Interest Period, the timing and frequency of determining rates and making payments of
interest, the rounding of amounts or tenors, and other administrative matters) that we or our Designee decides may be
appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice
(or, if we or our Designee decides that adoption of any portion of such market practice is not administratively feasible or
if we or our Designee determines that no market practice for use of the Benchmark Replacement exists, in such other manner as
we or our Designee determines is reasonably practicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Benchmark Replacement Date&rdquo; </I>means the earliest
to occur of the following events with respect to the then-current Benchmark:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; padding: 0.25pt">(1)</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">in the case of clause (1) or (2) of the definition of &ldquo;Benchmark Transition Event,&rdquo; the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; padding: 0.25pt">(2)</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">in the case of clause (3) of the definition of &ldquo;Benchmark Transition Event,&rdquo; the date of the public statement or publication of information referenced therein. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the avoidance of doubt, if the event giving rise to the
Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the
Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Benchmark Transition Event&rdquo; </I>means the occurrence
of one or more of the following events with respect to the then-current Benchmark:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; padding: 0.25pt">(1)</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; padding: 0.25pt">(2)</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; padding: 0.25pt">(3)</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Corresponding Tenor&rdquo; </I>with respect to a
Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment)
as the applicable tenor for the then-current Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Federal Reserve Bank of New York&rsquo;s Website&rdquo;</I>
means the website of the <I>Federal Reserve Bank of New York</I>, currently at http://www.newyorkfed.org, or any successor source.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;ISDA Definitions&rdquo; </I>means the 2006 ISDA Definitions
published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from
time to time, or any successor definitional booklet for interest rate derivatives published from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;ISDA Fallback Adjustment&rdquo; </I>means the spread
adjustment, (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA
Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;ISDA Fallback Rate&rdquo; </I>means the rate that
would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation
date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Reference Time&rdquo; </I>with respect to any determination
of the Benchmark means (1) if the Benchmark is Compounded SOFR, the SOFR Determination Time, and (2) if the Benchmark is not Compounded
SOFR, the time determined by us or our Designee in accordance with the Benchmark Replacement Conforming Changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Relevant Governmental Body&rdquo; </I>means the Federal
Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve
Board and/or the Federal Reserve Bank of New York or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&ldquo;Unadjusted Benchmark Replacement&rdquo; </I>means
the Benchmark Replacement excluding the Benchmark Replacement Adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Guarantees</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Each of the Guarantors
fully, unconditionally, irrevocably, absolutely and jointly and severally guarantees to each Noteholder the due and punctual payment
of the principal of, and premium, if any, and interest on the Notes and all other amounts due and payable by the Corporation under
the Indenture and the Notes, when and as such principal, premium, if any, interest and other amounts shall become due and payable,
whether at the stated maturity or by declaration or acceleration, call for redemption or otherwise, subject to limitations on amount
so that such guarantee does not constitute a fraudulent conveyance or fraudulent transfer under federal or state law, as set forth
in the Indenture. The guarantees of the Notes will be general, unsecured, senior obligations of each of the Guarantors and will
rank equally with all other existing and future unsecured and unsubordinated indebtedness of that Guarantor, other than preferred
claims imposed by statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to the Indenture,
the guarantees of either Guarantor will be unconditionally released and discharged automatically upon the occurrence of any of
the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">any direct or indirect sale, exchange or transfer, whether by way of merger, sale or transfer of
equity interests or otherwise, to any person that is not an affiliate of the Corporation, of any of the Corporation&rsquo;s direct
or indirect limited partnership or other equity interests in that Guarantor as a result of which that Guarantor ceases to be a
consolidated subsidiary of the Corporation;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the merger of that Guarantor into the Corporation or the other Guarantor or the liquidation and
dissolution of that Guarantor;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the repayment in full or discharge or defeasance of the Notes as contemplated by the Indenture;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">with respect to EEP, the repayment in full or discharge or defeasance of each series of debt securities
of EEP outstanding as of January 22, 2019, all of which are guaranteed by the Corporation pursuant to the Seventeenth Supplemental
Indenture, dated as of January 22, 2019, among EEP, the Corporation and U.S. Bank National Association, as trustee; or</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">with respect to SEP, the repayment in full or discharge or defeasance of each series of debt securities
of SEP outstanding as of January 22, 2019, all of which are guaranteed by the Corporation pursuant to the Eighth Supplemental Indenture,
dated as of January 22, 2019, among SEP, the Corporation and Wells Fargo Bank, National Association, as trustee.</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">The Trustee</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Deutsche Bank Trust
Company Americas (the &ldquo;Trustee&rdquo;) is the Trustee under the Indenture governing the Notes. The Trustee is an affiliate
of Deutsche Bank Securities Inc., an underwriter of the Notes. Under the Trust Indenture Act of 1939, as amended, due to this affiliation,
if a default occurred on the Notes within one year of issuance, Deutsche Bank Trust Company Americas may be required to resign
as Trustee within 90 days of ascertaining the default unless the default (exclusive of any period of grace or requirement of notice)
were cured, duly waived or otherwise eliminated. An affiliate of the Trustee is a lender under certain of the credit facilities
of Enbridge and its subsidiary, Enbridge (U.S.) Inc., described under &ldquo;Underwriting&rdquo; in this prospectus supplement,
and affiliates of the Trustee may have further commercial banking, advisory and other relationships with Enbridge and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Redemption</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Other than as described
in &ldquo;Description of the Notes and the Guarantees &mdash; Redemption &mdash; Tax Redemption&rdquo; in this prospectus supplement,
the Notes are not redeemable prior to their maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Tax Redemption</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes will be subject
to redemption at any time at a redemption price equal to the principal amount of the Notes, together with accrued and unpaid interest
to the date fixed for redemption, upon the giving of the notice as described below, if the Corporation (or its successor) determines
that (1) as a result of (A) any amendment to or change (including any announced prospective change) in the laws or related regulations
of Canada (or the Corporation&rsquo;s successors&rsquo; jurisdiction of organization) or of any applicable political subdivision
or taxing authority or (B) any amendment to or change in an interpretation or application of such laws or regulations by any legislative
body, court, governmental agency or regulatory authority announced or becoming effective on or after the date hereof, the Corporation
has or will become obligated to pay, on the next Interest Payment Date for the Notes, additional amounts with respect to any Note
as described under &ldquo;&mdash; Payment of Additional Amounts&rdquo;, or (2) on or after the date of this prospectus supplement,
any action has been taken by any taxing authority of, or any decision has been rendered by a court in, Canada (or the Corporation&rsquo;s
successors&rsquo; jurisdiction of organization) or any applicable political subdivision or taxing authority, including any of those
actions specified in (1) above, whether or not the action was taken or decision rendered with respect to the Corporation, or any
change, amendment, application or interpretation is officially proposed, which, in the opinion of the Corporation&rsquo;s counsel,
will result in the Corporation becoming obligated to pay, on the next Interest Payment Date for the Notes, additional amounts with
respect to any Note, and the Corporation has determined that the obligation cannot be avoided by the use of reasonable available
measures. Notice of redemption of Notes will be given once not more than 60 nor less than 10 days prior to the date fixed for redemption
and will specify the date fixed for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Provision of Financial
Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Corporation will
file with the Trustee, within 15 days after the same are so required to be filed with the SEC, copies of its annual report and
of the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and
regulations prescribe) which the Corporation is required to file with the SEC pursuant to Section 13 or 15(d) of the U.S. Exchange
Act. If the Corporation is not required to file such information, documents or reports with the SEC, then the Corporation will
file with the Trustee such periodic reports as the Corporation files with the securities commission or corresponding securities
regulatory authority in each of the Provinces of Canada within 15 days after the same are so required to be filed with such securities
commissions or securities regulatory authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Covenants</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Indenture contains
promises by the Corporation, called &ldquo;covenants&rdquo; for the benefit of the Noteholders. The Corporation will make the covenants
described under the headings &ldquo;&mdash; Limitation on Security Interests&rdquo; and &ldquo;&mdash; Other Indenture Covenants&rdquo;
for the Noteholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Limitation on
Security Interests</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Corporation agrees
in the Indenture, for the benefit of the Noteholders, that it will not create, assume or otherwise have outstanding any Security
Interest on its assets securing any Indebtedness unless the obligations of the Corporation in respect of the Notes then outstanding
shall be secured equally and ratably therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This covenant has significant
exceptions which allow the Corporation to incur or allow to exist over its properties and assets Permitted Encumbrances (as defined
in the Indenture), which include, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: left">Security Interests existing on the date of the first
issuance of the Notes by the Corporation under the Indenture or arising after that date under contractual commitments entered
into prior to that date;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: left">Security Interests securing Purchase Money Obligations;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: left">Security Interests securing Non-Recourse Debt;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: left">Security Interests in favor of the Corporation&rsquo;s
subsidiaries;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: left">Security Interests existing on property of a corporation
which is merged into, or amalgamated or consolidated with, the Corporation or the property of which is acquired by the Corporation;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(f)</TD><TD STYLE="text-align: left">Security Interests securing Indebtedness to banks or
other lending institutions incurred in the ordinary course of business, repayable on demand or maturing within 18 months of incurrence
or renewal or extension;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(g)</TD><TD STYLE="text-align: left">Security Interests on or against cash or marketable debt
securities pledged to secure Financial Instrument Obligations;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(h)</TD><TD STYLE="text-align: left">Security Interests in respect of certain:</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1.25in"></TD><TD STYLE="text-align: left; width: 0.25in">(1)</TD><TD STYLE="text-align: left">liens for taxes, assessments and workmen&rsquo;s compensation assessments, unemployment insurance
or other social security obligations,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">liens and certain rights under leases,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: left">obligations affecting the property of the Corporation to governmental or public authorities, with
respect to franchises, grants, licenses or permits and title defects arising because structures or facilities are on lands held
by the Corporation under government grant, subject to a materiality threshold,</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1.25in"></TD><TD STYLE="text-align: left; width: 0.25in">(4)</TD><TD STYLE="text-align: left">liens in connection with contracts, bids, tenders or expropriation proceedings, surety or appeal
bonds, costs of litigation, public and statutory obligations, liens or claims incidental to current construction, builders&rsquo;,
mechanics&rsquo;, laborers&rsquo;, materialmen&rsquo;s, warehousemen&rsquo;s, carriers&rsquo; and other similar liens,</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1.25in"></TD><TD STYLE="text-align: left; width: 0.25in">(5)</TD><TD STYLE="text-align: left">rights of governmental or public authorities under statute or the terms of leases, licenses, franchises,
grants or permits,</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1.25in"></TD><TD STYLE="text-align: left; width: 0.25in">(6)</TD><TD STYLE="text-align: left">undetermined or inchoate liens incidental to the operations of the Corporation,</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1.25in"></TD><TD STYLE="text-align: left; width: 0.25in">(7)</TD><TD STYLE="text-align: left">Security Interests contested in good faith by the Corporation or for which payment is deposited
with the Trustee,</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1.25in"></TD><TD STYLE="text-align: left; width: 0.25in">(8)</TD><TD STYLE="text-align: left">easements, rights-of-way and servitudes,</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1.25in"></TD><TD STYLE="text-align: left; width: 0.25in">(9)</TD><TD STYLE="text-align: left">security to public utilities, municipalities or governmental or other public authorities,</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1.25in"></TD><TD STYLE="text-align: left; width: 0.25in">(10)</TD><TD STYLE="text-align: left">liens and privileges arising out of judgments or awards, and</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 1.25in"></TD><TD STYLE="text-align: left; width: 0.25in">(11)</TD><TD STYLE="text-align: left">other liens of a nature similar to those described above which do not in the opinion of the Corporation
materially impair the use of the subject property or the operation of the business of the Corporation or the value of the property
for the Corporation&rsquo;s business; and</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: left">extensions, renewals, alterations and replacements of
the permitted Security Interests referred to above; <I>provided</I> the extension, renewal, alteration or replacement of such
Security Interest is limited to all or any part of the same property that secured the Security Interest extended, renewed, altered
or replaced (plus improvements on such property) and the principal amount of the Indebtedness secured thereby is not increased.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In addition, the Indenture
permits the Corporation to incur or allow to exist any other Security Interest or Security Interests if the amount of Indebtedness
secured under the Security Interest or Security Interests does not exceed 5% of the Corporation&rsquo;s Consolidated Net Tangible
Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Indenture covenant
restricting Security Interests will not restrict the Corporation&rsquo;s ability to sell its property and other assets and will
not restrict any subsidiary of the Corporation from creating, assuming or otherwise having outstanding any Security Interests on
its assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Other Indenture
Covenants</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Corporation will
covenant with respect to the Notes to (1)&nbsp;duly and punctually pay amounts due on the Notes; (2)&nbsp;maintain an office or
agency where the Notes may be presented or surrendered for payment, where the Notes may be surrendered for registration of transfer
or exchange and where notices and demands to the Corporation may be served; (3)&nbsp;deliver to the Trustee, within 120 days after
the end of each fiscal year, a certificate stating whether or not the Corporation is in default under the Indenture; (4)&nbsp;pay
before delinquency, taxes, assessments and governmental charges and lawful claims for labor, materials and supplies which, if unpaid,
might by law become a lien upon the property of the Corporation, subject to the right of the Corporation to contest the validity
of a charge, assessment or claim in good faith; and (5)&nbsp;maintain and keep in good condition properties used or useful in the
conduct of its business and make necessary repairs and improvements as in the judgment of the Corporation are necessary to carry
on the Corporation&rsquo;s business; <I>provided</I>, that the Corporation may discontinue operating or maintaining any of its
properties if, in the judgment of the Corporation, the discontinuance is desirable in the conduct of the Corporation&rsquo;s business
and not disadvantageous in any material respect to the Noteholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Subject to the provision
described under the heading &ldquo;&mdash; Mergers, Consolidations and Sales of Assets&rdquo; below, the Corporation will also
covenant that it will do all things necessary to preserve and keep in full force and effect its existence, rights and franchises;
<I>provided</I>, that the Corporation is not required to preserve any right or franchise if the board of directors of the Corporation
determines that preservation of the right or franchise is no longer desirable in the conduct of the business of the Corporation
and that its loss is not disadvantageous in any material respect to the Noteholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Waiver of Covenants</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Corporation may
omit in any particular instance to comply with any term, provision or condition in any covenant in respect of the Notes, if before
the time for such compliance the holders of a majority of the principal amount of the outstanding Notes waive compliance with the
applicable term, provision or condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Mergers, Consolidations
and Sales of Assets</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Corporation may
not consolidate or amalgamate with or merge into, or enter into any statutory arrangement for such purpose with, any other person
or convey, transfer or lease its properties and assets substantially as an entirety to any person, unless, among other requirements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: left">the successor to the consolidation, amalgamation, merger
or arrangement is a corporation, partnership or trust organized under the laws of Canada, or any Province or Territory thereof,
the United States of America, or any State thereof or the District of Columbia, and expressly assumes the obligation to pay the
principal of and any premium and interest on all of the Notes and perform or observe the covenants and obligations contained in
the Indenture;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: left">immediately after giving effect to the transaction, no
event of default, or event which, after notice or lapse of time or both, would become an event of default, will have happened
and be continuing; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: left">if, as a result of any such consolidation, amalgamation,
merger or arrangement, properties or assets of the Corporation would become subject to a mortgage, pledge, lien, security interest
