<SEC-DOCUMENT>0001104659-25-018651.txt : 20250228
<SEC-HEADER>0001104659-25-018651.hdr.sgml : 20250228
<ACCEPTANCE-DATETIME>20250228073533
ACCESSION NUMBER:		0001104659-25-018651
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250228
FILED AS OF DATE:		20250228
DATE AS OF CHANGE:		20250228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BROOKFIELD Corp /ON/
		CENTRAL INDEX KEY:			0001001085
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15160
		FILM NUMBER:		25682604

	BUSINESS ADDRESS:	
		STREET 1:		BROOKFIELD PLACE, 181 BAY ST, STE 100
		STREET 2:		PO BOX 762
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J2T3
		BUSINESS PHONE:		416-363-9491

	MAIL ADDRESS:	
		STREET 1:		BROOKFIELD PLACE, 181 BAY ST, STE 100
		STREET 2:		PO BOX 762
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J2T3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROOKFIELD ASSET MANAGEMENT INC.
		DATE OF NAME CHANGE:	20051116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRASCAN CORP/
		DATE OF NAME CHANGE:	20010321

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EDPERBRASCAN CORP
		DATE OF NAME CHANGE:	19970904
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm257665d4_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><B>Washington, DC 20549</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form&nbsp;6-K</B>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</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>For the month of: February&nbsp;2025</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Commission File Number: 001-15160</B></FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt; text-transform: uppercase"><B>Brookfield
Corporation<BR>
</B></FONT>(Name of Registrant)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Brookfield
Place<BR>
Suite&nbsp;100<BR>
181 Bay Street, P.O.&nbsp;Box 762<BR>
Toronto, Ontario, Canada M5J 2T3<BR>
</B></FONT>(Address of Principal Executive Offices)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Indicate by check mark whether
the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Form&nbsp;20-F
    </FONT><FONT STYLE="font-family: Wingdings; color: Black"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Form&nbsp;40-F
    </FONT><FONT STYLE="font-family: Wingdings; color: Black"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
  </TABLE>
<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">Exhibits 99.1 and 99.2 of this Form&nbsp;6-K shall
be incorporated by reference as exhibits to the Registration Statement of Brookfield Corporation and Brookfield Finance Inc. on Form&nbsp;F-10
(File Nos. 333-279601 and 333-279601-02).</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"></P>

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<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: center"><B>EXHIBIT&nbsp;INDEX</B></P>

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

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; border-bottom: black 1pt solid; padding-bottom: 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: black 1pt solid; padding-bottom: 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description of Exhibit</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><A HREF="tm257665d4_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="tm257665d4_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Final Canadian Term Sheet, dated February&nbsp;27, 2025 </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><A HREF="tm257665d4_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="tm257665d4_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement, dated February&nbsp;27, 2025</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</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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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD CORPORATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: </FONT>February&nbsp;28, 2025</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/ Swati Mandava</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swati Mandava</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director, Legal&nbsp;&amp; Regulatory</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm257665d4_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<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: left"><B><I>A final base shelf prospectus containing
important information relating to the securities described in this document has been filed with the securities regulatory authorities
in each of the provinces of Canada. The final base shelf prospectus, any applicable shelf prospectus supplement and any amendment to
the documents are accessible through SEDAR+. Copies of the documents may be obtained from Deutsche Bank Securities Inc. by calling 1-800-503-4611
or by emailing prospectus.CPDG@db.com or from SMBC Nikko Securities America,&nbsp;Inc. by calling 212-224-5135 or by emailing prospectus@smbcnikko-si.com.</I></B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$500,000,000 5.813% NOTES DUE 2055</B>&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>February&nbsp;27, 2025</B></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: top">
    <TD STYLE="width: 28%; padding: 2.9pt 5.75pt"><B>Issuer:</B></TD>
    <TD STYLE="width: 72%; padding: 2.9pt 5.75pt">Brookfield Finance Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Guarantor:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">Brookfield Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Guarantee:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">The Notes (as defined below) will be fully and unconditionally guaranteed as to payment of principal, premium (if any) and interest and certain other amounts by Brookfield Corporation.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Security:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">5.813% Senior Unsecured Notes due March&nbsp;3, 2055 (the &ldquo;Notes&rdquo;)</TD></TR>
  <TR>
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Format:</B></TD>
    <TD STYLE="vertical-align: top; padding: 2.9pt 5.75pt">SEC registered</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Size:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US$500,000,000</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One or more of the underwriters may sell to affiliates of Brookfield
    Wealth Solutions Ltd. and certain other institutional investors US$25,000,000 aggregate principal amount (if any) of the Notes at the
    public offering price (for which no underwriting discount or commissions will be paid).</P></TD></TR>
  <TR>
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Trade Date:</B></TD>
    <TD STYLE="vertical-align: top; padding: 2.9pt 5.75pt">February&nbsp;27, 2025</TD></TR>
  <TR>
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Expected Settlement Date:</B></TD>
    <TD STYLE="vertical-align: top; padding: 2.9pt 5.75pt">March&nbsp;3, 2025 (T+2)</TD></TR>
  <TR>
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Maturity Date:</B></TD>
    <TD STYLE="vertical-align: top; padding: 2.9pt 5.75pt">March&nbsp;3, 2055</TD></TR>
  <TR>
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Coupon:</B></TD>
    <TD STYLE="vertical-align: top; padding: 2.9pt 5.75pt">5.813%</TD></TR>
  <TR>
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Interest Payment Dates:</B></TD>
    <TD STYLE="vertical-align: top; padding: 2.9pt 5.75pt">March&nbsp;3 and September&nbsp;3, commencing September&nbsp;3, 2025</TD></TR>
  <TR>
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Price to Public:</B></TD>
    <TD STYLE="vertical-align: top; padding: 2.9pt 5.75pt">100.000% </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 STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt; width: 28%"><B>Benchmark Treasury:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt; width: 72%">[The Spread to Benchmark Treasury, and any disclosure relating to the Spread to Benchmark Treasury, has been removed in accordance with subsection 9A.3(4)&nbsp;of National Instrument 44-102 &ndash; <I>Shelf Distributions</I> (&ldquo;NI 44-102&rdquo;).]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Benchmark Treasury Price &amp; Yield:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">[The Spread to Benchmark Treasury, and any disclosure relating to the Spread to Benchmark Treasury, has been removed in accordance with subsection 9A.3(4)&nbsp;of NI 44-102.]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Spread to Benchmark Treasury:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">[The Spread to Benchmark Treasury, and any disclosure relating to the Spread to Benchmark Treasury, has been removed in accordance with subsection 9A.3(4)&nbsp;of NI 44-102.]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Yield:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">5.813%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Denominations:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">Initial denominations of US$2,000 and subsequent multiples of US$1,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Covenants:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Change of control (put @ 101%)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Negative pledge</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consolidation, merger, amalgamation and sale of substantially all assets</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Redemption Provisions:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt 2.9pt 0.25in"><B>Make-Whole Call:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">Prior to September&nbsp;3, 2054 (six months prior to maturity), treasury rate <I>plus</I> 20 basis points </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt 2.9pt 0.25in"><B>Par Call:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">At any time on or after September&nbsp;3, 2054 (six months prior to maturity), at 100% of the principal amount of the Notes to be redeemed</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Use of Proceeds:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">The net proceeds from the sale of the Notes will be used for general corporate purposes</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 2.9pt 5.75pt"><B>CUSIP / ISIN:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">11271L AP7 / US11271LAP76</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Joint Book-Running Managers<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">
    <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,&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">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities,&nbsp;Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt"><B>Co-Managers:</B></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Banco Bradesco BBI S.A.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brookfield Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Desjardins Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Itau BBA USA Securities,&nbsp;Inc.</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">National Bank of Canada Financial Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Natixis Securities Americas LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Santander US Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Americas Securities, LLC</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></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: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">This offering will be made in Canada by Merrill Lynch Canada Inc.,
a broker-dealer affiliate of BofA Securities, Inc.</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Under Rule&nbsp;15c6-1 under the U.S. Securities
Exchange Act of 1934, 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 prior to the delivery of the Notes hereunder may
be required, by virtue of the fact that the Notes initially will settle in T+2, 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 trade the Notes prior to their date of delivery
hereunder should consult their own advisors.</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"><B>The Notes will be issued as a separate series of debt securities
under a twelfth supplemental indenture to be dated as of the date of the issuance of the Notes (the &ldquo;Twelfth Supplemental Indenture&rdquo;)
to the base indenture dated as of June&nbsp;2, 2016 (the &ldquo;Base Indenture&rdquo;) (together with the Twelfth Supplemental Indenture,
the &ldquo;Indenture&rdquo;), between Brookfield Finance Inc., Brookfield Corporation, as guarantor, and Computershare Trust Company of
Canada, as trustee. The foregoing is a summary of certain of the material attributes and characteristics of the Notes, which does not
purport to be complete and is qualified in its entirety by reference to the 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"><B>No PRIIPs or UK PRIIPs key information document (KID) has been prepared
as European Economic Area or UK retail investors are not targeted.</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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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm257665d4_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brookfield
Finance Inc.<BR>
5.813% Notes Due 2055<BR>
<BR>
</FONT>Underwriting Agreement</P>

<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">New York, New York<BR>
<FONT STYLE="color: #202124; background-color: white">February 27</FONT>, 2025</P>

<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">To the Representatives named in</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Schedule&nbsp;I</U></FONT>
hereto of the several</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Schedule&nbsp;II</U></FONT>
hereto</P>

