<SEC-DOCUMENT>0001104659-24-074170.txt : 20240624
<SEC-HEADER>0001104659-24-074170.hdr.sgml : 20240624
<ACCEPTANCE-DATETIME>20240624085132
ACCESSION NUMBER:		0001104659-24-074170
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240624
DATE AS OF CHANGE:		20240624

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:		241062203

	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>tm2417824d1_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 315.75pt"><FONT STYLE="font-size: 10pt"><B>Filed
Pursuant to Rule&nbsp;424(b)(5)</B></FONT></P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 335.25pt"><FONT STYLE="font-size: 10pt"><B>Registration
No.&nbsp;333-266405</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
information in this preliminary prospectus supplement and the accompanying prospectus is not complete and may be changed. A registration
statement relating to these securities has been filed with the Securities and Exchange Commission. This prospectus supplement and the
accompanying prospectus are not an offer to sell these securities and are not soliciting offers to buy these securities in any jurisdiction
where the offer or sale is not permitte</B></FONT><B><FONT STYLE="font-size: 10pt">d.</FONT></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; color: red"><FONT STYLE="font-size: 10pt"><B>Subject
to Completion, Dated June&nbsp;24, 2024</B></FONT></P>

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

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

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2417824d1_424b5img01.jpg" ALT=""></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Fixed-to-Fixed Rate Subordinated Notes due 2055</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Fixed-to-Fixed Rate Subordinated Notes due 2054</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">We are offering US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
aggregate principal amount of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Fixed-to-Fixed Rate Subordinated Notes due 2055 (the &ldquo;2055 Notes&rdquo;)
and US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aggregate principal amount of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Fixed-to-Fixed Rate Subordinated
Notes due 2054 (the &ldquo;2054 Notes&rdquo; and, together with the 2055 Notes, the &ldquo;Notes&rdquo;). The 2055 Notes will mature on
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2055 (the &ldquo;2055 Maturity Date&rdquo;) and the 2054 Notes will mature on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2054 (the
 &ldquo;2054 Maturity Date&rdquo; and, together with the 2055 Maturity Date, each, a &ldquo;Maturity Date&rdquo;). The 2055 Notes will
bear interest (i)&nbsp;from, and including, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024 to, but not including, &nbsp;&nbsp; , 2030 at the rate
of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% per annum and (ii) from, and including, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2030, during each Interest Reset Period (as defined herein), at a rate per annum equal
to the Five-Year Treasury Rate (as defined herein) as of the most recent Reset Interest Determination Date (as defined herein) plus &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%.
The 2054 Notes will bear interest (i) from, and including, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024 to, but not including,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2034 at the rate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% per annum and (ii)
from, and including, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2034, during each Interest Reset Period, at a rate per annum equal to the Five-Year Treasury Rate as of the most
recent Reset Interest Determination Date plus &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%. Interest on the 2055 Notes will be payable semi-annually in arrears on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of each year (each such date, a &ldquo;2055 Interest Payment
Date&rdquo;), commencing on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024. Interest on the 2054 Notes will be payable semi-annually in arrears on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of each year (each such
date, a &ldquo;2054 Interest Payment Date&rdquo; and, together with each 2055 Interest Payment Date, each, an &ldquo;Interest Payment
Date&rdquo;), commencing on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024. So long as no event of default
has occurred and is continuing, we may elect, in our sole discretion, at any date other than an Interest Payment Date, to defer the interest
payable on either series of the Notes on one or more occasions for up to five consecutive years (a &ldquo;Deferral Period&rdquo;). Deferred
interest will accrue, compounding on each subsequent Interest Payment Date, until paid. No Deferral Period may extend beyond the applicable
Maturity Date. See &ldquo;Description of the Notes &mdash; Dividend Stopper Undertaking&rdquo;. Each series of the Notes will constitute
a new series 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: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">We may, at our option, redeem
the 2055 Notes, in whole at any time or in part from time to time, (i)&nbsp;on any day in the period commencing on (and including) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2029 (being the date falling three months prior to the Initial Interest Reset Date (as defined herein) for
the 2055 Notes) and ending on (and including) such Initial Interest Reset Date, and (ii) thereafter on any applicable Interest Payment
Date, in each case, at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest to,
but excluding, the date fixed for redemption. We may, at our option, redeem the 2054 Notes, in whole at any time or in part from time
to time, (i) on any day in the period commencing on (and including) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2034 (being
the date falling three months prior to the Initial Interest Reset Date (as defined herein) for the 2054 Notes) and ending on (and including)
such Initial Interest Reset Date, and (ii) thereafter on any applicable Interest Payment Date, in each case, at a redemption price equal
to 100% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed for redemption. Within
90 days following the occurrence of a Tax Event (as defined herein), we may, at our option, redeem all (but not less than all) of either
series of the Notes at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest to,
but excluding, the date fixed for redemption. Within 90 days following the occurrence of a Rating Event (as defined herein), we may, at
our option, redeem all (but not less than all) of either series of the Notes at a redemption price equal to 102% of the principal amount
thereof, together with accrued and unpaid interest to, but excluding, the date fixed for redemption. See &ldquo;Description of the Notes&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&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"><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 SUPPLEMENT OR THE ACCOMPANYING PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE</B></FONT><FONT STYLE="font-size: 10pt">.</FONT></P>

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

<P STYLE="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"><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></FONT><FONT STYLE="font-size: 10pt">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Investing
in the Notes involves risks. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-6 of this prospectus supplement, as well as the
risk factors set forth under the heading &ldquo;Item 1A. Risk Factors&rdquo; in the Corporation&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572824000007/enb-20231231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2023</A>, incorporated by reference into this prospectus supplement and the accompanying prospectus.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per 2055 Note</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per 2054 Note</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Public offering price</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$ </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: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$ </FONT></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">Underwriting discounts</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$ </FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$ </FONT></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">Proceeds to us (before expenses)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$ </FONT></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"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$ </FONT></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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">Interest
on the Notes will accrue from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">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 June&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2024.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>J.P.
    Morgan</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mizuho</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MUFG</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Truist
    Securities</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>IMPORTANT NOTICE
ABOUT INFORMATION IN<BR>
THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS</B></FONT></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Except
as set forth under &ldquo;Description of the Notes&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.</FONT></P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 88%"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Special
    Note Regarding Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">iii</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Where You Can Find More
    Information</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">v</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Documents Incorporated by
    Reference</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">v</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Summary</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-1</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Risk Factors</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-6</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Consolidated Capitalization</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-9</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Use of Proceeds</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-10</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Description of the Notes</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-11</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Material Income Tax Considerations</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-27</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Underwriting</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-30</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Validity of Securities</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-37</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Experts</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-37</FONT></A></TD>
    </TR>
  </TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#b_001">ABOUT THIS PROSPECTUS</A></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_001">1</A></TD></TR>
  <TR STYLE="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">&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"><A HREF="#b_002">2</A></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"><A HREF="#b_003">WHERE YOU CAN FIND MORE INFORMATION</A></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"><A HREF="#b_003">4</A></TD></TR>
  <TR STYLE="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">&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"><A HREF="#b_004">5</A></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"><A HREF="#b_005">THE CORPORATION</A></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"><A HREF="#b_005">6</A></TD></TR>
  <TR STYLE="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">&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"><A HREF="#b_006">7</A></TD></TR>
  <TR STYLE="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">&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"><A HREF="#b_007">8</A></TD></TR>
  <TR STYLE="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">&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"><A HREF="#b_008">9</A></TD></TR>
  <TR STYLE="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">&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"><A HREF="#b_009">13</A></TD></TR>
  <TR STYLE="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">&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"><A HREF="#b_010">15</A></TD></TR>
  <TR STYLE="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">&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"><A HREF="#b_011">16</A></TD></TR>
  <TR STYLE="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">&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"><A HREF="#b_012">17</A></TD></TR>
  <TR STYLE="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">&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"><A HREF="#b_013">18</A></TD></TR>
  <TR STYLE="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">&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"><A HREF="#b_014">19</A></TD></TR>
  </TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><A NAME="a_001"></A>Special
Note Regarding Forward-Looking Statements</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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 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;), renewable natural gas (&ldquo;RNG&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, Gas Distribution and Storage, and Renewable Power Generation businesses;
the characteristics, anticipated benefits, financing and timing of our acquisitions and other transactions, including the acquisitions
of three United States gas utilities (the &ldquo;Gas Utilities&rdquo;) from Dominion Energy,&nbsp;Inc. (the &ldquo;Acquisitions&rdquo;);
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;
our ability to complete the remaining Acquisition of Public Service Company of North Carolina,&nbsp;Incorporated (the &ldquo;PSNC Acquisition&rdquo;)
and successfully integrate the Gas Utilities; expected closing of other acquisitions and dispositions and the timing thereof, including
the remaining PSNC Acquisition; 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 those relating to the Gas Distribution and Storage
business; operational, industry, regulatory, climate change and other risks associated with our businesses; this offering, including
the expected use of the net proceeds, if any, received therefrom by the Corporation; 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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, RNG 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 PSNC Acquisition,
and the amount and timing of proceeds received from 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, RNG 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.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><A NAME="a_002"></A>Where
You Can Find More Information</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="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 United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;). Such reports and other information are
available on the SEC&rsquo;s website at www.sec.gov and the Corporation&rsquo;s website at www.enbridge.com. The information contained
on or accessible from the Corporation&rsquo;s website does not constitute a part of this prospectus supplement or the accompanying prospectus
and is not incorporated by reference herein or therein. Prospective investors may read and download the documents the Corporation has
filed with the SEC&rsquo;s Electronic Data Gathering and Retrieval system at www.sec.gov.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><A NAME="a_003"></A>Documents
Incorporated by Reference</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
SEC allows us to incorporate by reference the information we file with the SEC. This means that we can disclose important information
to you by referring to those documents and later information that we file with the SEC. The information that we incorporate by reference
is an important part of this prospectus supplement and the accompanying prospectus. We incorporate by reference the following documents
and any future filings that we make with the SEC under Sections 13(a), 13(c)&nbsp;and 15(d)&nbsp;of the U.S. Exchange Act until the termination
of the offering under this prospectus supplement:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our
                                            <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572824000007/enb-20231231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2023, filed on February&nbsp;9, 2024</A> (the &ldquo;2023 Annual Report&rdquo;);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312524066168/d568818d10ka.htm" STYLE="-sec-extract: exhibit">Amendment No.&nbsp;1 on Form&nbsp;10-K/A, filed on March&nbsp;13, 2024, to the 2023 Annual Report</A>;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572824000013/enb-20240331.htm" STYLE="-sec-extract: exhibit">Quarterly
                                                                                                                                                                                               Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2024, filed on May&nbsp;10, 2024</A></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our
                                            Current Reports on Form&nbsp;8-K (or Form&nbsp;8-K/A) filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312524063693/d764954d8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;8, 2024</A> (Item 1.01
                                            only), <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312524066167/d651198d8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;13, 2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312524075245/d649479d8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;22, 2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000110465924044281/tm2410286d4_8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;5, 2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312524135302/d786294d8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;9, 2024</A> and
                                            <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000110465924062069/tm2414099d2_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;15, 2024</A>.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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 office of 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.</FONT></P>

