<SEC-DOCUMENT>0001104659-23-098517.txt : 20230906
<SEC-HEADER>0001104659-23-098517.hdr.sgml : 20230906
<ACCEPTANCE-DATETIME>20230906090510
ACCESSION NUMBER:		0001104659-23-098517
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20230906
DATE AS OF CHANGE:		20230906

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-266405
		FILM NUMBER:		231237963

	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>424B5
<SEQUENCE>1
<FILENAME>tm2325426d5_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="background-color: white"><B>Filed Pursuant
to Rule&nbsp;424(b)(5)<BR>
Registration No.&nbsp;333-266405</B></FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Prospectus Supplement<BR>
September 6, 2023<BR>
(To Prospectus Dated July&nbsp;29, 2022)</B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>89,490,000 Common Shares</B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2325426d1_424b5img001.jpg" ALT="" STYLE="width: 252px; height: 48px"></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 5pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Enbridge Inc. (the &ldquo;Corporation&rdquo;)
is offering 89,490,000 common shares (&ldquo;Common Shares&rdquo;) (such offered Common Shares, together with
the Common Shares issuable upon exercise of the Over-Allotment Option (as defined below), the &ldquo;Offered Shares&rdquo;) in this offering
(the &ldquo;Offering&rdquo;) at an offering price per Offered Share of $44.70.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Common Shares are listed on the Toronto Stock
Exchange (the &ldquo;TSX&rdquo;) and on the New York Stock Exchange (the &ldquo;NYSE&rdquo;) under the symbol &ldquo;ENB&rdquo;. On September&nbsp;5,
2023, the closing price of the Common Shares was $48.16 per Common Share on the TSX and was US$35.29 per Common Share on the NYSE.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On September&nbsp;5, 2023, we entered into
definitive agreements to acquire three U.S.-based natural gas utilities from Dominion Energy,&nbsp;Inc. for an aggregate purchase
price of approximately US$14.0 billion ($19.0 billion), consisting of approximately US$9.4 billion ($12.8 billion) of cash
consideration and approximately US$4.6 billion ($6.3 billion) of assumed debt, subject to customary closing adjustments
(collectively, the &ldquo;Acquisitions&rdquo;). The closings of the Acquisitions are subject to the satisfaction of customary
closing conditions, including review and clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and certain state
regulatory approvals in the jurisdictions in which the utilities operate. See &ldquo;Summary&mdash;Recent Developments&rdquo; for
more information.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
expect to use the net proceeds from the Offering, together with the net proceeds from future financings and/or asset sales, and, if necessary,
cash on hand or other immediately available funds, to finance a portion of the aggregate purchase price for the Acquisitions and any adjustments
thereto and to pay related fees and expenses of the Offering and the Acquisitions.</FONT> See &ldquo;Summary&mdash;Recent Developments.&rdquo;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Offering is being made concurrently in Canada
under the terms of a prospectus supplement to a short form base shelf prospectus filed with the securities commissions or similar authorities
in each of the provinces of Canada. Neither this prospectus supplement nor the accompanying prospectus constitutes a prospectus under
Canadian securities laws and therefore does not qualify the Offered Shares in Canada.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>NEITHER THE SECURITIES
AND EXCHANGE COMMISSION NOR ANY STATE OR CANADIAN SECURITIES COMMISSION OR REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THESE SECURITIES
OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS SUPPLEMENT OR THE ACCOMPANYING PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY
IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"><B>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 some or all of our officers and directors are residents of Canada, that some or all of the underwriters
or experts named in this prospectus supplement or the accompanying prospectus are residents of Canada, and that all or a substantial portion
of our assets and said persons are located outside the United States.</B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investing in the Offered Shares involves certain
risks. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-5 of this prospectus supplement.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price to the</B></FONT><FONT STYLE="font-size: 10pt"><BR>
<B>Public</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriting <BR>
Commission<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net Proceeds to the<BR>
 Corporation<SUP>(2)</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per Offered Share</FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right">44.70</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right">1.453</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: right">43.247</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">4,000,203,000</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">130,028,970</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">3,870,174,030</TD></TR>
  </TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp; In consideration for the services of the underwriters in
connection with the Offering, the Corporation will pay the underwriters a fee of $1.453 per Offered Share issued
and sold by the Corporation as part of the Offering. See &ldquo;Underwriting.&rdquo;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp; Before deducting the estimated expenses of the Offering of
approximately $2.5 million.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have granted the underwriters an option
(the &ldquo;Over-Allotment Option&rdquo;) to purchase up to 13,423,500 additional Common Shares on the same terms set forth above,
exercisable in whole or in part, from the date of this prospectus supplement to the date 30 days after the closing of the Offering,
to cover over-allotments, if any.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriters expect to deliver the Offered
Shares to purchasers on or about September 8, 2023.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>Joint
Book-Running Managers&nbsp;</I></FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RBC Capital Markets</B></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Morgan Stanley</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BMO Capital Markets</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CIBC Capital Markets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>National Bank Financial Markets</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Scotiabank</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TD Securities</B></FONT></TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; width: 20%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 20%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 10%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 10%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 20%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 19%">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></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: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Barclays</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Citigroup</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deutsche Bank <BR>
Securities</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>J.P. Morgan</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BofA <BR>
Securities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Mizuho</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Wells Fargo <BR>
Securities</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ATB Capital<BR>
 Markets</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Desjardins <BR>
Capital<BR>
 Markets</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>HSBC</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">The
date of this prospectus supplement is September</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> 6<FONT STYLE="background-color: white">,
2023.</FONT></FONT></P>


<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUPPLEMENT</B></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 STYLE="vertical-align: top">
    <TD STYLE="width: 88%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Page</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMPORTANT NOTICE</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-ii</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#alts_001">NON-GAAP MEASURES</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#alts_001">S-ii</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CANADIAN PROSPECTUS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-ii</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-iii</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DOCUMENTS INCORPORATED BY REFERENCE</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#aa_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-iv</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-v</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-5</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#aa_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-9</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#aa_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#aa_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-10</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIVIDEND POLICY</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-11</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SHARE CAPITAL</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-12</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF CERTAIN INDEBTEDNESS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-14</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-15</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNDERWRITING</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-24</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#aa_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VALIDITY OF COMMON SHARES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#aa_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-30</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#aa_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#aa_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-31</FONT></A></TD></TR>
</TABLE>