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

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

<P STYLE="font: 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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brookfield
Finance Inc., a corporation organized under the laws of Ontario (</FONT>&ldquo;<FONT STYLE="font-weight: normal"><U>BFI</U></FONT>&rdquo;),
proposes to sell to the several underwriters named in <U>Schedule&nbsp;II</U> hereto (the &ldquo;<FONT STYLE="font-weight: normal"><U>Underwriters</U></FONT>&rdquo;),
for whom you (the &ldquo;<FONT STYLE="font-weight: normal"><U>Representatives</U></FONT>&rdquo;) are acting as representatives, the principal
amount of its debt securities identified in <U>Schedule&nbsp;I</U> hereto (the &ldquo;<FONT STYLE="font-weight: normal"><U>Notes</U></FONT>&rdquo;),
to be issued under an indenture, dated as of June 2, 2016 (the &ldquo;<FONT STYLE="font-weight: normal"><U>Base Indenture</U></FONT>&rdquo;),
as supplemented by a Twelfth Supplemental Indenture, to be dated as of March 3, 2025 (the &ldquo;<U>Twelfth Supplemental Indenture</U>&rdquo;
and, collectively with the Base Indenture, the &ldquo;<FONT STYLE="font-weight: normal"><U>Indenture</U></FONT>&rdquo;), among BFI, Brookfield
Corporation (formerly, Brookfield Asset Management Inc.), a corporation organized under the laws of Ontario (the &ldquo;<FONT STYLE="font-weight: normal"><U>Parent</U></FONT>&rdquo;),
as guarantor, and Computershare Trust Company of Canada, as trustee (the &ldquo;<U>Trustee</U>&rdquo;). The Notes will be fully and unconditionally
guaranteed as to payment of principal, premium, if any, and interest by the Parent pursuant to the Indenture (the &ldquo;<FONT STYLE="font-weight: normal"><U>Guarantees</U></FONT>&rdquo;).
The Notes and the Guarantees are collectively referred to herein as the &ldquo;<FONT STYLE="font-weight: normal"><U>Securities</U></FONT>&rdquo;.
To the extent there are no additional Underwriters listed on Schedule&nbsp;I other than you, the term Representatives as used herein shall
mean you, as Underwriters, and the terms Representatives and Underwriters shall mean either the singular or plural as the context requires.
Any reference herein to the Registration Statement, the U.S. or Canadian Base Prospectus, the U.S. or Canadian Preliminary Prospectus
or the U.S. or Canadian Final Prospectus shall be deemed to refer to and include the documents incorporated by reference therein; and
any reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration
Statement, the U.S. or Canadian Base Prospectus, the U.S. or Canadian Preliminary Prospectus or the U.S. or Canadian Final Prospectus
shall be deemed to refer to and include the filing of any document incorporated or deemed to be incorporated therein by reference. Certain
terms used herein are defined in <U>Section&nbsp;24</U> hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Representations and Warranties</U>. BFI and the Parent, jointly and severally, represent and warrant to, and agree with, each
Underwriter as set forth below in this <U>Section&nbsp;1</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Each of BFI and the Parent meets the requirements under the securities laws, rules, regulations, instruments and orders applicable
in each of the provinces of Canada (&ldquo;<FONT STYLE="font-weight: normal"><U>Canadian Securities Law</U></FONT>&rdquo;) as interpreted
and applied by the securities regulatory authorities (the &ldquo;<FONT STYLE="font-weight: normal"><U>Qualifying Authorities</U></FONT>&rdquo;)
in each of the provinces of Canada (the &ldquo;<FONT STYLE="font-weight: normal"><U>Qualifying Provinces</U></FONT>&rdquo;) for the use
of a short form base shelf prospectus with respect to the Securities and for the distribution of securities under the rules and procedures
established in National Instrument 44-101 - <I>Short Form Prospectus Distributions</I> (&ldquo;<FONT STYLE="font-weight: normal"><U>NI
44-101</U></FONT>&rdquo;) and National Instrument 44-102 - <I>Shelf Distributions</I> (&ldquo;<FONT STYLE="font-weight: normal"><U>NI
44-102</U></FONT>&rdquo; and together with NI 44-101, the &ldquo;<FONT STYLE="font-weight: normal"><U>Canadian Shelf Procedures</U></FONT>&rdquo;);
a preliminary short form base shelf prospectus and a final short form base shelf prospectus relating to US$3,500,000,000 aggregate principal
amount of, among other things, debt securities of BFI and guarantees of BFI&rsquo;s debt securities by the Parent (collectively, the &ldquo;<FONT STYLE="font-weight: normal"><U>Shelf
Securities</U></FONT>&rdquo;) have been filed in the English and French languages, as applicable, with the Qualifying Authorities; receipts
under National Policy 11-202 - <I>Process for Prospectus Reviews in Multiple Jurisdictions</I> (a &ldquo;<FONT STYLE="font-weight: normal"><U>Receipt</U></FONT>&rdquo;)
have been issued by the Ontario Securities Commission (the &ldquo;<FONT STYLE="font-weight: normal"><U>Principal Regulator</U></FONT>&rdquo;)
on behalf of itself and the other Qualifying Authorities in respect of such short form base shelf prospectus and any amendment thereto;
a preliminary prospectus supplement relating to the Securities has been filed with the Qualifying Authorities; and no order suspending
the distribution of the Securities has been issued by any of the Qualifying Authorities and no proceeding for that purpose has been initiated
or, to the knowledge of BFI or the Parent, threatened by any of the Qualifying Authorities. The final short form base shelf prospectus
filed with the Qualifying Authorities for which a Receipt has been obtained, as most recently amended or supplemented (excluding any supplement
relating only to a prior offering of Securities) prior to the date of this Agreement, is hereinafter called the &ldquo;<FONT STYLE="font-weight: normal"><U>Canadian
Base Prospectus</U></FONT>&rdquo;; the preliminary prospectus supplement relating to the Securities, which excludes certain pricing information
and other final terms of the Securities, and provided to the Underwriters for purposes of marketing the Securities and filed with the
Qualifying Authorities in the English and French languages, as applicable, pursuant to the Canadian Shelf Procedures and Canadian Securities
Law, together with the Canadian Base Prospectus, including all documents incorporated therein by reference, is hereinafter referred to
as the &ldquo;<FONT STYLE="font-weight: normal"><U>Canadian Preliminary Prospectus</U></FONT>&rdquo;; the prospectus supplement relating
to the Securities to be filed, in the English and French languages, as applicable, with the Qualifying Authorities pursuant to the Canadian
Shelf Procedures and Canadian Securities Law in accordance with <U>Section&nbsp;5(a)</U> hereof, and which includes the pricing and other
information excluded from the Canadian Preliminary Prospectus (the &ldquo;<FONT STYLE="font-weight: normal"><U>Canadian Final Supplement</U></FONT>&rdquo;),
together with the Canadian Base Prospectus, including all documents incorporated therein by reference, is hereinafter called the &ldquo;<FONT STYLE="font-weight: normal"><U>Canadian
Final Prospectus</U></FONT>&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Each of BFI and the Parent meets the general eligibility requirements for use of Form F-10 (&ldquo;<FONT STYLE="font-weight: normal"><U>Form
F-10</U></FONT>&rdquo;) under the Act, and BFI and the Parent have prepared and filed a registration statement on Form F-10 (File Nos.
333-279601-02 and 333-279601) providing for the registration of the Shelf Securities under the Act and the rules and regulations of the
Commission thereunder. BFI and the Parent have filed appointments of agent for service of process for BFI and the Parent on Form F-X (collectively,
the &ldquo;<FONT STYLE="font-weight: normal"><U>Form F-X</U></FONT>&rdquo;) with the Commission in conjunction with the filing of such
registration statement; such registration statement, and including any amendments thereto filed prior to the Execution Time, including
the Canadian Base Prospectus with such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable
rules and regulations of the Commission and including exhibits to such registration statement and all documents incorporated by reference
in the prospectus contained therein, each in the form heretofore delivered or to be delivered to the Representatives, have been declared
effective by the Commission in such form; BFI and the Parent have filed with the Commission, pursuant to General Instruction II.L. of
Form F-10, a preliminary prospectus supplement relating to the offering of the Securities; no other document with respect to such registration
statement has heretofore been filed or transmitted for filing with the Commission, except for any documents filed with the Commission
subsequent to the date of such effectiveness in the form heretofore delivered to the Representatives; and no stop order suspending the
effectiveness of such registration statement has been issued and no proceeding for that purpose has been initiated or, to the knowledge
of BFI and the Parent, threatened by the Commission. The various parts of such registration statement, including all exhibits thereto
and the documents incorporated by reference in the prospectus contained in the registration statement at the time such part of the registration
statement became effective, each as amended at the time such part of the registration statement became effective and including any post-effective
amendment thereto and any prospectus supplement relating to the Securities that is filed with the Commission pursuant to General Instruction
II.L. of Form F-10, are hereinafter collectively called the &ldquo;<FONT STYLE="font-weight: normal"><U>Registration Statement</U></FONT>&rdquo;;
any reference to any amendment to the Registration Statement shall be deemed to refer to and include any documents incorporated by reference
therein after the effective date of the initial Registration Statement; the base prospectus filed as part of the Registration Statement
relating to the Shelf Securities, contained in the Registration Statement at the Execution Time, is hereinafter called the &ldquo;<FONT STYLE="font-weight: normal"><U>U.S.
Base Prospectus</U></FONT>&rdquo;; any preliminary prospectus supplement relating to the offering of the Securities filed with the Commission
pursuant to General Instruction II.L. of Form F-10 under the Act, together with the U.S. Base Prospectus, which is used prior to the filing
of the U.S. Final Prospectus, is hereinafter called the &ldquo;<FONT STYLE="font-weight: normal"><U>U.S. Preliminary Prospectus</U></FONT>&rdquo;;
the final prospectus supplement relating to the offering of the Securities to be filed with the Commission pursuant to General Instruction
II.L. of Form F-10 after the Execution Time in accordance with <U>Section&nbsp;5(a)</U> hereof, together with the U.S. Base Prospectus,
is hereinafter called the &ldquo;<FONT STYLE="font-weight: normal"><U>U.S. Final Prospectus</U></FONT>&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The documents which are incorporated by reference in the Canadian Preliminary Prospectus and the U.S. Preliminary Prospectus as
of the date of this Agreement, when they were filed with the Qualifying Authorities, conformed in all material respects to the disclosure
requirements of Canadian Securities Law as interpreted and applied by the Qualifying Authorities; any further documents filed with the
Qualifying Authorities and incorporated by reference in the Canadian Final Prospectus and the U.S. Final Prospectus, when such documents
are filed with the Qualifying Authorities, will conform in all material respects to the disclosure requirements of Canadian Securities
Law as interpreted and applied by the Qualifying Authorities; and no such documents were filed with the Qualifying Authorities since the
Qualifying Authorities&rsquo; close of business on the Business Day immediately prior to the date of this Agreement and prior to the execution
of this Agreement, other than any other marketing materials required to be filed under Canadian Securities Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>On each Effective Date, the Registration Statement did, and when the U.S. Final Prospectus is first filed in accordance with General
Instruction II.L. of Form F-10 and on the Closing Date (as defined herein), the U.S. Final Prospectus and the Canadian Final Prospectus
(and any amendments and supplements thereto) will, comply in all material respects with the applicable requirements of the Act, Canadian
Securities Law, and the Trust Indenture Act and the respective rules thereunder; no order preventing or suspending the use of the Registration
Statement, the U.S. Preliminary Prospectus, the Canadian Preliminary Prospectus, the U.S. Final Prospectus, the Canadian Final Prospectus
or any Issuer Free Writing Prospectus used outside of Canada has been issued by the Commission or the Qualifying Authorities; on each
Effective Date and at the Execution Time, the Registration Statement did not and will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading;
on the Effective Date and on the Closing Date the Indenture did or will comply in all material respects with the applicable requirements
of the Trust Indenture Act and the rules thereunder; and on the date of any filing in accordance with General Instruction II.L. of Form
F-10 or in accordance with Canadian Securities Law and on the Closing Date, each of the U.S. Preliminary Prospectus, the U.S. Final Prospectus
(together with any supplement or amendment thereto), the Canadian Preliminary Prospectus and the Canadian Final Prospectus (together with
any supplement or amendment thereto) contains or will contain full, true and plain disclosure of all material facts relating to BFI, the
Parent and the Securities and does not include any untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading; <I>provided</I>, <I>however</I>,
that BFI and the Parent make no representations or warranties as to the information contained in or omitted from the Registration Statement,
the U.S. Preliminary Prospectus, the U.S. Final Prospectus (including any supplement or amendment thereto), the Canadian Preliminary Prospectus
or the Canadian Final Prospectus (including any supplement or amendment thereto) in reliance upon and in conformity with information furnished
in writing to BFI or the Parent by or on behalf of any Underwriter through the Representatives specifically for inclusion in the Registration
Statement, the U.S. Preliminary Prospectus, the U.S. Final Prospectus (including any supplement or amendment thereto), the Canadian Preliminary
Prospectus or the Canadian Final Prospectus (including any supplement or amendment thereto), it being understood and agreed that the only
such information furnished by or on behalf of any Underwriter consists of the information described as such in <U>Section&nbsp;8(b)</U>
hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>At the Execution Time and on the Closing Date (i) the Disclosure Package and (ii) each electronic road show (if any), when taken
together as a whole with the Disclosure Package, does not and will not contain any untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon and in conformity
with written information furnished to BFI or the Parent by any Underwriter through the Representatives specifically for use therein, it
being understood and agreed that the only such information furnished by or on behalf of any Underwriter consists of the information described
as such in <U>Section&nbsp;8(b)</U> hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>(i) At the earliest time after the filing of the Registration Statement that BFI, the Parent or another offering participant made
a bona fide offer of the Securities and (ii) as of the Execution Time (with such date being used as the determination date for purposes
of this clause&nbsp;(ii)), neither BFI nor the Parent was or is an Ineligible Issuer (as defined in Rule 405), without taking account
of any determination by the Commission pursuant to Rule 405 that it is not necessary that BFI or the Parent be considered an Ineligible
Issuer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Each Issuer Free Writing Prospectus, including the final term sheet prepared and filed pursuant to <U>Section&nbsp;5(c)</U> hereto,
does not include any information that conflicts with the information contained in the Registration Statement, including any document incorporated
therein by reference and any prospectus supplement deemed to be a part thereof that has not been superseded or modified. The foregoing
sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written
information furnished to BFI or the Parent by any Underwriter through the Representatives specifically for use therein, it being understood
and agreed that the only such information furnished by or on behalf of any Underwriter consists of the information described as such in
<U>Section&nbsp;8(b)</U> hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Neither BFI nor the Parent, nor any of the Parent&rsquo;s subsidiaries, has sustained since the date of the latest audited financial
statements included or incorporated by reference in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus
any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from
any labor dispute or court or governmental action, order or decree, which loss or interference is materially adverse to the Parent and
its subsidiaries, on a consolidated basis, otherwise than as set forth or contemplated in each of the Disclosure Package, the U.S. Final
Prospectus and the Canadian Final Prospectus; and, since the respective dates as of which information is given in each of the Registration
Statement, the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus, otherwise than as set forth or contemplated
in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus, there has not been any change in the capital
stock of the Parent (other than pursuant to stock dividends, conversions of securities, director, officer or employee stock options, the
Parent&rsquo;s dividend re-investment plan, normal course issuer bids and other director, officer or employee benefit plans and agreements
described or referred to in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus), any material
increase in the long-term debt of the Parent and its subsidiaries on a consolidated basis, or any change, or any development involving
a prospective change, in or affecting the general affairs, management, financial position or results of operations of the Parent and its
subsidiaries, which change has (or, in the case of prospective changes, will have) a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each of BFI, the Parent and the Parent&rsquo;s material subsidiaries has been duly amalgamated, formed or incorporated and is validly
existing in good standing under the laws of the jurisdiction in which it is chartered or organized with full corporate or limited partnership
power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in each of
the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus, and is duly qualified to do business as a foreign
corporation and is in good standing under the laws of each jurisdiction which requires such qualification, except where the failure to
be duly qualified and in good standing would not individually or in the aggregate have a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Parent has the authorized capitalization as set forth in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian Final
Prospectus, and all of the issued and outstanding shares of the Parent have been duly and validly authorized and issued and are fully
paid and non-assessable, all of the issued and outstanding shares or analogous securities of each material subsidiary have been duly
and validly authorized and issued and are fully paid and non-assessable and, except as set forth in each of the Disclosure Package, the
U.S. Final Prospectus and the Canadian Final Prospectus, the Parent (directly or indirectly) owns all of issued and outstanding shares
or other voting, equity or participating securities of each of its material subsidiaries, in each case free and clear of any Encumbrance
(other than Encumbrances granted in respect of liabilities reflected in each of the Disclosure Package, the U.S. Final Prospectus and
the Canadian Final Prospectus) and no person has any agreement or option, or right or privilege (whether pre-emptive or contractual)
capable of becoming an agreement or option, for the purchase of any unissued shares or other voting, equity or participating securities
of the Parent, except as otherwise described in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The authorized capital of BFI consists of (i) an unlimited number of common shares, of which 5,791,746 common shares are issued
and outstanding as of the date hereof, (ii) an unlimited number of preference shares designated as Class A Preference Shares, issuable
in series, which consists of 6,400,000 Class A Preference Shares &ndash; Series 1, of which 6,400,000 Class A Preference Shares &ndash;
Series 1 are issued and outstanding as of the date hereof and (iii) an unlimited number of preference shares designated as Class B Preference
Shares, issuable in series, which consists of 54,262,400 Class B Preference Shares &ndash; Series 1, of which 54,262,400 Class B Preference
Shares &ndash; Series 1 are issued and outstanding as of the date hereof, and all of the issued and outstanding shares of BFI have been
duly and validly authorized and issued and are fully paid and non-assessable. The Parent (directly or indirectly) owns all of the issued
and outstanding shares or other voting, equity or participating securities of BFI, in each case free and clear of any Encumbrance (other
than Encumbrances granted in respect of liabilities reflected in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian
Final Prospectus) and no person has any agreement or option, or right or privilege (whether pre-emptive or contractual) capable of becoming
an agreement or option, for the purchase of any unissued shares or other voting, equity or participating securities of BFI (other than
Encumbrances granted in respect of liabilities reflected in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian
Final Prospectus);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Except as disclosed in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus, the Parent
and each of its material subsidiaries has good and marketable title to all of its material assets including all material licenses, free
and clear of all Encumbrances (other than Encumbrances granted in respect of liabilities reflected in each of the Disclosure Package,
the U.S. Final Prospectus and the Canadian Final Prospectus), which are material to the Parent and its subsidiaries, on a consolidated
basis;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>This
Agreement has been duly authorized, executed and delivered by BFI and the Parent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Base Indenture has been duly authorized, executed and delivered in accordance with its terms by BFI and the Parent and constitutes
a valid and legally binding instrument, enforceable against BFI and the Parent in accordance with its terms, subject, as to enforcement,
to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors&rsquo; rights and
to general equity principles; the Twelfth Supplemental Indenture has been duly authorized by BFI and the Parent and, at the Closing Date
for the Securities, when duly executed and delivered in accordance with its terms by BFI and the Parent, assuming due authorization, execution
and delivery thereof in accordance with its terms by the Trustee, will constitute a valid and legally binding instrument, enforceable
against BFI and the Parent in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other
laws of general applicability relating to or affecting creditors&rsquo; rights and to general equity principles; the Indenture has been
