<SEC-DOCUMENT>0001104659-25-017908.txt : 20250227
<SEC-HEADER>0001104659-25-017908.hdr.sgml : 20250227
<ACCEPTANCE-DATETIME>20250227090757
ACCESSION NUMBER:		0001104659-25-017908
CONFORMED SUBMISSION TYPE:	SUPPL
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250227
DATE AS OF CHANGE:		20250227
EFFECTIVENESS DATE:		20250227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brookfield Finance Inc.
		CENTRAL INDEX KEY:			0001643171
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SUPPL
		SEC ACT:		
		SEC FILE NUMBER:	333-279601-02
		FILM NUMBER:		25673420

	BUSINESS ADDRESS:	
		STREET 1:		BROOKFIELD PLACE, 181 BAY STREET
		STREET 2:		SUITE 300, P.O. BOX 762
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3
		BUSINESS PHONE:		416-363-9491

	MAIL ADDRESS:	
		STREET 1:		BROOKFIELD PLACE, 181 BAY STREET
		STREET 2:		SUITE 300, P.O. BOX 762
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2T3

FILER:

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

	FILING VALUES:
		FORM TYPE:		SUPPL
		SEC ACT:		
		SEC FILE NUMBER:	333-279601
		FILM NUMBER:		25673421

	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>SUPPL
<SEQUENCE>1
<FILENAME>tm257665d1_suppl.htm
<DESCRIPTION>SUPPL
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to General Instruction II.L.
of Form&nbsp;F-10</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>File Nos. 333-279601 and 333-279601-02</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; color: red"><I>A copy of this preliminary prospectus
supplement has been filed with the securities regulatory authorities in each of the provinces of Canada, and with the U.S. Securities
and Exchange Commission pursuant to an effective U.S. registration statement, but has not yet become final for the purpose of the sale
of securities. Information contained in this preliminary prospectus supplement may not be complete and may have to be amended. This prospectus
supplement is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any U.S. state where
the offer or sale is not permitted.</I></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"><I>No securities regulatory authority has expressed
an opinion about these securities and it is an offence to claim otherwise.</I></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"><I>This prospectus supplement together with the
short form base shelf prospectus to which it relates dated May&nbsp;31, 2024, as amended or supplemented, and each document incorporated
by reference in the short form base shelf prospectus, as amended or supplemented, constitutes a public offering of these securities only
in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities.</I></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Information
has been incorporated by reference in this prospectus supplement and the accompanying short form base shelf prospectus to which it relates,
as amended or supplemented, from documents filed with securities commissions or similar authorities in Canada.</I></B></FONT><I> Copies
of the documents incorporated herein by reference may be obtained on request without charge from the office of the Corporate Secretary
of the Company at Brookfield Place, Suite&nbsp;100, 181&nbsp;Bay Street, Toronto, Ontario, Canada, M5J&nbsp;2T3, Telephone: (416)&nbsp;363-9491,
and are also available electronically at www.sedarplus.ca.</I></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; color: red">SUBJECT TO COMPLETION, DATED FEBRUARY
27, 2025</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRELIMINARY PROSPECTUS SUPPLEMENT</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>(To a Short Form&nbsp;Base Shelf Prospectus
Dated May&nbsp;31, 2024)</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 0.05in; padding-left: 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>New&nbsp;Issue</U></I></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0.05in; padding-left: 0.05in; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;February&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm257665d-_supplimg001.jpg" ALT=""></P>

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BROOKFIELD FINANCE INC.</B></P>

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>US$
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Notes due </B></FONT><B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2055</B></P>