<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 STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 88%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Page</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#ac_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ac_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#ac_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ac_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#ac_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ac_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#ac_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION BY REFERENCE</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ac_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#ac_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE CORPORATION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ac_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#ac_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ac_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#ac_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ac_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#ac_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF DEBT SECURITIES AND GUARANTEES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ac_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#ac_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SHARE CAPITAL</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ac_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#ac_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ac_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#ac_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ac_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#ac_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENFORCEMENT OF CIVIL LIABILITIES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ac_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#ac_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VALIDITY OF SECURITIES</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ac_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#ac_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#ac_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</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"></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"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_001"></A>IMPORTANT
NOTICE</B></FONT></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 document is in two parts. The first part is
this prospectus supplement, which describes the specific terms of the Offering. The second part, the accompanying prospectus, gives more
general information, some of which may not apply to the Offered Shares. The accompanying prospectus, dated July&nbsp;29, 2022, 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Offered Shares in any
jurisdiction where the offer is not permitted. You should </FONT>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 amendments to the
prospectus or subsequently filed prospectus supplements.</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">To the extent there is a conflict between the information
contained in this prospectus supplement or any &ldquo;free writing prospectus&rdquo; we may authorize to be delivered to you and the information
contained in the accompanying prospectus or any document incorporated by reference therein filed prior to the date of this prospectus
supplement, you should rely on the information in this prospectus supplement or such free writing prospectus, as the case may be. If any
statement in one of these documents is inconsistent with a statement in another document having a later date &mdash; for example, a document
incorporated by reference in the accompanying prospectus &mdash; the statement in the document having the later date modifies or supersedes
the earlier statement.</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 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;$&rdquo; or &ldquo;CDN$&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
Share Capital&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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="alts_001"></A><B>NON-GAAP MEASURES</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 supplement makes reference to non-GAAP
and other financial measures, including adjusted earnings before interest, income taxes, depreciation and amortization (&ldquo;EBITDA&rdquo;),
adjusted earnings per share and distributable cash flow per share. We believe the presentation of these metrics gives useful information
to investors and shareholders as they provide increased transparency and insight into our performance. Adjusted EBITDA represents EBITDA
adjusted for unusual, infrequent or other non-operating factors on both a consolidated and segmented basis. We use EBITDA and adjusted
EBITDA to set targets and to assess our performance and the performance of our business units. Adjusted earnings represent earnings attributable
to common shareholders adjusted for unusual, infrequent or other non-operating factors included in adjusted EBITDA, as well as adjustments
for unusual, infrequent or other non-operating factors in respect of depreciation and amortization expense, interest expense, income taxes
and non-controlling interests on a consolidated basis. We use adjusted earnings per share to assess our performance. Distributable cash
flow is defined as cash flow provided by operating activities before the impact of changes in operating assets and liabilities (including
changes in environmental liabilities) less distributions to non-controlling interests, preference share dividends and maintenance capital
expenditures, and further adjusted for unusual, infrequent or other non-operating factors. We also use distributable cash flow per share
to assess our performance and to set our dividend payout target.</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 non-GAAP measures described above are not measures
that have standardized meaning prescribed by U.S. GAAP and are not U.S. GAAP measures. Therefore, these measures may not be comparable
with similar measures presented by other issuers.</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"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_003"></A>CANADIAN
PROSPECTUS</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Offering is being made concurrently in the United States pursuant to this prospectus supplement and the accompanying base prospectus and
in Canada </FONT>pursuant to a prospectus supplement to a short form base shelf prospectus filed with the securities commissions or similar
authorities in each of the provinces of Canada. This prospectus supplement and the accompanying prospectus do not contain all of the information
set forth in the Canadian prospectus supplement and short form base shelf prospectus. Neither this prospectus supplement nor the accompanying
prospectus constitutes a prospectus under Canadian securities laws and therefore does not qualify the Offered Shares in Canada.</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"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_004"></A>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></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 U.S. 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 supplement or the accompanying prospectus and is not incorporated by reference herein or therein. 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have filed with the SEC a registration statement
on Form&nbsp;S-3 relating to certain securities, including the Offered Shares. 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">&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"><FONT STYLE="text-transform: uppercase"><B><A NAME="aa_013"></A>DOCUMENTS
INCORPORATED BY REFERENCE</B></FONT></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 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)&nbsp;and 15(d)&nbsp;of the U.S. Exchange Act until the termination of the offering under this prospectus supplement:</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>Our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2022, filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572823000008/enb-20221231.htm" STYLE="-sec-extract: exhibit">February&nbsp;10, 2023</A>, as amended
by Amendment No.&nbsp;1 on Form&nbsp;10-K/A, filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312523060793/d409094d10ka.htm" STYLE="-sec-extract: exhibit">March&nbsp;6, 2023</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>Our Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2023, filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572823000016/enb-20230331.htm" STYLE="-sec-extract: exhibit">May&nbsp;5, 2023</A>, and our Quarterly Report
on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2023, filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572823000026/enb-20230630.htm" STYLE="-sec-extract: exhibit">August&nbsp;4, 2023</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>Our Current Reports on Form&nbsp;8-K (or Form&nbsp;8-K/A) filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312523060790/d815155d8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;6, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000110465923030128/tm238922d1_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;8, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312523071334/d305851d8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;15, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312523074829/d482618d8ka.htm" STYLE="-sec-extract: exhibit">March&nbsp;20, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312523135947/d530024d8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;4, 2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312523137898/d451900d8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;8, 2023</A> (as amended on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312523203941/d600808d8ka.htm" STYLE="-sec-extract: exhibit">August&nbsp;4, 2023</A>), <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312523197747/d454615d8k.htm" STYLE="-sec-extract: exhibit">July&nbsp;28, 2023</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000110465923098325/tm2325426d4_8k.htm" STYLE="-sec-extract: exhibit">September&nbsp;5, 2023</A> (Item 1.01
only); 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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>The description of our Common Shares in our <A HREF="https://www.sec.gov/Archives/edgar/data/895728/000110465918025323/a18-9991_28a12b.htm" STYLE="-sec-extract: exhibit">Registration Statement on Form&nbsp;8-A (Registration Statement No.&nbsp;001-15254) filed on April&nbsp;20, 2018</A>, as updated by the description of our Common Shares included in <A HREF="https://www.sec.gov/Archives/edgar/data/895728/000089572820000009/a49descriptionofsecuri.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4.9</A> to our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572820000009/ei12312019-10kxdocument.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2019, filed on February&nbsp;14, 2020</A>, together with any amendment or report filed for the
purpose of updating such description.</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">Any statement contained in this prospectus supplement
or the accompanying prospectus 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 or the accompanying prospectus to the extent that a statement contained therein
or herein or in a document incorporated or deemed to be incorporated by reference therein or herein or in any other subsequently filed
document which also is or is deemed to be incorporated by reference therein or 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 such 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
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 or the accompanying 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">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&nbsp;200, 425 &ndash; 1st&nbsp;Street&nbsp;S.W.,
Calgary, Alberta, Canada T2P&nbsp;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">&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"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_005"></A>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></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 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&nbsp;27A of the U.S. Securities Act of 1933, as amended, and
Section&nbsp;21E of the U.S. Exchange Act, 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 characteristics, value drivers and anticipated benefits (including expected accretion
to our distributable cash flow per share and adjusted earnings per share) of the Acquisitions on a standalone and combined
post-Acquisitions basis, including those described under &ldquo;Recent Developments&mdash;Benefits of the Acquisitions&rdquo;; the
Corporation&rsquo;s corporate vision and strategy, including strategic priorities and enablers; expected supply of, demand for,
exports of and prices of crude oil, natural gas, natural gas liquids (&ldquo;NGL&rdquo;), liquified natural gas (&ldquo;LNG&rdquo;)
and renewable energy; energy transition and lower-carbon energy, and our approach thereto; environmental, social and governance
goals, practices and performance; industry and market conditions; anticipated utilization of the Corporation&rsquo;s assets;
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, benefits and in-service dates
related to announced projects and projects under construction; expected capital expenditures; investable capacity and capital
allocation priorities; share repurchases under our normal course issuer bid; expected equity funding requirements for the
Corporation&rsquo;s commercially secured growth program; expected future growth, development and expansion opportunities; expected
optimization and efficiency opportunities; expectations about the Corporation&rsquo;s joint venture partners&rsquo; ability to
complete and finance projects under construction; our ability to complete the Acquisitions and successfully integrate the Gas
Utilities (as defined herein) without material delay, material changes in terms, higher than anticipated costs or difficulty or loss
of key personnel; expected closing of other acquisitions and dispositions and the timing thereof; expected benefits of transactions,
including the Acquisitions; expected future actions of regulators and courts, and the timing and impact thereof; toll and rate cases
discussions and proceedings and anticipated timeline and impact therefrom, including Mainline System Tolling and those relating to
the Gas Transmission and Midstream and Gas Distribution and Storage businesses; operational, industry, regulatory, climate change
and other risks associated with our businesses; the Offering, including the closing date thereof and the expected use of proceeds,
and the other sources we expect to use to finance the remainder of the aggregate purchase price for the Acquisitions and the timing
thereof; and our assessment of the potential impact of the various risk factors identified in this prospectus supplement and the
accompanying prospectus, including the documents incorporated by reference into this prospectus supplement and the accompanying
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">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 expected supply of, demand for, export of and prices of crude oil, natural
gas, NGL, LNG and renewable energy; anticipated utilization of assets; exchange rates; inflation; interest rates; availability and price
of labor and construction materials; the stability of the Corporation&rsquo;s supply chain; operational reliability; maintenance of support
and regulatory approvals for the Corporation&rsquo;s projects; anticipated in-service dates; weather; the timing, terms and closing of
acquisitions and dispositions, including the Acquisitions, and of the Offering; the realization of anticipated benefits 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 earnings before interest, income taxes,
and depreciation and amortization; expected earnings/(loss); expected future cash flows; and expected distributable cash flow. Assumptions
regarding the expected supply of and demand for crude oil, natural gas, NGL, LNG 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 and interest rates 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. 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 stability of our supply chain; the effects of inflation and foreign exchange rates on labor and material costs;
the effects of interest rates on borrowing costs; and the impact of weather and customer, government, court 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 successful execution of the Corporation&rsquo;s strategic priorities; operating
performance; legislative and regulatory parameters; litigation; acquisitions (including the Acquisitions), dispositions and other transactions
and the realization of anticipated benefits therefrom; the Offering; operational dependence on third parties; 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; inflation; interest rates; commodity prices; access to and cost of capital; political decisions; global geopolitical
conditions; and the supply of, demand for and prices of commodities and other alternative energy, 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 assumption, 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">&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"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_006"></A>SUMMARY</B></FONT></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"><I>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 Offered Shares. You should read this entire prospectus supplement and the accompanying
prospectus, including the information incorporated by reference in this prospectus supplement and the accompanying prospectus, and in
particular the section entitled &ldquo;Risk Factors&rdquo; of this prospectus supplement and in such incorporated documents, as well as
our consolidated financial statements, incorporated by reference in this prospectus supplement and the accompanying prospectus, carefully.</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; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
</B></FONT><B>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; margin: 0pt 0; text-indent: 0.5in">Enbridge is a leading North American energy infrastructure
company. The Corporation&rsquo;s core businesses include Liquids Pipelines, which consists of pipelines and terminals in Canada and the
United States that transport and export various grades of crude oil and other liquid hydrocarbons; Gas Transmission and Midstream, which
consists of investments in natural gas pipelines and gathering and processing facilities in Canada and the United States; Gas Distribution
and Storage, which consists of natural gas utility operations that serve residential, commercial and industrial customers in Ontario and
Qu&eacute;bec; and Renewable Power Generation, which consists primarily of investments in wind and solar assets, as well as geothermal,
waste heat recovery and transmission assets, in North America and Europe.</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">Enbridge is a public company, with Common Shares
that trade on 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 &ndash;
1st&nbsp;Street&nbsp;S.W., Calgary, Alberta, Canada T2P&nbsp;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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Recent Developments</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">On September&nbsp;5, 2023, we entered into three
separate definitive agreements (each, a &ldquo;Purchase and Sale Agreement,&rdquo; and, collectively, the &ldquo;Dominion Agreements&rdquo;)
with Dominion Energy,&nbsp;Inc. (&ldquo;Dominion&rdquo;) to acquire from Dominion all of the outstanding equity interests of:</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: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">Dominion Energy Questar Corporation, Dominion Energy Gas Distribution, LLC, The East Ohio Gas Company and
DEO Alternative Fuel, LLC (collectively, &ldquo;EOG&rdquo;);</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: left">Questar Gas Company (&ldquo;Questar Gas&rdquo;), Wexpro Company, Wexpro II Company, Wexpro Development Co.
and Dominion Energy Wexpro Services Co. (collectively, the &ldquo;Wexpro Companies&rdquo;), and each of Dominion Gas Projects Co., LLC
and Questar InfoComm Inc. (collectively with Questar Gas and the Wexpro Companies, &ldquo;Questar&rdquo;); 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: left">Public Service Company of North Carolina, Incorporated (&ldquo;PSNC&rdquo;) (together with EOG and Questar,
the &ldquo;Gas Utilities&rdquo; and, the transactions contemplated by the Dominion Agreements, the &ldquo;Acquisitions&rdquo;).</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-indent: 0.5in">Individually, the purchase price for EOG is
approximately US$6.6 billion ($9.0 billion), Questar is approximately US$4.3 billion ($5.8 billion) and PSNC is approximately US$3.1
billion ($4.3 billion), resulting in an aggregate cash purchase price of approximately US$9.4 billion ($12.8 billion) for all three
Acquisitions and implying a total enterprise value of approximately US$14.0 billion ($19.0 billion), based on the expected total
debt at the Gas Utilities of approximately US$4.6 billion ($6.3 billion) as of December&nbsp;31, 2023 to be assumed by the
Corporation. Solely for purposes of describing the purchase price and assumed debt for the Acquisitions in this prospectus
supplement, the Canadian dollar amount equivalents shown in parentheses are converted based on an exchange rate of US$1.00 per
$1.36, which was the exchange rate published by Thomson Reuters on September&nbsp;1, 2023; this exchange rate is merely intended to
be representative and may change by the time of the closings of the Acquisitions. The purchase price for each of the Gas Utilities
will be subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital
expenditures and net regulatory assets and liabilities, each of which will be calculated in accordance with a defined accounting
methodology. The Acquisitions, which are not cross-conditioned on one another and are not subject to a financing condition
(including completion of the Offering), are anticipated to close in 2024, subject to the satisfaction of customary conditions,
including review and clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and by the Committee on Foreign
Investment in the United States and certain state regulatory approvals in the jurisdictions in which the Gas Utilities
operate.&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"></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><I>Benefits of the Acquisitions</I></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 believe the Gas Utilities represent high-quality,
growing natural gas utilities that will complement the services provided by our existing North American natural gas network. Natural gas
utilities, such as the Gas Utilities, have long useful asset lives because they are critical infrastructure for providing safe, reliable
and affordable energy. Upon the closings of the Acquisitions, we will add natural gas utility operations in Ohio, North Carolina, Utah,&nbsp;Idaho
and Wyoming, representing a significant presence in the U.S. utility sector. The Gas Utilities fit within our long held investor proposition
of low-risk businesses with predictable cash flow growth and strong overall returns.</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">Specific potential benefits of the Acquisitions
include:</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>The Gas Utilities operate in jurisdictions that have transparent and constructive regulatory regimes that preserve customer choice
to consume natural gas and have attractive growth capital plans and programs to recover certain costs related to capital investments.</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>The Gas Utilities have strong teams with decades of operational experience, pipeline integrity programs in place to improve safety,
reliability and asset performance and low-carbon and other environmental, social and governance initiatives, which align similarly with
our core values.</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>We expect that, if completed, the Acquisitions would diversify our business by expanding our low-risk utility business, nearly doubling the size of
our existing Gas Distribution&nbsp;&amp; Storage business; balance our earnings mix to approximately 50% Natural Gas&nbsp;&amp; Renewables
and 50% Liquids (compared to approximately 43% Natural Gas&nbsp;&amp; Renewables and 57% Liquids currently); improve our commercial profile
and enhance our overall cash flow by providing additional regulated utility earnings; provide attractive long-term investment opportunities;
and create North America&rsquo;s largest natural gas utility platform with a rate base of over $27 billion and approximately 7,000 employees,
delivering approximately 9.3 billions of cubic feet (&ldquo;bcf&rdquo;) of natural gas per day to approximately 7 million customers.</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>We believe that, if completed, the Acquisitions would be accretive to our distributable cash flow per share and adjusted
                                                                                                                                                                                               earnings per share in the first full fiscal year of ownership following the closing of the Acquisitions, which is expected to
                                                                                                                                                                                               increase over time, and would support growth in our adjusted EBITDA, distributable cash flow and dividends over the near- and
                                                                                                                                                                                               medium-term.</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"><B><I>Description of the Gas Utilities</I></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 following table provides a summary of certain
information regarding EOG, Questar and PSNC, including their locations served, numbers of customers, facilities, state regulators,
rate bases (amounts on which they earn a return), authorized returns on equity and authorized equity levels:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; width: 6%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Entity</B></FONT></TD>
    <TD STYLE="font-size: 8pt; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Location(s)<BR>
Served</B></FONT></TD>
    <TD STYLE="font-size: 8pt; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Customers</B></FONT></TD>
    <TD STYLE="font-size: 8pt; width: 29%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Infrastructure</B></FONT></TD>
    <TD STYLE="font-size: 8pt; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>State
    Regulator</B></FONT></TD>
    <TD STYLE="font-size: 8pt; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Rate Base<BR>
</B></FONT></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>(2022a)<SUP>(1)</SUP></B></FONT></P></TD>
    <TD STYLE="font-size: 8pt; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Authorized<BR>

    Return on<BR>
 Equity<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="font-size: 8pt; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Authorized<BR>

    Equity<BR>
 Level<SUP>(1)</SUP></B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">EOG</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Ohio</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Over
    1.2 million</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Approximately 22,000 miles of transmission,
    gathering and distribution pipelines</FONT></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">40 interconnects with nine interstate
    natural gas pipelines</FONT></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Approximately 60 bcf of storage</FONT></P></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Public
    Utilities Commission of Ohio</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$6.0
    billion</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10.38%</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">51.34%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Questar</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Utah</FONT></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Southwestern Wyoming</FONT></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Southeastern Idaho (small portion)</FONT></P></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Approximately
    1.2 million<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Over
    21,000 miles of distribution and transmission pipelines</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Utah Public Service Commission</FONT></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Wyoming Public Service Commission</FONT></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Idaho Public Utilities Commission</FONT></P></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$3.9
    billion</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9.6%<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">51.1%<SUP>(3)</SUP></FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">PSNC</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">North
    Carolina</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Over
    600,000<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Over
    13,000 miles of pipeline</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">North
    Carolina Utilities Commission</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.6
    billion</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9.6%</FONT></TD>
    <TD STYLE="font-size: 8pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">51.6%</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD>Approximate figures. EOG&rsquo;s next rate case is expected to be filed in October&nbsp;2023, with new rates effective in 2025.
                                                                                                                                                             Questar&rsquo;s next rate case order is expected to occur in 2025, with new rates effective in 2026. PSNC&rsquo;s last rate case
                                                                                                                                                             order was in January&nbsp;2022, and the next one is scheduled for 2027, with new rates effective in 2028.</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD><TD>Questar experienced a five-year average annual customer growth rate of 2.6% from 2017 to 2022.</TD></TR></TABLE>

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

</DIV>

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

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<DIV STYLE="padding: 10pt; border: Black thin solid">

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(3)</SUP></FONT></TD><TD>Reflects the weighted average of Utah and Wyoming: Utah has a 9.6% authorized return on equity and a 51% authorized equity level,
and Wyoming has a 9.35% authorized return on equity and a 55% authorized equity level.</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="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify">PSNC experienced a five-year average annual customer growth
rate of 2.5% from 2017 to 2022.</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">Questar also includes the Wexpro Companies, which
develop and produce natural gas, which is then sold to Questar Gas at the cost of service pursuant to a regulated supply agreement, which
currently permits the Wexpro Companies to provide up to 65% of Questar&rsquo;s total natural gas supply.</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"><B><I>Financing of the Acquisitions</I></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 expect to use the net proceeds from the Offering,
together with the net proceeds from future financings and/or asset sales, and, if necessary, cash on hand or other immediately available
funds, to finance a portion of the aggregate purchase price for the Acquisitions and any adjustments thereto and to pay related fees and expenses for the Offering
and the Acquisitions. The Offering is not conditioned upon, and will be consummated before, the closing of the Acquisitions. See &ldquo;Use
of Proceeds&rdquo; for more information regarding our expected use of the net proceeds from the Offering and the other sources we expect
to rely on to finance the purchase price for the Acquisitions.</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 do not expect to use borrowings under
the Bridge Facility to fund any portion of the aggregate purchase price for the Acquisitions, to the extent we do not finance any part
of the aggregate purchase price through other means, we may borrow under the Bridge Facility. See &ldquo;Use of Proceeds&rdquo; and &ldquo;Description
of Certain Indebtedness&mdash;Bridge Facility.&rdquo;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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>The Offering</B></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 STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares offered</FONT>&#9;</TD>
    <TD STYLE="width: 70%">89,490,000 Common Shares</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares outstanding after the Offering<SUP>(1)</SUP></FONT>&#9;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2,112,150,598 Common
    Shares (2,125,574,098 Common Shares if the underwriters exercise the Over-Allotment
    Option in full).</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over-Allotment Option</FONT>&#9;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have granted the underwriters an option to purchase
    up to 13,423,500 additional Common Shares, exercisable in whole or in part, from the date of this prospectus supplement to the date
    30 days after the closing of the Offering, to cover over-allotments, if any.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of proceeds</FONT>&#9;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We estimate that the net proceeds to us from the Offering, after deducting
    the underwriting commission and estimated offering expenses payable by us, assuming that the underwriters do not exercise the Over-Allotment
    Option, will be approximately $3.9 billion, based on the public offering price of $44.70 per Offered 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; background-color: white">We intend to use the net proceeds from the
    Offering of approximately $3.9 billion, together with net proceeds from future
    financings and/or asset sales, as described in &ldquo;Use of Proceeds,&rdquo; together with, if necessary, cash on hand or other immediately
    available funds, to finance a portion of the aggregate purchase price for the Acquisitions and any adjustments thereto and to pay related
    fees and expenses of the Offering and the Acquisitions. However, these sources are subject to change, based on market conditions and other
    factors.</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">Pending completion of the Acquisitions, which we anticipate will occur
    in 2024, we may use all or a portion of the net proceeds of the Offering to reduce our existing short-term indebtedness and/or may invest
    a portion of the net proceeds of the Offering in deposit accounts, money market funds, U.S. government sponsored enterprise obligations
    and corporate obligations. The consummation of any of the Acquisitions is not contingent upon the consummation of the Offering, and the
    Offering is not contingent upon the consummation of any of the Acquisitions. In the event that any or all of the Acquisitions are not
    completed, we may use the net proceeds from the Offering to reduce our existing indebtedness, finance future growth opportunities including
    acquisitions, finance our capital expenditures or for other general corporate purposes.</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">See &ldquo;Use of Proceeds&rdquo; for additional information.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT>&#9;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing in the Offered Shares involves risks. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-5 of this prospectus supplement and Part&nbsp;I,&nbsp;Item 1A &ldquo;Risk Factors&rdquo; in the Corporation&rsquo;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2022 for a discussion of factors that you should refer to and carefully consider before deciding to invest in the Offered Shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYSE symbol</FONT>&#9;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENB</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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of Common Shares that will be outstanding after the Offering is based on 2,022,660,598 Common Shares outstanding as of August&nbsp;31,
2023.&nbsp;</P>