or other encumbrance which would not be permitted by the Indenture, the Corporation or such successor, as the case may be, shall
take such steps as shall be necessary effectively to secure the Notes equally and ratably with (or prior to) all indebtedness
secured thereby.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Upon any consolidation,
amalgamation, merger or arrangement of the Corporation or conveyance, transfer or lease of properties and assets of the Corporation
substantially as an entirety, the successor to the Corporation will succeed to every right and power of the Corporation under the
Indenture, and, except in the case of a lease, the Corporation will be relieved of all obligations and covenants under the Indenture
and the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Payment of Additional
Amounts</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Corporation will,
subject to the exceptions and limitations set forth below, pay to any Noteholder who is a non-resident of Canada under the&nbsp;<I>Income
Tax Act</I>&nbsp;(Canada) (&ldquo;Tax Act&rdquo;) such additional amounts as may be necessary so that every net payment on the
Notes held by such Noteholder, after deduction or withholding by the Corporation or any of its paying agents for or on account
of any present or future tax, assessment or other governmental charge (including penalties, interest and other liabilities related
thereto) imposed by the government of Canada (or any political subdivision or taxing authority thereof or therein) (collectively,
 &ldquo;Canadian Taxes&rdquo;) upon or as a result of such payment, will not be less than the amount provided in the Notes to be
then due and payable (and the Corporation will remit the full amount withheld to the relevant authority in accordance with applicable
law). However, the Corporation will not be required to make any payment of additional amounts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: left">to any person in respect of whom such taxes are required to be withheld or deducted as a result
of such person or any other person that has a beneficial interest in respect of any payment under the Notes (i) not dealing at
arm&rsquo;s length with the Corporation (within the meaning of the Tax Act), (ii) being a &ldquo;specified shareholder&rdquo; (as
defined in subsection 18(5) of the Tax Act) of the Corporation, or (iii) not dealing at arm&rsquo;s length (for the purposes of
the Tax Act) with such a &ldquo;specified shareholder&rdquo;;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(b)</TD><TD STYLE="text-align: left">to any person by reason of such person being connected with Canada (otherwise than merely by holding
or ownership of the Notes or receiving any payments or exercising any rights thereunder), including without limitation a non-resident
insurer who carries on an insurance business in Canada and in a country other than Canada;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(c)</TD><TD STYLE="text-align: left">for or on account of any tax, assessment or other governmental charge which would not have been
so imposed but for: (i) the presentation by the Noteholder on a date more than 30 days after the date on which such payment became
due and payable or the date on which payment thereof is duly provided for, whichever occurs later; or (ii) the holder&rsquo;s failure
to comply with any certification, identification, information, documentation or other reporting requirements if compliance is required
by law, regulation, administrative practice or an applicable treaty as a precondition to exemption from or a reduction in the rate
of deduction or withholding of, any such taxes, assessment or charge;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(d)</TD><TD STYLE="text-align: left">for or on account of any estate, inheritance, gift, sales, transfer, personal property tax or any
similar tax, assessment or other governmental charge;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(e)</TD><TD STYLE="text-align: left">for or on account of any tax, assessment or other governmental charge required to be withheld by
any paying agent from any payment to a person on the Notes if such payment can be made to such person without such withholding
by at least one other paying agent the identity of which is provided to such person;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(f)</TD><TD STYLE="text-align: left">for or on account of any tax, assessment or other governmental charge which is payable otherwise
than by withholding from a payment on the Notes;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(g)</TD><TD STYLE="text-align: left">any withholding or deduction imposed pursuant to: (i) Sections 1471 to 1474 of the U.S. Internal
Revenue Code of 1986, as amended (&ldquo;FATCA&rdquo;), or any successor version thereof, or any similar legislation imposed by
any other governmental authority, (ii) any treaty, law, regulation or other official guidance enacted by Canada implementing FATCA
or an intergovernmental agreement with respect to FATCA or any similar legislation imposed by any other governmental authority,
or (iii) any agreement between the Corporation or the Guarantors and the United States or any authority thereof implementing FATCA;
or</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(h)</TD><TD STYLE="text-align: left">for any combination of items (a), (b), (c), (d), (e), (f) and (g);</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">nor will additional amounts
be paid with respect to any payment on the Notes to a Noteholder who is a fiduciary or partnership or other than the sole beneficial
owner of such payment to the extent such payment would be required by the laws of Canada (or any political subdivision thereof)
to be included in the income for Canadian federal income tax purposes of a beneficiary or settlor with respect to such fiduciary
or a member of such partnership or a beneficial owner who would not have been entitled to payment of the additional amounts had
such beneficiary, settlor, member or beneficial owner been the Noteholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Corporation will
furnish to the Noteholders, within 30 days after the date of the payment of any Canadian Taxes is due under applicable law, certified
copies of tax receipts or other documents evidencing such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Wherever in the Notes
or Indenture there is mentioned, in any context, the payment of principal (and premium, if any), interest or any other amount payable
under or with respect to the Notes, such mention shall be deemed to include mention of the payment of additional amounts to the
extent that, in such context additional amounts are, were or would be payable in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Events of Default</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following events
are defined in the Indenture as &ldquo;Events of Default&rdquo; with respect to the Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the failure of the Corporation to pay when due the principal of or premium (if any) on any Notes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the failure of the Corporation, continuing for 30 days, to pay any interest due on any Notes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: left">the breach or violation of any covenant or condition (other than as referred to in (a) and (b)
above), which continues for a period of 60 days after notice from the Trustee or from holders of at least 25% of the principal
amount of all outstanding Notes, if such covenant or condition applies to the Notes;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(d)</TD><TD STYLE="text-align: left">default in payment at maturity, including any applicable grace period, or default in the performance
or observance of any other covenant, term, agreement or condition with respect to any single item of Indebtedness in an amount
in excess of 5% of Consolidated Shareholders&rsquo; Equity or with respect to more than two items of Indebtedness in an aggregate
amount in excess of 10% of Consolidated Shareholders&rsquo; Equity and, if such Indebtedness has not already matured in accordance
with its terms, such Indebtedness has been accelerated, if such Indebtedness has not been discharged or such acceleration shall
not have been rescinded or annulled within a period of 10 days after there shall have been given, by registered or certified mail,
to the Corporation by the Trustee or to the Corporation and the Trustee by the holders of at least 25% of the principal amount
of the outstanding Notes a written notice specifying the default and requiring the Corporation to cause such Indebtedness to be
discharged or cause such acceleration to be rescinded or annulled, <I>provided</I> that if the Indebtedness is discharged or the
applicable default under the Indebtedness is waived by the persons entitled to do so, then the Event of Default under the Indenture
will be deemed waived; or</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(e)</TD><TD STYLE="text-align: left">certain events of bankruptcy, insolvency or reorganization involving the Corporation.</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If an Event of Default
occurs and is continuing with respect to the Notes, then in every such case the Trustee or the holders of at least 25% of the aggregate
principal amount of the outstanding Notes may declare the entire principal amount of all of the Notes and all interest thereon
to be immediately due and payable. However, at any time after a declaration of acceleration with respect to the Notes has been
made, but before a judgment or decree for payment of the money due has been obtained, the holders of a majority in principal amount
of the outstanding Notes, by written notice to the Corporation and the Trustee under certain circumstances (which include payment
or deposit with the Trustee of outstanding principal, premium and interest), may rescind and annul such acceleration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Indenture provides
that, subject to the duty of the Trustee during default to act with the required standard of care, the Trustee shall be under no
obligation to exercise any of its rights and powers under the Indenture at the request or direction of any of the Noteholders,
unless such Noteholders shall have offered to the Trustee reasonable indemnity. Subject to such provisions for indemnification
of the Trustee and certain other limitations set forth in the Indenture, the holders of a majority in principal amount of the outstanding
Notes affected by an Event of Default shall have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">No Noteholder will
have any right to institute any proceeding with respect to the Indenture (including the guarantees thereof), or for the appointment
of a receiver or a Trustee, or for any other remedy thereunder, unless (a) such Noteholder has previously given to the Trustee
written notice of a continuing Event of Default with respect to the Notes, (b) the holders of at least 25% of the aggregate principal
amount of the outstanding Notes have made written request, and such Noteholder or Noteholders have offered reasonable indemnity,
to the Trustee to institute such proceeding as Trustee, and (c) the Trustee has failed to institute such proceeding, and has not
received from the holders of a majority in aggregate principal amount of the outstanding Notes a direction inconsistent with such
request, within 60 days after such notice, request and offer. However, such limitations do not apply to a suit instituted by a
Noteholder for the enforcement of payment of the principal of or any premium or interest on such Notes on or after the applicable
due date specified in such Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Modification and
Waiver</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Modifications and
amendments of the Indenture may be made by the Corporation and the Trustee with the consent of the holders of a majority of
the principal amount of the outstanding debt securities of each series issued under the Indenture (including the Notes)
affected by such modification or amendment; <I>provided</I>, <I>however</I>, that no such modification or amendment may,
without the consent of the holder of each outstanding debt security of such affected series: (1) change the stated maturity
of the principal of, or any installment of interest, if any, on any debt security; (2) reduce the principal amount of, or the
premium, if any, or the rate of interest, if any, on any debt security; (3) change the place of payment; (4) change the
currency or currency unit of payment of principal of (or premium, if any) or interest, if any, on any debt security; (5)
impair the right to institute suit for the enforcement of any payment on or with respect to any debt security; (6) adversely
affect any right to convert or exchange any debt security; (7) reduce the percentage of principal amount of outstanding debt
securities of such series, the consent of the holders of which is required for modification or amendment of the Indenture or
for waiver of compliance with certain provisions of the Indenture or for waiver of certain defaults; (8) modify the
provisions of the Indenture relating to subordination in a manner that adversely affects the rights of the holders of debt
securities; or (9) modify any provisions of the Indenture relating to the modification and amendment of the Indenture or the
waiver of past defaults or covenants except as otherwise specified in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The holders of a majority
of the principal amount of the Notes may on behalf of the Noteholders waive, insofar as the Notes are concerned, compliance by
the Corporation with certain restrictive provisions of the Indenture, including the covenants and events of default. The holders
of a majority in principal amount of the Notes may waive any past default under the Indenture with respect to the Notes, except
a default in the payment of the principal of (or premium, if any) and interest, if any, on the Notes or in respect of a provision
which under the Indenture cannot be modified or amended without the consent of the holder of each outstanding Note. The Indenture
or the Notes may be amended or supplemented, without the consent of any holder of debt securities, in order, among other purposes,
to cure any ambiguity or inconsistency or to make any change that does not have an adverse effect on the rights of any holder of
the debt securities. The Notes may also be amended without the consent of any Noteholder to reflect the implementation of the benchmark
transition provisions as described in &ldquo;Description of the Notes and the Guarantees&nbsp; &mdash;&nbsp;Principal and Interest
 &mdash; Compounded SOFR &mdash; Effect of Benchmark Transition Event&rdquo; in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Defeasance</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Indenture provides
that, at its option, the Corporation will be discharged from any and all obligations in respect of the outstanding Notes upon irrevocable
deposit with the Trustee, in trust, of money and/or United States government securities which will provide money in an amount sufficient
in the opinion of a nationally recognized firm of independent public accountants to pay the principal of and premium, if any, and
each installment of interest, if any, on the outstanding Notes (&ldquo;Defeasance&rdquo;) (except with respect to the authentication,
transfer, exchange or replacement of Notes or the maintenance of a place of payment and certain other obligations set forth in
the Indenture). Such trust may only be established if among other things (1)&nbsp;the Corporation has delivered to the Trustee
an opinion of counsel in the United States stating that (a)&nbsp;the Corporation has received from, or there has been published
by, the Internal Revenue Service a ruling, or (b)&nbsp;since the date of execution of the Indenture, there has been a change in
the applicable United States federal income tax law, in either case to the effect that the holders of the outstanding Notes will
not recognize income, gain or loss for United States federal income tax purposes as a result of such Defeasance and will be subject
to United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if
such Defeasance had not occurred; (2)&nbsp;the Corporation has delivered to the Trustee an opinion of counsel in Canada or a ruling
from the Canada Revenue Agency (&ldquo;CRA&rdquo;) to the effect that the holders of the outstanding Notes will not recognize income,
gain or loss for Canadian federal, provincial or territorial income or other tax purposes as a result of such Defeasance and will
be subject to Canadian federal or provincial income and other tax on the same amounts, in the same manner and at the same times
as would have been the case had such Defeasance not occurred (and for the purposes of such opinion, such Canadian counsel shall
assume that holders of the outstanding Notes include holders who are not resident in Canada); (3)&nbsp;no Event of Default or event
that, with the passing of time or the giving of notice, or both, shall constitute an Event of Default shall have occurred and be
continuing on the date of such deposit; (4)&nbsp;the Corporation is not an &ldquo;insolvent person&rdquo; within the meaning of
the <I>Bankruptcy and Insolvency Act </I>(Canada); (5)&nbsp;the Corporation has delivered to the Trustee an opinion of counsel
to the effect that such deposit shall not cause the Trustee or the trust so created to be subject to the <I>United States Investment
Company Act of 1940,</I> as amended; and (6)&nbsp;other customary conditions precedent are satisfied. The Corporation may exercise
its Defeasance option notwithstanding its prior exercise of its Covenant Defeasance option described in the following paragraph
if the Corporation meets the conditions described in the preceding sentence at the time the Corporation exercises the Defeasance
option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Indenture provides
that, at its option, the Corporation may omit to comply with certain covenants, including certain of the covenants described above
under the heading &ldquo;Covenants&rdquo;, and such omission shall not be deemed to be an Event of Default under the Indenture
and the outstanding Notes upon irrevocable deposit with the Trustee, in trust, of money and/or United States government securities
which will provide money in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants
to pay the principal of and premium, if any, and each installment of interest, if any, on the outstanding Notes (&ldquo;Covenant
Defeasance&rdquo;). If the Corporation exercises its Covenant Defeasance option, the obligations under the Indenture other than
with respect to such covenants and the Events of Default other than with respect to such covenants shall remain in full force and
effect. Such trust may only be established if, among other things, (1)&nbsp;the Corporation has delivered to the Trustee an opinion
of counsel in the United States to the effect that the holders of the outstanding Notes will not recognize income, gain or loss
for United States federal income tax purposes as a result of such Covenant Defeasance and will be subject to United States federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance
had not occurred; (2)&nbsp;the Corporation has delivered to the Trustee an opinion of counsel in Canada or a ruling from the CRA
to the effect that the holders of such outstanding Notes will not recognize income, gain or loss for Canadian federal, provincial
or territorial income or other tax purposes as a result of such Covenant Defeasance and will be subject to Canadian federal or
provincial income and other tax on the same amounts, in the same manner and at the same times as would have been the case had such
Covenant Defeasance not occurred (and for the purposes of such opinion, such Canadian counsel shall assume that holders of the
outstanding Notes include holders who are not resident in Canada); (3)&nbsp;no Event of Default or event that, with the passing
of time or the giving of notice, or both, shall constitute an Event of Default shall have occurred and be continuing on the date
of such deposit; (4)&nbsp;the Corporation is not an &ldquo;insolvent person&rdquo; within the meaning of the <I>Bankruptcy and
Insolvency Act </I>(Canada); (5)&nbsp;the Corporation has delivered to the Trustee an opinion of counsel to the effect that such
deposit shall not cause the Trustee or the trust so created to be subject to the <I>United States Investment Company Act of 1940</I>,
as amended; and (6)&nbsp;other customary conditions precedent are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Book-Entry System</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes will be
represented by fully registered global securities (the &ldquo;Global Securities&rdquo;) registered in the name of Cede &amp;
Co. (the nominee of The Depository Trust Company (the &ldquo;Depositary&rdquo;)), or such other name as may be requested by
an authorized representative of the Depositary. The authorized minimum denominations of each Note will be US$2,000 and
integral multiples of US$1,000 in excess thereof. Accordingly, Notes may be transferred or exchanged only through the
Depositary and its participants. Except as described below, owners of beneficial interests in the Global Securities will not
be entitled to receive Notes in definitive form. Account holders in the Euroclear or Clearstream clearance systems may hold
beneficial interests in the Notes through the accounts that each of these systems maintains as a participant in the
