<SEC-DOCUMENT>0001104659-23-101661.txt : 20230918
<SEC-HEADER>0001104659-23-101661.hdr.sgml : 20230918
<ACCEPTANCE-DATETIME>20230918171358
ACCESSION NUMBER:		0001104659-23-101661
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230918
DATE AS OF CHANGE:		20230918

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-266405
		FILM NUMBER:		231261844

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

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

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

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

FILED BY:		

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

	FILING VALUES:
		FORM TYPE:		FWP

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERPROVINCIAL PIPE LINE SYSTEM INC
		DATE OF NAME CHANGE:	19930108
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2325426d13_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-266405</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>September&nbsp;18, 2023</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">This document does not provide full disclosure
of all material facts relating to the securities offered. Investors should read the preliminary prospectus supplement, dated September&nbsp;<FONT STYLE="background-color: white">18</FONT>,
2023, and the accompanying prospectus, dated July&nbsp;29, 2022, included in the Issuer&rsquo;s Registration Statement on Form&nbsp;S-3
(File No.&nbsp;333-266405) (as supplemented by such preliminary prospectus supplement, the &ldquo;Preliminary Prospectus&rdquo;), any
amendment and any applicable prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered,
before making an investment decision. Capitalized terms used and not defined herein have the meanings assigned in the Preliminary 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: center; background-color: white"><B>ENBRIDGE INC.</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; background-color: white">8.250% Fixed-to-Fixed
Rate Subordinated Notes Series&nbsp;2023-A due 2084</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Preference Shares, Series&nbsp;2023-A
Issuable Upon Automatic Conversion</P>