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fully and unconditionally guaranteed by 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: justify; text-indent: 0.5in">Brookfield Finance Inc.
(&ldquo;<B>BFI</B>&rdquo;) is offering US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aggregate principal
amount of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% notes due &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2055 (the &ldquo;<B>notes</B>&rdquo;). BFI will pay interest on the notes each
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;and
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. BFI will make the first interest payment on the notes on
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025. Unless BFI redeems the notes earlier, the notes will mature on
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2055. BFI may redeem some or all of the notes at any time at the
applicable Redemption Price (as&nbsp;defined herein). BFI will be required to make an offer to purchase the notes at a price equal
to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase upon the occurrence of a Change of
Control Triggering Event (as&nbsp;defined herein). BFI may also redeem all of the notes at any time in the event that certain
changes affecting Canadian income taxation&nbsp;occur. The notes will be fully and unconditionally guaranteed as to payment of
principal, premium (if any) and interest and certain other amounts by Brookfield Corporation (the &ldquo;<B>Company</B>&rdquo; and
collectively with its direct and indirect subsidiaries, including BFI, &ldquo;<B>Brookfield</B>&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; text-indent: 0.5in">One or more underwriters
(as defined herein) may sell to affiliates of Brookfield Wealth Solutions Ltd. (&ldquo;<B>BWS</B>&rdquo;) and certain other
institutional investors up to approximately US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
notes at the public offering price.</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"><B>The notes are a new series
of securities with no established trading market. The notes are not and will not be listed on a securities exchange or quotation system
and consequently, there is no market through which the notes may be sold and purchasers may not be able to resell the notes purchased
under this prospectus supplement. This may affect the pricing of the notes in the secondary market, the transparency and availability
of trading prices, the liquidity of the notes and the extent of issuer regulation. See &ldquo;Risk&nbsp;Factors&rdquo;.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in the notes
involves risks. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-9.</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per
                                            Note</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; 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; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
    Offering Price<SUP>(1)</SUP></FONT></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">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></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">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
    Fees<SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    to BFI (before expenses)<SUP></SUP></FONT></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"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></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: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify"><B>The effective yield of the notes, if held to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2055, will be &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%.</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">No
                                            underwriting discount or commissions will be paid in respect of US$ principal amount (if
                                            any) of notes sold by one or more of the underwriters to affiliates of BWS and certain
                                            other institutional investors at the public offering price (the &ldquo;<B>BWS purchased notes</B>&rdquo;).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest on the notes will
accrue from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025. <B>The offering price of the notes will be payable in U.S. dollars.</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"><B>This offering is made by
a Canadian issuer that is permitted, under a multijurisdictional disclosure system adopted by the United&nbsp;States and Canada, to prepare
this prospectus supplement and the accompanying base shelf prospectus in accordance with Canadian disclosure requirements. Prospective
investors should be aware that such requirements are different from those of the United&nbsp;States. The financial statements of the Company
incorporated herein have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting
Standards Board (&ldquo;IFRS Accounting Standards&rdquo; or &ldquo;IFRS&rdquo;), and thus may not be comparable to financial statements
of U.S. companies.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Prospective investors should
be aware that the acquisition of the notes may have tax consequences both in the United&nbsp;States and in Canada. Such consequences for
investors who are residents in Canada or are residents in, or citizens of, the United&nbsp;States may not be described fully in this prospectus
supplement and the accompanying base shelf prospectus. Prospective investors should consult their own tax advisors with respect to their
particular circumstances. Prospective investors should read the risk factors and tax discussion beginning on pages&nbsp;S-9 and S-25,
respectively.</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"><B>The enforcement by investors
of civil liabilities under U.S.&nbsp;federal securities laws may be affected adversely by the fact that BFI and the Company are incorporated
under the laws of the Province of Ontario, that some or all of BFI&rsquo;s and the Company&rsquo;s officers and directors may be residents
of Canada, that some or all of the underwriters or experts named in this prospectus supplement and the accompanying base shelf prospectus
may be residents of Canada and that such persons and all or a substantial portion of BFI&rsquo;s and the Company&rsquo;s assets may be
located outside the United&nbsp;States.</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"><B>THESE SECURITIES HAVE NOT
BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION (THE&nbsp;&ldquo;SEC&rdquo;), ANY U.S. STATE SECURITIES COMMISSION
OR ANY CANADIAN SECURITIES REGULATORY AUTHORITY, NOR HAS THE SEC, ANY U.S. STATE SECURITIES COMMISSION OR ANY CANADIAN SECURITIES REGULATORY
AUTHORITY PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL&nbsp;OFFENSE.</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">Deutsche Bank Securities Inc.
and SMBC Nikko Securities America,&nbsp;Inc. (the &ldquo;<B>underwriters</B>&rdquo;), as principals, conditionally offer the notes, subject
to prior sale, if, as and when issued by BFI and accepted by the underwriters in accordance with the conditions contained in the underwriting
agreement referred to under &ldquo;Underwriting&rdquo;. This offering will be made in Canada by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, a broker-dealer affiliate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. Deutsche
Bank Securities Inc. and SMBC Nikko Securities America,&nbsp;Inc., whom we refer to in this prospectus supplement as underwriters, will
not offer the notes offered hereby in Canada. In connection with this offering, the underwriters may over-allot or effect transactions
which stabilize or maintain the market price of the notes at levels other than those which otherwise might prevail on the open market.
Such transactions, if commenced, may be discontinued at any time. In certain circumstances, the underwriters may offer the notes at a
price lower than stated above. See &ldquo;Underwriting&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; text-indent: 0.5in">Delivery of the notes, in
book-entry form only, will be made through The Depository Trust Company on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;
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; text-indent: 0.5in">BFI&rsquo;s head and registered
office is located at Brookfield Place, Suite&nbsp;100, 181&nbsp;Bay Street, Toronto, Ontario M5J&nbsp;2T3.</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 COLSPAN="2" STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Joint Book-Running Managers</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 51%; padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deutsche Bank Securities</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 49%; padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SMBC Nikko</B></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"></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>TABLE
OF CONTENTS</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>Prospectus Supplement</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><B><U>Page</U></B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 95%"><A HREF="#psa_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">DOCUMENTS INCORPORATED BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right; width: 5%"><A HREF="#psa_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#psa_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#psa_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">CAUTIONARY STATEMENT REGARDING THE USE OF NON-IFRS MEASURES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#psa_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">PRESENTATION OF FINANCIAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-4</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#psa_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">EXCHANGE RATE DATA</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-5</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#psa_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Summary</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-6</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#psa_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-9</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#psa_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-12</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#psa_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">EARNINGS COVERAGE RATIOS OF THE COMPANY</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-13</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#psa_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">CONSOLIDATED CAPITALIZATION OF THE COMPANY</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-14</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#psa_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">DESCRIPTION OF THE NOTES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-15</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#psa_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-25</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#psa_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-28</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#psa_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">UNDERWRITING</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-30</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#psa_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">PRIOR SALES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-34</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#psa_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-34</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#psa_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">DOCUMENTS FILED AS PART&nbsp;OF THE REGISTRATION STATEMENT</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#psa_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">S-34</FONT></A></TD></TR>
  </TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Page</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#spaa_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DOCUMENTS INCORPORATED BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#spaa_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AVAILABLE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#spaa_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#spaa_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><A HREF="#spaa_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><A HREF="#spaa_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BFI</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><A HREF="#spaa_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The US LLC Issuer</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><A HREF="#spaa_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BFI II</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><A HREF="#spaa_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The AUS Issuer</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><A HREF="#spaa_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The UK Issuer</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><A HREF="#spaa_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The US Pref Issuer</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in"><A HREF="#spaa_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Offering</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#spaa_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#spaa_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#spaa_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF CAPITAL STRUCTURE OF THE ISSUERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#spaa_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF THE BN PREFERENCE SHARES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#spaa_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF THE CLASS&nbsp;A SHARES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#spaa_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF THE US PREF ISSUER PREFERRED SHARES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#spaa_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#spaa_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#spaa_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLING SHAREHOLDERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#spaa_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXEMPTIVE RELIEF</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#spaa_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#spaa_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#spaa_025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPENSES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#spaa_026"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DOCUMENTS FILED AS PART&nbsp;OF THE REGISTRATION STATEMENT</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#spaa_026"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></A></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>You should rely only on
the information contained in or incorporated by reference in this prospectus supplement (this &ldquo;prospectus supplement&rdquo;), together
with the accompanying base shelf prospectus dated May&nbsp;31,&nbsp;2024 (the &ldquo;base shelf prospectus&rdquo;). We have not authorized
anyone to provide you with information that is different. You should not assume that the information contained in this prospectus supplement
or the accompanying base shelf prospectus is accurate as of any date other than the date on the front of this prospectus supplement. This
document may only be used where it is legal to sell the notes.</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"><FONT STYLE="text-transform: uppercase"><B>IMPORTANT
NOTICE ABOUT INFORMATION IN THIS PROSPECTUS SUPPLEMENT AND<BR>
THE ACCOMPANYING BASE SHELF PROSPECTUS</B></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: justify; text-indent: 0.5in">This document is in two parts.
The first is this prospectus supplement, which describes the specific terms of the notes. The second part, the accompanying base shelf
prospectus, gives more general information, some of which may not apply to the notes. Generally, the term &ldquo;<B>Prospectus</B>&rdquo;
refers to both parts combined.</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">As used in this prospectus
supplement, unless the context otherwise indicates, references to the &ldquo;<B>Company</B>&rdquo; refer to Brookfield Corporation and
references to &ldquo;<B>we</B>&rdquo;, &ldquo;<B>us</B>&rdquo;, &ldquo;<B>our</B>&rdquo; and &ldquo;<B>Brookfield</B>&rdquo; refer to
the Company and its direct and indirect subsidiaries, including BFI.</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">If the description of the
notes varies between this prospectus supplement and the accompanying base shelf prospectus, you should rely on the information in this
prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="psa_001"></A><B>DOCUMENTS
INCORPORATED BY REFERENCE</B></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: justify; text-indent: 0.5in">This prospectus supplement
is deemed to be incorporated by reference in the accompanying base shelf prospectus solely for the purpose of the notes offered hereunder.</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">The following documents, filed
with the securities regulatory authorities in each of the provinces of Canada and filed with, or furnished to, the SEC, are specifically
incorporated by reference in, and form an integral part of, this Prospectus:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000100108524000007/a2023-40xfex991aif.htm" STYLE="-sec-extract: exhibit">(a)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000100108524000007/a2023-40xfex991aif.htm" STYLE="-sec-extract: exhibit">the Company&rsquo;s annual information form for the financial year ended December&nbsp;31, 2023, dated
March&nbsp;18, 2024 (the &ldquo;<B>AIF</B>&rdquo;), filed as Exhibit&nbsp;99.1 to the Company&rsquo;s Annual Report on Form&nbsp;40-F
for the year ended December&nbsp;31, 2023, dated March&nbsp;18, 2024 (the &ldquo;<B>Annual Report on Form&nbsp;40-F</B>&rdquo;);</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1001085/000100108524000007/bn-20231231_d2.htm" STYLE="-sec-extract: exhibit">(b)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1001085/000100108524000007/bn-20231231_d2.htm" STYLE="-sec-extract: exhibit">the Company&rsquo;s audited comparative consolidated financial statements and the notes thereto for the
fiscal years ended December&nbsp;31, 2023 and 2022, together with the accompanying report of independent registered public accounting
firm thereon, filed as Exhibit&nbsp;99.2 to the Annual Report on Form&nbsp;40-F;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1001085/000100108524000007/bn-20231231_d2.htm" STYLE="-sec-extract: exhibit">(c)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1001085/000100108524000007/bn-20231231_d2.htm" STYLE="-sec-extract: exhibit">the management&rsquo;s discussion and analysis of the Company for the fiscal years ended December&nbsp;31,
2023 and 2022 (the &ldquo;<B>MD&amp;A</B>&rdquo;), filed as Exhibit&nbsp;99.2 to the Annual Report on Form&nbsp;40-F;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000100108524000045/a2024-q3interimreportbn.htm" STYLE="-sec-extract: exhibit">(d)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000100108524000045/a2024-q3interimreportbn.htm" STYLE="-sec-extract: exhibit">the Company&rsquo;s unaudited comparative interim consolidated financial statements for the three and
nine month periods ended September&nbsp;30, 2024 and 2023 (the &ldquo;<B>Interim Financial Statements</B>&rdquo;), filed as pages&nbsp;65
to 94 of Exhibit&nbsp;99.1 to the Company&rsquo;s Form&nbsp;6-K dated November&nbsp;14, 2024;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000100108524000045/a2024-q3interimreportbn.htm" STYLE="-sec-extract: exhibit">(e)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000100108524000045/a2024-q3interimreportbn.htm" STYLE="-sec-extract: exhibit">the management&rsquo;s discussion and analysis of the Company for the three and nine month periods ended
September&nbsp;30, 2024 and 2023 (the &ldquo;<B>Interim MD&amp;A</B>&rdquo;), filed as pages&nbsp;10 to 64 of Exhibit&nbsp;99.1 to the
Company&rsquo;s Form&nbsp;6-K dated November&nbsp;14, 2024;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000119312524133293/d828927dex992.htm" STYLE="-sec-extract: exhibit">(f)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000119312524133293/d828927dex992.htm" STYLE="-sec-extract: exhibit">the Company&rsquo;s management information circular dated April&nbsp;25, 2024, filed as Exhibit&nbsp;99.2
to the Company&rsquo;s Form&nbsp;6-K dated May&nbsp;7, 2024;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000110465924113554/tm2427278d1_ex99-1.htm" STYLE="-sec-extract: exhibit">(g)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000110465924113554/tm2427278d1_ex99-1.htm" STYLE="-sec-extract: exhibit">the Company&rsquo;s material change report dated November&nbsp;1, 2024, filed as Exhibit&nbsp;99.1 to
the Company&rsquo;s Form&nbsp;6-K dated November&nbsp;1, 2024;</A></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000117184325000793/exh_991.htm" STYLE="-sec-extract: exhibit">(h)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000117184325000793/exh_991.htm" STYLE="-sec-extract: exhibit">the Company&rsquo;s press release dated February&nbsp;13, 2025 in respect of the Company&rsquo;s unaudited
preliminary financial results for the fourth quarter and year ended December&nbsp;31, 2024, filed as Exhibit&nbsp;99.1 to the Company&rsquo;s
Form&nbsp;6-K dated February&nbsp;13, 2025 (the &ldquo;<B>Q4 2024 Earnings Release</B>&rdquo;);</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the template version (as defined in National Instrument 41-101 &mdash; General Prospectus Requirements
(&ldquo;<B>NI 41-101</B>&rdquo;)) of the preliminary term sheet for the notes dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025, filed on SEDAR+ on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025 and filed with the
SEC as Exhibit&nbsp;99.1 to the Form&nbsp;6-K filed by the Company on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025 in connection with the issuance of the notes (the &ldquo;<B>Preliminary
Term Sheet</B>&rdquo;); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">the template version of the final term sheet for the notes dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, filed on SEDAR+ on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025 and
filed by the Company with the SEC as Exhibit&nbsp;99.1 to a Form&nbsp;6-K on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025 in connection with the issuance of the notes (the
 &ldquo;<B>Final Term Sheet</B>&rdquo; and, together with the Preliminary Term Sheet, the &ldquo;<B>Marketing Materials</B>&rdquo;).</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; text-align: justify; text-indent: 0.5in">The Marketing Materials are
not part of this Prospectus to the extent that the contents of the Marketing Materials have been modified or superseded by a statement
contained in this prospectus supplement.</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">All of the Company&rsquo;s
documents of the type described in Item&nbsp;11.1 of Form&nbsp;44-101F1&nbsp;&mdash; <I>Short Form&nbsp;Prospectus</I> (as&nbsp;defined
in NI&nbsp;41-101), and any &ldquo;template version&rdquo; of &ldquo;marketing materials&rdquo; (each as defined in NI&nbsp;41-101), which
are required to be filed by the Company or BFI with the securities regulatory authorities in Canada, and filed with the SEC pursuant to
Section&nbsp;13(a), 13(c)&nbsp;or&nbsp;15(d)&nbsp;of the U.S. Securities Exchange Act of 1934, as amended (the&nbsp;&ldquo;<B>Exchange
Act</B>&rdquo;), after the date of this prospectus supplement and prior to the termination of this offering shall be deemed to be incorporated
by reference in this prospectus supplement.</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 will provide to each person
to whom this Prospectus is delivered, a copy of any or all of the information that has been incorporated by reference in this Prospectus,
upon written or oral request, without charge, at the office of the Corporate Secretary of the Company at Brookfield Place, Suite&nbsp;100,
181 Bay Street, Toronto, Ontario, Canada, M5J 2T3, Telephone: (416)&nbsp;363-9491.</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"><B>Any statement contained
in this Prospectus or in a document incorporated or deemed to be incorporated by reference in this Prospectus shall be deemed to be modified
or superseded for the purposes of this Prospectus to the extent that a statement contained in this Prospectus or in any other subsequently
filed document that also is or is deemed to be incorporated by reference in this Prospectus modifies or supersedes that statement. The
modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information
set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission
for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material
fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in
light of the circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Prospectus.</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"><FONT STYLE="text-transform: uppercase"><A NAME="psa_002"></A><B>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING INFORMATION</B></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: justify; text-indent: 0.5in">This Prospectus and the documents
incorporated by reference herein contain &ldquo;forward-looking information&rdquo; within the meaning of Canadian provincial securities
laws and &ldquo;forward-looking statements&rdquo; within the meaning of United States securities laws, including the U.S. Private Securities
Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, &ldquo;<B>forward-looking statements</B>&rdquo;).
Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions,
and include, but are not limited to, statements which reflect management&rsquo;s current estimates, beliefs and assumptions regarding
the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets,
goals, ongoing objectives, strategies, capital management and outlook of Brookfield, as well as the outlook for North American and international
economies for the current fiscal year and subsequent periods, and which in turn are based on management&rsquo;s experience and perception
of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate
in the circumstances. The estimates, beliefs and assumptions of Brookfield are inherently subject to significant business, economic, competitive
and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically
identified by words such as &ldquo;expect&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;believe&rdquo;, &ldquo;foresee&rdquo;, &ldquo;could&rdquo;,
 &ldquo;estimate&rdquo;, &ldquo;goal&rdquo;, &ldquo;intend&rdquo;, &ldquo;plan&rdquo;, &ldquo;seek&rdquo;, &ldquo;strive&rdquo;, &ldquo;will&rdquo;,
 &ldquo;may&rdquo; and &ldquo;should&rdquo; and similar expressions.</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: justify; text-indent: 0.5in">Although Brookfield believes
that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially
from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by
forward-looking statements include, but are not limited to: (i)&nbsp;returns that are lower than target; (ii)&nbsp;the impact or unanticipated
impact of general economic, political and market factors in the countries in which we do business, including, but not limited to, the
potential for increased tariffs and trade barriers; (iii)&nbsp;the behavior of financial markets, including fluctuations in interest and
foreign exchange rates and heightened inflationary pressures; (iv)&nbsp;global equity and capital markets and the availability of equity
and debt financing and refinancing within these markets; (v)&nbsp;strategic actions including acquisitions and dispositions; the ability
to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi)&nbsp;changes
in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions
and estimates); (vii)&nbsp;the ability to appropriately manage human capital; (viii)&nbsp;the effect of applying future accounting changes;
(ix)&nbsp;business competition; (x)&nbsp;operational and reputational risks; (xi)&nbsp;technological change; (xii)&nbsp;changes in government
regulation and legislation within the countries in which we operate; (xiii)&nbsp;governmental investigations and sanctions; (xiv)&nbsp;litigation;
(xv)&nbsp;changes in tax laws; (xvi)&nbsp;ability to collect amounts owed; (xvii)&nbsp;catastrophic events, such as earthquakes, hurricanes,
and epidemics/pandemics; (xviii)&nbsp;the possible impact of international conflicts and other developments including terrorist acts and
cyberterrorism; (xix)&nbsp;the introduction, withdrawal, success and timing of business initiatives and strategies; (xx)&nbsp;the failure
of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi)&nbsp;health, safety
and environmental risks; (xxii)&nbsp;the maintenance of adequate insurance coverage; (xxiii)&nbsp;the existence of information barriers
between certain businesses within our asset management operations; (xxiv)&nbsp;risks specific to our business segments including asset
management, wealth solutions (previously referred to as &ldquo;insurance solutions&rdquo;), renewable power and transition, infrastructure,
private equity, real estate and corporate activities; and (xxv)&nbsp;other risks and factors detailed in this Prospectus under the heading
 &ldquo;Risk Factors&rdquo; as well as in the AIF under the heading &ldquo;Business Environment and Risks&rdquo; and the MD&amp;A under
the heading &ldquo;Part&nbsp;6 &mdash; Business Environment and Risks&rdquo; and the risks included in the Interim MD&amp;A, each incorporated
by reference in this Prospectus, as well as in other documents filed by Brookfield from time to time with the securities regulators in
Canada and the United States.</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 caution that the foregoing
list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results.
Nonetheless, all of the forward-looking statements contained in this Prospectus or in documents incorporated by reference herein are qualified
by these cautionary statements. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully
in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. Except
as required by law, Brookfield undertakes no obligation to publicly update or revise any forward-looking statements, whether written or
oral, that may need to be updated as a result of new information, future events or otherwise.</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"><A NAME="psa_003"></A><FONT STYLE="text-transform: uppercase"><B>CAUTIONARY
STATEMENT REGARDING THE USE OF NON-IFRS MEASURES</B></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: justify; text-indent: 0.5in">The Company prepares its financial
statements in accordance with IFRS Accounting Standards. We disclose a number of financial measures in this Prospectus and the documents
incorporated by reference herein that are calculated and presented using methodologies other than in accordance with IFRS Accounting Standards.
We utilize these measures in managing our business, including for performance measurement, capital allocation and valuation purposes and
believe that providing these performance measures on a supplemental basis to our IFRS results is helpful to investors in assessing our
overall performance.</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 make reference to Distributable
Earnings (&ldquo;<B>DE</B>&rdquo;) in this prospectus supplement and the documents incorporated by reference herein. We define DE as the
sum of distributable earnings from our asset management business, distributable operating earnings from our wealth solutions business,
distributions received from our ownership of investments, realized carried interest and disposition gains from principal investments,
net of earnings from our corporate activities, preferred share dividends and equity-based compensation costs. We also make reference to
DE before realizations, which refers to DE before realized carried interest and realized disposition gains from principal investments
and DE before realizations per share, which refers to DE before realizations divided by the average number of Company shares outstanding
on a fully diluted, time-weighted average basis during the applicable period. We believe these measures provide insight into earnings
received by the Company that are available for distribution to common shareholders or to be reinvested into the business. Realized carried
interest and realized disposition gains are further described below.</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">Realized carried interest
represents our contractual share of investment gains generated within a private fund after considering our clients&rsquo; minimum return
requirements. Realized carried interest is determined on third-party capital that is no longer subject to future investment performance.</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">Realized disposition gains
from principal investments are included in DE because we consider the purchase and sale of assets from our directly held investments to
be a normal part of the Company&rsquo;s business. Realized disposition gains include gains and losses recorded in net income and equity
in the current period, and are adjusted to include fair value changes and revaluation surplus balances recorded in prior periods which
were not included in prior period DE.</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: justify; text-indent: 0.5in">These financial measures should
not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar
financial measures calculated in accordance with IFRS Accounting Standards. We caution readers that these non-IFRS financial measures
or other financial metrics are not standardized under IFRS Accounting Standards and may differ from the financial measures or other financial
metrics disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities.
Reconciliations of these non-IFRS financial measures to the most directly comparable financial measures calculated and presented in accordance
with IFRS Accounting Standards, where applicable, are included on pages&nbsp;68, 136, 138 and 139 of the MD&amp;A and on pages&nbsp;37,
59, 61 and 62 of the Interim MD&amp;A, each incorporated by reference herein and available electronically under the Company&rsquo;s SEDAR+
profile at&nbsp;www.sedarplus.ca and on EDGAR at www.sec.gov.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><A NAME="psa_004"></A><B>PRESENTATION
OF FINANCIAL INFORMATION</B></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: justify; text-indent: 0.5in"><B>The Company publishes its
consolidated financial statements in United&nbsp;States dollars. In this prospectus supplement, unless otherwise specified or where the
context otherwise requires, all dollar amounts are expressed in United&nbsp;States dollars and references to &ldquo;US$&rdquo;, &ldquo;U.S.
dollars&rdquo; and &ldquo;$&rdquo; are to United&nbsp;States dollars and references to &ldquo;Cdn$&rdquo; are to Canadian dollars.</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">The Company presents its financial
statements in accordance with IFRS Accounting Standards.</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="text-transform: uppercase"><A NAME="psa_005"></A><B>EXCHANGE
RATE DATA</B></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: justify; text-indent: 0.5in">The following table sets forth,
for each period indicated, the low and high exchange rates for Canadian dollars expressed in United States dollars, the exchange rate
at the end of such period and the average of such exchange rates for each day during such period, based on the rate of exchange as reported
by the Bank of Canada for the conversion of Canadian dollars into United States dollars:</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%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Year Ended December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Nine Months Ended <BR> September&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">2023</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Low</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.7207</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.6937</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.7216</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">High</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">0.7617</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">0.7510</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">0.7510</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">Period End</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">0.7561</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">0.6950</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">0.7408</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">Average</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">0.7410</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">0.7302</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">0.7351</TD><TD STYLE="font: 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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, the buying rate
(as reported by the Bank of Canada) was Cdn$1.00 = US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="psa_006"></A><FONT STYLE="text-transform: uppercase"><B>Summary</B></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>The Company</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">The Company is a leading
global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core
businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power,
infrastructure, business and industrial services, and real estate. Our conservatively managed balance sheet, extensive operational
experience, and global sourcing networks allow us to consistently access unique opportunities. The Company&rsquo;s Class&nbsp;A Limited Voting Shares (the &ldquo;<B>Class&nbsp;A
Shares</B>&rdquo;) are listed on the New York Stock Exchange (&ldquo;<B>NYSE</B>&rdquo;) and the Toronto Stock Exchange
(&ldquo;<B>TSX</B>&rdquo;) under the symbol &ldquo;BN&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: center"><B>Brookfield Finance Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BFI was incorporated on March&nbsp;31,
2015 under the <I>Business Corporations Act</I> (Ontario) and is an indirect wholly owned subsidiary of the Company. As of the date hereof,
BFI has issued or become an obligor under approximately US$9.15&nbsp;billion of unsecured senior debt securities (the &ldquo;<B>existing
BFI senior notes</B>&rdquo;). Each series of existing BFI senior notes constitutes unsecured, unsubordinated senior obligations of BFI,
fully and unconditionally guaranteed by the Company, and accordingly, will rank equally with the notes offered hereby and the guarantee
of the Company thereof, respectively.</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>Recent Developments</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"><B><I><U>2025 Arrangement</U></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 4, 2025, Brookfield
Asset Management Ltd. (&ldquo;<B>BAM</B>&rdquo;) and the Company completed a previously-announced arrangement to enhance BAM&rsquo;s corporate
structure and broaden shareholder ownership (the &ldquo;<B>2025 Arrangement</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the 2025 Arrangement,
BAM acquired approximately 73% of the outstanding common shares of Brookfield&rsquo;s asset management business from the Company in exchange
for 1,194,021,145 newly-issued Class A Limited Voting Shares of BAM (&ldquo;<B>BAM Class A Shares</B>&rdquo;). As a result, BAM now owns
100% of Brookfield&rsquo;s asset management business, and, as of February 4, 2025, there was a total of 1,637,198,026 BAM Class A Shares
issued and outstanding, of which the Company retains an approximately 73% interest. Based on the closing price of the BAM Class A Shares
on the NYSE on February 3, 2025 of US$58.19 per share, BAM&rsquo;s total market capitalization was approximately US$95.3 billion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 2025 Arrangement was approved
by BAM shareholders at a special meeting held on January&nbsp;27, 2025. The Supreme Court of British Columbia issued a final order approving
the 2025 Arrangement on January&nbsp;30, 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"><B><I><U>Preliminary Financial Results for the
Three Months and Year Ended December&nbsp;31, 2024</U></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February&nbsp;13, 2025,
the Company announced its preliminary financial results for the three months and year ended December&nbsp;31, 2024. These preliminary
financial results are as set forth in the Q4 2024 Earnings Release, which is incorporated by reference in this prospectus supplement.
See &ldquo;Documents Incorporated by Reference.&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; text-indent: 0.5in">We caution you that the financial
information for the three months and year ended December&nbsp;31, 2024 presented in the Q4 2024 Earnings Release is preliminary, unaudited
and based upon currently available information, and is subject to revision as a result of, among other things, the completion of our financial
closing process. The preliminary financial results in the Q4 2024 Earnings Release have been prepared by, and are the responsibility of, management. The report
of Deloitte LLP incorporated by reference in this prospectus supplement refers exclusively to the historical financial statements described
therein and does not extend to the Q4 2024 Earnings Release and should not be read to do so.</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>
</DIV>
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<DIV STYLE="border: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; width: 98%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>The Offering</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"><I>The following is a brief
summary of the terms of this offering. For a more complete description of the terms of the notes, see &ldquo;Description of the Notes&rdquo;
in this prospectus supplement and &ldquo;Description of Debt Securities&rdquo; in the accompanying base shelf prospectus.</I></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-top: 2pt; width: 24%; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 76%; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brookfield Finance&nbsp;Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guarantor&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brookfield Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guarantee&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The notes will be fully and unconditionally guaranteed as to payment of principal, premium (if any) and interest and certain other amounts by Brookfield Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities Offered&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; principal amount of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % notes due&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2055.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One or more of the underwriters may sell to affiliates of BWS and certain
other institutional investors US$ aggregate principal amount (if any) of the notes at the public offering price (for which no underwriting
discount or commission will be paid).</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Format&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC registered.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issue and Delivery Date&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity Date&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2055.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Rate&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% per annum.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Yield&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT>% per annum if held to maturity.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest Payment Dates&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of each year, beginning on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP/ISIN&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11271L
AP7 / US11271LAP76.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rank&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The notes will rank equally with the existing BFI senior notes and any future unsecured, unsubordinated senior obligations of BFI. BFI has not issued or become an obligor under any unsecured senior debt securities since its inception except for the existing BFI senior notes. The notes will be fully and unconditionally guaranteed by the Company and such guarantee will rank equally with the Company&rsquo;s other unsecured, unsubordinated senior obligations (including the existing BFI senior notes) and will effectively be subordinated to all existing and future liabilities of the Company&rsquo;s subsidiaries (other than BFI, to the extent of any of its indebtedness that is guaranteed by the Company on parity with the Company&rsquo;s guarantee of the notes offered hereby).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The notes are redeemable, at any time at BFI&rsquo;s option, at the redemption prices set forth under the heading &ldquo;Description of the Notes&nbsp;&mdash; Redemption and Repurchase&rdquo;. The notes are also redeemable in the event of certain changes affecting Canadian withholding tax, as more fully described under &ldquo;Description of the Notes&nbsp;&mdash; Redemption for Changes in Canadian Withholding Taxes&rdquo;.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Further Issues&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BFI may from time to time, without the consent of the holders of the notes but with the consent of the Company, create and issue further notes having the same terms and conditions in all respects as the notes being offered hereby, except for the issue date, the issue price and the first payment of interest thereon. Additional notes issued in this manner will be consolidated with and will form&nbsp;a single series with the notes being offered hereby; <I>provided</I> that if such additional notes are not fungible with the original notes offered hereby for U.S. federal income tax purposes, then such additional notes will be issued with a separate CUSIP or ISIN number so that they are distinguishable from the original notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><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="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form&nbsp;and Denominations&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The notes will be represented by one or more fully-registered global securities registered in the name of a nominee of The Depository Trust Company. Beneficial interests in those fully-registered global securities will be in initial denominations of US$2,000 and subsequent multiples of US$1,000. Except as described under &ldquo;Description of the Notes&rdquo; in this prospectus supplement and &ldquo;Description of Debt Securities&rdquo; in the accompanying base shelf prospectus, notes in definitive form will not be issued.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change of Control&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BFI will be required to make an offer to purchase the notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase upon the occurrence of a Change of Control Triggering Event (as defined herein). See &ldquo;Description of the Notes&nbsp;&mdash; Change of Control&rdquo;.</FONT></TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain Covenants&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Indenture (as defined herein) governing the notes contains covenants that, among other things, restrict the ability of the Company and/or BFI to:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;create
certain liens; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; padding-top: 2pt; padding-bottom: 2pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;consolidate, merge with a third party or transfer all or substantially all of its assets.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These covenants are subject to important exceptions and qualifications which are described under &ldquo;Description of Debt Securities&rdquo; in the accompanying base shelf prospectus and &ldquo;Description of the Notes&rdquo; in this prospectus supplement. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk Factors&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment in the notes involves certain risks. You should carefully consider the information in the &ldquo;Risk Factors&rdquo; section of this prospectus supplement and all other information included in this Prospectus and the documents incorporated by reference in this Prospectus before investing in the notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing Law&#9;</B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New&nbsp;York</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
</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="text-transform: uppercase"><B><A NAME="psa_007"></A>RISK
FACTORS</B></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: justify; text-indent: 0.5in">An investment in the notes
is subject to a number of risks. Before deciding whether to invest in the notes, investors should consider carefully the risks set forth
below, in the accompanying base shelf prospectus and in the information incorporated by reference in this Prospectus. Specific reference
is made to the section entitled &ldquo;Part&nbsp;6 &mdash; Business Environment and Risks&rdquo; in the MD&amp;A and the section entitled
 &ldquo;Business Environment and Risks&rdquo; in the AIF, each of which are incorporated by reference in this prospectus supplement.</P>