Depositary. So long as the Depositary for a Global Security or its nominee is the registered owner of the Global Security,
such Depositary or such nominee, as the case may be, will be considered the sole owner or holder of the Notes represented by
the Global Security for all purposes under the Indenture. Except as provided below, owners of beneficial interests in a
Global Security will not be entitled to have the Notes represented by the Global Security registered in their names, will not
receive or be entitled to receive physical delivery of the Notes in definitive form and will not be considered the owners or
holders thereof under the Indenture. Beneficial Owners (as defined below) will not receive certificates representing their
ownership interests in the Notes except in the event that use of the book-entry system for the Notes is discontinued or if
there shall have occurred and be continuing an event of default under the Indenture. The Depositary will have no knowledge of
the actual beneficial owners of the Notes; the Depositary&rsquo;s records will reflect only the identity of the direct
participants to whose accounts the Notes are credited, which may or may not be the beneficial owners. The Direct Participants
and Indirect Participants (as each is defined below) will remain responsible for keeping account of their holdings on behalf
of their customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Each person owning
a beneficial interest in a Global Security must rely on the procedures of the Depositary and, if such person is not a participant,
on the procedures of the participant through which such person owns its interest in order to exercise any rights of a Noteholder
under the Indenture. The laws of some jurisdictions require that certain purchasers of securities take physical delivery of such
securities in certificated form. Such limits and such laws may impair the ability to transfer beneficial interests in a Global
Security representing the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">The Depositary</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following is based
on information furnished by the Depositary: The Depositary is a limited-purpose trust company organized under the New York Banking
Law, a &ldquo;banking organization&rdquo; within the meaning of the New York Banking Law, a member of the Federal Reserve System,
a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial Code, and a &ldquo;clearing agency&rdquo;
registered pursuant to the provisions of Section 17A of the U.S. Exchange Act. The Depositary holds securities that its participants
(&ldquo;Participants&rdquo;) deposit with the Depositary. The Depositary also facilitates the settlement among Participants of
securities transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry changes
in Participants&rsquo; accounts, thereby eliminating the need for physical movement of securities certificates. These direct Participants
(&ldquo;Direct Participants&rdquo;) include securities brokers and dealers, banks, trust companies, clearing corporations and certain
other organizations. Access to the Depositary&rsquo;s system is also available to others such as securities brokers and dealers,
banks and trust companies that clear through or maintain a custodial relationship with a Direct Participant, either directly or
indirectly (&ldquo;Indirect Participants&rdquo;). The rules applicable to the Depositary and its Participants are on file with
the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Purchases of the Notes
under the Depositary&rsquo;s system must be made by or through Direct Participants, which will receive a credit for such Notes
on the Depositary&rsquo;s records. The ownership interest of each actual purchaser of each Note represented by a Global Security
(&ldquo;Beneficial Owner&rdquo;) is in turn to be recorded on the Direct and Indirect Participants&rsquo; records. Beneficial Owners
will not receive written confirmation from the Depositary of their purchase. Beneficial Owners are, however, expected to receive
written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or
Indirect Participants through which such Beneficial Owner entered into the transaction. Transfers of ownership interests in a Global
Security representing Notes are to be accomplished by entries made on the books of Participants acting on behalf of Beneficial
Owners. Beneficial Owners of a Global Security representing the Notes will not receive Notes in definitive form representing their
ownership interests therein, except in the event that use of the book-entry system for such Notes is discontinued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">To facilitate subsequent
transfers, the Global Securities representing the Notes which are deposited with the Depositary are registered in the name of the
Depositary&rsquo;s nominee, Cede &amp; Co., or such other name as may be requested by an authorized representative of the Depositary.
The deposit of Global Securities with the Depositary and their registration in the name of Cede &amp; Co. or such other nominee
effect no change in beneficial ownership. The Depositary has no knowledge of the actual Beneficial Owners of the Global Securities
representing the Notes; the Depositary&rsquo;s records reflect only the identity of the Direct Participants to whose accounts such
Notes are credited, which may or may not be the Beneficial Owners. The Participants will remain responsible for keeping account
of their holdings on behalf of their customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Conveyance of notices
and other communications by the Depositary to Direct Participants, by Direct Participants to Indirect Participants, and by Direct
Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory
or regulatory requirements as may be in effect from time to time. Beneficial Owners of the Notes may wish to take certain steps
to augment transmission to them of notices of significant events with respect to the Notes, such as redemptions, tenders, defaults
and proposed amendments to the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Any redemption notices
relating to the Notes will be sent to the Depositary. If less than all of the Notes are being redeemed, the Depositary may determine
by lot the amount of the interest of each Direct Participant in the Notes to be redeemed. Neither the Depositary nor its nominee
will consent or vote with respect to the Notes unless authorized by a Direct Participant in accordance with the Depositary&rsquo;s
procedures. Under its procedures, the Depositary may send a proxy to the Corporation as soon as possible after the record date
for a consent or vote. The proxy would assign the Depositary&rsquo;s nominee&rsquo;s consenting or voting rights to those Direct
Participants to whose accounts the Notes are credited on the relevant record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Neither the Depositary
nor Cede &amp; Co. (nor such other nominee of the Depositary) will consent or vote with respect to the Global Securities representing
the Notes. Under its usual procedures, the Depositary mails an &ldquo;omnibus proxy&rdquo; to the Corporation as soon as possible
after the applicable record date. The omnibus proxy assigns Cede &amp; Co.&rsquo;s consenting or voting rights to those Direct
Participants to whose accounts the Notes are credited on the applicable record date (identified in a listing attached to the omnibus
proxy).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Principal,
premium, if any, and interest payments on the Global Securities representing the Notes will be made to Cede &amp; Co. (or
such other nominee as may be requested by an authorized representative of the Depositary). The Depositary&rsquo;s practice is
to credit Direct Participants&rsquo; accounts, upon the Depositary&rsquo;s receipt of funds and corresponding detail
information from the Corporation or the Trustee, on the applicable payment date in accordance with their respective holdings
shown on the Depositary&rsquo;s records. Payments by Participants to Beneficial Owners will be governed by standing
instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or
registered in &ldquo;street name&rdquo;, and will be the responsibility of such Participant and not of the Depositary, the
Trustee or the Corporation, subject to any statutory or regulatory requirements as may be in effect from time to time.
Payment of principal, premium, if any, and interest to Cede &amp; Co. (or such other nominee as may be requested by an
authorized representative of the Depositary) is the responsibility of the Corporation or the Trustee, disbursement of such
payments to Direct Participants shall be the responsibility of the Depositary, and disbursement of such payments to the
Beneficial Owners shall be the responsibility of Direct and Indirect Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Depositary may
discontinue providing its services as securities depository with respect to the Notes at any time by giving reasonable notice to
the Corporation or the Trustee. Under such circumstances, in the event that a successor securities depository is not obtained,
Notes in definitive form are required to be printed and delivered to each Noteholder. No Global Security may be exchanged in whole
or in part, and no transfer of a Global Security in whole or in part may be registered, in the name of any person other than the
Depositary for the Global Security or its nominee unless (1) the Depositary (A) has notified the Corporation that it is unwilling
or unable to continue as Depositary for the Global Security or (B) has ceased to be a clearing agency registered under the U.S.
Exchange Act, or (2) there shall have occurred and be continuing an event of default under the Indenture. Except for certain restrictions
set forth in the Indenture, no service charge will be made for any registration of transfer or exchange of the Notes, but the Corporation
may, in certain instances, require a sum sufficient to cover any tax or other governmental charges payable in connection with these
transactions. The Corporation shall not be required to: (i) issue, register the transfer of or exchange Notes during a period beginning
at the opening of business 15 days before the mailing of a notice of redemption of Notes to be redeemed and ending at the close
of business on the day of mailing of the relevant notice of redemption; (ii) register the transfer of or exchange the Notes, or
a portion thereof, called for redemption, except the unredeemed portion of the Notes being redeemed in part; or (iii) issue, register
the transfer of or exchange any Notes which have been surrendered for repayment at the option of the holder, except the portion,
if any, thereof not to be so repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Corporation may
decide to discontinue use of the system of book-entry transfers through the Depositary (or a successor securities depository).
In that event, Notes in definitive form will be printed and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Settlement for the
Notes will be made in immediately available funds. Secondary market trading in the Notes will be settled in immediately available
funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The information in
this section concerning the Depositary and the Depositary&rsquo;s book-entry system has been obtained from sources that the Corporation
believes to be reliable, but is subject to any changes to the arrangements between the Corporation and the Depositary and any changes
to such procedures that may be instituted unilaterally by the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Euroclear</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Euroclear is incorporated
under the laws of Belgium as a bank and is subject to regulation by the Belgian Banking, Finance and Insurance Commission (La Commission
Bancaire, Financi&egrave;re et des Assurances) and the National Bank of Belgium (Banque Nationale de Belgique). Euroclear holds
securities for its customers and facilitates the clearance and settlement of securities transactions among them. It does so through
simultaneous electronic book-entry delivery against payment, thereby eliminating the need for physical movement of certificates.
Euroclear provides other services to its customers, including credit, custody, lending and borrowing of securities and tri-party
collateral management. It interfaces with the domestic markets of several countries. Euroclear customers include banks, including
central banks, securities brokers and dealers, trust companies and clearing corporations and may include certain other professional
financial intermediaries. Indirect access to the Euroclear system is also available to others that clear through Euroclear customers
or that have custodial relationships with Euroclear customers. All securities in Euroclear are held on a fungible basis. This means
that specific certificates are not matched to specific securities clearance accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The information in
this section concerning Euroclear has been obtained from sources that the Corporation believes to be reliable, but is subject to
any changes that may be instituted unilaterally by Euroclear.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Clearstream</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Clearstream is a duly
licensed bank organized as a soci&eacute;t&eacute; anonyme incorporated under the laws of Luxembourg and is subject to regulation
by the Luxembourg Commission for the Supervision of the Financial Sector (Commission de Surveillance du Secteur Financier). Clearstream
holds securities for its customers and facilitates the clearance and settlement of securities transactions among them. It does
so through electronic book-entry transfers between the accounts of its customers. This eliminates the need for physical movement
of securities. Clearstream provides other services to its customers, including safekeeping, administration, clearance and settlement
of internationally traded securities and lending and borrowing of securities. It interfaces with the domestic markets in over 30
countries through established depositary and custodial relationships. Clearstream&rsquo;s customers include worldwide securities
brokers and dealers, banks, trust companies and clearing corporations and may include professional financial intermediaries. Its
U.S. customers are limited to securities brokers and dealers and banks. Indirect access to the Clearstream system is also available
to others that clear through Clearstream customers or that have custodial relationships with its customers, such as banks, brokers,
dealers and trust companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The information in
this section concerning Clearstream has been obtained from sources that the Corporation believes to be reliable, but is subject
to any changes that may be instituted unilaterally by Clearstream.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Global Clearance
and Settlement Procedures</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Cross market transfers
between persons holding directly or indirectly through the Depositary, on the one hand, and directly or indirectly through Euroclear
or Clearstream, on the other, will be effected through the Depositary in accordance with Depositary rules on behalf of the relevant
European international clearing system by its U.S. depositary; however, such cross market transactions will require delivery of
instructions to the relevant European international clearing system by the counterparty in such system in accordance with its rules
and procedures and within its established deadlines (European time). The relevant European international clearing system will,
if the transaction meets its settlement requirements, deliver instructions to its U.S. depositary to take action to effect final
settlement on its behalf by delivering or receiving Notes through the Depositary, and making or receiving payment in accordance
with normal procedures for same day funds settlement applicable to the Depositary. Clearstream participants and Euroclear participants
may not deliver instructions directly to their respective U.S. depositaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Because of time
zone differences, credits of Notes received through Clearstream or Euroclear as a result of a transaction with a Depositary
participant will be made during subsequent securities settlement processing and dated the business day following the
Depositary settlement date. Such credits or any transactions in such Notes settled during that processing will be reported to
the relevant Euroclear participants or Clearstream participants on that following business day. Cash received in Clearstream
or Euroclear as a result of sales of Notes by or through a Clearstream participant or a Euroclear participant to a Depositary
participant will be received with value on the Depositary settlement date but will be available in the relevant Clearstream
or Euroclear cash account only as of the business day following settlement with the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Although the Depositary,
Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of Notes among participants
of the Depositary, Clearstream and Euroclear, they are under no obligation to perform or continue to perform those procedures and
those procedures may be modified or discontinued at any time. Neither we nor the paying agent will have any responsibility for
the performance by the Depositary, Euroclear or Clearstream or their respective direct or indirect participants of their obligations
under the rules and procedures governing their operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Consent to Jurisdiction
and Service</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Under the Indenture,
the Corporation agrees to appoint CT Corporation, 28 Liberty Street, New York, NY 10005, as its authorized agent for service of
process in any suit or proceeding arising out of or relating to the Notes or the Indenture in connection with the Notes and for
actions brought under federal or state securities laws in any federal or state court located in the city of New York, and irrevocably
submits to such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Governing Law</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes, the related
guarantees and the Indenture will be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Definitions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Indenture contains,
among others, definitions substantially to the following effect:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<I>Consolidated
Net Tangible Assets</I>&rdquo; means all consolidated assets of the Corporation as shown on the most recent audited consolidated
balance sheet of the Corporation, less the aggregate of the following amounts reflected upon such balance sheet:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(a)</TD><TD STYLE="text-align: left">all goodwill, deferred assets, trademarks, copyrights and other similar intangible assets;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(b)</TD><TD STYLE="text-align: left">to the extent not already deducted in computing such assets and without duplication, depreciation,
depletion, amortization, reserves and any other account which reflects a decrease in the value of an asset or a periodic allocation
of the cost of an asset; <I>provided</I>, that no deduction shall be made under this paragraph (b)&nbsp;to the extent that such
amount reflects a decrease in value or periodic allocation of the cost of any asset referred to in paragraph (a)&nbsp;above;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(c)</TD><TD STYLE="text-align: left">minority interests;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(d)</TD><TD STYLE="text-align: left">non-cash current assets; and</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(e)</TD><TD STYLE="text-align: left">Non-Recourse Assets to the extent of the outstanding Non-Recourse Debt financing of such assets.</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<I>Financial
Instrument Obligations</I>&rdquo; means obligations arising under:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(a)</TD><TD STYLE="text-align: left">any interest swap agreement, forward rate agreement, floor, cap or collar agreement, futures or
options, insurance or other similar agreement or arrangement, or any combination thereof, entered into or guaranteed by the Corporation
where the subject matter of the same is interest rates or the price, value, or amount payable thereunder is dependent or based
upon the interest rates or fluctuations in interest rates in effect from time to time (but, for certainty, shall exclude conventional
floating rate debt);</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(b)</TD><TD STYLE="text-align: left">any currency swap agreement, cross-currency agreement, forward agreement, floor, cap or collar
agreement, futures or options, insurance or other similar agreement or arrangement, or any combination thereof, entered into or
guaranteed by the Corporation where the subject matter of the same is currency exchange rates or the price, value or amount payable
thereunder is dependent or based upon currency exchange rates or fluctuations in currency exchange rates in effect from time to
time; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 35; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: left">any agreement for the making or taking of Petroleum Substances or electricity, any commodity swap
agreement, floor, cap or collar agreement or commodity future or option or other similar agreements or arrangements, or any combination
