<SEC-DOCUMENT>0001104659-24-043276.txt : 20240404
<SEC-HEADER>0001104659-24-043276.hdr.sgml : 20240404
<ACCEPTANCE-DATETIME>20240403210038
ACCESSION NUMBER:		0001104659-24-043276
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20240404
DATE AS OF CHANGE:		20240403

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENBRIDGE INC
		CENTRAL INDEX KEY:			0000895728
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		ORGANIZATION NAME:           	01 Energy & Transportation
		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:		24821303

	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>tm2410286d2_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule&nbsp;424(b)(5)</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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Prospectus Supplement<BR>
April 2, 2024<BR>
(To Prospectus Dated July&nbsp;29, 2022)</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$3,500,000,000</B></P>

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

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: center; color: Red"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2410286d1_424b5img001.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>US$750,000,000
 5.250% Senior Notes due 20</B></FONT><B>27</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$750,000,000
5.300% Senior Notes due 2029</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$1,200,000,000
 5.625% Senior Notes due 2034</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$800,000,000
 5.950% Senior Notes due 2054</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fully and Unconditionally Guaranteed by<BR>
Enbridge Energy Partners, L.P. and Spectra Energy Partners, LP</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: 0.5in">We are offering
US$750,000,000 aggregate principal amount of 5.250% Senior Notes due 2027 (the &ldquo;2027 Notes&rdquo;), US$750,000,000 aggregate
principal amount of 5.300% Senior Notes due 2029 (the &ldquo;2029 Notes&rdquo;), US$1,200,000,000 aggregate principal amount of
5.625% Senior Notes due 2034 (the &ldquo;2034 Notes&rdquo;) and US$800,000,000 aggregate principal amount of 5.950% Senior Notes due
2054 (the &ldquo;2054 Notes&rdquo; and, together with the 2027 Notes, the 2029 Notes and the 2034 Notes, the &ldquo;Notes&rdquo;).
The 2027 Notes will mature on April 5, 2027, the 2029 Notes will mature on April 5, 2029, the 2034 Notes will mature on April 5,
2034 and the 2054 Notes will mature on April 5, 2054. The 2027 Notes will bear interest at the rate of 5.250% per annum, payable
semi-annually in arrears on April 5 and
October 5,
beginning on
October 5,
2024. The 2029 Notes will bear interest at the rate of 5.300% per annum, payable
semi-annually in arrears on
April 5 and
October 5,
beginning on
October 5,
2024. The 2034 Notes will bear interest at the rate of 5.625% per annum, payable
semi-annually in arrears on
April 5 and
October 5,
beginning on
October 5,
2024. The 2054 Notes will bear interest at the rate of 5.950% per annum, payable
semi-annually in arrears on
April 5 and
October 5,
beginning on
October 5,
2024. </P>

<P STYLE="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">We may, at our option, redeem
any series of the Notes, in whole or in part, at any time or from time to time, at the applicable redemption prices and subject
to the conditions described under &ldquo;Description of the Notes and the Guarantees &mdash; Redemption &mdash; Optional Redemption&rdquo;. We may also redeem any series of the Notes, in whole at any time, if certain changes affecting Canadian withholding
taxes occur. See &ldquo;Description of the Notes and the Guarantees &mdash; Redemption &mdash; Tax Redemption&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: 0.5in">The Notes will be our direct,
unsecured and unsubordinated obligations and will rank equally with all of our existing and future unsecured and unsubordinated debt.
See &ldquo;Description of the Notes and the Guarantees &mdash;&nbsp;General&rdquo;. The guarantees of the Notes will be direct, unsecured
and unsubordinated obligations of Enbridge Energy Partners, L.P. and Spectra Energy Partners, LP (together, the &ldquo;Guarantors&rdquo;),
two of our indirect, wholly-owned subsidiaries, and will rank equally with all of the applicable Guarantor&rsquo;s existing and future
unsecured and unsubordinated debt. See &ldquo;Description of the Notes and the Guarantees&nbsp;&mdash;&nbsp;Guarantees&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: 0.5in">Each series of the Notes
is a new issue of securities with no established trading market. We do not intend to apply for listing of the Notes on any securities
exchange.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The enforcement by investors
of civil liabilities under United States federal securities laws may be affected adversely by the fact that 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 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: 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">Investing in the Notes involves
risks. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-7 of this prospectus supplement.</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"></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"></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="text-align: center; padding-bottom: 1pt; white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Per<BR> 2027<BR>
 Note</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Total</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Per <BR> 2029<BR>
 Note</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Total</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Per <BR> 2034<BR>
 Note</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Total</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Per <BR> 2054<BR>
 Note</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">Total</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 24%; font: 10pt Times New Roman, Times, Serif">Public offering price&#9;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">99.942</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">749,565,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">99.978</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">749,835,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">99.849</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,198,188,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">99.889</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD><TD STYLE="width: 6%; font: 10pt Times New Roman, Times, Serif; text-align: right">799,112,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriting discounts&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">00.350</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,625,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">00.600</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">00.650</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,800,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">00.875</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,000,000</TD><TD STYLE="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="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds to us (before expenses)&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">99.592</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">746,940,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">99.378</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">745,335,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">99.199</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,190,388,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">99.014</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">792,112,000</TD><TD STYLE="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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest on the Notes will
accrue from April 5, 2024.</P>

<P STYLE="font: 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 underwriters expect to
deliver the Notes to the purchasers in book-entry form through the facilities of The Depository Trust Company and its direct and indirect
participants, including Euroclear Bank S.A./N.V., as operator of the Euroclear System (&ldquo;Euroclear&rdquo;), and Clearstream Banking,
<I>soci&eacute;t&eacute; anonyme</I> (&ldquo;Clearstream&rdquo;), on or about April 5,
2024.</P>

<P STYLE="font: 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"><I>Joint Book-Running Managers</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BofA Securities</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Citigroup </B></FONT></TD>
    <TD STYLE="width: 25%; 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: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SMBC Nikko</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Credit Agricole <BR>
CIB</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wells Fargo Securities</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Barclays</B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>J.P. Morgan</B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mizuho</B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MUFG</B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SOCIETE GENERALE</B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Truist 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>
    <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; font-size: 10pt"><B>Morgan Stanley</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Academy Securities</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Loop Capital Markets</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ramirez &amp; Co., Inc.</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AmeriVet Securities</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.L. King &amp; Associates</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>
    <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; font-size: 10pt"><B>Roberts &amp; Ryan</B></FONT></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>
    <TD STYLE="text-align: center">&nbsp;</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-top: 0pt; margin-bottom: 0pt; text-align: center">April 2, 2024</P>

<P STYLE="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>IMPORTANT NOTICE ABOUT INFORMATION IN<BR>
THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING 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: 0.5in">This document is in two parts.
The first part is this prospectus supplement, which describes the specific terms of the Notes. The second part, the accompanying prospectus,
gives more general information, some of which may not apply to the Notes. 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-align: justify; text-indent: 0.5in"><B>We are responsible for
the information contained and incorporated by reference in this prospectus supplement, the accompanying prospectus and any related free
writing prospectus we prepare or authorize. We have not authorized anyone to give you any other information, and we take no responsibility
for any other information that others may give you. We are not making an offer of the Notes in any jurisdiction where the offer is not
permitted. You should bear in mind that although the information contained in, or incorporated by reference in, this prospectus supplement
or the accompanying prospectus is intended to be accurate as of the date on the front of such documents, such information may also be
amended, supplemented or updated by the subsequent filing of additional documents deemed by law to be or otherwise incorporated by reference
into this prospectus supplement or the accompanying prospectus and by any amendments to the prospectus or subsequently filed prospectus
supplements.</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"><B>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.</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">In this prospectus supplement,
all capitalized terms and acronyms used and not otherwise defined herein have the meanings provided in the prospectus. In this prospectus
supplement, the prospectus and any document incorporated by reference, unless otherwise specified or the context otherwise requires,
all dollar amounts are expressed in Canadian dollars or &ldquo;$&rdquo;. &ldquo;U.S. dollars&rdquo; or &ldquo;US$&rdquo; means the lawful
currency of the United States. Unless otherwise indicated, all financial information included in this prospectus supplement, the prospectus
and any document incorporated by reference is determined using U.S. GAAP. &ldquo;U.S. GAAP&rdquo; means generally accepted accounting
principles in the United States.</P>

<P STYLE="font: 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">Except as set forth under
 &ldquo;Description of the Notes and the Guarantees&rdquo; and unless otherwise specified or the context otherwise requires, all references
in this prospectus supplement, the prospectus and any document incorporated by reference to &ldquo;Enbridge&rdquo;, the &ldquo;Corporation&rdquo;,
 &ldquo;we&rdquo;, &ldquo;us&rdquo; and &ldquo;our&rdquo; mean Enbridge Inc. and its subsidiaries.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
  <TD STYLE="width: 88%"><A HREF="#km_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special Note Regarding Forward-Looking Statements</FONT></A></TD>
  <TD STYLE="text-align: right; width: 12%"><A HREF="#km_001">S-iii</A></TD></TR>

<TR STYLE="vertical-align: top; background-color: White">
  <TD><A HREF="#km_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where You Can Find More Information</FONT></A></TD>
  <TD STYLE="text-align: right"><A HREF="#km_002">S-vi</A></TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
  <TD><A HREF="#km_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Documents Incorporated by Reference</FONT></A></TD>
  <TD STYLE="text-align: right"><A HREF="#km_003">S-vi</A></TD></TR>

<TR STYLE="vertical-align: top; background-color: White">
  <TD><A HREF="#km_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary</FONT></A></TD>
  <TD STYLE="text-align: right"><A HREF="#km_004">S-1</A></TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
  <TD><A HREF="#km_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></A></TD>
  <TD STYLE="text-align: right"><A HREF="#km_005">S-7</A></TD></TR>

<TR STYLE="vertical-align: top; background-color: White">
  <TD><A HREF="#km_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated Capitalization</FONT></A></TD>
  <TD STYLE="text-align: right"><A HREF="#km_006">S-10</A></TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
  <TD><A HREF="#km_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></A></TD>
  <TD STYLE="text-align: right"><A HREF="#km_007">S-11</A></TD></TR>

<TR STYLE="vertical-align: top; background-color: White">
  <TD><A HREF="#km_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of the Notes and the Guarantees</FONT></A></TD>
  <TD STYLE="text-align: right"><A HREF="#km_008">S-12</A></TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
  <TD><A HREF="#km_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material Income Tax Considerations</FONT></A></TD>
  <TD STYLE="text-align: right"><A HREF="#km_009">S-35</A></TD></TR>

<TR STYLE="vertical-align: top; background-color: White">
  <TD><A HREF="#km_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting</FONT></A></TD>
  <TD STYLE="text-align: right"><A HREF="#km_010">S-39</A></TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
  <TD><A HREF="#km_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Validity of Securities</FONT></A></TD>
  <TD STYLE="text-align: right"><A HREF="#km_011">S-48</A></TD></TR>

