<SEC-DOCUMENT>0001104659-25-019564.txt : 20250303
<SEC-HEADER>0001104659-25-019564.hdr.sgml : 20250303
<ACCEPTANCE-DATETIME>20250303092239
ACCESSION NUMBER:		0001104659-25-019564
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20250303
FILED AS OF DATE:		20250303
DATE AS OF CHANGE:		20250303

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:		25694507

	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>tm257665d6_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">&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"><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">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form 6-K</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>Report of Foreign Private Issuer<BR>
Pursuant to Rule 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For the month of: March&nbsp;2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Commission File Number: 001-15160</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    20-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    40-F <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</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, 99.2 and 99.3 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">&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>

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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"></P>

<P STYLE="font: 10pt 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>EXHIBIT&nbsp;INDEX</B></P>

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

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    <TD STYLE="border-bottom: black 1pt solid; width: 10%; 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="border-bottom: black 1pt solid; width: 89%; 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="tm257665d6_ex99-1.htm"><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="tm257665d6_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Twelfth Supplemental Indenture among Brookfield Finance Inc., Brookfield Corporation and Computershare Trust Company of Canada, dated March&nbsp;3, 2025</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><A HREF="tm257665d6_ex99-2.htm"><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="tm257665d6_ex99-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Torys LLP, dated March&nbsp;3, 2025</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><A HREF="tm257665d6_ex99-3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="tm257665d6_ex99-3.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Goodmans LLP, dated March</FONT>&nbsp;3, 2025</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">&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">&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>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: </FONT>March&nbsp;3, 2025</TD>
    <TD STYLE="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; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Swati Mandava</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%; 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director, Legal&nbsp;&amp; Regulatory</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm257665d6_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Dated as of March&nbsp;3,
2025</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
TWELFTH SUPPLEMENTAL INDENTURE</B></FONT><FONT STYLE="font-size: 10pt">, dated as of March&nbsp;3, 2025 between Brookfield Finance Inc.
(the &ldquo;<B>Issuer</B>&rdquo;), a corporation incorporated under the laws of Ontario, Canada, Brookfield Corporation (formerly, Brookfield
Asset Management Inc.) (the &ldquo;<B>Company</B>&rdquo;), a corporation organized under the laws of Ontario, Canada, and Computershare
Trust Company of Canada (the &ldquo;<B>Trustee</B>&rdquo;), a trust company organized under the laws of Canada, as trustee, to the Indenture,
dated as of June&nbsp;2, 2016, by and among the Issuer, the Company and the Trustee (the &ldquo;<B>Original Indenture</B>&rdquo;, the
Original Indenture, as supplemented hereby, being referred to herein as the &ldquo;<B>Indenture</B>&rdquo;).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT><FONT STYLE="font-size: 10pt">,
the Issuer has duly authorized, as a separate series of Securities under the Indenture, its 5.813% Notes due 2055 (the &ldquo;<B>Notes</B>&rdquo;),
and the Company has consented to and approved the issuance of the Notes;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT><FONT STYLE="font-size: 10pt">,
the Issuer and the Company have duly authorized the execution and delivery of this Twelfth Supplemental Indenture to establish the Notes
as a separate series of Securities under the Original Indenture and to provide for, among other things, the issuance by the Issuer of
and the form and terms of the Notes and additional covenants for purposes of the Notes and the Holders thereof;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT><FONT STYLE="font-size: 10pt">,
the Issuer and the Company are not in default under the Original Indenture;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT><FONT STYLE="font-size: 10pt">,
all things necessary to make this Twelfth Supplemental Indenture a valid agreement according to its terms have been done; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT><FONT STYLE="font-size: 10pt">,
the foregoing recitals are made as statements of fact by the Issuer and the Company and not by the Trustee;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>NOW,
THEREFORE, THIS TWELFTH SUPPLEMENTAL INDENTURE WITNESSETH:</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate
benefit of all Holders of the Notes, as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;1<BR>
DEFINITIONS AND OTHER PROVISIONS<BR>
OF GENERAL APPLICATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;1.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Definitions</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
all purposes of this Twelfth Supplemental Indenture and the Notes, except as otherwise expressly provided or unless the subject matter
or context otherwise requires:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Additional
Amounts</B>&rdquo; means Company Additional Amounts and any Other Additional Amounts.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Below
Investment Grade Rating Event</B>&rdquo; means that on any day within the 60-day period (which shall be extended during an Extension
Period) after the earlier of (1)&nbsp;the occurrence of a Change of Control or (2)&nbsp;the first public notice of the occurrence of
a Change of Control or the intention by the Company to effect a Change of Control, the Notes are rated below an Investment Grade Rating
by at least three out of four of the Rating Agencies if there are four Rating Agencies or all of the Rating Agencies if there are fewer
than four Rating Agencies. Notwithstanding the foregoing, a Below Investment Grade Rating Event otherwise arising by virtue of a particular
reduction or reductions in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not
be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if the
Rating Agencies making the reduction(s)&nbsp;in rating to which this definition would otherwise apply do not announce or publicly confirm
or inform the Trustee in writing at its request that the reduction(s)&nbsp;were the result, in whole or in part, of any event or circumstance
comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control
shall have occurred at the time of the ratings event) (the &ldquo;<B>Change of Control Event</B>&rdquo;). For the purpose of this definition,
an &ldquo;<B>Extension Period</B>&rdquo; shall occur and continue for so long as the aggregate of (i)&nbsp;the number of Rating Agencies
that have placed the Notes on publicly announced consideration for possible downgrade during the initial 60-day period as a result, in
whole or in part, of the applicable Change of Control Event and (ii)&nbsp;the number of Rating Agencies that have downgraded the Notes
to below an Investment Grade Rating as a result, in whole or in part, of the applicable Change of Control Event during either the initial
60-day period or the Extension Period provided for in clause (i)&nbsp;would be sufficient to result in a Change of Control Triggering
Event should one or more of the Rating Agencies that have placed the Notes on publicly announced consideration for possible downgrade
subsequently downgrade the Notes to below an Investment Grade Rating. The Extension Period shall terminate on the earlier of (A)&nbsp;the
date on which the Rating Agencies that placed the Notes on publicly announced consideration for possible downgrade within the initial
60-day period referred to in subclause (i)&nbsp;of this definition make their determinations with respect to the impact of the Change
of Control Event on the rating of the Notes, and (B)&nbsp;the date on which two of the Rating Agencies (if there are four Rating Agencies)
or one of the Rating Agencies (if there are fewer than four Rating Agencies) has confirmed that the Notes will not be downgraded or are
not subject to consideration for a possible downgrade to below an Investment Grade Rating as a result of the applicable Change of Control
Event.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Change