thereof, entered into or guaranteed by the Corporation where the subject matter of the same is Petroleum Substances or electricity
or the price, value or amount payable thereunder is dependent or based upon the price of Petroleum Substances or electricity or
fluctuations in the price of Petroleum Substances or electricity, each as the case may be;</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">to the extent of the
net amount due or accruing due by the Corporation thereunder (determined by marking-to-market the same in accordance with their
terms).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<I>Generally
Accepted Accounting Principles</I>&rdquo; means generally accepted accounting principles which are in effect from time to time
in Canada, including those accounting principles generally accepted in the United States of America from time to time, which Canadian
corporations are permitted to use in Canada pursuant to Canadian law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<I>Indebtedness</I>&rdquo;
means all items of indebtedness in respect of amounts borrowed and all Purchase Money Obligations which, in accordance with Generally
Accepted Accounting Principles, would be recorded in the financial statements as at the date as of which such Indebtedness is to
be determined, and in any event including, without duplication:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(a)</TD><TD STYLE="text-align: left">obligations secured by any Security Interest existing on property owned subject to such Security
Interest, whether or not the obligations secured thereby shall have been assumed; and</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.75in"></TD><TD STYLE="text-align: left; width: 0.5in">(b)</TD><TD STYLE="text-align: left">guarantees, indemnities, endorsements (other than endorsements for collection in the ordinary course
of business) or other contingent liabilities in respect of obligations of another person for indebtedness of that other person
in respect of any amounts borrowed by them.</TD></TR></TABLE>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<I>Non-Recourse
Assets</I>&rdquo; means the assets created, developed, constructed or acquired with or in respect of which Non-Recourse Debt has
been incurred and any and all receivables, inventory, equipment, chattel paper, intangibles and other rights or collateral arising
from or connected with the assets created, developed, constructed or acquired and to which recourse of the lender of such Non-Recourse
Debt (or any agent, trustee, receiver or other person acting on behalf of such lender) in respect of such indebtedness is limited
in all circumstances (other than in respect of false or misleading representations or warranties).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<I>Non-Recourse
Debt</I>&rdquo; means any Indebtedness incurred to finance the creation, development, construction or acquisition of assets and
any increases in or extensions, renewals or refundings of any such Indebtedness, <I>provided</I> that the recourse of the lender
thereof or any agent, trustee, receiver or other person acting on behalf of the lender in respect of such Indebtedness or any judgment
in respect thereof is limited in all circumstances (other than in respect of false or misleading representations or warranties)
to the assets created, developed, constructed or acquired in respect of which such Indebtedness has been incurred and to any receivables,
inventory, equipment, chattel paper, intangibles and other rights or collateral connected with the assets created, developed, constructed
or acquired and to which the lender has recourse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<I>Petroleum
Substances</I>&rdquo; means crude oil, crude bitumen, synthetic crude oil, petroleum, natural gas, natural gas liquids, related
hydrocarbons and any and all other substances, whether liquid, solid or gaseous, whether hydrocarbons or not, produced or producible
in association with any of the foregoing, including hydrogen sulphide and sulphur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<I>Purchase
Money Obligation</I>&rdquo; means any monetary obligation created or assumed as part of the purchase price of real or tangible
personal property, whether or not secured, any extensions, renewals, or refundings of any such obligation, <I>provided</I> that
the principal amount of such obligation outstanding on the date of such extension, renewal or refunding is not increased and further
provided that any security given in respect of such obligation shall not extend to any property other than the property acquired
in connection with which such obligation was created or assumed and fixed improvements, if any, erected or constructed thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<I>Security
Interest</I>&rdquo; means any security by way of assignment, mortgage, charge, pledge, lien, encumbrance, title retention agreement
or other security interest whatsoever, howsoever created or arising, whether absolute or contingent, fixed or floating, perfected
or not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_009"></A>Material
Income Tax Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Each of the
summaries under this section &ldquo;Material Income Tax Considerations&rdquo; is of a general nature only and is not intended to
be, and should not be construed to be, legal or tax advice to any particular holder, and no representation is made with respect
to the United States federal tax consequences or Canadian tax consequences to any particular holder. Accordingly, prospective purchasers
are urged to consult their own tax advisors with respect to the United States federal tax consequences or Canadian tax consequences
relevant to them, having regard to their particular circumstances.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Material United
States Federal Income Tax Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This section describes
the material United&nbsp;States federal income tax consequences of owning and disposing of the Notes we are offering. It applies
only to holders who acquire Notes in the offering at the offering price and who hold their Notes as capital assets for United&nbsp;States
federal income tax purposes. This section does not apply to members of a class of holders subject to special rules, such as a broker-dealer
in securities, commodities, or currencies, a governmental organization, a trader in securities that elects to use a mark-to-market
method of accounting, a bank, thrift or other financial institution, a life insurance company, a tax-exempt organization, a real
estate investment trust, a regulated investment company, a foreign person or entity, an insurance company, a person that owns Notes
that are a hedge or that are hedged against interest rate risks, a person that owns Notes as part of a &ldquo;straddle&rdquo;,
 &ldquo;constructive sale&rdquo;, &ldquo;hedge&rdquo; or &ldquo;conversion transaction&rdquo; for United&nbsp;States federal income
tax purposes, a person that purchases or sells Notes as part of a wash sale for United&nbsp;States federal income tax purposes,
a tax deferred or other retirement account, a person holding Notes that are a hedge or that are hedged against interest rate risks,
a partnership, S&nbsp;corporation or other pass-through entity, or a person whose functional currency for tax purposes is not the
United&nbsp;States dollar. This section addresses only certain U.S.&nbsp;federal income tax consequences and does not address any
state, local or non-U.S.&nbsp;tax consequences, or any tax consequences <FONT STYLE="font-family: Times New Roman, Times, Serif">arising
under the Medicare contribution tax on net investment income or</FONT> the estate, gift or alternative minimum tax provisions of
the Internal Revenue Code of 1986, as amended (the&nbsp;&ldquo;Code&rdquo;). If Notes are purchased at a price other than the offering
price, the amortizable bond premium or market discount rules may also apply. Holders should consult their own tax advisors regarding
this possibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This section is based
on the Code, its legislative history, final, temporary and proposed regulations thereunder (&ldquo;Treasury Regulations&rdquo;),
published rulings and court decisions, all as currently in effect on the date hereof. These laws are subject to change, possibly
on a retroactive basis, and any such change could affect the continuing validity of this discussion. This discussion is not binding
on the Internal Revenue Service (the&nbsp;&ldquo;Service&rdquo;), and we have not sought and will not seek any rulings from the
Service regarding the matters discussed below. There can be no assurance that the Service will not take positions that are different
from those discussed below or that a United&nbsp;States court will not sustain such a&nbsp;challenge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">All holders are
urged to consult their own tax advisors concerning the consequences of owning these Notes in such holder&rsquo;s particular circumstances
under the Code and the laws of any other taxing jurisdiction.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This section applies
only to United&nbsp;States holders. A United&nbsp;States holder is a beneficial owner of a Note that is (i)&nbsp;an individual
who is a citizen or resident of the United&nbsp;States, as determined for United&nbsp;States federal income tax purposes, (ii)&nbsp;a
corporation (or&nbsp;other entity treated as a corporation for United&nbsp;States federal income tax purposes) created or organized
under the laws of the United&nbsp;States, any state thereof, or the District of Columbia, (iii)&nbsp;an estate whose income is
includible in gross income for United&nbsp;States federal income tax regardless of its source or (iv)&nbsp;a trust, if (a)&nbsp;a
United&nbsp;States court can exercise primary supervision over the trust&rsquo;s administration and one or more United&nbsp;States
persons are authorized to control all substantial decisions of the trust or (b)&nbsp;it has a valid election in effect under applicable
Treasury Regulations to be treated as a United&nbsp;States&nbsp;person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If a partnership (or&nbsp;other
entity, organized within or without the United&nbsp;States, treated as a partnership for United&nbsp;States federal income tax
purposes) holds Notes, the tax treatment of a partner as beneficial owner of Notes generally will depend on the status of the partner
and the activities of the partnership. A partner in a partnership (or&nbsp;other entity treated as a partnership for United&nbsp;States
federal income tax purposes) holding the Notes is urged to consult its tax advisor with regard to the United&nbsp;States federal
income tax treatment of an investment in the&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Payments
of Interest</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">United&nbsp;States
holders will be taxed on interest on the Notes as ordinary income at the time the interest is received or when it accrues, depending
on the holder&rsquo;s method of accounting for United&nbsp;States federal income tax&nbsp;purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Interest paid by us
on the Notes is income from sources outside the United&nbsp;States for purposes of the rules regarding the foreign tax credit allowable
to a United&nbsp;States holder and will generally be &ldquo;passive category&rdquo; income for purposes of computing the foreign
tax credit. The rules governing the United&nbsp;States foreign tax credit are complex, and United&nbsp;States holders are urged
to consult their tax advisors regarding the availability of claiming a United&nbsp;States foreign tax credit under their particular
circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Purchase,
Sale and Retirement of the Notes</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">A United&nbsp;States
holder&rsquo;s tax basis in a Note generally will be its cost. A United&nbsp;States holder will generally recognize capital gain
or loss on the sale or retirement of a Note equal to the difference between the amount realized on the sale or retirement, excluding
any amounts attributable to accrued but unpaid interest (which will be taxable as ordinary interest income to the extent not previously
included in income), and such holder&rsquo;s tax basis in the Note. Capital gain of a noncorporate United&nbsp;States holder is
generally taxed at preferential rates where the holder has a holding period greater than one&nbsp;year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Gain or loss on the
sale or retirement of a Note generally will be treated as United&nbsp;States source income or loss for United&nbsp;States federal
income tax purposes and for purposes of computing the United&nbsp;States foreign tax credit allowable to a United&nbsp;States holder
unless such gain or loss is attributable to an office or other fixed place of business outside of the United&nbsp;States and certain
other conditions are&nbsp;met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Backup Withholding
and Information Reporting</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">For noncorporate
United&nbsp;States holders, information reporting requirements, on Internal Revenue Service Form&nbsp;1099, generally will
apply to payments of principal and interest on a Note within the United&nbsp;States, including payments made by wire transfer
from outside the United&nbsp;States to an account maintained in the United&nbsp;States, and the payment of the proceeds from
the sale of a Note effected at a United&nbsp;States office of a broker. Additionally, backup withholding may apply to such
payments if a noncorporate United&nbsp;States holder fails to provide an accurate taxpayer identification number, (in the
case of interest payments) is notified by the Service that the holder has failed to report all interest and dividends
required to be shown on the holder&rsquo;s United&nbsp;States federal income tax returns, or, in certain circumstances, fails
to comply with applicable certification requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Information
with Respect to Foreign Financial Assets</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Owners of &ldquo;specified
foreign financial assets&rdquo; with an aggregate value in excess of $50,000 (and&nbsp;in certain circumstances, a higher threshold)
may be required to file an information report with respect to such assets with their tax returns. &ldquo;Specified foreign financial
assets&rdquo; may include financial accounts maintained by foreign financial institutions, as well as the following, but only if
they are held for investment and not held in accounts maintained by financial institutions: (i)&nbsp;stocks and securities issued
by non-United&nbsp;States persons, (ii)&nbsp;financial instruments and contracts that have non-United&nbsp;States issuers or counterparties,
and (iii)&nbsp;interests in foreign entities. United&nbsp;States holders that are individuals are urged to consult their tax advisors
regarding the application of this reporting requirement to their ownership of the&nbsp;Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Material Canadian
Income Tax Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In the opinion of McCarthy
T&eacute;trault LLP, our Canadian counsel, the following is, as of the date hereof, a general summary of the principal Canadian
federal income tax considerations under the&nbsp; Tax Act applicable to a purchaser of Notes as beneficial owner pursuant to the
prospectus and this prospectus supplement who, at all relevant times, for purposes of the Tax Act and any applicable tax treaty
(i) is not resident or deemed to be resident in Canada, (ii) deals at arm&rsquo;s length with and is not affiliated with the Corporation,
any of its affiliates or the underwriters; (iii) deals at arm&rsquo;s length with any transferee who is resident or deemed to be
resident in Canada and to whom the purchaser assigns or otherwise transfers the Note; (iv) is not a &ldquo;specified shareholder&rdquo;
(as defined in subsection 18(5) of the Tax Act) of the Corporation or a person that does not deal at arm&rsquo;s length with a
specified shareholder of the Corporation and (v) does not use or hold and is not deemed to use or hold a Note in carrying on business
in Canada (a &ldquo;Non-Resident Holder&rdquo;). This summary is based on the current provisions of the Tax Act and the regulations
thereunder, proposed amendments to the Tax Act and the regulations thereunder publicly announced prior to the date of this prospectus
supplement (the &ldquo;Proposed Amendments&rdquo;) and counsel&rsquo;s understanding of the current published administrative practices
of the CRA in effect as of the date hereof. This summary is not exhaustive of all possible Canadian federal income tax considerations
applicable to a Non-Resident Holder and does not anticipate any changes in law or administrative practice, nor does it take into
account provincial, territorial or foreign tax considerations, which may differ significantly from those discussed herein. There
can be no assurance that the Proposed Amendments will be enacted as proposed or at all. Special rules, which are not discussed
below, may apply to a Non-Resident Holder that is an insurer which carries on an insurance business in Canada and elsewhere. This
summary assumes that no amount paid or payable as, or on account or in lieu of payment of, interest (including any amounts deemed
to be interest) will be in respect of a debt or other obligation to pay an amount to a person who does not deal at arm&rsquo;s
length with the Corporation for purposes of the Tax Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>This summary is of a general nature
only and is not, and is not intended to be, and should not be construed to be, legal or tax advice to any particular Non-Resident
Holder and no representation with respect to the income tax consequences to any particular Non-Resident Holder is made. Prospective
purchasers of Notes should consult their own tax advisors with respect to the tax consequences of acquiring, holding and disposing
of Notes having regard to their own particular circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Under the Tax Act,
the payment of interest, principal or premium, if any, to a Non-Resident Holder of a Note by the Corporation will be exempt from
Canadian non-resident withholding tax. No other taxes on income or capital gains will be payable under the Tax Act in respect of
the acquisition, holding, redemption or disposition of a Note by a Non-Resident Holder, or the receipt of interest, principal or
premium thereon by a Non-Resident Holder solely as a consequence of such acquisition, holding, redemption or disposition of a Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_010"></A>Certain
Benefit Plan investor Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The &ldquo;Certain Benefit Plan Investor
Considerations&rdquo; section of the accompanying prospectus is not applicable for purposes of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_011"></A>Underwriting</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We and Deutsche Bank
<FONT STYLE="background-color: white">Securities</FONT> Inc. and TD Securities (USA) LLC (the &ldquo;underwriters&rdquo;), the
sole underwriters for the offering, have entered into an underwriting agreement dated the date of this prospectus supplement. Subject
to the terms and conditions stated in the underwriting agreement, each underwriter named below has severally agreed to purchase,
and we have agreed to sell to that underwriter, the principal amount of Notes set forth opposite such underwriter&rsquo;s name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Principal Amount<BR> of Notes</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85%; font-size: 10pt; text-align: left">Deutsche Bank Securities Inc.</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt; text-align: left">US$</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: right">250,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">TD Securities (USA) LLC<FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">250,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">500,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The underwriting agreement
provides that the obligations of the underwriters to purchase the Notes included in this offering are subject to approval of legal
matters by counsel and to other conditions. The underwriters are obligated to purchase all the Notes if they purchase any of the
Notes. The underwriters reserve the right to cancel, reject or modify an order of Notes in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.15in 0pt 0; text-align: left; text-indent: 0.5in">The underwriters propose
to offer the Notes directly to the public at the public offering price set forth on the cover page of this prospectus supplement
and may offer the Notes to dealers at the public offering price less a concession not to exceed 0.15%
of the principal amount of the Notes. The underwriters may allow, and dealers may reallow, a concession not to exceed 0.05%
of the principal amount of the Notes. After the initial offering of the Notes to the public, the underwriters may change the public
offering price, concessions and other selling terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: left; text-indent: 0.5in">In
connection with the offering, each of the underwriters may purchase and sell Notes in the open market. These
transactions may include over-allotment, syndicate covering transactions and stabilizing transactions.