</DIV>

<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"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_007"></A>RISK
FACTORS</B></FONT></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"><I>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 Offered Shares. 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 <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312523060793/d409094d10ka.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2022</A>, incorporated by reference into this prospectus supplement and the accompanying prospectus.
The following risks and uncertainties as well as risks and uncertainties presently unknown to us could materially and adversely affect
our financial condition and results of operations. In that event, the value of our Common Shares may be adversely affected.</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; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to the </B></FONT><B>Acquisitions</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>One
or all of the Acquisitions may not occur on the terms contemplated in the applicable Purchase and Sale Agreement or at all, or may not
occur within the expected time frame, which may negatively affect the benefits we expect to obtain from the </I></B></FONT><B><I>Acquisitions.</I></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 consummation of the Offering is not conditioned
upon the completion of any of the Acquisitions. Accordingly, we cannot provide any assurance that the<B><I>&nbsp;</I></B>Acquisitions
will be completed in the manner, on the terms and on the time frame currently anticipated, or at all. Completion of each of the Acquisitions
is subject to the satisfaction or waiver of a number of conditions as set forth in the applicable Purchase and Sale Agreement that are
beyond our control and may prevent, delay or otherwise materially adversely affect its completion. Any delay in completing any or all
of the Acquisitions may adversely affect the other benefits that we expect to achieve from the Acquisitions. Accordingly, your purchase
of the Common Shares in the Offering may be an investment in the Corporation on a stand-alone basis without the anticipated benefits of
the Acquisitions. If any or all of the Acquisitions are completed but not within the expected time frame, such delay could result in additional
transaction costs, loss of expected cash flow from the Gas Utilities or other effects associated with uncertainty about the Acquisitions.
See &ldquo;Summary&mdash;Recent Developments.&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"><B><I>We intend to use the net proceeds from the Offering to fund a
portion of the aggregate purchase price payable for the Acquisitions. However, the Offering is not conditioned upon the closing of any
of the Acquisitions, and we will have broad discretion to determine alternative uses of the proceeds.</I></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">As described under &ldquo;Use of Proceeds,&rdquo;
we intend to use the net proceeds from the Offering to fund a portion of the aggregate purchase price for the Acquisitions. However, the
Offering is not conditioned upon the closing of any of the Acquisitions. If any or all of the Acquisitions are not consummated, we will
have broad discretion in the application of the net proceeds from the Offering, such as using the net proceeds from the Offering to reduce
our existing indebtedness, finance future growth opportunities, including acquisitions, finance our capital expenditures or for other
general corporate purposes, and purchasers of our Common Shares in the Offering will not have the opportunity as part of their investment
decision to assess whether the net proceeds are being used appropriately.</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"><B><I>We may fail to realize the anticipated benefits of the Acquisitions.</I></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 success of the Acquisitions will depend on,
among other things, our ability to integrate the Gas Utilities into our business in a manner that facilitates growth opportunities and
achieves anticipated benefits of the Acquisitions, including those described under &ldquo;Prospectus Summary&mdash;Recent Developments.&rdquo;
If we are not able to successfully achieve these objectives, the anticipated benefits of the Acquisitions may not be realized fully or
at all or may take longer to realize than expected.</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">There is a significant degree of difficulty and
management distraction inherent in the process of integrating an acquisition, including challenges consolidating certain operations and
functions (including regulatory functions), integrating technologies, organizations, procedures, policies and operations, addressing differences
in the business cultures of the Corporation and the Gas Utilities and retaining key personnel. The integration may be complex and time
consuming and involve delays or additional and unforeseen expenses. The integration process and other disruptions resulting from the Acquisitions
may also disrupt our ongoing business. Any failure to successfully or cost-effectively integrate the Gas Utilities following the closings
of the Acquisitions could have a material adverse effect on our business and cause reputational harm. The anticipated benefits of the
Acquisitions will be reduced if not all of the Acquisitions are consummated.</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">Although we expect the Acquisitions to be
accretive to our distributable cash flow per share and adjusted earnings per share in the first full fiscal year of ownership
following the closings of the Acquisitions and to increase over time, our expectations may not be realized on the anticipated
timeline or at all. Any failure to realize the anticipated benefits of the Acquisitions, additional unanticipated costs or other
factors, or the issuance of any additional Common Shares or securities convertible or exchangeable for Common Shares, could
negatively impact our earnings or cash flows, decrease or delay any accretive or other beneficial effects of the Acquisitions and
negatively impact the price of our Common Shares. In addition, the issuance of Common Shares in this Offering and any additional
Common Shares to finance the remainder of the aggregate purchase price of the Acquisitions will be dilutive to our earnings per
share over the near-term, which may negatively affect the market price of our Common 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"><B><I>We may incur significant indebtedness to finance the Acquisitions.</I></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">As at June&nbsp;30, 2023, the Corporation had approximately
$72.5 billion (US$54.8 billion, based on an exchange rate on June&nbsp;30, 2023 of US$1.00 per $1.3233 as published by Thomson Reuters),
of outstanding long-term indebtedness, consisting of existing notes and indebtedness under our credit facilities. After completion of
the Offering (assuming that the underwriters do not exercise the Over-Allotment Option), we will need to raise approximately $8.6 billion
(US$6.5 billion, based on an exchange rate on June&nbsp;30, 2023 of US$1.00 per $1.3233 as published by Thomson Reuters) to finance the
unfunded portion of the aggregate purchase price for the Acquisitions and other related fees and expenses. We expect that a portion of
such funds will be long-term indebtedness, which may include hybrid notes and senior notes. We may also incur additional indebtedness
for other corporate purposes. Although we do not expect to use borrowings under the Bridge Facility to fund any portion of the aggregate
purchase price for the Acquisitions, to the extent we do not finance any part of the aggregate purchase price through other means, we
may borrow under the Bridge Facility, as a result of which we would become subject to the covenants set forth therein. See &ldquo;Use
of Proceeds&rdquo; and &ldquo;Description of Certain Indebtedness&mdash;Bridge Facility.&rdquo; In addition, we plan to assume approximately
US$4.6 billion ($6.3 billion, based on an exchange rate of US$1.00 per $1.36, which was the exchange rate published by Thomson Reuters
on September&nbsp;1, 2023) of indebtedness of the Gas Utilities.</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 increased indebtedness will increase our borrowing
costs, may have the effect, among other things, of reducing our flexibility to respond to changing business and economic conditions and
may result in a ratings downgrade of our debt securities (including prior to any borrowings under the Bridge Facility or future financings).</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"><B><I>One or more of the Gas Utilities may have liabilities that are
not known to us, and the indemnities in the applicable Purchase and Sale Agreement may not offer adequate protection.</I></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">In connection with the Acquisitions, we have agreed
to assume certain liabilities of the Gas Utilities. In addition, there may be liabilities that we failed or were unable to discover in
the course of performing due diligence investigations into the Gas Utilities, or we may not have correctly assessed the significance of
certain liabilities of the Gas Utilities identified in the course of our due diligence. Any such liabilities, individually or in the aggregate,
could have a material adverse effect on our business, financial condition and results of operations. To the extent we consummate the Acquisitions,
we may learn additional information about the Gas Utilities as we integrate the entities and their businesses into our operations, such
as unknown or contingent liabilities or issues relating to compliance with applicable laws, that could potentially have an adverse effect
on our business, financial condition and results of operations.</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"><B>Risks Related to the Offering and Ownership of our Common 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"><B><I>The price of our Common Shares may fluctuate significantly, and
you could lose all or part of your investment.</I></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 market price of our Common Shares may fluctuate
due to a variety of factors relative to our business, including announcements of new developments, fluctuations in our operating results,
sales of our Common Shares in the marketplace, failure to meet analysts&rsquo; expectations, changes in expectations as to our future
financial performance, any public announcements made in regard to the Offering, the impact of various tax laws or rates and general market
conditions, the operating and securities price performance of other companies that investors believe are comparable to us, or the worldwide
economy. In recent years, stock markets have experienced significant price fluctuations, which have been unrelated to the operating performance
of the affected companies. There can be no assurance that the market price of our Common Shares will not experience significant fluctuations
in the future, including fluctuations that are unrelated to our performance.</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"><B><I>Our ability to declare and pay dividends may be limited, and
any return on investment may be limited to the value of our Common Shares.</I></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">Provisions of various trust indentures and credit
arrangements to which we are a party restrict our ability to declare and pay dividends under certain circumstances and, if such restrictions
apply, they may, in turn, have an impact on our ability to declare and pay dividends on our Common 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; text-indent: 0.5in">Additionally, so long as any series of preference
shares of the Corporation is outstanding, we are not permitted to declare, pay or set apart for payment any dividends (other than stock
dividends in shares of the Corporation ranking junior to the Corporation&rsquo;s preference shares) on our Common Shares or any other
shares of the Corporation ranking junior to the preference shares with respect to the payment of dividends unless all dividends up to
and including the dividends payable on the last preceding dividend payment dates on all preference shares then outstanding shall have
been declared and paid or set apart for payment at the date of any such action. We are not restricted from issuing additional preference
shares and may issue additional preference shares from time to time in the future.</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"><B><I>We are not restricted from issuing additional Common Shares,
and the issuance and sale of a substantial amount of additional Common Shares or other securities could dilute the ownership interest
of existing holders of our Common Shares or depress the price of our Common Shares.</I></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">Except as described in this prospectus supplement
or the accompanying prospectus, or in the documents incorporated by reference herein or therein, we are not restricted from issuing additional
Common Shares, including any securities that are convertible into or exchangeable for, or that represent the right to receive, Common
Shares. We may issue our Common Shares or other securities from time to time as consideration for future acquisitions and investments
in addition to funding a portion of the aggregate purchase price with the issuance of our Common Shares. If any such acquisition or investment
is significant, the number of Common Shares, or the number or aggregate principal amount, as the case may be, of other securities that
we may issue may in turn be substantial.</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">Future sales or the availability for sale of substantial
amounts of our Common Shares (including in connection with an acquisition or investment) in the public market could adversely affect the
prevailing market price of our Common Shares. In addition, the issuance of additional Common Shares or such other securities will dilute
the ownership interest of the existing holders of our Common Shares. We cannot predict the size of future issuances of our Common Shares
or the effect, if any, that future issuances and sales of our Common Shares will have on the market price of our Common 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"><B><I>We are a holding company and as a result are dependent on our
subsidiaries to generate sufficient cash and distribute cash to us.</I></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 are holding company and, as a result, our ability
to pay dividends or make payments on our indebtedness, fund our ongoing operations and invest in capital expenditures and any acquisitions
will depend on our subsidiaries&rsquo; 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 declare or pay dividends.</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"><B><I>Our Common Shares are subordinate to all of our debts and liabilities
and you could lose all or part of your investment.</I></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: 0.25in">Our Common Shares are equity capital of the Corporation
which rank subordinate to debt and preference shares, if any, in the event of an insolvency or winding-up of the Corporation. If we were
to become insolvent or be wound up, the Corporation&rsquo;s assets would be used to pay liabilities and other debt before payments could
be made on the preference shares, if any, and, subsequently, on the Common 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="aa_014"></A>USE
OF PROCEEDS</B></FONT></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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that the net proceeds from our issuance and sale of the Offered Shares will be approximately
$3.9 </FONT>billion, or approximately
$4.5 billion if the underwriters exercise the Over-Allotment Option in
full, based on the public offering price of $44.70 per Offered Share, after deducting
the underwriting commission and estimated offering expenses payable by us.</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; background-color: white">We intend to use the net
proceeds from the Offering of approximately $3.9 billion, together with net proceeds
from future financings and/or asset sales, together with, if necessary, cash on hand or other immediately available funds, to finance
a portion of the aggregate purchase price for the Acquisitions and any adjustments thereto and to pay related fees and expenses of the
Offering and the Acquisitions. See &ldquo;Summary&mdash;Recent Developments.&rdquo; We expect our future financing sources may include
issuances of hybrid notes, senior notes or Common Shares in at-the-market offerings. We may also reinstate our dividend reinvestment and
share purchase plan to achieve potential savings in cash dividends. However, these sources are subject to change, based on market conditions
and other factors. Although we do not expect to use borrowings under the Bridge Facility to fund any portion of the aggregate purchase
price for the Acquisitions, to the extent we do not finance any part of the aggregate purchase price through other means, we may borrow
under the Bridge Facility, as a result of which we would become subject to the covenants set forth therein. See &ldquo;Description of
Certain Indebtedness&mdash;Bridge Facility.&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pending
completion of the Acquisitions, we </FONT>may use all or a portion of the net proceeds of the Offering to reduce our existing short-term
indebtedness and/or may invest a portion of the net proceeds of the Offering in deposit accounts, money market funds, U.S. government
sponsored enterprise obligations and corporate obligations. The consummation of any of the Acquisitions is not contingent upon the consummation
of the Offering, and the Offering is not contingent upon the consummation of any of the Acquisitions. In the event that any or all of
the Acquisitions are not completed, we may use the net proceeds from the Offering to reduce our existing indebtedness, finance future
growth opportunities including acquisitions, finance our capital expenditures or for other general corporate purposes.</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"><FONT STYLE="text-transform: uppercase"><B><A NAME="aa_015"></A>CAPITALIZATION</B></FONT></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: justify; text-indent: 0.5in">The following table sets forth
our cash and our capitalization as of June&nbsp;30, 2023:</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">on an actual basis; 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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">an as adjusted basis to give effect to our issuance and sale of 89,490,000 Offered Shares at the
                                                                                                                                                                                               public offering price of $44.70 per Offered Share, after deducting the underwriting
                                                                                                                                                                                               commission and estimated offering expenses payable by us. The as adjusted column assumes no exercise by the underwriters of the
                                                                                                                                                                                               Over-Allotment Option.</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: 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; the consolidated
financial statements and related notes thereto and the audited consolidated financial statements for the quarter ended June&nbsp;30, 2023
and the related notes thereto in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572823000026/enb-20230630.htm" STYLE="-sec-extract: exhibit">Quarterly Report on Form&nbsp;10-Q for the period ended June&nbsp;30, 2023</A>, which are 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 June&nbsp;30, 2023 of US$1.00 per $1.3233 as published by Thomson Reuters.</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="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">As of June&nbsp;30, 2023</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</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; text-align: center">Actual</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</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; text-align: center">As Adjusted<BR>
for the Offered<BR>
 Shares</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font-size: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 1pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 1pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 1pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 1pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 1pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 1pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(millions of dollars)</B></FONT></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="width: 72%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,030</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,030</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term debt (excluding current portion)<SUP>(2)(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">72,530</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">72,530</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: 10pt Times New Roman, Times, Serif; text-align: left">Shareholders&rsquo; equity:</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">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</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">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Preference shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,818</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">6,818</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="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Common shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">64,694</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">68,562</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Additional paid-in capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">291</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">291</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="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Deficit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(13,746</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; 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: right">(13,746</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Accumulated other comprehensive income</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,561</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,561</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total Enbridge Inc. shareholders&rsquo; equity</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">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">60,618</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">64,486</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Total capitalization</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">133,148</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">137,016</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD>Cash and cash equivalents on an adjusted basis exclude the net proceeds from the Offering, which we may use to reduce our existing
short-term indebtedness and/or invest in deposit accounts, money market funds, U.S. government sponsored enterprise obligations and corporate
obligations. See &ldquo;Use of Proceeds.&rdquo;</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD><TD>As at June&nbsp;30, 2023, long-term debt includes $9.5 billion of outstanding commercial paper borrowings and credit facility draws.
Long-term debt on an as adjusted basis does not reflect the approximately US$4.6 billion ($6.3 billion, based on an exchange rate of US$1.00
per $1.36, which was the exchange rate published by Thomson Reuters on September&nbsp;1, 2023) of outstanding debt of the Gas Utilities
that we expect to assume in connection with closing of the Acquisitions, assuming all of the Acquisitions are consummated.</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(3)</SUP></FONT></TD><TD>Does not reflect (i)&nbsp;the issuance by Enbridge Pipelines Inc. on August&nbsp;17, 2023 of $350,000,000 aggregate principal amount
of 5.82% unsecured medium term note debentures, (ii)&nbsp;the repayment by Enbridge Gas Inc., on July&nbsp;5, 2023, of $100,000,000 aggregate
principal amount of 6.05% unsecured medium term notes and, on July&nbsp;10, 2023, of $250,000,000 aggregate principal amount of 3.79%
unsecured medium term notes, and (iii)&nbsp;the repayment by Enbridge Pipelines Inc., on August&nbsp;17, 2023, of $250,000,000 aggregate
principal amount of 3.79% unsecured medium term note debentures.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_008"></A>DIVIDEND
POLICY</B></FONT></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 have paid Common Share dividends in every year
since we became a publicly traded company in 1953. In November&nbsp;2022, we announced a 3.2% increase in our quarterly dividend to $0.88750
per Common Share, or $3.55 annualized, effective with the dividend payable on March&nbsp;1, 2023. For the years ended December&nbsp;31,
2022 and 2021, total dividends paid were $7.0 billion and $6.8 billion, respectively, all of which were paid in cash and reflected in
financing activities.</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"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_009"></A>DESCRIPTION
OF SHARE CAPITAL</B></FONT></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 section, the terms &ldquo;Corporation&rdquo;
and &ldquo;Enbridge&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&nbsp;by-laws.&nbsp;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="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>Common 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"><B><I>General</I></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">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="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: justify; text-indent: 0.5in">Under the dividend reinvestment
and share purchase plan of the Corporation, which was suspended effective November&nbsp;2, 2018 but may be reinstated by the Corporation
in the future, subject to compliance with applicable securities laws, 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="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 registrar and transfer agent for the Common