of Control</B>&rdquo; means the consummation of any transaction including, without limitation, any merger, amalgamation, arrangement
or consolidation the result of which is that any person or group of related persons, other than any one or more of the Company, the Company&rsquo;s
Subsidiaries, the Company&rsquo;s or any of its Subsidiaries&rsquo; employee benefit plans, or Management and/or any entity or group
of entities controlled by Management (provided that upon the consummation of a transaction by Management and/or an entity or group of
entities controlled by Management, the Company&rsquo;s Class&nbsp;A limited voting shares or other Voting Stock into which the Company&rsquo;s
Class&nbsp;A limited voting shares are reclassified, consolidated, exchanged or changed continue to be listed and posted for trading
on a national securities exchange in the United States, Canada or Europe), becomes the beneficial owner (as defined in Rules&nbsp;13d-3
and 13d-5 under the Exchange Act), directly or indirectly, of (i)&nbsp;more than 50% of the voting power of each class of the Company&rsquo;s
Voting Stock (or other Voting Stock into which the Company&rsquo;s Voting Stock is reclassified, consolidated, exchanged or changed in
connection with such transaction) measured by voting power rather than number of shares or (ii)&nbsp;Voting Stock sufficient to enable
it to elect a majority of the members of the Company&rsquo;s board of directors. For the purposes of this provision, &ldquo;person&rdquo;
and &ldquo;group&rdquo; have the meanings attributed thereto in Sections 13(d)&nbsp;and 14(d)&nbsp;of the Exchange Act.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
the purposes of the Indenture, a Person will be deemed to be controlled by Management if the individuals comprising Management are the
beneficial owners, directly or indirectly, of, in aggregate, (i)&nbsp;more than 50% of the voting power of such Person&rsquo;s Voting
Stock measured by voting power rather than number of shares or (ii)&nbsp;such Person&rsquo;s Voting Stock sufficient to enable them to
elect a majority of the members of such Person&rsquo;s board of directors (or similar body).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Change
of Control Event</B>&rdquo; has the meaning specified in the definition of &ldquo;Below Investment Grade Rating Event&rdquo; in this
Twelfth Supplemental Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Change
of Control Offer</B>&rdquo; has the meaning specified in Section&nbsp;2.8 of this Twelfth Supplemental Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Change
of Control Payment</B>&rdquo; has the meaning specified in Section&nbsp;2.8 of this Twelfth Supplemental Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Change
of Control Payment Date</B>&rdquo; has the meaning specified in Section&nbsp;2.8 of this Twelfth Supplemental Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Change
of Control Triggering Event</B>&rdquo; means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Co-Obligor</B>&rdquo;
has the meaning specified in Section&nbsp;2.14 of this Twelfth Supplemental Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Company
Additional Amounts</B>&rdquo; has the meaning specified in Section&nbsp;2.15 of this Twelfth Supplemental Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Consolidated
Net Worth</B>&rdquo; means the consolidated equity of the Company and its Subsidiaries determined on a consolidated basis in accordance
with generally accepted accounting principles (including all preferred equity and all equity securities that are classified as liabilities
for purposes of generally accepted accounting principles but are convertible, either at the option of the issuer or the holder of such
securities, into equity and are not redeemable at the sole option of the holder for consideration other than equity), plus, without duplication,
Qualifying Subordinated Debt and Deferred Credits.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>DBRS</B>&rdquo;
means DBRS Limited, and its successors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Deferred
Credits</B>&rdquo; means the deferred credits of the Company and its Subsidiaries determined on a consolidated basis in accordance with
generally accepted accounting principles.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Fitch</B>&rdquo;
means Fitch Ratings,&nbsp;Inc., and its successors.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Guarantee
Obligations</B>&rdquo; means the guarantee obligations of the Company pursuant to Article&nbsp;5 of the Original Indenture but solely
in respect of the Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>H.15</B>&rdquo;
means each statistical release published by the Board of Governors of the Federal Reserve System designated as &ldquo;Selected Interest
Rates (Daily) &ndash; H.15&rdquo; (or any successor designation or publication).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Investment
Grade Rating</B>&rdquo; means a rating equal to or higher than Baa3 (or the equivalent) by Moody&rsquo;s, BBB- (or the equivalent) by
S&amp;P, BBB- (or the equivalent) by Fitch and BBB (low) (or the equivalent) by DBRS.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Management</B>&rdquo;
means any one or more of the Company&rsquo;s directors, officers or employees (or directors, officers or employees of any one or more
of the Company&rsquo;s Subsidiaries) immediately prior to the consummation of any transaction that would constitute a Change of Control,
acting individually or together.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Moody&rsquo;s</B>&rdquo;
means Moody&rsquo;s Investors Service,&nbsp;Inc., and its successors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Non-U.S.
Co-Obligor</B>&rdquo; has the meaning specified in Section&nbsp;2.14 of this Twelfth Supplemental Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Notes</B>&rdquo;
has the meaning ascribed to it in the recitals.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Other
Additional Amounts</B>&rdquo; has the meaning specified in Section&nbsp;2.14 of this Twelfth Supplemental Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Par
Call Date</B>&rdquo; has the meaning specified in Section&nbsp;2.7 of this Twelfth Supplemental Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Qualifying
Subordinated Debt</B>&rdquo; means Debt of the Company and its Subsidiaries which by its terms provides that the payment of principal
of (and premium, if any) and interest on and all other payment obligations in respect of such Debt shall be subordinate to the prior
payment in full of the Company&rsquo;s obligations in respect of the Notes to at least the extent that no payment of principal of (or
premium, if any) or interest on or otherwise due in respect of such Debt may be made for so long as there exists any default in the payment
of principal (or premium, if any) or interest on the Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Rating
Agencies</B>&rdquo; means (1)&nbsp;each of Moody&rsquo;s, S&amp;P, Fitch and DBRS and (2)&nbsp;if any of the foregoing Rating Agencies
ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Issuer&rsquo;s or the Company&rsquo;s
control, a &ldquo;nationally recognized statistical rating organization&rdquo; within the meaning of Section&nbsp;3(a)(62) under the
Exchange Act, selected by the Issuer (as certified by a Board Resolution) as a replacement agency for Moody&rsquo;s, S&amp;P, Fitch or
DBRS, or some or all of them, as the case may be.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Remaining
Life</B>&rdquo; means the period from any Redemption Date to the Par Call Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>S&amp;P</B>&rdquo;
means S&amp;P Global Ratings, acting through Standard&nbsp;&amp; Poor&rsquo;s Financial Services LLC, and its successors.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<B>Treasury
Rate&rdquo;</B> means, with respect to any Redemption Date, the yield determined by the Issuer in accordance with the following paragraphs
(1)&nbsp;and (2):</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            yield determined by the Issuer after 4:15 p.m., New York City time (or after such time as
                                            yields on U.S. government securities are posted daily by the Board of Governors of the Federal
                                            Reserve System), on the third Business Day preceding the Redemption Date based upon the yield
                                            or yields for the most recent day that appear after such time on such day in the most recent
                                            H.15 under the caption &ldquo;U.S. government securities&ndash;Treasury constant maturities&ndash;Nominal&rdquo;
                                            (or any successor caption or heading). In determining the Treasury Rate, the Issuer shall
                                            select, as applicable: (a)&nbsp;the yield for the Treasury constant maturity on H.15 exactly
                                            equal to the Remaining Life; or (b)&nbsp;if there is no such Treasury constant maturity on