duly qualified under the Trust Indenture Act and is substantially in the form, save for any indenture supplements relating to a particular
issuance of debt securities, filed as an exhibit to the Registration Statement; and the Indenture conforms, and the Securities will conform,
to the descriptions thereof contained in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Notes have been duly authorized by BFI for issuance and sale pursuant to this Agreement and the Indenture, and when executed
by BFI and authenticated by the Trustee in accordance with the terms of the Indenture and delivered against payment of the purchase price
therefor, will conform in all material respects to the description thereof contained in each of the Disclosure Package, the U.S. Final
Prospectus and the Canadian Final Prospectus and will constitute valid and legally binding obligations of BFI, enforceable against BFI
in accordance with their terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability
relating to or affecting creditors&rsquo; rights and to general equity principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Guarantees have been duly authorized by the Parent, and when the Notes have been executed and authenticated in the manner provided
for in accordance with the provisions of the Indenture and issued and delivered against payment of the purchase price therefor, the Guarantees
will constitute valid and legally binding agreements of the Parent, enforceable against the Parent in accordance with their terms, subject,
as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors&rsquo;
rights and to general equity principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The issue and sale of the Securities and the execution of and compliance by BFI and the Parent with all of the provisions of the
Securities, the Indenture, this Agreement, and the consummation of the transactions therein contemplated will not conflict with or result
in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust,
loan agreement or other agreement or instrument to which BFI or the Parent or any of the Parent&rsquo;s material subsidiaries is a party
or by which BFI or the Parent or any of the Parent&rsquo;s material subsidiaries is bound or to which any of the property or assets of
BFI or the Parent or any of the Parent&rsquo;s material subsidiaries is subject, nor will such action result in any violation of the provisions
of the articles or by-laws of BFI or the Parent or any of the Parent&rsquo;s material subsidiaries, or any statute or any order, rule
or regulation of any court or governmental agency or body having jurisdiction over BFI or the Parent or any of the Parent&rsquo;s material
subsidiaries or any of its or their properties; and no consent, approval, authorization, order, registration, clearance or qualification
of or with any such court or governmental agency or body is required for the issue and sale of the Securities or the consummation by BFI
or the Parent of the transactions contemplated by this Agreement or the Indenture, except such as have been, or will have been prior to
the Closing Date, obtained under Canadian Securities Law, the Act and the Trust Indenture Act and such consents, approvals, authorizations,
orders, registrations, clearances or qualifications as may be required under state securities or Blue Sky laws in connection with the
purchase and distribution of the Securities by the Underwriters as contemplated herein and in the Disclosure Package, the U.S. Final Prospectus
and the Canadian Final Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
statements in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus, as amended or supplemented,
set forth under the captions &ldquo;Certain Canadian Federal Income Tax Considerations&rdquo; and &ldquo;Eligibility for Investment,&rdquo;
insofar as they purport to constitute summaries of matters of Canadian federal income tax law or legal conclusions with respect thereto,
fairly and accurately summarize the matters described therein in all material respects, subject to the qualifications, assumptions and
restrictions referred to therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
statements in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus, as amended or supplemented,
set forth under the caption &ldquo;Certain United States Federal Income Tax Considerations,&rdquo; insofar as they purport to constitute
summaries of matters of United States federal income tax law or legal conclusions with respect thereto, fairly and accurately summarize
the matters described therein in all material respects, subject to the qualifications, assumptions and restrictions referred to therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
statements in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus, as amended or supplemented,
set forth under the captions &ldquo;Description of Debt Securities&rdquo; and &ldquo;Description of the Notes,&rdquo; insofar as they
purport to constitute a summary of the terms of the Securities, and set forth under the captions &ldquo;Plan of Distribution&rdquo; and
 &ldquo;Underwriting,&rdquo; insofar as they purport to describe the documents referred to therein, fairly and accurately summarize the
matters described therein in all material respects, subject to the qualifications, assumptions and restrictions referred to therein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(u)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Neither BFI nor the Parent nor any of the Parent&rsquo;s material subsidiaries is in violation of its certificate of incorporation,
certificate of formation, by-laws, partnership agreement or operating agreement, as applicable. Neither BFI nor the Parent nor any of
the Parent&rsquo;s subsidiaries, is in default (or with the giving of notice or lapse of time would be in default) in the performance
or observance of any obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement,
lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound, except such violations
or defaults which would not individually or in the aggregate have a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Other than as set forth in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus, there are
no legal or governmental actions or proceedings pending against or to which BFI or the Parent or any of the Parent&rsquo;s subsidiaries
is a party or of which any property of BFI or the Parent or any of the Parent&rsquo;s subsidiaries is the subject which, if determined
adversely to BFI or the Parent or any of the Parent&rsquo;s subsidiaries, would individually or in the aggregate be reasonably likely
to have a Material Adverse Effect; and, to BFI&rsquo;s and the Parent&rsquo;s knowledge, there are no such actions or proceedings threatened
or contemplated;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(w)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Neither
BFI nor the Parent are, and, after giving effect to the offering and sale of the Securities, and the application of the proceeds thereof
as described in the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus, neither will be, required to register
as an &ldquo;investment company,&rdquo; as such term is defined in the Investment Company Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>No stamp or other issuance or transfer taxes or duties and no withholding or other taxes (excluding taxes on net income, profits
or gains) are payable by or on behalf of the Underwriters to Canada or any political subdivision or taxing authority thereof or therein
in connection with (A) the issuance, sale and delivery by BFI of the Notes outside Canada to or for the respective accounts of the Underwriters
or (B) the sale and delivery of the Notes outside Canada by the Underwriters to the initial purchasers thereof (assuming (i) the Underwriters
are not, and are not deemed to be, resident in Canada for purposes of the <I>Income Tax Act </I>(Canada); (ii) the Underwriters do not
hold or use the Notes in the course of carrying on business in Canada for purposes of the <I>Income Tax Act </I>(Canada); (iii) neither
the Underwriters nor any of the Underwriters&rsquo; directors, officers, employees, servants or agents have performed or will perform
any services or any other activities in Canada in connection with the Notes; (iv) each Underwriter will perform the contemplated services
in respect of the Notes in the ordinary course of a business carried on by it that includes the performance of such a service for a fee;
and (v) the amount of any fees, charges or other consideration for services to be paid to the Underwriters in respect of the Notes is
reasonable in the circumstances);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(y)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>To the best of BFI&rsquo;s and the Parent&rsquo;s knowledge, there is no existing law or regulation of or proposed change to the
laws or regulations of Canada that would give rise to a &ldquo;Redemption for Changes in Canadian Withholding Taxes&rdquo; as described
in the Canadian Preliminary Prospectus and the U.S. Preliminary Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(z)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Parent has complied in all material respects with the currently applicable provisions of the Sarbanes-Oxley Act of 2002, as
amended, and the corporate governance rules of the New York Stock Exchange and the Toronto Stock Exchange, and, to the knowledge of the
Parent, the Parent&rsquo;s directors and executive officers, in their capacities as such, have complied in all material respects with
the currently applicable provisions of the Sarbanes-Oxley Act of 2002, as amended, and the corporate governance rules of the New York
Stock Exchange and the Toronto Stock Exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(aa)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Parent maintains disclosure controls and procedures as required by Rule 13a-15 or Rule 15d-15 under the Exchange Act and as
contemplated by the certifications required under Form 52-109F1 and Form 52-109F2 under National Instrument 52-109 &ndash; <I>Certification
of Disclosure in Issuers&rsquo; Annual and Interim Filings</I>, (&ldquo;<FONT STYLE="font-weight: normal"><U>NI 52-109</U></FONT>&rdquo;)
and such controls and procedures are effective to ensure that all material information concerning the Parent is made known, on a timely
basis, to the individuals responsible for the preparation of the Parent&rsquo;s filings with the Commission and the Qualifying Authorities.
The Parent maintains systems of internal accounting controls sufficient to provide reasonable assurance that (A) transactions are executed
in accordance with management&rsquo;s general or specific authorizations; (B) transactions are recorded as necessary to permit preparation
of financial statements in conformity with International Financial Reporting Standards as issued by the International Accounting Standards
Board and to maintain asset accountability; (C) access to assets is permitted only in accordance with management&rsquo;s general or specific
authorization; and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. The Parent&rsquo;s internal control over financial reporting is effective and the Parent
is not aware of (a) any significant deficiency or material weaknesses in the design or operation of internal control over financial reporting
(as such term is defined by Rules 13a-15(f) and 15d-15(f) under the Exchange Act and, in Canada, under NI 52-109) which are reasonably
likely to adversely affect the Parent&rsquo;s ability to record, process, summarize and report financial information or (b) any fraud,
whether or not material, that involves management or other employees who have a significant role in the Parent&rsquo;s internal controls
over financial reporting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(bb)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Deloitte LLP, who have audited certain financial statements of the Parent and its consolidated subsidiaries and delivered their
report with respect to the audited consolidated financial statements included in the Disclosure Package, the U.S. Final Prospectus and
the Canadian Final Prospectus, are independent auditors with respect to the Parent within the meaning of the Act and the applicable published
rules and regulations thereunder adopted by the Commission and the Public Company Accounting Oversight Board (United States) and within
the meaning of the rules of professional conduct of the Chartered Professional Accountants of Ontario as required by applicable Canadian
Securities Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(cc)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The consolidated historical financial statements and schedules (including the Historical Financial Statements) of the Parent and
its consolidated subsidiaries incorporated by reference in each of the Disclosure Package, the U.S. Final Prospectus, the Canadian Final
Prospectus and the Registration Statement present fairly, in all material respects, the financial condition, results of operations and
cash flows of the Parent as of the dates and for the periods indicated, comply as to form, in all material respects, with applicable accounting
requirements and have been prepared in conformity with International Financial Reporting Standards as issued by the International Accounting
Standards Board. There have been no changes in the consolidated assets or liabilities of the Parent from the position thereof as set forth
in the latest balance sheet date included in the Historical Financial Statements, except changes arising from transactions in the ordinary
course of business which, in the aggregate, have not been material to the Parent and except for changes that are disclosed in each of
the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(dd)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The press release of the Parent dated February 13, 2025, in respect of the Parent&rsquo;s preliminary results for the fourth quarter
and year ended December 31, 2024 presents fairly and correctly, in all material respects, the financial position and operating results
of the Parent as at the dates and for the periods indicated therein; provided that the Parent&rsquo;s external auditors have not yet completed
the year-end audit in respect of the Parent&rsquo;s results for the year ended December 31, 2024, as described in each of the Disclosure
Package, the U.S. Final Prospectus and the Canadian Final Prospectus;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(ee)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Parent and each of its material subsidiaries holds all requisite material licences, registrations, qualifications, permits and consents
necessary or appropriate for carrying on its business as currently carried on and all such licences, registrations, qualifications, permits
and consents are valid and subsisting and in good standing in all material respects and none of the same contains any burdensome term,
provision, condition or limitation except such licenses or other similar rights the absence of which would not have a Material Adverse
Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(ff)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>BFI
and the Parent and each of the Parent&rsquo;s material subsidiaries have (i) accurately completed and filed on a timely basis all necessary
tax returns, reports and notices, except insofar as the failure to file such tax returns or notices would not result in a Material Adverse
Effect, and (ii) paid or accounted for or made provision for all applicable taxes of whatever nature to the date hereof to the extent
such taxes have become due or have been alleged to be due, except assessments against which appeals have been or will be promptly taken
and as to which adequate reserves have been provided, except where the failure to do so would not have a Material Adverse Effect; neither
BFI nor the Parent are aware of any material tax deficiencies or material interest or penalties accrued or accruing, or alleged to be
accrued or accruing, thereon with respect to BFI, the Parent or any of the Parent&rsquo;s material subsidiaries which have not otherwise
been provided for by BFI or the Parent and the Parent&rsquo;s subsidiaries, on a consolidated basis;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></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; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(gg)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Each of BFI and the Parent is a reporting issuer not in default or the equivalent thereof under the applicable securities laws
of each province of Canada that recognizes such concept; each of BFI and the Parent is in compliance with or is exempt from its timely
disclosure obligations under the applicable securities laws in all of the provinces of Canada, the Exchange Act and under the rules of
the Toronto Stock Exchange and the New York Stock Exchange, as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(hh)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>No order, ruling or determination having the effect of suspending the sale or ceasing the trading of any securities of the Parent
has been issued or made by the Commission or by any securities commission in Canada or stock exchange or any other regulatory authority
and is continuing in effect and no proceedings for that purpose have been instituted or are pending or, to the best of the Parent&rsquo;s
knowledge, contemplated or threatened by any such authority or under any Applicable Securities Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>BFI and the Parent shall use the net proceeds received by BFI from the sale of the Securities in the manner specified or to be
specified in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus under the heading &ldquo;Use
of Proceeds&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(jj)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Neither
the Parent nor any of the Parent&rsquo;s subsidiaries nor, to the knowledge of BFI or the Parent, any director, officer, agent or employee
of the Parent or any of its subsidiaries is aware of or has taken any action, directly or indirectly, that could result in a sanction
for violation by such persons of the Foreign Corrupt Practices Act of 1977, the Bribery Act of 2010 of the United Kingdom (the &ldquo;<U>UK
Bribery Act</U>&rdquo;) or the <I>Corruption of Foreign Public Officials Act </I>(Canada), each as may be amended, or, except as previously
disclosed to the Underwriters, any similar law of any other applicable jurisdiction, or the rules or regulations thereunder; and the
Parent and the Parent&rsquo;s subsidiaries have instituted and maintain policies and procedures designed to ensure compliance therewith.
No part of the proceeds of the offering will be used, directly or indirectly, in violation of the Foreign Corrupt Practices Act of 1977,
the UK Bribery Act or the <I>Corruption of Foreign Public Officials Act </I>(Canada), each as may be amended, or similar law of any other
applicable jurisdiction, or the rules or regulations thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(kk)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The operations of the Parent and the Parent&rsquo;s subsidiaries are and have been conducted (i) at all times and in all material
respects in compliance with applicable financial recordkeeping and reporting requirements and (ii) at all times in compliance with the
money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued,
administered or enforced by any governmental agency (collectively, the &ldquo;<FONT STYLE="font-weight: normal"><U>Money Laundering Laws</U></FONT>&rdquo;)
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Parent
or any of the Parent&rsquo;s subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of BFI or the
Parent, threatened;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></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; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(ll)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Neither the Parent nor any of the Parent&rsquo;s subsidiaries nor, to the knowledge of BFI or the Parent, any director, officer,
agent or employee of the Parent or any of the Parent&rsquo;s subsidiaries (i) is, or is controlled by or is acting on behalf of, an individual
or entity that is currently the target of any sanctions administered or enforced by the United States (including any sanctions administered
or enforced by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State or the Bureau
of Industry and Security of the U.S. Department of Commerce), Canada (including sanctions administered or enforced by Global Affairs Canada
or Public Safety Canada), the European Union, His Majesty&rsquo;s Treasury, the United Nations Security Council or other applicable sanctions
authority (collectively, &ldquo;<FONT STYLE="font-weight: normal"><U>Sanctions</U></FONT>&rdquo; and such persons, &ldquo;<FONT STYLE="font-weight: normal"><U>Sanctioned
Persons</U></FONT>&rdquo; and each such person, a &ldquo;<FONT STYLE="font-weight: normal"><U>Sanctioned Person</U></FONT>&rdquo;), (ii)
is located, organized or resident in a country or territory that, from time to time, is, or whose government is, the target of Sanctions
that broadly prohibit dealings with that government, country or territory (collectively, the &ldquo;<FONT STYLE="font-weight: normal"><U>Sanctioned
Countries</U></FONT>&rdquo; and each, a &ldquo;<FONT STYLE="font-weight: normal"><U>Sanctioned Country</U></FONT>&rdquo;), or (iii) will
directly, or knowingly indirectly, use the proceeds of this offering, or lend, contribute or otherwise make available such proceeds to
any subsidiary, joint venture partner or other individual or entity in any manner that would result in a violation of any Sanctions by,
or could result in the imposition of Sanctions against, any party hereto or any individual or entity participating in the offering, whether
as underwriter, advisor, investor or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(mm)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>BFI acknowledges that one or more of the Underwriters will sell to one or more affiliates of Brookfield Wealth Solutions Ltd. (together
with its affiliates, &ldquo;<U>BWS</U>&rdquo;) and/or certain other institutional investors Notes at the Price to Public set forth in Schedule
I hereto. The Parent agrees that it will use reasonable best efforts to cause BWS to comply with all applicable securities laws in connection
with the resale of any such securities; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(nn)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Each of BFI&rsquo;s, the Parent&rsquo;s and their respective subsidiaries&rsquo; information technology assets and equipment, computers,
systems, networks, hardware, software, websites, applications, and databases (collectively, &ldquo;<FONT STYLE="font-weight: normal"><U>IT
Systems</U></FONT>&rdquo;) are adequate for, and operate and perform in all material respects as required in connection with the operation
of the business of BFI, the Parent and their respective subsidiaries as currently conducted and, to the best of BFI&rsquo;s, the Parent&rsquo;s
and their respective subsidiaries&rsquo; knowledge, are free and clear of all material bugs, errors, defects, Trojan horses, time bombs,
malware and other corruptants. BFI, the Parent and their respective subsidiaries have implemented and maintained commercially reasonable
controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous
operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential
or regulated data (&ldquo;<FONT STYLE="font-weight: normal"><U>Personal Data</U></FONT>&rdquo;)) used in connection with their businesses,
and, to the best of BFI&rsquo;s, the Parent&rsquo;s and their respective subsidiaries&rsquo; knowledge there have been (i) no breaches,
violations, outages or unauthorized uses of or accesses to the same, except for those that have been remedied without material cost or
