<SEC-DOCUMENT>0001104659-22-100491.txt : 20220915
<SEC-HEADER>0001104659-22-100491.hdr.sgml : 20220915
<ACCEPTANCE-DATETIME>20220915172149
ACCESSION NUMBER:		0001104659-22-100491
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220915
DATE AS OF CHANGE:		20220915

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:	333-266405
		FILM NUMBER:		221246487

	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>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2225572d2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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. 333-266405</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>September 15, 2022</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></B>&nbsp;</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; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">7.375% Fixed-to-Fixed
Rate Subordinated Notes Series 2022-B due 2083</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Preference Shares, Series
2022-B Issuable Upon Automatic Conversion</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">7.625% Fixed-to-Fixed
Rate Subordinated Notes Series 2022-C due 2083</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Preference Shares, Series
2022-C Issuable Upon Automatic Conversion</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 10pt; vertical-align: top; width: 16%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 42%"><FONT STYLE="font-size: 10pt"><B><U>Series
    2022-B Notes due 2083</U></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 42%"><FONT STYLE="font-size: 10pt"><B><U>Series 2022-C Notes due 2083</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 10pt; vertical-align: top; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Enbridge
    Inc. (the &ldquo;<B>Company</B>&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 10pt; vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Security
    Type:</B></FONT></TD>
    <TD STYLE="text-align: left; border-bottom: black 1pt solid; vertical-align: top; padding-top: 4pt; padding-right: 0.1in; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Fixed-to-Fixed
    Rate Subordinated Notes Series 2022-B due January 15, 2083 (the &ldquo;<B>Series 2022-B Notes</B>&rdquo;)</FONT></TD>
    <TD STYLE="padding-top: 4pt; border-bottom: black 1pt solid; vertical-align: bottom; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Fixed-to-Fixed Rate Subordinated
    Notes Series 2022-C due January 15, 2083 (the &ldquo;<B>Series 2022-C Notes</B>&rdquo; and, together with the Series 2022-B Notes,
    the &ldquo;<B>Notes</B>&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 10pt; vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Pricing
    Date:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">September
    15, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 10pt; vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Settlement
    Date*: </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">September
    20, 2022 (T+3)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 10pt; vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Maturity
    Date:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">January
    15, 2083 </FONT></TD>
    <TD STYLE="padding-top: 4pt; border-bottom: black 1pt solid; vertical-align: bottom; padding-bottom: 4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 10pt; vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Principal
    Amount:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">US$500,000,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">US$600,000,000</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 10pt; vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Public
    Offering Price:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="padding-top: 4pt; vertical-align: top; border-bottom: black 1pt solid; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">100.00%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 10pt; vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Initial
    Interest Reset Date:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">January
    15, 2028</FONT></TD>
    <TD STYLE="padding-top: 4pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">January 15, 2033</FONT></TD>
    </TR>