                                            H.15 exactly equal to the Remaining Life, the two yields &ndash; one yield corresponding
                                            to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding
                                            to the Treasury constant maturity on H.15 immediately longer than the Remaining Life &ndash;
                                            and shall interpolate to the Par Call Date on a straight-line basis (using the actual number
                                            of days) using such yields and rounding the result to three decimal places; or (c)&nbsp;if
                                            there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining
                                            Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining
                                            Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities
                                            on H.15 shall be deemed to have a maturity date equal to the relevant number of months or
                                            years, as applicable, of such Treasury constant maturity from the Redemption Date.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            on the third Business Day preceding the Redemption Date H.15 or any successor designation
                                            or publication is no longer published, the Issuer shall calculate the Treasury Rate based
                                            on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m.,
                                            New York City time, on the second Business Day preceding such Redemption Date of the United
                                            States Treasury security maturing on, or with a maturity that is closest to, the Par Call
                                            Date, as applicable. If there is no United States Treasury security maturing on the Par Call
                                            Date but there are two or more United States Treasury securities with a maturity date equally
                                            distant from the Par Call Date, one with a maturity date preceding the Par Call Date and
                                            one with a maturity date following the Par Call Date, the Issuer shall select the United
                                            States Treasury security with a maturity date preceding the Par Call Date. If there are two
                                            or more United States Treasury securities maturing on the Par Call Date or two or more United
                                            States Treasury securities meeting the criteria of the preceding sentence, the Issuer shall
                                            select from among these two or more United States Treasury securities the United States Treasury
                                            security that is trading closest to par based upon the average of the bid and asked prices
                                            for such United States Treasury securities at 11:00 a.m., New York City time. In determining
                                            the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to
                                            maturity of the applicable United States Treasury security shall be based upon the average
                                            of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m.,
                                            New York City time, of such United States Treasury security, and rounded to three decimal
                                            places.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
definitions of &ldquo;Consolidated Net Worth&rdquo;, &ldquo;Qualifying Subordinated Debt&rdquo; and &ldquo;Deferred Credits&rdquo; in
this Twelfth Supplemental Indenture (and not the corresponding definitions of such terms in Section&nbsp;1.1 of the Original Indenture)
shall apply to the Notes. The definition of &ldquo;Offer to Purchase&rdquo; in Section&nbsp;1.1 of the Original Indenture is hereby deleted
in its entirety with respect to the Notes. All other terms and expressions used herein shall have the same meanings as corresponding
expressions defined in the Original Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;1.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
Be Read with Original Indenture</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Twelfth Supplemental Indenture is a supplemental indenture within the meaning of the Original Indenture, and the Original Indenture and
this Twelfth Supplemental Indenture shall be read together and shall have effect, so far as practicable, as though all the provisions
of the Original Indenture and this Twelfth Supplemental Indenture were contained in one instrument.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;1.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Currency</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Except
where expressly provided, all amounts in this Twelfth Supplemental Indenture are stated in United States currency.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;2<BR>
THE NOTES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Designation</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">There
is hereby authorized to be issued under the Original Indenture a separate series of Securities designated as &ldquo;5.813% Brookfield
Finance Inc. Notes due 2055&rdquo;.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Limit
of Aggregate Principal Amount</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
aggregate principal amount of Notes that may be authenticated and delivered pursuant to this Twelfth Supplemental Indenture (except for
Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section&nbsp;3.4,
3.5, 3.6, 10.6 or 12.7 of the Original Indenture and except for any Notes which, pursuant to the last sentence of Section&nbsp;3.3 of
the Original Indenture, are deemed never to have been authenticated and delivered) shall initially be limited to $500,000,000, all of
which have been issued hereunder. The Issuer may from time to time, without the consent of the holders of the Notes but with the consent
of the Company, create and issue further notes having the same terms and conditions in all respects as the Notes being offered hereby
except for the issue date, the issue price and the first payment of interest thereon. Additional notes issued in this manner will be
consolidated with and will form a single series with the Notes, as the case may be, being offered hereby.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Date
of Payment of Principal</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
principal of the Notes shall be payable on March&nbsp;3, 2055.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Payments;
Registration of Transfers</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">All
payments in respect of the Notes shall be made in immediately available funds. Computershare Trust Company, N.A. has been initially appointed
to act as Paying Agent for the Notes. The &ldquo;<B>Place of Payment</B>&rdquo; for the Notes shall be at the address of the Paying Agent,
currently located at Computershare Corporate Trust, 1505 Energy Park Dr., St. Paul, MN 55108.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
purposes of Section&nbsp;1.14 of the Original Indenture, the Issuer shall make, or cause to be made, payments on any Interest Payment
Date, Redemption Date, Purchase Date, Change of Control Payment Date or Stated Maturity whether or not such date is a Business Day in
Toronto, Ontario, unless such date shall not be a Business Day in New York, New York, notwithstanding the definition of &ldquo;Business
Day&rdquo; in Section&nbsp;1.1 of the Original Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
such Notes (if any) as are not represented by a Global Security, payments of principal (and premium, if any) and interest on any Notes
will be made at the Place of Payment, except that, at the option and expense of the Issuer, payment of interest may be made by (a)&nbsp;cheque
mailed to the address of the Person entitled thereto as such address shall appear on the Security Register or (b)&nbsp;wire transfer
to an account maintained by the Person entitled thereto as specified in the Security Register. The registration of transfers and exchanges
of Notes will be made at the Corporate Trust Office of the Trustee currently located at 100 University Avenue, 8th Floor, Toronto, Canada
M5J 2Y1 and the Place of Payment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Interest</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Notes will be issued in initial denominations of $2,000 and multiples of $1,000 in excess thereof and shall bear interest at the rate
of 5.813% per annum, payable semi-annually in arrears; provided, that any principal and premium and any installment of interest which
is overdue shall bear interest at the rate of 5.813% per annum plus 1% (to the extent that the payment of such interest shall be legally
enforceable).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Interest
