<SEC-DOCUMENT>0001104659-25-078804.txt : 20250815
<SEC-HEADER>0001104659-25-078804.hdr.sgml : 20250815
<ACCEPTANCE-DATETIME>20250814183014
ACCESSION NUMBER:		0001104659-25-078804
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20250814
FILED AS OF DATE:		20250815
DATE AS OF CHANGE:		20250814

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
		EIN:				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:		251221662

	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>tm2523229d6_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><B><FONT STYLE="font-size: 10pt">Washington, DC 20549</FONT></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&nbsp;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&nbsp;13a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <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: August&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>
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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-size: 18pt; text-transform: uppercase"><B>Brookfield
Corporation<BR>
</B></FONT><FONT STYLE="font-size: 10pt">(Name of Registrant)</FONT></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 Place<BR>
Suite&nbsp;100<BR>
181 Bay Street, P.O.&nbsp;Box 762<BR>
Toronto, Ontario, Canada M5J 2T3<BR>
</B>(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>

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    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;20-F
</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;40-F
<FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibits 99.1, 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 <A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000119312524151767/d12157df10a.htm" STYLE="-sec-extract: exhibit">(File Nos. 333-279601 and 333-279601-02)</A>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>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="width: 11%; border-bottom: black 1pt solid; padding-bottom: 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: black 1pt solid; padding-bottom: 0.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description of Exhibit</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><A HREF="tm2523229d6_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="tm2523229d6_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement, dated August&nbsp;13, 2025</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><A HREF="tm2523229d6_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="tm2523229d6_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Torys LLP, dated August&nbsp;14, 2025</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><A HREF="tm2523229d6_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></A></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><A HREF="tm2523229d6_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Goodmans LLP, dated August&nbsp;14, 2025</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&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 STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD CORPORATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: August&nbsp;14, 2025</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/ Swati Mandava</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Swati Mandava</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director, Legal&nbsp;&amp; Regulatory</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2523229d6_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.1</B></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; text-align: center"><FONT STYLE="font-size: 10pt">Brookfield Finance
Inc.<BR STYLE="font-size: 10pt">
5.330% Notes Due 2036</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; text-align: center"><FONT STYLE="font-size: 10pt">Underwriting Agreement</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York<BR STYLE="font-size: 10pt">
August&nbsp;</FONT><FONT STYLE="font-size: 10pt">13, 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"><FONT STYLE="font-size: 10pt">To the Representatives named in</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, 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">Ladies and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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">Brookfield
Finance Inc., a corporation organized under the laws of Ontario (</FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>BFI</U>&rdquo;), proposes
to sell to the several underwriters named in <U>Schedule&nbsp;II</U> hereto (the &ldquo;<U>Underwriters</U>&rdquo;), for whom you (the
 &ldquo;<U>Representatives</U>&rdquo;) are acting as representatives, the principal amount of its debt securities identified in <U>Schedule&nbsp;I</U>
hereto (the &ldquo;<U>Notes</U>&rdquo;), to be issued under an indenture, dated as of June&nbsp;2, 2016 (the &ldquo;<U>Base Indenture</U>&rdquo;),
as supplemented by a Thirteenth Supplemental Indenture, to be dated as of August&nbsp;20, 2025 (the &ldquo;<U>Thirteenth Supplemental
Indenture</U>&rdquo; and, collectively with the Base Indenture, the &ldquo;<U>Indenture</U>&rdquo;), among BFI, Brookfield Corporation
(formerly, Brookfield Asset Management Inc.), a corporation organized under the laws of Ontario (the &ldquo;<U>Parent</U>&rdquo;), as
guarantor, and Computershare Trust Company of Canada, as trustee (the &ldquo;<U>Trustee</U>&rdquo;). The Notes will be fully and unconditionally
guaranteed as to payment of principal, premium, if any, and interest by the Parent pursuant to the Indenture (the &ldquo;<U>Guarantees</U>&rdquo;).