liability or the duty to notify any other person, and (ii) no incidents under internal review or investigations relating to the same,
except where such breach, violation, outage, unauthorized use or access, or incidents under internal review or investigation relating
to the same, would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. BFI, the Parent and
their respective subsidiaries are presently in material compliance with all applicable laws or statutes and all applicable judgments,
orders, rules and regulations of any court or arbitrator or governmental or regulatory authority having jurisdiction over BFI, the Parent
and their respective subsidiaries, and all internal policies and contractual obligations relating to the privacy and security of IT Systems
and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.
Any certificate signed by any officer of BFI or the Parent, respectively, and delivered to the Representatives or counsel for the Underwriters
in connection with the offering of the Securities shall be deemed a representation and warranty by BFI or the Parent, respectively, as
to matters covered thereby, to each Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></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; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; </FONT><U>Purchase
and Sale</U>. Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, BFI
agrees to sell to each Underwriter, and each Underwriter agrees, severally and not jointly, to purchase from BFI, at the Price to
Public, set forth in <U>Schedule&nbsp;I</U> hereto, the principal amount of the Notes set forth opposite such Underwriter&rsquo;s
name in <U>Schedule&nbsp;II</U> hereto. On the Closing Date, BFI will pay, as an underwriting commission in respect of the public
distribution of the Securities, to the Underwriters, the commission set forth in <U>Schedule&nbsp;I</U> hereto (other than with
respect to sales to BWS and/or certain other institutional investors, for which no underwriting discounts or commissions will be paid) (the &ldquo;<FONT STYLE="font-weight: normal"><U>Underwriting
Commission</U></FONT>&rdquo;). Such Underwriting Commission may be paid by BFI to the Underwriters by setting off the Underwriting
Commission payable by BFI to the Underwriters against the amount payable by the Underwriters to BFI as the purchase price for the
Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Delivery and Payment</U>. Delivery of and payment for the Securities shall be made on the date and at the time specified in
<U>Schedule&nbsp;I</U> hereto or at such time on such later date not more than five Business Days after the foregoing date as the Representatives
shall designate, which date and time may be postponed by agreement between the Representatives and BFI or as provided in <U>Section&nbsp;9</U>
hereof (such date and time of delivery and payment for the Securities being herein called the &ldquo;<FONT STYLE="font-weight: normal"><U>Closing
Date</U></FONT>&rdquo;). Delivery of the Securities shall be made to the Representatives for the respective accounts of the several Underwriters
against payment by the several Underwriters through the Representatives of the purchase price thereof to or upon the order of BFI by wire
transfer payable in same-day funds to an account specified by BFI. Delivery of the Securities shall be made through the facilities of
The Depository Trust Company unless the Representatives shall otherwise instruct.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Offering by Underwriters</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The several Underwriters will only offer the Securities for sale to the public as set forth in the U.S. Final Prospectus and the
Canadian Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Underwriters shall offer the Securities for sale to the public directly and through banking and selling group members, only
as permitted by and in compliance with Applicable Securities Laws, upon the terms and conditions set forth in the Canadian Final Prospectus
and the U.S. Final Prospectus, as applicable, and in this Agreement. Each of the Underwriters hereby severally represents, warrants and
covenants and will require each banking and selling group member to represent, warrant and covenant to the Underwriters that: (a) other
than the Canadian Final Prospectus and the February 2025 Marketing Materials (modified as permitted by sections&nbsp;9A.3(2) and 9A.3(3)
of NI 44-102), it has not provided and will not without the prior written approval of BFI and the Representatives provide any information
in respect of the Securities to any potential investors of the Securities resident in Canada including, without limitation: (i) marketing
materials in respect of the Securities; and (ii) a standard term sheet in respect of the Securities; and (b) it will provide a copy of
the Canadian Base Prospectus and any applicable shelf prospectus supplement and amendment that has been filed with any marketing materials
(including the February 2025 Marketing Materials) that are provided to a potential investor of the Securities resident in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <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; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Underwriters propose to offer the Securities initially at the price set forth in <U>Schedule&nbsp;I</U> hereto. After a reasonable
effort has been made to sell all of the Securities at the price set forth in <U>Schedule&nbsp;I</U> hereto, the Underwriters may subsequently
reduce and thereafter change, from time to time, the price at which the Securities are offered; <I>provided </I>that the Securities are
not at any time offered at a price greater than the price set forth in <U>Schedule&nbsp;I </U>hereto. Any decrease in the price at which
the Securities are offered will not decrease the amount of the net proceeds of the offering to BFI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Underwriters will not solicit offers to purchase or sell Securities so as to require registration thereof or the filing of
a prospectus, registration statement or other notice or document with respect thereto under the laws of any jurisdiction other than the
Qualifying Provinces and the United States, or which could subject BFI or the Parent to reporting obligations in any such jurisdiction
or result in the listing of BFI&rsquo;s or the Parent&rsquo;s securities on any exchange other than an exchange where such securities
are listed as of the date hereof, and will require each banking and selling group member to agree with the Underwriters not to so solicit
or sell; <I>provided </I>that the Underwriters and the banking and selling groups may offer and sell the Securities outside of the Qualifying
Provinces and the United States if such offer and sale is conducted in compliance with the securities laws of such jurisdictions and does
not require BFI or the Parent to file any prospectus, registration statement or other notice or document in connection with such offer
and sale or subject BFI or the Parent to reporting obligations in any such jurisdiction or result in the listing of BFI&rsquo;s or the
Parent&rsquo;s securities on any exchange other than an exchange where such securities are listed as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Each Underwriter shall notify the Representatives, and the Representatives shall notify BFI and the Parent, in writing, of the
aggregate principal amount of Securities sold in each of the Qualifying Provinces as soon as possible after the distribution of the Securities
has been completed, and in any event no later than 30 days following the date on which such distribution has been completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>For the avoidance of doubt, Deutsche Bank Securities Inc., SMBC Nikko Securities America, Inc., Citigroup Global Markets Inc.,
Mizuho Securities USA LLC, BofA Securities, Inc., Banco Bradesco BBI S.A., BNP Paribas Securities Corp., Brookfield Securities LLC, Desjardins
Securities Inc., Itau BBA USA Securities, Inc., MUFG Securities Americas Inc., National Bank of Canada Financial Inc., Natixis Securities
Americas LLC, Santander US Capital Markets LLC and SG Americas Securities, LLC are not acting as underwriters of the Securities in any
province or territory of Canada and no action on their part in their capacity as underwriters of the offering of Securities in the United
States will create any impression or support any conclusion that they are acting as underwriters of the Securities in any province or
territory of Canada. Merrill Lynch Canada Inc., a broker-dealer affiliate of BofA Securities, Inc., will be acting as underwriter of the
Securities in the provinces of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Agreements</U>. BFI and the Parent jointly and severally agree with each of the several Underwriters that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Prior to the termination of the offering of the Securities, neither BFI nor the Parent will file any amendment of the Registration
Statement or supplement (including the U.S. Final Prospectus, the Canadian Final Prospectus or any U.S. or Canadian Preliminary Prospectus)
to the U.S. or Canadian Base Prospectus as the case may be, unless BFI has furnished you a copy for your review prior to filing and will
not file any such proposed amendment or supplement to which you reasonably object. BFI and the Parent will prepare a supplement to the
Canadian Base Prospectus in accordance with the requirements of Canadian Securities Law and a supplement to the U.S. Base Prospectus consisting
of the supplement to the Canadian Base Prospectus modified as required or permitted by Form F-10, in each case in a form approved by the
Representatives and (i) BFI will file such supplement to the Canadian Base Prospectus with the Qualifying Authorities pursuant to Canadian
Securities Law not later than the close of business on the second Business Day following the execution and delivery of this Agreement
or, if applicable, such earlier time as may be required by Canadian Securities Law, and (ii) BFI and the Parent will file such supplement
to the U.S. Base Prospectus with the Commission pursuant to General Instruction II.L. of Form F-10 not later than the Commission&rsquo;s
close of business on the next Business Day following such filing with the Qualifying Authorities or, if applicable, such earlier time
as may be required by such General Instruction II.L. of Form F-10 or as may be required by Canadian Securities Law; to make no further
amendment or supplement to the Registration Statement, the U.S. Base Prospectus, the Canadian Base Prospectus, the U.S. Preliminary Prospectus
or the Canadian Preliminary Prospectus after the date of this Agreement and prior to the Closing Date unless such amendment or supplement
is approved by the Representatives after reasonable notice thereof (which approval shall not be unreasonably withheld); to advise the
Representatives promptly of any such amendment or supplement relating to, or affecting, the Securities after such Closing Date and furnish
the Representatives with copies thereof; to file promptly with the Qualifying Authorities all necessary marketing materials required to
be filed under Canadian Securities Law and all documents required to be filed by BFI and the Parent with the Qualifying Authorities that
are deemed to be incorporated by reference into the Canadian Base Prospectus and the U.S. Base Prospectus and with the Commission all
reports and any definitive proxy or information statements required to be filed by BFI or the Parent with the Commission pursuant to Section
13(a), 13(c) or 15(d) of the Exchange Act, in each case, for so long as the delivery of a prospectus is required in connection with the
offering or sale of such Securities, and during such same period to advise the Representatives, promptly after it receives notice thereof,
of the time when any amendment to the Canadian Base Prospectus, the U.S. Base Prospectus or the Registration Statement has been filed
or becomes effective or any supplement to the Canadian Base Prospectus, the U.S. Base Prospectus, the Canadian Final Prospectus, the U.S.
Final Prospectus or any amended prospectus has been filed with the Qualifying Authorities or the Commission, of the issuance by any Qualifying
Authority or the Commission of any stop order or of any order preventing or suspending the use of any prospectus, relating to the Securities,
of the suspension of the qualification of such Securities for offering or sale in any jurisdiction, of the initiation or threatening of
any proceeding for any such purpose, or of any request by any Qualifying Authority or the Commission for the amending or supplementing
of the Canadian Base Prospectus, the U.S. Base Prospectus, the Registration Statement, the Canadian Final Prospectus, the U.S. Final Prospectus
or for additional information relating to the Securities, the Canadian Base Prospectus, the U.S. Base Prospectus, the Registration Statement,
the Canadian Final Prospectus or the U.S. Final Prospectus; and, in the event of the issuance of any such stop order or of any such order
preventing or suspending the use of any prospectus relating to the Securities or suspending any such qualification, to use promptly its
best efforts to obtain its withdrawal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>BFI shall deliver to the Representatives&rsquo; counsel prior to or contemporaneously, as nearly as practicable, with the filing
with the Qualifying Authorities of the Canadian Final Supplement for the offering of the Securities, a copy of the following for each
of the Representatives and Representatives&rsquo; counsel:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;
</FONT>the Canadian Final Prospectus, in the English and French languages as filed with the Qualifying Authorities, signed and certified
as required by Canadian Securities Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>all documents, in the English and French languages, incorporated by reference, or containing information incorporated by reference,
into the Canadian Final Prospectus, and any other document required to be filed by BFI or the Parent prior to the filing of the Canadian
Final Supplement under the laws of the Qualifying Provinces in compliance with Canadian Securities Law in connection with the distribution
of the Securities, if such documents have not previously been delivered to the Representatives&rsquo; counsel, which documents may be
delivered in electronic form;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT>an opinion dated the date of the Canadian Final Supplement, in form and substance satisfactory to the Representatives acting reasonably,
of Lavery, de Billy, L.L.P. addressed to BFI, the Parent, the Representatives and counsel to BFI and the Parent and the Representatives,
to the effect that the French version of the Canadian Final Prospectus and the documents incorporated by reference therein, in each case,
and except for certain financial statements, auditors reports, accounting or statistical information (including the Historical Financial
Statements) and other numerical data (collectively, the &ldquo;<FONT STYLE="font-weight: normal"><U>Financial Information</U></FONT>&rdquo;),
is in all material respects a complete and proper translation of the English version thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;
</FONT>an opinion dated the date of the Canadian Final Supplement, in form and substance satisfactory to the Representatives acting reasonably,
of Deloitte LLP, auditors for the Parent, addressed to BFI, the Parent, the Representatives and counsel for BFI, the Parent and the Representatives,
to the effect that the Financial Information contained or incorporated by reference in the French version of the Canadian Final Supplement,
and the documents incorporated by reference therein, is, in all material respects, a complete and proper translation of the Financial
Information contained or incorporated by reference in the English version thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>BFI and the Parent shall prepare a final term sheet, containing solely a description of final terms of the Securities and the offering
thereof, in the form approved by you and attached as <U>Schedule&nbsp;IV</U> hereto and to file such term sheet pursuant to Rule 433(d)
within the time required by such Rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></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; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>If, at any time prior to the filing of the U.S. Final Prospectus or the Canadian Final Prospectus, any event occurs as a result
of which the Disclosure Package or the Canadian Preliminary Prospectus would include any untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein in the light of the circumstances under which they were made or the circumstances
then prevailing not misleading, BFI will (i) notify promptly the Representatives so that any use of the Disclosure Package and the Canadian
Preliminary Prospectus may cease until they are amended or supplemented; (ii) amend or supplement the Disclosure Package and the Canadian
Preliminary Prospectus to correct such statement or omission; and (iii) supply any amendment or supplement to you in such quantities as
you may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>If, at any time when a prospectus relating to the Securities is required to be delivered under the Act (including in circumstances
where such requirement may be satisfied pursuant to Rule 172) or under Canadian Securities Law, any event occurs as a result of which
the U.S. Final Prospectus or the Canadian Final Prospectus as then supplemented would include any untrue statement of a material fact
or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which they were made
at such time not misleading, or if it shall be necessary to amend the Registration Statement, file a new registration statement or amend
or supplement the U.S. Final Prospectus or Canadian Final Prospectus to comply with the Act or the Exchange Act or the respective rules
thereunder or to comply with Canadian Securities Law, including in connection with the use or delivery of the U.S. Final Prospectus or
the Canadian Final Prospectus, (i) BFI promptly will notify the Representatives of any such event, (ii) BFI and the Parent promptly will
prepare and file with the Commission, subject to the second sentence of <U>paragraph&nbsp;(a)</U> of this <U>Section&nbsp;5</U>, an amendment
or supplement or new registration statement which will correct such statement or omission or effect such compliance, (iii) BFI and the
Parent promptly will each use its respective best efforts to have any amendment to the Registration Statement or new registration statement
declared effective as soon as practicable in order to avoid any disruption in the use of the U.S. Final Prospectus or, in the case of
the Canadian Final Prospectus, use its respective best efforts to obtain a Receipt for any amendment to the Canadian Final Prospectus
from the Principal Regulator as soon as practicable in order to avoid any disruption in the use of the Canadian Final Prospectus and (iv)
BFI promptly will supply any amended or supplemented U.S. Final Prospectus and Canadian Final Prospectus to you in such quantities as
you may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT>As soon as practicable, the Parent will make generally available to its security holders and to the Representatives an earnings
statement or statements of the Parent and its subsidiaries which will satisfy the provisions of Section 11(a) of the Act and Rule 158.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>BFI and the Parent will furnish to the Representatives and counsel for the Underwriters, without charge, signed copies of the Registration
Statement and of the Canadian Final Prospectus (including exhibits thereto) and to each other Underwriter a copy of the Registration Statement
(without exhibits thereto) and of the Canadian Final Prospectus and, so long as delivery of a prospectus by an Underwriter or dealer may
be required by the Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172) or by Canadian Securities
Law, as many copies of the U.S. Preliminary Prospectus, the U.S. Final Prospectus, the Issuer Free Writing Prospectus, the Canadian Preliminary
Prospectus, the Canadian Final Prospectus and any amendment or supplement thereto as the Representatives may reasonably request. BFI and
the Parent will pay the expenses of printing or other production of all documents relating to the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></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; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Each of BFI and the Parent agrees that, unless it has or shall have obtained the prior written consent of the Representatives,
and each Underwriter, severally and not jointly, agrees with BFI and the Parent that, unless it has or shall have obtained, as the case
may be, the prior written consent of BFI or the Parent, it has not made and will not make any offer relating to the Securities that would
constitute an Issuer Free Writing Prospectus or that would otherwise constitute a &ldquo;free writing prospectus&rdquo; (as defined in
Rule 405) required to be filed by BFI or the Parent with the Commission or retained by BFI or the Parent under Rule 433, other than a
free writing prospectus containing the information contained in the final term sheet prepared and filed pursuant to <U>Section&nbsp;5(c)</U>
hereto; <I>provided </I>that the prior written consent of the parties hereto shall be deemed to have been given in respect of the Free
Writing Prospectuses included in <U>Schedule&nbsp;III</U> hereto and any electronic road show. Any such free writing prospectus consented
to by the Representatives or BFI or the Parent is hereinafter referred to as a &ldquo;<FONT STYLE="font-weight: normal"><U>Permitted Free
Writing Prospectus</U></FONT>.&rdquo; Each of BFI and the Parent agrees that (x) it has treated and will treat, as the case may be, each
Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and (y) it has complied and will comply, as the case may be, with
the requirements of Rules 164 and 433 applicable to any Permitted Free Writing Prospectus, including in respect of timely filing with
the Commission, legending and record keeping.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;
</FONT>BFI and the Parent will not, without the prior written consent of the Representatives, offer, sell, contract to sell, pledge, or
otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition
(whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by BFI or the Parent or any affiliate
of BFI or the Parent or any person in privity with BFI or the Parent or any affiliate of BFI or the Parent), directly or indirectly, including
the filing (or participation in the filing) of a registration statement with the Commission in respect of, or establish or increase a
put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, any
senior debt securities issued or guaranteed by BFI or the Parent (other than the Securities) or publicly announce an intention to effect
any such transaction, until the Closing Date. For the avoidance of doubt, this provision shall not prohibit the incurrence of indebtedness
by BFI or the Parent and the Parent&rsquo;s subsidiaries under any commercial paper program or under their revolving credit facilities
in effect on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;
</FONT>BFI and the Parent have not, and will not, take, directly or indirectly, any action designed to or that would constitute or that
might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of
any security of the Parent to facilitate the sale or resale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 18; Value: 2 -->
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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; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>BFI and the Parent jointly and severally covenant and agree with the several Underwriters that BFI and the Parent will pay or cause