<TR STYLE="vertical-align: top; background-color: White">
  <TD><A HREF="#km_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
  <TD STYLE="text-align: right"><A HREF="#km_012">S-49</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: center"><B>Prospectus</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 96%; text-align: left"><A HREF="#b_001">About This Prospectus</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%; text-align: right"><A HREF="#b_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; text-align: left"><A HREF="#b_002">Note Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_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; text-align: left"><A HREF="#b_003">Where You Can Find More Information</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_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; text-align: left"><A HREF="#b_004">Incorporation by Reference</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_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; text-align: left"><A HREF="#b_005">The Corporation</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_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; text-align: left"><A HREF="#b_006">Risk Factors</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_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"><A HREF="#b_007">Use of Proceeds</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_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; text-align: left"><A HREF="#b_008">Description of Debt Securities and Guarantees</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_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"><A HREF="#b_009">Description of Share Capital</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_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; text-align: left"><A HREF="#b_010">Material Income Tax Considerations</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_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"><A HREF="#b_011">Plan of Distribution</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_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; text-align: left"><A HREF="#b_012">Enforcement of Civil Liabilities</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_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"><A HREF="#b_013">Validity of Securities</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_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"><A HREF="#b_014">Experts</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="km_001"></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-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">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 (the &ldquo;U.S. Securities Act&rdquo;), and Section&nbsp;21E of the U.S. Securities Exchange Act of 1934, as amended
(the &ldquo;U.S. Exchange Act&rdquo;), and forward-looking information within the meaning of Canadian securities laws (collectively,
 &ldquo;forward-looking statements&rdquo;). This information has been included to provide 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 </FONT>not be appropriate for other purposes. Forward-looking statements are typically identified by words such
as &ldquo;anticipate&rdquo;, &ldquo;believe&rdquo;, &ldquo;estimate&rdquo;, &ldquo;expect&rdquo;, &ldquo;forecast&rdquo;, &ldquo;intend&rdquo;,
 &ldquo;likely&rdquo;, &ldquo;plan&rdquo;, &ldquo;project&rdquo;, &ldquo;target&rdquo; and similar words suggesting future outcomes or
statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in the prospectus and
this prospectus supplement include, but are not limited to, statements with respect to the following: the Corporation&rsquo;s corporate
vision and strategy, including strategic priorities and enablers; expected supply of, demand for, exports of and prices of crude oil,
natural gas, natural gas liquids (&ldquo;NGL&rdquo;), liquefied 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; the characteristics and anticipated benefits of our acquisitions of three United States gas utilities (the &ldquo;Gas Utilities&rdquo;)
from Dominion Energy,&nbsp;Inc. (the &ldquo;Acquisitions&rdquo;) and the financing and timing of the remaining Acquisitions to be completed;
expected costs, benefits and in-service dates related to announced projects and projects under construction; expected capital expenditures;
investable capacity and capital allocation priorities; 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;
expected closing of acquisitions and dispositions and the timing thereof, including the remaining Acquisitions to be completed; expected
benefits of transactions, including the Acquisitions; our ability to complete the remaining Acquisitions and successfully integrate the
Gas Utilities; 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 Contracting and those relating to the Gas Distribution
and Storage and Gas Transmission and Midstream businesses; operational, industry, regulatory, climate change and other risks associated
with our businesses; this offering, including the closing date thereof and the expected use of proceeds; the Corporation&rsquo;s intention
not to list the Notes on any stock exchange or other market 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"></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">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 and transactions;
anticipated in-service dates; weather; the timing, terms and closing of acquisitions and dispositions, including the remaining Acquisitions,
and of this offering; the realization of anticipated benefits of transactions, including the Acquisitions; 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; 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-align: justify; 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; this 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-align: justify; 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="km_002"></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-align: justify; text-indent: 0.5in">The Corporation is subject
to the information requirements of the U.S. Exchange Act, and in accordance therewith files reports and other information with the United
States Securities and Exchange Commission (the &ldquo;SEC&rdquo;). Such reports and other information are available on the SEC&rsquo;s
website at <U>www.sec.gov</U> and the Corporation&rsquo;s website at <U>www.enbridge.com</U>. 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 <U>www.sec.gov</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="km_003"></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-align: justify; 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 this 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 STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Our
                                            Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2023, filed on
                                            February&nbsp;9, 2024, as amended by Amendment No.&nbsp;1 on Form&nbsp;10-K/A, filed on March&nbsp;13,
                                            2024; 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 STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">Our
                                            Current Reports on Form&nbsp;8-K (or Form&nbsp;8-K/A) filed on March&nbsp;8, 2024 (Item 1.01
                                            only), March&nbsp;13, 2024 and March&nbsp;22, 2024.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP></SUP></FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>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.</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">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 - 1st Street S.W., Calgary,
Alberta, Canada T2P 3L8 (telephone 1-403-231-3900). Documents that we file with or furnish to the SEC are also available on the SEC&rsquo;s
website at www.sec.gov. This site contains reports, proxy and information statements and other information regarding issuers that file
electronically with the SEC. The information on that website is not part of this prospectus supplement.</P>

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

<DIV STYLE="padding: 0.25in; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="km_004"></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-align: justify; 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 Notes. 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"><B>The Corporation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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, Quebec and the United States; 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-align: justify; 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 Companies Ordinance of the Northwest Territories on April&nbsp;13, 1970 and was continued under the <I>Canada
Business Corporations Act</I> on December&nbsp;15, 1987. Enbridge&rsquo;s principal executive offices are located at Suite&nbsp;200,
425 - 1st Street S.W., Calgary, Alberta, Canada T2P 3L8, and its telephone number is 1-403-231-3900.</P>

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

<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-align: justify; text-indent: 0.5in">On March&nbsp;6, 2024, the
Corporation closed its acquisition of The East Ohio Gas Company (&ldquo;EOG&rdquo;) from Dominion Energy,&nbsp;Inc. EOG will be doing
business as Enbridge Gas Ohio and will join the Corporation&rsquo;s Gas Distribution and Storage Business Unit.</P>

<P STYLE="font: 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 closings of the remaining
Acquisitions of Questar Gas Company and its related Wexpro companies, and the Public Service Company of North Carolina,&nbsp;Incorporated,
respectively, are expected to occur following the receipt of required regulatory approvals applicable to each Gas Utility and are not
cross-conditioned.</P>

</DIV>

<P STYLE="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="padding: 0.25in; border: Black 1pt solid">
<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>In this section, the terms
 &ldquo;Corporation&rdquo;, &ldquo;Enbridge&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo; or &ldquo;our&rdquo; refer only to Enbridge Inc.
and not to its subsidiaries.</I></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="vertical-align: top; width: 46%; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 54%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enbridge
    Inc.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guarantors</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enbridge
    Energy Partners, L.P. (&ldquo;EEP&rdquo;) and Spectra Energy Partners, LP (&ldquo;SEP&rdquo; and, together with EEP, the &ldquo;Guarantors&rdquo;).
    The Guarantors are indirect, wholly-owned subsidiaries of the Corporation. </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities
    Offered</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">US$750,000,000
                                       aggregate principal amount of 5.250% Senior Notes due 20</FONT>27 (the &ldquo;2027
                                       Notes&rdquo;).</P>
                                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US$750,000,000 aggregate principal amount of
    5.300% Senior Notes due 2029 (the &ldquo;2029 Notes&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US$1,200,000,000 aggregate principal amount
    of 5.625% Senior Notes due 2034 (the &ldquo;2034 Notes&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">US$800,000,000
aggregate principal amount of 5.950% Senior Notes due 2054 (the &ldquo;2054 Notes&rdquo; and, together with the 20</FONT>27 Notes, the
2029 Notes and the 2034 Notes, the &ldquo;Notes&rdquo;).</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity
    Date</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
    20</FONT>27 Notes will mature on April 5,
    2027.</P>
                                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2029 Notes will mature on April 5,
    2029.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2034 Notes will mature on April 5,
    2034.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2054 Notes will mature on April 5,
2054.</P></TD></TR>
</TABLE>
</DIV>

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

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

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

<DIV STYLE="padding: 0.25in; border: Black 1pt solid">

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                                   20</FONT>27 Notes will bear interest at a rate of 5.250% per annum, payable semi-annually on April 5 and
                                                   October 5 of
                                                   each year, beginning on
                                                   October 5,
                                                   2024.</P>
                                                   <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2029 Notes will bear interest at a rate
    of 5.300% per annum, payable semi-annually on April 5
    and October 5
    of each year, beginning on October 5,
    2024.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2034 Notes will bear interest at a rate
    of 5.625% per annum, payable semi-annually on April 5
    and October 5
    of each year, beginning on October 5,
    2024.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2054 Notes will bear interest at a rate
    of 5.950% per annum, payable semi-annually on April 5
    and October 5
    of each year, beginning on October 5,
    2024.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest on the Notes of each series will be
    computed on the basis of a 360-day year of twelve 30-day months.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest on the Notes of each series will
    accrue from April 5, 2024.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ranking
    of the Notes</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes will be our direct, unsecured and
    unsubordinated obligations and will rank equally with all of our existing and future unsecured and unsubordinated debt. Our business
    operations are conducted substantially through our subsidiaries and through our partnerships and joint ventures. The Notes will be
    structurally subordinated to all existing and future liabilities of our subsidiaries other than the Guarantors. See &ldquo;Description
    of the Notes and the Guarantees &mdash; General&rdquo; in this prospectus supplement.</P>
                                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December&nbsp;31, 2023, the long-term
    debt (excluding current portion, as well as guarantees and intercompany obligations between the Corporation and its subsidiaries)
    of the Corporation&rsquo;s subsidiaries other than the Guarantors totaled approximately $22,460&nbsp;million.</P></TD></TR>
</TABLE>

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

</DIV>

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

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

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

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

<DIV STYLE="padding: 0.25in; border: Black 1pt solid">

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guarantees</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes will be fully, unconditionally,
    irrevocably, absolutely and jointly and severally guaranteed by each of the Guarantors. The guarantees of the Notes will be general,
    unsecured, senior obligations of each of the Guarantors and will rank equally with all other existing and future unsecured and unsubordinated
    indebtedness of that Guarantor, other than preferred claims imposed by statute.</P>
                                                   <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Indenture (as defined herein)
    governing the Notes, the guarantees of either Guarantor will be unconditionally released and discharged automatically upon the occurrence
    of certain events as described under &ldquo;Description of the Notes and the Guarantees &mdash; Guarantees&rdquo; in this prospectus
    supplement.</P></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>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional
    Redemption</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 54%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We
may redeem some or all of the Notes of each series at any time. If any of the Notes are redeemed at any time prior to their applicable
Par Call Date (as defined herein), then the redemption price will equal the applicable &ldquo;make-whole&rdquo; price described in this
prospectus supplement under &ldquo;Description of the Notes and the Guarantees &mdash; Optional Redemption&rdquo;, plus accrued and unpaid
interest to the redemption date.</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change
    in Tax Redemption</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may redeem the Notes of any series in whole, but not in part, at the redemption price equal to the principal amount of Notes being
    redeemed, plus accrued and unpaid interest to the redemption date, at any time in the event certain changes affecting Canadian withholding
    taxes occur. See &ldquo;Description of the Notes and the Guarantees &mdash; Redemption &mdash; Tax Redemption&rdquo; in this prospectus
    supplement.</FONT></TD></TR>
</TABLE>
</DIV>

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

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

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

<DIV STYLE="padding: 0.25in; border: Black 1pt solid">

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sinking
    Fund</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 54%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Notes will not be entitled to the benefit of a sinking fund.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use
    of Proceeds</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    estimate that the net proceeds from the offering of the Notes, after deducting underwriting discounts and commissions and the
    estimated expenses of the offering, will be approximately US$3,469,175,000. We intend to use the net proceeds from this offering to
    reduce our existing indebtedness, to finance future growth opportunities, including acquisitions, if any, and capital expenditures
    or for other general corporate purposes. See &ldquo;Use of Proceeds&rdquo; in this prospectus supplement.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Additional
    Amounts</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    payments made by us with respect to the Notes of a series will be made without withholding or deduction for Canadian taxes unless
    required to be withheld or deducted by law or by the interpretation or administration thereof. If we are so required to withhold or
    deduct for Canadian taxes with respect to a payment to the holders of Notes of a series, we will pay the additional amounts
    necessary so that the net amounts received by the holders of those Notes after the withholding or deduction is not less than the
    amounts that those holders would have received in the absence of the withholding or deduction, subject to certain exceptions and limitations. See &ldquo;Description of the Notes
    and the Guarantees &mdash; Payment of Additional Amounts&rdquo; in this prospectus supplement.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Notes will be represented by one or more fully registered global notes deposited in book-entry form with, or on behalf of, The Depository
    Trust Company, and registered in the name of its nominee. See &ldquo;Description of the Notes and the Guarantees &mdash; Book-Entry
    System&rdquo; in this prospectus supplement. Except as described under &ldquo;Description of the Notes and the Guarantees&rdquo;
    in this prospectus supplement, Notes in certificated form will not be issued.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trustee and Paying Agent</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deutsche
    Bank Trust Company Americas.</FONT></TD></TR>
</TABLE>
</DIV>