The Notes and the Guarantees are collectively referred to herein as the &ldquo;<U>Securities</U>&rdquo;. To the extent there are no additional
Underwriters listed on Schedule&nbsp;I other than you, the term Representatives as used herein shall mean you, as Underwriters, and the
terms Representatives and Underwriters shall mean either the singular or plural as the context requires. Any reference herein to the
Registration Statement, the U.S. or Canadian Base Prospectus, the U.S. or Canadian Preliminary Prospectus or the U.S. or Canadian Final
Prospectus shall be deemed to refer to and include the documents incorporated by reference therein; and any reference herein to the terms
 &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration Statement, the U.S. or Canadian
Base Prospectus, the U.S. or Canadian Preliminary Prospectus or the U.S. or Canadian Final Prospectus shall be deemed to refer to and
include the filing of any document incorporated or deemed to be incorporated therein by reference. Certain terms used herein are defined
in <U>Section&nbsp;24</U> hereof.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
authorized capital of BFI consists of (i)&nbsp;an unlimited number of common shares, of which 5,835,493 common shares are issued and
outstanding as of the date hereof, (ii)&nbsp;an unlimited number of preference shares designated as Class&nbsp;A Preference Shares, issuable
in series, which consists of 6,400,000 Class&nbsp;A Preference Shares &ndash; Series&nbsp;1, of which 6,400,000 Class&nbsp;A Preference
Shares &ndash; Series&nbsp;1 are issued and outstanding as of the date hereof and (iii)&nbsp;an unlimited number of preference shares
designated as Class&nbsp;B Preference Shares, issuable in series, which consists of 54,262,400 Class&nbsp;B Preference Shares &ndash;
Series&nbsp;1, of which 54,262,400 Class&nbsp;B Preference Shares &ndash; Series&nbsp;1 are issued and outstanding as of the date hereof,
and all of the issued and outstanding shares of BFI have been duly and validly authorized and issued and are fully paid and non-assessable.
The Parent (directly or indirectly) owns all of the issued and outstanding shares or other voting, equity or participating securities
of BFI, in each case free and clear of any Encumbrance (other than Encumbrances granted in respect of liabilities reflected in each of
the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus) and no person has any agreement or option, or right
or privilege (whether pre-emptive or contractual) capable of becoming an agreement or option, for the purchase of any unissued shares
or other voting, equity or participating securities of BFI (other than Encumbrances granted in respect of liabilities reflected in each
of the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus);</FONT></P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
issue and sale of the Securities and the execution of and compliance by BFI and the Parent with all of the provisions of the Securities,
the Indenture, this Agreement, and the consummation of the transactions therein contemplated will not conflict with or result in a breach
or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement
or other agreement or instrument to which BFI or the Parent or any of the Parent&rsquo;s material subsidiaries is a party or by which
BFI or the Parent or any of the Parent&rsquo;s material subsidiaries is bound or to which any of the property or assets of BFI or the
Parent or any of the Parent&rsquo;s material subsidiaries is subject, nor will such action result in any violation of the provisions
of the articles or by-laws of BFI or the Parent or any of the Parent&rsquo;s material subsidiaries, or any statute or any order, rule&nbsp;or
regulation of any court or governmental agency or body having jurisdiction over BFI or the Parent or any of the Parent&rsquo;s material
subsidiaries or any of its or their properties; and no consent, approval, authorization, order, registration, clearance or qualification
of or with any such court or governmental agency or body is required for the issue and sale of the Securities or the consummation by
BFI or the Parent of the transactions contemplated by this Agreement or the Indenture, except such as have been, or will have been prior
to the Closing Date, obtained under Canadian Securities Law, the Act and the Trust Indenture Act and such consents, approvals, authorizations,
orders, registrations, clearances or qualifications as may be required under state securities or Blue Sky laws in connection with the
purchase and distribution of the Securities by the Underwriters as contemplated herein and in the Disclosure Package, the U.S. Final
Prospectus and the Canadian Final Prospectus;</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-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
statements in each of the Disclosure Package, the U.S. Final Prospectus and the Canadian Final Prospectus, as amended or supplemented,
set forth under the captions &ldquo;Certain Canadian Federal Income Tax Considerations&rdquo; and &ldquo;Eligibility for Investment,&rdquo;
insofar as they purport to constitute summaries of matters of Canadian federal income tax law or legal conclusions with respect thereto,
fairly and accurately summarize the matters described therein in all material respects, subject to the qualifications, assumptions and
restrictions referred to therein;</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Purchase
and Sale</U>. Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, BFI agrees
to sell to each Underwriter, and each Underwriter agrees, severally and not jointly, to purchase from BFI, at the Price to Public, set
forth in <U>Schedule&nbsp;I</U> hereto, the principal amount of the Notes set forth opposite such Underwriter&rsquo;s name in <U>Schedule&nbsp;II</U>
hereto. On the Closing Date, BFI will pay, as an underwriting commission in respect of the public distribution of the Securities, to
the Underwriters, the commission set forth in <U>Schedule&nbsp;I</U> hereto (the &ldquo;<U>Underwriting Commission</U>&rdquo;). Such
Underwriting Commission may be paid by BFI to the Underwriters by setting off the Underwriting Commission payable by BFI to the Underwriters
against the amount payable by the Underwriters to BFI as the purchase price for the Securities.</FONT></P>

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
the avoidance of doubt, BofA Securities,&nbsp;Inc. and Citigroup Global Markets Inc. are not acting as underwriters of the Securities
in any province or territory of Canada and no action on their part in their capacity as underwriters of the offering of Securities in
the United States will create any impression or support any conclusion that they are acting as underwriters of the Securities in any
province or territory of Canada. Merrill Lynch Canada Inc., a broker-dealer affiliate of BofA Securities,&#8239;Inc., and Citigroup Global
Markets Canada Inc., a broker-dealer affiliate of Citigroup Global Markets Inc., will be acting as underwriters of the Securities in
the provinces of Canada.</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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Agreements</U>.