to be paid the following: (i) the fees, disbursements and expenses of BFI&rsquo;s and the Parent&rsquo;s counsel and accountants in connection
with the filing with respect to the Securities under Canadian Securities Law, the registration of the Securities under the Act and any
listing of the Securities on a stock exchange, and all other expenses in connection with the preparation, printing and filing in the Qualifying
Provinces and the United States of America, as may be applicable, of the Registration Statement, the U.S. Preliminary Prospectus, the
Canadian Preliminary Prospectus, the U.S. Final Prospectus, the Canadian Final Prospectus and each Issuer Free Writing Prospectus, and
amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers; (ii) subject to such
limitation as may be set forth in this Agreement, the cost of printing or producing any agreement among the Underwriters and this Agreement;
(iii) the cost of printing or producing any Indenture, any Blue Sky and Legal Investment Memoranda, the Registration Statement, each U.S.
and Canadian Preliminary Prospectus, the U.S. Final Prospectus, the Canadian Final Prospectus and each Issuer Free Writing Prospectus,
and all amendments or supplements to any of them, and any other documents in connection with the offering, purchase, sale and delivery
of the Securities; (iv) subject to such limitation as may be set forth in this Agreement, all reasonable expenses in connection with the
qualification of the Securities for offering and sale under state securities laws as provided in <U>Section&nbsp;5(g)</U> hereof, including
the reasonable fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the
Blue Sky and legal investment surveys; (v) any fees charged by securities rating services for rating the Securities; (vi) any filing fees
incident to any required review by the Financial Industry Regulatory Authority, Inc. of the terms of the sale of the Securities; (vii)
the cost of preparing the Securities; (viii) the fees and expenses of any Trustee and any agent of any Trustee and the reasonable fees
and disbursements of counsel for any Trustee in connection with any Indenture and the Securities; and (ix) all other costs and expenses,
including any taxes, incident to the performance of their obligations pursuant to this Agreement which are not otherwise specifically
provided for in this <U>Section&nbsp;5</U>. It is understood, however, that, except as otherwise specifically provided in this <U>Section&nbsp;5</U>
and <U>Section&nbsp;8</U>, the Underwriters will pay all of their own costs and expenses, including the fees of their counsel, taxes on
resale of any of the Securities by them, and any advertising expenses connected with any offers they may make, including the expenses
of any &ldquo;tombstone&rdquo; advertisement related to the offering of the Securities; <I>provided</I>, that no such tombstone advertisement
shall be published without the prior approval of BFI or the Parent, which approval shall not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Conditions to the Obligations of the Underwriters</U>. The obligations of the Underwriters to purchase the Securities shall
be subject to the accuracy of the representations and warranties on the part of BFI and the Parent contained herein as of the Execution
Time and the Closing Date, to the accuracy of the statements of BFI and the Parent made in any certificates pursuant to the provisions
hereof, to the performance by BFI and the Parent of their respective obligations hereunder and to the following additional conditions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Canadian Final Supplement shall have been filed with the Qualifying Authorities pursuant to the Canadian Shelf Procedures within
the applicable time period prescribed for such filing thereunder and the U.S. Final Prospectus shall have been filed with the Commission
pursuant to General Instruction II.L. of Form F-10 within the applicable time period prescribed for such filing by the rules and regulations
under the Act and, in each case, in accordance with <U>Section&nbsp;5(a)</U> hereof; the February 2025 Marketing Materials required to
be filed by BFI or the Parent with the Qualifying Authorities shall have been filed within the applicable time period prescribed for such
filings under Canadian Securities Law and the final term sheet contemplated by <U>Section&nbsp;5(c)</U> hereto, and any other material
required to be filed by BFI or the Parent pursuant to Rule 433(d) under the Act, shall have been filed with the Commission within the
applicable time periods prescribed for such filings by Rule 433; no stop order suspending the effectiveness of the Registration Statement
or any part thereof shall have been issued and no proceeding for that purpose shall have been initiated or, to the knowledge of BFI or
the Parent, threatened by the Commission; no order having the effect of preventing or suspending the use of any prospectus (including
any Issuer Free Writing Prospectus) relating to the Securities shall have been issued and no proceeding for that purpose shall have been
initiated or, to the knowledge of BFI or the Parent, threatened by any Qualifying Authorities; and all requests for additional information
on the part of any Qualifying Authority and the Commission shall have been complied with to the Representatives&rsquo; reasonable satisfaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>BFI and the Parent shall have requested and caused Torys LLP, Canadian and United States counsel for BFI and the Parent, Willkie
Farr &amp; Gallagher LLP, special Investment Company Act counsel for BFI and the Parent, and local counsel in each province of Canada
other than Ontario, Qu&eacute;bec and Alberta (to the extent that Securities will be sold to the public in such other provinces), to have
furnished to the Representatives their opinions, dated the Closing Date and addressed to the Representatives, in form and substance reasonably
satisfactory to the Representatives. In rendering such opinion, such counsel may rely as to matters of fact, to the extent they deem proper,
on certificates of responsible officers of BFI or the Parent and public officials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Representatives shall have received from Skadden, Arps, Slate, Meagher &amp; Flom LLP, United States counsel for the Underwriters,
such opinion or opinions, dated the Closing Date and addressed to the Representatives, with respect to the issuance and sale of the Securities,
the Indenture, the Registration Statement, the Disclosure Package, the U.S. Final Prospectus (together with any supplement thereto) and
other related matters as the Representatives may reasonably require, and BFI and the Parent shall have furnished to such counsel such
documents as they request for the purpose of enabling them to pass upon such matters (it being understood that, to the extent such opinion
relates to the laws of Ontario and the federal laws of Canada applicable therein, such counsel shall be entitled to rely on the opinion
of Canadian counsel to BFI and the Parent delivered pursuant to <U>Section&nbsp;6(b)</U> hereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Representatives shall have received an appropriate legal opinion, dated the Closing Date, in form and substance satisfactory
to the Representatives acting reasonably, addressed to the Representatives and their counsel, of Torys LLP, as to compliance with the
Applicable Securities Laws of Qu&eacute;bec relating to the use of the French language in connection with the documents, including the
Canadian Preliminary Prospectus, the Canadian Final Prospectus and any amendment or supplement thereto and the Securities to be delivered
to purchasers in the Province of Qu&eacute;bec.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>The Parent shall have furnished to the Representatives a certificate of the Parent, signed by the Chairman of the Board or the
Chief Executive Officer and the principal financial or accounting officer of the Parent, dated the Closing Date, to the effect that the
signers of such certificate have carefully examined the Registration Statement, the Disclosure Package, the Canadian Final Prospectus
and the U.S. Final Prospectus and any supplements or amendments thereto, as well as each electronic road show (if any) used in connection
with the offering of the Securities, and this Agreement and that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;
</FONT>the representations and warranties of BFI and the Parent in this Agreement are true and correct (subject to materiality or other
qualifications expressly set forth in such representations and warranties) on and as of the Closing Date with the same effect as if made
on the Closing Date, except for representations and warranties that by their express terms are made as of a specific date, and BFI and
the Parent have complied with all the agreements and satisfied all the conditions on their respective parts to be performed or satisfied
at or prior to the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use has been issued and
no proceedings for that purpose have been instituted or, to BFI&rsquo;s or the Parent&rsquo;s knowledge, threatened; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT>since the date of the most recent financial statements included in the Disclosure Package, the Canadian Final Prospectus and the
U.S. Final Prospectus (exclusive of any supplement thereto), there has been no material adverse effect on the condition (financial or
otherwise), prospects, earnings, business or properties of the Parent and its subsidiaries, taken as a whole, whether or not arising from
transactions in the ordinary course of business, except as set forth in or contemplated in the Disclosure Package and the Canadian Final
Prospectus and the U.S. Final Prospectus (exclusive of any supplement thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT>The Parent shall have requested and caused Deloitte LLP to have furnished to the Representatives, at the Execution Time and at
the Closing Date, letters, (which may refer to letters previously delivered to one or more of the Representatives), dated respectively
as of the Execution Time and as of the Closing Date, in form and substance satisfactory to the Representatives, concerning the financial
information with respect to the Parent set forth in the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>At the Execution Time and at the Closing Date, the Parent shall have furnished to the Representatives a certificate addressed to
the Underwriters, dated respectively as of the Execution Time and as of the Closing Date, of the Chief Financial Officer of the Parent,
with respect to certain financial data contained in the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus,
providing &ldquo;management comfort&rdquo; with respect to such information, in form and substance reasonably satisfactory to the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Subsequent to the Execution Time or, if earlier, the dates as of which information is given in the Registration Statement (exclusive
of any amendment thereto), the Canadian Final Prospectus and the U.S. Final Prospectus (exclusive of any amendment or supplement thereto),
there shall not have been (i) any change or decrease specified in the letter or letters referred to in <U>paragraph&nbsp;(f)</U> of this
<U>Section&nbsp;6</U>; (ii) any change, or any development involving a prospective change, in or affecting the condition (financial or
otherwise), prospects, earnings, business or properties of the Parent and its subsidiaries taken as a whole, whether or not arising from
transactions in the ordinary course of business, except as set forth in or contemplated in the Disclosure Package, the Canadian Final
Prospectus and the U.S. Final Prospectus (exclusive of any amendment or supplement thereto) the effect of which, in any case referred
to in clause&nbsp;(i) or (ii) above, is, in the sole judgment of the Representatives, so material and adverse as to make it impractical
or inadvisable to proceed with the offering or delivery of the Securities as contemplated by the Registration Statement (exclusive of
any amendment thereto), the Disclosure Package, the Canadian Final Prospectus and the U.S. Final Prospectus (exclusive of any amendment
or supplement thereto); or (iii) any decrease in the rating of any of BFI&rsquo;s or the Parent&rsquo;s debt securities by any &ldquo;nationally
recognized statistical rating organization&rdquo; (as defined in Section 3(a)(62) of the Exchange Act) or any notice given of any intended
or potential decrease in any such rating or of a possible change in any such rating that does not indicate the direction of the possible
change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;
</FONT>Prior to the Closing Date, BFI and the Parent shall have furnished to the Representatives such further information, certificates
and documents as the Representatives may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the conditions specified in this <U>Section&nbsp;</U></FONT><U>6</U> shall not have been fulfilled when and as provided in this
Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory
in form and substance to the Representatives and counsel for the Underwriters, this Agreement and all obligations of the Underwriters
hereunder may be canceled at, or at any time prior to, the Closing Date by the Representatives. Notice of such cancellation shall be given
to the Parent in writing or by telephone or facsimile confirmed in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Reimbursement of Underwriters&rsquo; Expenses</U>. If the sale of the Securities provided for herein is not consummated because
any condition to the obligations of the Underwriters set forth in <U>Section&nbsp;6</U> hereof is not satisfied, because of any termination
pursuant to <U>Section&nbsp;10</U> hereof or because of any refusal, inability or failure on the part of BFI or the Parent to perform
any agreement herein or comply with any provision hereof other than by reason of a default by any of the Underwriters, the Parent will
reimburse the Underwriters severally through the Representatives on demand for all expenses (including reasonable fees and disbursements
of counsel) that shall have been incurred by them in connection with the proposed purchase and sale of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Indemnification and Contribution</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>BFI and the Parent agree, jointly and severally, to indemnify and hold harmless each Underwriter (which term, for the purpose of
this <U>Section&nbsp;8</U>, shall be deemed to include affiliates of such Underwriters), the directors, officers, employees and agents
of each Underwriter and each person who controls any Underwriter within the meaning of either the Act or the Exchange Act against any
and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Act, the Exchange
Act, Canadian Securities Law or other federal, state or provincial statutory law or regulation, at common law or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement for the registration of the Securities as originally filed
or in any amendment thereto, or in the Canadian Base Prospectus, the U.S. Base Prospectus, any Canadian Preliminary Prospectus, U.S. Preliminary
Prospectus or any other preliminary prospectus supplement relating to the Securities, the Canadian Final Prospectus, the U.S. Final Prospectus,
any Issuer Free Writing Prospectus, any electronic road show, the information contained in the final term sheet required to be prepared
and filed pursuant to <U>Section&nbsp;5(c)</U> hereto, or in any amendment thereof or supplement thereto, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred
by them in connection with investigating or defending any such loss, claim, damage, liability or action; <I>provided, however</I>, that
BFI and the Parent will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is
based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in
conformity with written information furnished to BFI or the Parent by or on behalf of any Underwriter through the Representatives specifically
for inclusion therein, it being understood and agreed that the only such information furnished by or on behalf of any Underwriter consists
of the information described as such in Section 8(b) hereof. This indemnity agreement will be in addition to any liability which BFI or
the Parent may otherwise have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Each Underwriter severally and not jointly agrees to indemnify and hold harmless each of BFI and the Parent, each of their directors,
each of their officers who sign the Registration Statement or the Canadian Final Prospectus, and each person who controls BFI or the Parent
within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from BFI and the Parent to each
Underwriter, but only with reference to written information relating to such Underwriter furnished to BFI or the Parent by or on behalf
of such Underwriter through the Representatives specifically for inclusion in the documents referred to in the foregoing indemnity. This
indemnity agreement will be in addition to any liability which any Underwriter may otherwise have. BFI and the Parent acknowledge that
the statements set forth in (i) the paragraph under the fee table on the cover page regarding delivery of the Securities and, under the
heading &ldquo;Underwriting,&rdquo; (ii) the list of Underwriters and their respective participation in the sale of the Securities, (iii)
the sentences related to concessions and reallowances and (iv) the paragraph related to stabilization, syndicate covering transactions
and penalty bids in any Canadian Preliminary Prospectus or U.S. Preliminary Prospectus, the Canadian Final Prospectus and the U.S. Final
Prospectus constitute the only information furnished in writing by or on behalf of the several Underwriters for inclusion in any Canadian
Preliminary Prospectus or U.S. Preliminary Prospectus, the Canadian Final Prospectus and the U.S. Final Prospectus or any Issuer Free
Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>Promptly after receipt by an indemnified party under this <U>Section&nbsp;8</U> of notice of the commencement of any action, such
indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this <U>Section&nbsp;8</U>, notify
the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve
it from liability under paragraph&nbsp;(a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure
results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying
party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph&nbsp;(a) or (b) above.
The indemnifying party shall be entitled to appoint counsel of the indemnifying party&rsquo;s choice at the indemnifying party&rsquo;s
expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall
not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties except as
set forth below); <I>provided, however</I>, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying
party&rsquo;s election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right
to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of
such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such
counsel with a conflict of interest, (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified
party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available
to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, (iii) the
indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable
time after notice of the institution of such action or (iv) the indemnifying party shall authorize the indemnified party to employ separate
counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual
or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each
indemnified party from all liability arising out of such claim, action, suit or proceeding.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>In the event that the indemnity provided in <U>paragraph&nbsp;(a)</U> or <U>(b)</U> of this <U>Section&nbsp;8</U> is unavailable
to or insufficient to hold harmless an indemnified party for any reason, BFI, the Parent and the Underwriters severally agree to contribute
to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating
or defending the same) (collectively &ldquo;<FONT STYLE="font-weight: normal"><U>Losses</U></FONT>&rdquo;) to which BFI or the Parent
and one or more of the Underwriters may be subject in such proportion as is appropriate to reflect the relative benefits received by BFI
or the Parent on the one hand and by the Underwriters on the other from the offering of the Securities; <I>provided, however</I>, that
in no case shall any Underwriter (except as may be provided in any agreement among underwriters relating to the offering of the Securities)
be responsible for any amount in excess of the underwriting discount or commission applicable to the Securities purchased by such Underwriter
hereunder. If the allocation provided by the immediately preceding sentence is unavailable for any reason, BFI, the Parent and the Underwriters
severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault
of BFI or the Parent on the one hand and of the Underwriters on the other in connection with the statements or omissions which resulted
in such Losses as well as any other relevant equitable considerations. Benefits received by BFI and the Parent shall be deemed to be equal
to the total net proceeds from the offering (before deducting expenses) received by BFI, and benefits received by the Underwriters shall
be deemed to be equal to the total underwriting discounts and commissions, in each case as set forth on the cover page of the U.S. Final
Prospectus and the Canadian Final Prospectus. Relative fault shall be determined by reference to, among other things, whether any untrue
or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
provided by BFI or the Parent on the one hand or the Underwriters on the other, the intent of the parties and their relative knowledge,
access to information and opportunity to correct or prevent such untrue statement or omission. BFI, the Parent and the Underwriters agree
that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation which
does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph&nbsp;(d), no
person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. For purposes of this <U>Section&nbsp;8</U>, each person who controls
an Underwriter within the meaning of either the Act or the Exchange Act and each director, officer, employee and agent of an Underwriter
shall have the same rights to contribution as such Underwriter, and each person who controls BFI or the Parent within the meaning of either
the Act or the Exchange Act, each officer of BFI or the Parent, respectively, who shall have signed the Registration Statement or the
Canadian Final Prospectus, and each director of BFI or the Parent shall have the same rights to contribution as BFI or the Parent, subject
in each case to the applicable terms and conditions of this paragraph&nbsp;(d).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Default by an Underwriter</U>. If any one or more Underwriters shall fail to purchase and pay for any of the Securities agreed
to be purchased by such Underwriter or Underwriters hereunder and such failure to purchase shall constitute a default in the performance
of its or their obligations under this Agreement, the remaining Underwriters shall be obligated severally to take up and pay for (in the
respective proportions which the principal amount of Securities set forth opposite their names in <U>Schedule&nbsp;II</U> hereto bears
to the aggregate principal amount of Securities set forth opposite the names of all the remaining Underwriters) the Securities which the
defaulting Underwriter or Underwriters agreed but failed to purchase; <I>provided, however</I>, that in the event that the aggregate principal