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

<P STYLE="margin: 0pt 0 0pt 0.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><I>The notes are unsecured and will
rank equal in right of payment to BFI&rsquo;s existing and future unsecured, unsubordinated senior indebtedness, and will be effectively
subordinated to any of BFI&rsquo;s future secured indebtedness.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The notes will not be secured
by any assets of the Company or BFI. Therefore, holders of secured indebtedness of the Company or BFI would have a claim on the assets
securing such indebtedness that effectively ranks prior to the claim of holders of the notes and would have a claim that ranks equal with
the claim of holders of notes to the extent that such security did not satisfy the secured indebtedness. Furthermore, although covenants
given by the Company in various agreements may restrict incurring secured indebtedness, such indebtedness may, subject to certain conditions,
be incurred.</P>

<P STYLE="text-align: justify; 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">The notes will rank equal
in right of payment to the existing BFI senior notes and any of BFI&rsquo;s future unsecured, unsubordinated senior indebtedness. BFI
issued or became an obligor under (as the case may be) the existing BFI senior notes, which are in an aggregate principal amount of approximately
US$9.15 billion and such indebtedness will rank equally to the notes offered hereby. In addition, the notes will be effectively subordinated
in right of payment to any of BFI&rsquo;s future secured indebtedness, to the extent of the value of the assets securing such indebtedness.
BFI will not be restricted in its ability to make investments or incur debt.</P>

<P STYLE="text-align: justify; 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">The Guarantee Obligations
(as defined herein) are unsecured and effectively subordinated in right of payment to all of the Company&rsquo;s existing and future secured
indebtedness, to the extent of the value of the assets securing such indebtedness. The Indenture for the notes does not restrict the Company&rsquo;s
or BFI&rsquo;s ability to incur additional indebtedness, including secured indebtedness generally, which would have a prior claim on the
assets securing that indebtedness. In the event of insolvency, bankruptcy, liquidation, reorganization, dissolution or winding up of the
Company or BFI, their respective assets that serve as collateral for any secured indebtedness would be made available to satisfy their
respective obligations to secured creditors before any payments are made on the notes or the Guarantee Obligations. See &ldquo;Description
of the Notes&nbsp;&mdash; General&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>BFI&rsquo;s reliance on the Company.</I></B></P>

<P STYLE="text-align: justify; 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">BFI may not have assets, property
or operations other than the debt securities it issues (including the existing BFI senior notes and the notes offered hereby) and the
investments it makes with the net proceeds from such issuances of debt securities or future issuances of debt securities, including the
notes offered hereby. BFI is not and will not be restricted in its ability to make investments or incur debt. The holders of the notes
are relying principally on the full and unconditional guarantee of the notes provided by the Company and the financial position and creditworthiness
of the Company in order to receive the repayment of the interest and other amounts owing under and in respect of the notes. The financial
position and creditworthiness of the Company is subject to the risks noted in this Prospectus and in the documents incorporated by reference
into this Prospectus.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>The Guarantee Obligations are
effectively subordinated to all liabilities of the Company&rsquo;s subsidiaries other than BFI.</I></B></P>

<P STYLE="text-align: justify; 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 its Guarantee
Obligations, the Company will provide a full and unconditional guarantee of the notes and all of BFI&rsquo;s obligations under the Indenture;
however, none of the Company&rsquo;s subsidiaries has guaranteed or otherwise become obligated with respect to the notes, other than BFI.
Accordingly, the Company&rsquo;s ability to satisfy its Guarantee Obligations, including its right to receive assets from any of its subsidiaries
upon such subsidiary&rsquo;s bankruptcy, liquidation or reorganization, and the right of holders of the notes to participate in those
assets, is effectively subordinated to claims of that subsidiary&rsquo;s creditors, including trade creditors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>The Company&rsquo;s
reliance on its subsidiaries.</I></B></P>

<P STYLE="text-align: justify; 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">The Company conducts a significant
amount of its operations through subsidiaries. Although the notes are senior obligations of the Company (pursuant to its Guarantee Obligations),
they are effectively subordinated to all existing and future liabilities of BFI&rsquo;s subsidiaries, and the Company&rsquo;s guarantee
of the notes is effectively subordinated to all existing and future liabilities of the Company&rsquo;s subsidiaries (other than the senior
obligations of BFI and the indebtedness of other subsidiaries that is guaranteed by the Company on parity with the Company&rsquo;s guarantee
of the notes offered hereby), including the Company&rsquo;s operating companies. The Indenture does not restrict the ability of the Company&rsquo;s
subsidiaries (including BFI) to incur additional indebtedness. As the Company conducts a significant amount of its operations through
subsidiaries, the Company&rsquo;s ability to pay the indebtedness owing by it under or in respect of the guarantee of the notes is dependent
on dividends and other distributions it receives from subsidiaries and major investments. Certain of the instruments governing the indebtedness
of the companies in which the Company has an investment may restrict the ability of such companies to pay dividends or make other payments
on investments under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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 0pt 0.5in; text-align: justify"><B><I>Foreign currency risks.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The notes are denominated
in United States dollars. Securities denominated or payable in foreign currencies may entail significant risks, and the extent and nature
of such risks change continuously. These risks include, without limitation, the possibility of significant fluctuations in the foreign
currency market, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These
risks will vary depending on the currency or currencies involved. Prospective purchasers should consult their own financial and legal
advisors as to the risks entailed in an investment in the notes. The notes may not be an appropriate investment for investors who are
unsophisticated with respect to foreign currency transactions.</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 0pt 0.5in; text-align: justify"><B><I>Interest rate risks.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prevailing interest rates
may affect the market price or value of the notes. The market price or value of the notes may decline as prevailing interest rates for
comparable debt instruments rise, and increase as prevailing interest rates for comparable debt instruments decline.</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 0pt 0.5in; text-align: justify"><B><I>The notes may be redeemed at any
time at BFI&rsquo;s option.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BFI may choose to redeem the
notes from time to time, especially when prevailing interest rates are lower than the interest rate borne by the notes. If prevailing
interest rates are lower at the time of redemption, a purchaser may not be able to reinvest the redemption proceeds in a comparable security
at an effective interest rate that is greater than or equal to the interest rate on the notes being redeemed. BFI&rsquo;s redemption right
may also adversely impact a purchaser&rsquo;s ability to sell notes as the optional redemption date or period approaches and/or may adversely
impact the price at which notes can be sold.</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 0pt 0.5in; text-align: justify"><B><I>Changes in our credit ratings
may adversely affect the value of the notes.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our long-term debt is subject
to periodic review by independent credit rating agencies. Such ratings are limited in scope, and do not address all material risks relating
to an investment in the notes, but rather reflect only the view of each rating agency at the time the rating is issued. Ratings of the
notes are not recommendations to buy, sell or hold the notes. An explanation of the significance of such rating may be obtained from such
rating agency. There can be no assurance that such credit ratings will remain in effect for any given period of time or that such ratings
will not be lowered, suspended or withdrawn entirely by the rating agencies, if, in each rating agency&rsquo;s judgment, circumstances
so warrant. Actual or anticipated changes or downgrades in our credit ratings, including any announcement that our ratings are under further
review for a downgrade, are likely to adversely affect the market value of the notes and could increase our corporate borrowing costs.
In this circumstance, no person or entity is obliged to provide any additional support or credit enhancement with respect to the notes.</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 0pt 0.5in; text-align: justify"><B><I>There is no existing trading market
for the notes.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The notes will be a new issue
of securities with no established trading market. The notes are not and will not be listed on any securities or stock exchange or quotation
system and consequently, there is no market through which the notes may be sold and purchasers may not be able to resell the notes purchased
under this Prospectus. Future trading prices of the notes will depend on many factors, including but not limited to prevailing interest
rates, our financial condition and results of operations, the then-current ratings assigned to the notes and the market for similar securities.
Any trading market that develops would be affected by many factors independent of and in addition to the foregoing, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">time remaining to the maturity of the notes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">outstanding amount of the notes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms related to the optional redemption of the notes; and</TD></TR></TABLE>

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

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

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">level, direction and volatility of market interest rates generally.</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; text-align: justify; text-indent: 0.5in">There can be no assurance
that an active trading market will develop for the notes after the offering or, if developed, that such market will be sustained. This
may affect the pricing of the notes in the secondary market, the transparency and availability of trading prices, the liquidity of the
notes and the extent of issuer regulation.</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">The public offering price
of the notes was determined by negotiation between BFI, the Company and the underwriters based on several factors and may bear no relationship
to the prices at which the notes will trade in the public markets subsequent to the offering. See &ldquo;Underwriting&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 0pt 0.5in; text-align: justify"><B><I>BFI may be unable to repurchase
the notes upon a Change of Control Triggering Event.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the occurrence of a Change
of Control Triggering Event with respect to the notes, subject to certain conditions, BFI will be required to make an offer to repurchase
all outstanding notes at 101% of their principal amount, plus accrued and unpaid interest. See &ldquo;Description of the Notes&nbsp;&mdash;
Change of Control&rdquo; in this prospectus supplement. The source of funds for such a repurchase will be our available cash or cash generated
from our subsidiaries&rsquo; operations or other potential sources, including borrowings, sales of assets or sales of equity. We cannot
assure you that sufficient funds from such sources will be available at the time of any Change of Control Triggering Event to make required
repurchases of notes tendered. In addition, the terms of certain of our other existing indebtedness, including the existing BFI senior
notes, provide that certain change of control events will require us to make an offer to repurchase such outstanding indebtedness. Our
future debt instruments may contain similar provisions. It is possible that we will not have sufficient funds at the time of any Change
of Control Triggering Event to complete the required repurchase of the notes and, if applicable, our other indebtedness.</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"><A NAME="psa_008"></A><FONT STYLE="text-transform: uppercase"><B>USE
OF PROCEEDS</B></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: justify; text-indent: 0.5in">The net proceeds from this
offering, after deducting the underwriters&rsquo; fees and the estimated expenses of the offering of approximately US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , will be approximately
US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  . The net proceeds from the sale of the notes will be used for general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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="text-transform: uppercase"><B><A NAME="psa_009"></A>EARNINGS
COVERAGE RATIOS OF THE COMPANY</B></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: justify; text-indent: 0.5in">The Company&rsquo;s borrowing
cost requirements for the 12-month periods ended December&nbsp;31, 2023 and September&nbsp;30, 2024 amounted to US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million and US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, respectively, after giving effect to (i)&nbsp;the issuance of the notes, without giving effect to the application of the net proceeds thereof,
(ii)&nbsp;repayment at maturity of US$500 million principal amount of 4.000% senior unsecured notes of the Company due January&nbsp;15,
2025 (the &ldquo;<B>2025 notes</B>&rdquo;), (iii)&nbsp;the issuance by BFI of US$700 million principal amount of 6.300% fixed-to-fixed
reset rate subordinated notes due January&nbsp;15, 2055 (the &ldquo; <B>2055 hybrid notes</B>&rdquo;), (iv)&nbsp;the issuance by BFI of
US$450 million principal amount of 5.675% notes due January&nbsp;15, 2035 (the &ldquo;<B>2035 notes</B>&rdquo;), (v)&nbsp;the re-opening
issuance by BFI of US$200 million principal amount of 5.968% notes due March&nbsp;4, 2054 (the &ldquo;<B>additional 2054 notes</B>&rdquo;),
(vi)&nbsp;repayment at maturity of the outstanding US$200 million principal amount of 4.000% senior unsecured notes of BFI and Brookfield
Finance LLC due April&nbsp;1, 2024 (the &ldquo;<B>2024 notes</B>&rdquo;), (vii)&nbsp;repayment at maturity of Cdn$500 million principal
amount of 5.04% medium term notes of the Company due March&nbsp;8, 2024, (viii)&nbsp;the issuance by BFI of US$750 million principal amount
of 5.968% notes due March&nbsp;4, 2054 (the &ldquo;<B>2054 notes</B>&rdquo;), (ix)&nbsp;the issuance by BFI of US$700 million principal
amount of 6.350% senior unsecured notes due January&nbsp;5, 2034, (x)&nbsp;the repayment of US$700 million principal amount of existing
indebtedness in December&nbsp;2023, (xi)&nbsp;the redemption of US$550 million of the then-outstanding US$750 million principal amount
of 2024 notes on July&nbsp;14, 2023, (xii)&nbsp;the issuance by Brookfield Capital Finance LLC of US$550 million principal amount of 6.087%
senior unsecured notes due June&nbsp;14, 2033, as if each such event had occurred on January&nbsp;1, 2023 (collectively, the &ldquo;<B>Adjustments</B>&rdquo;).
Net income attributable to shareholders before borrowing costs and income taxes for the 12-month periods ended December&nbsp;31, 2023
and September&nbsp;30, 2024 was US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million and US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
million, respectively, which is approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;times and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; times the Company&rsquo;s borrowing
cost requirements for the respective periods, after giving effect to the Adjustments.</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">The earnings coverage ratios
set forth above were calculated based on financial information prepared in accordance with&nbsp;IFRS Accounting Standards.</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"><A NAME="psa_010"></A><FONT STYLE="text-transform: uppercase"><B>CONSOLIDATED
CAPITALIZATION OF THE COMPANY</B></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: justify; text-indent: 0.5in">The following table sets forth
the consolidated capitalization of the Company (i)&nbsp;as at December&nbsp;31, 2024 and (ii)&nbsp;as at December&nbsp;31, 2024 as adjusted
to give effect to (a)&nbsp;the issuance of the notes hereunder, without giving effect to the anticipated application of the net proceeds
thereof and (b)&nbsp;the repayment at maturity of the 2025 notes on January&nbsp;15, 2025. For further disclosures in respect of consolidated
capitalization, please see the Q4 2024 Earnings Release, which is incorporated by reference in this prospectus supplement.</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 caution you that the financial
information presented below is preliminary, unaudited and based upon currently available information, and is subject to revision as a
result of, among other things, the completion of our financial closing process. The preliminary financial results have been prepared by,
and are the responsibility of, management. The report of Deloitte LLP incorporated by reference in this prospectus supplement refers exclusively
to the historical financial statements described therein and does not extend to the Q4 2024 Earnings Release and should not be read to
do so.</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%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt">As at December&nbsp;31, 2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt">Actual</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt">As adjusted<SUP>(1)</SUP></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(US$ amounts in millions)</TD><TD STYLE="font: 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: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate borrowings<SUP>(2)</SUP>&#9;</FONT></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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">14,232</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</Font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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">Non-recourse borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Subsidiary borrowings&#9;</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">16,002</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">16,002</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; text-align: left">Property-specific borrowings&#9;</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">204,558</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">204,558</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">Accounts payable and other&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">55,502</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">55,502</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">Deferred income tax liabilities&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25,267</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">25,267</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">Subsidiary equity obligations&#9;</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">4,759</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">4,759</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">Liabilities associated with assets classified as held for sale&#9;</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">4,721</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">4,721</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">Equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; 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; text-align: left">Non-controlling interests&#9;</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">119,406</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">119,406</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="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Preferred equity&#9;</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">4,103</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">4,103</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Common equity&#9;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">41,874</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">41,874</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; 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; padding-bottom: 2.5pt; text-align: left">Total capitalization&#9;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">490,424</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">&#8239;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>