Shares in Canada is Computershare Trust Company of Canada at its principal transfer offices in Calgary, Alberta and Toronto, Ontario.
The&nbsp;co-registrar&nbsp;and&nbsp;co-transfer&nbsp;agent for the Common Shares in the United States is Computershare Trust Company,
N.A. at its principal offices in Canton, Massachusetts and Jersey City, New Jersey.</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"><B><I>Shareholder Rights Plan</I></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 has a shareholder rights plan (the
 &ldquo;Shareholder Rights Plan&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, please refer to the Shareholder
Rights Plan, filed as <A HREF="https://www.sec.gov/Archives/edgar/data/895728/000110465920057434/tm2018789d1_ex4-1.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4.12</A> to the Corporation&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572823000008/enb-20221231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K&nbsp;for the fiscal year ended December&nbsp;31, 2022</A>, which is herein incorporated by reference.</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"><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"><B><I>Shares Issuable in Series</I></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 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="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">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"><B><I>Priority</I></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 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&nbsp;winding-up&nbsp;of the Corporation, whether
voluntary or involuntary, or any other distribution of the assets of the Corporation among its shareholders for the purpose of&nbsp;winding-up&nbsp;its
affairs.</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"><B><I>Voting Rights</I></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">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: justify"><B>Stock Exchange Listing</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">Our Common Shares are listed on the NYSE and the
TSX under the trading symbol &ldquo;ENB.&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"></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"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_010"></A>DESCRIPTION
OF CERTAIN INDEBTEDNESS</B></FONT></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>Set forth below is a summary of certain of our outstanding financing
arrangements. The following summary is not a complete description of the terms of these financing arrangements. See &ldquo;Where You Can
Find More Information.&rdquo;</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; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bridge
</B></FONT><B>Facility</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">On September&nbsp;5, 2023, the Corporation, Morgan
Stanley Senior Funding,&nbsp;Inc. and Royal Bank of Canada (together, the &ldquo;Commitment Parties&rdquo;) entered into a financing commitment
letter (the &ldquo;Commitment Letter&rdquo;) for a 364-day senior unsecured bridge facility (the &ldquo;Bridge Facility&rdquo;) in an
aggregate initial principal amount of US$9.4 billion, which may be borrowed as three separate loans on each applicable closing date for
the Acquisitions. The commitments under the Bridge Facility will be reduced by the net proceeds received by us from the Offering and are
expected to be further reduced by the net proceeds received from other sources, including, but not limited to, issuances of hybrid notes
and/or senior unsecured notes, asset sales, the potential reinstatement of our dividend reinvestment and share purchase plan and/or at-the-market
offerings of our Common Shares prior to the expected closings of the Acquisitions. However, these sources are subject to change, based
on market conditions and other factors. We expect to reduce the commitments under the Bridge Facility to zero from these other sources
before any funding under the Bridge Facility would be required; however, to the extent we do not finance any part of the purchase price
through the other means described above, we may borrow under the Bridge Facility.</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 commitments under the Commitment Letter are
subject to customary conditions, including the execution and delivery of definitive documentation with respect to the Bridge Facility
in accordance with the terms set forth in the Commitment Letter.</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">If we draw on the Bridge Facility to fund any part
of the cash portion of the aggregate purchase price for the Acquisitions, we will seek to repay the Bridge Facility following completion
of the Acquisitions with various sources, including the permanent financing solutions mentioned above.</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"><B>Future Capital Requirements</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">Through the end of 2024, we generally expect to
utilize cash from operations together with commercial paper issuance and/or credit facility draws and the proceeds of capital market offerings
to fund liabilities as they become due, finance capital expenditures, fund debt retirements and pay common and preference share dividends.
We target to maintain sufficient liquidity through securement of committed credit facilities with a diversified group of banks and financial
institutions to enable us to fund all anticipated requirements for approximately one year without accessing the capital markets.</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 have signed capital obligation contracts for
the purchase of services, pipe and other materials totaling approximately $1.2 billion, which are expected to be paid over the next five
years.</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">Our financing plan is regularly updated to reflect
evolving capital requirements and financial market conditions and identifies a variety of potential sources of debt and equity funding
alternatives. Our current financing plan does not include any issuances of additional Common Shares, other than through the Offering and
potential future issuances of Common Shares under an at-the-market program and/or through the potential reinstatement of our dividend
reinvestment and share purchase plan in order to fund a portion of the aggregate purchase price for the Acquisitions. See &ldquo;Use of
Proceeds.&rdquo; We ensure ready access to capital markets, subject to market conditions, through maintenance of shelf prospectuses that
allow for issuance of long-term debt, equity and other forms of long-term capital when market conditions are attractive.</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"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_011"></A>MATERIAL
INCOME TAX CONSIDERATIONS</B></FONT></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: justify"><B>Material Canadian 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; margin: 0pt 0; text-indent: 0.5in">The following is, as of the date hereof, a summary
of the principal Canadian federal income tax considerations under the Income Tax Act (Canada) and the regulations thereunder (the &ldquo;Tax
Act&rdquo;) generally applicable to a holder who acquires Offered Shares as beneficial owner pursuant to the Offering who, at all relevant
times, for the purposes of the Tax Act, deals at arm&rsquo;s length with the Corporation and each of the Underwriters, is not affiliated
with the Corporation or any of the Underwriters, and will acquire and hold such Offered Shares as capital property (each, a &ldquo;Holder&rdquo;),
all within the meaning of the Tax Act. The Offered Shares will generally be considered to be capital property to a Holder unless the Holder
holds or uses the Offered Shares or is deemed to hold or use the Offered Shares in the course of carrying on a business of trading or
dealing in securities or has acquired them or is deemed to have acquired them in a transaction or transactions considered to be an adventure
or concern in the nature of trade.</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 summary does not apply to a Holder (a)&nbsp;that
is a &ldquo;financial institution&rdquo; for purposes of the mark-to-market rules&nbsp;contained in the Tax Act; (b)&nbsp;an interest
in which is or would constitute a &ldquo;tax shelter investment&rdquo; as defined in the Tax Act; (c)&nbsp;that is a &ldquo;specified
financial institution&rdquo; as defined in the Tax Act; (d)&nbsp;that reports its &ldquo;Canadian tax results&rdquo;, as defined in the
Tax Act, in a currency other than Canadian currency; (e)&nbsp;that is exempt from tax under the Tax Act; (f)&nbsp;that has entered into,
or will enter into, a &ldquo;synthetic disposition arrangement&rdquo; or a &ldquo;derivative forward agreement&rdquo; with respect to
the Offered Shares as those terms are defined in the Tax Act; or (g)&nbsp;a Holder that receives dividends on Offered Shares under or
as part of a &ldquo;dividend rental arrangement&rdquo; as defined in the Tax Act. Such Holders should consult their own tax advisors with
respect to an investment in the Offered 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; text-indent: 0.5in">Additional considerations, not discussed herein,
may apply to a Holder that is a corporation resident in Canada, and is or becomes (or does not deal at arm&rsquo;s length for purposes
of the Tax Act with a corporation resident in Canada that is or becomes), as part of a transaction or event or series of transactions
or events that includes the acquisition of the Offered Shares, controlled by a non-resident person or a group of persons comprised of
any combination of non-resident corporations, non-resident individuals or non-resident trusts that do not deal with each other at arm&rsquo;s
length for purposes of the &ldquo;foreign affiliate dumping&rdquo; rules&nbsp;in section 212.3 of the Tax Act. Such Holders should consult
their own tax advisors with respect to the consequences of purchasing the Offered Shares pursuant to the 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; text-indent: 0.5in">This summary is based upon the current provisions
of the Tax Act and the Canada-United States Income Tax Convention (1980) (the &ldquo;Treaty&rdquo;) in force as of the date hereof, any
specific proposals to amend the Tax Act (the &ldquo;Tax Proposals&rdquo;) that have been published in writing by or on behalf of the Minister
of Finance (Canada) prior to the date hereof and counsel&rsquo;s understanding of the current published administrative policies of the
Canada Revenue Agency (the &ldquo;CRA&rdquo;). This summary assumes that any Tax Proposals will be enacted in the form proposed and does
not take into account or anticipate any other changes in law, whether by way of judicial, legislative or governmental decision or action,
or change in administrative policies or assessing practices of the CRA, nor does it take into account other federal or any provincial,
territorial or foreign income tax legislation or considerations. No assurances can be given that the Tax Proposals will be enacted as
proposed or at all, or that legislative, judicial or administrative changes will not modify or change the statements expressed herein.</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>This summary is not exhaustive of all possible
Canadian federal income tax considerations applicable to an investment in the Offered Shares. This summary is of a general nature only
and is not intended to be, nor should it be construed to be, legal or income tax advice to any particular Holder. Holders should consult
their own income tax advisors with respect to the tax consequences applicable to them based on their own particular circumstances, including
the application and effect of the income and other tax laws of any country, province or other jurisdiction that may be applicable to the
Holder.</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: justify"><B><I>Currency</I></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: justify; text-indent: 0.5in">Generally, for purposes of
the Tax Act, all amounts relating to the acquisition, holding or disposition of Common Shares (including dividends, adjusted cost base
and proceeds of disposition) must be determined in Canadian dollars based on the relevant rate of exchange required under the Tax Act.</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"><B><I>Residents of Canada</I></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 following portion of this summary is generally
applicable to a Holder who, for the purposes of the Tax Act, is resident or deemed to be resident in Canada at all relevant times (each,
a &ldquo;Resident Holder&rdquo;). Certain Resident Holders whose Offered Shares might not otherwise qualify as capital property may be
entitled to make an irrevocable election pursuant to subsection 39(4)&nbsp;of the Tax Act to have the Offered Shares, and every other
 &ldquo;Canadian security&rdquo; (as defined by the Tax Act) owned by such Resident Holder in the taxation year of the election and in
all subsequent taxation years, deemed to be capital property. Resident Holders should consult their own tax advisors for advice as to
whether an election under subsection 39(4)&nbsp;of the Tax Act is available or advisable in their particular circumstances.</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"><I>Taxation of Dividends</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; margin: 0pt 0; text-indent: 0.5in">Dividends received or deemed to be received on
the Offered Shares in the taxation year of a Resident Holder will be included in computing a Resident Holder&rsquo;s income for the year.
In the case of a Resident Holder who is an individual (including certain trusts), dividends (including deemed dividends) received on the
Offered Shares will be subject to the gross-up and dividend tax credit rules&nbsp;applicable to taxable dividends received by an individual
from &ldquo;taxable Canadian corporations&rdquo; (as defined in the Tax Act), including the enhanced gross-up and dividend tax credit
in respect of taxable dividends properly designated by the Corporation as &ldquo;eligible dividends&rdquo; (as defined in the Tax Act)
in accordance with the provisions of the Tax Act. There may be limitations on the ability of the Corporation to designate dividends as
eligible dividends. Taxable dividends received by such a Resident Holder may give rise to minimum tax under the Tax Act. Resident Holders
who are individuals (including certain trusts) should consult their own tax advisors in this regard.</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 the case of a Resident Holder that is a corporation,
dividends (including deemed dividends) received on the Offered Shares will be included in the Resident Holder&rsquo;s income and will
generally be deductible in computing such Resident Holder&rsquo;s taxable income. In certain circumstances, subsection 55(2)&nbsp;of the
Tax Act will treat a taxable dividend received (or deemed to be received) by a Resident Holder that is a corporation as proceeds of disposition
or a capital gain. Resident Holders that are corporations should consult their own tax advisors having regard to their own circumstances.</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">A Resident Holder that is a &ldquo;private corporation&rdquo;
or &ldquo;subject corporation&rdquo; (as such terms are defined in the Tax Act) may be liable to pay an additional tax (refundable in
certain circumstances) under Part&nbsp;IV of the Tax Act on dividends received or deemed to be received on the Offered Shares to the extent
that such dividends are deductible in computing the Resident Holder&rsquo;s taxable income for the year.</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"><I>Disposition of Offered Shares</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; margin: 0pt 0; text-indent: 0.5in">A Resident Holder who disposes of, or is deemed
to have disposed of, an Offered Share (other than on a disposition to the Corporation that is not a sale in the open market in the manner
in which Offered Shares would normally be purchased by any member of the public in the open market) will generally realize a capital gain
(or incur a capital loss) equal to the amount by which the proceeds of disposition in respect of the Offered Share exceed (or are less
than) the aggregate of the adjusted cost base to the Resident Holder of such Offered Share immediately before the disposition or deemed
disposition and any reasonable costs of disposition. The adjusted cost base to a Resident Holder of an Offered Share will be determined
by averaging the cost of that Offered Share with the adjusted cost base (determined immediately before the acquisition of the Offered
Share) of all other Common Shares held as capital property at that time by the Resident Holder. The tax treatment of capital gains and
capital losses is discussed in greater detail below under the subheading &ldquo;Taxation of Capital Gains and Losses&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"><I>Taxation of Capital Gains and Losses</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; margin: 0pt 0; text-indent: 0.5in">Generally, one-half of any capital gain (a &ldquo;taxable
capital gain&rdquo;) realized by a Resident Holder must be included in the Resident Holder&rsquo;s income for the taxation year in which
the disposition occurs. Subject to and in accordance with the provisions of the Tax Act, one-half of any capital loss realized by a Resident
Holder (an &ldquo;allowable capital loss&rdquo;) must generally be deducted from taxable capital gains realized by the Resident Holder
in the taxation year in which the disposition occurs. Allowable capital losses in excess of taxable capital gains for the taxation year
of disposition may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent
year against net taxable capital gains realized in such years, to the extent and in the circumstances set out in the Tax Act.</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">A capital loss realized on the disposition or deemed
disposition of an Offered Share by a Resident Holder that is a corporation may in certain circumstances be reduced by the amount of dividends
received or deemed to have been received by the Resident Holder on such share (or on a share for which such share was substituted) to
the extent and in the circumstances set out in the Tax Act. Similar rules&nbsp;may apply where a corporation is a member of a partnership
or a beneficiary of a trust that owns Offered Shares, directly or indirectly, through a partnership or trust. A Resident Holder to which
these rules&nbsp;may be relevant is urged to consult its own tax advisor.</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">A Resident Holder that is a &ldquo;Canadian-controlled
private corporation&rdquo; (as defined in the Tax Act) or that is or is deemed to be a &ldquo;substantive CCPC&rdquo; (as proposed to
be defined in the Tax Act pursuant to the Tax Proposals released on August&nbsp;9, 2022) at any time in a taxation year may be liable
to pay an additional tax (refundable in certain circumstances) on its &ldquo;aggregate investment income&rdquo; (as defined in the Tax
Act), which is defined to include an amount in respect of net taxable capital gains. Proposed amendments announced by the Minister of
Finance (Canada) on April&nbsp;7, 2022 are intended to extend this additional tax and refund mechanism in respect of the &ldquo;aggregate
investment income&rdquo; to &ldquo;substantive CCPCs&rdquo; as defined in the proposed amendments. Resident Holders should consult their
own tax advisors in this regard.</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"><I>Alternative Minimum Tax</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; margin: 0pt 0; text-indent: 0.5in">Capital gains realized and dividends received (or
deemed to be received) by a Resident Holder who is an individual (other than certain trusts) may give rise to alternative minimum tax
under the Tax Act. The 2023 federal budget announced proposed amendments to the alternative minimum tax for taxation years that begin
after 2023, including increasing the minimum tax rate, raising the minimum tax exemption amount and broadening the minimum tax base. Draft
Tax Proposals to implement the proposed amendments were released on August&nbsp;4, 2023. Resident Holders who are individuals (including
certain trusts) should consult their own tax advisors in this regard.</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"><B><I>Non-Residents of Canada</I></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 following portion of this summary is generally
applicable to a Holder who, for purposes of the Tax Act and any applicable income tax treaty or convention and at all relevant times:
(i)&nbsp;is not resident or deemed to be resident in Canada, (ii)&nbsp;deals at arm&rsquo;s length with the Corporation, and (iii)&nbsp;does
not use or hold, and is not deemed to use or hold, Offered Shares in connection with a business carried on in Canada (each, a &ldquo;Non-Resident
Holder&rdquo;). Special considerations, which are not discussed in this summary, may apply to a Non-Resident Holder that is an insurer
that carries on an insurance business in Canada and elsewhere. Such Non-Resident Holders should consult their own tax advisors.</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"><I>Taxation of Dividends</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; margin: 0pt 0; text-indent: 0.5in">Dividends paid or credited, or deemed to be paid
or credited, to a Non-Resident Holder on the Offered Shares will be subject to Canadian withholding tax under the Tax Act at the rate
of 25% of the gross amount of the dividend, subject to any reduction in the rate of withholding to which the Non-Resident Holder is entitled
under any applicable income tax treaty or convention. For example, under the Treaty, the withholding tax rate on dividends paid or credited,
or deemed to be paid or credited, to a Non-Resident Holder who is the beneficial owner of the dividends and who is resident in the United
States for purposes of, and is fully entitled to the benefits of, the Treaty, is generally reduced to 15%. Non-Resident Holders should
consult their own tax advisors to determine their entitlement to benefits under any applicable income tax treaty or convention based on
their particular circumstances.</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"><I>Disposition of Offered Shares</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; margin: 0pt 0; text-indent: 0.5in">A Non-Resident Holder will not be subject to tax
under the Tax Act on any capital gain realized by such Non-Resident Holder on a disposition or deemed disposition of Offered Shares, unless
the Offered Shares constitute taxable Canadian property of the Non-Resident Holder at the time of the disposition and the Non-Resident
Holder is not entitled to relief under an applicable income tax treaty or convention. Generally, the Offered Shares will not constitute
taxable Canadian property to a Non-Resident Holder at a particular time provided that the shares are listed at that time on a designated
stock exchange for purposes of the Tax Act (which includes the TSX and NYSE), unless at any particular time during the 60-month period
that ends at that time (i)&nbsp;one or any combination of (a)&nbsp;the Non-Resident Holder, (b)&nbsp;persons with whom the Non-Resident
Holder does not deal at arm&rsquo;s length (for the purposes of the Tax Act), and (c)&nbsp;partnerships in which the Non- Resident Holder
or a person described in (b)&nbsp;holds a membership interest directly or indirectly through one or more partnerships, owned 25% or more
of the issued shares of any class or series of the capital stock of the Corporation, and (ii)&nbsp;more than 50% of the fair market value
of the Offered Shares was derived directly or indirectly from one or any combination of: (a)&nbsp;real or immovable properties situated
in Canada, (b)&nbsp;&ldquo;Canadian resource properties,&rdquo; (c)&nbsp;&ldquo;timber resource properties&rdquo; and (d)&nbsp;options
in respect of, or interests in, or for civil law rights in, any of the foregoing property whether or not the property exists, each as
defined in the Tax Act. Notwithstanding the foregoing, in certain circumstances set out in the Tax Act, the Offered Shares may be deemed
to be taxable Canadian property.</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: justify; text-indent: 0.5in"><I>Taxation of Capital Gains
and Losses</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; margin: 0pt 0">In cases where a Non-Resident Holder disposes (or is deemed to have
disposed) of an Offered Share that is taxable Canadian property to that Non-Resident Holder, and the Non-Resident Holder is not entitled
to relief under an applicable income tax treaty or convention, the consequences described above under the heading &ldquo;&mdash;Residents
of Canada&mdash;Taxation of Capital Gains and Losses&rdquo; will generally be applicable to such disposition. Such Non-Resident Holders
should consult their own tax advisors.</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"><B>Material United States Federal 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; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section describes the material United States federal income tax consequences of owning our Common Shares. It applies to you only if you
acquire your Common Shares in the Offering and you hold your Common Shares as capital assets for United States federal income tax purposes.
This discussion addresses only United States federal income taxation and </FONT>does not discuss all of the tax consequences that may
be relevant to you in light of your individual circumstances, including non-United States, state or local tax consequences, estate and
gift tax consequences, and tax consequences arising under the Medicare contribution tax on net investment income or the alternative minimum
tax. This section does not apply to you if you are a member of a special class of holders subject to special rules, including:</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>a dealer in securities,</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>a trader in securities that elects to use a mark-to-market method of accounting for securities holdings,</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>a tax-exempt organization,</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>a life insurance company,</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>a person that actually or constructively owns 10% or more of the combined voting power of our voting stock or of the total value of