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

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<DIV STYLE="border: Black 1pt solid; padding: 10pt 5pt; width: 98%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><A NAME="a_004"></A>Summary</B></FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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 Canada Business Corporations Act 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
June&nbsp;3, 2024, the Corporation closed the Acquisition of Questar Gas Company (&ldquo;Questar Gas&rdquo;) and its related Wexpro companies
(collectively with Questar Gas, &ldquo;Questar&rdquo;) from Dominion Energy,&nbsp;Inc. (the &ldquo;Questar Acquisition&rdquo;). The Questar
Gas utility will be doing business in Utah as Enbridge Gas Utah, in Wyoming as Enbridge Gas Wyoming, and in Idaho as Enbridge Gas Idaho.
Questar will join Enbridge&rsquo;s Gas Distribution and Storage Business Unit.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
closing of the remaining PSNC Acquisition is expected to occur following the receipt of required regulatory approvals.</FONT></P>

</DIV>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; width: 28%; padding-left: 9pt; font-size: 10pt; text-indent: -9pt"><B>Issuer</B>&#9;</TD>
    <TD STYLE="vertical-align: bottom; width: 72%; padding-top: 5.75pt; padding-bottom: 5.75pt; text-align: justify; font-size: 10pt">Enbridge Inc.</TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; padding-left: 9pt; font-size: 10pt; text-indent: -9pt"><B>Securities Offered</B>&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate principal amount of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Fixed-to-Fixed
    Rate Subordinated Notes Series due 2055 (the &ldquo;2055 Notes&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate principal amount of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Fixed-to-Fixed
    Rate Subordinated Notes Series due 2054 (the &ldquo;2054 Notes&rdquo; and, together with the 2055 Notes, the &ldquo;Notes&rdquo;).</P></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; padding-left: 9pt; font-size: 10pt; text-indent: -9pt"><B>Maturity Date</B>&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2055 Notes will mature on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2055.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2054 Notes will mature on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2054.</P></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; padding-left: 9pt; font-size: 10pt; text-indent: -9pt"><B>Interest</B>&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2055 Notes will bear interest (i) from, and
    including, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024 to, but not including, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2030 at the rate of &nbsp;&nbsp;&nbsp;&nbsp;% per annum and (ii) from, and including, &nbsp;&nbsp;, 2030, during each Interest
    Reset Period (as defined herein), at a rate per annum equal to the Five-Year Treasury Rate (as defined herein) as of the most recent Reset
    Interest Determination Date (as defined herein) plus &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%.</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 (i) from, and
    including, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024 to, but not including, &nbsp;&nbsp;&nbsp;&nbsp;, 2034 at the rate of &nbsp;&nbsp;&nbsp;&nbsp;% per annum and (ii) from, and including, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2034, during each Interest
    Reset Period, at a rate per annum equal to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date plus &nbsp;&nbsp;&nbsp;&nbsp;%.</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 2055 Notes will be payable semi-annually in arrears on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of each year (each such date, a &ldquo;2055 Interest Payment
Date&rdquo;), commencing on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024. Interest on the 2054 Notes will be payable semi-annually in arrears on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of each year (each such
date, a &ldquo;2054 Interest Payment Date&rdquo; and, together with each 2055 Interest Payment Date, each, an &ldquo;Interest Payment
Date&rdquo;), commencing on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024.</P></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; padding-left: 9pt; font-size: 10pt; text-indent: -9pt"><B>Deferral Right</B>&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt; text-align: justify; font-size: 10pt">So long as no event of default has occurred and is continuing, we may elect, in our sole discretion, at any date other than an Interest Payment Date (a &ldquo;Deferral Date&rdquo;), to defer the interest payable on either series of the Notes on one or more occasions for up to five consecutive years (a &ldquo;Deferral Period&rdquo;). There is no limit on the number of Deferral Periods that may occur. Such deferral will not constitute an event of default or any other breach under the Indenture (as defined herein). Deferred interest will accrue, compounding on each subsequent Interest Payment Date, until paid. A Deferral Period terminates on any Interest Payment Date where we pay all accrued and unpaid interest on such date. No Deferral Period may extend beyond the applicable Maturity Date. See &ldquo;Description of the Notes &mdash; Dividend Stopper Undertaking&rdquo;.</TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; width: 28%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt"><B>Dividend
Stopper <FONT STYLE="font-family: Times New Roman, Times, Serif">Undertaking</FONT>&#9;</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt; width: 72%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Unless we have
    paid all accrued and unpaid interest on the Notes, subject to certain exceptions, we will not (i)&nbsp;declare any dividends on our
    preference shares or our common shares (collectively, the &ldquo;Dividend Restricted Shares&rdquo;) or pay any interest on any class
    or series of our indebtedness currently outstanding or hereafter created that ranks on a parity with the Notes as to distributions
    upon liquidation, dissolution or winding-up (the &ldquo;Parity Notes&rdquo;), (ii)&nbsp;redeem, purchase or otherwise retire any
    Dividend Restricted Shares or Parity Notes or (iii)&nbsp;make any payment to holders of any of the Dividend Restricted Shares or
    any of the Parity Notes in respect of dividends not declared or paid on such Dividend Restricted Shares or interest not paid on such
    Parity Notes, respectively (the &ldquo;Dividend Stopper Undertaking&rdquo;).</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">It is in our
    interest to ensure that interest on the Notes is timely paid so as to avoid triggering the Dividend Stopper Undertaking. See &ldquo;Description
    of the Notes &mdash; Dividend Stopper Undertaking&rdquo; and &ldquo;Risk Factors&rdquo;.</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; padding-left: 9pt; text-indent: -9pt"><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; padding-top: 5.75pt; padding-bottom: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may, at our option, on giving not more than 60 nor less than 10 days&rsquo; notice to the Noteholders, redeem either series of the
    Notes, in whole at any time or in part from time to time, (i)&nbsp;on any day in the period commencing on (and including) the date
    falling three months prior to the applicable Initial Interest Reset Date and ending on (and including) such Initial Interest Reset
    Date and (ii)&nbsp;after such Initial Interest Reset Date, on any applicable Interest Payment Date. The redemption price per US$1,000
    principal amount of Notes redeemed on any such day will be 100% of the principal amount thereof, together with accrued and unpaid
    interest to, but excluding, the date fixed for redemption. Notes that are redeemed shall be cancelled and shall not be reissued.
    See &ldquo;Description of the Notes &mdash; Optional Redemption&rdquo;.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption
    on Tax Event or Rating Event</B></FONT><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Within
90 days following the occurrence of a Tax Event, we may, at our option, on giving not more than 60 nor less than 10 days&rsquo; notice
to the Noteholders of the applicable series, redeem all (but not less than all) of the Notes of such series at a redemption price per
US$1,000 principal amount of such Notes equal to 100% of the principal amount thereof, together with accrued and unpaid interest to but
excluding the date fixed for redemption. See &ldquo;Description of the Notes &mdash; Optional Redemption &mdash; Redemption on Tax Event
or Rating Event&rdquo;.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Within 90 days
    following the occurrence of a Rating Event, we may, at our option, on giving not more than 60 nor less than 10 days&rsquo; notice
    to the Noteholders of the applicable series, redeem all (but not less than all) of the Notes of such series at a redemption price
    per US$1,000 principal amount of such Notes equal to 102% of the principal amount thereof, together with accrued and unpaid interest
    to but excluding the date fixed for redemption. See &ldquo;Description of the Notes &mdash; Optional Redemption &mdash; Redemption
    on Tax Event or Rating Event&rdquo;.</FONT></P></TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; padding-left: 9pt; text-indent: -9pt; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subordination</B></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt; width: 72%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Notes will
    be our direct unsecured subordinated obligations. The payment of principal and interest on the Notes will be subordinated in right
    of payment to the prior payment in full of all present and future Senior Indebtedness, and will be effectively subordinated to all
    indebtedness and obligations of our subsidiaries (including Enbridge Energy Partners, L.P. and Spectra Energy Partners, LP).</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Senior
    Indebtedness&rdquo; means obligations (other than non-recourse obligations, the Notes or any other obligations specifically designated
    as being subordinate in right of payment to such obligations) of, or guaranteed or assumed by, the Corporation for borrowed money
    or evidenced by bonds, debentures or notes or obligations of the Corporation for or in respect of bankers&rsquo; acceptances (including
    the face amount thereof), letters of credit and letters of guarantee (including all reimbursement obligations in respect of each
    of the foregoing) or other similar instruments, and amendments, renewals, extensions, modifications and refundings of any such indebtedness
    or obligation.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our Senior
    Indebtedness as of March&nbsp;31, 2024 was approximately $42,337 million.</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use
    of Proceeds</B></FONT><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We estimate
    that the net proceeds from the offering of the Notes, after deducting underwriting discounts and commissions and the estimated expenses
    of the offering, will be approximately US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We intend to
    use a portion of the net proceeds from the offering of the Notes to partially fund the purchase price for the PSNC Acquisition. The
    remaining net proceeds from the offering of the Notes will be used 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></P></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Payment
    of Additional Amounts</B></FONT><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">All payments
    made by or on account of any obligation of the Corporation under or with respect to the Notes shall be made free and clear of and
    without withholding or deduction for, or on account of, any present, or future tax, duty, levy, impost, assessment or other governmental
    charge (including penalties, interest and other liabilities related thereto) imposed or levied by or on behalf of the Government
    of Canada or any province or territory thereof or by any authority or agency therein or thereof having power to tax (&ldquo;Canadian
    Taxes&rdquo;), unless the Corporation is required to withhold or deduct Canadian Taxes by law or by the interpretation or administration
    thereof by the relevant government authority or agency. If the Corporation is so required to withhold or deduct any amount for or
    on account of Canadian Taxes from any payment made under or with respect to the Notes, the Corporation shall pay as additional interest
    such additional amounts as may be necessary so that the net amount received by each Noteholder after such withholding or deduction
    shall not be less than the amount such Noteholder would have received if such Canadian Taxes had not been withheld or deducted, subject
    to certain exceptions and limitations. See &ldquo;Description of the Notes &mdash; Payment of Additional Amounts&rdquo;.</FONT></P></TD></TR>
</TABLE>