<P STYLE="font: 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; background-color: white">8.500% Fixed-to-Fixed
Rate Subordinated Notes Series&nbsp;2023-B due 2084</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Preference Shares, Series&nbsp;2023-B
Issuable Upon Automatic Conversion</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; padding-right: 5pt; width: 20%; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom; padding-right: 5pt; text-align: center; width: 40%; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Series
    2023-A Notes due 2084</U></B></FONT></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom; padding-right: 5pt; text-align: center; width: 40%; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Series
    2023-B Notes due 2084</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 3pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enbridge
    Inc. (the &ldquo;<B>Company</B>&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security
    Type:</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed-to-Fixed
    Rate Subordinated Notes Series 2023-A due January 15, 2084 (the &ldquo;<B>Series 2023-A Notes</B>&rdquo;)</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed-to-Fixed
    Rate Subordinated Notes Series 2023-B due January 15, 2084 (the &ldquo;<B>Series 2023-B Notes</B>&rdquo; and, together with the Series
    2023-A Notes, the &ldquo;<B>Notes</B>&rdquo;)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pricing
    Date:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    18, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement
    Date*: </B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    25, 2023 (T+5)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity
    Date:</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    15, 2084 </FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal
    Amount:</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$750,000,000</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$1,250,000,000</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Public
    Offering Price:</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.00%</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Initial
    Interest Reset Date:</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    15, 2029</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    15, 2034</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest
    Rate:</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
    From, and including, September 25, 2023 to, but not including, January 15, 2029 at the rate of 8.250% per annum and (ii) from, and
    including, January 15, 2029, during each Interest Reset Period, at a rate per annum equal to the Five-Year Treasury Rate as of the
    most recent Reset Interest Determination Date plus, (a) for the period from, and including, January 15, 2029 to, but not including,
    January 15, 2034, 3.785%, (b) for the period from, and including, January 15, 2034 to, but not including, January 15, 2049, 4.035%,
    and (c) for the period from, and including January 15, 2049 to, but not including, the Maturity Date, 4.785%, in each case, to be
    reset on each Interest Reset Date.</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-top: 3pt; vertical-align: top; padding-right: 5pt; padding-bottom: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
    From, and including, September 25, 2023 to, but not including, January 15, 2034 at the rate of 8.500% per annum and (ii) from, and
    including, January 15, 2034, during each Interest Reset Period, at a rate per annum equal to the Five-Year Treasury Rate as of the
    most recent Reset Interest Determination Date plus, (a) for the period from, and including, January 15, 2034 to, but not including,
    January 15, 2054, 4.431% and (b) for the period from, and including, January 15, 2054 to, but not including, the Maturity Date, 5.181%,
    in each case, to be reset on each Interest Reset Date.</FONT></TD></TR>
  </TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; width: 20%; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; vertical-align: bottom; width: 80%; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Semi-annually in arrears on January 15 and July 15 of each year (each such date, an &ldquo;<B>Interest Payment Date</B>&rdquo;), commencing on January 15, 2024.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Interest Deferral Right:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">So long as no event of default has occurred and is continuing, the Company may elect, at its sole option, at any date other than an Interest Payment Date, to defer the interest payable on either series of the Notes on one or more occasions for up to five consecutive years (a &ldquo;<B>Deferral Period</B>&rdquo;). Deferred interest will accrue, compounding on each subsequent Interest Payment Date, until paid. No Deferral Period may extend beyond the Maturity Date.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Day Count Convention:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">360-day year consisting of twelve 30-day months and, for any period shorter than six months, on the basis of the actual number of days elapsed per 30-day month.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Business Day:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Any day other than a day on which banks are permitted or required to be closed in New York City, New York.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">The Company may, at its option, redeem either series of the Notes, in whole at any time or in part from time to time, (i) on any day in the period commencing on the date falling three months prior to the applicable Initial Interest Reset Date and ending on (and including) such Initial Interest Reset Date and (ii) after such Initial Interest Reset Date, on any applicable Interest Payment Date, in each case, at a redemption price per US$1,000 principal amount of the Notes equal to 100% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed for redemption.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Redemption on Tax Event or Rating Event:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Within 90 days following the occurrence of a Tax Event, the Company
    may, at its option, redeem all (but not less than all) of either series of the Notes at a redemption price per US$1,000 principal amount
    of the Notes equal to 100% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed
    for redemption.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Within 90 days following the occurrence of a Rating Event, the Company
    may, at its option, redeem all (but not less than all) of either series of the Notes at a redemption price per US$1,000 principal amount
    of the Notes equal to 102% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed
    for redemption.</P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Automatic Conversion:</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Series 2023-A Notes and the Series 2023-B Notes, in each case,
including accrued and unpaid interest thereon, will be converted automatically (&ldquo;<B>Automatic Conversion</B>&rdquo;), without the
consent of the Noteholders, into shares of a newly issued series of our preference shares, designated as Preference Shares, Series 2023-A
and Preference Shares, Series 2023-B (the &ldquo;<B>Conversion Preference Shares</B>&rdquo;), respectively, upon the occurrence of: (i)
the making by Enbridge of a general assignment for the benefit of its creditors or a proposal (or the filing of a notice of its intention
to do so) under the <I>Bankruptcy and Insolvency Act</I> (Canada) or the <I>Companies&rsquo; Creditors Arrangement Act</I> (Canada);
(ii) any proceeding instituted by Enbridge seeking to adjudicate it as bankrupt or insolvent or, where Enbridge is insolvent, seeking
liquidation, winding up, dissolution, reorganization, arrangement, adjustment, protection, relief or compromise of its debts under any
law relating to bankruptcy or insolvency in Canada, or seeking the entry of an order for the appointment of a receiver, interim receiver,
trustee or other similar official for the property and assets of Enbridge or any substantial part of its property and assets in circumstances
where Enbridge is adjudged as bankrupt or insolvent; (iii) a receiver, interim receiver, trustee or other similar official is appointed
over the property and assets of Enbridge or for any substantial part of its property and assets by a court of competent jurisdiction
in circumstances where Enbridge is adjudged a bankrupt or insolvent under any law relating to bankruptcy or insolvency in Canada; or
(iv) any proceeding is instituted against Enbridge seeking to adjudicate it as bankrupt or insolvent or, where Enbridge is insolvent,
seeking liquidation, winding up, dissolution, reorganization, arrangement, adjustment, protection, relief or compromise of its debts
under any law relating to bankruptcy or insolvency in Canada, or seeking the entry of an order for the appointment of a receiver, interim
receiver, trustee or other similar official for the property and assets of Enbridge or any substantial part of its property and assets
in circumstances where Enbridge is adjudged as bankrupt or insolvent under any law relating to bankruptcy or insolvency in Canada, and
either such proceeding has not been stayed or dismissed within sixty (60) days of the institution of any such proceeding or the actions
sought in such proceedings occur, including the entry of an order for relief against Enbridge or the appointment of a receiver, interim
receiver, trustee, or other similar official for Enbridge&rsquo;s property and assets or for any substantial part of its property and
assets (each, an &ldquo;<B>Automatic Conversion Event</B>&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5pt; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt">The
    Automatic Conversion shall occur upon an Automatic Conversion Event (the "<B>Conversion Time</B>"). At the Conversion Time, the Notes
    shall be automatically converted, without the consent of the Noteholders, into a newly issued series of fully-paid Conversion Preference
    Shares. At such time, the Notes shall be deemed to be immediately and automatically surrendered and cancelled without need for further
    action by the Noteholders, who shall thereupon automatically cease to be holders thereof and all rights of any such Noteholder as
    a debtholder of Enbridge shall automatically cease. At the Conversion Time, Noteholders will receive one Conversion Preference Share
    for each US$1,000 principal amount of Notes held immediately prior to the Automatic Conversion together with the number of Conversion
    Preference Shares (including fractional shares, if applicable) calculated by dividing the amount of accrued and unpaid interest,
    if any, on the Notes by US$1,000.</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; width: 20%"><FONT STYLE="font-size: 10pt"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5pt; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; width: 40%"><FONT STYLE="font-size: 10pt">29250N BS3 / US29250NBS36</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5pt; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt; width: 40%"><FONT STYLE="font-size: 10pt">29250N BT1 / US29250NBT19</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5pt; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RBC Capital Markets, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.</P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5pt; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SMBC Nikko Securities America, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Agricole Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HSBC Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Americas Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Academy Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loop Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Samuel A. Ramirez &amp; Company, Inc.</P></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">*The issuer expects that delivery of the Notes
will be made against payment therefor on or about September&nbsp;25, 2023, which will be the fifth business day following the date of
pricing of the Notes (this settlement cycle being herein referred to as &ldquo;<B>T+5</B>&rdquo;). Under Rule&nbsp;15c6-1 of the U.S.
Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless
the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes more than two business days
prior to the scheduled settlement date will be required, by virtue of the fact that the Notes initially will settle in T+5, to specify
an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to make
such trades should consult their own advisor.</P>

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

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Alternatively, the issuer, any underwriter
or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Morgan Stanley&nbsp;&amp;
Co. LLC collect at <FONT STYLE="font-family: Times New Roman, Times, Serif">1-866-718-1649</FONT>, <FONT STYLE="font-family: Times New Roman, Times, Serif">RBC
Capital Markets, LLC</FONT> toll-free at 1-866-375-6829, Barclays Capital Inc. toll-free at 1-888-603-5847, Citigroup Global Markets Inc.
toll-free at 1-800-831-9146 and J.P. Morgan Securities LLC collect at 1-212-834-4533.</B></P>

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

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

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

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

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

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

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