our stock,</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>a person that holds Common Shares as part of a straddle or a hedging or conversion transaction,</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>a person that purchases or sells Common Shares as part of a wash sale for tax purposes, or</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>a U.S. holder (as defined below) whose functional currency is not the U.S. dollar.</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">This section is based on the Internal Revenue Code
of 1986, as amended, its legislative history, existing and proposed regulations, published rulings and court decisions, all as currently
in effect, as well as on the Treaty. These authorities are subject to change, possibly on a retroactive basis.</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">If an entity or arrangement that is treated as
a partnership for United States federal income tax purposes holds the Common Shares, the United States federal income tax treatment of
a partner in such partnership will generally depend on the status of the partner and the tax treatment of the partnership. A partner in
a partnership holding the Common Shares should consult its tax advisor with regard to the United States federal income tax treatment of
an investment in the Common 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; text-indent: 0.5in">You are a &ldquo;U.S. holder&rdquo; if you are
a beneficial owner of Common Shares and you are, for United States federal income tax purposes:</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>a citizen or resident of the United States,</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>a domestic corporation,</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>an estate whose income is subject to United States federal income tax regardless of its source, or</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>a trust if (1)&nbsp;a United States court can exercise primary supervision over the trust&rsquo;s administration and one or more United
States persons are authorized to control all substantial decisions of the trust or (2)&nbsp;it has a valid election in effect under applicable
regulations to be treated as a domestic trust.</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">You are a &ldquo;non-U.S. holder&rdquo; if you
are a beneficial owner of Common Shares and you are neither a United States person nor a partnership for United States federal income
tax purposes.</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 summary is not exhaustive of all possible
United States federal income tax considerations applicable to an investment in the Common Shares. This summary is of a general nature
only and is not intended to be, nor should it be construed to be, legal or income tax advice to any particular holder.</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"><I>YOU SHOULD CONSULT YOUR OWN TAX ADVISOR REGARDING
THE UNITED STATES FEDERAL, STATE, LOCAL AND OTHER TAX CONSEQUENCES OF OWNING AND DISPOSING OF COMMON SHARES IN YOUR PARTICULAR CIRCUMSTANCES.</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; margin: 0pt 0; text-align: justify"><B><I>U.S. Holders</I></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 tax consequences of your investment in the
Common Shares will depend in part on whether or not we are classified as a passive foreign investment company, or &ldquo;PFIC,&rdquo;
for United States federal income tax purposes. Except as discussed below under &ldquo;&mdash;PFIC Classification,&rdquo; this discussion
assumes that we are not, have not been and will not be classified as a PFIC for United States federal income tax purposes.</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"><I>Distributions</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; margin: 0pt 0; text-indent: 0.5in">Under the United States federal income tax laws,
the gross amount of any distribution we pay out of our current or accumulated earnings and profits (as determined for United States federal
income tax purposes), other than certain pro-rata distributions of our shares, will be treated as a dividend for United States federal
income tax purposes that is subject to United States federal income taxation. If you are a noncorporate U.S. holder, dividends that constitute
qualified dividend income will be taxable to you at the preferential rates applicable to long-term capital gains provided that you hold
the Common Shares for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date and meet other holding
period requirements. Dividends we pay with respect to the Common Shares generally will be qualified dividend income provided that, in
the year that you receive the dividend, either (i)&nbsp;the Common Shares are readily tradable on an established securities market in
the United States or (ii)&nbsp;we qualify for the benefits of the Treaty. Our Common Shares are listed on the NYSE and, assuming they
continue to be so listed, we expect that dividends will be qualified dividend income on that basis. Moreover, we believe that we are currently
eligible for the benefits of the Treaty and, assuming we continue to be eligible for such benefits, we expect that dividends on the Common
Shares will be qualified dividend income on that basis as well.</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">You must include any Canadian tax withheld from
the dividend payment (as discussed under &ldquo;&mdash;Material Canadian Income Tax Considerations&mdash;Non-Residents of Canada&mdash;Taxation
of Dividends&rdquo;) in this gross amount even though you do not in fact receive it. The dividend is taxable to you when you receive the
dividend, actually or constructively. The dividend will not be eligible for the dividends-received deduction generally allowed to United
States corporations in respect of dividends received from other United States corporations. The amount of the dividend distribution that
you must include in your income will be the U.S. dollar value of the Canadian dollars payments made, determined at the spot Canadian dollar/U.S.
dollar rate on the date the dividend is distributed, regardless of whether the payment is in fact converted into U.S. dollars. Generally,
any gain or loss resulting from currency exchange fluctuations during the period from the date the dividend is distributed to the date
you convert the payment into U.S. dollars will be treated as ordinary income or loss and will not be eligible for the special tax rate
applicable to qualified dividend income. The gain or loss generally will be income or loss from sources within the United States for foreign
tax credit limitation purposes. Distributions in excess of current and accumulated earnings and profits, as determined for United States
federal income tax purposes, will be treated as a non-taxable return of capital to the extent of your basis in the Common Shares and thereafter
as capital gain. However, we intend to treat all distributions as paid out of our current and accumulated earnings and profits (as determined
for United States federal income tax purposes). Accordingly, you should expect to generally treat all distributions received from us as
dividends.</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">Subject to certain limitations and the following
sentence, any Canadian tax withheld as discussed under &ldquo;&mdash;Material Canadian Income Tax Considerations&mdash;Non-Residents of
Canada&mdash;Taxation of Dividends&rdquo; and paid over to Canada will be creditable or deductible against your United States federal
income tax liability. However, under recently finalized Treasury regulations, it is possible that taxes may not be creditable unless you
are eligible for and elect to apply the benefits of the Treaty.</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">Dividends will generally be income from sources
outside the United States and will generally be &ldquo;passive&rdquo; income for purposes of computing the foreign tax credit allowable
to you. However, if (a)&nbsp;50% or more of our stock is owned, by vote or value, by United States persons and (b)&nbsp;at least 10% of
our earnings and profits are attributable to sources within the United States, then for foreign tax credit purposes, the United States
source ratio of our dividends would be treated as derived from sources within the United States. With respect to any dividend paid for
any taxable year, the United States source ratio of our dividends for foreign tax credit purposes would be equal to the portion of our
earnings and profits from sources within the United States for such taxable year, divided by the total amount of our earnings and profits
for such taxable year. Special rules&nbsp;apply in determining the foreign tax credit limitation with respect to dividends that are subject
to the preferential tax rates.</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"><I>Sales or Dispositions</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; margin: 0pt 0; text-indent: 0.5in">If you sell or otherwise dispose of your Common
Shares, you will recognize capital gain or loss for United States federal income tax purposes equal to the difference between the U.S.
dollar value of the amount that you realize and your tax basis, determined in U.S. dollars, in your Common Shares. Capital gain of a noncorporate
U.S. holder is generally taxed at preferential rates where the property is held for more than one year. The gain or loss will generally
be income or loss from sources within the United States for foreign tax credit limitation purposes.</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: justify; text-indent: 0.5in"><I>PFIC Classification</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; margin: 0pt 0; text-indent: 0.5in">We believe that we should not be currently classified
as a PFIC for United States federal income tax purposes and we do not expect to become a PFIC in the foreseeable future. However, this
conclusion is a factual determination that is made annually and thus may be subject to change. It is therefore possible that we could
become a PFIC in a future taxable year.</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 general, we will be a PFIC in a taxable year
if:</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>at least 75% of our gross income for the taxable year is passive income or</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>at least 50% of the value, determined on the basis of a quarterly average, of our assets in such taxable year is attributable to assets
that produce or are held for the production of passive income.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;Passive income&rdquo; generally includes
dividends, interest, gains from the sale or exchange of investment property, rents and royalties (other than certain rents and royalties
derived in the active conduct of a trade or business) and certain other specified categories of income. If a foreign corporation owns
at least 25% by value of the equity interests of another corporation or a partnership, the foreign corporation is treated for purposes
of the PFIC tests as owning its proportionate share of the assets of the other corporation or the partnership, and as receiving directly
its proportionate share of the other corporation&rsquo;s or the partnership&rsquo;s income.</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">If we are treated as a PFIC, you will generally
be subject to special rules&nbsp;with respect to:</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>any gain you realize on the sale or other disposition of your Common Shares, 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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>any excess distribution that we make to you (generally, any distributions to you during a single taxable year, other than the taxable
year in which your holding period in the Common Shares begins, that are greater than 125% of the average annual distributions received
by you in respect of the Common Shares during the three preceding taxable years or, if shorter, your holding period for the Common Shares
that preceded the taxable year in which you receive the distribution).</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">Under these rules:</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>the gain or excess distribution will be allocated ratably over your holding period for the Common Shares,</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>the amount allocated to the taxable year in which you realized the gain or excess distribution or to prior years before the first
year in which we were a PFIC with respect to you will be taxed as ordinary income,</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>the amount allocated to each other prior taxable year will be taxed at the highest tax rate in effect for that year, 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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>the interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such year.</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">Special rules&nbsp;apply for calculating the amount
of the foreign tax credit with respect to excess distributions by a PFIC.</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">Unless you make certain elections, your Common
Shares will generally be treated as stock in a PFIC if we were a PFIC at any time during your holding period in your Common Shares, even
if we are not currently a PFIC.</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 addition, notwithstanding any election you make
with regard to the Common Shares, dividends that you receive from us will not constitute qualified dividend income to you if we are a
PFIC (or are treated as a PFIC with respect to you) either in the taxable year of the distribution or the preceding taxable year. Dividends
that you receive that do not constitute qualified dividend income are not eligible for taxation at the preferential rates applicable to
qualified dividend income. Instead, you must include the gross amount of any such dividend paid by us out of our accumulated earnings
and profits (as determined for United States federal income tax purposes) in your gross income, and (subject to the discussion above regarding
the excess distribution rules) it will be subject to tax at rates applicable to ordinary income.</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">If you own Common Shares during any taxable year
that we are a PFIC with respect to you, you may be required to file Internal Revenue Service (&ldquo;IRS&rdquo;) Form&nbsp;8621.</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: justify; text-indent: 0.5in"><I>Shareholder Reporting</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; margin: 0pt 0; text-indent: 0.5in">A U.S. holder that owns &ldquo;specified foreign
financial assets&rdquo; with an aggregate value in excess of $50,000 (and in some circumstances, a higher threshold) may be required to
file an information report with respect to such assets with its tax return. &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 States persons; (ii)&nbsp;financial
instruments and contracts that have non-United States issuers or counterparties; and (iii)&nbsp;interests in foreign entities. Significant
penalties may apply for failing to satisfy this filing requirement. U.S. holders are urged to contact their tax advisors regarding this
filing requirement.</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: justify"><B><I>Non-U.S. Holders</I></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: justify; text-indent: 0.5in"><I>Dividends</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; margin: 0pt 0; text-indent: 0.5in">Dividends paid to you in respect of Common Shares
will not be subject to United States federal income tax unless the dividends are &ldquo;effectively connected&rdquo; with your conduct of
a trade or business within the United States, and the dividends are attributable to a permanent establishment that you maintain in the
United States if that is required by an applicable income tax treaty as a condition for subjecting you to United States taxation on a
net income basis. In such cases you generally will be taxed in the same manner as a U.S. holder. If you are a corporate non-U.S. holder,
 &ldquo;effectively connected&rdquo; dividends may, under certain circumstances, be subject to an additional &ldquo;branch profits tax&rdquo;
at a 30% rate or at a lower rate if you are eligible for the benefits of an income tax treaty that provides for a lower rate.</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: justify; text-indent: 0.5in"><I>Sales or Dispositions</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; margin: 0pt 0; text-indent: 0.5in">You will not be subject to United States federal
income tax on gain recognized on the sale or other disposition of your Common Shares unless:</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>the gain is &ldquo;effectively connected&rdquo; with your conduct of a trade or business in the United States, and the gain is attributable
to a permanent establishment that you maintain in the United States if that is required by an applicable income tax treaty as a condition
for subjecting you to United States taxation on a net income basis, or</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>you are an individual, you are present in the United States for 183 or more days in the taxable year of the sale and certain other
conditions exist.</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">If you are a corporate non-U.S. holder, &ldquo;effectively
connected&rdquo; gains that you recognize may, under certain circumstances, be subject to an additional &ldquo;branch profits tax&rdquo;
at a 30% rate or at a lower rate if you are eligible for the benefits of an income tax treaty that provides for a lower rate.</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: justify"><B><I>Backup Withholding and Information Reporting</I></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">If you are a noncorporate U.S. holder, information
reporting requirements, on IRS Form&nbsp;1099, generally will apply to dividend payments or other taxable distributions made to you within
the United States, and the payment of proceeds to you from the sale of Common Shares effected at a United States office of a broker.</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">Additionally, backup withholding (currently at
a rate of 24%) may apply to such payments if you fail to comply with applicable certification requirements or (in the case of dividend
payments) are notified by the IRS that you have failed to report all interest and dividends required to be shown on your federal income
tax returns.</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">If you are a non-U.S. holder, you are generally
exempt from backup withholding and information reporting requirements with respect to dividend payments made to you outside the United
States by us or another non-United States payor. You are also generally exempt from backup withholding and information reporting requirements
in respect of dividend payments made within the United States and the payment of the proceeds from the sale of Common Shares effected
at a United States office of a broker, as long as either (i)&nbsp;you have furnished a valid IRS Form&nbsp;W-8 or other documentation
upon which the payor or broker may rely to treat the payments as made to a non-United States person, or (ii)&nbsp;you otherwise establish
an exemption.</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">Payment of the proceeds from the sale of Common
Shares effected at a foreign office of a broker generally will not be subject to information reporting or backup withholding. However,
a sale effected at a foreign office of a broker could be subject to information reporting in the same manner as a sale within the United
States (and in certain cases may be subject to backup withholding as well) if (i)&nbsp;the broker has certain connections to the United
States, (ii)&nbsp;the proceeds or confirmation are sent to the United States or (iii)&nbsp;the sale has certain other specified connections
with the United States.</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 generally may obtain a refund of any amounts
withheld under the backup withholding rules&nbsp;that exceed your income tax liability by filing a refund claim with the IRS.</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"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_012"></A>UNDERWRITING</B></FONT></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: 0.25in; background-color: white">RBC Dominion Securities
Inc. and Morgan Stanley&nbsp;Canada Limited are acting as representatives of the underwriters named below. We have entered into an underwriting
agreement with the underwriters named below with respect to the Offered Shares. Subject to the terms and conditions set forth in the underwriting
agreement, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase
from us the respective number of Offered Shares set forth opposite its name below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 81%">Underwriters</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number&nbsp;of<BR> Common<BR>
 Shares</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 86%; text-align: left; padding-bottom: 1pt">RBC Dominion Securities Inc.</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">19,043,473</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Morgan Stanley Canada Limited</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">19,043,472</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="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">BMO Nesbitt Burns Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">7,237,951</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: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">CIBC World Markets Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">7,237,951</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="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">National Bank Financial Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">7,237,951</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: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Scotia Capital Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">7,237,951</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="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">TD Securities Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">7,237,951</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: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Barclays Capital Canada Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1,789,800</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="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Citigroup Global Markets Canada Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1,789,800</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: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Deutsche Bank Securities Limited</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1,789,800</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="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">J.P. Morgan Securities Canada Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1,789,800</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: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Merrill Lynch Canada Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1,789,800</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="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Mizuho Securities Canada Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1,789,800</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: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Wells Fargo Securities Canada, Ltd.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1,789,800</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="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">ATB Capital Markets Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">894,900</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: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Desjardins Securities Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">894,900</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="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">HSBC Securities (Canada) Inc.</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; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">894,900</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 81%">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black medium double; font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black medium double; font-size: 10pt; text-align: right; width: 15%">89,490,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left; width: 1%">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Subject to the terms
and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all of the
Offered Shares sold under the underwriting agreement if any of these Offered Shares are purchased.</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: 0.25in; background-color: white">The underwriters
have advised us that they propose to offer the Offered Shares directly to the public at the public offering price on the cover of
this prospectus supplement and to selected dealers at such offering price less a selling concession not in excess of $0.726 per
share. After the Offering, the underwriters may change the offering price and other selling terms. The offering of the Offered
Shares by the underwriters is subject to receipt and acceptance and subject to the underwriters&rsquo; right to reject any order in whole
or in part.</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: 0.25in; background-color: white">We have also agreed to
reimburse the underwriters for certain expenses incurred by them in connection with the 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; text-indent: 0.25in; background-color: white">We have agreed to indemnify
the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters
may be required to make in respect of those liabilities.</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: 0.25in; background-color: white">The underwriters are
offering the Offered Shares, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters
by their counsel, including the validity of the Common Shares, and other conditions contained in the underwriting agreement, such as the
receipt by the underwriters of officer&rsquo;s certificates and legal opinions. The underwriters reserve the right to withdraw, cancel
or modify offers to the public and to reject orders in whole or in part.</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: 0.25in; background-color: white">The expenses of the Offering,
not including the underwriting discount, are estimated at $2.5 million and are payable by us.</P>

