<SEC-DOCUMENT>0001104659-21-085201.txt : 20210624
<SEC-HEADER>0001104659-21-085201.hdr.sgml : 20210624
<ACCEPTANCE-DATETIME>20210624171730
ACCESSION NUMBER:		0001104659-21-085201
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210624
DATE AS OF CHANGE:		20210624

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-231553
		FILM NUMBER:		211043760

	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

FILED BY:		

	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:		FWP

	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
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>FREE WRITING PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 433</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>June 24, 2021</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">This document does not provide full disclosure
of all material facts relating to the securities offered. Investors should read the registration statement, any amendment and any applicable
prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment
decision.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>ENBRIDGE INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><B>2.500</B>% Sustainability-Linked Senior Notes
due 2033</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><B>3.400</B>% Senior Notes
due 2051</B></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-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Issuer:</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Enbridge Inc.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 12pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Guarantors:</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Spectra Energy Partners, LP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Enbridge Energy Partners, L.P.</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 19%; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Issue of Securities:</FONT></TD>
    <TD STYLE="width: 42%; padding-top: 4pt; text-align: left"><FONT STYLE="font-size: 10pt">2.500% Sustainability-Linked Senior Notes due 2033</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 35%; text-align: left"><FONT STYLE="font-size: 10pt">3.400% Senior Notes due 2051</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">US$1,000,000,000</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">US$500,000,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Coupon:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">2.500% (the &ldquo;Initial Sustainability-Linked Interest Rate&rdquo;), subject to increase as described in Interest Rate Step Up below.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">3.400%</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Interest Rate Step Up: </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt">From and including August 1, 2026 (or if such day is not a Business Day, the next succeeding Business Day), the interest rate payable
on the Sustainability-Linked Senior Notes shall be increased by 5 basis points to 2.550% per annum unless we have notified the Trustee
in writing on or before the date that is 15 days prior to August 1, 2026 in the form of a Satisfaction Notification that we have determined
that we have satisfied the Percentage of Racial &amp; Ethnic Diversity Performance Target and received a related Assurance Letter from
the External Verifier. From and including August 1, 2031 (or if such day is not a Business Day, the next succeeding Business Day), the
interest rate payable on the Sustainability-Linked Senior Notes shall be increased by 50 basis points to (x) 3.050% per annum if the First
Step Up Interest Rate was in effect immediately prior to the Second Step Up Date or (y) 3.000% per annum if the Initial Sustainability-Linked
Interest Rate was in effect immediately prior to the Second Step Up Date, unless we have notified the Trustee in writing on or before
the date that is 15 days prior to August 1, 2031 in the form of a Satisfaction Notification that we have determined that we have satisfied
the GHG Emissions Performance and received a related Assurance Letter from the External Verifier.</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">N/A</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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

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<P STYLE="margin: 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: 19%; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually on </FONT><FONT STYLE="font-size: 10pt">February 1 and August 1, commencing on February 1, 2022.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually on </FONT><FONT STYLE="font-size: 10pt">February 1 and August 1, commencing on February 1, 2022.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity Date:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 1, 2033</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 1, 2051</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury Benchmark: </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.625% due May 2031</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.875% due February 2051</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Treasury Yield: </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.490%</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.113%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spread to Treasury: </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.050%</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.300%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re-offer Yield:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.540%</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.413%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial Price to Public:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.584%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.754%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum Denominations:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,000 x $1,000</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,000 x $1,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Redemption:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On any date more than three months prior to the maturity date for an
    amount equal to the principal amount of the notes redeemed plus a make-whole premium and accrued but unpaid interest to the redemption
    date.</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">On any date that is on or after May 1, 2033, the date that is three
    months prior to the maturity date for an amount equal to the principal amount of the notes redeemed plus accrued but unpaid interest to
    the redemption date.</P></TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On any date more than six months prior to the maturity date for an
    amount equal to the principal amount of the notes redeemed plus a make-whole premium and accrued but unpaid interest to the redemption
    date.</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">On any date that is on or after February 1, 2051, the date that is
    six months prior to the maturity date for an amount equal to the principal amount of the notes redeemed plus accrued but unpaid interest
    to the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Make-Whole Premium:</FONT></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Treasury +17 bps</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Treasury +20 bps</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade Date:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 24, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement Date:</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 28, 2021 (T+2)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP / ISIN:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29250N BF1 / US29250NBF15</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29250N BE4 / US29250NBE40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sustainability-Linked Bond Structuring Advisor: </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit Suisse Securities (USA) LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Book-Running Managers:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Suisee Securities (USA) LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SMBC Nikko Securities America, Inc.</P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-top: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-Managers:</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Agricole Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Americas Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KeyBanc Capital Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loop Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AmeriVet Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Roberts &amp; Ryan Investments, Inc.</P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Capitalized terms used and not defined herein
have the meanings assigned in the issuer&rsquo;s Preliminary Prospectus Supplement, dated June 24, 2021.</P>




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>The issuer and guarantors have filed a
registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Alternatively, the issuer, any underwriter
or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Credit Suisse Securities
(USA) LLC toll-free at <FONT STYLE="font-family: Times New Roman, Times, Serif">1-800-221-1037</FONT>, BofA Securities, Inc. toll-free
at 1-<FONT STYLE="font-family: Times New Roman, Times, Serif">800-294-1322</FONT>, Citigroup Global Markets Inc. toll-free at <FONT STYLE="font-family: Times New Roman, Times, Serif">1-800-831-9146</FONT>,
J.P. Morgan Securities LLC toll-free at <FONT STYLE="font-family: Times New Roman, Times, Serif">1-212-834-4533</FONT> or by calling SMBC
Nikko Securities America, Inc. toll-free at 1-888-868-6856.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">Not
for retail investors in the European Economic Area (&ldquo;EEA&rdquo;) or the United Kingdom. No key information document (KID) as required
by Regulation (EU) No 1286/2014 (as amended, the &ldquo;PRIIPs Regulation&rdquo;) or as required by the PRIIPs Regulation as it forms
part of domestic UK law by virtue of the European Union (Withdrawal) Act 2018, as amended, has been prepared as not available to retail
investors in the EEA or the United Kingdom, respectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Any disclaimer or other notice that may appear
below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result
of this communication being sent by Bloomberg or another email system.</P>

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

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