BFI and the Parent jointly and severally agree with each of the several Underwriters that:</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;BFI
and the Parent shall have requested and caused Torys LLP, Canadian and United States counsel for BFI and the Parent, Willkie Farr&nbsp;&amp;
Gallagher LLP, special Investment Company Act counsel for BFI and the Parent, and local counsel in each province of Canada other than
Ontario, Qu&eacute;bec and Alberta (to the extent that Securities will be sold to the public in such other provinces), to have furnished
to the Representatives their opinions, dated the Closing Date and addressed to the Representatives, in form and substance reasonably
satisfactory to the Representatives. In rendering such opinion, such counsel may rely as to matters of fact, to the extent they deem
proper, on certificates of responsible officers of BFI or the Parent and public officials.</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-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Representatives shall have received from Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP, United States counsel for the Underwriters,
such opinion or opinions, dated the Closing Date and addressed to the Representatives, with respect to the issuance and sale of the Securities,
the Indenture, the Registration Statement, the Disclosure Package, the U.S. Final Prospectus (together with any supplement thereto) and
other related matters as the Representatives may reasonably require, and BFI and the Parent shall have furnished to such counsel such
documents as they request for the purpose of enabling them to pass upon such matters (it being understood that, to the extent such opinion
relates to the laws of Ontario and the federal laws of Canada applicable therein, such counsel shall be entitled to rely on the opinion
of Canadian counsel to BFI and the Parent delivered pursuant to <U>Section&nbsp;6(b)</U>&nbsp;hereof).</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notices</U>.
All communications hereunder will be in writing and effective only on receipt, and, if sent to the Representatives, will be mailed, delivered
or emailed to BofA Securities,&#8239;Inc., at 114 W 47th St., NY8-114-07-01, New York, New York 10036, Fax: (646) 855-5958, Attention:
High Grade Transaction Management/Legal; and Citigroup Global Markets Inc., at 388 Greenwich Street, New York, New York 10013, Fax: (646)
291-1469, Attention: General Counsel; or, if sent to BFI or the Parent, will be mailed, delivered or e-mailed to bam.legal@brookfield.com,
Attention: BAM Legal and Treasury.Capital_Markets@brookfield.com, Attention: Treasury, Capital Markets, and confirmed to it at Brookfield
Place, Suite&nbsp;100, 181 Bay Street, Toronto, ON M5J 2T3.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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">23.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Headings</U>.
The section headings used herein are for convenience only and shall not affect the construction 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Definitions</U>.