<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">&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; background-color: white"><B>Option to Purchase Additional Common 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: 0.25in; background-color: white">We have granted an
option to the underwriters, exercisable from the date of this prospectus supplement to the date 30 days after the closing of the
Offering, to purchase up to 13,423,500 additional Common Shares from us at a net purchase price of
$43.247 per share. If the underwriters
exercise this option, each will be obligated, subject to conditions contained in the underwriting agreement, to purchase a number of
additional Common Shares proportionate to that underwriter&rsquo;s initial amount reflected in the above table, solely to cover
over-allotments.</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; background-color: white"><B>No Sales of Similar Securities</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: 0.25in; background-color: white">We have agreed not to,
from the date of this prospectus until 90 days after the closing of the Offering, without first obtaining the written consent of RBC Dominion
Securities Inc. and Morgan Stanley&nbsp;Canada Limited, such consent not to be unreasonably withheld, on behalf of the underwriters, and
subject to certain limited exceptions:</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>create, allot, authorize, offer, issue, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly,
any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares,</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of Common
Shares, whether any such transaction or transaction described in the clause above is to be settled by delivery of Common Shares or such
other securities or interests, in cash or otherwise, or</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>publicly announce an intention to effect any such transactions,</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; background-color: white">other than the issuance of the Offered Shares
or the issuance of Common Shares or securities convertible into or exercisable or exchangeable for Common Shares pursuant to a dividend
reinvestment and share purchase plan of the Corporation, any employee benefit, incentive or stock option or purchase plans or similar
plans of the Corporation, or any directors&rsquo; compensation plan of the Corporation or to satisfy existing instruments issued as of
the date hereof.</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; background-color: white"><B>NYSE Listing</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: 0.25in; background-color: white">We have applied to list
the Offered Shares on the NYSE and the TSX under the symbol &ldquo;ENB&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; background-color: white"><B>Price Stabilization, Short Positions</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: 0.25in; background-color: white">Until the distribution
of the shares is completed, SEC rules&nbsp;may limit underwriters and selling group members from bidding for and purchasing our Common
Shares. However, the underwriters may engage in transactions that stabilize the price of the Common Shares, such as bids or purchases
to peg, fix or maintain that price.</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: 0.25in; background-color: white">In connection with the
Offering, the underwriters may purchase and sell our Common Shares in the open market. These transactions may include short sales, purchases
on the open market to cover positions created by short sales and stabilizing transactions. Short sales involve the sale by the underwriters
of a greater number of Common Shares than they are required to purchase in the Offering. &ldquo;Covered&rdquo; short sales are sales made
in an amount not greater than the underwriters&rsquo; option to purchase additional Common Shares described above. The underwriters may
close out any covered short position by either exercising their option to purchase additional Common Shares or purchasing Common Shares
in the open market. In determining the source of Common Shares to close out the covered short position, the underwriters will consider,
among other things, the price of Common Shares available for purchase in the open market as compared to the price at which they may purchase
Common Shares through the option granted to them. &ldquo;Naked&rdquo; short sales are sales in excess of such option. The underwriters
must close out any naked short position by purchasing Common Shares in the open market. A naked short position is more likely to be created
if the underwriters are concerned that there may be downward pressure on the price of our Common Shares in the open market after pricing
that could adversely affect investors who purchase in the Offering. Stabilizing transactions consist of various bids for or purchases
of Common Shares made by the underwriters in the open market prior to the completion of the 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"></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: 0.25in; background-color: white">Similar to other purchase
transactions, the underwriters&rsquo; purchases to cover the syndicate short sales may have the effect of raising or maintaining the market
price of our Common Shares or preventing or retarding a decline in the market price of our Common Shares. As a result, the price of our
Common Shares may be higher than the price that might otherwise exist in the open market. The underwriters may conduct these transactions
on the NYSE, in the&nbsp;over-the-counter&nbsp;market or otherwise.</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: 0.25in; background-color: white">In addition, neither
we nor the underwriters make any representation that the underwriters will engage in these transactions or that these transactions, once
commenced, will not be discontinued without notice.</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; background-color: white"><B>Electronic 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; margin: 0pt 0; text-indent: 0.25in; background-color: white">In connection with the
Offering, the underwriters or securities dealers may distribute prospectuses by electronic means, such as&nbsp;e-mail.</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; background-color: white"><B>Other Relationships</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: 0.25in; background-color: white">Some of the underwriters
and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary
course of business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these
transactions. In addition, RBC Dominion Securities Inc. and Morgan Stanley Canada Limited acted as financial advisors to the Corporation
with respect to the Acquisitions and will receive customary fees in connection with the Acquisitions. In addition, certain of the underwriters
or their affiliates are lenders or agents under our credit facilities and the Bridge Facility.</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: 0.25in; background-color: white">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. Such 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 such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or
short positions in such securities and instruments.</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; background-color: white"><B>Selling Restrictions</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; background-color: white"><B><I>Notice To Prospective Investors In The
European Economic Area</I></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: 0.25in; background-color: white">In relation to each Member
State of the European Economic Area (each, a &ldquo;Relevant Member State&rdquo;), no offer of Offered Shares may be made to the public
in that Relevant Member State other than:</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>to any legal entity which is a qualified investor as defined in the Prospectus Directive;</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150,
natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive,
subject to obtaining the prior consent of the underwriter; or</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>in any other circumstances falling within Article&nbsp;3(2)&nbsp;of the Prospectus Directive,</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; background-color: white">provided that no such offer of Offered Shares
shall require the Corporation or the underwriters to publish a prospectus pursuant to Article&nbsp;3 of the Prospectus Directive.</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: 0.25in; background-color: white">Each person in a Relevant
Member State who initially acquires any Offered Shares or to whom any offer is made will be deemed to have represented, acknowledged and
agreed that it is a &ldquo;qualified investor&rdquo; within the meaning of the law in that Relevant Member State implementing Article&nbsp;2(1)(e)&nbsp;of
the Prospectus Directive. In the case of any Offered Shares being offered to a financial intermediary as that term is used in Article&nbsp;3(2)&nbsp;of
the Prospectus Directive, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the Offered
Shares acquired by it in the offer have not been acquired on a&nbsp;non-discretionary&nbsp;basis on behalf of, nor have they been acquired
with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any Offered Shares to the public
other than their offer or resale in a Relevant Member State to qualified investors as so defined or in circumstances in which the prior
consent of the underwriters has been obtained to each such proposed offer or resale.</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: 0.25in; background-color: white">The Corporation, the
underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.</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: 0.25in; background-color: white">This prospectus supplement
has been prepared on the basis that any offer of Offered Shares in any Relevant Member State will be made pursuant to an exemption under
the Prospectus Directive from the requirement to publish a prospectus for offers of Offered Shares. Accordingly any person making or intending
to make an offer in that Relevant Member State of Offered Shares which are the subject of the Offering contemplated in this prospectus
supplement may only do so in circumstances in which no obligation arises for the Corporation or the underwriters to publish a prospectus
pursuant to Article&nbsp;3 of the Prospectus Directive in relation to such offer. Neither the Corporation nor any of the underwriters
has authorized, nor does any of them authorize, the making of any offer of Offered Shares in circumstances in which an obligation arises
for the Corporation or the underwriters to publish a prospectus for such offer.</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: 0.25in; background-color: white">For the purpose of the
above provisions, the expression &ldquo;an offer to the public&rdquo; in relation to any Offered Shares in any Relevant Member State means
the communication in any form and by any means of sufficient information on the terms of the offer and the Offered Shares to be offered
so as to enable an investor to decide to purchase or subscribe the Offered Shares, as the same may be varied in the Relevant Member State
by any measure implementing the Prospectus Directive in the Relevant Member State and the expression &ldquo;Prospectus Directive&rdquo;
means Directive 2003/71/EC (including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member States) and includes
any relevant implementing measure in the Relevant Member State and the expression &ldquo;2010 PD Amending Directive&rdquo; means Directive
2010/73/EU.</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; background-color: white"><B><I>Notice To Prospective Investors In The
United Kingdom</I></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: 0.25in; background-color: white">In addition, in the United
Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently made may only be directed at
persons who are &ldquo;qualified investors&rdquo; (as defined in the Prospectus Directive)&nbsp;(i)&nbsp;who have professional experience
in matters relating to investments falling within Article&nbsp;19 (5)&nbsp;of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005, as amended (the &ldquo;Order&rdquo;) and/or (ii)&nbsp;who are high net worth companies (or persons to whom it may otherwise
be lawfully communicated) falling within Article&nbsp;49(2)(a)&nbsp;to (d)&nbsp;of the Order (all such persons together being referred
to as &ldquo;relevant persons&rdquo;). This document must not be acted on or relied on in the United Kingdom by persons who are not relevant
persons. In the United Kingdom, any investment or investment activity to which this document relates is only available to, and will be
engaged in with, relevant persons.</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; background-color: white"><B><I>Notice To Prospective Investors In Switzerland</I></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: 0.25in; background-color: white">The Offered Shares may
not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (&ldquo;SIX&rdquo;) or on any other stock exchange
or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance
prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under
art. 27 ff. of the SIX Listing Rules&nbsp;or the listing rules&nbsp;of any other stock exchange or regulated trading facility in Switzerland.
Neither this document nor any other offering or marketing material relating to the Offered Shares or the Offering may be publicly distributed
or otherwise made publicly available in Switzerland.</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: 0.25in; background-color: white">Neither this document
nor any other offering or marketing material relating to the Offering, the Corporation, the Offered Shares have been or will be filed
with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of Offered Shares
will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, and the offer of Offered Shares has not been and will
not be authorized under the Swiss Federal Act on Collective Investment Schemes (&ldquo;CISA&rdquo;). The investor protection afforded
to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of Offered 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; background-color: white"><B><I>Notice To Prospective Investors In The
Dubai International Financial Centre</I></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: 0.25in; background-color: white">This prospectus supplement
relates to an Exempt Offer in accordance with the Offered Securities Rules&nbsp;of the Dubai Financial Services Authority (&ldquo;DFSA&rdquo;).
This prospectus supplement is intended for distribution only to persons of a type specified in the Offered Securities Rules&nbsp;of the
DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents
in connection with Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth
herein and has no responsibility for the prospectus supplement. The Offered Shares to which this prospectus supplement relates may be
illiquid and/or subject to restrictions on their resale. Prospective purchasers of the Offered Shares offered should conduct their own
due diligence on the Offered Shares. If you do not understand the contents of this prospectus supplement you should consult an authorized
financial advisor.</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; background-color: white"><B><I>Notice To Prospective Investors In Australia</I></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: 0.25in; background-color: white">No placement document,
prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission,
in relation to the Offering. This prospectus supplement does not constitute a prospectus, product disclosure statement or other disclosure
document under the Corporations Act 2001 (the &ldquo;Corporations Act&rdquo;), and does not purport to include the information required
for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.</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: 0.25in; background-color: white">Any offer in Australia
of the Offered Shares may only be made to persons (the &ldquo;Exempt Investors&rdquo;) who are &ldquo;sophisticated investors&rdquo; (within
the meaning of section 708(8)&nbsp;of the Corporations Act), &ldquo;professional investors&rdquo; (within the meaning of section 708(11)
of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is
lawful to offer the Offered Shares without disclosure to investors under Chapter 6D of the Corporations Act.</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: 0.25in; background-color: white">The Offered Shares applied
for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment
under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required
pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document
which complies with Chapter 6D of the Corporations Act. Any person acquiring Offered Shares must observe such Australian&nbsp;on-sale&nbsp;restrictions.</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: 0.25in; background-color: white">This prospectus supplement
contains general information only and does not take account of the investment objectives, financial situation or particular needs of any
particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision,
investors need to consider whether the information in this prospectus supplement is appropriate to their needs, objectives and circumstances,
and, if necessary, seek expert advice on those matters.</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; background-color: white"><B><I>Notice To Prospective Investors In Hong
Kong</I></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: 0.25in; background-color: white">The Offered Shares have
not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a)&nbsp;to &ldquo;professional
investors&rdquo; as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules&nbsp;made under that Ordinance;
or (b)&nbsp;in other circumstances which do not result in the document being a &ldquo;prospectus&rdquo; as defined in the Companies Ordinance
(Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No advertisement, invitation
or document relating to the Offered Shares has been or may be issued or has been or may be in the possession of any person for the purposes
of issue, 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 of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to Offered Shares which
are or are intended to be disposed of only to persons outside Hong Kong or only to &ldquo;professional investors&rdquo; as defined in
the Securities and Futures Ordinance and any rules&nbsp;made under that Ordinance.</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; background-color: white"><B><I>Notice To Prospective Investors In Japan</I></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: 0.25in; background-color: white">The Offered Shares have
not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No.&nbsp;25 of 1948, as amended) and,
accordingly, will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese Person or to others for&nbsp;re-offering&nbsp;or
resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with all applicable laws, regulations and ministerial
guidelines promulgated by relevant Japanese governmental or regulatory authorities in effect at the relevant time. For the purposes of
this paragraph, &ldquo;Japanese Person&rdquo; shall mean any person resident in Japan, including any corporation or other entity organized
under the laws of Japan.</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; background-color: white"><B><I>Notice To Prospective Investors In Singapore</I></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: 0.25in; background-color: white">This prospectus supplement
has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and any other
document or material in connection with the offer or sale, or invitation for subscription or purchase, of securities may not be circulated
or distributed, nor may the securities 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)&nbsp;to an institutional investor under Section&nbsp;274 of the Securities
and Futures Act, Chapter 289 of Singapore (the &ldquo;SFA&rdquo;), (ii)&nbsp;to a relevant person pursuant to Section&nbsp;275(1), or
any person pursuant to Section&nbsp;275(1A), and in accordance with the conditions specified in Section&nbsp;275, of the SFA, or (iii)&nbsp;otherwise
pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.</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: 0.25in; background-color: white">Where the Offered Shares
are subscribed or purchased under Section&nbsp;275 of the SFA by a relevant person which is:</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>a corporation (which is not an accredited investor (as defined in Section&nbsp;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</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>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 individual who is an accredited investor, securities (as defined in Section&nbsp;239(1)&nbsp;of the SFA) of that corporation or
the beneficiaries&rsquo; rights and interest (howsoever described) in that trust shall not be transferred within six months after that
corporation or that trust has acquired the Offered Shares pursuant to an offer made under Section&nbsp;275 of the SFA except:</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 0pt 0.75in; background-color: white">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
an institutional investor or to a relevant person defined in Section&nbsp;275(2)&nbsp;of the SFA, or to any person arising from an offer
referred to in Section&nbsp;275(1A) or Section&nbsp;276(4)(i)(B)&nbsp;of the SFA;</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 0pt 0.75in; background-color: white">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where
no consideration is or will be given for the transfer;</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 0pt 0.75in; background-color: white">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where
the transfer is by operation of law;</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 0pt 0.75in; background-color: white">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
specified in Section&nbsp;276(7)&nbsp;of the SFA; or</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 0pt 0.75in; background-color: white">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.</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; background-color: white"><B><I>Notice to Prospective Investors in Israel</I></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 supplement does not constitute
a prospectus under the Israeli Securities Law, 5728-1968, or the Securities Law, and has not been filed with or approved by the Israel
Securities Authority. In Israel, this prospectus supplement is being distributed only to, and is directed only at, and any offer of our
common shares is directed only at, (i)&nbsp;a limited number of persons in accordance with the Israeli Securities Law and (ii)&nbsp;investors
listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds,
provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters,
venture capital funds, entities with equity in excess of NIS 50 million and &ldquo;qualified individuals,&rdquo; each as defined in the
Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each case, purchasing for their
own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified
investors are required to submit written confirmation that they fall within the scope of the Addendum, are aware of the meaning of same
and agree to it.</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"><B><I>Notice to Prospective Investors in Taiwan</I></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-indent: 0.5in; margin: 0pt 0">The Offered Shares have not been, and will not be, registered or filed with, or approved by, the Financial Supervisory Commission of Taiwan,
the Republic of China (&ldquo;Taiwan&rdquo;) and/or any other regulatory authority or agency of Taiwan pursuant to applicable securities
laws and regulations and the Offered Shares may not be sold, offered or otherwise made available within Taiwan through a public offering
or in circumstances which constitute an offer within the meaning of the Taiwan Securities and Exchange Act or relevant laws and regulations
that requires a registration or filing with or the approval of the Financial Supervisory Commission of Taiwan and/or any other regulatory
authority or agency of Taiwan. No person or entity in Taiwan is authorized to offer, sell or otherwise make available any Offered Shares
or to provide information relating to this 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"></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"><FONT STYLE="text-transform: uppercase"><B><A NAME="aa_016"></A>VALIDITY
OF COMMON SHARES</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of the Offered Shares will be passed upon for us by </FONT>McCarthy T&eacute;trault LLP, Calgary, Alberta, Canada. Certain legal
matters relating to United States law in connection with the Offering will be passed upon for us by Sullivan&nbsp;&amp; Cromwell
LLP, New York, New York, and for the underwriters by Baker Botts L.L.P., Houston, Texas, and certain legal matters relating to Canadian
law in connection with the Offering will be passed upon for the underwriters by Dentons Canada LLP, Calgary, Alberta.</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"><FONT STYLE="text-transform: uppercase"><B><A NAME="aa_017"></A>EXPERTS</B></FONT></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 consolidated financial statements 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 supplement by reference to the <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312523060793/d409094d10ka.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2022</A> 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"></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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>ENBRIDGE
INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2325426-1_424b5img002.jpg" ALT="">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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-align: justify; text-indent: 0.25in">The specific variable terms
of any offering of Securities will be set forth in one or more supplements to this Prospectus (each, 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.</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: justify; text-indent: 0.25in">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 July&nbsp;28,
2022, the last reported sales price of our common shares on the NYSE was US$44.71 per share and the last reported sales price of our
common shares on the TSX was Cdn$57.30 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-align: justify; text-indent: 0.25in">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-align: justify; text-indent: 0.25in">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-align: justify; text-indent: 0.25in"><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-align: justify; text-indent: 0.25in"><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-align: justify; text-indent: 0.25in"><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;7 of this Prospectus and on page&nbsp;42 of our <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572822000011/enb-20211231.htm" STYLE="-sec-extract: exhibit">annual report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021</A>, 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>