Over-allotment involves syndicate sales of Notes in excess of the principal amount of Notes to be purchased by the
underwriters in the offering, which creates a syndicate short position. Syndicate covering transactions involve purchases of
the Notes in the open market after the distribution has been completed in order to cover syndicate short positions.
Stabilizing transactions consist of certain bids or purchases of Notes made for the purpose of preventing or retarding a
decline in the market price of the Notes while the offering is in progress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Any of these activities
may have the effect of preventing or retarding a decline in the market price of the Notes. They may also cause the price of the
Notes to be higher than the price that otherwise would exist in the open market in the absence of these transactions. The underwriters
may conduct these transactions in the over-the-counter market or otherwise. If the underwriters commence any of these transactions,
they may discontinue them at any time. There will be no obligation on the underwriters to engage in these activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes are new issues
of securities with no established trading market. The Notes will not be listed on any automated dealer quotation system, and we
do not intend to apply for listing of the Notes on any securities exchange. We have been advised that the underwriters currently
intend to make a market in the Notes. However, they are not obligated to do so and they may discontinue any market-making activities
with respect to the Notes at any time without notice. No assurance can be given as to the liquidity of the trading market for the
Notes or that an active public market for the Notes will develop. If an active public trading market for the Notes does not develop,
the market price and liquidity of the Notes may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following table
shows the underwriting discounts and commissions that we will pay the underwriters in connection with this offering (expressed
as a percentage of the principal amount of the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; vertical-align: top; width: 82%; padding-right: 5.75pt; padding-left: 9.35pt; text-indent: -9.35pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 12%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Paid
        by Enbridge</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 9.35pt; text-indent: -9.35pt">Per Note</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">0.200</TD>
    <TD>%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We estimate that our
total expenses for this offering, excluding underwriting discounts and commissions, will be US$245,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes are not being
offered in and may not be sold to any persons in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The underwriters or
their affiliates perform and have performed commercial banking, investment banking and advisory services for us from time to time
for which they receive and have received customary fees and expenses. The underwriters may, from time to time, engage in transactions
with and perform services for us in the ordinary course of their business. In addition, in the ordinary course of their business
activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity
securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the
accounts of their customers. These investments and securities activities may involve securities and/or instruments of ours or our
affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent
research views in respect of these securities or financial instruments and may hold, or recommend to clients that they acquire,
long and/or short positions in these securities and instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">As at February 12,
2021, the Corporation had approximately $742 million and US2,000 million of outstanding unsecured indebtedness under our unsecured
credit facilities. In addition, as at February 12, 2021, approximately $6,311 million and US$1,933 million of our unsecured credit
facilities were used as a backstop to support outstanding commercial paper balances. The Corporation is in compliance with the
terms of its unsecured credit facilities and there have been no waivers of breaches thereunder. There has been no materially adverse
change to the financial position of the Corporation since the indebtedness was incurred. The Corporation may use the net proceeds
of the offering to pay down short-term debt, and, as a consequence, net proceeds from the offering may be paid to one or more lenders
who are affiliated with the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We may have outstanding
existing indebtedness owing to certain of the underwriters and affiliates of the underwriters, a portion of which we may repay
with the net proceeds of this offering. See &ldquo;Use of Proceeds&rdquo; in this prospectus supplement. As a result, one or more
of the underwriters or their affiliates may receive more than 5% of the net proceeds from this offering in the form of the repayment
of existing indebtedness. Accordingly, this offering is being made pursuant to Rule&nbsp;5121 of the Financial Industry Regulatory
Authority,&nbsp;Inc. Pursuant to this rule, the appointment of a qualified independent underwriter is not necessary in connection
with this offering, because the conditions of Rule&nbsp;5121(a)(1)(C)&nbsp;are&nbsp;satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Certain of the underwriters
are affiliates of banks that are currently lenders to us (the &ldquo;Lenders&rdquo;) under credit facilities extended to the Corporation
and certain of its subsidiaries (the &ldquo;Enbridge Credit Facilities&rdquo;) and, as a result, under applicable Canadian securities
legislation, we may be considered to be a connected issuer to those underwriters. We are in compliance with the terms of the Enbridge
Credit Facilities and none of the Lenders was involved in the decision to offer the Notes or in the determination of the terms
of the distribution of the Notes. The Trustee is an affiliate of Deutsche Bank Securities Inc., an underwriter of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If any of the underwriters
or their affiliates has a lending relationship with us or our affiliates, certain of those underwriters or their affiliates routinely
hedge, certain other of those underwriters or their affiliates have hedged and are likely in the future to hedge, and certain other
of those underwriters of their affiliates may hedge, their credit exposure to us consistent with their customary risk management
policies. Typically, these underwriters and their affiliates would hedge that exposure by entering into transactions which consist
of either the purchase of credit default swaps or the creation of short positions in our affiliates&rsquo; securities, including
potentially the Notes offered hereby. Any of these credit default swaps or short positions could adversely affect future trading
prices of the Notes offered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">A prospectus supplement
in electronic format may be made available on the websites maintained by one or more of the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have agreed to indemnify
the underwriters against certain liabilities, including liabilities under the U.S. Securities Act, or to contribute to payments
the underwriters may be required to make because of any of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We expect that delivery
of the Notes will be made against payment therefor on or about the date specified on the cover page of this prospectus supplement,
which will be the second business day following the date of pricing of the Notes (this settlement cycle being herein referred to
as &ldquo;T+3&rdquo;). Under Rule 15c6-1 of the U.S. Exchange Act, trades in the secondary market generally are required to settle
in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade
Notes on the date of this prospectus supplement will be required, by virtue of the fact that the Notes initially will settle in
T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes
who wish to make such trades should consult their own advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Notice to Prospective
Investors in the European Economic Area </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes are not intended
to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor
in the European Economic Area (&ldquo;EEA&rdquo;). For these purposes, a retail investor means a person who is one (or more) of:
(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, &ldquo;MiFID II&rdquo;)&#894;
or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the &ldquo;Insurance Distribution Directive&rdquo;),
where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II&#894; or (iii)
not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the &ldquo;Prospectus Regulation&rdquo;). Consequently,
no key information document required by Regulation (EU) No 1286/2014 (as amended, the &ldquo;PRIIPs Regulation&rdquo;) for offering
or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering
or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
This prospectus supplement and the accompanying prospectus have been prepared on the basis that any offer of Notes in any member
state of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus
for offers of Notes. This prospectus supplement and the accompanying prospectus is not a prospectus for the purposes of the Prospectus
Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>Notice to Prospective
Investors in the United Kingdom</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&#9;The Notes are
not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available
to any retail investor in the United Kingdom (&ldquo;UK&rdquo;). For these purposes, a retail investor means a person who is
one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part
of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the &ldquo;EUWA&rdquo;); or (ii) a
customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the &ldquo;FSMA&rdquo;) and any
rules or regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer would not
qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of
domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of the Prospectus Regulation as
it forms part of domestic law by virtue of the EUWA (the &ldquo;UK Prospectus Regulation&rdquo;). Consequently, no key
information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the
 &ldquo;UK PRIIPs Regulation&rdquo;) for offering or selling the Notes or otherwise making them available to retail investors
in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail
investor in the UK may be unlawful under the UK PRIIPs Regulation. This prospectus supplement and the accompanying prospectus
have been prepared on the basis that any offer of Notes in the United Kingdom will be made pursuant to an exemption under the
UK Prospectus Regulation from the requirement to publish a prospectus for offers of Notes. This prospectus supplement and the
accompanying prospectus is not a prospectus for the purposes of the UK Prospectus Regulation or the FSMA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This document is for
distribution only to persons who (i) have professional experience in matters relating to investments and who qualify as investment
professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
(as amended, the &ldquo;Financial Promotion Order&rdquo;) or (ii) are persons falling within Article 49(2)(a) to (d) (&ldquo;high
net worth companies, unincorporated associations etc.&rdquo;) of the Financial Promotion Order (all such persons together being
referred to as &ldquo;relevant persons&rdquo;). This document is directed only at relevant persons and must not be acted on or
relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available
only to relevant persons and will be engaged in only with relevant persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>Notice to Prospective
Investors in Hong Kong</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes may not
be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public
within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), (ii) to &ldquo;professional investors&rdquo;
within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder, or
(iii) in other circumstances which do not result in the document being a &ldquo;prospectus&rdquo; within the meaning of the
Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the Notes may be
issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere),
which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if
permitted to do so under the laws of Hong Kong) other than with respect to Notes which are or are intended to be disposed of
only to persons outside Hong Kong or only to &ldquo;professional investors&rdquo; within the meaning of the Securities and
Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Notice to Prospective
Investors in Japan</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Notes have not
been and will not be registered under the Financial Instruments and Exchange Law of Japan (the &ldquo;Financial Instruments and
Exchange Law&rdquo;), and each underwriter has agreed that it will not offer or sell any Notes, directly or indirectly, in Japan
or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any
corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly,
in Japan or to a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance
with, the Financial Instruments and Exchange Law and any other applicable laws, regulations and ministerial guidelines of Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Notice to Prospective
Investors in Singapore</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Neither this prospectus
supplement nor the accompanying prospectus, nor any other materials relating to the Notes, has been or will be lodged or registered
as a prospectus with the Monetary Authority of Singapore under the Securities and Futures Act, Chapter 289 of Singapore (the &ldquo;SFA&rdquo;).
Accordingly, this prospectus supplement, the accompanying prospectus and any other document or material issued in connection with
the offer or sale, or invitation for subscription or purchase, of the Notes may not be issued, circulated or distributed, nor may
the Notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly,
to persons in Singapore other than (i) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 274
of the SFA, (ii) to an accredited investor as defined in Section 4A of the SFA or to a relevant person (as defined in Section 275(2)
of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to an offer referred to in Section 275(1A) of the SFA,
and in accordance with the applicable conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance
with the conditions of, any other applicable provision of the SFA, in each case subject to compliance with the conditions set forth
in the SFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Where the Notes are
subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a) a corporation (which is not an accredited
investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital
of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not
an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor,
the securities or securities-based derivative contracts (each term as defined in Section 2(1) of the SFA) of that corporation or
the beneficiaries&rsquo; rights and interest (however described) in that trust shall not be transferred within six months after
that corporation or that trust has subscribed or purchased the Notes under an offer made pursuant to Section 275 of the SFA except:
(1) to an institutional investor or an accredited investor or to a relevant person, or to any person arising from an offer referred
to in Section 275(1A) or Section 276(4)(i)(B) of the SFA; (2) where no consideration is or will be given for the transfer; (3)
where the transfer is by operation of law; (4) as specified in Section 276(7) of the SFA; or (5) as specified in Regulation 37A
of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Singapore Securities
and Futures Act Product Classification &mdash; Solely for the purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c)
of the SFA, we have determined, and hereby notify all relevant persons (as defined in Section 309A of the SFA) that the Notes are
 &ldquo;prescribed capital markets products&rdquo; (as defined in the Securities and Futures (Capital Markets Products) Regulations
2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS
Notice FAA-N16: Notice on Recommendations on Investment Products).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in"><B>Notice to Prospective
Investors in Switzerland</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This prospectus supplement
is not intended to constitute an offer or solicitation to purchase or invest in the Notes. The Notes may not be publicly offered,
directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (&ldquo;FinSA&rdquo;) and no application
has or will be made to admit the Notes to trading on any trading venue (exchange or multilateral trading facility) in Switzerland.