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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">(1)&nbsp;</FONT><FONT STYLE="font-size: 10pt">Canadian
dollar adjustments have been converted into U.S. dollars at an exchange rate of Cdn$1.00 = US$0.6953</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: justify">(2)&nbsp;Actual and adjusted corporate borrowings
reflect the issuance of the 2055 hybrid notes on December&nbsp;17, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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="text-transform: uppercase"><B><A NAME="psa_011"></A>DESCRIPTION
OF THE NOTES</B></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: justify; text-indent: 0.5in"><I>The following description
of the particular terms and provisions of the notes supplements and, to the extent inconsistent therewith, replaces, the description of
the Debt Securities set forth in the accompanying base shelf prospectus under &ldquo;Description of Debt Securities&rdquo;, to which reference
is hereby made. Other capitalized terms used and not defined in this prospectus supplement have the meanings ascribed to them in the accompanying
base shelf prospectus or in the Indenture (as defined herein).</I></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">The notes will be issued as
a separate series of debt securities under a twelfth supplemental indenture to be dated as of the date of the issuance of the notes (the
 &ldquo;<B>Twelfth Supplemental Indenture</B>&rdquo;) to the base indenture dated as of June&nbsp;2, 2016 (the &ldquo;<B>Base Indenture</B>&rdquo;
and, together with the Twelfth Supplemental Indenture, the&nbsp;&ldquo;<B>Indenture</B>&rdquo;), between BFI, the Company, as guarantor,
and Computershare Trust Company of Canada, as trustee (the &ldquo;<B>Trustee</B>&rdquo;). For a description of the rights attaching to
different series of Debt Securities under the Indenture, see &ldquo;Description of Debt Securities&rdquo; in the accompanying base shelf
prospectus. The Indenture is subject to the provisions of the <I>Business Corporations Act</I> (Ontario). The following statements relating
to the notes and the Indenture are summaries and should be read in conjunction with the statements under &ldquo;Description of Debt Securities&rdquo;
in the accompanying base shelf prospectus. Such information does not purport to be complete and is qualified in its entirety by reference
to all of the provisions of the notes and the Indenture, including the definition of certain terms therein. It is the Indenture, and not
these statements, that govern the rights of holders of the notes.</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"><B>General</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">The notes will be senior unsecured
obligations of BFI and will initially be limited to US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aggregate principal amount, all of which will be issued under the Twelfth Supplemental
Indenture. The notes will mature on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2055. The notes will bear interest at the rate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% per annum from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025, or from the most recent
interest payment date to which interest has been paid or provided for, payable semi-annually in arrears on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;of each year, commencing
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, to the Persons in whose name the notes are registered at the close of business on the preceding &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , as the case may be. The
notes will bear interest on overdue principal and premium, if any, and, to the extent permitted by law, overdue interest at &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% per annum
plus&nbsp;1%.</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">The notes and the obligations
of BFI under the Indenture will be fully and unconditionally guaranteed by the Company.</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">Interest on the notes will
be computed on the basis of a 360-day year of twelve 30-day months. In any case where any interest payment date is not a Business Day,
payment will be made on the next succeeding Business Day, whether or not such date is a Business Day in Toronto, Ontario, unless such
date is not a Business Day in New York, New York. &ldquo;<B>Business Day</B>&rdquo; means each weekday which is not a day on which banking
institutions in the Place of Payment (as defined herein) are authorized or obligated by law or executive order to close.</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">Computershare Trust Company,
N.A. will initially act as Paying Agent for the notes. Principal of, and premium, if any, and interest on, the notes will be payable at
the Place of Payment, <I>provided</I> that at the option of BFI, payment of interest on the notes may be made by check mailed to the address
of the Person entitled thereto as it appears in the Security Register or by wire transfer to an account maintained by the Person entitled
thereto as specified in the Security Register. The notes may be presented for registration of transfer and exchange at the corporate trust
office of the Trustee and the Place of Payment.</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">The Company conducts a significant
proportion of its operating activities through subsidiaries. Although the Guarantee Obligations (as defined herein) are senior obligations
of the Company, they are effectively subordinated to all existing and future liabilities of the Company&rsquo;s consolidated subsidiaries
and operating companies, other than BFI, to the extent of any of its indebtedness that is guaranteed by the Company on parity with the
Company&rsquo;s guarantee of the notes offered hereby. The Indenture does not restrict the ability of the Company&rsquo;s subsidiaries
to incur additional indebtedness. As the Company conducts a significant proportion of its operating activities through subsidiaries, the
Company&rsquo;s ability to service its indebtedness is dependent on dividends and other payments made on its investments. Certain of the
instruments governing the indebtedness of the companies in which the Company has an investment may restrict the ability of such companies
to pay dividends or make other payments on investments under certain circumstances. Dividends paid in kind are excluded so long as they
are retained in the same form as received and are legally and beneficially owned by the Company and/or one or more designated Affiliates
of the Company.</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">The Indenture does not limit
the aggregate principal amount of Debt Securities which may be issued thereunder, and Debt Securities may be issued thereunder from time
to time in one or more series up to the aggregate principal amount from time to time authorized by BFI for each series. All Debt Securities
issued by BFI will be fully and unconditionally guaranteed by the Company.</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: justify"><B>Reopening of the Notes</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">BFI may from time to time,
without the consent of the holders of the notes but with the consent of the Company, create and issue further notes having the same terms
and conditions in all respects as the notes being offered hereby, except for the issue date, the issue price and the first payment of
interest thereon. Additional notes issued in this manner will be consolidated with and will form a single series with the notes being
offered hereby; <I>provided</I> that if such additional notes are not fungible with the original notes offered hereby for U.S. federal
income tax purposes, then such additional notes will be issued with a separate CUSIP or ISIN number so that they are distinguishable from
the notes offered hereby.</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"><B>Redemption and Repurchase</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">Prior to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2054 (the date
that is six months prior to the maturity date) (the &ldquo;<B>Par Call Date</B>&rdquo;), BFI may redeem the notes at its option, in whole
or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three
decimal places) (the &ldquo;<B>Redemption Price</B>&rdquo;) equal to the greater of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">(a)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest thereon
discounted to the date fixed for redemption of the notes (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;basis points less (b)&nbsp;interest accrued to the date of
redemption, and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">100% of the principal amount of the notes to be redeemed,</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 0pt 1in; text-align: justify; text-indent: -0.5in">plus, in either case,
accrued and unpaid interest to, but excluding, the redemption date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On or after the Par Call Date,
BFI may redeem the notes, in whole or in part, at any time and from time to time, at a Redemption Price equal to 100% of the principal
amount of the notes being redeemed, plus accrued and unpaid interest thereon to the redemption date.</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">In connection with such optional
redemption, the following defined terms apply:</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">&ldquo;<B>Treasury Rate</B>&rdquo;
means, with respect to any redemption date, the yield determined by BFI in accordance with the following paragraphs (1)&nbsp;and (2).</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notice of any redemption will
be delivered at least 10&nbsp;days but not more than 60&nbsp;days before the redemption date to each holder of the notes to be redeemed
and may be contingent upon such conditions as may be specified in the applicable notice of redemption and in accordance with the provisions
of the Indenture. Unless BFI defaults in payment of the Redemption Price, on and after the applicable redemption date, interest will cease
to accrue on the notes or portions thereof called for redemption. On or before any redemption date, BFI shall deposit with the Paying
Agent (or the Trustee) money sufficient to pay the Redemption Price of the notes to be redeemed on such date. If less than all the notes
are to be redeemed, the notes to be redeemed shall be selected, in the case of certificated notes, by the Trustee at BFI&rsquo;s direction
by such method as BFI and the Trustee shall designate, or in the case of global notes, by such policies and procedures of the applicable
depository. BFI&rsquo;s actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes,
absent manifest error.</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"><B>Affiliate Purchase on Maturity</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">Notwithstanding the other
provisions of the Indenture, BFI may, by providing notice to the Trustee at least three Business Days prior to the Maturity, elect to
have one or more Affiliates of BFI or the Company purchase all, but not less than all, of the notes so to be redeemed or repaid at a price
equal to the Redemption Price (excluding accrued and unpaid interest), in the case of notes called for redemption, or the principal amount,
in the case of notes coming due at the Stated Maturity (in&nbsp;each case, the &ldquo;<B>Repayment Price</B>&rdquo;); <I>provided</I>
that any accrued and unpaid interest thereon will be paid by BFI. Upon payment therefor of an amount equal to the Repayment Price, and
payment by BFI of accrued interest and premium, if any, such notes shall be transferred to such Affiliate in accordance with the transfer
provisions of the Indenture and such notes shall not become due and payable on Maturity, provided that such Affiliate shall not be permitted
to vote such notes in any matter unless 100% of the notes entitled to be voted in respect of such matter are held by BFI, the Company
or their Affiliates. Should such Affiliate and BFI, if applicable, fail to make full payment of the Repayment Price and accrued interest
and premium, if any, on Maturity, then such notes shall become due and payable as otherwise provided for in the Indenture.</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"><B>Change of Control</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">If a Change of Control Triggering
Event occurs, unless BFI has exercised its right to redeem all of the notes as described above, BFI will be required to make an offer
to repurchase all of each holder&rsquo;s notes (or the portion thereof not subject to redemption, if BFI has exercised its right to redeem
the notes in part) pursuant to the offer described below (the&nbsp;&ldquo;<B>Change of Control Offer</B>&rdquo;) on the terms set forth
in the notes. In the Change of Control Offer, BFI will be required to offer payment in cash equal to 101% of the aggregate principal amount
of notes repurchased plus accrued and unpaid interest, if any, on the notes repurchased (the&nbsp;&ldquo;<B>Change of Control Payment</B>&rdquo;),
to the date of purchase.</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">Within 30&nbsp;days following
any Change of Control Triggering Event, BFI will be required to deliver a notice to holders of notes, with a copy to the Trustee, describing
the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the notes on the date
specified in the notice, which date will be no earlier than 30&nbsp;days and no later than 60&nbsp;days from the date such notice is delivered
(the&nbsp;&ldquo;<B>Change of Control Payment Date</B>&rdquo;), pursuant to the procedures required by the notes and described in such
notice. BFI must comply with the requirements of Rule&nbsp;14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the notes as a result of a Change
of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control
(as&nbsp;defined herein) provisions of the notes, BFI will be required to comply with the applicable securities laws and regulations and
will not be deemed to have breached its obligations under the Change of Control provisions of the notes by virtue of such conflicts.</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">On the Change of Control Payment
Date, BFI will be required, to the extent lawful, to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">accept for payment all notes or portions of notes properly tendered pursuant to the Change of Control
Offer;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">deposit with the Paying Agent or the Trustee an amount equal to the Change of Control Payment in respect
of all notes or portions of notes properly tendered; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">deliver or cause to be delivered to the Trustee the notes properly accepted together with an Officers&rsquo;
Certificate stating the aggregate principal amount of notes or portions of notes being purchased by BFI.</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; text-align: justify; text-indent: 0.5in">The Paying Agent will deliver
to each holder who properly tendered notes, the purchase price for such notes, and, upon written order of BFI, the Trustee will authenticate
and deliver (or&nbsp;cause to be delivered) to each such holder a new note equal in principal amount to any unpurchased portion of the
notes surrendered, if any; provided that each new note will be in a principal amount of US$2,000 or an integral multiple of&nbsp;US$1,000
in excess thereof.</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">BFI will not be required to
make a Change of Control Offer upon a Change of Control Triggering Event if another Person makes such an offer in the manner, at the times
and otherwise in compliance with the requirements for an offer made by BFI and such other Person purchases all notes properly tendered
and not withdrawn under its offer.</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">For purposes of the foregoing
discussion of a repurchase at the option of holders, the following definitions are&nbsp;applicable:</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">&ldquo;<B>Below Investment
Grade Rating Event</B>&rdquo; means that on any day within the 60-day period (which shall be extended during an Extension Period) after
the earlier of (1)&nbsp;the occurrence of a Change of Control or (2)&nbsp;the first public notice of the occurrence of a Change of Control
or the intention by the Company to effect a Change of Control, the notes are rated below an Investment Grade Rating by at least three
out of four of the Rating Agencies if there are four Rating Agencies or all of the Rating Agencies if there are fewer than four Rating
Agencies. Notwithstanding the foregoing, a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction or
reductions in rating shall not be deemed to have occurred in respect of a particular Change of Control (and&nbsp;thus shall not be deemed
a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if the Rating Agencies
making the reduction(s)&nbsp;in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the
Trustee in writing at its request that the reduction(s)&nbsp;were the result, in whole or in part, of any event or circumstance comprised
of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall
have occurred at the time of the ratings event) (the &ldquo;<B>Change of Control Event</B>&rdquo;). For the purpose of this definition,
an &ldquo;Extension Period&rdquo; shall occur and continue for so long as the aggregate of (i)&nbsp;the number of Rating Agencies that
have placed the notes on publicly announced consideration for possible downgrade during the initial 60-day period as a result, in whole
or in part, of the applicable Change of Control Event and (ii)&nbsp;the number of Rating Agencies that have downgraded the notes to below
an Investment Grade Rating as a result, in whole or in part, of the applicable Change of Control Event during either the initial 60-day
period or the Extension Period provided for in clause (i)&nbsp;would be sufficient to result in a Change of Control Triggering Event should
one or more of the Rating Agencies that have placed the notes on publicly announced consideration for possible downgrade subsequently
downgrade the notes to below an Investment Grade Rating. The Extension Period shall terminate on the earlier of (A)&nbsp;the date on which
the Rating Agencies that placed the notes on publicly announced consideration for possible downgrade within the initial 60-day period
referred to in subclause (i)&nbsp;of this definition make their determinations with respect to the impact of the Change of Control Event
on the rating of the notes, and (B)&nbsp;the date on which two of the Rating Agencies (if there are four Rating Agencies) or one of the
Rating Agencies (if there are fewer than four Rating Agencies) has confirmed that the notes will not be downgraded or are not subject
to consideration for a possible downgrade to below an Investment Grade&nbsp;Rating as a result of the applicable Change of Control Event.</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">&ldquo;<B>Change of Control</B>&rdquo;
means the consummation of any transaction including, without limitation, any merger, amalgamation, arrangement or consolidation the result
of which is that any person or group of related persons, other than any one or more of the Company, the Company&rsquo;s Subsidiaries,
the Company&rsquo;s or any of its Subsidiaries&rsquo; employee benefit plans, or Management and/or any entity or group of entities controlled
by Management (provided that upon the consummation of a transaction by Management and/or an entity or group of entities controlled by
Management, the Company&rsquo;s Class&nbsp;A Shares or other Voting Stock into which the Company&rsquo;s Class&nbsp;A Shares are reclassified,
consolidated, exchanged or changed continue to be listed and posted for trading on a national securities exchange in the United&nbsp;States,
Canada or Europe), becomes the beneficial owner (as&nbsp;defined in Rules&nbsp;13d-3 and&nbsp;13d-5 under the Exchange Act), directly
or indirectly, of (i)&nbsp;more than 50% of the voting power of each class of the Company&rsquo;s Voting Stock (or other Voting Stock
into which the Company&rsquo;s Voting Stock is reclassified, consolidated, exchanged or changed in connection with such transaction) measured
by voting power rather than number of shares, or (ii)&nbsp;Voting Stock sufficient to enable it to elect a majority of the members of
the Company&rsquo;s board of directors. For the purposes of this provision, &ldquo;person&rdquo; and &ldquo;group&rdquo; have the meanings
attributed thereto in Sections&nbsp;13(d)&nbsp;and&nbsp;14(d)&nbsp;of the Exchange Act.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of the Indenture,
a Person will be deemed to be controlled by Management if the individuals comprising Management are the beneficial owners, directly or
indirectly, of, in aggregate, (i)&nbsp;more than 50% of the voting power of such Person&rsquo;s voting stock measured by voting power
rather than number of shares or (ii)&nbsp;such Person&rsquo;s voting stock sufficient to enable them to elect a majority of the members
of such Person&rsquo;s board of directors (or similar body).</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">&ldquo;<B>Change of Control
Triggering Event</B>&rdquo; means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.</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">&ldquo;<B>Investment Grade
Rating</B>&rdquo; means a rating equal to or higher than Baa3 (or&nbsp;the equivalent) by Moody&rsquo;s, BBB&minus; (or&nbsp;the equivalent)
by S&amp;P, BBB&minus; (or the equivalent) by Fitch and BBB(low) (or&nbsp;the equivalent) by DBRS.</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">&ldquo;<B>Management</B>&rdquo;
means any one or more of the Company&rsquo;s directors, officers or employees (or&nbsp;directors, officers or employees of any one or
more of the Company&rsquo;s Subsidiaries) immediately prior to the consummation of any transaction that would constitute a Change of Control,
acting individually or together.</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">&ldquo;<B>Rating Agencies</B>&rdquo;
means (1)&nbsp;each of Moody&rsquo;s, S&amp;P, Fitch and DBRS and (2)&nbsp;if any of the foregoing Rating Agencies ceases to rate the
notes or fails to make a rating of the notes publicly available for reasons outside of BFI or the Company&rsquo;s control, a &ldquo;nationally
recognized statistical rating organization&rdquo; within the meaning of Section&nbsp;3(a)(62) under the Exchange Act, selected by BFI
(as&nbsp;certified by a resolution of the board of directors of BFI) as a replacement agency for Moody&rsquo;s, S&amp;P, Fitch or DBRS,
or some or all of them, as the case may be.</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">The failure by BFI to comply
with the obligations described under &ldquo;&mdash;&nbsp;Change of Control&rdquo; will constitute an Event of Default with respect to
the notes.</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">The Change of Control Triggering
Event feature of the notes may in certain circumstances make more difficult or discourage a sale or takeover of the Company and, thus,
the removal of incumbent management. Subject to the limitations discussed below, we could, in the future, enter into certain transactions,
including acquisitions, refinancings or other recapitalizations, that would not constitute a Change of Control under the notes, but that
could increase the amount of indebtedness outstanding at such time or otherwise affect our capital structure or credit ratings on the
notes. Restrictions on our ability to incur liens are contained in the covenants as described in this prospectus supplement under &ldquo;&mdash;&nbsp;Covenants&nbsp;&mdash;&nbsp;Negative&nbsp;Pledge&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"><B>Company Additional Amounts</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">All payments made by BFI or
the Company under or with respect to the notes will be made free and clear of, and without withholding or deduction for or on account
of, any present or future tax, duty, levy, impost, assessment or other governmental charge imposed or levied by or on behalf of the Government
of Canada or of any province or territory thereof or therein or by any authority or agency therein or thereof having power to tax (hereinafter
 &ldquo;<B>Taxes</B>&rdquo;), unless BFI or the Company (as applicable) is required to withhold or deduct Taxes by law or by the interpretation
or administration thereof. If BFI or the Company is so required to withhold or deduct any amount for or on account of Taxes from any payment
made by it under or with respect to the notes and the notes are not redeemed in accordance with the provisions described under &ldquo;&mdash;&nbsp;Redemption
for Changes in Canadian Withholding Taxes&rdquo;, BFI or the Company (as applicable) will pay such additional amounts (&ldquo;<B>Company
Additional Amounts</B>&rdquo;) as may be necessary so that the net amount received (including Company Additional Amounts) by each Holder
(including, as applicable, the beneficial owners in respect of any such Holder) after such withholding or deduction will not be less than
the amount the Holder (including, as applicable, the beneficial owners in respect of any such Holder) would have received if such Taxes
had not been withheld or deducted; provided that no Company Additional Amounts will be payable with respect to: (a)&nbsp;any payment to
a Holder or beneficial owner who is liable for such Taxes in respect of such note (i)&nbsp;by reason of such Holder or beneficial owner,