The terms that follow, when used in this Agreement, shall have the meanings indicated.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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">&ldquo;<U>Applicable
Securities Laws</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">means Canadian Securities Law and U.S. Securities Law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>August&nbsp;2025
Marketing Materials</U>&rdquo; means the documents dated August&nbsp;</FONT><FONT STYLE="font-size: 10pt">13, 2025 entitled &ldquo;Preliminary
Term Sheet&rdquo; and &ldquo;Final Term Sheet&rdquo; that constitute the template versions of marketing materials that are required to
be filed with the Qualifying Authorities in accordance with NI 44-102.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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">&ldquo;<U>Canadian
Base Prospectus</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">has the meaning set forth in <U>Section&nbsp;1(a)</U>&nbsp;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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Canadian
Final Prospectus</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">has the meaning set forth in <U>Section&nbsp;1(a)</U>&nbsp;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"></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-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Canadian
Final Supplement</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">has the meaning set forth in <U>Section&nbsp;1(a)</U>&nbsp;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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Canadian
Preliminary Prospectus</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">has the meaning set forth in <U>Section&nbsp;1(a)</U>&nbsp;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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Closing
Date</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">has the meaning set forth in <U>Section&nbsp;3</U> 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Commission</U>&rdquo;</FONT>
<FONT STYLE="font-size: 10pt">shall mean the U.S. Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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">&ldquo;<U>Covered
Entity</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">means any of 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
 &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(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 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
 &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;a
 &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(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-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Default
Right</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">has the meaning assigned to that term in, and shall be interpreted in accordance
with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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">&ldquo;<U>Historical
Financial Statements</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">means the audited consolidated balance sheets of the Parent as at
December&nbsp;31, 2024, and December&nbsp;31, 2023, the audited consolidated statements of operations, statements of comprehensive income,
statements of changes in equity and statements of cash flows for the years ended December&nbsp;31, 2024 and December&nbsp;31, 2023, the
unaudited consolidated balance sheet of the Parent as at June&nbsp;30, 2025 and the unaudited consolidated statements of operations,
statements of comprehensive income, statements of changes in equity and statements of cash flows for the three and six months ended June&nbsp;30,
2025 and June&nbsp;30, 2024, together with the notes thereto, in each case, as incorporated by reference into the Canadian Final Prospectus.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>IT Systems</U>&rdquo;
has the meaning set forth in <U>Section&nbsp;1(mm)</U> 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>marketing
materials</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">has the meaning ascribed thereto in NI 41-101.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; 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">&ldquo;<U>NI
44-101</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">has the meaning set forth in <U>Section&nbsp;1(a)</U>&nbsp;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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>NI
44-102</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">has the meaning set forth in <U>Section&nbsp;1(a)</U>&nbsp;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-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>Personal
Data</U>&rdquo; has the meaning set forth in <U>Section&nbsp;1(mm)</U> 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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registration
Statement</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">has the meaning set forth in <U>Section&nbsp;1(b)</U>&nbsp;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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rule&nbsp;158</U>,&rdquo;
 &ldquo;<U>Rule&nbsp;164</U>,&rdquo; &ldquo;<U>Rule&nbsp;172</U>,&rdquo; &ldquo;<U>Rule&nbsp;405</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">and
 &ldquo;<U>Rule&nbsp;433</U>&rdquo; refer to such rules&nbsp;under the Act.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, 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-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Trust
Indenture Act</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">shall mean the U.S. Trust Indenture Act of 1939, as amended, and the rules&nbsp;and
regulations of the Commission promulgated thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Underwriting
Commission</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">has the meaning set forth in <U>Section&nbsp;2</U> 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-indent: 0.5in"><FONT STYLE="font-size: 10pt">&ldquo;<U>UK Bribery
Act</U>&rdquo; has the meaning set forth in <U>Section&nbsp;1(ii)</U>&nbsp;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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>U.S.
Base Prospectus</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">has the meaning set forth in <U>Section&nbsp;1(b)</U>&nbsp;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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>U.S.
Final Prospectus</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">has the meaning set forth in <U>Section&nbsp;1(b)</U>&nbsp;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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>U.S.
Preliminary Prospectus</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">has the meaning set forth in <U>Section&nbsp;1(b)</U>&nbsp;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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>U.S.
