<SEC-DOCUMENT>0001104659-24-042663.txt : 20240402
<SEC-HEADER>0001104659-24-042663.hdr.sgml : 20240402
<ACCEPTANCE-DATETIME>20240402172832
ACCESSION NUMBER:		0001104659-24-042663
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240402
DATE AS OF CHANGE:		20240402

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-266405
		FILM NUMBER:		24815781

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

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

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

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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENBRIDGE INC
		CENTRAL INDEX KEY:			0000895728
		STANDARD INDUSTRIAL CLASSIFICATION:	PIPE LINES (NO NATURAL GAS) [4610]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERPROVINCIAL PIPE LINE SYSTEM INC
		DATE OF NAME CHANGE:	19930108
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2410286d3_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">This document does not provide full disclosure
of all material facts relating to the securities offered. Investors should read the registration statement, any amendment and any applicable
prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment
decision.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>5.250% Senior Notes
due 2027</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>5.625% Senior Notes
due 2034</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&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: 5pt; width: 12%; padding-bottom: 5pt">Issuer:</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt; width: 22%">Enbridge Inc.</TD>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-bottom: 5pt; padding-left: 5.25pt; width: 22%">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-bottom: 5pt; padding-left: 5.25pt; width: 22%">&nbsp;</TD>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-bottom: 5pt; padding-left: 5.25pt; width: 22%">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Guarantors:</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Spectra Energy Partners, LP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Enbridge Energy Partners, L.P.</P></TD>
    <TD STYLE="vertical-align: top; padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Issue of Securities:</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">5.250% Senior Notes due 2027</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">5.300% Senior Notes due 2029</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">5.625% Senior Notes due 2034</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">5.950% Senior Notes due 2054</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Principal Amount:</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">US$750,000,000</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">US$750,000,000</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">US$1,200,000,000</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">US$800,000,000</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Coupon:</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">5.250%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">5.300%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">5.625%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">5.950%</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Interest Payment Dates:</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">Semi-annually on April 5 and October 5, commencing on October 5, 2024.</TD>
    <TD STYLE="vertical-align: top; padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">Semi-annually on April 5 and October 5, commencing on October 5, 2024.</TD>
    <TD STYLE="vertical-align: top; padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">Semi-annually on April 5 and October 5, commencing on October 5, 2024.</TD>
    <TD STYLE="vertical-align: top; padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">Semi-annually on April 5 and October 5, commencing on October 5, 2024.</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Maturity Date:</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">April 5, 2027</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">April 5, 2029</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">April 5, 2034</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">April 5, 2054</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Treasury Benchmark: </TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">4.250% due March 15, 2027</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">4.125% due March 31, 2029</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">4.000% due February 15, 2034</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">4.750% due November 15, 2053</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">U.S. Treasury Yield: </TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">4.521%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">4.355%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">4.365%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">4.508%</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Spread to Treasury: </TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">+0.750%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">+0.950%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">+1.280%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">+1.450%</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Re-offer Yield:</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">5.271%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">5.305%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">5.645%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">5.958%</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Initial Price to Public:</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">99.942%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">99.978%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">99.849%</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">99.889%</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt">Minimum Denominations:</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">US$2,000 x $1,000</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">US$2,000 x $1,000</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">US$2,000 x $1,000</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">US$2,000 x $1,000</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5pt; vertical-align: top; padding-bottom: 5pt">Optional Redemption:</TD>