amount of Securities which the defaulting Underwriter or Underwriters agreed but failed to purchase shall exceed 10% of the aggregate
principal amount of Securities set forth in <U>Schedule&nbsp;II</U> hereto, the remaining Underwriters shall have the right to purchase
all, but shall not be under any obligation to purchase any, of the Securities, and if such nondefaulting Underwriters do not purchase
all the Securities, this Agreement will terminate without liability to any nondefaulting Underwriter, BFI or the Parent. In the event
of a default by any Underwriter as set forth in this <U>Section&nbsp;9</U>, the Closing Date shall be postponed for such period, not exceeding
five Business Days, as the Representatives shall determine in order that the required changes in the Registration Statement, the Canadian
Final Prospectus and the U.S. Final Prospectus or in any other documents or arrangements may be effected. Nothing contained in this Agreement
shall relieve any defaulting Underwriter of its liability, if any, to BFI or the Parent and any nondefaulting Underwriter for damages
occasioned by its default hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Termination</U>. This Agreement shall be subject to termination in the absolute discretion of the Representatives, by notice
given to the Parent prior to delivery of and payment for the Securities, if at any time prior to such delivery and payment (i) trading
in the Parent&rsquo;s Class A Limited Voting Shares shall have been suspended by the Commission, any Qualifying Authority, the New York
Stock Exchange or the Toronto Stock Exchange or trading in securities generally on the New York Stock Exchange or the Toronto Stock Exchange
shall have been suspended or limited or minimum prices shall have been established on either of such exchanges, (ii) a banking moratorium
shall have been declared by U.S. federal, New York state or Canadian authorities or (iii) there shall have occurred any outbreak or escalation
of hostilities, declaration by the United States or Canada of a national emergency or war, or other calamity or crisis the effect of which
on financial markets is such as to make it, in the sole judgment of the Representatives, impractical or inadvisable to proceed with the
offering or delivery of the Securities as contemplated by any Canadian Preliminary Prospectus, U.S. Preliminary Prospectus, the Canadian
Final Prospectus or the U.S. Final Prospectus (exclusive of any amendment or supplement thereto).</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Representations and Indemnities to Survive</U>. The respective agreements, representations, warranties, indemnities and other
statements of each of BFI, the Parent or their officers and of the Underwriters set forth in or made pursuant to this Agreement will remain
in full force and effect, regardless of any investigation made by or on behalf of any Underwriter, BFI or the Parent or any of the officers,
directors, employees, agents or controlling persons referred to in <U>Section&nbsp;8</U> hereof, and will survive delivery of and payment
for the Securities. The provisions of <U>Sections&nbsp;7</U> and <U>8</U> hereof shall survive the termination or cancellation of this
Agreement. The representations and warranties contained in Section 1(ll) hereof shall not apply to any party in so far as such representation
or warranty would result in a violation or conflict with the Foreign Extraterritorial Measures (United States) Order, 1992;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; </FONT><U>Notices</U>.
All communications hereunder will be in writing and effective only on receipt, and, if sent to the Representatives, will be mailed,
delivered or emailed to (i) Deutsche Bank Securities Inc., at 1 Columbus Circle, New York, New York 10019, Attention: Debt Capital
Markets Syndicate, with a copy at the same address to Attention: General Counsel, e-mail: dbcapmarkets.gcnotices@list.db.com (ii)
SMBC Nikko Securities America, Inc., at 277 Park Avenue, New York NY 10172, Attention: Debt Capital Markets; or, if sent to BFI or
the Parent, will be mailed, delivered or e-mailed to bam.legal@brookfield.com, Attention: BAM Legal and
Treasury.Capital_Markets@brookfield.com, Attention: Treasury, Capital Markets, and confirmed to it at Brookfield Place, Suite 100,
181 Bay Street, Toronto, ON M5J 2T3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Successors</U>. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors
and the officers, directors, employees, agents and controlling persons referred to in <U>Section&nbsp;8</U> hereof, and no other person
will have any right or obligation hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>No Fiduciary Duty</U>. BFI and the Parent hereby acknowledge that (a) the purchase and sale of the Securities pursuant to this
Agreement is an arm&rsquo;s-length commercial transaction between BFI and the Parent, on the one hand, and the Underwriters and any affiliate
through which it may be acting, on the other, (b) the Underwriters are acting as principal and not as an agent or fiduciary of BFI or
the Parent and (c) BFI&rsquo;s and the Parent&rsquo;s engagement of the Underwriters in connection with the offering and the process leading
up to the offering is as independent contractors and not in any other capacity. Furthermore, BFI and the Parent agree that they are solely
responsible for making their own judgments in connection with the offering (irrespective of whether any of the Underwriters has advised
or is currently advising BFI or the Parent on related or other matters). BFI and the Parent agree that they will not claim that the Underwriters
have rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to BFI or the Parent, in connection
with such transaction or the process leading thereto.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Integration</U>. This Agreement supersedes all prior agreements and understandings (whether written or oral) between BFI, the
Parent and the Underwriters, or any of them, with respect to the subject matter hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Applicable Law</U>. This Agreement will be governed by and construed in accordance with the laws of the State of New York applicable
to contracts made and to be performed within the State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Judgment Currency</U>. In respect of any judgment or order given or made for any amount due hereunder that is expressed and
paid in a currency (the &ldquo;<FONT STYLE="font-weight: normal"><U>judgment currency</U></FONT>&rdquo;) other than United States dollars,
the indemnifying party will indemnify each indemnified party or other person to whom such amount is due against any loss incurred by such
indemnified party or other person, as the case may be, as a result of any variation as between (i) the rate of exchange at which the currency
amount of the country of the indemnified party is converted into the judgment currency for the purpose of such judgment or order and (ii)
the rate of exchange at which such indemnified party or other person, as the case may be, is able to purchase the currency, of the country
of the indemnified party with the amount of the judgment currency actually received by such indemnified party or other person, as the
case may be. The foregoing indemnity shall constitute a separate and independent obligation of each indemnifying party and shall continue
in full force and effect notwithstanding any such judgment or order as aforesaid. The term &ldquo;rate of exchange&rdquo; shall include
any premiums and costs of exchange payable in connection with the purchase of or conversion into the currency of the country of the indemnified
party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Submission to Jurisdiction; Agent for Service</U>. Each of BFI and the Parent hereby irrevocably agrees that any legal suit,
action or proceeding arising out of or based upon this Agreement or the transaction contemplated hereby may be instituted in any state
or federal court in The City of New York and in the respective courts of each party&rsquo;s own corporate (or, in the case of the Underwriters,
partnership) domicile with respect to actions brought against it, hereby irrevocably waives, to the fullest extent it may effectively
do so, any objection which it may now or hereafter have to the laying of venue of any such proceeding in any state or federal court in
The City of New York and hereby irrevocably submits to the jurisdiction of such courts in any such suit, action or proceeding. Each of
BFI and the Parent has appointed Brookfield Asset Management LLC (&ldquo;<FONT STYLE="font-weight: normal"><U>BAM LLC</U></FONT>&rdquo;),
Brookfield Place, 250 Vesey Street, 15<SUP>th</SUP> Floor, New York, New York 10281-1023 as its authorized agent (the &ldquo;<FONT STYLE="font-weight: normal"><U>Authorized
Agent</U></FONT>&rdquo;) upon whom process may be served in any such action arising out of or based on this Agreement or the transaction
contemplated hereby which may be instituted in any state or federal court in The City of New York, expressly consents to the jurisdiction
of any such court in respect of any such action and waives any other requirements of or objections to personal jurisdiction with respect
thereto and designates its domicile, the domicile of BAM LLC specified above and any domicile that BAM LLC may have in the future as its
domicile to receive any notice hereunder (including service of process). Such appointment shall be irrevocable. If for any reason BAM
LLC (or any successor agent for this purpose) shall cease to act as agent for service of process as provided above, BFI and the Parent
will promptly appoint a successor agent for this purpose reasonably acceptable to the Representatives. BFI and the Parent represent and
warrant that the Authorized Agent has agreed to act as said agent for service of process, and BFI and the Parent agree to take any and
all action, including the filing of any and all documents and instruments, as may be necessary to continue such designation and appointment
of the Authorized Agent in full force and effect, as aforesaid. Service of process upon the Authorized Agent and written notice of such
service to BFI or the Parent shall be deemed, in every respect, effective service of process upon BFI or the Parent, as applicable.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Waiver of Jury Trial</U>. BFI, the Parent and each of the Underwriters hereby irrevocably waive, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Recognition of the U.S. Special Resolution Regimes</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime,
the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to
the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and
obligation, were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Compliance with USA PATRIOT Act</U>. In accordance with the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective
clients, including BFI, which information may include the name and address of their respective clients, as well as other information that
will allow the Underwriters to properly identify their respective clients.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Counterparts</U>. This Agreement may be signed in one or more counterparts, each of which shall constitute an original and all
of which together shall constitute one and the same agreement. This Agreement may be signed and delivered by facsimile or other electronic
transmission of a counterpart hereof bearing a manual, facsimile or other electronic signature (including any electronic signature complying
with the New York Electronic Signatures and Records Act (N.Y. State Tech. &sect;&sect;&nbsp;301-309), as amended from time to time, or
other applicable law) or other transmission method, and the parties hereto agree that any counterpart so delivered shall be deemed to
have been duly and validly delivered and be valid and effective for all purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Headings</U>. The section headings used herein are for convenience only and shall not affect the construction hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT><U>Definitions</U>. The terms that follow, when used in this Agreement, shall have the meanings indicated.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Act</U></FONT>&rdquo;
shall mean the U.S. Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>affiliate</U></FONT>&rdquo;
has the meaning set forth in Rule 405.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Applicable
Securities Laws</U></FONT>&rdquo; means Canadian Securities Law and U.S. Securities Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>BHC
Act Affiliate</U></FONT>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance
with, 12 U.S.C. &sect; 1841(k).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Business
Day</U></FONT>&rdquo; shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or
trust companies are authorized or obligated by law to close in New York City or Toronto, Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>BWS</U>&rdquo; has the meaning set forth
in <U>Section 1(mm)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Canadian
Base Prospectus</U></FONT>&rdquo; has the meaning set forth in <U>Section&nbsp;1(a)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Canadian
Final Prospectus</U></FONT>&rdquo; has the meaning set forth in <U>Section&nbsp;1(a)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Canadian
Final Supplement</U></FONT>&rdquo; has the meaning set forth in <U>Section&nbsp;1(a)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Canadian
Preliminary Prospectus</U></FONT>&rdquo; has the meaning set forth in <U>Section&nbsp;1(a)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Closing
Date</U></FONT>&rdquo; has the meaning set forth in <U>Section&nbsp;3</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Commission</U></FONT>&rdquo;
shall mean the U.S. Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Covered
Entity</U></FONT>&rdquo; means any of the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;&nbsp;
</FONT>a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
</FONT>a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&nbsp;
</FONT>a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Default
Right</U></FONT>&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect;
252.81, 47.2 or 382.1, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Disclosure
Package</U></FONT>&rdquo; shall mean (i) the U.S. Preliminary Prospectus used most recently prior to the Execution Time, (ii) the Issuer
Free Writing Prospectuses, if any, identified in <U>Schedule&nbsp;III</U> hereto and (iii) any other Free Writing Prospectus that the
parties hereto shall hereafter expressly agree in writing to treat as part of the Disclosure Package.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Effective
Date</U></FONT>&rdquo; shall mean each date and time that the Registration Statement, and any post-effective amendment or amendments thereto
became or becomes effective or any prospectus supplement is filed pursuant to General Instruction II.L. of Form F-10.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Encumbrance</U></FONT>&rdquo;
shall mean any encumbrance, lien, charge, hypothec, pledge, mortgage, title retention agreement or other security interest of any nature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Exchange
Act</U></FONT>&rdquo; shall mean the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Execution
Time</U></FONT>&rdquo; shall mean the date and time that this Agreement is executed and delivered by the parties hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>February 2025 Marketing Materials</U>&rdquo;
means the documents dated February 27, 2025 entitled &ldquo;Preliminary Term Sheet&rdquo; and &ldquo;Final Term Sheet&rdquo; that constitute
the template versions of marketing materials that are required to be filed with the Qualifying Authorities in accordance with NI 44-102.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Free
Writing Prospectus</U></FONT>&rdquo; shall mean a free writing prospectus, as defined in Rule 405.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Historical
Financial Statements</U></FONT>&rdquo; means the audited consolidated balance sheets of the Parent as at December 31, 2023, and December
31, 2022, the audited consolidated statements of operations, statements of comprehensive income, statements of changes in equity and statements
of cash flows for the years ended December 31, 2023 and December 31, 2022, the unaudited consolidated balance sheet of the Parent as at
September 30, 2024 and the unaudited consolidated statements of operations, statements of comprehensive income, statements of changes
in equity and statements of cash flows for the three and nine months ended September 30, 2024 and September 30, 2023, together with the
notes thereto, in each case, as incorporated by reference into the Canadian Final Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Investment
Company Act</U></FONT>&rdquo; shall mean the U.S. Investment Company Act of 1940, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Issuer
Free Writing Prospectus</U></FONT>&rdquo; shall mean an issuer free writing prospectus, as defined in Rule 433.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>IT Systems</U>&rdquo; has the meaning
set forth in <U>Section 1(nn)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>marketing
materials</U></FONT>&rdquo; has the meaning ascribed thereto in NI 41-101.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>material</U></FONT>&rdquo;
or &ldquo;<FONT STYLE="font-weight: normal"><U>materially</U></FONT>,&rdquo; when used in relation to the Parent, means material in relation
to the Parent and its subsidiaries on a consolidated basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Material
Adverse Effect</U></FONT>&rdquo; shall mean a material adverse effect on the business, affairs, operations, properties, assets, liabilities
(contingent or otherwise), prospects or capital of the Parent and its subsidiaries on a consolidated basis.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>NI
41-101</U></FONT>&rdquo; means National Instrument 41-101 &ndash; <I>General Prospectus Requirements </I>of the Canadian Securities Administrators,
as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>NI
44-101</U></FONT>&rdquo; has the meaning set forth in <U>Section&nbsp;1(a)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>NI
44-102</U></FONT>&rdquo; has the meaning set forth in <U>Section&nbsp;1(a)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Personal Data</U>&rdquo; has the meaning
set forth in <U>Section 1(nn)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Registration
Statement</U></FONT>&rdquo; has the meaning set forth in <U>Section&nbsp;1(b)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Rule
158</U></FONT>,&rdquo; &ldquo;<FONT STYLE="font-weight: normal"><U>Rule 164</U></FONT>,&rdquo; &ldquo;<FONT STYLE="font-weight: normal"><U>Rule
172</U></FONT>,&rdquo; &ldquo;<FONT STYLE="font-weight: normal"><U>Rule 405</U></FONT>&rdquo; and &ldquo;<FONT STYLE="font-weight: normal"><U>Rule
433</U></FONT>&rdquo; refer to such rules under the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>standard
term sheet</U></FONT>&rdquo; has the meaning ascribed thereto in NI 41-101.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>subsidiary</U></FONT>&rdquo;
or &ldquo;<FONT STYLE="font-weight: normal"><U>subsidiaries</U></FONT>&rdquo; has the meaning set forth in Rule 405 of the Act, but excludes
any entity in which any investment fund or other collective investment vehicle (including any investment company, general or limited partnership,
corporation, trust, limited liability company, or other investment vehicle, and including each separate portfolio or series of any of
the foregoing and whether or not dedicated to a single investor) sponsored, managed, or controlled, directly or indirectly, by Parent
or one of its subsidiaries, holds any direct or indirect interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>template
version</U></FONT>&rdquo; has the meaning ascribed thereto in NI 41-101.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Trust
Indenture Act</U></FONT>&rdquo; shall mean the U.S. Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission
promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Underwriting
Commission</U></FONT>&rdquo; has the meaning set forth in <U>Section&nbsp;2</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>UK Bribery Act</U>&rdquo; has the meaning
set forth in <U>Section 1(jj)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>U.S.
Base Prospectus</U></FONT>&rdquo; has the meaning set forth in <U>Section&nbsp;1(b)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>U.S.
Final Prospectus</U></FONT>&rdquo; has the meaning set forth in <U>Section&nbsp;1(b)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>U.S.
Preliminary Prospectus</U></FONT>&rdquo; has the meaning set forth in <U>Section&nbsp;1(b)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>U.S.
Securities Law</U></FONT>&rdquo; means collectively, the U.S. Sarbanes-Oxley Act of 2002, the Act, the Exchange Act, the rules and regulations
of the Commission, the auditing principles, rules, standards and practices applicable to auditors of &ldquo;issuers&rdquo; (as defined
in the U.S. Sarbanes-Oxley Act of 2002) promulgated or approved by the Public Company Accounting Oversight Board and, as applicable, the
New York Stock Exchange rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>U.S.
Special Resolution Regime</U></FONT>&rdquo; means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder
and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing is in accordance with your understanding
of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent
a binding agreement among BFI, the Parent and the several Underwriters.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Brookfield Finance Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Patrick Taylor</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-size: 10pt">Patrick Taylor</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #202124">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #202124"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #202124"><FONT STYLE="font-size: 10pt">Vice-President</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Brookfield Corporation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Nicholas Goodman</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #202124; width: 4%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #202124; width: 5%"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #202124; width: 41%"><FONT STYLE="font-size: 10pt">Nicholas Goodman</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #202124">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #202124"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #202124"><FONT STYLE="font-size: 10pt">President and Chief Financial Officer</FONT></TD></TR>
  </TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing Agreement is hereby confirmed and accepted as of the
date specified in <U>Schedule&nbsp;I</U> hereto.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Deutsche Bank Securities Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Kevin Prior</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 41%"><FONT STYLE="font-size: 10pt">Kevin Prior</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Shamit Saha</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Shamit Saha</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">SMBC Nikko Securities America,
    Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Jonathan Anderson</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Jonathan Anderson</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; color: #202124"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For themselves and the other several Underwriters, if any, named in
<U>Schedule&nbsp;II</U> to the foregoing Agreement.</P>