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

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

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

<DIV STYLE="padding: 0.25in; border: Black 1pt solid">

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing
    Law</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 54%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Notes and the related guarantees will be, and the Indenture is, governed by the laws of the State of New York.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk
    Factors</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
    in the Notes involves risks. See &ldquo;Risk Factors&rdquo; beginning on page S-7 of this prospectus supplement for a discussion
    of factors that you should refer to and carefully consider before deciding to invest in these Notes.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lack
    of Public Market for the Notes</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    series of the Notes is a new issue of securities with no established trading market. We do not intend to apply for listing of the
    Notes on any securities exchange. The underwriters have advised us that they currently intend to make a market in the Notes. However,
    they are not obligated to do so, and they may discontinue any market-making activities with respect to the Notes at any time without
    notice.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conflicts
    of Interest</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may have outstanding existing indebtedness owing to certain of the underwriters and affiliates of the underwriters, a portion of
    which we may repay with the net proceeds from this offering. See &ldquo;Use of Proceeds&rdquo; in this prospectus supplement. As
    a result, one or more of the underwriters or their affiliates may receive more than 5% of the net proceeds from this offering in
    the form of the repayment of existing indebtedness. Accordingly, this offering is being made pursuant to Rule&nbsp;5121 of the Financial
    Industry Regulatory Authority,&nbsp;Inc. Pursuant to this rule, the appointment of a qualified independent underwriter is not necessary
    in connection with this offering, because the conditions of Rule&nbsp;5121(a)(1)(C)&nbsp;are satisfied.</FONT></TD></TR>
  </TABLE>
</DIV>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="km_005"></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-align: justify; 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 Notes of any series. In particular, we urge you to consider carefully the following risk
factors, as well as the risk factors set forth under the heading &ldquo;Item 1A. Risk Factors&rdquo; in the Corporation&rsquo;s Annual
Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2023, 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 securities, including
the Notes, or our ability to meet our obligations under the Notes, 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; text-align: center"><B>Risks Related to the Notes</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>We are a holding company and as a result
are dependent on our subsidiaries to generate sufficient cash and distribute cash to us to service our indebtedness, including the Notes.</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">Our ability to make payments
on our indebtedness, fund our ongoing operations and invest in capital expenditures and any acquisitions will depend on our subsidiaries&rsquo;
(including subsidiary partnerships and joint-ventures through which we conduct business) ability to generate cash in the future and distribute
that cash to us. It is possible that our subsidiaries may not generate cash from operations in an amount sufficient to enable us to service
our indebtedness, including the Notes of any series. The Notes are U.S. dollar-denominated obligations and a substantial portion of our
subsidiaries&rsquo; revenues are denominated in Canadian dollars. Fluctuations in the exchange rate between the U.S. and Canadian dollars
may adversely affect our ability to service or refinance our U.S. dollar-denominated indebtedness, including the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Notes are structurally subordinated
to the indebtedness of our non-Guarantor subsidiaries.</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">The Notes are not guaranteed
by our subsidiaries (including subsidiary partnerships and joint ventures through which we conduct business) that are not Guarantors
and are thus structurally subordinated to all of the debt of these subsidiaries. Additionally, each of the Guarantors will be released
from its guarantees following the repayment in full or discharge or defeasance of such Guarantor&rsquo;s debt securities outstanding
as of January&nbsp;22, 2019, or upon the occurrence of certain other events, as described under &ldquo;Description of the Notes and the
Guarantees &mdash; Guarantees&rdquo; in this prospectus supplement, in which case the Notes will be structurally subordinated to all
of the debt of that former guarantor subsidiary. The Corporation&rsquo;s interests in its subsidiaries and the partnerships and joint
ventures through which it conducts business generally consist of equity interests, which are residual claims on the assets of those entities
after their creditors are satisfied. As at December&nbsp;31, 2023, the long-term debt (excluding current portion, as well as guarantees
and intercompany obligations between the Corporation and its subsidiaries) of the subsidiaries of the Corporation other than the Guarantors
totaled approximately $22,460 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>Your right to receive payments on the Notes
is effectively subordinate to those lenders who have a security interest in the assets of the Corporation or the Guarantors.</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">The Notes and the related
guarantees are unsecured. The Corporation or the Guarantors may incur indebtedness that is secured by certain or substantially all of
their respective tangible and intangible assets, including the equity interests of each of their existing and future subsidiaries. If
the Corporation or the Guarantors were unable to repay any such secured indebtedness, the creditors of those obligations could foreclose
on the pledged assets to the exclusion of Noteholders, even if an event of default exists under the Indenture at such time. As at December&nbsp;31,
2023, neither SEP nor EEP had any secured indebtedness outstanding.</P>

<P STYLE="font: 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>We may redeem the Notes of any series before
they mature, which could occur when prevailing interest rates are relatively low.</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">The Corporation may redeem
the Notes of any series in the circumstances described under &ldquo;Description of the Notes and the Guarantees &mdash; Redemption
 &mdash; Optional Redemption&rdquo; or in the circumstances described under &ldquo;Description
of the Notes and the Guarantees &mdash; Redemption &mdash; Tax Redemption&rdquo; in this prospectus supplement, which may occur when
prevailing interest rates are lower than the rates borne by the Notes. These redemption rights may, depending on prevailing market conditions
at the time, create reinvestment risk for the Noteholders of a series of Notes in that they may be unable to find a suitable replacement
investment with a comparable return to those Notes. If prevailing rates are lower at the time of redemption, Noteholders may not be able
to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on the Notes
being redeemed. Our redemption right also may adversely affect Noteholders&rsquo; ability to sell the Notes if and at any time after
the Notes are called for partial or full 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; text-align: justify"><B><I>Federal and state statutes allow courts,
under specific circumstances, to void the guarantees of the Notes&nbsp;by our Guarantors and require the Noteholders to return payments
received from the Guarantors.</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">Under U.S. bankruptcy law
and comparable provisions of state fraudulent transfer laws, a guarantee can be voided, or claims under the guarantee may be subordinated
to all other debts of that guarantor if, among other things, the guarantor, at the time it incurred the indebtedness evidenced by its
guarantee or, in some states, when payments become due under the guarantee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">received
                                            less than reasonably equivalent value or fair consideration for the incurrence of the guarantee
                                            and was insolvent or rendered insolvent by reason of such incurrence;</TD></TR></TABLE>

<P STYLE="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 STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">was
                                            engaged in a business or transaction for which the guarantor&#8217;s remaining assets constituted
                                            unreasonably small capital; or</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" 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 STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">intended
                                            to incur, or believed that it would incur, debts beyond its ability to pay those debts as
                                            they mature.</TD></TR></TABLE>

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

<P STYLE="font: 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 measures of insolvency
for purposes of fraudulent transfer laws vary depending upon the governing law. Generally, a guarantor would be considered insolvent
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the
                                            sum of its debts, including contingent liabilities, was greater than the fair saleable value
                                            of all its assets;</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 STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the
                                            present fair saleable value of its assets was less than the amount that would be required
                                            to pay its probable liability, including contingent liabilities, as they became absolute
                                            and mature; or</TD></TR></TABLE>

<P STYLE="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 STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">it
                                            could not pay its debts as they became due.</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: 0.5in">The guarantee for the Notes
will contain a provision intended to limit the Guarantors&rsquo; liability to the maximum amount that they could incur without causing
the incurrence of obligations under the guarantee to be a fraudulent conveyance or fraudulent transfer under U.S. federal or state law.
This provision may not be effective to protect the guarantee from being voided under fraudulent transfer law.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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;&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="km_006"></A>Consolidated
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 summarizes
our consolidated capitalization as of December&nbsp;31, 2023 on:</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 STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">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 STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">an
                                            as adjusted basis to give effect to the issuance and sale of the Notes described in this
                                            prospectus supplement, without giving effect to the application of the net proceeds thereof.
                                            See &#8220;Use of Proceeds&#8221; in this prospectus supplement.</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: 0.5in">You should read this table
together with our &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; and the audited
consolidated annual financial statements for the year ended December&nbsp;31, 2023 and the related notes thereto in our Annual Report
on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2023, 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 December&nbsp;29, 2023 of US$1.00 per $1.3186 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="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">As of December&nbsp;31, 2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&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="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">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="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">As Adjusted</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><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 COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">(millions of dollars)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cash and cash equivalents<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,901</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,901</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: bold 10pt Times New Roman, Times, Serif; text-align: left">Long-term debt:</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: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; 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>&#9;</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">74,715</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">74,715</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; 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">2027 Notes offered hereby (US$750,000,000)&#9;</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">&mdash;</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">989</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; text-align: left">2029 Notes offered hereby (US$750,000,000)&#9;</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">&mdash;</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">989</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">2034 Notes offered hereby (US$1,200,000,000)&#9;</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">&mdash;</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">1,582</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; text-align: left">2054 Notes offered hereby (US$800,000,000)&#9;</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">&mdash;</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">1,055</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total long-term debt&#9;</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">74,715</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">79,330</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: bold 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&#9;</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: 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></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&#9;</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">69,180</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">69,180</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; 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&#9;</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">268</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">268</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Deficit&#9;</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">(17,115</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</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">(17,115</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; 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&#9;</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">2,303</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">2,303</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; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total Enbridge Inc. shareholders&rsquo; equity&#9;</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">61,454</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">61,454</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: bold 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt; width: 74%">Total capitalization&#9;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 10%">136,169</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">$</TD>
                                                                                                                              <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">140,784</P></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD></TR>
  </TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Cash and cash equivalents on an adjusted
                                            basis exclude the net proceeds from this offering.</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"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">As at December&nbsp;31, 2023, long-term debt
                                            includes $4,696 million of outstanding commercial paper borrowings and credit facility draws
                                            and excludes the Notes offered hereby. Long-term debt on an as adjusted basis does not reflect
                                            the approximately US$4.6 billion ($6.1 billion, based on an exchange rate of US$1.00 per
                                            $1.3186, which was the exchange rate published by Thomson Reuters on December&nbsp;29, 2023)
                                            of outstanding debt of the Gas Utilities, US$2.3 billion of which we assumed in connection
                                            with closing of the acquisition of EOG, and the remainder of which we expect to assume in
                                            connection with the closing of the remaining Acquisitions, assuming all of the remaining
                                            Acquisitions are consummated.</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 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;Does
not reflect </FONT>the redemption of US$700 million aggregate principal amount of 5.969% senior unsecured notes of the Corporation on
March&nbsp;8, 2024, or the repayment of (i)&nbsp;US$600 million aggregate principal amount of floating rate notes of the Corporation
on February&nbsp;16, 2024, (ii)&nbsp;US$400 million aggregate principal amount of 2.15% medium term notes of the Corporation on February&nbsp;16,
2024, (iii)&nbsp;$200 million aggregate principal amount of 8.20% medium term notes of Enbridge Pipelines Inc. on February&nbsp;15,
2024 and (iv) US$1,000 million aggregate principal amount of 4.75% senior unsecured notes of Spectra Energy Partners, LP on March 15, 2024.</P>

<P STYLE="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="km_007"></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">We estimate that the net
proceeds from this offering of the Notes, after deducting underwriting discounts and commissions and the estimated expenses of this offering,
will be approximately US$3,469,175,000.
We intend to use the net proceeds from this offering to reduce our existing indebtedness, to finance future growth opportunities, including
acquisitions, if any, and capital expenditures or for other general corporate purposes. The Corporation may invest funds that it does
not immediately require in deposit accounts, money market funds, short-term marketable debt securities, and U.S. government sponsored
enterprise obligations and corporate obligations.</P>