<TR>
    <TD STYLE="padding-top: 4pt; border-bottom: black 1pt solid; padding-right: 10pt; vertical-align: top; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Interest
    Rate:</B></FONT></TD>
    <TD STYLE="padding-top: 4pt; border-bottom: black 1pt solid; text-align: left; vertical-align: top; padding-right: 0.1in; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">(i)
    From, and including, September 20, 2022 to, but not including, January 15, 2028 at the rate of 7.375% per annum and (ii) from, and
    including, January 15, 2028, during each Interest Reset Period, at a rate per annum equal to the Five-Year Treasury Rate as of the
    most recent Reset Interest Determination Date plus, (a) for the period from, and including, January 15, 2028 to, but not including,
    January 15, 2033, 3.708%, (b) for the period from, and including, January 15, 2033 to, but not including, January 15, 2048, 3.958%,
    and (c) for the period from, and including January 15, 2048 to, but not including, the Maturity Date, 4.708%, in each case, to be
    reset on each Interest Reset Date.</FONT></TD>
    <TD STYLE="padding-top: 4pt; border-bottom: black 1pt solid; text-align: left; vertical-align: top; padding-bottom: 4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i) From, and including, September 20, 2022 to, but not including,
    January 15, 2033 at the rate of 7.625% per annum and (ii) from, and including, January 15, 2033, during each Interest Reset Period,
    at a rate per annum equal to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date plus, (a) for the
    period from, and including, January 15, 2033 to, but not including, January 15, 2053, 4.418% and (b) for the period from, and including,
    January 15, 2053 to, but not including, the Maturity Date, 5.168%, in each case, to be reset on each Interest Reset 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">&nbsp;</P></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="padding-right: 10pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Semi-annually in arrears on January 15 and July 15 of each year (each such date, an &ldquo;<B>Interest Payment Date</B>&rdquo;), commencing on January 15, 2023.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Day Count Convention:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">360-day year consisting of twelve 30-day months and, for any period shorter than six months, on the basis of the actual number of days elapsed per 30-day month.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Business Day:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">Any day other than a day on which banks are permitted or required to be closed in New York City, New York.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">The Company may, at its option, redeem either series of the Notes, in whole at any time or in part from time to time, (i) on any day in the period commencing on the date falling three months prior to the applicable Initial Interest Reset Date and ending on (and including) such Initial Interest Reset Date and (ii) after such initial Interest Reset Date, on any applicable Interest Payment Date, in each case, at a redemption price per US$1,000 principal amount of the Notes equal to 100% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed for redemption.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Redemption on Tax Event or Rating Event:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Within 90 days following the occurrence of a Tax Event, the Company
    may, at its option, redeem all (but not less than all) of either series of the Notes at a redemption price per US$1,000 principal amount
    of the Notes equal to 100% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed
    for redemption.</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">Within 90 days following the occurrence of a Rating Event, the Company
    may, at its option, redeem all (but not less than all) of either series of the Notes at a redemption price per US$1,000 principal amount
    of the Notes equal to 102% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed
    for redemption.</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt; width: 16%; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Automatic Conversion:</B></FONT></TD>
    <TD STYLE="width: 84%; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Series 2022-B Notes and the Series 2022-C Notes, in each case,
    including accrued and unpaid interest thereon, will be converted automatically (&ldquo;<B>Automatic Conversion</B>&rdquo;), without the
    consent of the Noteholders, into shares of a newly issued series of our preference shares, designated as Preference Shares, Series 2022-B
    and Preference Shares, Series 2022-C (the &ldquo;<B>Conversion Preference Shares</B>&rdquo;), respectively, upon the occurrence of: (i)
    the making by Enbridge of a general assignment for the benefit of its creditors or a proposal (or the filing of a notice of its intention
    to do so) under the <I>Bankruptcy and Insolvency Act</I> (Canada) or the <I>Companies&rsquo; Creditors Arrangement Act</I> (Canada); (ii)
    any proceeding instituted by Enbridge seeking to adjudicate it as bankrupt or insolvent or, where Enbridge is insolvent, seeking liquidation,
    winding up, dissolution, reorganization, arrangement, adjustment, protection, relief or compromise of its debts under any law relating
    to bankruptcy or insolvency in Canada, or seeking the entry of an order for the appointment of a receiver, interim receiver, trustee or
    other similar official for the property and assets of Enbridge or any substantial part of its property and assets in circumstances where
    Enbridge is adjudged as bankrupt or insolvent; (iii) a receiver, interim receiver, trustee or other similar official is appointed over
    the property and assets of Enbridge or for any substantial part of its property and assets by a court of competent jurisdiction in circumstances
    where Enbridge is adjudged a bankrupt or insolvent under any law relating to bankruptcy or insolvency in Canada; or (iv) any proceeding
    is instituted against Enbridge seeking to adjudicate it as bankrupt or insolvent or, where Enbridge is insolvent, seeking liquidation,
    winding up, dissolution, reorganization, arrangement, adjustment, protection, relief or compromise of its debts under any law relating
    to bankruptcy or insolvency in Canada, or seeking the entry of an order for the appointment of a receiver, interim receiver, trustee or
    other similar official for the property and assets of Enbridge or any substantial part of its property and assets in circumstances where
    Enbridge is adjudged as bankrupt or insolvent under any law relating to bankruptcy or insolvency in Canada, and either such proceeding
    has not been stayed or dismissed within sixty (60) days of the institution of any such proceeding or the actions sought in such proceedings
    occur, including the entry of an order for relief against Enbridge or the appointment of a receiver, interim receiver, trustee, or other
    similar official for Enbridge&rsquo;s property and assets or for any substantial part of its property and assets (each, an &ldquo;<B>Automatic
    Conversion Event</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">The Automatic Conversion shall occur upon an Automatic Conversion Event
    (the &ldquo;<B>Conversion Time</B>&rdquo;). At the Conversion Time, the Notes shall be automatically converted, without the consent of
    the Noteholders, into a newly issued series of fully-paid Conversion Preference Shares. At such time, the Notes shall be deemed to be
    immediately and automatically surrendered and cancelled without need for further action by the Noteholders, who shall thereupon automatically
    cease to be holders thereof and all rights of any such Noteholder as a debtholder of Enbridge shall automatically cease. At the Conversion
    Time, Noteholders will receive one Conversion Preference Share for each US$1,000 principal amount of Notes held immediately prior to the
    Automatic Conversion together with the number of Conversion Preference Shares (including fractional shares, if applicable) calculated
    by dividing the amount of accrued and unpaid interest, if any, on the Notes by US$1,000.</P></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="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-top: 4pt; padding-bottom: 4pt; width: 16%"><FONT STYLE="font-size: 10pt"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt; width: 84%"><FONT STYLE="font-size: 10pt">29250N BN4 / US29250NBN49&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29250N BP9 / US29250NBP96</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">
    <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">Citigroup Global Markets 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">MUFG Securities Americas Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; 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">BofA Securities, Inc.</P>
    <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">Morgan Stanley &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</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">SG Americas Securities, LLC</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">SMBC Nikko Securities America, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities, Inc.</P></TD></TR>
  </TABLE>
<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">Capitalized terms used and not defined herein
have the meanings assigned in the issuer&rsquo;s Preliminary Prospectus Supplement, dated September 15, 2022.</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">*The issuer expects that delivery of the Notes
will be made against payment therefor on or about September 20, 2022, which will be the third 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. Securities Exchange
Act of 1934, as amended, 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 the Notes on the initial pricing date of the Notes will
be required, by virtue of the fact that the Notes initially will settle in T+3, to specify an alternative 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>The issuer has 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 J.P. Morgan Securities
LLC collect at <FONT STYLE="font-family: Times New Roman, Times, Serif">1-212-834-4533</FONT>, Citigroup Global Markets Inc. toll-free
at 1-800-831-9146, Deutsche Bank Securities Inc. toll-free at 1-800-503-4611 or <FONT STYLE="font-family: Times New Roman, Times, Serif">MUFG
Securities Americas Inc.</FONT> toll-free at 1-877-649-6848.</B></P>

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<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>

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

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