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</DIV>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; padding-left: 9pt; text-indent: -9pt; width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form</B></FONT><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt; text-align: justify; width: 72%"><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 &mdash; Book-Entry System&rdquo; in
    this prospectus supplement. Except as described under &ldquo;Description of the Notes&rdquo; in this prospectus supplement, Notes
    in certificated form will not be issued.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trustee
    and Paying Agent</B></FONT><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deutsche
    Bank Trust Company Americas.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing
    Law</B></FONT><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Notes and the Indenture (as defined herein) will be governed by </FONT><FONT STYLE="font-size: 10pt">and construed in accordance
    with the laws of the State of New York, except for the subordination provisions in Article&nbsp;7 of the thirteenth and fourteenth
    supplemental indentures to the Indenture, which will be governed by and construed in accordance with the laws of the Province of
    Alberta.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.75pt; 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"></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt; 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&nbsp;S-6 of this prospectus supplement for a discussion
    of factors that you should refer to and carefully consider before deciding to invest in the Notes.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.75pt; 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"></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="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></P></TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Material
    Income Tax Considerations</B></FONT><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 5.75pt; padding-bottom: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">For a discussion
    of material income tax considerations that may be relevant to an investment in the Notes, see &ldquo;Material Income Tax Considerations&rdquo;
    in this prospectus supplement.</FONT></P></TD></TR>