or any other person entitled to payments on the note, being a person with whom BFI or the Company does not deal at arm&rsquo;s length
(within the meaning of the <I>Income Tax&nbsp;Act</I> (Canada) (the&nbsp;&ldquo;<B>Tax&nbsp;Act</B>&rdquo;)), (ii)&nbsp;by reason of the
existence of any present or former connection between such Holder or beneficial owner (or&nbsp;between a fiduciary, settlor, beneficiary,
member or shareholder of, or possessor of power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate,
trust, partnership, limited liability company or corporation) and Canada or any province or territory thereof or therein other than the
mere ownership, or receiving payments under or enforcing any rights in respect of such note as a non-resident or deemed non-resident of
Canada or any province or territory thereof or therein, (iii)&nbsp;by reason of such Holder or beneficial owner being a &ldquo;specified
shareholder&rdquo; of BFI or not dealing at arm&rsquo;s length with a &ldquo;specified shareholder&rdquo; of BFI as defined in subsection
18(5)&nbsp;of the Tax Act, or (iv)&nbsp;by reason of such Holder or beneficial owner being an entity in respect of which BFI is a &ldquo;specified
entity&rdquo; as defined in subsection 18.4(1)&nbsp;of the Tax Act; (b)&nbsp;any Tax that is levied or collected other than by withholding
from payments on or in respect of the notes; (c)&nbsp;any note presented for payment (where presentation is required) more than 30&nbsp;days
after the later of (i)&nbsp;the date on which such payment first becomes due or (ii)&nbsp;if the full amount of the monies payable has
not been paid to the Holders or beneficial owners of the notes on or prior to such date, the date on which the full amount of such monies
has been paid to the Holders or beneficial owners of the notes, except to the extent that the Holder or beneficial owner of the notes
would have been entitled to such Company Additional Amounts on presentation of the same for payment on the last day of such period of
30&nbsp;days; (d)&nbsp;any estate, inheritance, gift, sales, transfer, excise or personal property Tax or any similar Tax; (e)&nbsp;any
Tax imposed as a result of the failure of a Holder or beneficial owner to comply with certification, identification, declaration, filing
or similar reporting requirements concerning the nationality, residence, identity or connection with Canada or any province or territory
thereof or therein of such Holder or beneficial owner, if such compliance is required by statute or by regulation, as a precondition to
reduction of, or exemption, from such Tax; (f)&nbsp;any (i)&nbsp;tax, assessment, withholding or deduction required pursuant to Sections&nbsp;1471
to&nbsp;1474 of the U.S.&nbsp;Internal Revenue Code of 1986, as amended (&ldquo;<B>FATCA</B>&rdquo;), or any successor version thereof,
or any similar legislation imposed by any other governmental authority, or (ii)&nbsp;Tax or penalty arising from the Holder&rsquo;s or
beneficial owner&rsquo;s failure to properly comply with the Holder&rsquo;s or beneficial owner&rsquo;s obligations imposed under the
Canada-United States Enhanced Tax Information Exchange Agreement Implementation Act (Canada) or any treaty, law or regulation or other
official guidance enacted by Canada implementing FATCA or an intergovernmental agreement with respect to FATCA or any similar legislation
imposed by any other governmental authority, including, for greater certainty, Part&nbsp;XVIII and Part&nbsp;XIX of the Tax Act; or (g)&nbsp;any
combination of the foregoing clauses&nbsp;(a)&nbsp;to&nbsp;(f).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BFI or the Company (as applicable)
will also (1)&nbsp;make such withholding or deduction and (2)&nbsp;remit the full amount deducted or withheld by it to the relevant authority
in accordance with applicable law. BFI or the Company (as applicable) will furnish to the Holders of the notes, within 30&nbsp;days after
the date the payment of any Taxes by it is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by
it. BFI and the Company will indemnify and hold harmless each Holder (including, as applicable, the beneficial owners in respect of any
such Holder) and, upon written request, will reimburse each such Holder (including, as applicable, the beneficial owners in respect of
any such Holder) for the amount of (i)&nbsp;any Taxes (other than any Taxes for which Company Additional Amounts would not be payable
pursuant to clauses (a)&nbsp;through&nbsp;(g)&nbsp;above) levied or imposed and paid by such Holder (including, as applicable, the beneficial
owners in respect of any such Holder) as a result of payments made under or with respect to the notes which have not been withheld or
deducted and remitted by BFI or the Company (as applicable) in accordance with applicable law, (ii)&nbsp;any liability (including penalties,
interest and expenses) arising therefrom or with respect thereto, and (iii)&nbsp;any Taxes (other than any Taxes for which Company Additional
Amounts would not be payable pursuant to clauses&nbsp;(a)&nbsp;through&nbsp;(g)&nbsp;above) imposed with respect to any reimbursement
under clause&nbsp;(i)&nbsp;or&nbsp;(ii)&nbsp;above, but excluding any such Taxes on such Holder&rsquo;s (including, as applicable, the
beneficial owners in respect of any such Holder&rsquo;s) net income.</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">Whenever in the Indenture
there is mentioned, in any context, the payment of principal (and&nbsp;premium, if any), Redemption Price, Purchase Price, Change of Control
Payment, interest or any other amount payable under or with respect to any note, such mention shall be deemed to include mention of the
payment of Company Additional Amounts to the extent that, in such context, Company Additional Amounts are, were or would be payable in
respect thereof.</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"><B>Co-Obligors and/or Additional Guarantors</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">Without the consent of any
Holders, BFI, when authorized by a resolution of the board of directors of BFI, the Company and the Trustee, may enter into an indenture
supplemental to the Indenture in respect of the notes, in form satisfactory to the Trustee, for the purpose of adding as a co-obligor
(whether as an additional issuer or guarantor) of the notes, an Affiliate of BFI or the Company (each, a &ldquo;<B>Co-Obligor</B>&rdquo;);
provided that any such Co-Obligor shall be organized or formed under the laws of (1)&nbsp;any state of the United States, (2)&nbsp;Canada
or any province or territory thereof, (3)&nbsp;the United Kingdom, (4)&nbsp;Australia or (5)&nbsp;any country that is a member of the
European Union and <I>provided further</I>, that BFI may only add a Co-Obligor if BFI determines that adding such Co-Obligor would not
result in a deemed sale or exchange of the notes by any holder for U.S. federal income tax purposes under applicable Treasury Regulations
or a disposition of the notes by any holder or beneficial owner of notes for Canadian federal income tax purposes. Any such supplemental
indenture entered into for the purpose of adding a Co-Obligor formed under any jurisdiction other than a state of the United States (each,
a &ldquo;<B>Non-U.S. Co-Obligor</B>&rdquo;) shall include a provision for (i)&nbsp;the payment of additional amounts (&ldquo;<B>Other
Additional Amounts</B>&rdquo;) in the form substantially similar to that described in &ldquo;&mdash; Company Additional Amounts&rdquo;,
with such modifications as the Company and such Non-U.S. Co-Obligor reasonably determine are customary and appropriate for U.S. and Canadian
bondholders to address then-applicable (or potentially applicable future) taxes, duties, levies, imposts, assessments or other governmental
charges imposed or levied by or on behalf of the applicable governmental authority in respect of payments made by such Non-U.S. Co-Obligor
under or with respect to the notes, including any exceptions thereto as the Company and such Non-U.S. Co-Obligor shall reasonably determine
would be customary and appropriate for U.S. and Canadian bondholders and (ii)&nbsp;the right of any issuer to redeem the notes at 100%
of the aggregate principal amount thereof plus accrued interest thereon in the event that Other Additional Amounts become payable by a
Non-U.S. Co-Obligor in respect of the notes as a result of any change in law or official position regarding the application or interpretation
of any law that is announced or becomes effective after the date of such supplemental indenture.</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: justify; text-indent: 0.5in">Any such Co-Obligor shall
be jointly and severally liable with BFI or the Company (as applicable) to pay the principal, premium, if any, and interest on the notes.</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"><B>Redemption for Changes in Canadian Withholding
Taxes</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">The notes will be subject
to redemption as a whole, but not in part, at the option of BFI at any time at 100% of the principal amount, together with accrued and
unpaid interest thereon to the redemption date, in the event BFI shall have received an opinion from independent tax counsel experienced
in such matters to the effect that BFI has become, or would become, obligated to pay, on the next date on which any amount would be payable
with respect to the notes, any Company Additional Amounts and Other Additional Amounts as a result of a change in the laws of Canada or
any political subdivision or taxing authority thereof or therein (including any regulations promulgated thereunder), or any change in
any official position regarding the application or interpretation of such laws or regulations, which change is announced or becomes effective
on or after the date of the Twelfth Supplemental Indenture.</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"><B>Events of Default</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">Each of the following will
constitute an Event of Default under the Indenture with respect to the notes: (a) failure to pay any interest on the notes when due, which
failure continues for 30 days; (b) failure to pay principal of, or any premium on, the notes when due; (c) failure to deposit any sinking
fund payment, when due, in respect of the notes; (d) failure to perform any other covenant or warranty of BFI or the Company in the Indenture
(other than a covenant or warranty included in the Indenture solely for the benefit of a series of notes other than the notes offered
hereby), which failure continues for 60 days after written notice has been given by the Trustee or the holders of at least 25% in aggregate
principal amount of outstanding notes, as provided in the Indenture; (e) the Company&rsquo;s Guarantee Obligations shall, for any reason,
cease to be, or the Company shall assert in writing to the Trustee or the holders thereof that such guarantee is not in full force and
effect and enforceable against the Company in accordance with its terms; (f) default by the Company in the payment of principal of, premium,
if any, or interest on, any obligation for borrowed money indebtedness (other than an obligation payable on demand or maturing less than
12 months from the creation or issue thereof) in an outstanding principal amount in excess of 5% of Consolidated Net Worth in the aggregate
at the time of default, or any failure in the performance of any other covenant of the Company contained in any instrument under which
such obligations are created or issued, provided that in each such case all cure periods relating to such default have expired and the
holders of such borrowed money indebtedness or a trustee for such holders (if any) declares such indebtedness to be due and payable prior
to its stated maturity, and provided further that if any such default is waived at any time by such holders or trustee in accordance with
the terms of such instrument, then the Event of Default under the Indenture shall be deemed to be waived without further action on the
part of the Trustee or the holders; (g) certain events of bankruptcy, insolvency or reorganization affecting the Company or BFI; and (h)
the failure by BFI to comply with the obligations described herein under &ldquo;&mdash; Change of Control&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Covenants</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">The following covenants shall
apply to the notes:</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 0pt 0.5in; text-align: justify"><B><I>Negative Pledge</I></B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BFI shall at all times remain
a Subsidiary of the Company.</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"><B>Certain Definitions</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">Set forth below is a summary
of certain of the defined terms used in the Indenture. Reference is made to the Indenture for the full definition of all defined terms.</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">&ldquo;<B><I>Affiliate</I></B>&rdquo;
of any Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such Person. For the purposes of this definition, &ldquo;control&rdquo;, when used with respect to any Person, means the power to influence
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms &ldquo;controlling&rdquo; and &ldquo;controlled&rdquo; have meanings correlative to the&nbsp;foregoing.</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">&ldquo;<B><I>Capital Stock</I></B>&rdquo;
of any Person means any and all shares, units, interests, participations or other equivalents (however designated) of corporate stock
or other equity participations, including partnership interests, whether general or limited, of such&nbsp;Person.</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">&ldquo;<B><I>Consolidated
Net Worth</I></B>&rdquo; means the consolidated equity of the Company and its Subsidiaries determined on a consolidated basis in accordance
with generally accepted accounting principles (including all preferred equity and all equity securities that are classified as liabilities
for purposes of generally accepted accounting principles but are convertible, either at the option of the issuer or the holder of such
securities, into equity and are not redeemable at the sole option of the holder for consideration other than equity), plus, without duplication,
Qualifying Subordinated Debt and Deferred Credits.</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">&ldquo;<B><I>Deferred Credits</I></B>&rdquo;
means the deferred credits of the Company and its Subsidiaries determined on a consolidated basis in accordance with generally accepted
accounting principles.</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">&ldquo;<B><I>Guarantee Obligations</I></B>&rdquo;
means the guarantee obligations of the Company pursuant to Article&nbsp;5 of the Indenture but solely in respect of the notes.</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">&ldquo;<B><I>Holder</I></B>&rdquo;
means a Person in whose name a note is registered in the security register in respect of the notes.</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">&ldquo;<B><I>Lien</I></B>&rdquo;
means, with respect to any property or asset, any mortgage, charge, hypothecation, pledge, encumbrance on, or other security interest
in, such property or asset.</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">&ldquo;<B><I>Qualifying Subordinated
Debt</I></B>&rdquo; means Debt of the Company and its Subsidiaries which by its terms provides that the payment of principal of (and premium,
if any) and interest on and all other payment obligations in respect of such Debt shall be subordinate to the prior payment in full of
the Company&rsquo;s obligations in respect of the notes to at least the extent that no payment of principal of (or premium, if any) or
interest on or otherwise due in respect of such Debt may be made for so long as there exists any default in the payment of principal (or
premium, if any) or interest on the notes.</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: justify; text-indent: 0.5in">&ldquo;<B><I>Subsidiary</I></B>&rdquo;
of any Person means (i)&nbsp;a corporation 50% or more of the combined voting power of the outstanding Voting Stock of which is owned,
directly or indirectly, by such Person or by one or more other Subsidiaries of such Person or by such Person and one or more Subsidiaries
thereof, or (ii)&nbsp;any other Person (other than a corporation) in which such Person, or one or more other Subsidiaries of such Person
or such Person and one or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership and power to direct
the policies, management and affairs thereof.</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">&ldquo;<B><I>Voting Stock</I></B>&rdquo;
of any Person means Capital Stock of such Person which ordinarily has voting power for the election of directors (or persons performing
similar functions) of such Person, whether at all times or only so long as no senior class of securities has such voting power by reason
of any contingency.</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"><B>The Trustee and the Paying Agent</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">The address of the Trustee
is 100 University Avenue, 8th Floor, Toronto, Ontario M5J 2Yl. The &ldquo;<B>Place of Payment</B>&rdquo; for the notes will be at the
address of the Paying Agent, currently located at 1505 Energy Park Drive, St Paul, MN 55108.</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"><B>Book-Entry System</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">Each of the notes will be
represented by one or more global notes (collectively, the &ldquo;<B>Global Notes</B>&rdquo;) registered in the name of The Depository
Trust Company, or its nominee, as Depositary (the&nbsp;&ldquo;<B>Depositary</B>&rdquo;). The provisions set forth under &ldquo;Description
of Debt Securities&nbsp;&mdash; Registered Global Securities&rdquo; in the accompanying base shelf prospectus will be applicable to the
notes. Accordingly, beneficial interests in the notes will be shown on, and transfers thereof will be effected only through, records maintained
by the Depositary and its Participants (as&nbsp;defined herein). Except as described under &ldquo;Description of Debt Securities&nbsp;&mdash;
Registered Global Securities&rdquo; in the accompanying base shelf prospectus, owners of beneficial interests in the Global Notes will
not be entitled to receive notes in definitive form and will not be considered holders of notes under the&nbsp;Indenture.</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">The following is based on
information furnished by the Depositary: the Depositary is a limited-purpose trust company organized under the New&nbsp;York Banking Law,
a &ldquo;banking organization&rdquo; within the meaning of the New&nbsp;York Banking Law, a member of the Federal Reserve System, a &ldquo;clearing
corporation&rdquo; within the meaning of the New&nbsp;York Uniform Commercial Code, and a &ldquo;clearing agency&rdquo; registered pursuant
to the provisions of Section&nbsp;17A of the Exchange Act. The Depositary holds securities that its Participants deposit with the Depositary.
The Depositary also facilitates the settlement among Participants of securities transactions, such as transfers and pledges, in deposited
securities through electronic computerized book-entry changes in Participants&rsquo; accounts, thereby eliminating the need for physical
movement of securities certificates. These direct Participants (&ldquo;<B>Direct Participants</B>&rdquo;) include securities brokers and
dealers, banks, trust companies, clearing corporations and certain other organizations. The Depositary is a wholly-owned subsidiary of
The Depository Trust&nbsp;&amp; Clearing Corporation (&ldquo;<B>DTCC</B>&rdquo;). DTCC is the holding company for the Depositary, National
Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by
the users of its regulated subsidiaries. Access to the Depositary&rsquo;s system is also available to others such as securities brokers
and dealers, banks and trust companies that clear through or maintain a custodial relationship with a Direct Participant, either directly
or indirectly (&ldquo;<B>Indirect Participants</B>&rdquo;, and together with Direct Participants, &ldquo;<B>Participants</B>&rdquo;).
The rules&nbsp;applicable to the Depositary and its Participants are on file with the SEC.</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">Principal and interest payments
on the notes registered in the name of the Depositary&rsquo;s nominee will be made in immediately available funds to the Depositary&rsquo;s
nominee as the registered owner of the Global Notes. Under the terms of the Indenture, BFI and the Trustee will treat the persons in whose
names the notes are registered as the owners of such notes for the purpose of receiving payment of principal and interest on such notes
and for all other purposes whatsoever. Therefore, neither BFI, the Company, the Trustee nor any Paying Agent for the notes has any direct
responsibility or liability for the payment of principal or interest on the notes to owners of beneficial interests in the Global Notes.
The Depositary has advised BFI, the Company and the Trustee that its current practice is, upon receipt of any payment of principal or
interest, to credit the accounts of Participants on the payment date with such payment in amounts proportionate to their respective beneficial
interests in the principal amount of the Global Notes as shown in the records of the Depositary, unless the Depositary has reason to believe
that it will not receive payment on the payment date. Payments by Direct Participants and Indirect Participants to owners of beneficial
interests in the Global Notes will be governed by standing instructions and customary practices, as is now the case with securities held
for the accounts of customers in bearer form or registered in &ldquo;street name&rdquo;, and will be the responsibility of the Direct
Participants or Indirect Participants, and not of the Depositary, the Trustee, BFI or the Company, subject to any statutory requirements
as may be in effect from time to time. Payment of principal and interest to the Depositary is the responsibility of BFI or the Trustee,
disbursement of such payments to Participants shall be the responsibility of the Depositary, and the disbursement of such payments to
the owners of beneficial interests in the Global Notes shall be the responsibility of Participants.</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: justify; text-indent: 0.5in">BFI understands that, under
existing industry practice, if BFI were to request any action by the Holders or if an owner of a beneficial interest in the Global Notes
were to desire to take any action that the Depositary, as the registered owner of the Global Notes, is entitled to take, the Depositary
would authorize Participants to take such action, and that Participants would, in turn, authorize beneficial owners owning through them
to take such action or would otherwise act upon the instructions of such beneficial owners.</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="text-transform: uppercase"><B><A NAME="psa_012"></A>CERTAIN
CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</B></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: justify; text-indent: 0.5in">In the opinion of
Torys&nbsp;LLP, counsel to BFI, and Goodmans&nbsp;LLP, Canadian counsel to the underwriters (together,
 &ldquo;<B>Counsel</B>&rdquo;), the following is, at the date hereof, a general summary of the principal Canadian federal income tax
considerations generally applicable under the Tax&nbsp;Act to a beneficial owner of notes (including entitlement to all payments
thereunder) acquired hereunder who, at all relevant times, for the purposes of the Tax&nbsp;Act, deals at arm&rsquo;s length and is
not affiliated with any of the underwriters, BFI or the Company (a&nbsp;&ldquo;<B>Note Holder</B>&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; text-indent: 0.5in">This summary is not applicable
to a Note Holder (i)&nbsp;that is a &ldquo;financial institution&rdquo; (as&nbsp;defined in the Tax&nbsp;Act for purposes of the &ldquo;mark-to-market&rdquo;
property rules), (ii)&nbsp;an interest in which is a &ldquo;tax shelter investment&rdquo; (as&nbsp;defined in the Tax&nbsp;Act), (iii)&nbsp;that
has elected to report its &ldquo;Canadian tax results&rdquo; (as defined in the Tax Act) in a functional currency in accordance with the
provisions of the Tax&nbsp;Act or (iv)&nbsp;that enters into or will enter into a &ldquo;derivative forward agreement&rdquo; (as&nbsp;defined
in the Tax&nbsp;Act) in respect of the notes. Such Note Holders should consult their own tax advisors having regard to their particular
circumstances. This summary does not address the split income rules&nbsp;in section 120.4 of the Tax Act. Note Holders should consult
their own tax advisors in this regard. In addition, this summary does not address the deductibility of interest by a Note Holder who has
borrowed money or otherwise incurred debt in connection with the acquisition of the notes. Note Holders should consult their own tax advisors
in that regard.</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">This summary is based upon
the facts set out in this prospectus supplement, the current provisions of the Tax&nbsp;Act and the regulations thereunder (the&nbsp;&ldquo;<B>Regulations</B>&rdquo;)
in force at the date of this prospectus supplement, all specific proposals to amend the Tax&nbsp;Act and the Regulations publicly announced
by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the &ldquo;<B>Proposed Amendments</B>&rdquo;) and Counsel&rsquo;s
understanding of the current administrative policies and assessing practices published in writing by the Canada Revenue Agency (the&nbsp;&ldquo;<B>CRA</B>&rdquo;)