Neither this prospectus supplement nor any other offering or marketing material relating to the Notes constitutes a prospectus
pursuant to the FinSA, and neither this prospectus supplement nor any other offering or marketing material relating to the Notes
may be publicly distributed or otherwise made publicly available in Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_012"></A>Expenses</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following is a
statement of the expenses (all of which are estimated), other than any underwriting discounts and commissions and expenses reimbursed
by or to us, to be incurred in connection with a distribution of securities registered under this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 84%; font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">SEC registration fee</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 3%">US$</TD>
    <TD STYLE="text-align: right; width: 10%">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Trustee&rsquo;s fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">20,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Printing expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">10,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Legal fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">150,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Accountants&rsquo; fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">55,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">Miscellaneous</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">10,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-indent: -9.35pt; padding-left: 18.7pt">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;US$</TD>
    <TD STYLE="text-align: right">245,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Rule 457(p) under the Securities Act of 1933, as amended, US$730,170 was previously paid by the Registrant in connection with the registration of unissued securities under the Registrant&rsquo;s F-10 shelf registration statement (File No. 333-220471), filed on September 15, 2017 and under the Registrant&rsquo;s F-3 shelf registration statement (File No. 333-221507), filed on November 22, 2017, and was carried forward to the Registrant&rsquo;s S-3 shelf registration statement (File No. 333-223094), filed on February 20, 2018, of which US$549,645 was further carried forward to the Registrant&rsquo;s S-3 shelf registration statement (File No. 333-231553), filed on May 17, 2019. The US$54,550 filing fee with respect to the Floating Rate Senior Notes due 2023 offered and sold hereby pursuant to this registration statement is offset against those filing fees carried forward, and US$9,315 remains available for future registration fees. No additional filing fee has been paid with respect to this offering.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_013"></A>Validity
of Securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Certain legal matters
relating to Canadian law in connection with this offering of Notes will be passed upon for the Corporation by McCarthy T&eacute;trault
LLP, Calgary, Alberta, Canada, and the validity of the Notes as to matters of New York law and the validity of the related guarantees
will be passed upon for the Corporation by Sullivan &amp; Cromwell LLP, New York, New York. In addition, certain legal matters
relating to United States law in connection with this offering of the Notes and the validity of the Notes and related guarantees
will be passed upon for the underwriters by Baker Botts L.L.P., Houston, Texas and certain legal matters relating to Canadian law
in connection with this offering of the Notes will be passed upon for the underwriters by Osler, Hoskin &amp; Harcourt LLP, Toronto,
Ontario, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_014"></A>Experts</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The audited consolidated
annual financial statements of the Corporation as of and for the years ended December 31, 2020 and 2019 incorporated by reference
in this prospectus supplement have been so incorporated in reliance on the audit report, which is also incorporated by reference
in this prospectus supplement, of PricewaterhouseCoopers LLP, Calgary, Alberta, Canada on the authority of such firm as experts
in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ENBRIDGE INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm216594d1_424b2img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEBT SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GUARANTEES OF DEBT SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMMON SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PREFERENCE SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may from time to time offer our debt
securities (which may be guaranteed by our wholly owned subsidiaries, Spectra Energy Partners, LP (&ldquo;<B>SEP</B>&rdquo;) and
Enbridge Energy Partners, L.P. (&ldquo;<B>EEP</B>&rdquo;)), common shares and cumulative redeemable preference shares (the &ldquo;<B>preference
shares</B>&rdquo; and, together with our debt securities, the subsidiary guarantees of our debt securities (the &ldquo;<B>guarantees</B>&rdquo;)
and our common shares, the &ldquo;<B>Securities</B>&rdquo;). We may offer the Securities separately or together, in separate series
or classes and in amounts, at prices and on terms described in one or more supplements to this prospectus (the &ldquo;<B>Prospectus</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The specific variable terms of any offering
of Securities will be set forth in one or more supplements to this Prospectus (a &ldquo;<B>Prospectus Supplement</B>&rdquo;) including,
where applicable: (i)&nbsp;in the case of common shares or preference shares, the number of shares offered and the offering price;
and (ii)&nbsp;in the case of debt securities, the designation, any limit on the aggregate principal amount, the currency or currency
unit, the maturity, the offering price, whether payment on the debt securities will be senior or subordinated to our other liabilities
and obligations, whether the debt securities will bear interest, the interest rate or method of determining the interest rate,
any terms of redemption, any conversion or exchange rights, whether the debt securities will be guaranteed and any other specific
terms of the debt securities. You should read this Prospectus and any applicable Prospectus Supplement before you invest in any
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Corporation&rsquo;s common shares are
listed on the New York Stock Exchange (the &ldquo;<B>NYSE</B>&rdquo;) and the Toronto Stock Exchange (the &ldquo;<B>TSX</B>&rdquo;)
under the symbol &ldquo;ENB&rdquo;. Certain series of the Corporation&rsquo;s preference shares are listed on the TSX. On May&nbsp;10,
2019, the last reported sales price of our common shares on the NYSE was US$36.85 per share and the last reported sales price of
our common shares on the TSX was Cdn$49.41 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Securities may be sold directly, on
a continuous or delayed basis, through dealers or agents designated from time to time, to or through underwriters or through a
combination of these methods. See &ldquo;<I>Plan of Distribution</I>&rdquo; in this Prospectus. We may also describe the plan of
distribution for any particular offering of the Securities in any applicable Prospectus Supplement. If any agents, underwriters
or dealers are involved in the sale of any securities in respect of which this Prospectus is being delivered, we will disclose
their names and the nature of our arrangements as well as the net proceeds we expect to receive from any such sale, in the applicable
Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You should read this Prospectus and any
accompanying Prospectus Supplement carefully before you invest in the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION
NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY OF
THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The enforcement by investors of civil
liabilities under United States federal securities laws may be affected adversely by the fact that the Corporation is incorporated
under the laws of Canada, that at certain points in time, most of its officers and directors may be residents of Canada, that some
of the experts named in this Prospectus are residents of Canada, and that all or a substantial portion of the assets of the Corporation
and said persons are located outside the United States.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Investing in these Securities involves
certain risks. To read about certain factors you should consider before buying any of the Securities, see &ldquo;<I>Risk Factors</I>&rdquo;
section on page&nbsp;8 of this Prospectus and on page&nbsp;38 of our annual report on Form&nbsp;10-K for the year ended December&nbsp;31,
2018, which is incorporated by reference herein, as well as any risk factors included in, or incorporated by reference into, an
applicable Prospectus Supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This Prospectus is dated May&nbsp;17,
2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Page</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">About this Prospectus</FONT></A></TD>
    <TD STYLE="text-align: right; width: 10%"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">2</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_016"><FONT STYLE="font-size: 10pt">Note Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_017"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_017"><FONT STYLE="font-size: 10pt">5</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_018"><FONT STYLE="font-size: 10pt">Incorporation by Reference</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">6</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_019"><FONT STYLE="font-size: 10pt">The Corporation</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_019"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_020"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_020"><FONT STYLE="font-size: 10pt">8</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_021"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_021"><FONT STYLE="font-size: 10pt">9</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_022"><FONT STYLE="font-size: 10pt">Description of Debt Securities and Guarantees</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_022"><FONT STYLE="font-size: 10pt">10</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_023"><FONT STYLE="font-size: 10pt">Description of Share Capital</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_023"><FONT STYLE="font-size: 10pt">14</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_024"><FONT STYLE="font-size: 10pt">Material Income Tax Considerations</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_024"><FONT STYLE="font-size: 10pt">16</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_025"><FONT STYLE="font-size: 10pt">Certain Benefit Plan Investor Considerations</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_025"><FONT STYLE="font-size: 10pt">17</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_026"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_026"><FONT STYLE="font-size: 10pt">18</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_027"><FONT STYLE="font-size: 10pt">Enforcement of Civil Liabilities</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_027"><FONT STYLE="font-size: 10pt">19</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_028"><FONT STYLE="font-size: 10pt">Validity of Securities</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_028"><FONT STYLE="font-size: 10pt">20</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_029"><FONT STYLE="font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_029"><FONT STYLE="font-size: 10pt">21</FONT></A></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The Corporation has not authorized anyone
to provide any information or to make any representations other than as contained or incorporated by reference in this Prospectus
or in any accompanying supplement to this Prospectus. The Corporation takes no responsibility for, and can provide no assurance
as to the reliability of, any other information that others may give you. This Prospectus and any accompanying supplement to this
Prospectus do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the registered securities
to which they relate, nor do this Prospectus and any accompanying supplement to this Prospectus constitute an offer to sell or
the solicitation of an offer to buy securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation
in such jurisdiction. The information contained or incorporated by reference in this Prospectus and any supplement to this Prospectus
is accurate as of the dates of the applicable documents. Our business, financial condition, results of operations and prospects
may have changed since the applicable dates. When this Prospectus or a supplement are delivered or sale pursuant to this Prospectus
or a supplement is made, we are not implying that the information is current as of the date of the delivery or sale. You should
not consider any information in this Prospectus or in the documents incorporated by reference herein to be investment, legal or
tax advice. We encourage you to consult your own counsel, accountant and other advisors for legal, tax, business, financial and
related advice regarding an investment in our Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_015"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Prospectus is part of a registration
statement that we filed with the Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) utilizing a &ldquo;shelf&rdquo;
registration process. Under this shelf process, we may sell the Securities described in this Prospectus in one or more offerings.
This Prospectus provides you with a general description of the Securities that may be offered pursuant to this Prospectus. Each
time we offer Securities pursuant to this Prospectus, we will provide you with one or more Prospectus Supplements that will provide
specific information about the Securities being offered and describe the specific terms of that offering. A Prospectus Supplement
may also include a discussion of any additional risk factors or other special considerations that apply to the Securities being
offered and add to, update or change the information contained in this Prospectus. If there is any inconsistency between the information
in this Prospectus and any Prospectus Supplement, you should rely on the Prospectus Supplement. You should read both this Prospectus
and any Prospectus Supplement together with the additional information described under the heading &ldquo;<I>Where You Can Find
More Information</I>&rdquo; before purchasing any Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In this Prospectus and in any Prospectus
Supplement, unless otherwise specified or the context otherwise requires, all dollar amounts are expressed in Canadian dollars
or Cdn$. &ldquo;<B>U.S. dollars</B>&rdquo; or &ldquo;<B>US$</B>&rdquo; means lawful currency of the United States. Unless otherwise
indicated, all financial information included in this Prospectus or included in any Prospectus Supplement is determined using U.S.
generally accepted accounting principles (&ldquo;<B>U.S. GAAP</B>&rdquo;). Except as set forth under &ldquo;<I>Description of Debt
Securities and Guarantees</I>&rdquo; and &ldquo;<I>Description of Share Capital</I>&rdquo;, and unless the context otherwise requires,
all references in this Prospectus and any Prospectus Supplement to &ldquo;<B>Enbridge</B>&rdquo;, the &ldquo;<B>Corporation</B>&rdquo;,
 &ldquo;<B>we</B>&rdquo;, &ldquo;<B>us</B>&rdquo; and &ldquo;<B>our</B>&rdquo; mean Enbridge Inc. and its subsidiaries, partnership
interests and joint venture investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_016"></A><B>NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Prospectus, including the documents
incorporated by reference into this Prospectus, contain both historical and forward-looking statements within the meaning of Section&nbsp;27A
of the U.S. Securities Act of 1933, as amended (the &ldquo;<B>U.S. Securities Act</B>&rdquo;), and Section&nbsp;21E of the U.S.
Securities Exchange Act of 1934, as amended (the &ldquo;<B>U.S. Exchange Act</B>&rdquo;), and forward-looking information within
the meaning of Canadian securities laws (collectively, &ldquo;<B>forward-looking statements</B>&rdquo;). This information has been
included to provide readers with information about the Corporation and its subsidiaries and affiliates, including management&rsquo;s
assessment of the Corporation&rsquo;s and its subsidiaries&rsquo; future plans and operations. This information may not be appropriate
for other purposes. Forward-looking statements are typically identified by words such as &lsquo;&lsquo;anticipate&rdquo;, &ldquo;believe&rdquo;,
 &ldquo;estimate&rdquo;, &ldquo;expect&rdquo;, &ldquo;forecast&rdquo;, &ldquo;intend&rdquo;, &ldquo;likely&rdquo;, &ldquo;plan&rdquo;,
 &ldquo;project&rdquo;, &ldquo;target&rdquo; and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking
information or statements included or incorporated by reference in this Prospectus include, but are not limited to, statements
with respect to the following: expected earnings before interest, income taxes and depreciation and amortization (&ldquo;<B>EBITDA</B>&rdquo;);
expected earnings/(loss); expected earnings/(loss) per share; expected future cash flows; expected performance of the Liquids Pipelines,
Gas Transmission and Midstream, Gas Distribution, Renewable Power Generation and Transmission, and Energy Services businesses;
financial strength and flexibility; expectations on sources of liquidity and sufficiency of financial resources; expected costs
related to announced projects and projects under construction; expected in-service dates for announced projects and projects under
construction; expected capital expenditures; expected equity funding requirements for our commercially secured growth program;
expected future growth and expansion opportunities; expectations about our joint venture partners&rsquo; ability to complete and
finance projects under construction; expected closing of acquisitions and dispositions and expected timing thereof; estimated future
dividends; expected future actions of regulators; expected costs related to leak remediation and potential insurance recoveries;
expectations regarding commodity prices; supply forecasts; expectations regarding the impact of the stock-for-stock merger transaction
completed on February&nbsp;27, 2017 between Enbridge and Spectra Energy Corp (the &ldquo;<B>Merger Transaction</B>&rdquo;) including
our combined scale, financial flexibility, growth program, future business prospects and performance; United States Line 3 Replacement
Program; expected impact of the Federal Energy Regulatory Commission policy on treatment of income taxes; the transactions undertaken
to simplify our corporate structure; our dividend payout policy; dividend growth and dividend payout expectation; expectations
on impact of our hedging program; and expectations resulting from the successful execution of our 2018-2020 Strategic Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although we believe these forward-looking
statements are reasonable based on the information available on the date such statements are made and processes used to prepare
the information, 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. Material assumptions include assumptions about the following: the expected supply
of and demand for crude oil, natural gas, natural gas liquids (&ldquo;<B>NGL</B>&rdquo;) and renewable energy; prices of crude
oil, natural gas, NGL and renewable energy; exchange rates; inflation; interest rates; availability and price of labor and construction
materials; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for our
projects; anticipated in-service dates; weather; the timing and closing of dispositions; the realization of anticipated benefits
and synergies of the Merger Transaction; governmental legislation; acquisitions and the timing thereof; the success of integration
plans; impact of the dividend policy on our future cash flows; credit ratings; capital project funding; expected EBITDA; expected
earnings/(loss); expected earnings/(loss) per share; expected future cash flows; and estimated future dividends. Assumptions regarding
the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are
material to and underlie all forward-looking statements, as they may impact current and future levels of demand for our services.
Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which we operate and
may impact levels of demand for our services and cost of inputs, and are therefore inherent in all forward-looking statements.
Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking
statement cannot be determined with certainty, particularly with respect to the impact of the Merger Transaction on us, expected
EBITDA, expected earnings/(loss), expected earnings/(loss) per share or estimated future dividends. The most relevant assumptions
associated with forward-looking statements regarding announced projects and projects under construction, including estimated completion
dates and expected capital expenditures, include the following: the availability and price of labor and construction materials;
the effects of inflation and foreign exchange rates on labor and material costs; the effects of interest rates on borrowing costs;
the impact of weather and customer, government and regulatory approvals on construction and in-service schedules and cost recovery
regimes.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Corporation&rsquo;s forward-looking
statements are subject to risks and uncertainties pertaining to the realization of anticipated benefits and synergies of the Merger
Transaction, operating performance, regulatory parameters, changes in regulations applicable to our business, dispositions, the
transactions undertaken to simplify our corporate structure, our dividend policy, project approval and support, renewals of rights-of-way,
weather, economic and competitive conditions, public opinion, changes in tax laws and tax rates, changes in trade agreements, exchange
rates, interest rates, commodity prices, political decisions and supply of and demand for commodities, including, but not limited
to, those risks and uncertainties discussed in this Prospectus and in documents incorporated by reference into this Prospectus.