in respect of the Notes shall accrue from and including March&nbsp;3, 2025 or from and including the most recent Interest Payment Date
to which interest has been paid or duly provided for.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Interest Payment Dates on which interest shall be payable in respect of the Notes shall be March&nbsp;3 and September&nbsp;3 in each
year, commencing on September&nbsp;3, 2025.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Regular Record Dates for interest in respect of the Notes shall be February&nbsp;15 and August&nbsp;15 (whether or not a Business Day)
in respect of the interest payable semi-annually in arrears on March&nbsp;3 and September&nbsp;3, respectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Redemption</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as provided in Section&nbsp;2.7 or Section&nbsp;2.9 or as contemplated by Section&nbsp;2.14 of this Twelfth Supplemental Indenture, the
Notes are not redeemable prior to maturity.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
purposes of this Twelfth Supplemental Indenture and the Notes, the first sentence of Section&nbsp;12.4 of the Original Indenture shall
be amended and restated in its entirety with the following sentence:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;Notice
of redemption shall be given by first-class mail, postage prepaid, mailed not less than 10 days nor more than 60 days prior to the Redemption
Date, to each Holder of Securities to be redeemed, at his, her or its address appearing in the Security Register. The Issuer shall provide
the Trustee and any Paying Agent for the Notes written notice of any such redemption at least five Business Days prior to when notice
is due to Holders.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
avoidance of doubt, this Section&nbsp;2.6(2)&nbsp;shall not be deemed to affect any other series of Securities issued under the Original
Indenture, except as may be provided for in respect of any other series of Securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Redemption
at the Issuer&rsquo;s Option</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Prior
to September&nbsp;3, 2054 (the &ldquo;<B>Par Call Date</B>&rdquo;), the Issuer may redeem the Notes at its option, in whole or in part,
at any time and from time to time, at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal
places) equal to the greater of:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(a)&nbsp;the
                                            sum of the present values of the remaining scheduled payments of principal and interest thereon
                                            discounted to the Redemption Date (assuming the Notes matured on the Par Call Date) on a
                                            semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
                                            Rate plus 20 basis points less (b)&nbsp;interest accrued to the Redemption Date, and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">100%
                                            of the principal amount of the Notes to be redeemed,</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Plus,
in either case, accrued and unpaid interest to, but excluding, the Redemption Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On or after the
Par Call Date, the Issuer may redeem the Notes, in whole or in part, at any time and from time to time, at a Redemption Price equal to
100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon to the Redemption Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notice
of any redemption will be delivered at least 10 days but not more than 60 days before the Redemption Date to each Holder of the Notes
to be redeemed and may be contingent upon such conditions as may be specified in the applicable notice of redemption and in accordance
with the provisions of the Indenture. Unless the Issuer defaults in payment of the Redemption Price, on and after any Redemption Date,
interest will cease to accrue on the Notes or portions thereof called for redemption. The Issuer shall provide the Trustee and any Paying
Agent for the Notes written notice of any such redemption at least five Business Days prior to when notice is due to Holders. On or before
any Redemption Date, the Issuer shall deposit with the Paying Agent (or the Trustee) money sufficient to pay the Redemption Price of
the Notes to be redeemed on such date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected,
in the case of certificated Notes, by the Trustee at the Issuer&rsquo;s direction by such method as the Issuer and the Trustee shall
designate, or in the case of Global Securities, by such policies and procedures of the applicable depository. The Redemption Price shall
be calculated by the Issuer and provided in writing to the Trustee and any Paying Agent for the Notes, and the Trustee and any Paying
Agent for the Notes shall be entitled to conclusively rely on such calculation. The Issuer&rsquo;s actions and determinations in determining
the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Repurchase
upon a Change of Control</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
a Change of Control Triggering Event occurs, unless the Issuer has exercised its right to redeem all of the Notes as described in Section&nbsp;2.7
above, the Issuer will be required to make an offer to repurchase all of each Holder&rsquo;s Notes (or the portion thereof not subject
to redemption, if the Issuer has exercised its right to redeem the Notes in part pursuant to Section&nbsp;2.7 above) pursuant to the
offer described below (the &ldquo;<B>Change of Control Offer</B>&rdquo;) on the terms set forth herein. In the Change of Control Offer,
the Issuer will be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued
and unpaid interest, if any, on the Notes repurchased (the &ldquo;<B>Change of Control Payment</B>&rdquo;), to the date of purchase.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Within
30 days following any Change of Control Triggering Event, the Issuer will be required to deliver a notice to Holders of Notes, with a
copy to the Trustee, describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to
repurchase the Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the
date such notice is delivered (the &ldquo;<B>Change of Control Payment Date</B>&rdquo;), pursuant to the procedures required herein and
described in such notice. The Issuer must comply with the requirements of Rule&nbsp;14e-1 under the Exchange Act and any other securities
laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes
as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict
with this Section&nbsp;2.8, the Issuer will be required to comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under this Section&nbsp;2.8 by virtue of such conflicts.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
the Change of Control Payment Date, the Issuer will be required, to the extent lawful, to:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 4.7%"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">accept
                                            for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control
                                            Offer;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 4.7%"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">deposit
                                            with the Paying Agent or the Trustee an amount equal to the Change of Control Payment in
                                            respect of all Notes or portions of Notes properly tendered; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 4.7%"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">deliver
                                            or cause to be delivered to the Trustee the Notes properly accepted together with an Officers&rsquo;
                                            Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased
                                            by the Issuer.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Paying Agent will deliver to each Holder who properly tendered Notes the purchase price for such Notes, and, upon written order of the
Issuer, the Trustee will authenticate and deliver (or cause to be delivered) to each such Holder a new Note equal in principal amount
to any unpurchased portion of the Notes surrendered, if any; provided that each new Note will be in a principal amount of $2,000 or an
integral multiple of $1,000 in excess thereof.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Issuer will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if another Person makes such
an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer and such other
Person purchases all Notes properly tendered and not withdrawn under its offer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Redemption
for Changes in Canadian Withholding Taxes</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Notes will be subject to redemption as a whole, but not in part, at the option of the Issuer at any time at a Redemption Price equal
to 100% of the principal amount, together with accrued and unpaid interest thereon to the applicable Redemption Date, in the event the
Issuer shall have received an opinion from independent tax counsel experienced in such matters to the effect that the Issuer has become,