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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>This Prospectus is dated July&nbsp;29, 2022</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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<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: center; margin-top: 0pt; margin-bottom: 0pt"><B>TABLE OF CONTENTS</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: center; padding-bottom: 2pt"><B>Page</B></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; width: 96%; text-align: left; padding-bottom: 2pt"><A HREF="#ac_001">About this Prospectus</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; width: 4%; text-align: right; padding-bottom: 2pt"><A HREF="#ac_001">1</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><A HREF="#ac_002">Note Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><A HREF="#ac_002">2</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><A HREF="#ac_003">Where You Can Find More Information</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><A HREF="#ac_003">4</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><A HREF="#ac_004">Incorporation by Reference</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><A HREF="#ac_004">5</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><A HREF="#ac_005">The Corporation</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><A HREF="#ac_005">6</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><A HREF="#ac_006">Risk Factors</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><A HREF="#ac_006">7</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt"><A HREF="#ac_007">Use of Proceeds</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><A HREF="#ac_007">8</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><A HREF="#ac_008">Description of Debt Securities and Guarantees</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><A HREF="#ac_008">9</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt"><A HREF="#ac_009">Description of Share Capital</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><A HREF="#ac_009">13</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><A HREF="#ac_010">Material Income Tax Considerations</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><A HREF="#ac_010">15</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt"><A HREF="#ac_011">Plan of Distribution</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><A HREF="#ac_011">16</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: left; padding-bottom: 2pt"><A HREF="#ac_012">Enforcement of Civil Liabilities</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><A HREF="#ac_012">17</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt"><A HREF="#ac_013">Validity of Securities</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><A HREF="#ac_013">18</A></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt"><A HREF="#ac_014">Experts</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><A HREF="#ac_014">19</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-align: justify; text-indent: 0.25in"><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 or any free writing 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, any accompanying
supplement to this Prospectus and any free writing 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, any accompanying supplement to this
Prospectus, and any free writing 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, any supplement to this Prospectus and any free writing 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, a supplement or free writing prospectus are delivered and sold pursuant to this Prospectus or a supplement or free
writing prospectus, 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">&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="ac_001"></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-align: justify; text-indent: 0.25in">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-align: justify; text-indent: 0.25in">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"><B><A NAME="ac_002"></A>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-align: justify; text-indent: 0.25in">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 &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 this Prospectus include, but are not limited to, statements with respect
to the following: our corporate vision and strategy, including strategic priorities and enablers; expected supply of, demand for and
prices of crude oil, natural gas, natural gas liquids (&ldquo;<B>NGL</B>&rdquo;), liquified natural gas and renewable energy; energy
transition; expected earnings before interest, income taxes and depreciation and amortization (&ldquo;<B>EBITDA</B>&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 and benefits related to announced projects and projects under construction; expected in-service dates for announced projects and
projects under construction and for maintenance; 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 future actions of regulators and courts; and toll and rate cases discussions
and filings, including those relating to Gas Transmission and Midstream and Gas Distribution and Storage.</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: justify; text-indent: 0.25in">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 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; energy transition; 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 our projects; anticipated in- service dates;
weather; the timing and closing of acquisitions and dispositions; the realization of anticipated benefits and synergies of
transactions; governmental legislation; litigation; estimated future dividends and impact of our dividend policy on our future cash
flows; our credit ratings; capital project funding; hedging program; expected EBITDA; expected earnings/(loss); expected future cash
flows; and expected distributable cash flow. 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 and the
COVID-19 pandemic 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 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 stability of our supply
chain; 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, 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">&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: justify; text-indent: 0.25in">Our forward-looking statements
are subject to risks and uncertainties pertaining to the successful execution of our strategic priorities, operating performance, legislative
and regulatory parameters; litigation; acquisitions, dispositions and other transactions and the realization of anticipated benefits
therefrom; 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; 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 this Prospectus and in our other filings with Canadian and U.S. securities regulators. 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, Enbridge 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 us or persons acting on our 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="ac_003"></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-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 </FONT>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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 </FONT>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"><B><A NAME="ac_004"></A>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-align: justify; text-indent: 0.25in">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-align: justify; text-indent: 0.25in">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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572822000011/enb-20211231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2021, filed on February&nbsp;11, 2022</A>, as amended
                                            by the <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312522068180/d244729d10ka.htm" STYLE="-sec-extract: exhibit">Form&nbsp;10-K/A, filed on March&nbsp;7, 2022</A> (the &ldquo;<B>Annual Report</B>&rdquo;);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD><A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572822000019/enb-20220331.htm" STYLE="-sec-extract: exhibit">Quarterly Report on Form&nbsp;10-Q for the quarterly period ended March&nbsp;31, 2022, filed on May&nbsp;6, 2022</A>;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD><A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572822000026/enb-20220630.htm" STYLE="-sec-extract: exhibit">Quarterly Report on Form&nbsp;10-Q for the quarterly period ended June&nbsp;30, 2022, filed on July&nbsp;29, 2022</A>;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">Current Reports on Form&nbsp;8-K filed
                                            on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000110465922005444/tm223324d2_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;19, 2022</A>, <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000110465922005537/tm223324d1_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;20, 2022</A>, <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000110465922024752/tm226643d4_8k.htm" STYLE="-sec-extract: exhibit">February&nbsp;17, 2022</A>, <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312522068165/d437025d8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;7, 2022</A>,
                                            <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312522078378/d332419d8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;17, 2022</A>, <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312522142488/d352734d8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;5, 2022</A> and <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312522171959/d316834d8k.htm" STYLE="-sec-extract: exhibit">June&nbsp;10, 2022</A>; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/895728/000104746917005855/a2233263zf-10.htm" STYLE="-sec-extract: exhibit">The description of Enbridge 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-align: justify; text-indent: 0.25in">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 &mdash; 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"><B><A NAME="ac_005"></A>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; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Enbridge is a leading North
American energy infrastructure company. The Corporation&rsquo;s core businesses include Liquid Pipelines, which transports approximately
30% 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 3.9 million retail customers in Ontario and Quebec;
and Renewable Power Generation, which owns approximately 1,766 megawatts (net) in renewable power generation capacity in North America
and Europe.</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: justify; text-indent: 0.25in">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 &mdash; 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>