<TR>
    <TD STYLE="padding-top: 5.75pt; vertical-align: top; width: 28%; 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"></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 72%; padding-top: 5.75pt; padding-bottom: 5.75pt; 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 of 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>
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</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><A NAME="a_005"></A>Risk
Factors</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 either 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 2023 Annual
Report, 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></FONT><FONT STYLE="font-size: 10pt">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Risks Related
to the Notes</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>The Notes
are subordinated in right of payment to all of our current and future senior indebtedness and structurally subordinated to the indebtedness
of our subsidiaries.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our
obligations under the Notes will be subordinated in right of payment to all of our current and future obligations (other than non-recourse
obligations, the Notes or any other obligations specifically designated as being subordinate in right of payment to such obligations)
of, or guaranteed or assumed by, the Corporation for borrowed money or evidenced by bonds, debentures or notes or obligations of the
Corporation for or in respect of bankers&rsquo; acceptances (including the face amount thereof), letters of credit and letters of guarantee
(including all reimbursement obligations in respect of each of the foregoing) or other similar instruments, and amendments, renewals,
extensions, modifications and refundings of any such indebtedness or obligation (&ldquo;Senior Indebtedness&rdquo;). This means that
we will not be permitted to make any payments on the Notes if we default on a payment of principal of, premium, if any, or interest on
any such Senior Indebtedness or there shall occur an event of default under such Senior Indebtedness and we do not cure the default within
the applicable grace period, if the holders of the Senior Indebtedness have the right to accelerate the maturity of such indebtedness
or if the terms of such Senior Indebtedness otherwise restrict us from making payments to junior creditors. See &ldquo;Description of
the Notes &mdash; Subordination&rdquo;. Our Senior Indebtedness as of March&nbsp;31, 2024 was approximately
$42,337 million.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
addition to the contractual subordination described above, the Notes are not guaranteed by Spectra Energy Partners, LP, Enbridge Energy
Partners, L.P. or any of our other subsidiaries (including subsidiary partnerships and joint ventures through which we conduct business)
and are thus structurally subordinated to all of the debt of these subsidiaries. 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 March&nbsp;31, 2024, 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 totaled approximately $30,234 million.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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 &mdash; Covenants &mdash; Limitation on Security Interests&rdquo; in this prospectus supplement.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We may redeem
the Notes of either series before they mature, which could occur when prevailing interest rates are relatively low.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Corporation may redeem the Notes of either series in the circumstances described under &ldquo;Description of the Notes &mdash; Optional
Redemption&rdquo; and &ldquo;Description of the Notes &mdash; Optional Redemption &mdash; Redemption on Tax Event or Rating Event&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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We may defer
interest payments on the Notes at our option and in our sole discretion.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">So
long as no event of default has occurred and is continuing, subject to certain exceptions, we may elect, in our sole discretion, to defer
the interest payable on either series of the Notes on one or more occasions for up to five consecutive years as described under &ldquo;Description
of the Notes &mdash; Deferral Right&rdquo;. There is no limit on the number of Deferral Periods that may occur. Such deferral will not
constitute an event of default or any other breach under either series of the Notes and the Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>The interest
rate will reset on the applicable Initial Interest Reset Date and each subsequent applicable Interest Reset Date, and any interest payable
after an Interest Reset Date may be less than an earlier interest rate.</I></B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The interest rate on the Notes
for each Interest Reset Period will equal the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date, plus, for
the 2055 Notes, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%, and, for the 2054 Notes, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%. Therefore, the interest rate
after the applicable Initial Interest Reset Date could be less than the fixed rate for the initial five or ten-year period, and any interest
payable after a subsequent Interest Reset Date may be less than the interest rate for a prior period. We have no control over the factors
that may affect U.S. Treasury rates, including geopolitical conditions and economic, financial, political, regulatory, judicial or other
events.</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; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Historical
U.S. Treasury rates are not an indication of future U.S. Treasury rates.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the past, U.S. Treasury rates have experienced significant fluctuations. You should note that historical levels, fluctuations and trends
of U.S. Treasury rates are not necessarily indicative of future levels. Any historical upward or downward trend in U.S. Treasury rates
is not an indication that U.S. Treasury rates are more or less likely to increase or decrease at any time after the applicable Initial
Interest Reset Date, and you should not take the historical U.S. Treasury rates as an indication of future Five-Year Treasury Rates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Noteholders
will have limited rights of acceleration.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Subject
to the conditions in the Indenture, the Trustee and Noteholders of a series may accelerate payment of the principal of Notes of such
series only upon the occurrence of certain events of default, which will occur only if the Corporation (a)&nbsp;defaults on the payment
of (i)&nbsp;principal or premium, if any, when due and payable, or (ii)&nbsp;interest when due and payable and such default continues
for 30 days (subject to the Corporation&rsquo;s right, at its sole option, to defer interest payments, as described under &ldquo;Description
of the Notes &mdash; Deferral Right&rdquo;) on such series, (b)&nbsp;files for bankruptcy or other specified events of bankruptcy, insolvency,
receivership or reorganization occur with respect to the Corporation, or (c)&nbsp;defaults in the performance or breach of any other
covenant or warranty in the indenture, which default continues uncured for a period of 60 days after we receive written notice from the
trustee or we and the trustee receive written notice from the holders of not less than 25% in principal amount of the outstanding debt
securities of that series as provided in the indenture. The Trustee and Noteholders of a series will not have the right to accelerate
payment of the principal of Notes of such series upon the breach of other covenants in the Indenture, although a legal action could be
brought to enforce such covenant. See &ldquo;Description of the Notes &mdash; Events of Default&rdquo; in this prospectus supplement.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We cannot
provide assurance that an active trading market will develop for either series of the Notes.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Each
series of the Notes will constitute a new series 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 either series of the Notes will develop or, if developed, that it will continue. We cannot assure
you that the market, if any, for either 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We or any
of our affiliates may assume the duties of the Calculation Agent and may have economic interests adverse to the interests of the holders
of the Notes.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Calculation Agent (as defined herein) will make certain determinations regarding the interest rate for each Interest Reset Period. We
or any of our affiliates may assume the duties of the Calculation Agent for the Notes. Any exercise of discretion by us or our affiliates
acting as Calculation Agent could present a conflict of interest. In making the required determinations, decisions and elections, we
or our affiliates may have economic interests that are adverse to the interests of holders of the Notes, and those determinations, decisions
or elections could have a material adverse effect on the yield on, value of and market for the Notes. Any determination made by us or
our affiliates, acting as the Calculation Agent, will be final and binding absent manifest error.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Rating agencies
may change their practices for rating the Notes, which change may affect the market price of the Notes.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
rating agencies that currently publish a rating for us, each of which is expected to initially publish a rating of the Notes, or those
that may in the future publish a rating for us, may, from time to time in the future, change the way they analyze securities with features
similar to the Notes. If the rating agencies change their practices for rating these types of securities in the future, and the ratings
of the Notes are subsequently lowered, that could have a negative impact on the trading prices of the Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We intend
to use a portion of the net proceeds from this offering to partially fund the purchase price for the PSNC Acquisition. However, this
offering is not conditioned upon the closing of the PSNC Acquisition, and we will have broad discretion to determine alternative uses
of the proceeds.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
described under &ldquo;Use of Proceeds,&rdquo; we intend to use a portion of the net proceeds from this offering to partially fund the
purchase price for the PSNC Acquisition. However, this offering is not conditioned upon the closing of the PSNC Acquisition. If the PSNC
Acquisition is not consummated, we will have broad discretion in the application of the net proceeds from this offering, such as using
the net proceeds from this offering to reduce our existing indebtedness, finance future growth opportunities, including acquisitions,
finance our capital expenditures or for other general corporate purposes, and purchasers of the Notes in this offering will not have
the opportunity as part of their investment decision to assess whether the net proceeds are being used appropriately.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><A NAME="a_006"></A>Consolidated
Capitalization</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
following table summarizes our consolidated capitalization as of March&nbsp;31, 2024 on:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            actual basis; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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 &ldquo;Use of Proceeds&rdquo; in this prospectus supplement.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">You
should read this table together with our &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo;,
the consolidated financial statements and related notes thereto and the unaudited consolidated financial statements for the quarter ended
March&nbsp;31, 2024 and the related notes thereto in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572824000013/enb-20240331.htm" STYLE="-sec-extract: exhibit">Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2024</A>,
which are incorporated by reference in this prospectus supplement and the accompanying prospectus. All U.S. dollar amounts in the following
table have been converted to Canadian dollars using the exchange rate on March&nbsp;28, 2024 of US$1.00 per $1.3533 as published by Thomson
Reuters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">As of March&nbsp;31, 2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Actual</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">As Adjusted <BR>
for the Notes</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold"><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; padding-bottom: 2.5pt; width: 74%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt"><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: 2.5pt; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; width: 10%; font-size: 10pt; text-align: right">1,214</TD><TD STYLE="padding-bottom: 2.5pt; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; width: 10%; font-size: 10pt; text-align: right">1,214</TD><TD STYLE="padding-bottom: 2.5pt; width: 1%; 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; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">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="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 23.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term debt (excluding current portion)<SUP>(2)</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">81,386</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">81,386</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; text-indent: -9.35pt; padding-left: 23.75pt">2055 Notes offered hereby (US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 23.75pt">2054 Notes offered hereby (US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)&#9;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 38.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total long-term debt<SUP>(2)</SUP>&#9;</B></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">81,386</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">&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="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">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="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; padding-left: 0.4in">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="font: 10pt Times New Roman, Times, Serif; text-indent: -0.2in; padding-left: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common shares<SUP>(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">69,201</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">69,201</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; text-indent: -0.2in; padding-left: 0.4in">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">274</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">274</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-indent: -0.2in; padding-left: 0.4in">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">(15,696</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">(15,696</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-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.2in; padding-left: 0.4in">Accumulated other comprehensive income&#9;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,664</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,664</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 38.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Enbridge Inc. shareholders&rsquo; equity<SUP>(3)</SUP>&#9;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">64,261</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">64,261</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 38.15pt">Total capitalization&#9;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">145,647</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B></B></FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cash
                                            and cash equivalents on an adjusted basis exclude the net proceeds from this offering.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">As
                                            at March&nbsp;31, 2024, long-term debt includes $10,099 million of outstanding commercial
                                            paper borrowings and credit facility draws and excludes the Corporation&rsquo;s issuance
                                            of US$750,000,000 aggregate principal amount of 5.250% Senior Notes due 2027, US$750,000,000
                                            aggregate principal amount of 5.300% Senior Notes due 2029, US$1,200,000,000 aggregate principal
                                            amount of 5.625% Senior Notes due 2034 and US$800,000,000 aggregate principal amount of 5.950%
                                            Senior Notes due 2054 on April&nbsp;5, 2024 (collectively, the &ldquo;April&nbsp;2024 Notes&rdquo;)
                                            and the Notes offered hereby. Long-term debt on an as adjusted basis does not reflect the
                                            approximately US$1,250 million ($1,692 million, based on an exchange rate of US$1.00 per
                                            $1.3533, which was the exchange rate published by Thomson Reuters on March&nbsp;28, 2024)
                                            of outstanding debt which we assumed in connection with the closing of the Questar Acquisition,
                                            nor the outstanding debt which we expect to assume in connection with the closing of the
                                            PSNC Acquisition, assuming the PSNC Acquisition is consummated.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Common shares and Total Enbridge
Inc. shareholders&rsquo; equity on an adjusted basis exclude any impact of the Corporation&rsquo;s
at-the-market program.</FONT></TD>
</TR></TABLE>