or would become, obligated to pay, on the next date on which any amount would be payable with respect to the Notes, any Additional Amounts
as a result of a change in the laws of Canada or any political subdivision or taxing authority thereof or therein (including any regulations
promulgated thereunder), or any change in any official position regarding the application or interpretation of such laws or regulations,
which change is announced or becomes effective on or after the date of this Twelfth Supplemental Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.10&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Form</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Notes and the certificate of the Trustee endorsed thereon shall each be issuable initially as one or more Global Securities and shall
be substantially in the form set forth in Annex A hereto. The Depositary for Global Securities shall be The Depository Trust Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.11&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Events
of Default</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
addition to the Events of Default contained in Section&nbsp;6.1 of the Original Indenture (subject to clause (3)&nbsp;below), the following
additional Events of Default apply with respect to the Notes:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
failure by the Issuer to comply with its obligations pursuant to Section&nbsp;2.8 of this Twelfth Supplemental Indenture in the event
of a Change of Control Triggering Event; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;default
by the Company in the payment of principal of, premium, if any, or interest on, any obligation for borrowed money indebtedness (other
than an obligation payable on demand or maturing less than 12 months from the creation or issue thereof) in an outstanding principal
amount in excess of 5% of Consolidated Net Worth in the aggregate at the time of default, or any failure in the performance of any other
covenant of the Company contained in any instrument under which such obligations are created or issued, provided that in each such case
all cure periods relating to such default have expired and the holders of such borrowed money indebtedness or a trustee for such holders
(if any) declares such indebtedness to be due and payable prior to its stated maturity, and provided further that if any such default
is waived at any time by such holders or trustee in accordance with the terms of such instrument, then this Event of Default shall be
deemed to be waived without further action on the part of the Trustee or the Holders.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
any Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable
in the manner and with the effect provided in the Original Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Events of Default contained in Section&nbsp;6.1(c)&nbsp;and Section&nbsp;6.1(g)&nbsp;of the Original Indenture shall not apply to the
Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.12&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Additional
Provisions in Respect of the Notes</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
covenants contained in Article&nbsp;3 of this Twelfth Supplemental Indenture shall apply to the Notes in addition to the covenants contained
in the Original Indenture (subject to clause (3)&nbsp;below).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
Section&nbsp;3.3 of the Original Indenture, a certificate of authentication on the Notes substantially in the form provided herein may
be executed by the Trustee by manual, facsimile or other electronic signature.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;None
of Sections 3.12, 11.5, 11.6, 11.7, 11.8 or 11.9 of the Original Indenture shall apply to the Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
purposes of Article&nbsp;5 of the Original Indenture, the term &ldquo;Issuer&rdquo; shall include any Co-Obligor and the term &ldquo;Obligations&rdquo;
shall include the Obligations of any Co-Obligor, in respect of the Notes (and not any other series of Securities under the Indenture).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
addition to the clauses set forth in Section&nbsp;10.1 of the Original Indenture, without the consent of any Holders, the Issuer, when
authorized by a Board Resolution, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental to this Twelfth Supplemental Indenture (solely in respect of the Notes and not any other series of Securities under the
Indenture), and in form satisfactory to the Trustee, to evidence the addition of a Co-Obligor in respect of the Notes.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.13&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Affiliate
Purchase on Maturity</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">For
purposes of this Twelfth Supplemental Indenture and the Notes, Section&nbsp;3.11 of the Original Indenture shall be amended and restated
in its entirety with the following:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;Notwithstanding
the other provisions of this Indenture, the Issuer may, by providing written notice to the Trustee at least three Business Days prior
to the Maturity of any Securities, elect to have one or more Affiliates of the Issuer or the Company purchase all, but not less than
all, of the Securities so to be redeemed or repaid at a price equal to the Redemption Price (excluding accrued and unpaid interest),
in the case of Securities called for redemption, or at a price equal to the principal amount, in the case of Securities coming due at
the Stated Maturity (in each case, the &ldquo;<B>Repayment Price</B>&rdquo;); <I>provided</I> that any accrued and unpaid interest thereon
will be paid by the Issuer. Upon payment therefor of an amount equal to the Repayment Price, and payment by the Issuer of accrued interest
and premium, if any, such Securities shall be cancelled by the Trustee and a new certificate in the name of such Affiliate will be issued
by the Trustee upon receipt by the Trustee of an Issuer Order, provided however, that such cancellation and reissuance of certificates
shall be deemed not to represent a novation of the debt represented by such Securities, but rather such Securities shall be deemed transferred
to such Affiliate and such debt shall continue to remain outstanding on the same terms subject to such modifications, if any, as may
be agreed by the Issuer and such Affiliate in writing. Such Affiliate shall not be permitted to vote such Securities in connection with
any matter put before Holders for approval, unless 100% of the Securities of each series entitled to be voted in respect of such matter
are held by the Issuer, the Company or their respective Affiliates. Should such Affiliate and the Issuer, if applicable, fail to make
full payment of the Repayment Price and accrued interest and premium, if any, on Maturity, then such Securities shall become due and
payable as otherwise provided for but for this Section&nbsp;3.11. The Trustee may request, and the Issuer and its counsel shall provide
upon such request, any additional supporting documentation in connection with this Section&nbsp;3.11, including but not limited to an
Opinion of Counsel addressed to the Trustee in support of the Affiliate purchase herein described.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.14&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Co-Obligors
and/or Additional Guarantors</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Without
the consent of any Holders, the Issuer, when authorized by a Board Resolution, the Company and the Trustee, may enter into an indenture
supplemental to the Indenture in respect of the Notes, in form satisfactory to the Trustee, for the purpose of adding as a co-obligor
(whether as an additional issuer or guarantor) of the Notes, an Affiliate of the Issuer or the Company (each, a &ldquo;<B>Co-Obligor</B>&rdquo;);
<I>provided</I> that any such Co-Obligor shall be organized or formed under the laws of (1)&nbsp;any state of the United States, (2)&nbsp;Canada
or any province or territory thereof, (3)&nbsp;the United Kingdom, (4)&nbsp;Australia or (5)&nbsp;any country that is a member of the
European Union; and <I>provided</I>, <I>further</I>, that the Issuer may only add a Co-Obligor if the Issuer determines that adding such
Co-Obligor would not result in a deemed sale or exchange of the Notes by any holder for U.S. federal income tax purposes under applicable
U.S. Treasury Regulations or a disposition of the Notes by any holder or beneficial owner of the Notes for Canadian federal income tax
purposes. Any such supplemental indenture entered into for the purpose of adding a Co-Obligor formed under any jurisdiction other than
a state of the United States (each, a &ldquo;<B>Non-U.S. Co-Obligor</B>&rdquo;) shall include a provision for (i)&nbsp;the payment of
additional amounts (&ldquo;<B>Other Additional Amounts</B>&rdquo;) in the form substantially similar to that provided in Section&nbsp;2.15
of this Twelfth Supplemental Indenture, with such modifications as the Company and such Non-U.S. Co-Obligor reasonably determine are
