<SEC-DOCUMENT>0001104659-24-074399.txt : 20240624
<SEC-HEADER>0001104659-24-074399.hdr.sgml : 20240624
<ACCEPTANCE-DATETIME>20240624172045
ACCESSION NUMBER:		0001104659-24-074399
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240624
DATE AS OF CHANGE:		20240624

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:		241065360

	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>tm2417824d4_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 482.25pt"><B>June&nbsp;24, 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 preliminary prospectus supplement, dated June&nbsp;24,
2024, and the accompanying prospectus, dated July&nbsp;29, 2022, included in the Issuer&rsquo;s Registration Statement on Form&nbsp;S-3
(File No.&nbsp;333-266405) (as supplemented by such preliminary prospectus supplement, the &ldquo;Preliminary Prospectus&rdquo;), any
amendment and any applicable prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered,
before making an investment decision. Capitalized terms used and not defined herein have the meanings assigned in the Preliminary Prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">7.375% Fixed-to-Fixed
Rate Subordinated Notes due 2055</P>

<P STYLE="font: 10pt 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">7.200% Fixed-to-Fixed
Rate Subordinated Notes due 2054</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; padding-top: 4pt; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5pt; vertical-align: bottom; padding-top: 4pt; text-align: center; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>2055
    Notes</U></B></FONT></TD>
    <TD STYLE="padding-left: 5pt; vertical-align: bottom; text-align: center; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>2054
    Notes</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; vertical-align: top; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5pt; vertical-align: bottom; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enbridge
    Inc. (the &ldquo;<B>Company</B>&rdquo;)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 5pt; vertical-align: bottom; padding-top: 4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security
    Type:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5pt; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed-to-Fixed
    Rate Subordinated Notes due March&nbsp;15, 2055 (the &ldquo;<B>2055 Notes</B>&rdquo;)</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-bottom: black 1pt solid; padding-right: 5pt; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed-to-Fixed
    Rate Subordinated Notes due June&nbsp;27, 2054 (the &ldquo;<B>2054 Notes</B>&rdquo; and, together with the 2055 Notes, the &ldquo;<B>Notes</B>&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pricing
    Date:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5pt; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;24,
    2024</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement
    Date*: </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5pt; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;27,
    2024 (T+3)</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity
    Date:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5pt; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;15,
    2055</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 5pt; padding-right: 5pt; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;27,
    2054</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal
    Amount:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5pt; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$500,000,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 5pt; padding-right: 5pt; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$700,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Public
    Offering Price:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5pt; padding-top: 4pt">100.000%</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 5pt; padding-right: 5pt; padding-top: 4pt">100.000%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Initial
    Interest Reset Date:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5pt; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;15,
    2030</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 5pt; padding-right: 5pt; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;27,
    2034</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest
    Rate:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5pt; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;From,
    and including, June&nbsp;27, 2024 to, but not including, March&nbsp;15, 2030 at the rate of 7.375% per annum and (ii)&nbsp;from,
    and including, March&nbsp;15, 2030, 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 3.122%, to be reset on each Interest Reset Date.</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-top: 4pt; padding-left: 5pt; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;From,
    and including, June&nbsp;27, 2024 to, but not including, June&nbsp;27, 2034 at the rate of 7.200% per annum and (ii)&nbsp;from, and
    including, June&nbsp;27, 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 2.970%, to be reset on each Interest Reset Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; border-bottom: black 1pt solid; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest
    Payment Dates:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5pt; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually
    in arrears on March&nbsp;15 and September&nbsp;15 of each year, commencing on September&nbsp;15, 2024.</FONT></TD>
    <TD STYLE="padding-left: 5pt; border-bottom: black 1pt solid; padding-right: 5pt; padding-top: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Semi-annually
    in arrears on June&nbsp;27 and December&nbsp;27 of each year, commencing on December&nbsp;27, 2024.</FONT></TD></TR>
  </TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><B>Interest Deferral Right:</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">So long as no event of default has occurred and is continuing, the Company may elect, in its 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;<B>Deferral Period</B>&rdquo;). Deferred interest will accrue, compounding on each subsequent Interest Payment Date, until paid. No Deferral Period may extend beyond the Maturity Date.</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><B>Day Count Convention:</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">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.</TD></TR>
  <TR>
    <TD STYLE="text-align: left; padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><B>Business Day:</B></TD>
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">Any day other than a day on which banks are permitted or required to be closed in New York City, New York.</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><B>Optional Redemption:</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">The Company may, at its option, redeem either series of the Notes, in whole at any time or in part from time to time, (i)&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, in each case, at a redemption price per US$1,000 principal amount of the Notes equal to 100% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed for redemption.</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><B>Redemption on Tax Event or Rating Event:</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Within 90 days following the occurrence of a Tax Event, the Company
    may, at its option, redeem all (but not less than all) of either series of the Notes at a redemption price per US$1,000 principal amount
    of the Notes equal to 100% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed
    for redemption.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Within 90 days following the occurrence of a Rating Event, the Company
    may, at its option, redeem all (but not less than all) of either series of the Notes at a redemption price per US$1,000 principal amount
    of the Notes equal to 102% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed
    for redemption.</P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; width: 10%; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><B>CUSIP / ISIN:</B></TD>
    <TD STYLE="vertical-align: bottom; width: 45%; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">29250N CG8 / US29250NCG88</TD>
    <TD STYLE="vertical-align: bottom; width: 45%; border-bottom: black 1pt solid">29250N CF0 / US29250NCF06 </TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><B>Joint Book-Running Managers:</B></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">
    <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">Truist Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Barclays Capital Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Securities, LLC</P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5pt; vertical-align: top; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><B>Co-Managers:</B></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;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">Credit Agricole Securities (USA) 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">SG Americas Securities, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SMBC Nikko Securities America,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley&nbsp;&amp; Co. LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Roberts&nbsp;&amp; Ryan,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Academy Securities,&nbsp;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&nbsp;&amp; Company,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AmeriVet Securities,&nbsp;Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C.L. King&nbsp;&amp; Associates,&nbsp;Inc.</P></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">*The issuer expects that delivery of the Notes
will be made against payment therefor on or about June&nbsp;27, 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;<B>T+3</B>&rdquo;). Under Rule&nbsp;15c6-1 of the U.S. Securities
Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day, unless the parties
to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the 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 alternative
settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to make such trades should
consult their own advisor.</P>

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

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

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

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

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

<P STYLE="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 J.P. Morgan Securities
LLC collect at (212) 834-4533, Mizuho Securities USA LLC toll-free at (866) 271-7403, MUFG Securities Americas Inc. toll-free at (877)
649-6848 or Truist Securities,&nbsp;Inc. toll-free at 1-800-685-4786.</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"><FONT STYLE="background-color: white">Not
for retail investors in the European Economic Area (&ldquo;<B>EEA</B>&rdquo;) or the United Kingdom. No key information document (KID)
as required by Regulation (EU) No 1286/2014 (as amended, the &ldquo;<B>PRIIPs Regulation</B>&rdquo;) or as required by the PRIIPs Regulation
as it forms part of domestic UK law by virtue of the European Union (Withdrawal) Act 2018, as amended, has been prepared as not available
to retail investors in the EEA or the United Kingdom, respectively.</FONT></P>

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

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