<P STYLE="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">SCHEDULE I</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Underwriting Agreement dated February 27, 2025</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registration Statement Nos. 333-279601 and 333-279601-02</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Representatives: Deutsche Bank Securities Inc. and SMBC Nikko Securities
America, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title, Purchase Price and Description of Securities:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.813% Notes due 2055 (the </FONT>&ldquo;<FONT STYLE="font-weight: normal"><U>Notes</U></FONT>&rdquo;)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Amount:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$500,000,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price to Public:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.000%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
Commission<SUP>1</SUP></FONT>:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.921% (US$4,374,750)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Base Indenture, dated as of&nbsp;June&nbsp;2, 2016, as supplemented by a twelfth supplemental indenture to be dated as of March 3, 2025 (the </FONT>&ldquo;<FONT STYLE="font-weight: normal"><U>Twelfth Supplemental Indenture</U></FONT>&rdquo;)</TD></TR>
  </TABLE>
<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">Closing Date and Time: March 3, 2025 at 9:00 a.m. (T+2)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Offering: Non-delayed</P>

<P STYLE="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-family: Times New Roman, Times, Serif; font-size: 10pt">Date
referred to in <U>Section&nbsp;</U></FONT><U>5(i)</U> after which BFI or the Parent may offer or sell senior debt securities issued or
guaranteed by BFI or the Parent without the consent of the Representative(s): the Closing 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"><SUP></SUP></P>