customary and appropriate for U.S. and Canadian bondholders to address then-applicable (or potentially applicable future) taxes, duties,
levies, imposts, assessments or other governmental charges imposed or levied by or on behalf of the applicable governmental authority
in respect of payments made by such Non-U.S. Co-Obligor under or with respect to the Notes, including any exceptions thereto as the Company
and such Non-U.S. Co-Obligor shall reasonably determine would be customary and appropriate for U.S. and Canadian bondholders and (ii)&nbsp;the
right of any issuer to redeem the Notes at 100% of the aggregate principal amount thereof plus accrued interest thereon in the event
that Other Additional Amounts become payable by a Non-U.S. Co-Obligor in respect of the Notes as a result of any change in law or official
position regarding the application or interpretation of any law that is announced or becomes effective after the date of such supplemental
indenture.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Any such Co-Obligor
shall be jointly and severally liable with the Issuer or the Company (as applicable) to pay the principal, premium, if any, and interest
on the Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Payment
of Company Additional Amounts</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">All
payments made by the Issuer or the Company under or with respect to the Notes will be made free and clear of, and without withholding
or deduction for or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge imposed or
levied by or on behalf of the Government of Canada or of any province or territory thereof or therein or by any authority or agency therein
or thereof having power to tax (hereinafter &ldquo;<B>Taxes</B>&rdquo;), unless the Issuer or the Company (as applicable) is required
to withhold or deduct Taxes by law or by the interpretation or administration thereof. If the Issuer or the Company is so required to
withhold or deduct any amount for or on account of Taxes from any payment made by it under or with respect to the Notes and the Notes
are not redeemed in accordance with the provisions of Section&nbsp;2.9 of this Twelfth Supplemental Indenture, the Issuer or the Company
(as applicable) will pay such additional amounts (&ldquo;<B>Company Additional Amounts</B>&rdquo;) as may be necessary so that the net
amount received (including Company Additional Amounts) by each Holder (including, as applicable, the beneficial owners in respect of
any such Holder) after such withholding or deduction will not be less than the amount the Holder (including, as applicable, the beneficial
owners in respect of any such Holder) would have received if such Taxes had not been withheld or deducted; provided that no Company Additional
Amounts will be payable with respect to: (a)&nbsp;any payment to a Holder or beneficial owner who is liable for such Taxes in respect
of such Note (i)&nbsp;by reason of such Holder or beneficial owner, or any other person entitled to payments on the Note, being a person
with whom the Issuer or the Company does not deal at arm&rsquo;s length (within the meaning of the <I>Income Tax Act</I> (Canada) (the
 &ldquo;<B>Tax Act</B>&rdquo;)), (ii)&nbsp;by reason of the existence of any present or former connection between such Holder or beneficial
owner (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power over, such Holder or beneficial
owner, if such Holder or beneficial owner is an estate, trust, partnership, limited liability company or corporation) and Canada or any
province or territory thereof or therein other than the mere ownership, or receiving payments under or enforcing any rights in respect
of such Note as a non-resident or deemed non-resident of Canada or any province or territory thereof or therein, (iii)&nbsp;by reason
of such Holder or beneficial owner being a &ldquo;specified shareholder&rdquo; of the Issuer or not dealing arm&rsquo;s length with a
 &ldquo;specified shareholder&rdquo; of the Issuer as defined in subsection 18(5)&nbsp;of the Tax Act, or (iv)&nbsp;by reason of such
Holder or beneficial owner being an entity in respect of which the Issuer is a &ldquo;specified entity&rdquo; as defined in subsection
18.4(1)&nbsp;of the Tax Act; (b)&nbsp;any Tax that is levied or collected other than by withholding from payments on or in respect of
the Notes; (c)&nbsp;any Note presented for payment (where presentation is required) more than 30 days after the later of (i)&nbsp;the
date on which such payment first becomes due or (ii)&nbsp;if the full amount of the monies payable has not been paid to the Holders or
beneficial owners of the Notes on or prior to such date, the date on which the full amount of such monies has been paid to the Holders
or beneficial owners of the Notes, except to the extent that the Holder or beneficial owner of the Notes would have been entitled to
such Company Additional Amounts on presentation of the same for payment on the last day of such period of 30 days; (d)&nbsp;any estate,
inheritance, gift, sales, transfer, excise or personal property Tax or any similar Tax; (e)&nbsp;any Tax imposed as a result of the failure
of a Holder or beneficial owner to comply with certification, identification, declaration, filing or similar reporting requirements concerning
the nationality, residence, identity or connection with Canada or any province or territory thereof or therein of such Holder or beneficial
owner, if such compliance is required by statute or by regulation, as a precondition to reduction of, or exemption, from such Tax; (f)&nbsp;any
(i)&nbsp;tax, assessment, withholding or deduction required pursuant to Sections 1471 to 1474 of the U.S. Internal Revenue Code of 1986,
as amended (&ldquo;<B>FATCA</B>&rdquo;), or any successor version thereof, or any similar legislation imposed by any other governmental
authority, or (ii)&nbsp;Tax or penalty arising from the Holder&rsquo;s or beneficial owner&rsquo;s failure to properly comply with the
Holder&rsquo;s or beneficial owner&rsquo;s obligations imposed under the Canada United States Enhanced Tax Information Exchange Agreement
Implementation Act (Canada) or any treaty, law or regulation or other official guidance enacted by Canada implementing FATCA or an intergovernmental
agreement with respect to FATCA or any similar legislation imposed by any other governmental authority including, for greater certainty,
Part&nbsp;XVIII and Part&nbsp;XIX of the Tax Act; or (g)&nbsp;any combination of the foregoing clauses (a)&nbsp;to (f).</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Issuer or the Company (as applicable) will also (1)&nbsp;make such withholding or deduction and (2)&nbsp;remit the full amount deducted
or withheld by it to the relevant authority in accordance with applicable law. The Issuer or the Company (as applicable) will furnish
to the Holders of the Notes, within 30 days after the date the payment of any Taxes by it is due pursuant to applicable law, certified
copies of tax receipts evidencing such payment by it. The Issuer and the Company will indemnify and hold harmless each Holder (including,
as applicable, the beneficial owners in respect of any such Holder) and, upon written request, will reimburse each such Holder (including,
as applicable, the beneficial owners in respect of any such Holder) for the amount of (i)&nbsp;any Taxes (other than any Taxes for which
Company Additional Amounts would not be payable pursuant to clauses (a)&nbsp;through (g)&nbsp;above) levied or imposed and paid by such
Holder (including, as applicable, the beneficial owners in respect of any such Holder) as a result of payments made under or with respect
to the Notes which have not been withheld or deducted and remitted by the Issuer or the Company (as applicable) in accordance with applicable
law, (ii)&nbsp;any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, and (iii)&nbsp;any
Taxes (other than any Taxes for which Company Additional Amounts would not be payable pursuant to clauses (a)&nbsp;through (g)&nbsp;above)
imposed with respect to any reimbursement under clause (i)&nbsp;or (ii)&nbsp;above, but excluding any such Taxes on such Holder&rsquo;s
(including, as applicable, the beneficial owners in respect of any such Holder&rsquo;s) net income.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">At
least 30 days prior to each date on which any payment under or with respect to the Notes is due and payable, if the Issuer will be obligated
to pay Company Additional Amounts with respect to such payment, the Issuer will deliver to the Trustee and the Paying Agent an Officers&rsquo;
Certificate stating the fact that such Company Additional Amounts will be payable and the amounts so payable and will set forth such
other information necessary to enable the Trustee and the Paying Agent to pay such Company Additional Amounts to Holders (including in
respect of beneficial owners in respect of such Holders) on the payment date. Whenever in the Indenture there is mentioned, in any context,
the payment of principal (and premium, if any), Redemption Price, Purchase Price, Change of Control Payment, interest or any other amount
payable under or with respect to any Note, such mention shall be deemed to include mention of the payment of Company Additional Amounts