<P STYLE="font: 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">We may have outstanding existing
indebtedness owing to certain of the underwriters and affiliates of the underwriters, a portion of which we may repay with the net proceeds
from this offering. As a result, one or more of the underwriters or their affiliates may receive a portion of the net proceeds from this
offering. See &ldquo;Underwriting&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"></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="km_008"></A>Description
of the Notes and the Guarantees</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 description
of the terms of the Notes and the guarantees supplements, and to the extent inconsistent therewith supersedes, the description of the
general terms and provisions of debt securities and guarantees under the heading &ldquo;Description of Debt Securities and Guarantees&rdquo;
in the accompanying prospectus, and should be read in conjunction with that description. In this section, the terms &ldquo;Corporation&rdquo;,
 &ldquo;Enbridge&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo; or &ldquo;our&rdquo; refer only to Enbridge Inc. and not to its subsidiaries
and the term &ldquo;Guarantors&rdquo; refers to SEP and EEP.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes will be direct,
unsecured and unsubordinated obligations of the Corporation, issued under the Indenture and will rank equally with all other existing
and future unsecured and unsubordinated indebtedness of the Corporation other than preferred claims imposed by statute. The Notes will
be guaranteed by both Guarantors. See &ldquo;&mdash; Guarantees&rdquo; in this prospectus supplement. In addition, our business operations
are conducted substantially through our subsidiaries and through partnerships and joint ventures. The Notes will be structurally subordinated
to all existing and future liabilities of our subsidiaries other than the Guarantors. As of December&nbsp;31, 2023, the long-term debt
(excluding current portion, as well as guarantees and intercompany obligations between the Corporation and its subsidiaries) of the Corporation&rsquo;s
subsidiaries other than the Guarantors totaled approximately $22,460&nbsp;million. At December&nbsp;31, 2023, as determined under U.S.&nbsp;GAAP,
the Corporation&rsquo;s total consolidated long-term debt and long-term debt due within one year was, in aggregate principal amount,
approximately $80,799&nbsp;million (excluding the Notes and the Corporation&rsquo;s proportionate share of non-recourse debt of joint
ventures), none of which was secured debt. There are no terms of the Indenture that limit the ability of the Corporation or its subsidiaries,
partnerships or joint ventures to issue preferred stock or incur additional indebtedness, including in the case of the Corporation and
its subsidiaries, partnerships and joint ventures, indebtedness that ranks, either effectively or by contract, senior to the Notes. See
 &ldquo;&mdash;&nbsp;Covenants&rdquo; in this prospectus supplement. Nonetheless, we do not expect either Guarantor to issue any preferred
stock or any additional debt after the date of this prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes may
be redeemed by the Corporation prior to maturity as described below under &ldquo;Redemption&nbsp;&mdash;&nbsp;Optional Redemption&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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Notes will be subject to the provisions of the Indenture relating to Defeasance and Covenant Defeasance as described under the heading
 &ldquo;&mdash;&nbsp;Defeasance&rdquo; </FONT>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-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
provisions of the Indenture relating to the payment of additional amounts in respect of Canadian withholding taxes in certain circumstances
and relating to the redemption of the Notes in the event of specified changes in Canadian withholding tax law on or after the date of
this prospectus supplement will apply to the Notes. See &ldquo;&mdash;&nbsp;Payment of Additional Amounts&rdquo; and &ldquo;</FONT>&mdash;&nbsp;Redemption&nbsp;&mdash;&nbsp;Tax
Redemption&rdquo; in this prospectus supplement<FONT STYLE="font-family: Times New Roman, Times, Serif">.</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 Notes will not be entitled
to the benefit of any sinking fund, will not be convertible into other securities of the Corporation in lieu of payment of principal
and will not be listed on any automated quotation system, and we do not intend to apply for listing of the Notes on any securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">The
Notes will be denominated in U.S. dollars, and payments of principal of, and premium, if any, and interest on, the Notes will be made
in U.S. dollars in the manner and on terms set out in the Indenture. Payments of principal of, and premium, if any, and interest on,
the Notes will be made by the Corporation through the Trustee to the Depositary. See &ldquo;&mdash;&nbsp;Book-Entry System&rdquo; </FONT>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-align: justify; text-indent: 0.5in">&ldquo;Business Day&rdquo; means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in the City of New&nbsp;York and in the applicable Place of Payment, if other than the City of New&nbsp;York, are authorized
or obligated by law or executive order to close. The initial Place of Payment for the Notes will be the Trustee&rsquo;s corporate trust office in The City of New&nbsp;York.</P>

<P STYLE="font: 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">The
Corporation may, at any time, and from time to time in accordance with the terms of the Indenture, issue additional Notes of any
series in unlimited amounts having the same terms as the 20</FONT>27 Notes, the 2029 Notes, the 2034 Notes or the 2054 Notes, as the case may be, and such additional Notes will, together with the then outstanding 2027 Notes, 2029 Notes,
2034 Notes or 2054 Notes, as the case may be and any notes which may be issued in exchange or substitution
therefor, constitute a single series of notes under the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Principal and Interest</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
20</FONT>27 Notes will be issued as a series of debt securities under the Indenture in an aggregate principal amount of US$750
million. The 2027 Notes will mature on
April 5, 2027 and will
bear interest at a rate of 5.250% per annum, payable semi-annually in
arrears on April 5 and
October 5 of each year, commencing
October 5, 2024 (each, a &ldquo;2027 Interest Payment Date&rdquo;), to the persons in whose
names the 2027 Notes are registered at the close of business on the preceding
March 20 or
September 20, respectively. Interest on the 2027 Notes will be computed on the basis of a
360-day year of twelve 30-day&nbsp;months.</P>

<P STYLE="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">The 2029 Notes will be
issued as a series of debt securities under the Indenture in an aggregate principal amount of US$750 million. The 2029 Notes will
mature on April 5, 2029 and will bear interest at a rate of 5.300% per annum, payable semi-annually in arrears on April 5 and
October 5 of each year, commencing
October 5, 2024 (each, a &ldquo;2029 Interest Payment Date&rdquo;), to the persons in whose
names the 2029 Notes are registered at the close of business on the preceding
March 20 or
September 20, respectively. Interest on the 2029 Notes will be computed on the basis of a
360-day year of twelve 30-day&nbsp;months.</P>

<P STYLE="font: 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 2034 Notes will be
issued as a series of debt securities under the Indenture in an aggregate principal amount of US$1,200 million. The 2034 Notes will
mature on April 5, 2034 and will bear interest at a rate of 5.625% per annum, payable semi-annually in arrears on April 5 and
October 5 of each year, commencing
October 5, 2024 (each, a &ldquo;2034 Interest Payment Date&rdquo;), to the persons in whose
names the 2034 Notes are registered at the close of business on the preceding
March 20 or
September 20, respectively. Interest on the 2034 Notes will be computed on the basis of a
360-day year of twelve 30-day&nbsp;months.</P>

<P STYLE="font: 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">The
2054 Notes will be issued as a series of debt securities under the Indenture in an aggregate principal amount of US$800 million.
The 2054 Notes will mature on April 5,
2054 and will bear interest at a rate of 5.950% per annum, payable semi-annually
in arrears on April 5 and October 5 of each year, commencing October 5, 2024 (each, a &ldquo;2054 Interest Payment Date&rdquo; and, together with each 20</FONT>27
Interest Payment Date, each 2029 Interest Payment Date and each 2034 Interest Payment Date, the &ldquo;Interest Payment
Dates&rdquo;), to the persons in whose names the 2054 Notes are registered at the close of business on the preceding March 20 or September 20, respectively. Interest on the 2054 Notes will be computed on the basis of a 360-day
year of twelve 30-day&nbsp;months.</P>

<P STYLE="font: 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">Interest payments for each
series of the Notes will include accrued interest from and including the date of issue or from and including the last date in
respect of which interest has been paid, as the case may be, to, but excluding, the applicable Interest Payment Date,
or the applicable date of maturity, as the case may be. If any Interest Payment Date or the applicable maturity date
of the Notes falls on a day that is not a Business Day, the related payment of principal of, premium, if any, or interest
thereon will be postponed to the next succeeding Business Day, and no interest on that payment will accrue for the period from and after
that Interest Payment Date or the applicable maturity date, as the case may&nbsp;be.</P>

<P STYLE="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>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: Symbol">&middot;</FONT></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 the Corporation,
                                            of any of the Corporation&#8217;s direct or indirect limited partnership or other equity
                                            interests in that Guarantor as a result of which that Guarantor ceases to be a consolidated
                                            subsidiary of the Corporation;</TD></TR></TABLE>

<P STYLE="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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            merger of that Guarantor into the Corporation or the other Guarantor or the liquidation and
                                            dissolution of that Guarantor;</TD></TR></TABLE>



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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">with
                                            respect to any series of the Notes, the repayment in full or discharge or defeasance of Notes
                                            of that series as contemplated by the Indenture;</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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">with
                                            respect to EEP, the repayment in full or discharge or defeasance of each series of 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" 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: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">with
                                            respect to SEP, the repayment in full or discharge or defeasance of each series of 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; text-align: justify"><B>The Trustee</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">Deutsche Bank Trust Company
Americas is the Trustee under the Indenture governing the Notes. An affiliate of the Trustee is a lender under certain of the credit
facilities of Enbridge and its subsidiary, Enbridge (U.S.)&nbsp;Inc., described under &ldquo;Underwriting&rdquo; in this prospectus supplement,
and affiliates of the Trustee may have further commercial banking, advisory and other relationships with Enbridge and its subsidiaries.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the applicable Par
Call Date, the Corporation may redeem any series of the Notes, at its option, in whole or in part, at any time and from time
to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater
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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;the sum of the present values of
                                                                                                                                 the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes of the
                                                                                                                                 applicable series matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve
                                                                                                                                 30-day months) at the Treasury Rate plus 15 basis points in the case of the 20</FONT>27 Notes,
                                                                                                                                 15 basis points in the case of the 2029 Notes,
                                                                                                                                 20 basis points in the case of the 2034 Notes and 25 basis points in the case of the 2054 Notes, in each case, less
                                                                                                                                 (b)&nbsp;interest accrued to the date of redemption, 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: 0.75in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">100% of the principal amount of the
                                            applicable series of the Notes to be redeemed,</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">plus, in either case, accrued and unpaid interest
thereon to, but not including, the redemption date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">On or after the applicable
Par Call Date, we may redeem any series of the Notes, in whole or in part, at any time and from time to time, at a redemption
price equal to 100% of the principal amount of the applicable series of the Notes being redeemed plus accrued and unpaid interest
thereon to the redemption date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;Par
Call Date&rdquo; means (i) March 5, 2027 (one month prior to the maturity
date of the 20</FONT>27 Notes), in the case of the 2027 Notes,
(ii) March 5,
2029 (one month
prior to the maturity date of the 2029 Notes), in the case of the 2029 Notes,
(iii) January 5,
2034 (three months
prior to the maturity date of the 2034 Notes), in the case of the 2034 Notes and
(iv) October 5,
2053 (six months
prior to the maturity date of the 2054 Notes), in the case of the 2054 Notes.</P>

<P STYLE="font: 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">&ldquo;Treasury Rate&rdquo;
means, with respect to any redemption date, the yield determined by us in accordance with the following two paragraphs.</P>

<P STYLE="font: 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 Treasury Rate shall be
determined by the Corporation after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted
daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the redemption date based upon the
yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the
Board of Governors of the Federal Reserve System designated as &ldquo;Selected Interest Rates (Daily) - H.15&rdquo; (or any successor
designation or publication) (&ldquo;H.15&rdquo;) under the caption &ldquo;U.S. government securities&ndash;Treasury constant maturities&ndash;Nominal&rdquo;
(or any successor caption or heading) (&ldquo;H.15 TCM&rdquo;). In determining the Treasury Rate, the Corporation shall select, as applicable:
(1)&nbsp;the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the applicable
Par Call Date (the &ldquo;Remaining Life&rdquo;); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal to
the Remaining Life, the two yields &ndash; one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than
and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life &ndash; and shall interpolate
to the applicable Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result
to three decimal places; or (3)&nbsp;if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining
Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the
applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months
or years, as applicable, of such Treasury constant maturity from the redemption date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If on the third Business
Day preceding the redemption date H.15 TCM is no longer published, the Corporation shall calculate the Treasury Rate based on the rate
per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding
such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the applicable Par Call
Date, as applicable. If there is no U.S. Treasury security maturing on the applicable Par Call Date but there are two or more United
States Treasury securities with a maturity date equally distant from the applicable Par Call Date, one with a maturity date preceding
the applicable Par Call Date and one with a maturity date following the applicable Par Call Date, the Corporation shall select the United
States Treasury security with a maturity date preceding the applicable Par Call Date. If there are two or more United States Treasury
securities maturing on the applicable Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding
sentence, the Corporation shall select from among these two or more United States Treasury securities the United States Treasury security
that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00
a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity
of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage
of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.</P>

<P STYLE="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">The Corporation&rsquo;s actions
and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.</P>

<P STYLE="font: 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">Notice of any redemption
will be mailed or electronically delivered (or otherwise transmitted in accordance with the Depositary&rsquo;s procedures) at least 10
days but not more than 60 days before the redemption date to each holder of the Notes to be redeemed.</P>

<P STYLE="font: 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"> In the case of a partial redemption, selection of the Notes for redemption will be made pro rata, by lot or by such other method
as the Trustee in
its sole discretion deems appropriate and fair. No Notes of a principal amount of US$1,000 or less will be redeemed in part.
If any Note is to be redeemed in part only, the notice of redemption that relates to the Note will state the portion
of the principal amount of the Note to be redeemed. A new Note in a principal amount equal to the unredeemed portion
of the Note will be issued in the name of the holder of the Note upon surrender for cancellation of the original Note. For so long as the Notes are held by the Depositary, the redemption of the Notes shall be done
in accordance with the policies and procedures of the Depositary.</P>

<P STYLE="font: 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">Notice of redemption of any
series of the Notes given to holders of such series of the Notes may be conditional and, in such case, such notice
of redemption shall specify the details and terms of any event (<I>e</I>.<I>g</I>., a financing, asset disposition or other transaction)
on which such redemption is conditional.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">Security Interests in respect of certain:</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: 1.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">liens for taxes, assessments and workmen&rsquo;s
                                            compensation assessments, unemployment insurance or other social security obligations,</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: 1.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">liens and certain rights under leases,</TD></TR></TABLE>