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<P STYLE="text-indent: -0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><SUP>1</SUP> One or more of the
Underwriters will sell to one or more affiliates of Brookfield Wealth Solutions Ltd. and/or certain other institutional investors
US$25,000,000 aggregate principal amount of the Notes at the Price to Public (for which no underwriting discounts or commissions
will be paid).</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">SCHEDULE II</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Underwriters</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Principal Amount<BR> of Notes<BR> to be Purchased</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; text-align: left">Deutsche Bank Securities Inc.</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">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">120,000,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #202124; text-align: left">SMBC Nikko Securities America, Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">120,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Citigroup Global Markets Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">55,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Mizuho Securities USA LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">55,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">BofA Securities, Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Banco Bradesco BBI S.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">12,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">BNP Paribas Securities Corp.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Brookfield Securities LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Desjardins Securities Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Itau BBA USA Securities, Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MUFG Securities Americas Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">National Bank of Canada Financial Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Natixis Securities Americas LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Santander US Capital Markets LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">SG Americas Securities, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">500,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Schedule of Free Writing Prospectuses included in the Disclosure Package</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD>Final term sheet, dated February 27, 2025, a copy of which is attached in <U>Schedule&nbsp;IV</U> hereto.</TD></TR></TABLE>

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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[To be attached]</FONT></P>

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

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

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

<P STYLE="margin: 0; font-size: 10pt; text-align: right; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Filed Pursuant to Rule 433<BR>
Registration Nos. 333-279601 and 333-279601-02<BR>
February 27, 2025</B></FONT><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BROOKFIELD FINANCE INC.<BR>
US$500,000,000 5.813% NOTES DUE 2055</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PRICING TERM SHEET<BR>
February 27, 2025</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">Brookfield Finance Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Guarantor:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Brookfield Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Guarantee:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The Notes (as defined below) will be fully and unconditionally guaranteed as to payment of principal, premium (if any) and interest and certain other amounts by Brookfield Corporation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Security:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5.813% Notes due March 3, 2055 (the &ldquo;Notes&rdquo;)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Expected Ratings*:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Redacted]</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Ranking:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Senior Unsecured</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Size:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">US$500,000,000</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: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">One or more of the underwriters may sell to affiliates of Brookfield
    Wealth Solutions Ltd. and certain other institutional investors US$25,000,000 aggregate principal amount (if any) of the Notes at the
    public offering price (for which no underwriting discount or commissions will be paid).</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Trade Date:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">February 27, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Expected Settlement Date**:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">March 3, 2025 (T+2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">March 3, 2055</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Coupon:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5.813%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">March 3 and September 3, commencing September 3, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Price to Public:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">100.000%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">UST 4.500% due November 15, 2054</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury Price &amp; Yield:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">98-31; 4.563% </FONT></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 STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt"><B>Spread to Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">+ 125 basis points </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Yield:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">5.813% </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Denominations:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Initial denominations of US$2,000 and subsequent multiples of US$1,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Covenants:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Change of control (put @ 101%)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Negative pledge</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consolidation, merger, amalgamation and sale of substantially all assets</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Redemption Provisions:</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Make-Whole Call:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Prior to September 3, 2054 (six months prior to maturity), treasury rate <I>plus</I> 20 basis points </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Par Call:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">At any time on or after September 3, 2054 (six months prior to maturity), at 100% of the principal amount of the Notes to be redeemed</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Use of Proceeds:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The net proceeds from the sale of the Notes will be used for general corporate purposes</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>CUSIP / ISIN:</B></FONT></TD>
    <TD>11271L AP7 / US11271LAP76</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD>
    <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">Citigroup Global Markets Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mizuho Securities USA LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BofA Securities, Inc.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Banco Bradesco BBI S.A.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BNP Paribas Securities Corp.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brookfield Securities LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Desjardins Securities Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Itau BBA USA Securities, Inc.</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">National Bank of Canada Financial Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Natixis Securities Americas LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Santander US Capital Markets LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SG Americas Securities, LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Conflicts of Interest:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Brookfield Securities LLC, one of the underwriters of this offering, is an affiliate of the Issuer and, therefore, has a conflict of interest under FINRA Rule 5121. Accordingly, this offering is being made in compliance with the requirements of Rule 5121. Pursuant to Rule 5121, Brookfield Securities LLC will not confirm sales of the Notes to any account over which it exercises discretionary authority without the prior written approval of the customer.</FONT></TD></TR>
  </TABLE>

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

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

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Capitalized terms used and not defined
herein have the meanings assigned in the Issuer and the Guarantor&rsquo;s Prospectus Supplement, dated February <FONT STYLE="font-size: 10pt">27</FONT>,
2025.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">* Note: A security rating is not
a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">** <FONT STYLE="font-size: 10pt">Under Rule&nbsp;15c6-1
under the 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 the Notes prior to the delivery of the Notes hereunder
may be required, by virtue of the fact that the Notes initially will settle in T+2, 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 trade the Notes prior to their date of delivery
hereunder should consult their own advisors.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Issuer and the Guarantor have filed a joint registration statement
(including a prospectus) and a prospectus supplement with the SEC for the offering to which this communication relates. Before you invest,
you should read the prospectus in that registration statement, the prospectus supplement and other documents the Issuer and the Guarantor
have filed with the SEC for more complete information about the Issuer, the Guarantor and this offering.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may get these documents for free by visiting EDGAR on the
SEC website at www.sec.gov. 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 Deutsche Bank Securities Inc. at 1-800-503-4611 or by emailing prospectus.CPDG@db.com,
or by calling SMBC Nikko Securities America, Inc. at 212-224-5135 or by emailing prospectus@smbcnikko-si.com.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">No PRIIPs or UK PRIIPs key information document (KID) has been
prepared as European Economic Area or UK retail investors are not targeted.</P>

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

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

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