<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="ac_006"></A>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; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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 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"></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="ac_007"></A>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; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">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>

<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="ac_008"></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; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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="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>Indenture</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: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">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. Unless otherwise indicated in an applicable Prospectus Supplement, 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="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>General</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: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">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 June&nbsp;30, 2022, 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 $70.0 billion, of which
approximately $34.5 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="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: justify; text-indent: 0.25in">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"></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: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">The Prospectus Supplement
will also set forth the following terms relating to the debt securities being offered:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD>the title of the debt securities of the series;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD>any limit upon the aggregate principal amount of the debt securities
                                            of the series;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD>the party to whom any interest on a debt security of the series
                                            shall be payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD>the place or places where principal and any premium and interest
                                            are payable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD>if applicable, that the debt securities of the series are subject
                                            to defeasance and/or covenant defeasance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD>whether the debt securities of the series will be guaranteed by
                                            either or both Guarantors; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD>any other terms of the series of debt 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: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">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: justify; text-indent: 0.25in">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="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>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; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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="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: 0.25in">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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">the merger of such Guarantor into Enbridge
                                            or the other Guarantor or the liquidation and dissolution of such Guarantor;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt">&bull;</TD><TD STYLE="text-align: justify">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">&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="ac_009"></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; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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="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>Common 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-align: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">The registrar and transfer
agent for the common shares in Canada is Computershare Trust Company of Canada at its principal office at 100 University Avenue, 8th
Floor, Toronto, Ontario, Canada M5J 2Y1. The co-registrar and co-transfer agent for the common shares in the United States is Computershare
Trust Company, N.A. at its principal office in Canton, Massachusetts.</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>Shareholder Rights Plan</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; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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, please
refer to the Shareholder Rights Plan, filed as Exhibit&nbsp;4.10 to the Corporation&rsquo;s <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572822000011/enb-20211231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021</A>, which is herein incorporated by reference.</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"><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"><I>Shares Issuable in Series</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; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">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"><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; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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="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>Voting Rights</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; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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"></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="ac_010"></A>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; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">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"></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="ac_011"></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; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">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="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: justify; text-indent: 0.25in">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"></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="ac_012"></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; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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"></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="ac_013"></A>VALIDITY OF SECURITIES</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: justify; text-indent: 0.25in">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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<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="ac_014"></A>EXPERTS</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: justify; text-indent: 0.25in">The financial statements
incorporated in this Prospectus by reference to Enbridge Inc.&rsquo;s <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572822000011/enb-20211231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021</A> 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) as of December&nbsp;31, 2021 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"></P>

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

<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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>89,490,000 Common Shares</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2325426d1_424b5img001.jpg" ALT=""></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Enbridge Inc.</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>September 6,
2023</B></FONT></P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>Joint
Book-Running Managers</I>&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD COLSPAN="3" STYLE="font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>RBC Capital Markets</B></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Morgan
    Stanley</B></TD>
    </TR>
  <TR STYLE="font-size: 10pt">
    <TD COLSPAN="3" STYLE="font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BMO
    Capital Markets</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CIBC
    Capital Markets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>National
    Bank Financial Markets</B></FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Scotiabank</B></FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TD
    Securities</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 19%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 18%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 11%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 11%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 18%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 23%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="text-align: center"><I>Co-Managers</I></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: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Barclays</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Citigroup</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deutsche Bank <BR>
Securities</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>J.P. Morgan</B></FONT></TD>
    <TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BofA <BR>
Securities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Mizuho</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Wells Fargo <BR>
Securities</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ATB Capital<BR>
 Markets</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Desjardins <BR>
Capital<BR>
 Markets</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>HSBC</B></FONT></TD></TR>
  </TABLE>
<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">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>tm2325426d5_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.05pt"><FONT STYLE="font-size: 10pt"><B>424(b)(5)</B></FONT><B><FONT STYLE="font-size: 18pt"><BR>
</FONT></B>(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.05pt">Issuer:</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.05pt"><B>Enbridge Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.05pt">(Exact Name of Registrant
as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table 1: Newly Registered and Carry Forward
Securities</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; padding-right: 4pt; padding-left: 8.4pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Security</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Type&nbsp;</P></TD>
    <TD STYLE="border-left: black 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Security</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Class</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Title&nbsp;</P></TD>
    <TD STYLE="border-left: black 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Fee<BR>
Calculation<BR>
or Carry<BR>
Forward<BR>
Rule</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amount</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registered<SUP>(1)</SUP>&nbsp;</P></TD>
    <TD STYLE="border-left: black 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Proposed<BR>
Maximum<BR>
Offering<BR>
Price Per<BR>
Unit<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-left: black 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Maximum</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Aggregate</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Offering</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Price&nbsp;</P></TD>
    <TD STYLE="border-left: black 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Fee</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rate&nbsp;</P></TD>
    <TD STYLE="border-left: black 1pt solid; padding-right: 4pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 4pt; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amount of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registration</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Fee&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 2pt; border-left: black 1pt solid; padding-right: 2pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Fees to Be Paid</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Common Shares, no par value per share</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">457(r)</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">102,913,500</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$32.87</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$3,382,766,745</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 4pt; white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0.0001102</FONT></TD>
    <TD STYLE="padding-right: 4pt; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; white-space: nowrap; padding-right: 4pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$372,780.90</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 1pt">
    <TD STYLE="font-size: 1pt; border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="font-size: 1pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 1pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 1pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 1pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 1pt; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; padding-left: 8.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Total Offering Amounts</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$3,382,766,745</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$372,780.90</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; padding-left: 8.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Total Fees Previously Paid</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; padding-left: 8.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; vertical-align: bottom; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Total Fee Offsets</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&#8212;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8.4pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Net Fee Due</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.4pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$372,780.90</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Includes common shares
of the registrant subject to the underwriters&#8217; option to purchase additional common shares to cover over-allotments, if any.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. dollar equivalent
of the proposed maximum offering price per unit (CAD$44.70) has been calculated using a Canadian dollar/U.S. dollar exchange rate of CAD$1.36
= US$1.00 as of September 1, 2023, as published by Thomson Reuters.</P>

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

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