prior to the date hereof. There can be no assurance that the proposed amendments will be implemented in their current form or at all.
This summary does not otherwise take into account or anticipate any changes of law or practice, whether by judicial, governmental or legislative
decision or action or changes in the administrative policies or assessment practices of the CRA, nor does it take into account tax legislation
or considerations of any province, territory or foreign jurisdiction, which may differ significantly from those discussed herein.</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">This summary assumes that
no Affiliate of BFI or the Company will be added as a Co-Obligor under the notes. Note Holders should consult with their own tax advisors
with respect to the tax consequences to them of the addition of a Co-Obligor under the notes.</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">This summary does not address
the possible application of the rules&nbsp;in the Tax Act related to hybrid mismatch arrangement (&ldquo;the <B>Hybrid Mismatch Rules</B>&rdquo;)
to a Note Holder (i)&nbsp;that disposes of a note to a person or entity with which it does not deal at arm&rsquo;s length or to an entity
that is a &ldquo;specified entity&rdquo; (as defined in the Hybrid Mismatch Rules) with respect to the Note Holder or in respect of which
the Note Holder is a &ldquo;specified entity&rdquo;, (ii)&nbsp;that disposes of a note under, or in connection with, a &ldquo;structured
arrangement&rdquo; (as defined in the Hybrid Mismatch Rules), or (iii)&nbsp;in respect of which BFI is a &ldquo;specified entity&rdquo;.
Such Note Holders should consult their own tax advisors.</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"><B>This summary is of a general
nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Note Holder and no representations
with respect to the income tax consequences to any particular Note Holder are made. This summary is not exhaustive of all Canadian federal
income tax considerations. Accordingly, prospective purchasers should consult their own tax advisors for advice with respect to the tax
consequences to them of acquiring, holding and disposing of the notes, including the application and effect of the income and other tax
laws of any country, province, territory, state or local tax authority.</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">For purposes of the Tax&nbsp;Act,
all amounts, including interest, adjusted cost base and proceeds of disposition, must be expressed in Canadian dollars. For purposes of
the Tax&nbsp;Act, amounts denominated in U.S.&nbsp;dollars generally must be converted into Canadian dollars using the appropriate exchange
rate determined in accordance with the detailed rules&nbsp;in the Tax Act in that regard.</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"><B><I>Residents of Canada</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following portion of the
summary is generally applicable to a Note Holder who, at all relevant times, for the purposes of the Tax&nbsp;Act, is or is deemed to
be resident in Canada, and holds the notes as capital property (a&nbsp;&ldquo;<B>Resident Note Holder</B>&rdquo;). Generally, the notes
will be considered to be capital property to a Resident Note Holder provided that the Resident Note Holder does not hold the notes in
the course of carrying on a business of buying and selling securities and has not acquired them in one or more transactions considered
to be an adventure or concern in the nature of trade. Certain Resident Note Holders whose notes might not otherwise qualify as capital
property may be entitled to have the notes, and all other &ldquo;Canadian securities&rdquo; (as defined in the Tax Act) owned by the Resident
Note Holder in the year and in each subsequent taxation year, deemed to be capital property by making an irrevocable election permitted
by subsection&nbsp;39(4)&nbsp;of the Tax&nbsp;Act. Such Resident Note Holders should consult their own tax advisors as to whether this
election is available and advisable, having regard to their own particular circumstances.</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: justify; text-indent: 0.5in"><I>Interest</I></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">A Resident Note Holder that
is a corporation, partnership, unit trust or any trust of which a corporation or partnership is a beneficiary will be required to include
in computing its income for a taxation year any interest (or amount that is considered for the purposes of the Tax Act to be interest)
on a note that accrues (or&nbsp;is deemed to accrue) to the Resident Note Holder to the end of that taxation year or that becomes receivable
by or is received by the Resident Note Holder before the end of that taxation year, except to the extent that such interest was otherwise
included in computing the Resident Note Holder&rsquo;s income for a preceding taxation year.</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">Any other Resident Note Holder,
including an individual and a trust (other than a unit trust) of which neither a corporation nor a partnership is a beneficiary, will
be required to include in computing its income for a taxation year any interest on a note received or receivable by such Resident Note
Holder in that taxation year (depending upon the method regularly followed by the Resident Note Holder in computing its income) as interest
(or amount that is considered for the purposes of the Tax Act to be interest) on a note, except to the extent that the interest was included
in the Resident Note Holder&rsquo;s income for a preceding taxation year.</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">The notes may be issued at
a discount from their face value. In such circumstances, a Resident Note Holder may be required to include an amount equal to such discount
in computing income, either in accordance with the deemed interest accrual rules&nbsp;contained in the Tax Act and Regulations or in the
taxation year in which an amount in respect of the discount is received or receivable by the Resident Note Holder. Resident Note Holders
should consult their own tax advisors in these circumstances, as the treatment of the discount may vary with the facts and circumstances
giving rise to the discount.</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">Any premium paid by BFI to
a Resident Note Holder because of the redemption or purchase for cancellation by it of a note before maturity generally will be deemed
to be interest received at that time by the Resident Note Holder to the extent that such premium can reasonably be considered to relate
to, and does not exceed the value at the time of the redemption or purchase for cancellation of, the interest that would have been paid
or payable by BFI on the note for a taxation year ending after the&nbsp;redemption or purchase for cancellation.</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"><I>Disposition</I></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">On a disposition or deemed
disposition of a note, whether on redemption, purchase for cancellation or otherwise, a Resident Note Holder generally will be required
to include in its income the amount of interest accrued (or&nbsp;deemed to accrue) to the Resident Note Holder on the note from the date
of the last interest payment to the date of disposition, except to the extent that such amount has otherwise been included in the Resident
Note Holder&rsquo;s income for the taxation year or a previous taxation year. A Resident Note Holder may also be required to include in
computing income the amount of any discount received or receivable by such Resident Note Holder. In general, a disposition or deemed disposition
of a note will give rise to a capital gain (or&nbsp;capital loss) to the extent that the proceeds of disposition, excluding any accrued
interest and any other amount included in computing income and any reasonable costs of disposition, exceed (or&nbsp;are exceeded by) the
adjusted cost base of the note to the Resident Note Holder immediately before the disposition.</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">A Note Holder&rsquo;s adjusted
cost base of a note acquired pursuant to this Prospectus will generally include any amount paid to acquire the note plus the amount of
any discount included in income by such Note Holder. A Resident Note Holder that receives repayment in full of the outstanding principal
amount of a note upon maturity will be considered to have disposed of the note for proceeds of disposition equal to such outstanding principal
amount.</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">Subject to the Capital Gains
Proposals (as defined below), one half of the amount of any capital gain (a&nbsp;&ldquo;<B>taxable capital gain</B>&rdquo;) realized by
a Resident Note Holder in a taxation year generally must be included in the Resident Note Holder&rsquo;s income for that year, and one-half
of the amount of any capital loss (an&nbsp;&ldquo;<B>allowable capital loss</B>&rdquo;) realized by a Resident Note Holder in a taxation
year must generally be deducted from taxable capital gains realized by the Resident Note Holder in that year. Allowable capital losses
in excess of taxable capital gains realized in a taxation year may be carried back and deducted in any of the three preceding taxation
years or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized in such years to the
extent and under the circumstances described in the Tax Act.</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: justify; text-indent: 0.5in">Proposed Amendments related
to the capital gains inclusion rate (the &ldquo;<B>Capital Gains Proposals</B>&rdquo;) would, if enacted, increase a Resident Holder&rsquo;s
capital gains inclusion rate from one-half to two-thirds. The Capital Gains Proposals include provisions that would, generally, offset
the increase in the capital gains inclusion rate for up to Cdn$250,000 of net capital gains realized (or deemed to be realized) by Resident
Holders that are individuals (including certain trusts) in the year that are not offset by net capital losses carried back or forward
from another taxation year. The Capital Gains Proposals also provide that capital losses which are deductible against capital gains will
offset an equivalent capital gain regardless of the inclusion rate which applied at the time such capital losses were realized. On January&nbsp;31,
2025, the Department of Finance announced its intention to defer the date on which the capital gains inclusion rate would be increased
pursuant to the Capital Gains Proposals from June&nbsp;25, 2024 (as initially proposed) to January&nbsp;1, 2026. Resident Holders should
consult their own tax advisors with respect to the Capital Gains Proposals.</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">Resident Note Holders that
are individuals (other than certain trusts) may be subject to the alternative minimum tax provisions of the Tax Act in respect of realized
capital gains. Such Resident Note Holders should consult their own tax advisors</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"><I>Additional Refundable Tax</I></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">A Resident Note Holder that
is or is deemed to be a &ldquo;Canadian-controlled private corporation&rdquo; (as defined in the Tax Act) throughout a taxation year or,
at any time in the taxation year, a &ldquo;substantive CCPC&rdquo; (as defined in the Tax Act) may be liable to pay an additional tax
(refundable in certain circumstances) on its &ldquo;aggregate investment income&rdquo; for such year (as defined in the Tax Act), including
amounts in respect of interest and net taxable capital gains. Resident Note Holders are advised to consult their own tax advisors in this
regard.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Non-Residents of Canada</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following portion of the
summary is generally applicable to a Note Holder who, at all relevant times, for purposes of the Tax&nbsp;Act, is not, and is not deemed
to be, a resident of Canada, does not use or hold and is not deemed to use or hold the notes in or in the course of carrying on business
in Canada, deals at arm&rsquo;s length with any person resident in Canada to whom the Note Holder disposes of a note and is not a &ldquo;specified
shareholder&rdquo; (as&nbsp;defined in subsection&nbsp;18(5)&nbsp;of the Tax&nbsp;Act) of BFI of the Company or a person who does not
deal at arm&rsquo;s length with such specified shareholder (a&nbsp;&ldquo;<B>Non-Resident Note Holder</B>&rdquo;). Special rules, which
are not discussed below, may apply to a non-resident of Canada that is an insurer which carries on business in Canada and elsewhere. This
portion of the summary assumes that no interest paid on a Non-Resident Note Holder&rsquo;s notes will be in respect of a debt or other
obligation to pay an amount to a person with whom BFI or the Company does not deal at arm&rsquo;s length within the meaning of the Tax
Act.</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">Amounts which are, or are
deemed to be, interest for purposes of the Tax&nbsp;Act paid or credited by BFI or the Company on the notes to a Non-Resident Note Holder
will not be subject to non-resident withholding tax and no non-resident withholding tax will apply to the proceeds received by a Non-Resident
Note Holder on a disposition of a note, including a redemption, payment on maturity or repurchase.</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">Generally, no other tax on
income or gains under the Tax&nbsp;Act will be payable by a Non-Resident Note Holder on interest, principal, premium, bonus or penalty
on a note or on the proceeds received by a Non-Resident Note Holder on the disposition of a note, including a redemption, payment on maturity
or repurchase.</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="text-transform: uppercase"><A NAME="psa_013"></A><B>CERTAIN
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</B></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: justify; text-indent: 0.5in">The following is a summary
of certain U.S.&nbsp;federal income tax considerations relating to the purchase, ownership, and disposition of a note by a U.S.&nbsp;Holder
(as&nbsp;defined herein) that purchases such note pursuant to this offering at the price set forth on the cover of this prospectus supplement.
This summary is based on the Internal Revenue Code of 1986, as amended (the&nbsp;&ldquo;<B>Code</B>&rdquo;), administrative pronouncements,
published rulings, judicial decisions, existing Treasury Regulations promulgated under the Code (the &ldquo;<B>Treasury Regulations</B>&rdquo;)
and interpretations of the foregoing, as in effect on the date hereof, all of which are subject to change (possibly with retroactive effect)
and differing interpretations. This summary discusses only notes held as capital assets within the meaning of Section&nbsp;1221 of the
Code (generally, property held for investment purposes). This summary is intended for general information purposes only and does not discuss
all of the tax consequences that may be relevant to U.S.&nbsp;Holders in light of their particular circumstances or to U.S.&nbsp;Holders
subject to special tax rules, such as banks or other financial institutions, tax-exempt organizations, insurance companies, regulated
investment companies, real estate investment trusts or other common trust funds, partnerships or other entities or arrangements classified
as partnerships for U.S. federal income tax purposes (and&nbsp;any investors thereof), certain former citizens or long-term residents
of the United&nbsp;States, dealers or traders in securities or foreign currency, U.S.&nbsp;Holders subject to the alternative minimum
tax, U.S.&nbsp;Holders whose functional currency is not United&nbsp;States dollars, persons subject to special tax accounting rules&nbsp;under
Section&nbsp;451(b)&nbsp;of the Code, or persons that hold notes that are a hedge or that are hedged against currency risks or that are
part of a straddle or conversion transaction. In addition, this summary does not address any aspects of other U.S.&nbsp;federal tax laws,
such as estate and gift tax laws or the Medicare contribution tax on net investment income, or any applicable state, local or non-U.S.
tax laws.</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">For purposes of this summary,
a &ldquo;<B>U.S.&nbsp;Holder</B>&rdquo; is a beneficial owner of a note that, for U.S.&nbsp;federal income tax purposes, is (i)&nbsp;a
citizen or individual resident of the United&nbsp;States; (ii)&nbsp;a corporation, or other entity treated as a corporation for U.S.&nbsp;federal
income tax purposes, that is created in or organized under the laws of the United&nbsp;States, any state thereof, or the District of Columbia;
(iii)&nbsp;an estate the income of which is includible in gross income for U.S.&nbsp;federal income tax purposes regardless of its source;
or (iv)&nbsp;a trust if (A)&nbsp;a U.S.&nbsp;court is able to exercise primary supervision of the administration of the trust and one
or more U.S.&nbsp;persons have the authority to control all substantial decisions of the trust or (B)&nbsp;the trust has made a valid
election to be treated as a U.S.&nbsp;person under applicable Treasury Regulations.</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"><B>If a partnership, or other
entity or arrangement classified as a partnership for U.S.&nbsp;federal income tax purposes, owns a note, the tax treatment of a partner
in the partnership will depend upon the status of the partner and the activities of the partnership. Partners in a partnership that owns
a note are urged to consult their tax advisers as to the particular U.S.&nbsp;federal income tax consequences applicable to&nbsp;them.</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">This summary does not constitute,
and should not be considered as, legal or tax advice to holders of notes. Prospective investors are urged to consult their tax advisers
with regard to the application of the tax considerations discussed below to their particular situations as well as the application of
any state, local, non-U.S. or other tax laws, including gift and estate tax laws.</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 0pt 0.5in; text-align: justify"><B><I>Effect of Repurchase Upon a Change
of Control Triggering Event</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BFI will be required to make
an offer to purchase the notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase
upon the occurrence of a Change of Control Triggering Event. It is possible that BFI&rsquo;s offer to repurchase the notes at a premium
could implicate the Treasury Regulations relating to &ldquo;contingent payment debt instruments.&rdquo; If the notes were characterized
as contingent payment debt instruments, U.S.&nbsp;Holders might, among other things, be required to accrue interest income at a rate higher
than the stated interest on the notes and to treat any gain recognized on the sale, exchange, retirement, redemption or other taxable
disposition of a note as ordinary income rather than as capital&nbsp;gain.</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">BFI intends to take the position
that the likelihood of such repurchase of the notes at a premium is remote or incidental, and thus that the notes should not be treated
as contingent payment debt instruments. BFI&rsquo;s determination that such a contingency is remote or incidental is binding on a U.S.&nbsp;Holder,
unless the U.S.&nbsp;Holder discloses a contrary position in the manner required by applicable Treasury Regulations. BFI&rsquo;s determination,
however, is not binding on the U.S.&nbsp;Internal Revenue Service (&ldquo;<B>IRS</B>&rdquo;), and the IRS could challenge this determination.</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">The remainder of this summary
assumes that BFI&rsquo;s determination that such a contingency is remote or incidental is correct. U.S.&nbsp;Holders are urged to consult
their tax advisers regarding the possible application of the special rules&nbsp;related to contingent payment debt instruments.</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 0pt 0.5in; text-align: justify"><B><I>Payments of Interest</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest on a note (including
any taxes withheld on payments of interest and any Company Additional Amounts or Other Additional Amounts, as applicable) generally will
be taxable to a U.S.&nbsp;Holder as ordinary income at the time received or accrued, in accordance with the holder&rsquo;s method of accounting
for U.S.&nbsp;federal income tax purposes.</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">Interest and any Company Additional
Amounts or Other Additional Amounts paid by BFI on the notes generally will constitute income from sources outside the United&nbsp;States
for the purpose of calculating the foreign tax credit allowable to a U.S.&nbsp;Holder. For U.S.&nbsp;foreign tax credit purposes, interest
and any Company Additional Amounts or Other Additional Amounts paid by BFI generally will constitute &ldquo;passive category income.&rdquo;
The rules relating to foreign tax credits are complex, and U.S.&nbsp;Holders are urged to consult their tax advisers regarding the availability
of a foreign tax credit under their particular circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Original Issue Discount</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is expected, and this summary
assumes, that the notes will not be issued with original issue discount (&ldquo;<B>OID</B>&rdquo;) for U.S. federal income tax purposes.
If, however, the stated redemption price of a note were to exceed its issue price by more than a de&nbsp;minimis amount, then a U.S.&nbsp;Holder
would be required to treat such excess amount as OID, which would be treated for U.S.&nbsp;federal income tax purposes as accruing over
the term of the note as interest income. Thus, a U.S.&nbsp;Holder would be required to include OID in income in advance of the receipt
of the cash to which such OID is attributable. The U.S.&nbsp;Holder&rsquo;s adjusted tax basis in a note would be increased by the amount
of any OID included in the U.S.&nbsp;Holder&rsquo;s gross income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>Sale, Exchange, Redemption or
Other Taxable Disposition of Notes</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the sale, exchange, redemption
or other taxable disposition of a note, a U.S.&nbsp;Holder generally will recognize gain or loss, if any, for U.S.&nbsp;federal income
tax purposes, equal to the difference between (i)&nbsp;the amount realized on such sale or other taxable disposition (other than amounts
received that are attributable to accrued but unpaid interest, which will be taxed as interest to the extent not previously included in
income, as described above) and (ii)&nbsp;the U.S.&nbsp;Holder&rsquo;s adjusted tax basis in the note. A U.S.&nbsp;Holder&rsquo;s adjusted
tax basis in a note generally will be the amount paid for the note, reduced by the amount of any payments on the note other than interest.</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">Gain or loss recognized by
a U.S.&nbsp;Holder on a sale or other taxable disposition of the notes generally will constitute capital gain or loss and will be long-term
capital gain or loss if the notes were held by the U.S.&nbsp;Holder for more than one year. For non-corporate U.S.&nbsp;Holders, the net
amount of long-term capital gain generally will be subject to taxation at reduced rates. A U.S.&nbsp;Holder&rsquo;s ability to offset
capital losses against ordinary income is limited. Gains recognized by a U.S.&nbsp;Holder on a sale or other taxable disposition of the
notes generally will be treated as U.S.-source income for U.S. foreign tax credit purposes.</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 0pt 0.5in; text-align: justify"><B><I>Information Reporting and Backup
Withholding</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, information reporting
will apply to payments of interest on a note and payments of the proceeds from a sale or other taxable disposition of a note made to U.S.&nbsp;Holders
other than certain exempt recipients (such as corporations). In addition, a U.S.&nbsp;Holder may be subject to backup withholding tax
on such payments if the U.S.&nbsp;Holder does not provide a taxpayer identification number, fails to certify that the holder is not subject
to backup withholding tax, or otherwise fails to comply with applicable backup withholding tax rules. Any amounts withheld under the backup
withholding rules&nbsp;will be allowed as a credit against a U.S.&nbsp;Holder&rsquo;s U.S.&nbsp;federal income tax liability, provided
that the required information is timely furnished to the IRS. Certain U.S.&nbsp;Holders that own &ldquo;specified foreign financial assets&rdquo;
with an aggregate value exceeding certain United States dollar thresholds may be required to include certain information with respect
to such assets with their U.S.&nbsp;federal income tax returns. U.S.&nbsp;Holders are urged to consult their tax advisers regarding the
foregoing requirements with respect to the notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
preceding summary of certain U.S.&nbsp;federal income tax considerations is for general information only and is not tax advice. Accordingly,
U.S.&nbsp;Holders </B></FONT><B>are urged to consult their tax advisers as to the particular tax consequences to them of purchasing, owning
and disposing of notes, including the applicability and effect of any federal, state, local or non-U.S.&nbsp;tax laws and of any proposed
changes in applicable law.</B></P>