provided for in this Section&nbsp;2.15 to the extent that, in such context, Company Additional Amounts are, were or would be payable
in respect thereof pursuant to the provisions of this Section&nbsp;2.15 and express mention of the payment of Company Additional Amounts
(if applicable) in any provisions hereof shall not be construed as excluding Company Additional Amounts in those provisions hereof where
such express mention is not made (if applicable).</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
obligations of the Issuer and the Company under this Section&nbsp;2.15 shall survive the termination of this Indenture and the payment
of all amounts under or with respect to the Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.16&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Defeasance</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Notes shall be defeasible pursuant to both of Section&nbsp;14.2 and Section&nbsp;14.3 of the Original Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the event the Issuer exercises its defeasance option with respect to the Notes pursuant to Section&nbsp;14.2 of the Original Indenture,
the Issuer&rsquo;s obligations with respect to the Notes under Section&nbsp;2.15 of this Twelfth Supplemental Indenture shall survive.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;2.17&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Consent
and Acknowledgement of the Company</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant
to Section&nbsp;3.1 of the Original Indenture, the Company hereby consents to the issuance of the Notes by the Issuer and acknowledges
and confirms that its obligations with respect to the Notes constitute Guarantee Obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;3<BR>
COVENANTS OF COMPANY APPLICABLE TO THE NOTES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;3.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Negative
Pledge</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Neither
the Issuer nor the Company will create any Lien on any of their property or assets to secure any indebtedness for borrowed money without
in any such case effectively providing that the Notes, in the case of the Issuer, and the Guarantee Obligations, in the case of the Company
(together with, if the Issuer or the Company, as applicable, shall so determine, any other indebtedness of the Issuer or the Company,
as applicable, which is not subordinate to the Notes or the Guarantee Obligations, as applicable), shall be secured equally and ratably
with (or prior to) such secured indebtedness, so long as such secured indebtedness shall be so secured; provided, however, that the foregoing
restrictions shall not apply to:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 4.7%"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Liens
                                            on any property or assets existing at the time of acquisition thereof (including acquisition
                                            through merger or consolidation) to secure, or securing, the payment of all or any part of
                                            the purchase price, cost of improvement or construction cost thereof or securing any indebtedness
                                            incurred prior to, at the time of or within 120 days after, the acquisition of such property
                                            or assets or the completion of any such improvement or construction, whichever is later,
                                            for the purpose of financing all or any part of the purchase price, cost of improvement or
                                            construction cost thereof or to secure or securing the repayment of money borrowed to pay,
                                            in whole or in part, such purchase price, cost of improvement or construction cost or any
                                            vendor&rsquo;s privilege or lien on such property securing all or any part of such purchase
                                            price, cost of improvement or construction cost, including title retention agreements and
                                            leases in the nature of title retention agreements (provided such Liens are limited to such
                                            property or assets and to improvements on such property);</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 4.7%"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Liens
                                            arising by operation of law;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 4.7%"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            other Lien arising in connection with indebtedness if, after giving effect to such Lien and
                                            any other Lien created pursuant to this paragraph (c), the aggregate principal amount of
                                            indebtedness secured thereby would not exceed 5% of Consolidated Net Worth; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 4.7%"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            extension, renewal, substitution or replacement (or successive extensions, renewals, substitutions
                                            or replacements), as a whole or in part, of any of the Liens referred to in paragraphs (a)&nbsp;and
                                            (b)&nbsp;above or any indebtedness secured thereby; <I>provided that</I> such extension,
                                            renewal, substitution or replacement Lien shall be limited to all or any part of substantially
                                            the same property or assets that secured the Lien extended, renewed, substituted or replaced
                                            (plus improvements on such property) and the principal amount of indebtedness secured by
                                            such Lien at such time is not increased.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;3.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Status
of the Issuer</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to Article&nbsp;9 of the Original Indenture, each of the Issuer and the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its existence.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Issuer shall at all times remain a Subsidiary of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Article&nbsp;4<BR>
miscellaneous</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;4.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Ratification
of Original Indenture</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Original Indenture, as supplemented by this Twelfth Supplemental Indenture, is in all respects ratified and confirmed, and this Twelfth
Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;4.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Governing
Law</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
Twelfth Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York.
Notwithstanding the preceding sentence of this Section&nbsp;4.2, the exercise, performance or discharge by the Trustee of any of its
rights, powers, duties or responsibilities hereunder shall be construed in accordance with the laws of the Province of Ontario and the
federal laws of Canada applicable thereto.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;4.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Separability</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
case any one or more of the provisions contained in this Twelfth Supplemental Indenture or in the Notes shall for any reason be held
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions
of this Twelfth Supplemental Indenture or of the Notes, but this Twelfth Supplemental Indenture and the Notes shall be construed as if
such invalid or illegal or unenforceable provision had never been contained herein or therein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;4.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Counterparts</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. This instrument may be executed and delivered by facsimile or other electronic
transmission of a counterpart hereof bearing a manual, facsimile or other electronic signature.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><FONT STYLE="font-size: 10pt"><B>Section&nbsp;4.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Disclaimer</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Trustee and the Paying Agent shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Twelfth Supplemental Indenture. The recitals of fact contained herein shall be taken as the statements of the Issuer and neither the
Trustee nor the Paying Agent assumes any responsibility for the correctness thereof. The Issuer hereby authorizes and directs the Trustee
to execute and deliver this Twelfth Supplemental Indenture. All rights, powers, protections, immunities and indemnities afforded to the
Trustee and Paying Agent under the Original Indenture shall apply to the Trustee and Paying Agent as if the same were set forth herein
mutatis mutandis.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">[THE REMAINDER OF
THIS PAGE INTENTIONALLY LEFT BLANK]</FONT></P>