<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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><A NAME="a_007"></A>Use
of Proceeds</B></FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="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
this offering, will be approximately US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">We
intend to use a portion of the net proceeds from the offering of the Notes to partially fund the purchase price for the PSNC Acquisition.
The remaining net proceeds from the offering of the Notes will be used to reduce our existing indebtedness, to finance future growth
opportunities, including acquisitions, if any, and capital expenditures or for other general corporate purposes. Pending such applications,
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.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><A NAME="a_008"></A>Description
of the Notes</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>The
following description of the terms of the Notes supplements, and to the extent inconsistent therewith supersedes, the description of
the general terms and provisions of debt securities 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.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>The
Notes of each series will be issued under an indenture, dated as of February&nbsp;25, 2005 (as amended and supplemented from time to
time, the &ldquo;Indenture&rdquo;), between the Corporation 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.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>The
Notes will not be entitled to the benefit of any sinking fund and will not be listed on any automated quotation system. We do not intend
to apply for listing of the Notes on any securities exchange.</I></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 2055 Notes will mature
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2055 (the &ldquo;2055 Maturity Date&rdquo;) and the 2054 Notes will mature on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2054 (the &ldquo;2054 Maturity Date&rdquo; and, together
with the 2055 Maturity Date, each, a &ldquo;Maturity Date&rdquo;).</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; text-align: justify; text-indent: 0.5in">The 2055 Notes will bear interest
(i) from, and including, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024 to, but not including, the applicable Initial Interest Reset Date at the rate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% per annum and (ii)
from, and including, the applicable Initial Interest Reset Date, during each Interest Reset Period, at a rate per annum equal to the Five-Year
Treasury Rate as of the most recent Reset Interest Determination Date plus &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%.</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; text-align: justify; text-indent: 0.5in">The 2054 Notes will bear interest
(i) from, and including, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024 to, but not including, the applicable Initial Interest Reset Date at the rate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% per annum and (ii)
from, and including, the applicable Initial Interest Reset Date, during each Interest Reset Period, at a rate per annum equal to the Five-Year
Treasury Rate as of the most recent Reset Interest Determination Date plus &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%.</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; text-align: justify; text-indent: 0.5in">Interest on the 2055 Notes will be payable semi-annually in arrears on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of each year (each such date, a &ldquo;2055 Interest Payment
Date&rdquo;), commencing on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024, subject to deferral as described under &ldquo;&mdash; Deferral Right&rdquo;. Interest on the 2054
Notes will be payable semi-annually in arrears on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;of each year (each such date, a &ldquo;2054 Interest Payment Date&rdquo; and, together
with each 2055 Interest Payment Date, each, an &ldquo;Interest Payment Date&rdquo;), commencing on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;, 2024, subject to deferral as described
under &ldquo;&mdash; Deferral Right&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Interest
on the Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months and, for any period shorter than six
months, on the basis of the actual number of days elapsed per 30-day month. For the purposes of disclosure under the <I>Interest Act
</I>(Canada), and without affecting the interest payable on the Notes, whenever the interest rate on the Notes is to be calculated on
the basis of a period of less than a calendar year, the yearly interest rate equivalent for such interest rate will be the interest rate
multiplied by the actual number of days in the relevant calendar year and divided by the number of days used in calculating the specified
interest rate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an Interest Payment Date
or the applicable Maturity Date falls on a day that is not a business day, the payment of interest, principal or premium due on such day
will be postponed to the next business day, and no further interest, principal or premium, as applicable, will accrue in respect of such
postponement.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
all of the outstanding Notes of a series are to be redeemed or have been redeemed as of the applicable Initial Interest Reset Date, we
will appoint a calculation agent (the &ldquo;Calculation Agent&rdquo;) with respect to the Notes prior to the Reset Interest Determination
Date preceding the Initial Interest Reset Date. We or any of our affiliates may assume the duties of the Calculation Agent. The applicable
interest rate for each Interest Reset Period will be determined by the Calculation Agent as of the applicable Reset Interest Determination
Date. Promptly upon such determination, the Calculation Agent, if other than us or our affiliate, will notify us of the interest rate
for the relevant Interest Reset Period. We will then promptly notify the Trustee, if other than the Calculation Agent, of such interest
rate. The Calculation Agent&rsquo;s determination of any interest rate and its calculation of the amount of interest for any Interest
Reset Period beginning on or after the Initial Interest Reset Date will be conclusive and binding absent manifest error, may be made
in the Calculation Agent&rsquo;s sole discretion and, notwithstanding anything to the contrary in the documentation relating to the Notes,
will become effective without consent from any other person or entity. Such determination of any interest rate and calculation of the
amount of interest will be on file at our principal offices and will be made available to any holder of the Notes upon request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Five-Year
Treasury Rate&rdquo; means, as of any Reset Interest Determination Date, as applicable, (1)&nbsp;the yield, under the heading which represents
the average for the immediately preceding week, appearing in the most recently published H.15 (as defined below), for the U.S. Treasury
security with a maturity of five years from the next Interest Reset Date and trading in the public securities market or (2)&nbsp;if there
is no such published U.S. Treasury security with a maturity of five years from the next Interest Reset Date and trading in the public
securities market, the rate will be determined by the Calculation Agent by interpolation or extrapolation on a straight line basis between
the most recent weekly average yield to maturity for two series of U.S. Treasury securities trading in the public securities market,
(A)&nbsp;one maturing as close as possible to, but earlier than, the Interest Reset Date following the next succeeding Reset Interest
Determination Date, and (B)&nbsp;the other maturing as close as possible to, but later than, the Interest Reset Date following the next
succeeding Reset Interest Determination Date, in each case as published in the most recently published H.15.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
the H.15 is no longer published or the Five-Year Treasury Rate cannot be determined pursuant to the methods described in clauses (1)&nbsp;or
(2)&nbsp;above, then the Five-Year Treasury Rate will be the Five-Year Treasury Rate in effect for the prior Interest Reset Period, or,
in the case of the Initial Interest Reset Date, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;H.15&rdquo;
means the daily statistical release designated as such, or any successor publication as determined by the Calculation Agent in its sole
discretion, published by the Board of Governors of the United States Federal Reserve System, and &ldquo;most recently published H.15&rdquo;
means the H.15 published closest in time but prior to the close of business on the applicable Reset Interest Determination Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Initial
Interest Reset Date&rdquo; means &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2030, with respect to the 2055 Notes, and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2034, with respect to the 2054 Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Interest
Reset Date&rdquo; means the applicable Initial Interest Reset Date and each date falling on the five-year anniversary of the preceding
Interest Reset Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Interest
Reset Period&rdquo; means the period from and including the applicable Initial Interest Reset Date to, but not including, the next following
Interest Reset Date for a series of the Notes and thereafter each period from and including each Interest Reset Date to, but not including,
the next following Interest Reset Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Reset
Interest Determination Date&rdquo; means, in respect of any Interest Reset Period, the day falling two business days prior to the beginning
of such Interest Reset Period.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Notes will be issued only in minimum denominations of US$2,000 and integral multiples of US$1,000 in excess thereof.</FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">So
long as no event of default has occurred and is continuing, we may elect, in our sole discretion, at any date other than an Interest
Payment Date (a &ldquo;Deferral Date&rdquo;), to defer the interest payable on either series of the Notes on one or more occasions
for up to five consecutive years (a &ldquo;Deferral Period&rdquo;). There is no limit on the number of Deferral Periods that may
occur. Such deferral will not constitute an event of default or any other breach under the Indenture and the Notes. Deferred
interest will accrue, compounding on each subsequent Interest Payment Date, until paid. A Deferral Period terminates on any Interest
Payment Date where the Corporation pays all accrued and unpaid interest on such date. No Deferral Period may extend beyond the
applicable Maturity Date. We will give the holders of the Notes (the &ldquo;Noteholders&rdquo;) written notice of our election to
commence or continue a Deferral Period at least 10 and not more than 60 days before the next Interest Payment Date.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
we have paid all accrued and unpaid interest on the Notes, we will not (the &ldquo;Dividend Stopper Undertaking&rdquo;):</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">declare
                                            any dividends on the Dividend Restricted Shares or pay any interest on any Parity Notes (other
                                            than stock dividends on Dividend Restricted Shares);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">redeem,
                                            purchase or otherwise retire any Dividend Restricted Shares or Parity Notes (except (i)&nbsp;with
                                            respect to Dividend Restricted Shares, out of the net cash proceeds of a substantially concurrent
                                            issue of Dividend Restricted Shares or (ii)&nbsp;pursuant to any purchase obligation, sinking
                                            fund, retraction privilege or mandatory redemption provisions attaching to any series of
                                            Dividend Restricted Shares); or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">make
                                            any payment to holders of any of the Dividend Restricted Shares or any of the Parity Notes
                                            in respect of dividends not declared or paid on such Dividend Restricted Shares or interest
                                            not paid on such Parity Notes, respectively.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Dividend
Restricted Shares&rdquo; means, collectively, our preference shares and our common shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Parity
Notes&rdquo; means any class or series of our indebtedness currently outstanding or hereafter created that ranks on a parity with the
Notes as to distributions upon liquidation, dissolution or winding-up.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">It
is in our interest to ensure that interest on the Notes is timely paid so as to avoid triggering the Dividend Stopper Undertaking.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Corporation may, at its option, on giving not more than 60 nor less than 10 days&rsquo; notice to the Noteholders of the applicable series,
redeem such series of the Notes, in whole at any time or in part from time to time, (i)&nbsp;on any day in the period commencing on (and
including) the date falling three months prior to the applicable Initial Interest Reset Date and ending on (and including) such Initial
Interest Reset Date and (ii)&nbsp;after such Initial Interest Reset Date, on any applicable Interest Payment Date. The redemption price
per US$1,000 principal amount of Notes redeemed will be 100% of the principal amount thereof, together with accrued and unpaid interest
to, but excluding, the date fixed for redemption. Notes that are redeemed shall be cancelled and shall not be reissued.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the event that the Corporation redeems or purchases any of the Notes of a series, the Corporation intends (without thereby assuming a
legal obligation) to do so only to the extent the aggregate redemption or purchase price is equal to or less than the net proceeds, if
any, received by the Corporation from new issuances during the period commencing on the 360th calendar day prior to the date of such
redemption or purchase of securities which are assigned, at the time of sale or issuance, an aggregate equity credit that is equal to
or greater than the equity credit assigned to the Notes of such series to be redeemed or repurchased (but taking into account any changes
in hybrid capital methodology or another relevant methodology or the interpretation thereof since the issuance of the Notes of such series),
unless:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">the
                                            Notes of such series are redeemed pursuant to a Rating Event or a Tax Event (each as defined
                                            herein); or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-size: 10pt">such
                                            redemption or purchase of the Notes of such series occurs on or after &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2034.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Redemption
on Tax Event or Rating Event</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Within
90 days following the occurrence of a Tax Event, the Corporation may, at its option, on giving not more than 60 nor less than 10 days&rsquo;
notice to the Noteholders of the applicable series, redeem all (but not less than all) of the Notes of such series. The redemption price
per US$1,000 principal amount of Notes of such series will be equal to 100% of the principal amount thereof, together with accrued and