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

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

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<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"><A NAME="psa_014"></A><FONT STYLE="text-transform: uppercase"><B>UNDERWRITING</B></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: justify; text-indent: 0.5in">Under the terms and subject
to the conditions contained in an underwriting agreement dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025, BFI has agreed to sell to the underwriters named below, for whom
Deutsche Bank Securities Inc. and SMBC Nikko Securities America,&nbsp;Inc. are acting as representatives (the&nbsp;&ldquo;<B>Representatives</B>&rdquo;),
the following respective principal amounts of notes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Principal Amount of Notes <BR>
(US$)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; text-align: left">Deutsche Bank Securities Inc.&#9;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 25%; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8239;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">SMBC Nikko Securities America,&nbsp;Inc.&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#8239;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total&#9;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">&#8239;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The offering price of US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(less the underwriters&rsquo; fees of US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) will be payable in cash to BFI against delivery on or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ,&nbsp; 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; text-indent: 0.5in">The underwriting agreement
provides that the underwriters are obligated to purchase all of the notes if any are purchased. The underwriting agreement also provides
that if an underwriter defaults, the purchase commitments of the non-defaulting underwriters may be increased or the offering of the notes
may be terminated.</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">The obligations of the underwriters
under the underwriting agreement are several and may be terminated at their discretion upon the occurrence of certain stated events. Such
events include, but are not limited to: (i)&nbsp;the suspension of the trading in the Class&nbsp;A Shares by the SEC, any Canadian securities
regulatory authority, the NYSE or the TSX or the suspension or limitation of trading in securities generally on the NYSE or on the TSX
or the establishment of minimum prices on either of such exchanges; (ii)&nbsp;the declaration of a banking moratorium either by U.S.&nbsp;federal,
New&nbsp;York State or Canadian authorities; and (iii)&nbsp;the occurrence of any outbreak or the escalation of hostilities, the declaration
by the U.S. 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 notes
as contemplated by this Prospectus. The public offering price of the notes was determined by negotiation between BFI, the Company and
the&nbsp;underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering of the notes is being made in all the provinces of Canada and in the United&nbsp;States pursuant to a multijurisdictional disclosure
system adopted by the United&nbsp;States. The notes will be offered in the United States and Canada through the underwriters either directly
or through their respective U.S. or Canadian broker-dealer affiliates or agents, as applicable. No sales will be effected in any province
of Canada by any underwriter not duly registered as a securities dealer under the laws of such province, other than sales effected pursuant
to the exemptions from the registration requirements under the laws of such&nbsp;province. This offering will be made in Canada by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , a
broker-dealer affiliate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. Deutsche Bank Securities Inc. and SMBC Nikko Securities America,&nbsp;Inc.</FONT>, whom we refer to in this
prospectus supplement as underwriters, will not offer the notes offered hereby in Canada.</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">The underwriters propose to
offer the notes initially at the public offering price on the cover page&nbsp;of this prospectus supplement and to selling group members
at that price less a selling concession of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the principal amount per note. The underwriters and selling group members may allow a
discount of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the principal amount per note on sales to other brokers/dealers. After the initial public offering, the underwriters
may change the public offering price and concession and discount to brokers/dealers.</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">After a reasonable effort
has been made to sell all of the notes at the public offering price on the cover page&nbsp;of this prospectus supplement, the underwriters
may subsequently reduce and thereafter change, from time to time, the price at which the notes are offered, provided that the notes are
not at any time offered at a price greater than the public offering price on the cover page&nbsp;of this prospectus supplement. The compensation
realized by the underwriters will be decreased by the amount that the aggregate price paid by purchasers for the notes is less than the
gross proceeds paid by the underwriters to BFI.</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">The following table shows
the underwriting fees and commissions that we are to pay to the underwriters in connection with this offering (expressed as a percentage
of the principal amount of the notes).</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%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal"><B>Paid
    by BFI<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt">Per note&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&#8239;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">There
will be no underwriting discount or commissions paid for any BWS purchased notes.</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: justify; text-indent: 0.5in">BFI estimates that its &ldquo;out
of pocket&rdquo; expenses for this offering, including filing fees, printing fees and legal and accounting expenses, but not the underwriting
fees and commissions, will be approximately US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The notes are a new issue
of securities with no established trading market and will not be listed on any securities or stock exchange. One or more of the underwriters
intends to make a secondary market for the notes. However, they are not obligated to do so and may discontinue making a secondary market
for the notes at any time without notice. No assurance can be given as to how liquid the trading market for the notes will be. See &ldquo;Risk
Factors.&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; text-indent: 0.5in">In connection with the offering
of the notes, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of the notes. Specifically,
the underwriters may sell a greater principal amount of notes than they are required to purchase in connection with the offering of the
notes, creating a syndicate short position. In addition, the underwriters may bid for, and purchase, notes in the open market to cover
syndicate short positions or to stabilize the price of the notes. Finally, the underwriting syndicate may reclaim selling concessions
allowed for distributing the notes in the offering of the notes, if the syndicate repurchases previously distributed notes in syndicate
covering transactions, stabilization transactions or otherwise. Any of these activities may stabilize or maintain the market price of
the notes above independent market levels. None of BFI, the Company or any of the underwriters make any representations or predictions
as to the direction or magnitude of any effect that the transactions described above may have on the price of the notes. The underwriters
are not required to engage in any of these transactions and may end any of them at any time.</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">The underwriters also may
impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount or commission
received by it because the underwriters have repurchased notes sold by or for the account of such other underwriter in stabilizing or
short-covering transactions.</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">In the underwriting agreement,
BFI and the Company have agreed that they will not, without the prior written consent of the Representatives, offer, sell, contract to
sell, pledge, or otherwise dispose of (or&nbsp;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, the Company
or any affiliate of BFI, the Company or any person in privity with BFI, the Company or any affiliate of BFI or the Company), directly
or indirectly, including the filing (or&nbsp;participation in the filing) of a registration statement with the SEC 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 Company (other than the notes) or publicly announce an intention
to effect any such transaction, until the closing of the offering of the notes. For the avoidance of doubt, this provision shall not prohibit
the incurrence of indebtedness by Brookfield under any commercial paper program or under Brookfield&rsquo;s revolving credit facilities
in effect on the date of the underwriting agreement. BFI and the Company have agreed to indemnify the several underwriters against certain
liabilities, including liabilities under the U.S. Securities Act of 1933, as amended, or contribute to payments that each underwriter
may be required to make in respect thereof.</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">The notes offered by this
Prospectus may not be offered or sold, directly or indirectly, nor may this Prospectus or any other offering material or advertisements
in connection with the offer and sale of any such notes be distributed or published in any jurisdiction, except under circumstances that
will result in compliance with the applicable rules&nbsp;and regulations of that jurisdiction. Persons into whose possession this Prospectus
comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this Prospectus.
This Prospectus does not constitute an offer to sell, or a solicitation of an offer to buy, any notes offered by this Prospectus in any
jurisdiction in which such an offer or a solicitation is unlawful.</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">Certain of the underwriters
and their affiliates have provided in the past to us and our affiliates and may provide from time to time in the future certain commercial
banking, financial advisory, investment banking and other services for us and our affiliates in the ordinary course of their business,
for which they have received and may continue to receive customary fees and commissions.</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">In addition, from time to
time, certain of the underwriters and their affiliates may effect transactions for their own account or the account of customers, and
hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do so in the
future. Certain of the underwriters or their affiliates that have a lending relationship with us routinely hedge their exposure to us
consistent with their customary risk management policies. Typically, such underwriters and their affiliates would hedge such exposure
by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities,
including potentially the notes offered hereby. Any such credit default swaps or short positions could adversely affect the future trading
price of the notes offered hereby. In addition, in the ordinary course of their business activities, the underwriters and their affiliates
may make or hold a broad array of investments and actively trade debt and equity securities (or&nbsp;related derivative securities) and
financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities
activities may involve securities or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment
recommendations or publish or express independent research views in respect of such securities or financial instruments and may hold,
or recommend to clients that they acquire, long or short positions in such securities and instruments.</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: justify; text-indent: 0.5in">We expect that delivery of
the notes will be made against payment therefor on or about the closing date specified on the cover page of this prospectus supplement,
which will be the second business day following the date of pricing of the notes (this settlement cycle being referred to as &ldquo;<B>T+2</B>&rdquo;).
Under Rule 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 notes prior to the delivery date may
be required, by virtue of the fact that the notes initially will settle in T+2, to specify an alternate settlement cycle at the time of
any such trade to prevent a failed settlement. Purchasers of notes who wish to trade notes prior to the delivery date should consult their
own advisor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in the European
Economic Area<SUP></SUP></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">The notes are not intended
to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor
in the European Economic Area (&ldquo;<B>EEA</B>&rdquo;). For these purposes, a retail investor means a person who is one (or more) of:
(i)&nbsp;a retail client as defined in point (11) of Article&nbsp;4(1)&nbsp;of Directive 2014/65/EU (as amended, &ldquo;<B>MiFID II</B>&rdquo;);
or (ii)&nbsp;a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional
client as defined in point (10)&nbsp;of Article&nbsp;4(1)&nbsp;of MiFID II; or (iii)&nbsp;not a qualified investor as defined in Regulation
(EU) 2017/1129 (as amended, the &ldquo;<B>Prospectus Regulation</B>&rdquo;). Consequently, no key information document required by Regulation
(EU) No 1286/2014 (as amended, the &ldquo;<B>PRIIPs Regulation</B>&rdquo;) for offering or selling the notes or otherwise making them
available to retail investors in the EEA has been prepared and therefore offering or selling the notes or otherwise making them available
to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. This Prospectus has been prepared on the basis that any
offer of notes in the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus
for offers of notes. This Prospectus is not a prospectus for the purposes of the Prospectus Regulation.</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">In connection with the offering,
Deutsche Bank Securities Inc. and SMBC Nikko Securities America,&nbsp;Inc. are not acting for anyone other than BFI and will not be responsible
to anyone other than BFI for providing the protections afforded to their clients nor for providing advice in relation to the offering.</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">The above selling restriction
is in addition to any other selling restrictions set out below.</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"><B>Notice to Prospective Investors in the United
Kingdom</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">The notes are not intended
to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor
in the United Kingdom (&ldquo;<B>UK</B>&rdquo;). For these purposes, a retail investor means a person who is one (or more) of&thinsp;
(i)&nbsp;a retail client, as defined in point (8)&nbsp;of Article&nbsp;2 of Regulation (EU) 2017/565 as it forms part of domestic law
by virtue of the European Union (Withdrawal) Act 2018 (as amended &ldquo;<B>EUWA</B>&rdquo;); or (ii)&nbsp;a customer within the meaning
of the provisions of the Financial Services and Markets Act 2000 (as amended, the &ldquo;<B>FSMA</B>&rdquo;) and any rules&nbsp;or regulations
made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in
point (8)&nbsp;of Article&nbsp;2(1)&nbsp;of Regulation (EU) 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii)&nbsp;not
a qualified investor as defined in Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA (the &ldquo;<B>UK
Prospectus Regulation</B>&rdquo;). Consequently, no key information document required by Regulation (EU) 1286/2014 as it forms part of
domestic law by virtue of the EUWA (the &ldquo;<B>UK PRIIPs Regulation</B>&rdquo;) for offering or selling the notes or otherwise making
them available to retail investors in the UK has been prepared and therefore offering or selling the notes or otherwise making them available
to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation. This Prospectus has been prepared on the basis that any
offer of notes in the UK will be made pursuant to an exemption under the UK Prospectus Regulation and the FSMA from the requirement to
publish a prospectus for offers of notes. This Prospectus is not a prospectus for the purposes of the UK Prospectus Regulation or the
FSMA.</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">In the UK, this document
is for distribution only to, and is only directed at, qualified investors (as defined in the UK Prospectus Regulation) who (i)&nbsp;are
investment professionals falling within Article&nbsp;19(5)&nbsp;of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (as amended, the &ldquo;Financial Promotion Order&rdquo;), (ii)&nbsp;are high net worth entities or other persons falling
within Article&nbsp;49(2)(a)&nbsp;to (d)&nbsp;of the Financial Promotion Order, or (iii)&nbsp;are persons to whom an invitation or inducement
to engage in investment activity (within the meaning of section 21 of the FSMA) in connection with the issue or sale of any notes may
otherwise lawfully be communicated or caused to be communicated (all such persons being referred to as &ldquo;<B>relevant persons</B>&rdquo;).
This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with
relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.</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: justify"><B>Notice to Prospective Investors in Switzerland</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">The notes may not be publicly
offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (&ldquo;<B>FinSA</B>&rdquo;) and
no application has or will be made to admit the notes to trading on any trading venue (exchange or multilateral trading facility) in Switzerland.
Neither this Prospectus nor any other offering or marketing material relating to the notes constitutes a prospectus pursuant
to the FinSA, and neither this Prospectus nor any other offering or marketing material relating to the notes may be publicly distributed
or otherwise made publicly available in Switzerland.</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"><B>Notice to Prospective Investors in Hong Kong</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">No underwriter nor any of
their affiliates (i)&nbsp;have offered or sold, or will offer or sell, in Hong Kong, by means of any document, the notes other than (a)&nbsp;to
 &ldquo;professional investors&rdquo; as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules&nbsp;made
under that Ordinance or (b)&nbsp;in other circumstances which do not result in the document being a &ldquo;prospectus&rdquo; as defined
in the Companies Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance
or (ii)&nbsp;have issued or had in its possession for the purposes of issue, or will issue or have in its possession for the purposes
of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the notes that is directed at, or the
contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws
of Hong Kong) other than with respect to notes that are or are intended to be disposed of only to persons outside Hong Kong or only to
 &ldquo;professional investors&rdquo; as defined in the Securities and Futures Ordinance and any rules&nbsp;made under that Ordinance.
The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in
relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional
advice.</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"><B>Notice to Prospective Investors in Japan</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">The notes have not been and
will not be registered under the Financial Instruments and Exchange Act of Japan, Act No.&nbsp;25 of 1948, as amended (the &ldquo;<B>FIEA</B>&rdquo;)
and the underwriters will not offer or sell any of the notes directly or indirectly in Japan or to, or for the benefit of, any Japanese
person or to others, for re-offering or re-sale directly or indirectly in Japan or to any Japanese person, except in each case pursuant
to an exemption from the registration requirements of, and otherwise in compliance with, FIEA and any other applicable laws, regulations
and ministerial guidelines promulgated by the relevant Japanese governmental or regulatory authorities in effect at the relevant time.
For purposes of this paragraph, &ldquo;Japanese person&rdquo; means any person resident in Japan, including any corporation or other entity
organized under the laws of Japan.</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"><B>Notice to Prospective Investors in Singapore</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">This prospectus supplement
has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and any other
document or material in connection with the offer or sale, or invitation for subscription or purchase, of the notes may not be circulated
or distributed, nor may the notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly
or indirectly, to persons in Singapore other than (i)&nbsp;to an institutional investor under Section&nbsp;274 of the Securities and Futures
Act, Chapter 289 of Singapore (the &ldquo;SFA&rdquo;), (ii)&nbsp;to a relevant person, or any person pursuant to Section&nbsp;275(1A),
and in accordance with the conditions, specified in Section&nbsp;275 of the SFA, or (iii)&nbsp;otherwise pursuant to, and in accordance
with the conditions of, any other applicable provision of the SFA. Where the notes are subscribed or purchased under Section&nbsp;275
by a relevant person which is: (i)&nbsp;a corporation (which is not an accredited investor) the sole business of which is to hold investments
and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (ii)&nbsp;a trust
(where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is an accredited investor,
shares, debentures and units of shares and debentures of that corporation or the beneficiaries&rsquo; rights and interest in that trust
shall not be transferable for 6 months after that corporation or that trust has acquired the notes under Section&nbsp;275 except: (1)&nbsp;to
an institutional investor under Section&nbsp;274 of the SFA or to a relevant person, or any person pursuant to Section&nbsp;275(1A), and
in accordance with the conditions, specified in Section&nbsp;275 of the SFA; (2)&nbsp;where no consideration is given for the transfer;
or (3)&nbsp;by operation of law. Singapore Securities and Futures Act Product Classification &ndash; Solely for the purposes of its obligations
pursuant to sections 309B(1)(a)&nbsp;and 309B(1)(c)&nbsp;of the SFA, BFI has determined, and hereby notifies all relevant persons (as
defined in Section&nbsp;309A of the SFA) that the notes are &ldquo;prescribed capital markets products&rdquo; (as defined in the Securities
and Futures (Capital Markets Products) Regulations 2018) and &ldquo;Excluded Investment Products&rdquo; (as defined in MAS Notice SFA
04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).</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="text-transform: uppercase"><B><A NAME="psa_015"></A>PRIOR
SALES</B></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: justify; text-indent: 0.5in">No debt securities have been
issued by BFI during the 12 months preceding the date of this prospectus supplement except for (i)&nbsp;the issuance of the 2054 notes
at a price of 100% of their principal amount, (ii)&nbsp;the issuance of the additional 2054 notes at a price of 101.435% of their principal
amount, (iii)&nbsp;the issuance of the 2035 notes at a price of 99.994% of their principal amount, and (iv)&nbsp;the issuance of the 2055
hybrid notes at a price of 100% of their principal amount.</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"><A NAME="psa_016"></A><FONT STYLE="text-transform: uppercase"><B>LEGAL
MATTERS</B></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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of the notes being offered hereby will be passed upon for the Company and BFI by Torys&nbsp;LLP of Toronto, Ontario, and New&nbsp;York,
New&nbsp;York, with respect to certain matters of Canadian law and of United&nbsp;States law, and for the underwriters by Skadden, Arps,
Slate, Meagher&nbsp;&amp; Flom&nbsp;LLP of Toronto, Ontario, with respect to certain matters of United&nbsp;States law and Goodmans&nbsp;LLP
of Toronto, Ontario, with respect to certain matters of Canadian law. As at February&nbsp;</FONT>26,&nbsp;2025, the partners and associates
of each of Torys&nbsp;LLP and Goodmans&nbsp;LLP owned beneficially as a group, directly or indirectly, less than 1% of our outstanding
shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="psa_017"></A><FONT STYLE="text-transform: uppercase"><B>DOCUMENTS
FILED AS PART&nbsp;OF THE REGISTRATION STATEMENT</B></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: justify; text-indent: 0.5in">The following documents have
been or will be filed with the SEC as part of the U.S. registration statement on Forms F-10 and F-3 of which this Prospectus forms a part:
(1) for purposes of Form F-10: the documents referred to under &ldquo;Documents Incorporated by Reference&rdquo;; the consent of Deloitte
LLP; the consent of KPMG LLP; the consent of Torys LLP; powers of attorney; the BN Indenture, the BFI Indentures, the US LLC Indenture,
the BFI II Indenture, the UK Issuer Indentures and the form of the AUS Issuer Indenture; and (2) for purposes of Form F-3: the underwriting
agreement(s) in respect of offerings hereunder; the certificate of formation and limited liability company agreement of the US Pref Issuer,
the US LLC Indenture, the UK Issuer Indentures and the form of the AUS Issuer Indenture; other forms of debt instruments of the US LLC
Issuer, the AUS Issuer and the UK Issuer; the consent of Deloitte LLP; the consent of KPMG LLP; the opinions and consent of Torys LLP,
Herbert Smith Freehills LLP and King &amp; Wood Mallesons; powers of attorney; and the Statements of Eligibility of Computershare Trust
Company, N.A., as U.S. trustee, on Forms T-1.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><U>Base Shelf Prospectus</U></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; background-color: white"><I>No securities regulatory
authority has expressed an opinion about these securities and it is an offence to claim otherwise.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #ff4338"><I>This
short form base shelf prospectus has been filed under legislation in each of the provinces<B>&nbsp;</B>of Canada that permits certain
information about these securities to be determined after this prospectus has become final and that permits the omission from this prospectus
of that information. The legislation requires the delivery to purchasers of a prospectus supplement containing the omitted information
within a specified period of time after agreeing to purchase any of these securities, except where an exemption from such delivery requirements
is available.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #ff4338"><I>A
registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission, and the prospectus
contained herein is not complete and may be changed. These securities may not be offered or sold prior to the time the registration statement
becomes effective. This prospectus shall not constitute an offer to sell in any U.S. state where the offer or sale is not permitted.</I></P>