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 our future course of action depends on management&rsquo;s assessment of all information available
at the relevant time. Except to the extent required by applicable law, the Corporation assumes no obligation to publicly update
or revise any forward-looking statement made in this Prospectus or otherwise, whether as a result of new information, future events
or otherwise. All forward-looking statements, whether written or oral, attributable to the Corporation or persons acting on the
Corporation&rsquo;s behalf, are expressly qualified in their entirety by these cautionary statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_017"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Corporation is subject to the information
requirements of the U.S. Exchange Act, and in accordance therewith files reports and other information with the SEC. Such reports
and other information are available on the SEC&rsquo;s website at www.sec.gov. Prospective investors may read and download the
documents the Corporation has filed with the SEC&rsquo;s Electronic Data Gathering and Retrieval system at www.sec.gov. Reports
and other information about the Corporation may also be inspected at the offices of the New York Stock Exchange, 20 Broad Street,
New York, New York 10005.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Corporation has filed with the SEC under
the U.S. Securities Act, a registration statement on Form&nbsp;S-3 relating to the Securities and of which this Prospectus forms
a part. This Prospectus does not contain all of the information set forth in such registration statement, certain items of which
are contained in the exhibits to the registration statement as permitted or required by the rules&nbsp;and regulations of the SEC.
Statements made in this Prospectus as to the contents of any contract, agreement or other document referred to are not necessarily
complete, and in each instance, for a complete description of the applicable contract, agreement or other document, reference is
made to the exhibits available on the SEC&rsquo;s website at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_018"></A><B>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEC&rsquo;s rules&nbsp;allow us to &ldquo;incorporate
by reference&rdquo; into this Prospectus the information in documents we file with the SEC. This means that we can disclose important
information to you by referring you to those documents. The information incorporated by reference is considered to be a part of
this Prospectus and should be read with the same care. When we update the information contained in documents that have been incorporated
by reference by making future filings with the SEC the information incorporated by reference in this Prospectus is considered to
be automatically updated and superseded. The modifying or superseding statement need not state that it has modified or superseded
a prior statement or include any other information set forth in the document that it modifies or supersedes. In other words, in
the case of a conflict or inconsistency between information contained in this Prospectus and information incorporated by reference
into this Prospectus, you should rely on the information contained in the document that was filed later. The making of a modifying
or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made,
constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required
to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement
so modified or superseded shall not be deemed, except as so modified or superseded to constitute a part of this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We incorporate by reference the documents
listed below and all documents which we subsequently file with the SEC (other than, in each case, documents or information deemed
to have been furnished and not filed in accordance with the SEC rules) pursuant to Section&nbsp;13(a), 13(c), 14, or 15(d)&nbsp;of
the U.S. Exchange Act until the termination of the offering of the Securities under this Prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/895728/000089572819000033/ei12312018-10kxdocument.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2018, filed on February&nbsp;15, 2019 (the &ldquo;<B>Annual Report</B>&rdquo;);</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/895728/000119312519088225/d715756ddef14a.htm" STYLE="-sec-extract: exhibit">Definitive Proxy Statement on Schedule 14A, filed on March&nbsp;27, 2019;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572819000099/ei3311910-qquarterlyre.htm" STYLE="-sec-extract: exhibit">Quarterly Report on Form&nbsp;10-Q for the quarterly period ended March&nbsp;31, 2019, filed on May&nbsp;10, 2019;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Current Reports on Form&nbsp;8-K filed on <A HREF="http://www.sec.gov/Archives/edgar/data/895728/000110465919003146/a19-3385_18k.htm" STYLE="-sec-extract: exhibit">January&nbsp;24, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/895728/000089572819000032/ei1231188-knrcover.htm" STYLE="-sec-extract: exhibit">February&nbsp;15, 2019</A> (filed portion only), <A HREF="http://www.sec.gov/Archives/edgar/data/895728/000119312519062599/d707653d8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;4, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/895728/000119312519071949/d632345d8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;12, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/895728/000119312519119218/d718944d8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;25, 2019</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/895728/000089572819000095/ei05102019guarantees8-kcov.htm" STYLE="-sec-extract: exhibit">May&nbsp;10, 2019</A>; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/895728/000104746917005855/a2233263zf-10.htm" STYLE="-sec-extract: exhibit">The description of Enbridge&rsquo;s share capital contained in the registration statement on Form&nbsp;F-10, filed on September&nbsp;15, 2017, and any other amendments or reports filed for the purpose of updating that description.</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Copies of the documents incorporated herein
by reference may be obtained, upon written or oral request, without charge from the Corporate Secretary of Enbridge, Suite&nbsp;200,
425 - 1st Street S.W., Calgary, Alberta, T2P 3L8 (telephone 1-403-231-3900). Documents that we file with or furnish to the SEC
are also available on the website maintained by the SEC (www.sec.gov). This site contains reports, proxy and information statements
and other information regarding issuers that file electronically with the SEC. The information on that website is not part of this
Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_019"></A><B>THE CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Enbridge is one of North America&rsquo;s
largest energy infrastructure companies with strategic business platforms that include an extensive network of crude oil, liquids
and natural gas pipelines, regulated natural gas distribution utilities and renewable power generation assets. The Corporation
delivers an average of 2.9 million barrels of crude oil each day through its Mainline and Express Pipeline, and accounts for approximately
62% of United States-bound Canadian crude oil exports. The Corporation also transports approximately 18% of the natural gas consumed
in the United States, serving key supply basins and demand markets. The Corporation&rsquo;s regulated utilities serve approximately
3.7 million retail customers in Ontario, Quebec and New Brunswick. The Corporation also generates approximately 1,600 megawatts
of net renewable power in North America and Europe.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Enbridge is a public company, with common
shares that trade on both the Toronto Stock Exchange and the New York Stock Exchange under the symbol &ldquo;ENB&rdquo;. The Corporation
was incorporated under the <I>Companies Ordinance</I> of the Northwest Territories on April&nbsp;13, 1970 and was continued under
the <I>Canada Business Corporations Act </I>on December&nbsp;15, 1987. Enbridge&rsquo;s principal executive offices are located
at Suite&nbsp;200, 425 - 1st Street S.W., Calgary, Alberta, Canada T2P 3L8, and its telephone number is 1-403-231-3900.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_020"></A><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Investment in the Securities is subject
to various risks. Before deciding whether to invest in any Securities, in addition to the other information included in, or incorporated
by reference into, this Prospectus, you should carefully consider the risk factors contained in Item 1A under the caption &ldquo;<I>Risk
Factors</I>&rdquo; and elsewhere in the Annual Report, which is incorporated by reference into this Prospectus, as updated by our
Quarterly Report on Form&nbsp;10-Q for the quarterly period ended March&nbsp;31, 2019 and our annual or quarterly reports for subsequent
fiscal years or fiscal quarters that we file with the SEC and that are so incorporated. See &ldquo;<I>Where You Can Find More Information</I>&rdquo;
for information about how to obtain a copy of these documents. You should also carefully consider the risks and other information
that may be contained in, or incorporated by reference into, any Prospectus Supplement relating to specific offerings of Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_021"></A><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified in a Prospectus
Supplement, the net proceeds from the sale of the Securities will be added to the general funds of the Corporation to be used for
general corporate purposes, which may include reducing outstanding indebtedness and financing capital expenditures, investments
and working capital requirements of the Corporation. Specific information about the use of proceeds from the sale of any Securities
will be set forth in a Prospectus Supplement. The Corporation may invest funds that it does not immediately require in short-term
marketable debt securities. The Corporation expects that it may, from time to time, issue securities other than pursuant to this
Prospectus.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The net proceeds to be received by the Corporation
from the sale of the Securities from time to time under this Prospectus are not expected to be applied to fund any specific project.
The Corporation&rsquo;s overall corporate strategy and major initiatives supporting its strategy are summarized in the Annual Report,
which is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_022"></A>DESCRIPTION OF DEBT SECURITIES AND GUARANTEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">In this section, the terms &ldquo;<B>Corporation</B>&rdquo;
and &ldquo;<B>Enbridge</B>&rdquo; refer only to Enbridge Inc. and not to its subsidiaries, partnerships interests or joint venture
investments. The following description sets forth certain general terms and provisions of the debt securities and guarantees. The
Corporation will provide particular terms and provisions of a series of debt securities and a description of how the general terms
and provisions described below may apply to that series in a Prospectus Supplement. Prospective investors should rely on information
in the applicable Prospectus Supplement if it is different from the following information.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indenture</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The debt securities will be issued under
an indenture dated February&nbsp;25, 2005, as amended and supplemented from time to time (the indenture as amended and supplemented,
the &ldquo;<B>Indenture</B>&rdquo;), between Enbridge, SEP, a wholly owned subsidiary of Enbridge, as guarantor, EEP, a wholly
owned subsidiary of Enbridge, as guarantor (each of SEP and EEP a &ldquo;<B>Guarantor</B>&rdquo;) and Deutsche Bank Trust Company
Americas, as trustee. Debt securities issued under the Indenture will not be offered or sold to persons in Canada pursuant to this
Prospectus. The following summary of certain provisions of the Indenture and the debt securities issued thereunder does not purport
to be complete and is qualified in its entirety by reference to the actual provisions of the Indenture.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The Corporation may issue debt securities
and incur additional indebtedness other than through an offering of debt securities pursuant to this Prospectus.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The Indenture does not limit the aggregate
principal amount of debt securities which may be issued under the Indenture or otherwise. The Indenture provides that debt securities
will be in registered form, may be issued from time to time in one or more series and may be denominated and payable in U.S. dollars
or any other currency. Unless otherwise specified in the applicable Prospectus Supplement, debt securities may be issued in whole
or in part in a global form and will be registered in the name of and be deposited with The Depository Trust Company or its nominee,
Cede&nbsp;&amp; Co. The debt securities will be issuable in denominations of US$1,000 and integral multiples of US$1,000, or in
such other denominations as may be set out in the terms of the debt securities of any particular series.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Material Canadian and United States federal
income tax considerations applicable to any debt securities, and special tax considerations applicable to the debt securities denominated
in a currency or currency unit other than Canadian or U.S. dollars, will be described in the Prospectus Supplement relating to
the offering of debt securities.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated in an applicable
Prospectus Supplement, the debt securities will be unsecured obligations and will rank equally with all of the Corporation&rsquo;s
other unsecured and unsubordinated indebtedness and will be guaranteed by both Guarantors. See &ldquo;<I>&mdash;Guarantees</I>&rdquo;
below. Enbridge is a holding company that conducts substantially all of its operations and holds substantially all of its assets
through its subsidiaries. As at March&nbsp;31, 2019, the long-term debt (excluding the current portion, as well as guarantees and
intercompany obligations between the Corporation and its subsidiaries) of Enbridge and its subsidiaries totaled approximately $60.1
billion, of which approximately $36.5 billion is subsidiary debt. The debt securities issued under this Prospectus will be structurally
subordinated to all existing and future liabilities, including trade payables and other indebtedness, of Enbridge&rsquo;s subsidiaries
other than the Guarantors with respect to any guaranteed debt securities. The Indenture does not limit the incurrence of indebtedness
and issuance of preferred stock of or by Enbridge&rsquo;s subsidiaries. Nonetheless, we do not expect either Guarantor to issue
any additional debt or any preferred stock after the date of this prospectus.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The Indenture has been filed as an exhibit
to the registration statement of which this Prospectus is a part and is available as described above under &ldquo;<I>Where You
Can Find More Information</I>&rdquo;. The Indenture will be described in a Prospectus Supplement for such debt securities. For
further details, prospective investors should refer to the Indenture and the applicable Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Debt securities may also be issued under
new supplemental indentures between us and a trustee or trustees as will be described in a Prospectus Supplement for such debt
securities. The Corporation may issue debt securities and incur additional indebtedness other than through the offering of debt
securities pursuant to this Prospectus.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The Prospectus Supplement will set forth
additional terms relating to the debt securities being offered, including covenants, events of default, provisions for payments
of additional amounts and redemption provisions.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Prospectus Supplement will also set
forth the following terms relating to the debt securities being offered:</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the title of the debt securities of the series;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">any limit upon the aggregate principal amount of the debt securities of the series;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the party to whom any interest on a debt security of the series shall be payable;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the date or dates on which the principal of (and premium, if any, on) any debt securities of the series is payable;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the rate or rates at which the debt securities will bear interest, if any, the date or dates from which any interest will accrue,
the interest payment dates on which interest will be payable and the regular record date for interest payable on any interest payment
date;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the place or places where principal and any premium and interest are payable;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the period or periods if any within which, the price or prices at which, the currency or currency units in which and the terms
and conditions upon which any debt securities of the series may be redeemed, in whole or in part, at the option of the Corporation;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the obligation, if any, of the Corporation to redeem or purchase any debt securities of the series pursuant to any sinking
fund or analogous provisions or at the option of the holder thereof and the terms and conditions upon which debt securities of
the series may be redeemed or purchased, in whole or in part pursuant to such obligation;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">if other than denominations of $1,000 and any integral multiples of $1,000, the denominations in which the debt securities
are issuable;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">if the amount of principal of or any premium or interest on any debt securities of the series may be determined with reference
to an index or pursuant to a formula, the manner in which such amounts shall be determined;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">if other than U.S. dollars, the currency, currencies or currency units in which the principal of or any premium or interest
on any debt securities of the series will be payable, and any related terms;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">if the principal of or any premium or interest on any debt securities of the series is to be payable, at the election of the
Corporation or the holders, in one or more currencies or currency units other than that or those in which the debt securities are
stated to be payable, specific information relating to the currency, currencies or currency units, and the terms and conditions
relating to any such election;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">if other than the entire principal amount, the portion of the principal amount of any debt securities of the series that is
payable upon acceleration of maturity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">if the principal amount payable at maturity of the debt securities of the series is not determinable prior to maturity, the
amount that is deemed to be the principal amount prior to maturity for purposes of the debt securities and the Indenture;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">if applicable, that the debt securities of the series are subject to defeasance and/or covenant defeasance;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">if applicable, that the debt securities of the series will be issued in whole or in part in the form of one or more global
securities and, if so, the depositary for the global securities, the form of any legend or legends which will be borne by such
global securities and any additional terms related to the exchange, transfer and registration of securities issued in global form;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">any addition to or change in the events of default applicable to the debt securities of the series and any change in the right
of the trustee or the holders of the debt securities to accelerate the maturity of the debt securities of the series;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">any addition to or change in the covenants described in this Prospectus applicable to the debt securities of the series;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">if the debt securities are to be subordinated to other of the Corporation&rsquo;s obligations, the terms of the subordination
and any related provisions;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">whether the debt securities will be convertible into securities or other property, including the Corporation&rsquo;s common
stock or other securities, whether in addition to, or in lieu of, any payment of principal or other amount or otherwise, and whether
at the option of the Corporation or otherwise, the terms and conditions relating to conversion of the debt securities, and any
other provisions relating to the conversion of the debt securities;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the obligation, if any, of the Corporation to pay to holders of any debt securities of the series amounts as may be necessary
so that net payments on the debt security, after deduction or withholding for or on account of any present or future taxes and
other governmental charges imposed by any taxing authority upon or as a result of payments on the securities, will not be less
than the gross amount provided in the debt security, and the terms and conditions, if any, on which the Corporation may redeem
the debt securities rather than pay such additional amounts;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">whether the Corporation will undertake to list the debt securities of the series on any securities exchange or automated interdealer
quotation system;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">whether the debt securities of the series will be guaranteed by either or both Guarantors; and</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">any other terms of the series of debt securities.</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated in the applicable
Prospectus Supplement, the Indenture does not afford the holders the right to tender debt securities to Enbridge for repurchase
or provide for any increase in the rate or rates of interest at which the debt securities will bear interest in the event Enbridge
should become involved in a highly leveraged transaction or in the event of a change in control of Enbridge.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Debt securities may be issued under the
Indenture bearing no interest or interest at a rate below the prevailing market rate at the time of issuance, and may be offered
and sold at a discount below their stated principal amount. The Canadian and United States federal income tax consequences and
other special considerations applicable to any such discounted debt securities or other debt securities offered and sold at par
which are treated as having been issued at a discount for Canadian and/or United States federal income tax purposes will be described
in the applicable Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated in the applicable
Prospectus Supplement, Enbridge may, without the consent of the holders thereof, reopen a previous issue of a series of debt securities
and issue additional debt securities of such series; provided, however, that in the event any additional debt securities are not
fungible with the outstanding debt securities for United States federal income tax purposes, such non-fungible additional debt
securities will be issued with a separate CUSIP number so that they are distinguishable from the outstanding debt securities.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Guarantees</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified in the applicable
Prospectus Supplement, each of the Guarantors will fully, unconditionally, irrevocably, absolutely and jointly and severally guarantee
the due and punctual payment of the principal of, and premium, if any, and interest on the debt securities and all other amounts
due and payable by Enbridge under the Indenture and the debt securities, when and as such principal, premium, if any, interest
and other amounts shall become due and payable. The guarantee of any debt securities is intended to be a general, unsecured, senior
obligation of each of the Guarantors and will rank <I>pari passu</I> in right of payment with all indebtedness of each Guarantor
that is not, by its terms, expressly subordinated in right of payment to the guarantee.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The guarantees of either Guarantor will
be unconditionally released and discharged automatically upon the occurrence of any of the following events:</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">any direct or indirect sale, exchange or transfer, whether by way of merger, sale or transfer of equity interests or otherwise,
to any person that is not an affiliate of Enbridge, of any of Enbridge&rsquo;s direct or indirect limited partnership or other
equity interests in such Guarantor as a result of which such Guarantor ceases to be a consolidated subsidiary of Enbridge;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the merger of such Guarantor into Enbridge or the other Guarantor or the liquidation and dissolution of such Guarantor;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">with respect to any series of debt securities, the repayment in full or discharge or defeasance of such debt securities (each
as contemplated by the Indenture or any applicable supplemental indenture);</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">with respect to EEP, the repayment in full or discharge or defeasance of the debt securities of EEP outstanding as of January&nbsp;22,
2019, all of which are guaranteed by the Corporation pursuant to the Seventeenth Supplemental Indenture, dated as of January&nbsp;22,
2019, among EEP, the Corporation and U.S. Bank National Association, as trustee; or</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">with respect to SEP, the repayment in full or discharge or defeasance of the debt securities of SEP outstanding as of January&nbsp;22,
2019, all of which are guaranteed by the Corporation pursuant to the Eighth Supplemental Indenture, dated as of January&nbsp;22,
2019, among SEP, the Corporation and Wells Fargo Bank, National Association, as trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_023"></A>DESCRIPTION OF SHARE CAPITAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">In this section, the terms &ldquo;<B>Corporation</B>&rdquo;
and &ldquo;<B>Enbridge</B>&rdquo; refer only to Enbridge Inc. and not to its subsidiaries, partnerships or joint venture interests.