unpaid interest to but excluding the date fixed for redemption.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A
 &ldquo;Tax Event&rdquo; means the Corporation (or 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;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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Within
90 days following the occurrence of a Rating Event, the Corporation may, at its option, on giving not more than 60 nor less than 10 days&rsquo;
notice to the Noteholders of the applicable series, redeem all (but not less than all) of the Notes of such series. The redemption price
per US$1,000 principal amount of Notes of such series will be equal to 102% of the principal amount thereof, together with accrued and
unpaid interest to but excluding the date fixed for redemption.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A
 &ldquo;Rating Event&rdquo; means Moody&rsquo;s, S&amp;P, DBRS or Fitch that then publishes a rating for us (a &ldquo;rating agency&rdquo;)
amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Notes, which amendment, clarification
or change results in (a)&nbsp;the shortening of the length of time a series of the Notes are assigned a particular level of equity credit
by that rating agency as compared to the length of time they would have been assigned that level of equity credit by that rating agency
or its predecessor on the initial issuance of the Notes; or (b)&nbsp;the lowering of the equity credit (including up to a lesser amount)
assigned to a series of the Notes by that rating agency compared to the equity credit assigned by that rating agency or its predecessor
on the initial issuance of such series of the Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
a redemption date falls on a day that is not a business day, such redemption date will be postponed to the next business day, and no
further interest will accrue in respect of such postponement.</FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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 the Notes) affected by such modification
or amendment; <I>provided</I>, <I>however</I>, 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
holders of a majority of the principal amount of either 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 either 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Indenture provides that, at its option, the Corporation will be discharged from any and all obligations in respect of the outstanding
notes of either 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.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Notes will be direct unsecured subordinated obligations of the Corporation. The payment of principal and interest on the Notes, to the
extent provided in the Indenture, will be subordinated in right of payment to the prior payment in full of all present and future Senior
Indebtedness, and will be effectively subordinated to all indebtedness and obligations of the Corporation&rsquo;s subsidiaries (including
Enbridge Energy Partners, L.P. and Spectra Energy Partners, LP).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the event (i)&nbsp;of any insolvency or bankruptcy proceedings or any receivership, liquidation, reorganization or other similar proceedings
in respect of the Corporation or a substantial part of its property, or of any proceedings for liquidation, dissolution or other winding-up
of the Corporation, or (ii)&nbsp;subject to the subordination provisions in the Indenture that a default shall have occurred with respect
to payments due on any Senior Indebtedness, or there shall have occurred an event of default (other than a default in payment) in respect
of any Senior Indebtedness permitting the holder or holders thereof to accelerate the maturity thereof, or (iii)&nbsp;that the principal
of and accrued interest on the Notes shall have been declared due and payable pursuant to the Indenture and such declaration shall not
have been rescinded and annulled as provided therein, then the holders of Senior Indebtedness shall first be entitled to receive payment
of the full amount due thereon before the Noteholders are entitled to receive a payment on account of the principal or interest on the
Notes, including, without limitation, any payments made pursuant to any redemption or purchase for cancellation.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Senior
Indebtedness&rdquo; means obligations (other than non-recourse obligations, the Notes or any other obligations specifically designated
as being subordinate in right of payment to Senior Indebtedness) of, or guaranteed or assumed by, the Corporation for borrowed money
or evidenced by bonds, debentures or notes or obligations of the Corporation for or in respect of bankers&rsquo; acceptances (including
the face amount thereof), letters of credit and letters of guarantee (including all reimbursement obligations in respect of each of the
foregoing) or other similar instruments, and amendments, renewals, extensions, modifications and refundings of any such indebtedness
or obligation, not including our US$750,000,000 6.00% Fixed-to-Floating Rate Subordinated Notes Series&nbsp;2016-A due 2077, US$1,000,000,000
5.50% Fixed-to-Floating Rate Subordinated Notes Series&nbsp;2017-A due 2077, $1,650,000,000 5.375% Fixed-to-Floating Rate Subordinated
Notes Series&nbsp;2017-B due 2077, US$850,000,000 6.250% Fixed-to-Floating Rate Subordinated Notes Series&nbsp;2018-A due 2078, $750,000,000
6.625% Fixed-to-Floating Rate Subordinated Notes Series&nbsp;2018-C due 2078, US$1,000,000,000 5.750% Fixed-to-Fixed Rate Subordinated
Notes Series&nbsp;2020-A due 2080, $750,000,000 5.00% Fixed-to-Fixed Rate Subordinated Notes Series&nbsp;2022-A due 2082, US$500,000,000
7.375% Fixed-to-Fixed Rate Subordinated Notes Series&nbsp;2022-B due 2083, US$600,000,000 7.625% Fixed-to-Fixed Rate Subordinated Notes
Series&nbsp;2022-C due 2083, US$750,000,000 8.250% Fixed-to-Fixed Rate Subordinated Notes Series&nbsp;2023-A due 2084, US$1,250,000,000
8.500% Fixed-to-Fixed Rate Subordinated Notes Series&nbsp;2023-B due 2084, $300,000,000 8.495% Fixed-to-Fixed Rate Subordinated Notes
Series&nbsp;2023-C due 2084 and $700,000,000 8.747% Fixed-to-Fixed Rate Subordinated Notes Series&nbsp;2023-D due 2084. As of March&nbsp;31,
2024, the Corporation&rsquo;s Senior Indebtedness totaled approximately $42,337 million.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">An
event of default in respect of a series of the Notes will occur only if the Corporation (a)&nbsp;defaults on the payment of (i)&nbsp;principal
or premium, if any, when due and payable, or (ii)&nbsp;interest when due and payable and such default continues for 30 days (subject
to the Corporation&rsquo;s right, at its sole option, to defer interest payments, as described under &ldquo;Description of the Notes
 &mdash; Deferral Right&rdquo;) on such series, (b)&nbsp;files for bankruptcy or other specified events of bankruptcy, insolvency, receivership
or reorganization occur with respect to the Corporation, or (c)&nbsp;defaults in the performance or breach of any other covenant or warranty
in the indenture, which default continues uncured for a period of 60 days after we receive written notice from the trustee or we and
the trustee receive written notice from the holders of not less than 25% in principal amount of the outstanding debt securities of that
series as provided in the indenture. For the avoidance of doubt, the events of default stated in this section shall be the only events
of default applicable to the Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">There
will be no right of acceleration in the case of a default in the performance of any other covenant of the Corporation in the Indenture,
although a legal action could be brought to enforce such covenant. For the avoidance of doubt, the events of default stated in this section
shall be the only events of default applicable to the Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
an event of default has occurred and is continuing, then the Corporation shall be deemed to be in default under the Indenture and such
series of the Notes and the Trustee may, in its discretion and shall upon the request of holders of not less than one-quarter of the
principal amount of such series of Notes then outstanding under the Indenture, demand payment of the principal or premium, if any, together
with any accrued and unpaid interest up to (but excluding) such date, which shall immediately become due and payable in cash, and may
institute legal proceedings for the collection of such aggregate amount in the event the Corporation fails to make payment thereof upon
such demand.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Security
                                            Interests securing Purchase Money Obligations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Security
                                            Interests securing Non-Recourse Debt;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Security
                                            Interests in favor of the Corporation&rsquo;s subsidiaries;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Security
                                            Interests on or against cash or marketable debt securities pledged to secure Financial Instrument
                                            Obligations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Security
                                            Interests in respect of certain:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">i.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">liens for taxes,
                                            assessments and workmen&rsquo;s compensation assessments, unemployment insurance or other
                                            social security obligations,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">ii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">liens and
                                            certain rights under leases,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">iii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">iv.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">v.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">rights of governmental
                                            or public authorities under statute or the terms of leases, licenses, franchises, grants
                                            or permits,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">vi.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">undetermined
                                            or inchoate liens incidental to the operations of the Corporation,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">vii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Security
                                            Interests contested in good faith by the Corporation or for which payment is deposited with
                                            the Trustee,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">viii.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">easements,
                                            rights-of-way and servitudes,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">ix.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">security to
                                            public utilities, municipalities or governmental or other public authorities,</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">x.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">liens and privileges
                                            arising out of judgments or awards, and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">xi.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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 labour, materials and supplies which, if unpaid,
might by law become a lien upon the property of the Corporation, in each case, 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; <I>provided</I> 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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;
<I>provided</I> 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.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>Mergers, Consolidations and Sales
of Assets</I></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the successor
                                            to the consolidation, amalgamation, merger or arrangement is organized under the laws of
                                            Canada, or any Province or Territory, the United States of America, or any State 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;</FONT></TD></TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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 for purposes of 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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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;;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">for or
                                            on account of any estate, inheritance, gift, sales, transfer, personal property tax or any
                                            similar tax, assessment or other governmental charge;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 10pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 10pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-size: 10pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">for any
                                            combination of items (a), (b), (c), (d), (e), (f)&nbsp;and (g);</FONT></TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Euroclear
is incorporated under the laws of Belgium as a bank and is subject to regulation by the Belgian Banking, Finance and Insurance Commission
(<I>La Commission Bancaire, Financi&egrave;re et des Assurances</I>) and the National Bank of Belgium (<I>Banque Nationale de Belgique</I>).
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.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Clearstream
is a duly licensed bank organized as a <I>soci&eacute;t&eacute; anonyme</I> incorporated under the laws of Luxembourg and is subject
to regulation by the Luxembourg Commission for the Supervision of the Financial Sector (<I>Commission de Surveillance du Secteur Financier</I>).
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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Global Clearance
and Settlement Procedures</I></B></FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Consent to Jurisdiction and Service</B></FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Notes and the Indenture will be governed by and construed in accordance with the laws of the State of New York, except for the subordination
provisions in Article&nbsp;7 of the thirteenth and fourteenth supplemental indentures to the Indenture, which will be governed by and
construed in accordance with the laws of the Province of Alberta.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Indenture contains, among others, definitions substantially to the following effect:</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all goodwill,
                                            deferred assets, trademarks, copyrights and other similar intangible assets;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">minority
                                            interests;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">non-cash
                                            current assets; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-Recourse
                                            Assets to the extent of the outstanding Non-Recourse Debt financing of such assets.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<I>Financial
Instrument Obligations</I>&rdquo; means obligations arising under:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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;</FONT></TD></TR></TABLE>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">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.</FONT></TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><A NAME="a_009"></A>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Material
Income Tax Considerations</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Material