Securities Law</U>&rdquo;</FONT> <FONT STYLE="font-size: 10pt">means collectively, the U.S. Sarbanes-Oxley Act of 2002, the Act, the Exchange
Act, the rules&nbsp;and regulations of the Commission, the auditing principles, rules, standards and practices applicable to auditors
of &ldquo;issuers&rdquo; (as defined in the U.S. Sarbanes-Oxley Act of 2002) promulgated or approved by the Public Company Accounting
Oversight Board and, as applicable, the New York Stock Exchange rules.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">If the foregoing
is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this
letter and your acceptance shall represent a binding agreement among BFI, the Parent and the several Underwriters.</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-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Brookfield Finance Inc.</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="3" 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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Kunal Dusad</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: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">Kunal Dusad</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Vice-President</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="3" 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="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Brookfield Corporation</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="3" 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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Nicholas Goodman</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Nicholas Goodman</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">President and Chief Financial<BR STYLE="font-size: 10pt">
    Officer</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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><I>[Signature
Page&nbsp;&ndash; Underwriting Agreement]</I></FONT></P>

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

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

<!-- Field: Page; Sequence: 32 -->
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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"><FONT STYLE="font-size: 10pt">The foregoing Agreement is hereby confirmed
and accepted as of the date specified in <U>Schedule&nbsp;I</U> hereto.</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-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>BofA Securities,&nbsp;Inc.</B></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="3" 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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Sandeep Chawla</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: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">Sandeep Chawla</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Managing Director</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="3" 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="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>Citigroup Global Markets Inc.</B></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="3" 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 STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Adam D. Bordner</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Adam D. Bordner</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Managing Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">For themselves and the other several
Underwriters, if any, named in <U>Schedule&nbsp;II</U> to the foregoing Agreement.</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"><I>[Signature
Page&nbsp;&ndash; Underwriting Agreement]</I></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
Agreement dated August&nbsp;</FONT><FONT STYLE="font-size: 10pt">13, 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"><FONT STYLE="font-size: 10pt">Registration Statement Nos. 333-279601
and 333-279601-02</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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">Representatives: BofA Securities,&nbsp;Inc.
and Citigroup Global Markets 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"><FONT STYLE="font-size: 10pt">Title, Purchase Price and Description
of Securities:</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="font-size: 10pt; width: 50%; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 50%; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.330%
    Notes due 2036 (the </FONT><FONT STYLE="font-size: 10pt">&ldquo;<U>Notes</U>&rdquo;)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    Amount:</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$650,000,000</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price
    to Public:</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.926%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
    Commission:</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.650%
    (US$4,225,000)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture:</FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Base
    Indenture, dated as of&nbsp;June&nbsp;2, 2016, as supplemented by a thirteenth supplemental indenture to be dated as of August&nbsp;</FONT><FONT STYLE="font-size: 10pt">20,
    2025 (the &ldquo;<U>Thirteenth Supplemental Indenture</U>&rdquo;)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing
Date and Time: August&nbsp;</FONT><FONT STYLE="font-size: 10pt">20, 2025 at 9:00 a.m.&nbsp;(T+5)</FONT></P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Underwriters</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Principal
    Amount<BR> of Notes<BR> to be Purchased</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: left">BofA Securities,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">162,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Citigroup Global Markets Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">162,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Mizuho Securities USA LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">81,250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">SMBC Nikko Securities America,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">81,250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Brookfield Securities LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Banco Bradesco BBI S.A.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,625,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">BNP Paribas Securities Corp.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,625,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Credit Agricole Securities (USA) Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,625,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Desjardins Securities Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,625,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Itau BBA USA Securities,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,625,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">MUFG Securities Americas Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,625,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">National Bank of Canada Financial Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,625,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Natixis Securities Americas LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,625,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Santander US Capital Markets LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,625,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">SG Americas Securities, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,625,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">650,000,000</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, 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">Schedule of Free Writing Prospectuses
included in the Disclosure Package</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"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Final
                                            term sheet, dated August&nbsp;</FONT><FONT STYLE="font-size: 10pt">13, 2025, a copy of which
                                            is attached in <U>Schedule&nbsp;IV</U> hereto.</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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    <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">SCHEDULE IV</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; text-align: center"><FONT STYLE="font-size: 10pt">[To be attached]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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: right; text-indent: 402.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Filed
Pursuant to Rule&nbsp;433<BR STYLE="font-size: 10pt">
Registration Nos. 333-279601 and 333-279601-02<BR STYLE="font-size: 10pt">
August&nbsp;</B></FONT><B><FONT STYLE="font-size: 10pt">13, 2025</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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>BROOKFIELD FINANCE
INC.<BR STYLE="font-size: 10pt">
US$650,000,000 5.330% NOTES DUE 2036</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-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRICING
TERM SHEET<BR STYLE="font-size: 10pt">