The following sets forth the terms and provisions of the existing capital of the Corporation. The following description is subject
to, and qualified by reference to, the terms and provisions of the Corporation&rsquo;s articles and by-laws. The Corporation is
authorized to issue an unlimited number of common shares and an unlimited number of preference shares, issuable in series.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Shares</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Each common share of the Corporation entitles
the holder to one vote for each common share held at all meetings of shareholders of the Corporation, except meetings at which
only holders of another specified class or series of shares are entitled to vote, to receive dividends if, as and when declared
by the board of directors of the Corporation, subject to prior satisfaction of preferential dividends applicable to any preference
shares, and to participate ratably in any distribution of the assets of the Corporation upon a liquidation, dissolution or winding
up, subject to prior rights and privileges attaching to the preference shares.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Under the dividend reinvestment and share
purchase plan of the Corporation, registered shareholders may reinvest their dividends in additional common shares of the Corporation
or make optional cash payments to purchase additional common shares, in either case, free of brokerage or other charges.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The registrar and transfer agent for the
common shares in Canada is AST Trust Company (Canada) (formerly CST Trust Company) at its principal transfer offices in Vancouver,
British Columbia, Calgary, Alberta, Toronto, Ontario and Montr&eacute;al, Qu&eacute;bec. The co-registrar and co-transfer agent
for the common shares in the United States is American Stock Transfer&nbsp;&amp; Trust CO LLC at its principal office in Brooklyn,
New York.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Shareholder Rights Plan</I></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The Corporation has a shareholder rights
plan (the &ldquo;<B>Shareholder Rights Plan</B>&rdquo;) that is designed to encourage the fair treatment of shareholders in connection
with any take-over bid for the Corporation. Rights issued under the Shareholder Rights Plan become exercisable when a person, and
any related parties, acquires or announces the intention to acquire 20% or more of the Corporation&rsquo;s outstanding common shares
without complying with certain provisions set out in the Shareholder Rights Plan or without approval of the board of directors
of the Corporation. Should such an acquisition or announcement occur, each rights holder, other than the acquiring person and its
related parties, will have the right to purchase common shares of the Corporation at a 50% discount to the market price at that
time. For further particulars, reference should be made to the Shareholder Rights Plan, a copy of which may be obtained by contacting
the Director,&nbsp;Investor Relations, Enbridge, 200, 425-1st Street S.W., Calgary, Alberta, T2P 3L8; telephone: 1-800-481-2804;
fax: 1-403-231-5780; email: investor.relations@enbridge.com.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preference Shares</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Shares Issuable in Series</I></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The preference shares may be issued at any
time or from time to time in one or more series. Before any shares of a series are issued, the board of directors of the Corporation
shall fix the number of shares that will form such series and shall, subject to the limitations set out in the articles of the
Corporation, determine the designation, rights, privileges, restrictions and conditions to be attached to the preference shares
of such series, except that no series shall be granted the right to vote at a general meeting of the shareholders of the Corporation
or the right to be convertible or exchangeable for common shares, directly or indirectly.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">For preference shares issued that are to
be convertible into other securities of the Corporation, including other series of preference shares, no amounts will be payable
to convert those preference shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Priority</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The preference shares of each series shall
rank on parity with the preference shares of every other series with respect to dividends and return of capital and shall be entitled
to a preference over the common shares and over any other shares ranking junior to the preference shares with respect to priority
in payment of dividends and in the distribution of assets in the event of liquidation, dissolution or winding-up of the Corporation,
whether voluntary or involuntary, or any other distribution of the assets of the Corporation among its shareholders for the purpose
of winding-up its affairs.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Voting Rights</I></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Except as required by law, holders of the
preference shares as a class shall not be entitled to receive notice of, to attend or to vote at any meeting of the shareholders
of the Corporation, provided that the rights, privileges, restrictions and conditions attached to the preference shares as a class
may be added to, changed or removed only with the approval of the holders of the preference shares given in such manner as may
then be required by law, at a meeting of the holders of the preference shares duly called for that purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_024"></A><B>MATERIAL INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The applicable Prospectus Supplement will
describe material Canadian federal income tax consequences to an investor of acquiring any Securities offered thereunder, if applicable,
including whether the payments of dividends on common shares or preference shares or payments of principal, premium, if any, and
interest on debt securities payable to a non-resident of Canada will be subject to Canadian non-resident withholding tax.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The applicable Prospectus Supplement will
also describe material United States federal income tax consequences of the acquisition, ownership and disposition of any Securities
offered thereunder by an initial investor who is a United States person (within the meaning of the United States Internal Revenue
Code), including, to the extent applicable, any such material consequences relating to debt securities payable in a currency other
than the U.S. dollar, issued at an original issue discount for United States federal income tax purposes or containing early redemption
provisions or other special items.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_025"></A>CERTAIN BENEFIT PLAN INVESTOR CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Each purchaser of Securities in an offering
made pursuant to this Prospectus that is a &ldquo;Plan&rdquo; will be deemed to make the representations in the following paragraph.
For this purpose, a &ldquo;Plan&rdquo; is (i)&nbsp;any &ldquo;employee benefit plan&rdquo; subject to Title I of the Employee Retirement
Income Security Act of 1974, as amended (&ldquo;<B>ERISA</B>&rdquo;), (ii)&nbsp;individual retirement accounts (&ldquo;<B>IRAs</B>&rdquo;
and each, an &ldquo;<B>IRA</B>&rdquo;) and other arrangements subject to Section&nbsp;4975 of the Internal Revenue Code of 1986,
as amended (the &ldquo;<B>Code</B>&rdquo;), and (iii)&nbsp;an entity whose underlying assets include &ldquo;plan assets&rdquo;
within the meaning of ERISA by reason of the investments by such plans or accounts or arrangements therein.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Each purchaser of Securities that is a &ldquo;Plan&rdquo;
and that acquires the Securities in connection with an offering made pursuant to this Prospectus will be deemed to represent by
its purchase of the Securities that a fiduciary (the &ldquo;<B>Fiduciary</B>&rdquo;) independent of the Corporation, any underwriters,
agents, dealers or any of their affiliates (the &ldquo;<B>Transaction Parties</B>&rdquo;) acting on the Plan&rsquo;s behalf is
responsible for the Plan&rsquo;s decision to acquire the Securities in such offering made pursuant to this Prospectus and that
such Fiduciary:</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(i)</TD><TD STYLE="text-align: left">is either a U.S. bank, a U.S. insurance carrier, a U.S. registered investment adviser, a U.S. registered broker-dealer or an
independent fiduciary with at least $50 million of assets under management or control, in each case under the requirements specified
in the U.S. Code of Federal Regulations, 29 C.F.R. Section&nbsp;2510.3-21(c)(1)(i), as amended from time to time;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(ii)</TD><TD STYLE="text-align: left">in the case of a Plan that is an IRA, is not the IRA owner, beneficiary of the IRA or relative of the IRA owner or beneficiary;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(iii)</TD><TD STYLE="text-align: left">is capable of evaluating investment risks independently, both in general and with regard to the prospective investment in the
Securities;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(iv)</TD><TD STYLE="text-align: left">is a fiduciary under ERISA or the Code, or both, with respect to the decision to acquire the Securities;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(v)</TD><TD STYLE="text-align: left">has exercised independent judgment in evaluating whether to invest the assets of the Plan in the Securities;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(vi)</TD><TD STYLE="text-align: left">understands and has been fairly informed of the existence and the nature of the financial interests of the Transaction Parties
in connection with the Plan&rsquo;s acquisition of the Securities;</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(vii)</TD><TD STYLE="text-align: left">understands that the Transaction Parties are not undertaking to provide impartial investment advice, or to give advice in a
fiduciary capacity to the Plan, in connection with the Plan&rsquo;s acquisition of the Securities; and</TD></TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in">(viii)</TD><TD STYLE="text-align: left">confirms that no fee or other compensation will be paid directly to any of the Transaction Parties by the Plan, or any fiduciary,
participant or beneficiary of the Plan, for the provision of investment advice (as opposed to other services) in connection with
the Plan&rsquo;s acquisition of the Securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_026"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The Corporation may sell the Securities
to or through underwriters, agents or dealers and also may sell the Securities directly to purchasers pursuant to applicable statutory
exemptions or through agents.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The distribution of the Securities may be
effected from time to time in one or more transactions at a fixed price or prices, which may be changed, at market prices prevailing
at the time of sale, or at prices related to such prevailing market prices to be negotiated with purchasers.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The Prospectus Supplement relating to each
series of the Securities will also set forth the terms of the offering of the Securities, including to the extent applicable, the
initial offering price, the proceeds to the Corporation, the underwriting concessions or commissions, and any other discounts or
concessions to be allowed or re-allowed to dealers. Underwriters or agents with respect to Securities sold to or through underwriters
or agents will be named in the Prospectus Supplement relating to such Securities.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">In connection with the sale of the Securities,
underwriters may receive compensation from the Corporation or from purchasers of the Securities for whom they may act as agents
in the form of discounts, concessions or commissions. Any such commissions will be paid either using a portion of the funds received
in connection with the sale of the Securities or out of the general funds of the Corporation.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">Under agreements which may be entered into
by the Corporation, underwriters, dealers and agents who participate in the distribution of the Securities may be entitled to indemnification
by the Corporation against certain liabilities, including liabilities under securities legislation, or to contribution with respect
to payments which such underwriters, dealers or agents may be required to make in respect thereof.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">In connection with any offering of Securities,
the underwriters, agents or dealers may over-allot or effect transactions which stabilize or maintain the market price of the Securities
offered at levels above those which might otherwise prevail in the open market. Such transactions, if commenced, may be discontinued
at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_027"></A>ENFORCEMENT OF CIVIL LIABILITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The Corporation is a Canadian corporation.
While the Corporation has appointed Enbridge (U.S.) Inc. as its agent to receive service of process with respect to any action
brought against it in any federal or state court in the United States arising from any offering conducted under this Prospectus,
it may not be possible for investors to enforce outside the United States judgments against the Corporation obtained in the United
States in any such actions, including actions predicated upon the civil liability provisions of the United States federal and state
securities laws. In addition, certain of the directors and officers of the Corporation are residents of Canada or other jurisdictions
outside of the United States, and all or a substantial portion of the assets of those directors and officers are or may be located
outside the United States. As a result, it may not be possible for investors to effect service of process within the United States
upon those persons, or to enforce against them judgments obtained in United States courts, including judgments predicated upon
the civil liability provisions of United States federal and state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_028"></A><B>VALIDITY OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The validity of the debt securities will
be passed upon for us by McCarthy T&eacute;trault LLP with respect to matters of Canadian law and by Sullivan&nbsp;&amp; Cromwell
LLP with respect to matters of New York law. The validity of the guarantees will be passed upon for us by Sullivan&nbsp;&amp; Cromwell
LLP. The validity of the common shares and preference shares will be passed upon for us by McCarthy T&eacute;trault LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_029"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The financial statements incorporated in
this Prospectus by reference to Enbridge Inc.&rsquo;s Current Report on Form&nbsp;8-K dated May&nbsp;10, 2019 and management&rsquo;s
assessment of the effectiveness of internal control over financial reporting (which is included in Management&rsquo;s Report on
Internal Control over Financial Reporting) incorporated in this Prospectus by reference to the Annual Report on Form&nbsp;10-K
of Enbridge Inc. for the year ended December&nbsp;31, 2018 have been so incorporated in reliance on the report of PricewaterhouseCoopers
LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">US$500,000,000</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="tm216594d1_imagen001">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Enbridge Inc.</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Fully and Unconditionally Guaranteed
by<BR>
Enbridge Energy Partners, L.P. and Spectra Energy Partners, LP</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Floating Rate Senior Notes due 2023</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus Supplement<BR>
February 16, 2021</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Joint Book-Running Managers</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-top: 12pt; padding-bottom: 12pt; text-align: center">Deutsche Bank Securities</TD>
    <TD STYLE="width: 51%; padding-top: 12pt; padding-bottom: 12pt; text-align: center">TD Securities</TD></TR>
</TABLE>
<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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