United States Federal Income Tax Considerations</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section describes the material United&nbsp;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&nbsp;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&nbsp;States
federal income tax purposes, a person that purchases or sells Notes as part of a wash sale for United&nbsp;States federal income tax
purposes, a tax deferred or other retirement account, a partnership, S&nbsp;corporation or other pass-through entity, or a person whose
functional currency for tax purposes is not the United&nbsp;States dollar. This section addresses only certain U.S.&nbsp;federal income
tax consequences and does not address any state, local or non-U.S.&nbsp;tax consequences, or any tax consequences arising under the Medicare
contribution tax on net investment income or</FONT> <FONT STYLE="font-size: 10pt">the estate, gift or alternative minimum tax provisions
of the Internal Revenue Code of 1986, as amended (the&nbsp;&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.</FONT></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Interest Income and Original Issue
Discount</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">It
is expected, and assumed for purposes of this discussion that, subject to the discussion below, the Notes will not be issued with original
issue discount (&ldquo;OID&rdquo;) for U.S. federal income tax purposes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Treasury
Regulations provide that the possibility that interest on the Notes might be deferred could result in the Notes being treated as issued
with OID, unless the likelihood of such deferral is remote due to the terms and conditions of the Notes. We believe that the likelihood
of interest deferral is remote due to the Dividend Stopper Undertaking and therefore that the possibility of such deferral will not result
in the Notes being treated as issued with OID. Accordingly, interest paid on the Notes should be taxable to a United States holder as
ordinary interest income at the time it accrues or is received in accordance with such United States holder&rsquo;s method of accounting
for United States federal income tax purposes. However, no rulings or other interpretations have been issued by the IRS that address
the meaning of the term &ldquo;remote&rdquo;, as used in the applicable Treasury regulations, and there can be no assurance that the
IRS or a court will agree with our position.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
the possibility of interest deferral were determined not to be remote, or if interest were in fact deferred, the Notes would be treated
as issued with OID at the time of issuance, or at the time of such deferral, as the case may be, and all stated interest, or if interest
is in fact deferred all stated interest due after such deferral, would be treated as OID. In such case, a United States holder would
be required to include interest in income as it accrued, regardless of the holder&rsquo;s regular method of accounting, using the constant-yield-to-maturity
method of accrual, before such United States holder received any payment attributable to such income, and would not separately report
the actual cash payments of interest on the Notes as taxable income.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Interest
paid by us on the Notes is income from sources outside the United&nbsp;States for purposes of the rules&nbsp;regarding the foreign tax
credit allowable to a United&nbsp;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&nbsp;States foreign tax credit are complex, and you are urged to consult
your tax advisor regarding the availability of claiming a United&nbsp;States foreign tax credit under your particular circumstances.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Purchase, Sale and Retirement of
the Notes</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Backup Withholding and Information
Reporting</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Information with Respect to Foreign
Financial Assets</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Material
Canadian Income Tax Considerations</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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 and is not a &ldquo;specified
entity&rdquo; in respect of any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of the Notes;
(vi)&nbsp;is entitled to all payments under the Notes; and (vii)&nbsp;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)&nbsp;of the Tax Act.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><A NAME="a_010"></A>Underwriting</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">J.P.
Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc. and Truist Securities,&nbsp;Inc. are acting as representatives
of the underwriters named below.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 33%">Underwriter</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 33%; text-align: center">Principal Amount<BR> of 2055 Notes</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 32%; text-align: center">Principal Amount<BR> of 2054 Notes</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; text-indent: -9pt; padding-left: 9pt">J.P. Morgan Securities LLC&#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">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Mizuho Securities USA LLC&#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">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">MUFG Securities Americas Inc.&#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">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Truist Securities,&nbsp;Inc.&#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">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -9pt; padding-left: 0.25in">Total&#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">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">US$</TD></TR>
  </TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The underwriters propose to
offer the Notes directly to the public at the public offering price set forth on the cover page of this prospectus supplement and may
offer the Notes to dealers at the public offering price less a concession not to exceed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the principal amount of the 2055 Notes and
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the principal amount of the 2054 Notes. The underwriters may allow, and dealers may reallow, a concession not to exceed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the
principal amount of the 2055 Notes and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
connection with the offering of the Notes, each of J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc.
and Truist Securities,&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 the 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 the offering is in progress.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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 J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities
Americas Inc. and Truist Securities,&nbsp;Inc. to engage in these activities.</FONT></P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Paid by Enbridge</TD><TD STYLE="padding-bottom: 1pt; font: bold 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="width: 82%; font: 10pt Times New Roman, Times, Serif; text-indent: -9pt; padding-left: 9pt">Per 2055 Note&#9;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="width: 1%; 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: -9pt; padding-left: 9pt">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"></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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
estimate that our total expenses for this offering, excluding underwriting discounts and commissions, will be US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Notes are not being offered in and may not be sold to any persons in Canada.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
at March&nbsp;31, 2024, the Corporation had approximately $1,255 million and US$169 million of outstanding unsecured indebtedness under
its unsecured credit facilities. In addition, as at March&nbsp;31, 2024, approximately $5,065 million and US$2,871 million of its 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
the offering of the Notes to pay down short-term debt, and, as a consequence, net proceeds from the offering may be paid to one or more
lenders who are affiliated with the underwriters.</FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">A
prospectus supplement in electronic format may be made available on the websites maintained by one or more of the underwriters.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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;). Under Rule&nbsp;15c6-1 of the U.S. Exchange
Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly
agree otherwise. Accordingly, purchasers who wish to trade Notes more than one business day 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Notice to Prospective Investors in
the European Economic Area</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Notice to Prospective Investors in
the United Kingdom</B></FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Notice&nbsp;to Prospective Investors
in People&rsquo;s Republic of&nbsp;China</B></FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Notes are not
being offered or sold and may not be offered or sold, directly or indirectly, in the People&rsquo;s Republic of China, or the &ldquo;PRC&rdquo;
(for such purposes, not including the Hong Kong and Macau Special Administrative Regions or Taiwan), except as permitted by the securities
laws of the PRC.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Notice to Prospective Investors in
Hong Kong</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Notice to Prospective Investors in
Japan</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Notice to Prospective Investors in
Singapore</B></FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Notice to Prospective Investors in
Switzerland</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Notice to Prospective Investors in
Australia</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Notice to Prospective Investors in
Dubai</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Notice to Prospective Investors in
the Abu Dhabi Global Market</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Notice to Prospective Investors in
the Republic of Italy</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to qualified
                                            investors (investitori qualificati), 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Notice to Prospective Investors in
Korea</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Notice to Prospective Investors in
Taiwan</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Notice to Prospective Investors in
the United Arab Emirates</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><A NAME="a_011"></A>Validity
of Securities</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B><A NAME="a_012"></A>Experts</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
consolidated financial statements and management&rsquo;s assessment of the effectiveness of internal control over financial reporting
(which is included in Management&rsquo;s Report on Internal Control Over Financial Reporting) incorporated in this prospectus supplement
by reference to the <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572824000007/enb-20231231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2023</A> have been so incorporated in reliance
on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as
experts in auditing and accounting.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="tm2417824d1_424b5img01.jpg" ALT="">&nbsp;</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may from time to time
offer our debt securities (which may be guaranteed by our wholly owned subsidiaries, Spectra Energy Partners, LP (&ldquo;<B>SEP</B>&rdquo;)
and Enbridge Energy Partners, L.P. (&ldquo;<B>EEP</B>&rdquo;)), common shares and cumulative redeemable preference shares (the &ldquo;<B>preference
shares</B>&rdquo; and, together with our debt securities, the subsidiary guarantees of our debt securities (the &ldquo;<B>guarantees</B>&rdquo;)
and our common shares, the &ldquo;<B>Securities</B>&rdquo;). We may offer the Securities separately or together, in separate series or
classes and in amounts, at prices and on terms described in one or more supplements to this prospectus (the &ldquo;<B>Prospectus</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The specific variable terms
of any offering of Securities will be set forth in one or more supplements to this Prospectus (each, a &ldquo;<B>Prospectus Supplement</B>&rdquo;)
including, where applicable: (i)&nbsp;in the case of common shares or preference shares, the number of shares offered and the offering
price; and (ii)&nbsp;in the case of debt securities, the designation, any limit on the aggregate principal amount, the currency or currency
unit, the maturity, the offering price, whether payment on the debt securities will be senior or subordinated to our other liabilities
and obligations, whether the debt securities will bear interest, the interest rate or method of determining the interest rate, any terms
of redemption, any conversion or exchange rights, whether the debt securities will be guaranteed and any other specific terms of the
debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Corporation&rsquo;s
common shares are listed on the New York Stock Exchange (the &ldquo;<B>NYSE</B>&rdquo;) and the Toronto Stock Exchange (the &ldquo;<B>TSX</B>&rdquo;)
under the symbol &ldquo;ENB&rdquo;. Certain series of the Corporation&rsquo;s preference shares are listed on the TSX. On July&nbsp;28,
2022, the last reported sales price of our common shares on the NYSE was US$44.71 per share and the last reported sales price of our
common shares on the TSX was Cdn$57.30 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Securities may be sold
directly, on a continuous or delayed basis, through dealers or agents designated from time to time, to or through underwriters or through
a combination of these methods. See &ldquo;<I>Plan of Distribution</I>&rdquo; in this Prospectus. We may also describe the plan of distribution
for any particular offering of the Securities in any applicable Prospectus Supplement. If any agents, underwriters or dealers are involved
in the sale of any securities in respect of which this Prospectus is being delivered, we will disclose their names and the nature of
our arrangements as well as the net proceeds we expect to receive from any such sale, in the applicable Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You should read this Prospectus
and any accompanying Prospectus Supplement carefully before you invest in the Securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The enforcement by investors
of civil liabilities under United States federal securities laws may be affected adversely by the fact that the Corporation is incorporated
under the laws of Canada, that at certain points in time, most of its officers and directors may be residents of Canada, that some of
the experts named in this Prospectus are residents of Canada, and that all or a substantial portion of the assets of the Corporation
and said persons are located outside the United States.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Investing in these Securities
involves certain risks. To read about certain factors you should consider before buying any of the Securities, see &ldquo;<I>Risk Factors</I>&rdquo;
section on page&nbsp;7 of this Prospectus and on page&nbsp;42 of our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572822000011/enb-20211231.htm" STYLE="-sec-extract: exhibit">annual report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021</A>, which is incorporated by reference herein, as well as any risk factors included in, or incorporated by reference into, an applicable
Prospectus Supplement.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This Prospectus is dated July&nbsp;29, 2022</B></P>