August&nbsp;</B></FONT><B><FONT STYLE="font-size: 10pt">13, 2025</FONT></B></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="font-size: 10pt; width: 35%; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 65%; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brookfield
    Finance Inc.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guarantor:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brookfield
    Corporation</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guarantee:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Notes (as defined below) will be fully and unconditionally guaranteed as to payment of principal, premium (if any) and interest and
    certain other amounts by Brookfield Corporation.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.330%
    Notes due January&nbsp;15, 2036 (the &ldquo;Notes&rdquo;)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expected
    Ratings*:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Redacted]</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ranking:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    Unsecured</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Size:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$650,000,000</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade
    Date:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&nbsp;13,
    2025</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expected
    Settlement Date<SUP>[</SUP>**<SUP>]</SUP>:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&nbsp;20,
    2025 (T+5)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity
    Date:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&nbsp;15,
    2036</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Coupon:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.330%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest
    Payment Dates:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&nbsp;15
    and July&nbsp;15, commencing January&nbsp;15, 2026 (short first payment)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price
    to Public:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.926%</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Benchmark
    Treasury:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UST
    4.250% due August&nbsp;15, 2035</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Benchmark
    Treasury Price&nbsp;&amp; Yield:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100-02+;
    4.240% </FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Spread
    to Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+
    110 basis points </FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Yield:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.340%
    </FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Denominations:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
    denominations of US$2,000 and subsequent multiples of US$1,000</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Covenants:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt; width: 65%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Change
                                            of control (put @ 101%)</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, 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">Negative pledge</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, 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">Consolidation, merger, amalgamation
    and sale of substantially all assets</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional
    Redemption Provisions:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Make-Whole
    Call:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
    to October&nbsp;15, 2035 (three months prior to maturity), treasury rate plus 20 basis points </FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Par
    Call:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    any time on or after October&nbsp;15, 2035 (three months prior to maturity), at 100% of the principal amount of the Notes to be redeemed</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use
    of Proceeds:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    net proceeds from the sale of the Notes will be used for general corporate purposes</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP
    / ISIN:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11271L
    AQ5 / US11271LAQ59</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Joint
    Book-Running Managers:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">BofA
                                            Securities,&nbsp;Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Citigroup Global Markets Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Mizuho Securities USA LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">SMBC Nikko Securities America,&nbsp;Inc.</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Banco
                                            Bradesco BBI S.A.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">BNP Paribas Securities Corp.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Brookfield Securities LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Credit Agricole Securities (USA)
    Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Desjardins Securities Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Itau BBA USA Securities,&nbsp;Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">MUFG Securities Americas Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">SG Americas Securities, LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">National Bank of Canada Financial
    Inc.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Natixis Securities Americas LLC</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Santander US Capital Markets LLC</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conflicts
    of Interest:</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brookfield
    Securities LLC, one of the underwriters of this offering, is an affiliate of the Issuer and, therefore, has a conflict of interest
    under FINRA Rule&nbsp;5121. Accordingly, this offering is being made in compliance with the requirements of Rule&nbsp;5121. Pursuant
    to Rule&nbsp;5121, Brookfield Securities LLC will not confirm sales of the Notes to any account over which it exercises discretionary
    authority without the prior written approval of the customer.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><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">Capitalized terms used and not defined
herein have the meanings assigned in the Issuer and the Guarantor&rsquo;s Prospectus Supplement, dated August&nbsp;13, 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"><FONT STYLE="font-size: 10pt">* Note: A security rating is not a recommendation
to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;**
Under Rule&nbsp;15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in one business day unless
the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to the delivery of
the Notes hereunder may be required, by virtue of the fact that the Notes initially will settle in T+5, to specify an alternative settlement
cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes prior to their
date of delivery hereunder should consult their own advisors.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>You may get these documents for free
by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering
will arrange to send you the prospectus if you request it by calling BofA Securities,&nbsp;Inc. at 1-800-294-1322 or by emailing dg.prospectus_requests@bofa.com,
or by calling Citigroup Global Markets Inc. at 1-800-831-9146 or by emailing prospectus@citi.com.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>No PRIIPs or UK PRIIPs key information
document (KID) has been prepared as European Economic Area or UK retail investors are not targeted.</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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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2523229d6_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 75%; vertical-align: top"><IMG SRC="tm2523229d6_ex99-2img01.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 25%; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79
    Wellington St. W., 30th Floor<BR> Box 270, TD South Tower<BR> Toronto, Ontario M5K 1N2 Canada&nbsp;</FONT><BR>
<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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">www.torys.com</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August&nbsp;14, 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">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 August&nbsp;13,
2025 relating to the offering by Brookfield Finance Inc. of US$650,000,000 aggregate principal amount of 5.330% Notes due 2036, 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>

<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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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tm2523229d6_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">August&nbsp;14, 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 &quot;Company&quot;)</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 August&nbsp;13, 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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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