<P STYLE="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: 1.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">obligations affecting the property of
                                            the Corporation to governmental or public authorities, with respect to franchises, grants,
                                            licenses or permits and title defects arising because structures or facilities are on lands
                                            held by the Corporation under government grant, subject to a materiality threshold,</TD></TR></TABLE>

<P STYLE="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: 1.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">liens in connection with contracts,
                                            bids, tenders or expropriation proceedings, surety or appeal bonds, costs of litigation,
                                            public and statutory obligations, liens or claims incidental to current construction, builders&rsquo;,
                                            mechanics&rsquo;, laborers&rsquo;, materialmen&rsquo;s, warehousemen&rsquo;s, carriers&rsquo;
                                            and other similar liens,</TD></TR></TABLE>

<P STYLE="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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    <!-- Field: /Page -->

<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: 1.25in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">rights of governmental or public authorities
                                            under statute or the terms of leases, licenses, franchises, grants or permits,</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: 1.25in"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify">undetermined or inchoate liens incidental
                                            to the operations 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(7)</TD><TD STYLE="text-align: justify">Security Interests contested in good
                                            faith by the Corporation or for which payment is deposited with the Trustee,</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: 1.25in"></TD><TD STYLE="width: 0.25in">(8)</TD><TD STYLE="text-align: justify">easements, rights-of-way and servitudes,</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: 1.25in"></TD><TD STYLE="width: 0.25in">(9)</TD><TD STYLE="text-align: justify">security to public utilities, municipalities
                                            or governmental or other public authorities,</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: 1.25in"></TD><TD STYLE="width: 0.25in">(10)</TD><TD STYLE="text-align: justify">liens and privileges arising out of
                                            judgments or awards, 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: 1.25in"></TD><TD STYLE="width: 0.25in">(11)</TD><TD STYLE="text-align: justify">other liens of a nature similar to
                                            those described above which do not in the opinion of the Corporation materially impair the
                                            use of the subject property or the operation of the business of the Corporation or the value
                                            of the property for the Corporation&rsquo;s business; and</TD></TR></TABLE>

<P STYLE="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: 0.5in">(i)</TD><TD STYLE="text-align: justify">extensions, renewals, alterations and
                                            replacements of the permitted Security Interests referred to above; provided the extension,
                                            renewal, alteration or replacement of such Security Interest is limited to all or any part
                                            of the same property that secured the Security Interest extended, renewed, altered or replaced
                                            (plus improvements on such property) and the principal amount of the Indebtedness secured
                                            thereby is not increased.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 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"><I>Mergers, Consolidations and Sales of Assets</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: 0.5in">The Corporation may not consolidate
or amalgamate with or merge into, or enter into any statutory arrangement for such purpose with, any other person or convey, transfer
or lease its properties and assets substantially as an entirety to any person, unless, among other requirements:</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="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: 0.5in">(b)</TD><TD STYLE="text-align: justify">to any person by reason of such person
                                            being connected with Canada (otherwise than merely by holding or ownership of those Notes
                                            or receiving any payments or exercising any rights thereunder), including without limitation
                                            a non-resident insurer who carries on an insurance business in Canada and in a country other
                                            than Canada;</TD></TR></TABLE>

<P STYLE="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: 0.5in">(c)</TD><TD STYLE="text-align: justify">for or on account of any tax, assessment
                                            or other governmental charge which would not have been so imposed but for: (i)&nbsp;the presentation
                                            by the holder of those Notes on a date more than 30 days after the date on which such payment
                                            became due and payable or the date on which payment thereof is duly provided for, whichever
                                            occurs later; or (ii)&nbsp;the holder&rsquo;s failure to comply with any certification, identification,
                                            information, documentation or other reporting requirements if compliance is required by law,
                                            regulation, administrative practice or an applicable treaty as a precondition to exemption
                                            from or a reduction in the rate of deduction or withholding of, any such taxes, assessment
                                            or charge;</TD></TR></TABLE>

<P STYLE="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: 0.5in">(d)</TD><TD STYLE="text-align: justify">for or on account of any estate, inheritance,
                                            gift, sales, transfer, personal property tax or any similar tax, assessment or other governmental
                                            charge;</TD></TR></TABLE>

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

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

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

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

<P STYLE="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: 0.5in">(f)</TD><TD STYLE="text-align: justify">for or on account of any tax, assessment
                                            or other governmental charge which is payable otherwise than by withholding from a payment
                                            on those Notes;</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: 0.5in">(g)</TD><TD STYLE="text-align: justify">any withholding or deduction imposed
                                            pursuant to: (i)&nbsp;Sections 1471 to 1474 of the U.S. Internal Revenue Code of 1986, as
                                            amended (&ldquo;FATCA&rdquo;), or any successor version thereof, or any similar legislation
                                            imposed by any other governmental authority, (ii)&nbsp;any treaty, law, regulation or other
                                            official guidance enacted by Canada implementing FATCA or an intergovernmental agreement
                                            with respect to FATCA or any similar legislation imposed by any other governmental authority,
                                            or (iii)&nbsp;any agreement between the Corporation or the Guarantors and the United States
                                            or any authority thereof implementing FATCA; 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: 0.5in">(h)</TD><TD STYLE="text-align: justify">for any combination of items (a), (b),
                                            (c), (d), (e), (f)&nbsp;and (g);</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">nor will additional amounts be paid with respect
to any payment on those Notes to a Noteholder who is a fiduciary or partnership or other than the sole beneficial owner of such payment
to the extent such payment would be required by the laws of Canada (or any political subdivision thereof) to be included in the income
for Canadian federal income tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or
a beneficial owner who would not have been entitled to payment of the additional amounts had such beneficiary, settlor, member or beneficial
owner been the Noteholder of such Notes.</P>

<P STYLE="font: 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 Corporation will furnish
to the Noteholders, within 30 days after the date of the payment of any Canadian Taxes is due under applicable law, certified copies
of tax receipts or other documents evidencing such payment.</P>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the failure of the Corporation, continuing
                                            for 30 days, to pay any interest due on any notes of such series of the Notes;</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the breach or violation of any covenant
                                            or condition (other than as referred to in (a)&nbsp;and (b)&nbsp;above), which continues
                                            for a period of 60 days after notice from the Trustee or from holders of at least 25% of
                                            the principal amount of all outstanding notes of such series of the Notes, if such covenant
                                            or condition applies to such series of the Notes;</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: 0.5in">(d)</TD><TD STYLE="text-align: justify">default in payment at maturity, including
                                            any applicable grace period, or default in the performance or observance of any other covenant,
                                            term, agreement or condition with respect to any single item of Indebtedness in an amount
                                            in excess of 5% of Consolidated Shareholders&rsquo; Equity or with respect to more than two
                                            items of Indebtedness in an aggregate amount in excess of 10% of Consolidated Shareholders&rsquo;
                                            Equity and, if such Indebtedness has not already matured in accordance with its terms, such
                                            Indebtedness has been accelerated, if such Indebtedness has not been discharged or such acceleration
                                            shall not have been rescinded or annulled within a period of 10 days after there shall have
                                            been given, by registered or certified mail, to the Corporation by the Trustee or to the
                                            Corporation and the Trustee by the holders of at least 25% of the principal amount of the
                                            outstanding notes of such series of the Notes a written notice specifying the default and
                                            requiring the Corporation to cause such Indebtedness to be discharged or cause such acceleration
                                            to be rescinded or annulled, provided that if the Indebtedness is discharged or the applicable
                                            default under the Indebtedness is waived by the persons entitled to do so, then the Event
                                            of Default under the Indenture will be deemed waived; or</TD></TR></TABLE>

<P STYLE="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: 0.5in">(e)</TD><TD STYLE="text-align: justify">certain events of bankruptcy, insolvency
                                            or reorganization involving the Corporation.</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: 0.5in">If an Event of Default occurs
and is continuing with respect to any series of the Notes, then in every such case the Trustee or the holders of at least 25% of the
aggregate principal amount of the outstanding notes of such affected series of the Notes may declare the entire principal amount of such
series of the Notes and all interest thereon to be immediately due and payable. However, at any time after a declaration of acceleration
with respect to any series of the Notes has been made, but before a judgment or decree for payment of the money due has been obtained,
the holders of a majority in principal amount of the outstanding notes of such series of the Notes, by written notice to the Corporation
and the Trustee under certain circumstances (which include payment or deposit with the Trustee of outstanding principal, premium and
interest), may rescind and annul such acceleration.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of a majority
of the principal amount of any series of the Notes may on behalf of the Noteholders of that series of the Notes waive, insofar as that
series of the Notes is concerned, compliance by the Corporation with certain restrictive provisions of the Indenture, including the covenants
and events of default. The holders of a majority in principal amount of any series of the Notes may waive any past default under the
Indenture with respect to that series of the Notes, except a default in the payment of the principal of (or premium, if any) and interest,
if any, on that series of the Notes or in respect of a provision which under the Indenture cannot be modified or amended without the
consent of the holder of each outstanding note of that series of Notes. The Indenture or the Notes may be amended or supplemented, without
the consent of any holder of debt securities, in order, among other purposes, to cure any ambiguity or inconsistency or to make any change
that does not have an adverse effect on the rights of any holder of the debt securities.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">Although the Depositary,
Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of Notes among participants of the
Depositary, Clearstream and Euroclear, they are under no obligation to perform or continue to perform those procedures and those procedures
may be modified or discontinued at any time. Neither we nor the paying agent will have any responsibility for the performance by the
Depositary, Euroclear or Clearstream or their respective direct or indirect participants of their obligations under the rules&nbsp;and
procedures governing their 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; text-align: justify"><B>Consent to Jurisdiction and Service</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">Under the Indenture, the
Corporation agrees to appoint Enbridge (U.S.) Inc., as its authorized agent for service of process in any suit or proceeding arising
out of or relating to the Notes or the Indenture in connection with the Notes and for actions brought under federal or state securities
laws in any federal or state court located in the city of New York, and irrevocably submits to such jurisdiction.</P>

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

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

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

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

<P STYLE="font: 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">&ldquo;<I>Consolidated Net
Tangible Assets</I>&rdquo; means all consolidated assets of the Corporation as shown on the most recent audited consolidated balance
sheet of the Corporation, less the aggregate of the following amounts reflected upon such balance sheet:</P>

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

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

<P STYLE="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: 0.5in">(c)</TD><TD STYLE="text-align: justify">minority interests;</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: 0.5in">(d)</TD><TD STYLE="text-align: justify">non-cash current assets; and</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>
    <!-- Field: /Page -->

<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: 0.5in">(e)</TD><TD STYLE="text-align: justify">Non-Recourse Assets to the extent of
                                            the outstanding Non-Recourse Debt financing of such assets.</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: 0.5in">&ldquo;<I>Financial Instrument
Obligations</I>&rdquo; means obligations arising under:</P>

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

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

<P STYLE="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: 0.5in">(b)</TD><TD STYLE="text-align: justify">any currency swap agreement, cross-currency
                                            agreement, forward agreement, floor, cap or collar agreement, futures or options, insurance
                                            or other similar agreement or arrangement, or any combination thereof, entered into or guaranteed
                                            by the Corporation where the subject matter of the same is currency exchange rates or the
                                            price, value or amount payable thereunder is dependent or based upon currency exchange rates
                                            or fluctuations in currency exchange rates in effect from time to time; and</TD></TR></TABLE>

<P STYLE="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: 0.5in">(c)</TD><TD STYLE="text-align: justify">any agreement for the making or taking
                                            of Petroleum Substances or electricity, any commodity swap agreement, floor, cap or collar
                                            agreement or commodity future or option or other similar agreements or arrangements, or any
                                            combination thereof, entered into or guaranteed by the Corporation where the subject matter
                                            of the same is Petroleum Substances or electricity or the price, value or amount payable
                                            thereunder is dependent or based upon the price of Petroleum Substances or electricity or
                                            fluctuations in the price of Petroleum Substances or electricity, each as the case may be;</TD></TR></TABLE>