    <TD STYLE="vertical-align: top; padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On any date more than one month prior to the maturity date for an amount
    equal to the principal amount of the notes redeemed plus a make-whole premium and accrued but unpaid interest to the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On any date that is on or after March 5, 2027, the date that is one
    month prior to the maturity date, for an amount equal to the principal amount of the notes redeemed plus accrued but unpaid interest to
    the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On any date more than one month prior to the maturity date for an amount
    equal to the principal amount of the notes redeemed plus a make-whole premium and accrued but unpaid interest to the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On any date that is on or after March 5, 2029, the date that is one
    month prior to the maturity date, for an amount equal to the principal amount of the notes redeemed plus accrued but unpaid interest to
    the redemption date.</P></TD>
    <TD STYLE="vertical-align: top; padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On any date more than three months prior to the maturity date for an
    amount equal to the principal amount of the notes redeemed plus a make-whole premium and accrued but unpaid interest to the redemption
    date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On any date that is on or after January 5, 2034, the date that is three
    months prior to the maturity date, for an amount equal to the principal amount of the notes redeemed plus accrued but unpaid interest
    to the redemption date.</P></TD>
    <TD STYLE="vertical-align: top; padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On any date more than six months prior to the maturity date for an
    amount equal to the principal amount of the notes redeemed plus a make-whole premium and accrued but unpaid interest to the redemption
    date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On any date that is on or after October 5, 2053, the date that is six
    months prior to the maturity date, for an amount equal to the principal amount of the notes redeemed plus accrued but unpaid interest
    to the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    </TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-top: 5.5pt; width: 11%; padding-bottom: 5.5pt">Make-Whole Premium:</TD>
    <TD STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt; padding-left: 5.25pt; width: 27%">U.S. Treasury +15 bps</TD>
    <TD STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt; padding-left: 5.25pt; width: 22%">U.S. Treasury +15 bps</TD>
    <TD STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt; padding-left: 5.25pt; width: 20%">U.S. Treasury +20 bps</TD>
    <TD STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt; padding-left: 5.25pt; width: 20%">U.S. Treasury +25 bps</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt">CUSIP / ISIN:</TD>
    <TD STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt; padding-left: 5.25pt">29250N CA1 / US29250NCA19</TD>
    <TD STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt; padding-left: 5.25pt">29250N CB9 / US29250NCB91</TD>
    <TD STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt; padding-left: 5.25pt">29250N CC7 / US29250NCC74</TD>
    <TD STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt; padding-left: 5.25pt">29250N CD5 / US29250NCD57</TD>
    </TR>
  <TR>
    <TD STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt">Trade/Pricing Date:</TD>
    <TD COLSPAN="4" STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt">April 2, 2024</TD></TR>
  <TR>
    <TD STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt">Settlement Date*:</TD>
    <TD COLSPAN="4" STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt">April 5, 2024 (T+3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt">Joint Book-Running Managers:</TD>
    <TD COLSPAN="4" STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SMBC Nikko Securities America, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Agricole Securities (USA) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt">Co-Managers:</TD>
    <TD COLSPAN="4" STYLE="padding-top: 5.5pt; padding-bottom: 5.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">J.P. Morgan Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MUFG Securities Americas Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Americas Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Truist Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Academy Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loop Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Samuel A. Ramirez &amp; Company, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AmeriVet Securities, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C.L. King &amp; Associates, Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Roberts &amp; Ryan, Inc.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">*The issuer expects that delivery of the Notes
will be made against payment therefor on or about April 5, 2024, which will be the third business day following the date of pricing of
the Notes (this settlement cycle being herein referred to as &ldquo;T+3&rdquo;). Under Rule 15c6-1 under the U.S. Securities Exchange
Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to any
such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes more than two business days prior to the scheduled
settlement date will be required, by virtue of the fact that the Notes initially will settle in T+3, to specify an alternative settlement
cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to make such trades should consult
their own advisor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Capitalized terms used and not defined herein
have the meanings assigned in the issuer&rsquo;s Preliminary Prospectus Supplement, dated April 2, 2024.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Alternatively, the issuer, any underwriter
or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc.
at 1-800-294-1322, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, by emailing Deutsche Bank Securities Inc. at prospectus.ops@db.com
or by calling SMBC Nikko Securities America, Inc. toll-free at 1-888-868-6856.</B></P>

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

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

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

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