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

<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"><B>IN
WITNESS WHEREOF</B></FONT><FONT STYLE="font-size: 10pt">, the parties hereto have caused this Twelfth Supplemental Indenture to be duly
executed as of the day and year first above written.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD FINANCE
    INC.</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="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; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Patrick
Taylor</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patrick Taylor</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#8239;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>BROOKFIELD CORPORATION &nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="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; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Nicholas
Goodman</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicholas Goodman</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><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 0pt -0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPUTERSHARE
    TRUST COMPANY OF CANADA</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="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; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Claire Wang</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font-size: 10pt; width: 42%">Claire Wang</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt">Corporate Trust Officer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="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; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Raji
Sivalingam</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt">Raji Sivalingam</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt">Associate Trust Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0in -0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">[Insert if the
Security is a Global Security &mdash; THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY&nbsp;NOT BE EXCHANGED IN WHOLE OR IN PART&nbsp;FOR
A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART&nbsp;MAY&nbsp;BE REGISTERED,&nbsp;IN THE NAME OF ANY PERSON
OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Unless this certificate
is presented by an authorized representative of The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;), a New York corporation, to Brookfield
Finance Inc. or its agent for registration of transfer, exchange or payment, and any certificate issued in respect thereof is registered
in the name of Cede&nbsp;&amp; Co., or in such other name as is requested by an authorized representative of DTC (and any payment is
made to Cede&nbsp;&amp; Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede&nbsp;&amp; Co., has an
interest herein.]</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">5.813% Notes due
2055</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">CUSIP: 11271L AP7</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">ISIN: US11271LAP76</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No. I-&#9632;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$&#9632;</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Brookfield
Finance Inc., a corporation incorporated under the laws of Ontario, Canada (herein called the &ldquo;Issuer&rdquo;, which term includes
any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to &#9632;, or registered
assigns, the principal sum of &#9632; (&#9632;) United States Dollars on March&nbsp;3, 2055 and to pay interest thereon from and including
March&nbsp;3, 2025 or from and including the most recent Interest Payment Date to which interest has been paid or duly provided for,
semi-annually in arrears on March&nbsp;3 and September&nbsp;3 in each year, commencing on September&nbsp;3, 2025 at a rate of 5.813%
per annum, until the principal hereof is paid or made available for payment, calculated as set forth above, provided that any principal
and premium, and any such installment of interest, which is overdue shall bear interest at the rate of 5.813% per annum plus 1% (to the
extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made
available for payment, and such interest shall be payable on demand. As provided in the Indenture, interest shall be computed on the
basis of a 360-day year consisting of twelve 30-day months. Interest shall accrue from and including March&nbsp;3, 2025.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid
to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be February&nbsp;15 or August&nbsp;15 (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable
to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the
Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Payment
of the principal of (and premium, if any) and interest on this Security will be made at the Place of Payment in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debt; provided, however,
that, at the option and expense of the Issuer, payment of interest may be made by (i)&nbsp;cheque mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register or (ii)&nbsp;by wire transfer to an account maintained by the
Person entitled thereto as specified in the Security Register.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall, for all purposes,
have the same effect as if set forth at this place.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual, facsimile or other
electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>[The balance
of this page&nbsp;is intentionally left blank; signature page&nbsp;follows]</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">IN WITNESS WHEREOF,
the Issuer has caused this instrument to be duly executed under its corporate seal.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Dated: &#9632;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD FINANCE
    INC.</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify; width: 47%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&#8239;&#8239;&#8239;&#8239;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&#8239;&#8239;&#8239;&#8239;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">Attest:</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 37%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">(FORM&nbsp;OF TRUSTEE&rsquo;S
CERTIFICATE OF AUTHENTICATION)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TRUSTEE&rsquo;S
CERTIFICATE OF AUTHENTICATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This Note is one
of the Notes referred to in the Indenture referred to above.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">COMPUTERSHARE TRUST<BR>
    COMPANY OF CANADA, as Trustee</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By: Authorized Officer</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-size: 10pt">&nbsp;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(FORM&nbsp;OF
REGISTRATION PANEL)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(NO WRITING HEREON
EXCEPT BY THE TRUSTEE OR OTHER REGISTRAR)</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border: Black 1pt solid; font-size: 10pt; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">DATE
    OF<BR> REGISTRY</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; width: 33%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">IN
    WHOSE NAME<BR> REGISTERED</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font-size: 10pt; width: 33%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">SIGNATURE
    OF TRUSTEE<BR> OR OTHER REGISTRAR</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">[Reverse of Note.]</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
Security is one of a duly authorized issue of securities of the Issuer (herein called the &ldquo;Securities&rdquo;), issued and to be
issued in one or more series under an Indenture, dated as of June&nbsp;2, 2016 (the &ldquo;Original Indenture&rdquo;), as supplemented
by the Twelfth Supplemental Indenture, dated as of March&nbsp;3, 2025 (the &ldquo;Twelfth Supplemental Indenture&rdquo;) (the Original
Indenture and the Twelfth Supplemental Indenture together herein called the &ldquo;Indenture&rdquo;, which term shall have the meaning
assigned to it in such instrument), between the Issuer, Brookfield Corporation (formerly, Brookfield Asset Management Inc.) (the &ldquo;Company&rdquo;),
as guarantor, and Computershare Trust Company of Canada, as trustee (herein called the &ldquo;Trustee&rdquo;, which term includes any
successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Issuer, the Company, the Trustee and the Holders of the Securities and of the terms
upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face
hereof, initially limited in aggregate principal amount to US$500,000,000, all of which are issued under the Twelfth Supplemental Indenture.
The Issuer may from time to time, without the consent of the holders of the Securities, create and issue further securities having the
same terms and conditions in all respects as the Securities issued on the date hereof, except for the issue date, the issue price and
the first payment of interest thereon. Additional securities issued in this manner will be consolidated with and will form a single series
with the Securities; provided that if any additional securities issued after the date hereof are not fungible with the Securities issued
on the date hereof for U.S. federal income tax purposes, then such additional securities shall be issued with a separate CUSIP or ISIN
number so that they are distinguishable from the Securities.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Issuer will pay to each relevant Holder or beneficial owner certain Company Additional Amounts in the event of the withholding or deduction
of certain Canadian taxes as described in the Twelfth Supplemental Indenture. In addition, certain Other Additional Amounts may be payable
as contemplated in Section&nbsp;2.14 of the Twelfth Supplemental Indenture and as described in any applicable supplemental indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Securities are redeemable, at any time at the Issuer&rsquo;s option, at the Redemption Price as described in the Twelfth Supplemental
Indenture. The Securities are also redeemable (1)&nbsp;in the event of certain changes affecting Canadian withholding tax, as described
in Section&nbsp;2.9 of the Twelfth Supplemental Indenture, and (2)&nbsp;as described in any applicable supplemental indenture as contemplated
in Section&nbsp;2.14 of the Twelfth Supplemental Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Upon
the occurrence of a Change of Control Triggering Event, the Issuer will be required to make an offer to purchase the Securities at a
price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect provided in the Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
the event of purchase of this Security in part only, a new Security or Securities of this series and of like tenor for the unpurchased
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants
and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer,
the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance
by the Issuer or the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and of any Security issued upon the registration of transfer hereof or in exchange hereafter or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the Corporate Trust Office of the Trustee or the Place of Payment,
duly endorsed by, or accompanied by a written instrument of transfer, in form satisfactory to the Issuer and the Security Registrar,
duly executed by the Holder hereof or attorney duly authorized in writing, and, thereupon, one or more new Securities of this series
and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Securities of this series are issuable only in registered form without coupons in initial denominations of US$2,000 and multiples of
US$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination,
as requested by the Holder surrendering the same.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">No
service charge shall be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Prior
to due presentment of this Security for registration of transfer, the Issuer, the Company, the Trustee and any agent of the Issuer, the
Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or
not this Security be overdue, and neither the Issuer, the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">THE
LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THE SECURITIES. Notwithstanding the preceding sentence
of this paragraph, the exercise, performance or discharge by the Trustee of any of its rights, powers, duties or responsibilities hereunder
shall be construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable thereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.</FONT></P>

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

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm257665d6_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 99.2</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: bottom">
    <TD ROWSPAN="6" STYLE="width: 70%; font-size: 10pt"><IMG SRC="tm257665d6_ex99-2img001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="width: 30%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79 Wellington St. W., 30th Floor</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Box 270, TD South Tower</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Toronto, Ontario M5K 1N2 Canada</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P. 416.865.0040 | F. 416.865.7380</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.torys.com</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;3, 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">Brookfield Corporation<BR>
Brookfield Finance Inc.<BR>
Brookfield Place<BR>
181 Bay Street<BR>
Suite&nbsp;100, P.O.&nbsp;Box 762<BR>
Toronto, Ontario M5J 2T3</P>

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

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

<P STYLE="font: 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"><B>Re: Consent of Torys LLP</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
hereby consent to the reference to our name under the heading &ldquo;<I>Legal Matters</I>&rdquo; and to the reference to our name and
to the use of our opinions under the heading &ldquo;<I>Certain Canadian Federal Income Tax Considerations</I>&rdquo; in the Prospectus
Supplement dated February&nbsp;27, 2025 relating to the offering by Brookfield Finance Inc. of US$</FONT>500,000,000 aggregate principal
amount of 5.813% Notes due 2055, which has been filed under the joint registration statement of Brookfield Corporation and Brookfield
Finance Inc. on Form&nbsp;F-10 (File Nos. 333-279601 and 333-279601-02). In giving this consent, we do not admit that we are in the category
of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933, as amended.</P>

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

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

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

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

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

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

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

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tm257665d6_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 99.3</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">March&nbsp;3, 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; text-align: justify">To: The United States Securities and Exchange
Commission</P>

<P STYLE="font: 10pt 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 Corporation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Brookfield Finance Inc. (together, the &ldquo;Company&rdquo;)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We refer to the Company&rsquo;s registration statement
on Form&nbsp;F-10 (File Nos. 333-279601 and 333-279601-02), as the same may hereafter be amended or supplemented.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Prospectus Supplement of
the Company dated February&nbsp;27, 2025 (the &ldquo;<B>Prospectus Supplement</B>&rdquo;), we consent to the reference to our firm&rsquo;s
name under the heading &ldquo;Legal Matters&rdquo;, and consent to the use of our firm&rsquo;s name and reference to our opinion under
the heading &ldquo;Certain Canadian Federal Income Tax Considerations&rdquo;.</P>

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

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

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

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

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

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

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