<P STYLE="font: 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">to the extent of the net amount due or accruing
due by the Corporation thereunder (determined by marking-to-market the same in accordance with their terms).</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="km_009"></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; text-indent: 0.5in"><I>Each of the summaries
under this section &ldquo;Material Income Tax Considerations&rdquo; is of a general nature only and is not intended to be, and should
not be construed to be, legal or tax advice to any particular holder, and no representation is made with respect to the United States
federal tax consequences or Canadian tax consequences to any particular holder. Accordingly, prospective purchasers are urged to consult
their own tax advisors with respect to the United States federal tax consequences or Canadian tax consequences relevant to them, having
regard to their particular circumstances.</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>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-align: justify; text-indent: 0.5in">This section describes the
material United States federal income tax consequences of owning and disposing of the Notes we are offering. It applies only to holders
who acquire Notes of a series in the offering at the offering price for the Notes of that series and who hold their Notes as capital
assets for United States federal income tax purposes. This section does not apply to members of a class of holders subject to special
rules, such as a broker-dealer in securities, commodities, or currencies, a governmental organization, a trader in securities that elects
to use a mark-to-market method of accounting, a bank, thrift or other financial institution, a life insurance company, a tax-exempt organization,
a real estate investment trust, a regulated investment company, a foreign person or entity, an insurance company, a person that owns
Notes that are a hedge or that are hedged against interest rate risks, a person that owns Notes as part of a &ldquo;straddle&rdquo;,
 &ldquo;constructive sale&rdquo;, &ldquo;hedge&rdquo; or &ldquo;conversion transaction&rdquo; for United States federal income tax purposes,
a person that purchases or sells Notes as part of a wash sale for United States federal income tax purposes, a tax deferred or other
retirement account, a person holding Notes that are a hedge or that are hedged against interest rate risks, a partnership, S corporation
or other pass-through entity, or a person whose functional currency for tax purposes is not the United States dollar. This section addresses
only certain U.S. federal income tax consequences and does not address any state, local or non-U.S. tax consequences, or any tax consequences
arising under the Medicare contribution tax on net investment income or the estate, gift or alternative minimum tax provisions of the
Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). If Notes of a series are purchased at a price other than the offering
price for the Notes of that series, the amortizable bond premium or market discount rules&nbsp;may also apply. Holders should consult
their own tax advisor regarding this possibility.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest paid by us on the
Notes is income from sources outside the United States for purposes of the rules&nbsp;regarding the foreign tax credit allowable to a
United States holder and will generally be &ldquo;passive&rdquo; category income for purposes of computing the foreign tax credit. The
rules&nbsp;governing the United States foreign tax credit are complex, and you are urged to consult your tax advisor regarding the availability
of claiming a United States foreign tax credit under your 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-align: justify"><B><I>Purchase, Sale and Retirement of the Notes</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">A United&nbsp;States holder&rsquo;s
tax basis in a Note generally will be its cost. A United&nbsp;States holder will generally recognize capital gain or loss on the sale
or retirement of a Note equal to the difference between the amount realized on the sale or retirement, excluding any amounts attributable
to accrued but unpaid interest (which will be taxable as ordinary interest income to the extent not previously included in income), and
such holder&rsquo;s tax basis in the Note. Capital gain of a noncorporate United&nbsp;States holder is generally taxed at preferential
rates where the holder has a holding period greater than one&nbsp;year.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>Material Canadian Income Tax Considerations</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"> The following is, as of
the date hereof, a general summary of the principal Canadian federal income tax considerations under the Tax Act applicable to a
purchaser of Notes as beneficial owner pursuant to the prospectus and this prospectus supplement who, at all relevant times, for
purposes of the Tax Act and any applicable tax treaty (i)&nbsp;is not resident or deemed to be resident in Canada; (ii)&nbsp;deals
at arm&rsquo;s length with and is not affiliated with the Corporation, any of its affiliates or the underwriters; (iii)&nbsp;deals
at arm&rsquo;s length with any transferee who is resident or deemed to be resident in Canada and to whom the purchaser assigns or
otherwise transfers the Note; (iv)&nbsp;is not a &ldquo;specified shareholder&rdquo; (as defined in subsection 18(5)&nbsp;of the Tax
Act) of the Corporation or a person that does not deal at arm&rsquo;s length with a specified shareholder of the Corporation;
(v)&nbsp;is not an entity in respect of which the Corporation is a &ldquo;specified entity&rdquo; as defined in the Tax Act pursuant
to the Proposed Amendments tabled in Parliament on November 30, 2023 as Bill C-59 with respect to &ldquo;hybrid mismatch
arrangements&rdquo; and is not a &ldquo;specified entity&rdquo; in respect of in respect of any transferee resident (or deemed to be
resident) in Canada to whom the purchaser disposes of the Notes; (vi) is entitled to all payments under the Notes; and (vii)
does not use or hold and is not deemed to use or hold a Note in carrying on business in Canada (a &ldquo;Non-Resident
Holder&rdquo;). This summary is based on the current provisions of the Tax Act, proposed amendments to the Tax Act publicly announced prior to the date of this prospectus supplement (the &ldquo;Proposed Amendments&rdquo;)
and counsel&rsquo;s understanding of the current published administrative practices of the CRA in effect as of the date hereof. This
summary is not exhaustive of all possible Canadian federal income tax considerations applicable to a Non-Resident Holder and does
not anticipate any changes in law or administrative practice, nor does it take into account provincial, territorial or foreign tax
considerations, which may differ significantly from those discussed herein. There can be no assurance that the Proposed Amendments
will be enacted as proposed or at all. Special rules, which are not discussed below, may apply to a Non-Resident Holder that is an
insurer which carries on an insurance business in Canada and elsewhere. This summary assumes that no amount paid or payable as, or
on account or in lieu of payment of, interest (including any amounts deemed to be interest) will be in respect of a debt or other
obligation to pay an amount to a person who does not deal at arm&rsquo;s length with the Corporation for purposes of the Tax
Act. This summary further assumes that no amount paid or payable to a Non-Resident Holder will be the deduction component of a &ldquo;hybrid
mismatch arrangement&rdquo; under which the payment arises within the meaning of paragraph 18.4(3)(b) of the Tax Act contained in the
Proposed Amendments tabled in Parliament on November 30, 2023 as Bill C-59 with respect to &ldquo;hybrid mismatch arrangements&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"><B>This summary is of a general nature only and
is not, and is not intended to be, and should not be construed to be, legal or tax advice to any particular Non-Resident Holder and no
representation with respect to the income tax consequences to any particular Non-Resident Holder is made. Prospective purchasers of Notes
should consult their own tax advisors with respect to the tax consequences of acquiring, holding and disposing of Notes having regard
to their own particular circumstances.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="km_010"></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-align: justify; text-indent: 0.5in">BofA Securities,&nbsp;Inc.,
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and SMBC Nikko Securities America,&nbsp;Inc. are acting as representatives
of the underwriters named below.</P>

<P STYLE="font: 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">Subject to the terms and
conditions stated in the underwriting agreement dated the date of this prospectus supplement, each underwriter named below has severally
agreed to purchase, and we have agreed to sell to that underwriter, the principal amount of Notes set forth opposite such underwriter&rsquo;s
name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Principal <BR>
Amount of <BR>
2027 Notes</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="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Principal <BR>
Amount of <BR>
2029 Notes</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="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Principal <BR>
Amount of<BR>
 2034 Notes</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="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Principal <BR>
Amount of <BR>
2054 Notes</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%; font: 10pt Times New Roman, Times, Serif; text-align: left">BofA Securities, Inc.</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD><TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84,375,000</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD><TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right">84,375,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD><TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right">135,000,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD><TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right">90,000,000</TD><TD STYLE="width: 1%; 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">Citigroup Global Markets Inc.</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">84,375,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">84,375,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">135,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">90,000,000</TD><TD STYLE="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">Deutsche Bank Securities Inc.</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">84,375,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">84,375,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">135,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">90,000,000</TD><TD STYLE="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">SMBC Nikko Securities America, Inc.</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">84,375,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">84,375,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">135,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">90,000,000</TD><TD STYLE="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">Credit Agricole Securities (USA) Inc.</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">67,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">67,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">108,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">72,000,000</TD><TD STYLE="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">Wells Fargo Securities, LLC</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">67,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">67,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">108,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">72,000,000</TD><TD STYLE="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">Barclays Capital Inc.</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">37,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">37,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">60,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">40,000,000</TD><TD STYLE="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">J.P. Morgan Securities LLC</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">37,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">37,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">60,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">40,000,000</TD><TD STYLE="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">Mizuho Securities USA LLC</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">37,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">37,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">60,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">40,000,000</TD><TD STYLE="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">MUFG Securities Americas Inc.</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">37,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">37,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">60,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">40,000,000</TD><TD STYLE="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">SG Americas Securities, LLC</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">37,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">37,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">60,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">40,000,000</TD><TD STYLE="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">Truist Securities, Inc.</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">37,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">37,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">60,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">40,000,000</TD><TD STYLE="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">Morgan Stanley &amp; Co. LLC</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">18,750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">18,750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">30,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">20,000,000</TD><TD STYLE="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">Academy Securities, Inc.</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">7,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">7,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">12,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">8,000,000</TD><TD STYLE="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">Loop Capital Markets LLC</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">7,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">7,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">12,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">8,000,000</TD><TD STYLE="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">Samuel A. Ramirez &amp; Company, Inc.</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">7,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">7,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">12,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">8,000,000</TD><TD STYLE="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">AmeriVet Securities, Inc.</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">3,750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">3,750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">6,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">4,000,000</TD><TD STYLE="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">C.L. King &amp; Associates, Inc.</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">3,750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">3,750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">6,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">4,000,000</TD><TD STYLE="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">Roberts &amp; Ryan, 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; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">3,750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">6,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">4,000,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><B>Total</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>750,000,000</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>750,000,000</B></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>1,200,000,000</B></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>800,000,000</B></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></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: 0.5in">The underwriting agreement
provides that the obligations of the underwriters to purchase the Notes included in this offering are subject to approval of legal matters
by counsel and to other conditions. The underwriters are obligated to purchase all the Notes if they purchase any of the Notes. The underwriters
reserve the right to cancel, reject or modify an order of Notes in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">The
underwriters propose to offer the Notes directly to the public at the public offering price set forth on the cover page&nbsp;of this
prospectus supplement and may offer the Notes to dealers at the public offering price less a concession not to exceed 0.20% of
the principal amount of the 20</FONT>27 Notes, 0.30% of the principal amount of the 2029 Notes, 0.40% of the principal
amount of the 2034 Notes and 0.45% of the principal amount of the 2054 Notes. The
underwriters may allow, and dealers may reallow, a concession not to exceed
0.10% of the principal amount of the 2027
Notes, 0.20% of the principal amount of the 2029 Notes,
0.30% of the principal amount of the 2034 Notes
and 0.35% of the principal amount of the 2054 Notes. After the initial
offering of the Notes to the public, the representatives may change the public offering price, concessions and other selling
terms.</P>

<P STYLE="font: 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">In connection with this offering,
each of BofA Securities,&nbsp;Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and SMBC Nikko Securities America,&nbsp;Inc.,
on behalf of the underwriters, may purchase and sell Notes in the open market. These transactions may include over-allotment, syndicate
covering transactions and stabilizing transactions. Over-allotment involves syndicate sales of the Notes in excess of the principal amount
of the Notes to be purchased by the underwriters in this offering, which creates a syndicate short position. Syndicate covering transactions
involve purchases of the Notes in the open market after the distribution has been completed in order to cover syndicate short positions.
Stabilizing transactions consist of certain bids or purchases of Notes made for the purpose of preventing or retarding a decline in the
market price of the Notes while this offering is in progress.</P>

<P STYLE="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">Any of these activities may
have the effect of preventing or retarding a decline in the market price of the Notes. They may also cause the price of the Notes to
be higher than the price that otherwise would exist in the open market in the absence of these transactions. The underwriters may conduct
these transactions in the over-the-counter market or otherwise. If the underwriters commence any of these transactions, they may discontinue
them at any time. There will be no obligation on BofA Securities,&nbsp;Inc., Citigroup Global Markets Inc., Deutsche Bank Securities
Inc. and SMBC Nikko Securities America,&nbsp;Inc. to engage in these 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; text-align: justify; text-indent: 0.5in">Each series of the Notes
is a new issue of securities with no established trading market. The Notes will not be listed on any automated dealer quotation system,
and we do not intend to apply for listing of the Notes on any securities exchange. We have been advised that the underwriters currently
intend to make a market in each series of the Notes. However, they are not obligated to do so and they may discontinue any market-making
activities with respect to the Notes at any time without notice. No assurance can be given as to the liquidity of the trading market
for the Notes or that an active public market for the Notes will develop. If an active public trading market for the Notes does not develop,
the market price and liquidity of the Notes may be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table shows
the underwriting discounts and commissions that we will pay the underwriters in connection with this offering (expressed as a percentage
of the principal amount of the Notes).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Paid by<BR>