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

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

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    <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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<P STYLE="font: 10pt 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>

<P STYLE="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_002"></A>NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This Prospectus, including
the documents incorporated by reference into this Prospectus, contain both historical and forward-looking statements within the meaning
of Section&nbsp;27A of the U.S. Securities Act of 1933, as amended (the &ldquo;<B>U.S. Securities Act</B>&rdquo;), and Section&nbsp;21E
of the U.S. Securities Exchange Act of 1934, as amended (the &ldquo;<B>U.S. Exchange Act</B>&rdquo;), and forward-looking information
within the meaning of Canadian securities laws (collectively, &ldquo;<B>forward-looking statements</B>&rdquo;). This information has
been included to provide readers with information about the Corporation and its subsidiaries and affiliates, including management&rsquo;s
assessment of the Corporation&rsquo;s and its subsidiaries&rsquo; future plans and operations. This information may not be appropriate
for other purposes. Forward-looking statements are typically identified by words such as &ldquo;anticipate&rdquo;, &ldquo;believe&rdquo;,
 &ldquo;estimate&rdquo;, &ldquo;expect&rdquo;, &ldquo;forecast&rdquo;, &ldquo;intend&rdquo;, &ldquo;likely&rdquo;, &ldquo;plan&rdquo;,
 &ldquo;project&rdquo;, &ldquo;target&rdquo; and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking
information or statements included or incorporated by reference in this Prospectus include, but are not limited to, statements with respect
to the following: our corporate vision and strategy, including strategic priorities and enablers; expected supply of, demand for and
prices of crude oil, natural gas, natural gas liquids (&ldquo;<B>NGL</B>&rdquo;), liquified natural gas and renewable energy; energy
transition; expected earnings before interest, income taxes and depreciation and amortization (&ldquo;<B>EBITDA</B>&rdquo;); expected
earnings/(loss); expected future cash flows and distributable cash flow; dividend growth and payout policy; financial strength and flexibility;
expectations on sources of liquidity and sufficiency of financial resources; expected strategic priorities and performance of the Liquids
Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation and Energy Services businesses; expected
costs and benefits related to announced projects and projects under construction; expected in-service dates for announced projects and
projects under construction and for maintenance; expected capital expenditures, expected equity funding requirements for our commercially
secured growth program; expected future growth and expansion opportunities; expectations about our joint venture partners&rsquo; ability
to complete and finance projects under construction; expected future actions of regulators and courts; and toll and rate cases discussions
and filings, including those relating to Gas Transmission and Midstream and Gas Distribution and Storage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although we believe
these forward-looking statements are reasonable based on the information available on the date such statements are made and
processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned
against placing undue reliance on forward- looking statements. By their nature, these statements involve a variety of assumptions,
known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to
differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following:
the COVID-19 pandemic and the duration and impact thereof; the expected supply of and demand for crude oil, natural gas, NGL and
renewable energy; prices of crude oil, natural gas, NGL and renewable energy; energy transition; anticipated utilization of assets;
exchange rates; inflation; interest rates; availability and price of labor and construction materials; operational reliability;
customer and regulatory approvals; maintenance of support and regulatory approvals for our projects; anticipated in- service dates;
weather; the timing and closing of acquisitions and dispositions; the realization of anticipated benefits and synergies of
transactions; governmental legislation; litigation; estimated future dividends and impact of our dividend policy on our future cash
flows; our credit ratings; capital project funding; hedging program; expected EBITDA; expected earnings/(loss); expected future cash
flows; and expected distributable cash flow. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL
and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may
impact current and future levels of demand for our services. Similarly, exchange rates, inflation and interest rates and the
COVID-19 pandemic impact the economies and business environments in which we operate and may impact levels of demand for our
services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and
correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined
with certainty, particularly with respect to expected EBITDA, expected earnings/(loss), expected future cash flows, expected
distributable cash flow or estimated future dividends. The most relevant assumptions associated with forward-looking statements
regarding announced projects and projects under construction, including estimated completion dates and expected capital
expenditures, include the following: the availability and price of labor and construction materials; the stability of our supply
chain; the effects of inflation and foreign exchange rates on labor and material costs; the effects of interest rates on borrowing
costs; the impact of weather and customer, government, court and regulatory approvals on construction and in-service schedules and
cost recovery regimes; and the COVID-19 pandemic and the duration and impact thereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our forward-looking statements
are subject to risks and uncertainties pertaining to the successful execution of our strategic priorities, operating performance, legislative
and regulatory parameters; litigation; acquisitions, dispositions and other transactions and the realization of anticipated benefits
therefrom; our dividend policy; project approval and support; renewals of rights-of-way; weather; economic and competitive conditions;
public opinion; changes in tax laws and tax rates; exchange rates; interest rates; commodity prices; political decisions; the supply
of, demand for and prices of commodities; and the COVID-19 pandemic, including but not limited to those risks and uncertainties discussed
in this Prospectus and in our other filings with Canadian and U.S. securities regulators. The impact of any one risk, uncertainty or
factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and our future course
of action depends on management&rsquo;s assessment of all information available at the relevant time. Except to the extent required by
applicable law, Enbridge assumes no obligation to publicly update or revise any forward- looking statement made in this Prospectus or
otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral,
attributable to us or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.</P>

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

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

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

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

<P STYLE="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_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"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572822000011/enb-20211231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2021, filed on February&nbsp;11, 2022</A>, as amended
                                            by the <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000119312522068180/d244729d10ka.htm" STYLE="-sec-extract: exhibit">Form&nbsp;10-K/A, filed on March&nbsp;7, 2022</A> (the &ldquo;<B>Annual Report</B>&rdquo;);</TD></TR></TABLE>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.8pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The description of Enbridge share capital
                                            contained in the <A HREF="https://www.sec.gov/Archives/edgar/data/895728/000104746917005855/a2233263zf-10.htm" STYLE="-sec-extract: exhibit">registration statement on Form&nbsp;F-10, filed on September&nbsp;15, 2017</A>,
                                            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">&nbsp;</P>

<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>

<P STYLE="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_006"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Investment in the Securities
is subject to various risks. Before deciding whether to invest in any Securities, in addition to the other information included in, or
incorporated by reference into, this Prospectus, you should carefully consider the risk factors contained in Item 1A under the caption
 &ldquo;<I>Risk Factors</I>&rdquo; and elsewhere in the Annual Report, which is incorporated by reference into this Prospectus, as updated
by our annual or quarterly reports for subsequent fiscal years or fiscal quarters that we file with the SEC and that are so incorporated.
See &ldquo;<I>Where You Can Find More Information</I>&rdquo; for information about how to obtain a copy of these documents. You should
also carefully consider the risks and other information that may be contained in, or incorporated by reference into, any Prospectus Supplement
relating to specific offerings of Securities.</P>

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

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

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

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

<P STYLE="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_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 <A HREF="http://www.sec.gov/Archives/edgar/data/895728/000110465920057434/tm2018789d1_ex4-1.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4.10</A> 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>
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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_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>
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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_014"></A>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The financial statements
incorporated in this Prospectus by reference to Enbridge Inc.&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/895728/000089572822000011/enb-20211231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2021</A> and management&rsquo;s assessment of the effectiveness of internal control over financial reporting (which is included in Management&rsquo;s
Report on Internal Control over Financial Reporting) as of December&nbsp;31, 2021 have been so incorporated in reliance on the report
of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing
and accounting.</P>

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

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

<!-- Field: Page; Sequence: 67 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

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

<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"></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; 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="tm2417824d1_424b5img02.jpg" ALT=""></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; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>Enbridge Inc.</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;% Fixed-to-Fixed Rate Subordinated Notes due 2055</B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Fixed-to-Fixed Rate Subordinated Notes due 2054</B></FONT></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prospectus Supplement<BR> June&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024</B></FONT></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>J.P. Morgan</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"><B>Mizuho</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"><B>MUFG</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"><B>Truist Securities</B></P>

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

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

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

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

<!-- Field: Page; Sequence: 44; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