    Enbridge</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-indent: -9.35pt; padding-left: 9.35pt">Per 2027 Note&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">00.350</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -9.35pt; padding-left: 9.35pt">Per 2029 Note&#9;</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">00.600</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -9.35pt; padding-left: 9.35pt">Per 2034 Note&#9;</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">00.650</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -9.35pt; padding-left: 9.35pt">Per 2054 Note&#9;</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">00.875</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</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: 0.5in">We estimate that our total
expenses for this offering, excluding underwriting discounts and commissions, will be US$5.6 million.</P>

<P STYLE="font: 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 Notes are not being offered
in and may not be sold to any persons in Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The underwriters or their
respective affiliates perform and have performed commercial banking, investment banking and advisory services for us from time to time
for which they receive and have received customary fees and expenses. The underwriters and their affiliates may, from time to time, engage
in transactions with and perform services for us in the ordinary course of their business. In addition, in the ordinary course of their
business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and
equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the
accounts of their customers. These investments and securities activities may involve securities and/or instruments of ours or our affiliates.
The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in
respect of these securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions
in these securities and instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">As at December&nbsp;31, 2023,
the Corporation had approximately $1,297&nbsp;million and US$169&nbsp;million of outstanding unsecured indebtedness under its unsecured
credit facilities. In addition, as at December&nbsp;31, 2023, approximately $2,465&nbsp;million and US$540&nbsp;million of the Corporation&rsquo;s
unsecured credit facilities were used as a backstop to support outstanding commercial paper balances. The Corporation is in compliance
with the terms of its unsecured credit facilities and there have been no waivers of breaches thereunder. There has been no materially
adverse change to the financial position of the Corporation since the indebtedness was incurred. The Corporation may use the net proceeds
from this offering to pay down short-term debt, and, as a consequence, net proceeds from this offering may be paid to one or more lenders
who are affiliated with the underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may have outstanding existing
indebtedness owing to certain of the underwriters and affiliates of the underwriters, a portion of which we may repay with the net proceeds
from this offering. See &ldquo;Use of Proceeds&rdquo; in this prospectus supplement. As a result, one or more of the underwriters or
their affiliates may receive more than 5% of the net proceeds from this offering in the form of the repayment of existing indebtedness.
Accordingly, this offering is being made pursuant to Rule&nbsp;5121 of the Financial Industry Regulatory Authority,&nbsp;Inc. Pursuant
to this rule, the appointment of a qualified independent underwriter is not necessary in connection with this offering, because the conditions
of Rule&nbsp;5121(a)(1)(C)&nbsp;are&nbsp;satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of the underwriters
are affiliates of banks that are currently lenders to us (the &ldquo;Lenders&rdquo;) under credit facilities extended to the Corporation
and certain of its subsidiaries (the &ldquo;Enbridge Credit Facilities&rdquo;) and, as a result, under applicable Canadian securities
legislation, we may be considered to be a connected issuer to those underwriters. We are in compliance with the terms of the Enbridge
Credit Facilities and none of the Lenders was involved in the decision to offer the Notes or in the determination of the terms of the
distribution of the Notes. The Trustee is an affiliate of Deutsche Bank Securities Inc., an underwriter of the Notes. Under the Trust
Indenture Act of 1939, as amended, due to this affiliation, if a default occurred on the Notes within one year of issuance, Deutsche
Bank Trust Company Americas may be required to resign as Trustee within 90 days of ascertaining the default unless the default (exclusive
of any period of grace or requirement of notice) were cured, duly waived or otherwise eliminated.</P>

<P STYLE="font: 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">If any of the underwriters
or their affiliates has a lending relationship with us or our affiliates, certain of those underwriters or their affiliates routinely
hedge, certain other of those underwriters or their affiliates have hedged and are likely in the future to hedge, and certain other of
those underwriters of their affiliates may hedge, their credit exposure to us consistent with their customary risk management policies.
Typically, these underwriters and their affiliates would hedge that exposure by entering into transactions which consist of either the
purchase of credit default swaps or the creation of short positions in our affiliates&rsquo; securities, including potentially the Notes
offered hereby. Any of these credit default swaps or short positions could adversely affect future trading prices of the Notes offered
hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">A prospectus supplement in
electronic format may be made available on the websites maintained by one or more of the underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to indemnify
the underwriters against certain liabilities, including liabilities under the U.S. Securities Act, or to contribute to payments the underwriters
may be required to make because of any of those liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that delivery of
the Notes will be made against payment therefor on or about the date specified on the cover page&nbsp;of this prospectus supplement,
which will be the third business day following the date of pricing of the Notes (this settlement cycle being herein referred to as &ldquo;T+3&rdquo;).
As of the date hereof, under Rule&nbsp;15c6-1 of the U.S. Exchange Act, trades in the secondary market generally are required to settle
in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Notes
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+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the
Notes who wish to make such trades should consult their own advisor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in the European
Economic Area</B></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; text-indent: 0.5in">The Notes are not intended to be offered, sold
or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic
Area (&ldquo;EEA&rdquo;). For these purposes, a retail investor means a person who is one (or more) of: (i)&nbsp;a retail client as defined
in point (11) of Article&nbsp;4(1)&nbsp;of Directive 2014/65/EU (as amended, &ldquo;MiFID II&rdquo;); or (ii)&nbsp;a customer within
the meaning of Directive (EU) 2016/97 (as amended, the &ldquo;Insurance Distribution Directive&rdquo;), where that customer would not
qualify as a professional client as defined in point (10)&nbsp;of Article&nbsp;4(1)&nbsp;of MiFID II; or (iii)&nbsp;not a qualified investor
as defined in Regulation (EU) 2017/1129 (as amended, the &ldquo;Prospectus Regulation&rdquo;). Consequently, no key information document
required by Regulation (EU) No 1286/2014 (as amended, the &ldquo;PRIIPs Regulation&rdquo;) for offering or selling the Notes or otherwise
making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making
them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. This prospectus supplement and the accompanying
prospectus have been prepared on the basis that any offer of Notes in any member state of the EEA will be made pursuant to an exemption
under the Prospectus Regulation from the requirement to publish a prospectus for offers of Notes. This prospectus supplement and the
accompanying prospectus is not a prospectus for the purposes of the Prospectus Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>Notice to Prospective Investors in the United
Kingdom</B></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; text-indent: 0.5in">The Notes are not intended to be offered, sold
or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom
(&ldquo;UK&rdquo;). For these purposes, a retail investor means a person who is one (or more) of: (i)&nbsp;a retail client, as defined
in point (8)&nbsp;of Article&nbsp;2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal)
Act 2018 (as amended, the &ldquo;EUWA&rdquo;); or (ii)&nbsp;a customer within the meaning of the provisions of the Financial Services
and Markets Act 2000 (as amended, the &ldquo;FSMA&rdquo;) and any rules&nbsp;or regulations made under the FSMA to implement the Insurance
Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8)&nbsp;of Article&nbsp;2(1)&nbsp;of
Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii)&nbsp;not a qualified investor as defined
in Article&nbsp;2 of the Prospectus Regulation as it forms part of domestic law by virtue of the EUWA (the &ldquo;UK Prospectus Regulation&rdquo;).
Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA
(the &ldquo;UK PRIIPs Regulation&rdquo;) for offering or selling the Notes or otherwise making them available to retail investors in
the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the
UK may be unlawful under the UK PRIIPs Regulation. This prospectus supplement and the accompanying prospectus have been prepared on the
basis that any offer of Notes in the United Kingdom will be made pursuant to an exemption under the UK Prospectus Regulation from the
requirement to publish a prospectus for offers of Notes. This prospectus supplement and the accompanying prospectus is not a prospectus
for the purposes of the UK Prospectus Regulation or the FSMA.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus supplement is for distribution
only to persons who (i)&nbsp;have professional experience in matters relating to investments and who qualify as investment professionals
within the meaning of Article&nbsp;19(5)&nbsp;of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended,
the &ldquo;Financial Promotion Order&rdquo;) or (ii)&nbsp;are persons falling within Article&nbsp;49(2)(a)&nbsp;to (d)&nbsp;(&ldquo;high
net worth companies, unincorporated associations etc.&rdquo;) of the Financial Promotion Order (all such persons together being referred
to as &ldquo;relevant persons&rdquo;). This prospectus supplement is directed only at relevant persons and must not be acted on or relied
on by persons who are not relevant persons. Any investment or investment activity to which this prospectus supplement relates is available
only to relevant persons and will be engaged in only with relevant persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in Hong Kong</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">The Notes may not be offered
or sold by means of any document other than (i)&nbsp;in circumstances which do not constitute an offer to the public within the meaning
of the Companies Ordinance (Cap.32, Laws of Hong Kong), (ii)&nbsp;to &ldquo;professional investors&rdquo; within the meaning of the Securities
and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules&nbsp;made thereunder, or (iii)&nbsp;in other circumstances which do
not result in the document being a &ldquo;prospectus&rdquo; within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong),
and no advertisement, invitation or document relating to the Notes may be issued or may be in the possession of any person for the purpose
of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or
read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to Notes which are
or are intended to be disposed of only to persons outside Hong Kong or only to &ldquo;professional investors&rdquo; within the meaning
of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules&nbsp;made thereunder.</P>

<P STYLE="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>Notice to Prospective Investors in Japan</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">The Notes have not been and
will not be registered under the Financial Instruments and Exchange Law of Japan (the &ldquo;Financial Instruments and Exchange Law&rdquo;),
and each underwriter has agreed that it will not offer or sell any Notes, directly or indirectly, in Japan or to, or for the benefit
of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized
under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan, except
pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange
Law and any other applicable laws, regulations and ministerial guidelines of Japan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to Prospective Investors in Singapore</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">Neither this prospectus supplement
nor the accompanying prospectus, nor any other materials relating to the Notes, has been or will be lodged or registered as a prospectus
with the Monetary Authority of Singapore under the Securities and Futures Act, Chapter 289 of Singapore (the &ldquo;SFA&rdquo;). Accordingly,
this prospectus supplement, the accompanying prospectus and any other document or material issued in connection with the offer or sale,
or invitation for subscription or purchase, of the Notes may not be issued, circulated or distributed, nor may the Notes be offered or
sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other
than (i)&nbsp;to an institutional investor (as defined in Section&nbsp;4A of the SFA) pursuant to Section&nbsp;274 of the SFA, (ii)&nbsp;to
an accredited investor as defined in Section&nbsp;4A of the SFA or to a relevant person (as defined in Section&nbsp;275(2)&nbsp;of the
SFA) pursuant to Section&nbsp;275(1)&nbsp;of the SFA, or any person pursuant to an offer referred to in Section&nbsp;275(1A) of the SFA,
and in accordance with the applicable 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, in each case subject to compliance with the conditions
set forth in the SFA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Where the Notes are subscribed
or purchased under Section&nbsp;275 of the SFA by a relevant person which is: (a)&nbsp;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 (b)&nbsp;a trust (where the trustee is not an accredited
investor) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the securities or securities-based
derivative contracts (each term as defined in Section&nbsp;2(1)&nbsp;of the SFA) of that corporation or the beneficiaries&rsquo; rights
and interest (however described) in that trust shall not be transferred within six months after that corporation or that trust has subscribed
or purchased the Notes under an offer made pursuant to Section&nbsp;275 of the SFA except: (1)&nbsp;to an institutional investor or an
accredited investor or to a relevant person, or to any person arising from an offer referred to in Section&nbsp;275(1A) or Section&nbsp;276(4)(i)(B)&nbsp;of
the SFA; (2)&nbsp;where no consideration is or will be given for the transfer; (3)&nbsp;where the transfer is by operation of law; (4)&nbsp;as
specified in Section&nbsp;276(7)&nbsp;of the SFA; or (5)&nbsp;as specified in Regulation 37A of the Securities and Futures (Offers of
Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">Singapore Securities and
Futures Act Product Classification &mdash; Solely for the purposes of its obligations pursuant to sections 309B(1)(a)&nbsp;and 309B(1)(c)&nbsp;of
the SFA, we have determined, and hereby notify all relevant persons (as defined in Section&nbsp;309A of the SFA) that the Notes are &ldquo;prescribed
capital markets products&rdquo; (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment
Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations
on Investment Products).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to Prospective Investors in Switzerland</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">This prospectus supplement
is not intended to constitute an offer or solicitation to purchase or invest in the Notes. The Notes may not be publicly offered, directly
or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (&ldquo;FinSA&rdquo;) and no application has or
will be made to admit the Notes to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this
prospectus supplement nor any other offering or marketing material relating to the Notes constitutes a prospectus pursuant to the FinSA,
and neither this prospectus supplement nor any other offering or marketing material relating to the Notes may be publicly distributed
or otherwise made publicly available in Switzerland.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in Australia</B></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; text-indent: 0.5in">No placement document, offering memorandum, product
disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission (&ldquo;ASIC&rdquo;),
in relation to this offering. This prospectus 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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any offer in Australia of the Notes 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 Notes 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-align: justify"><B>Notice to Prospective Investors in Dubai</B></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; text-indent: 0.5in">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 Notes to which this prospectus supplement relates may be illiquid and/or subject
to restrictions on their resale. Prospective purchasers of the Notes offered should conduct their own due diligence on the Notes. 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"></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>Notice to Prospective Investors in the Abu
Dhabi Global Market</B></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; text-indent: 0.5in">This prospectus supplement is for distribution
only to persons who (a)&nbsp;are outside the Abu Dhabi Global Market, or (b)&nbsp;are Authorised Persons or Recognised Bodies (as such
terms are defined in the Financial Services and Markets Regulations 2015 (&ldquo;FSMR&rdquo;)), or (c)&nbsp;are persons to whom an invitation
or inducement to engage in investment activity (within the meaning of section 18 of FSMR) in connection with the issue or sale of any
securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as &ldquo;relevant
persons&rdquo;). This prospectus supplement is directed only at relevant persons and must not be acted on or relied on by persons who
are not relevant persons. Any investment or investment activity to which this prospectus supplement relates is available only to relevant
persons and will be engaged in only with relevant persons. This document relates to an &ldquo;Exempt Offer&rdquo; within the meaning
of section 61(3)(a)&nbsp;of the FSMR and Rule&nbsp;4.3.1 of the Market Rules&nbsp;of the Financial Services Regulatory Authority or otherwise
in circumstances which do not require the publication of an &ldquo;Approved Prospectus&rdquo; (as defined in section 61(2)&nbsp;of the
FSMR).</P>

<P STYLE="font: 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>Notice to Prospective Investors in the Republic
of Italy</B></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; text-indent: 0.5in">The offering of the Notes has not been registered
with the <I>Commissione Nazionale per le Societ&agrave; e la Borsa</I> (CONSOB) pursuant to Italian securities legislation and, accordingly,
no Notes may be offered, sold or delivered, nor may copies of this prospectus supplement or of any other document relating to the Notes
be distributed in the Republic of Italy, except:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to qualified investors (<I>investitori qualificati</I>),
    as defined pursuant to Article&nbsp;2 of the Prospectus Regulation and any applicable provision of Legislative Decree No.&nbsp;58
    of 24 February, 1998, as amended (the Financial Services Act) and Italian CONSOB regulations; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in other circumstances which are exempted from the
    rules&nbsp;on public offerings pursuant to Article&nbsp;1 of the Prospectus Regulation, Article&nbsp;34-ter of Regulation No.&nbsp;11971
    of 14 May&nbsp;1999, as amended from time to time (Regulation No.&nbsp;11971), and the applicable Italian laws.</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; text-indent: 0.5in">Any offer, sale or delivery of the Notes or distribution
of copies of this prospectus supplement or any other document relating to the Notes in the Republic of Italy under (a)&nbsp;or (b)&nbsp;above
must:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">be made by an investment firm, bank or financial intermediary
    permitted to conduct such activities in the Republic of Italy in accordance with the Financial Services Act, CONSOB Regulation No.&nbsp;20307
    of 15 February, 2018 (as amended from time to time) and Legislative Decree No.&nbsp;385 of 1 September&nbsp;1993, as amended (the
    Banking Act); and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">comply with any other applicable laws and regulations
    or requirement imposed by CONSOB, the Bank of Italy (including the reporting requirements, where applicable, pursuant to Article&nbsp;129
    of the Banking Act, as amended, and the implementing guidelines of the Bank of Italy, as amended from time to time) and/or any other
    Italian authority.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in Korea</B></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; text-indent: 0.5in">The Notes have not been and will not be registered
under the Financial Investments Services and Capital Markets Act of Korea and the decrees and regulations thereunder (the &ldquo;FSCMA&rdquo;),
and the Notes have been and will be offered in Korea as a private placement under the FSCMA. None of the Notes may be offered, sold or
delivered directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to
any resident of Korea except pursuant to the applicable laws and regulations of Korea, including the FSCMA and the Foreign Exchange Transaction
Law of Korea and the decrees and regulations thereunder, or the FETL. The Notes have not been listed on any of securities exchanges in
the world including, without limitation, the Korea Exchange in Korea. Furthermore, the purchaser of the Notes shall comply with all applicable
regulatory requirements (including, but not limited to, requirements under the FETL) in connection with the purchase of the Notes. By
the purchase of the Notes, the relevant holder thereof will be deemed to represent and warrant that if it is in Korea or is a resident
of Korea, it purchased the Notes pursuant to the applicable laws and regulations of Korea.</P>

<P STYLE="font: 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>Notice to Prospective Investors in Taiwan</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">The Notes have not and will
not be registered or filed with, or approved by, the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws
and regulations and may not be sold, issued, or offered within Taiwan through a public offering or in circumstances which constitute
an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or filing with or approval of the
Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorized or will be authorized to offer, sell, give
advice regarding or otherwise intermediate the offering and sale of the Notes in Taiwan.</P>

<P STYLE="font: 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>Notice to Prospective Investors in the United
Arab Emirates</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">The Notes have not been,
and are not being, publicly offered, sold, promoted or advertised in the United Arab Emirates (including the Dubai International Financial
Centre or the Abu Dhabi Global Market) other than in compliance with the laws of the United Arab Emirates (and the Dubai International
Financial Centre and the Abu Dhabi Global Market) governing the issue, offering and sale of securities. Further, this prospectus supplement
does not constitute a public offer of securities in the United Arab Emirates (including the Dubai International Financial Centre and
the Abu Dhabi Global Market) and is not intended to be a public offer. This prospectus supplement has not been approved by or filed with
the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, the Dubai Financial Services Authority or the
Abu Dhabi Global Market.</P>

<P STYLE="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="km_011"></A>Validity
of Securities</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">Certain legal matters relating
to Canadian law in connection with this offering of Notes will be passed upon for the Corporation by McCarthy T&eacute;trault LLP, Calgary,
Alberta, Canada, and the validity of the Notes as to matters of New York law and the validity of the related guarantees will be passed
upon for the Corporation by Sullivan&nbsp;&amp; Cromwell LLP, New York, New York. In addition, certain legal matters relating to United
States law in connection with this offering of the Notes and the validity of the Notes and related guarantees will be passed upon for
the underwriters by Baker Botts L.L.P., Houston, Texas and certain legal matters relating to Canadian law in connection with this offering
of the Notes will be passed upon for the underwriters by Osler, Hoskin&nbsp;&amp; Harcourt LLP, Toronto, Ontario, 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="km_012"></A>Experts</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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
Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2023 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="tm2410286d1_prospectsimg01.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 annual report on Form&nbsp;10-K for the year ended December&nbsp;31,
2021, 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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_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="#b_014">Experts</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; text-align: right; padding-bottom: 2pt"><A HREF="#b_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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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<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; 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>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Annual Report on Form&nbsp;10-K for
                                            the fiscal year ended December&nbsp;31, 2021, filed on February&nbsp;11, 2022, as amended
                                            by the Form&nbsp;10-K/A, filed on March&nbsp;7, 2022 (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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Quarterly Report on Form&nbsp;10-Q for the quarterly period ended
                                            March&nbsp;31, 2022, filed on May&nbsp;6, 2022;</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Quarterly Report on Form&nbsp;10-Q for the quarterly period ended
                                            June&nbsp;30, 2022, filed on July&nbsp;29, 2022;</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Current Reports on Form&nbsp;8-K filed
                                            on January&nbsp;19, 2022, January&nbsp;20, 2022, February&nbsp;17, 2022, March&nbsp;7, 2022,
                                            March&nbsp;17, 2022, May&nbsp;5, 2022 and June&nbsp;10, 2022; 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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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.</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; text-align: center"><B><A NAME="b_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>

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

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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="b_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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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"><FONT STYLE="font-family: Symbol">&middot;</FONT></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="b_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 Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2021, 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="b_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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_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 Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2021 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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>US$3,500,000,000</B></P>

<P STYLE="font: 18pt 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"></P>

<P STYLE="font: 10pt Sans-Serif; margin: 0pt 0; text-align: center; color: Red"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2410286d1_424b5img002.jpg" ALT="" STYLE="width: 321px; height: 77px">&nbsp;</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Enbridge Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fully and Unconditionally Guaranteed by<BR>
Enbridge Energy Partners, L.P. and Spectra Energy Partners, LP</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$750,000,000
5.250% Senior Notes due 20</B></FONT><B>27</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$750,000,000 5.300% Senior Notes due
2029</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$1,200,000,000 5.625% Senior Notes due
2034</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$800,000,000 5.950% Senior Notes due
2054</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus Supplement<BR>
April 2, 2024</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BofA Securities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Citigroup</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deutsche Bank <BR>
Securities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SMBC Nikko</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Credit Agricole CIB</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wells Fargo Securities</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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="white-space: nowrap; width: 100%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Barclays</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>J.P. Morgan</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mizuho</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MUFG</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SOCIETE GENERALE</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Truist Securities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Morgan Stanley</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Academy Securities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Loop Capital Markets</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ramirez &amp; Co., Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AmeriVet Securities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.L. King &amp; Associates</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Roberts &amp; Ryan</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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

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

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

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>2
<FILENAME>tm2410286d2_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<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: right"><B>Exhibit 107</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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"><B>424(b)(5)<BR>
</B>(Form Type)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; font-size: 8pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Security<BR>
    Type</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Security<BR>
    Class<BR>
    Title</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fee<BR>
    Calculation<BR>
    or Carry<BR>
    Forward<BR>
    Rule</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Amount<BR>
    Registered</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Proposed<BR>
    Maximum<BR>
    Offering<BR>
    Price<BR>
    Per Unit</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Maximum<BR>
    Aggregate<BR>
    Offering<BR>
    Price</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fee
    Rate</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Amount
    of<BR>
    Registration<BR>
    Fee</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carry<BR>
    Forward<BR>
    Form<BR>
    Type</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carry<BR>
    Forward<BR>
    File<BR>
    Number</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Carry<BR>
    Forward<BR>
    Initial<BR>
    effective<BR>
    date</B></FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Filing
    Fee<BR>
    Previously Paid<BR>
    In<BR>
    Connection<BR>
    with Unsold<BR>
    Securities<BR>
    to be<BR>
    Carried<BR>
    Forward</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="text-align: left; font-size: 8pt; vertical-align: top"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; background-color: white; font-size: 8pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="37" STYLE="border-bottom: black 1pt solid; vertical-align: bottom; background-color: white; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Newly Registered Securities</B></FONT></TD>
    </TR>
  <TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top; width: 3%; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fees
    to Be Paid</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Debt</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.250%
    Senior Notes due 2027</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">457</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(r)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">750,000,000</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">99.942</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$749,565,000</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.00014760</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$110,635.79</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fees
    to Be Paid</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Debt</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.300%
    Senior Notes due 2029</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">457</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(r)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">750,000,000</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">99.978</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$749,835,000</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.00014760</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$110,675.65</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    </TR>

<TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fees
    to Be Paid</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Debt</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.625%
    Senior Notes due 2034</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">457</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(r)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,200,000,000</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">99.849</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 9%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$1,198,188,000</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.00014760</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$176,852.55</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fees
    to Be Paid </FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Debt</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.950%
    Senior Notes due 2054</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">457</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(r)</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">800,000,000</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">99.889</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$799,112,000</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.00014760</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$117,948.93</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>

<TR STYLE="font-size: 8pt; background-color: rgb(204,238,255)">
    <TD COLSPAN="38" STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: bottom; font-size: 8pt; border-bottom: Black 1pt solid"><B>Carry Forward Securities</B></TD></TR>
  <TR STYLE="font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; vertical-align: top; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Carry
    Forward Securities</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: top; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-size: 8pt; padding-bottom: 1.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-bottom: 1.25pt; font-size: 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total
    Offering Amounts</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$3,496,700,000</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$516,112.92</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font-size: 8pt; padding-bottom: 1.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-bottom: 1.25pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total
    Fees Previously Paid</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-size: 8pt; padding-bottom: 1.25pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-bottom: 1.25pt; font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total
    Fee Offsets</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font-size: 8pt; padding-bottom: 2.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 2.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="padding-bottom: 2.75pt; font-size: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Net
    Fee Due</B></FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 2.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 2.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 2.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 2.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
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