<P STYLE="font: 9pt 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; background-color: white"><I>This short form base
shelf prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for
sale and therein only by persons permitted to sell such securities.&nbsp;<B>Information has been incorporated by reference in this short
form base shelf prospectus from documents filed with securities commissions or similar authorities in Canada.</B>&nbsp;Copies of the
documents incorporated herein by reference may be obtained on request without charge from the office of the Corporate Secretary of the
Company at Brookfield Place, Suite&nbsp;100, 181 Bay Street, Toronto, Ontario, Canada, M5J&nbsp;2T3, Telephone:&nbsp;(416)&nbsp;363-9491,&nbsp;and
are also available electronically on SEDAR+ at&nbsp;<U>www.sedarplus.ca</U>.</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>New
    Issue and/or Secondary Offering</U></I></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 31%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right; width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;31,
    2024</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><B>SHORT
FORM&nbsp;BASE SHELF PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 18pt"><B>US$3,500,000,000</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: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 14pt"><B>BROOKFIELD</B>&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 14pt"><B>CORPORATION</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: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 14pt"><B>Debt
Securities</B>&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 14pt"><B>Class&nbsp;A
Preference Shares</B>&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 14pt"><B>Class&nbsp;A
Limited Voting Shares</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 34%"><P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>BROOKFIELD
                                            FINANCE INC.</B></FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Debt Securities</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 32%"><P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>BROOKFIELD
                                            FINANCE II INC.</B></FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Debt Securities</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 32%"><P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>BROOKFIELD
                                            CAPITAL FINANCE LLC</B></FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Debt Securities</B></FONT></P></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 14pt">
    <TD STYLE="vertical-align: top; font-size: 14pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>BROOKFIELD
    FINANCE II LLC</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 14pt"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 14pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>BROOKFIELD
    FINANCE (AUSTRALIA) PTY LTD</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 14pt"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 14pt; vertical-align: top"><P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>BROOKFIELD
                                            FINANCE I</B></FONT></P>
                                                     <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>(UK)
                                            PLC</B></FONT></P></TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 12pt">
    <TD STYLE="font-size: 12pt; vertical-align: top"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Preferred
                                            Shares</B></FONT></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>(representing
    limited liability company interests)</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Debt
    Securities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Debt
    Securities</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">During
the&nbsp;25-month&nbsp;period that this short form base shelf prospectus, including any amendments hereto (this &ldquo;<B>Prospectus</B>&rdquo;),
remains effective, (i)&nbsp;each of Brookfield Corporation (the &ldquo;<B>Company</B>&rdquo; or &ldquo;<B>BN</B>&rdquo;), Brookfield
Finance Inc. (&ldquo;<B>BFI</B>&rdquo;), Brookfield Capital Finance LLC (the &ldquo;<B>US LLC Issuer</B>&rdquo;), Brookfield Finance
II Inc. (&ldquo;<B>BFI II</B>&rdquo;), Brookfield Finance (Australia) Pty Ltd (the &ldquo;<B>AUS Issuer</B>&rdquo;) and Brookfield Finance
I (UK) PLC (the &ldquo;<B>UK Issuer</B>&rdquo; and, together with BFI, the US LLC Issuer, BFI II and the AUS Issuer, the &ldquo;<B>Finance
Debt Issuers</B>&rdquo;) may from time to time offer and issue senior or subordinated, as applicable, unsecured debt securities (the
 &ldquo;<B>BN Debt Securities</B>&rdquo;, &ldquo;<B>BFI Debt Securities</B>&rdquo;, &ldquo;<B>US LLC Debt Securities</B>&rdquo;, &ldquo;<B>BFI
II Debt Securities</B>&rdquo;, &ldquo;<B>AUS Issuer Debt Securities</B>&rdquo; and &ldquo;<B>UK Issuer Debt Securities</B>&rdquo; respectively,
and collectively the &ldquo;<B>Debt Securities</B>&rdquo;), (ii)&nbsp;the Company may from time to time offer and issue Class&nbsp;A
Preference Shares (the &ldquo;<B>BN Preference Shares</B>&rdquo;) and Class&nbsp;A Limited Voting Shares (the &ldquo;<B>Class&nbsp;A
Shares</B>&rdquo;) and (iii)&nbsp;Brookfield Finance II LLC (the &ldquo;<B>US Pref Issuer</B>&rdquo;) (collectively with BN, BFI, the
US LLC Issuer, BFI II, the AUS Issuer and the UK Issuer, the &ldquo;<B>Issuers</B>&rdquo; and each an &ldquo;<B>Issuer</B>&rdquo;) may
from time to time offer and issue preferred shares representing limited liability company interests (the &ldquo;<B>US Preferred Shares</B>&rdquo;,
and together with the BN Preference Shares, the &ldquo;<B>Preference Securities</B>&rdquo;, and the Preference Securities, Class&nbsp;A
Shares and Debt Securities collectively referred to herein as the &ldquo;<B>Securities</B>&rdquo;). Each of the BFI Debt Securities,
US LLC Debt Securities, BFI II Debt Securities, AUS Issuer Debt Securities and UK Issuer Debt Securities will be fully and unconditionally
guaranteed as to payment of principal, premium (if any) and interest and certain other amounts by the Company, and the US Preferred Shares
will be fully and unconditionally guaranteed as to the payment of distributions when due, the payment of amounts due on redemption, and
the payment of amounts due on the liquidation, dissolution or&nbsp;winding-up&nbsp;of the US Pref Issuer, in each case by the Company.
Certain of the limited partners of Oaktree Capital Group Holdings, L.P. (&ldquo;<B>OCGH</B>&rdquo;) (collectively, the &ldquo;<B>Selling
Shareholders</B>&rdquo;) may also from time to time offer and sell Class&nbsp;A Shares pursuant to this Prospectus. See &ldquo;Selling
Shareholders&rdquo;.</P>

<P STYLE="font: 8pt 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; text-indent: 0.25in; background-color: white"><B>The
Company, BFI and BFI II are permitted, under a multijurisdictional disclosure system adopted by the United States and Canada, to prepare
this Prospectus in accordance with Canadian disclosure requirements. Prospective investors should be aware that such requirements are
different from those of the United States. The financial statements included or incorporated herein have been prepared in accordance
with International Financial Reporting Standards as issued by the International Accounting Standards Board and thus may not be comparable
to financial statements of U.S. companies prepared in conformity with accounting principles generally accepted in the United States.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><B>Prospective
investors should be aware that the acquisition of the Securities may have tax consequences both in the United States and in Canada. Such
consequences for investors who are residents in Canada or are residents in, or citizens of, the United States may not be described fully
herein or in a Prospectus Supplement (as defined below). Prospective investors should consult their own tax advisors with respect to
their particular circumstances.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><B>The
enforcement by investors of civil liabilities under U.S. federal securities laws may be affected adversely by the fact that the Company,
BFI, BFI II, the AUS Issuer and the UK Issuer are incorporated or organized under the laws of a foreign jurisdiction outside of the United
States and that some or all of the officers and directors of the Issuers may be residents of a foreign jurisdiction outside of the United
States, that some or all of the underwriters or experts named or to be named in the registration statement may be residents of a foreign
jurisdiction outside of the United States and that such persons and all or a substantial portion of the assets of the Issuers and such
persons may be located outside the United States.</B></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><B>See
 &ldquo;Cautionary Note Regarding Forward-Looking Information&rdquo; and &ldquo;Risk Factors&rdquo; beginning on pages&nbsp;iii and 2
for a discussion of certain risks that you should consider in connection with an investment in these Securities.</B></P>

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

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

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<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; background-color: white"><B>THE
SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION (THE &ldquo;COMMISSION&rdquo;), ANY U.S. STATE
SECURITIES COMMISSION, OR ANY CANADIAN REGULATORY AUTHORITY, NOR HAS THE COMMISSION, ANY U.S. STATE SECURITIES COMMISSION OR ANY CANADIAN
SECURITIES REGULATORY AUTHORITY PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.</B></P>

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

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

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<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; background-color: white">Collectively,
the Selling Shareholders may offer and sell Class&nbsp;A Shares and the Issuers may offer and issue Securities either separately or together,
in one or more offerings in an aggregate principal amount of up to US$3,500,000,000 (or the equivalent in other currencies or currency
units). Securities of any series may be offered in such amount and with such terms as may be determined in light of market conditions.
The specific terms of the Securities in respect of which this Prospectus is being delivered will be set forth in one or more prospectus
supplements (each a &ldquo;<B>Prospectus Supplement</B>&rdquo;) to be delivered to purchasers together with this Prospectus, and may
include, where applicable (i)&nbsp;in the case of Debt Securities, the specific designation, aggregate principal amount, denomination
(which may be in United States dollars, in any other currency or in units based on or relating to foreign currencies), maturity, interest
rate (which may be fixed or variable) and time of payment of interest, if any, any terms for redemption at the option of the Issuer or
the holders, any terms for sinking fund payments, any listing on a securities exchange, the initial public offering price (or the manner
of determination thereof if offered on a&nbsp;non-fixed&nbsp;price basis), any exchange or conversion terms and any other specific terms,
(ii)&nbsp;in the case of the BN Preference Shares, the designation of the particular class, series, aggregate principal amount, the number
of shares offered, the issue price, the dividend rate, the dividend payment dates, any terms for redemption at the option of the Company
or the holder, any exchange or conversion terms and any other specific terms, (iii)&nbsp;in the case of Class&nbsp;A Shares, the number
of shares offered, the offering price (in the event the offering is a fixed price distribution) or the manner of determining the offering
price (in the event the offering is a&nbsp;non-fixed&nbsp;price distribution, including, in the case of the Company but not the Selling
Shareholders, sales in transactions that are deemed to be&nbsp;&ldquo;at-the-market&nbsp;distributions&rdquo; as defined in National
Instrument&nbsp;44-102&nbsp;&mdash;&nbsp;<I>Shelf Distributions&nbsp;</I>(&ldquo;<B>NI&nbsp;44-102</B>&rdquo; and, as so defined, an
 &ldquo;<B>ATM Distribution</B>&rdquo;) and any other specific terms, including in the case of offers and sales by the Selling Shareholders,
the names of such Selling Shareholders and the number of and prices at which such Class&nbsp;A Shares are proposed to be sold by them,
and (iv)&nbsp;in the case of the US Preferred Shares, the designation of the particular class, series, aggregate principal amount, the
number of shares representing limited liability company interests offered, the issue price, the distribution rate, the distribution payment
dates, any terms for redemption at the option of the US Pref Issuer or the holder, any exchange or conversion terms and any other specific
terms. Each such Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes of securities legislation
as of the date of each such Prospectus Supplement and only for the purposes of the distribution of the Securities to which such Prospectus
Supplement pertains. The Issuers have filed an undertaking with the securities regulatory authorities in each of the provinces of Canada
that they will not distribute, under this Prospectus, Securities that, at the time of distribution, are novel without&nbsp;pre-clearing&nbsp;the
disclosure to be contained in the Prospectus Supplement, pertaining to the distribution of such Securities, with the applicable regulator.</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; background-color: white">The
Company&rsquo;s, BFI&rsquo;s and BFI II&rsquo;s head and registered offices are at Brookfield Place, Suite&nbsp;100, 181 Bay Street,
P.O.&nbsp;Box 762, Toronto, Ontario, M5J&nbsp;2T3. The US LLC Issuer&rsquo;s and the US Pref Issuer&rsquo;s head and registered office
is at Brookfield Place, 250 Vesey Street, 15th Floor, New York, New York, United States 10281-1023. The AUS Issuer&rsquo;s registered
and head office is Brookfield Place, Level&nbsp;19, 10 Carrington Street, Sydney, NSW 2000, Australia. The UK Issuer&rsquo;s registered
and head office is Level&nbsp;25 One Canada Square, London, United Kingdom, E14 5AA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Issuers may sell the Securities and the Selling Shareholders may sell Class&nbsp;A Shares to or through underwriters or dealers or directly
to investors or through agents. This Prospectus may qualify an ATM Distribution of Class&nbsp;A Shares. No Selling Shareholder may distribute
Class&nbsp;A Shares pursuant to an ATM Distribution. The Prospectus Supplement relating to each series of offered Securities will identify
each person who may be deemed to be an underwriter or agent with respect to such series and will set forth the terms of the offering
of such series, including, to the extent applicable, the purchase price or prices of the offered Securities, the initial offering price,
the proceeds to the applicable Issuer and/or Selling Shareholder from the sale of the offered Securities, the underwriting discounts
and other items constituting underwriters&rsquo; compensation, as applicable, and any discounts or concessions to be allowed or&nbsp;re-allowed&nbsp;or
paid to dealers. The managing underwriter or underwriters with respect to each series sold to or through underwriters will be named in
the related Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: justify; text-indent: 0.25in; background-color: white">In
connection with any offering of Securities, other than an ATM Distribution, the underwriters or agents may over-allot or effect transactions
which stabilize or maintain the market price of the Securities offered at a level above that which might otherwise prevail in the open
market. Such transactions, if commenced, may be discontinued at any time. No agent of an ATM Distribution, and no person or company acting
jointly or in concert with an agent of an ATM Distribution, may, in connection with the distribution, enter into any transaction that
is intended to stabilize or maintain the market price of the securities or securities of the same class as the securities distributed
pursuant to the ATM Distribution, including selling an aggregate number or principal amount of securities that would result in the agent
creating an over-allocation position in the securities. See &ldquo;Plan of Distribution&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; text-indent: 0.25in; background-color: white">The
outstanding BN Preference Shares, Series&nbsp;2, Series&nbsp;4, Series&nbsp;13, Series&nbsp;17, Series&nbsp;18, Series&nbsp;24, Series&nbsp;26,
Series&nbsp;28, Series&nbsp;30, Series&nbsp;32, Series&nbsp;34, Series&nbsp;36, Series&nbsp;37, Series&nbsp;38, Series&nbsp;40, Series&nbsp;42,
Series&nbsp;44, Series&nbsp;46, Series&nbsp;48, Series&nbsp;51 and Series&nbsp;52<B>&nbsp;</B>are listed for trading on the Toronto Stock
Exchange (&ldquo;<B>TSX</B>&rdquo;). The outstanding<B>&nbsp;</B>Class&nbsp;A Shares are listed for trading on the New York Stock Exchange
(&ldquo;<B>NYSE</B>&rdquo;) and the TSX. The Existing BFI Subordinated Debt Securities, the Existing UK Issuer Senior Debt Securities
and the Existing UK Issuer Subordinated Debt Securities (each as defined below) are listed for trading on the NYSE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
US LLC Issuer, the US Pref Issuer, the AUS Issuer, the UK Issuer, certain directors of each of the Company, the AUS Issuer and the UK
Issuer and certain managers of the US LLC Issuer and the US Pref Issuer (collectively, the &ldquo;<B>Non-Residents</B>&rdquo;) are incorporated,
continued or otherwise organized under the laws of a&nbsp;non-Canadian&nbsp;jurisdiction or reside outside of Canada, as applicable.
Although each of the&nbsp;Non-Residents&nbsp;has appointed the Company, Brookfield Place, Suite&nbsp;100, 181 Bay Street, Toronto, Ontario,
Canada, M5J 2T3, as its agent for service of process in Ontario, it may not be possible for investors to enforce judgments obtained in
Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a&nbsp;non-Canadian&nbsp;jurisdiction
or resides outside of Canada, even if the&nbsp;Non-Resident&nbsp;has appointed an agent for service of process. See &ldquo;Agent for
Service of Process&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><B>There
is no market through which the Debt Securities or the Preference Securities may be sold and purchasers may not be able to resell Debt
Securities or Preference Securities purchased under this Prospectus. This may affect the pricing of the Debt Securities or the Preference
Securities in the secondary market, the transparency and availability of trading prices, the liquidity of the Debt Securities or the
Preference Securities, and the extent of issuer regulation. See &ldquo;Risk Factors&rdquo;.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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; background-color: white"><B>TABLE OF CONTENTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><B><U>Page</U></B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 95%; padding-right: 0; padding-left: 0"><A HREF="#spaa_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DOCUMENTS
    INCORPORATED BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right; width: 5%; padding-right: 0; padding-left: 0"><A HREF="#spaa_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AVAILABLE
    INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY
    NOTE REGARDING FORWARD-LOOKING INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0.25in"><A HREF="#spaa_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0.25in"><A HREF="#spaa_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BFI</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0.25in"><A HREF="#spaa_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    US LLC Issuer</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0.25in"><A HREF="#spaa_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BFI
    II</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0.25in"><A HREF="#spaa_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    AUS Issuer</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0.25in"><A HREF="#spaa_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    UK Issuer</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0.25in"><A HREF="#spaa_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    US Pref Issuer</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0.25in"><A HREF="#spaa_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Offering</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK
    FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE
    OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF CAPITAL STRUCTURE OF THE ISSUERS</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF THE BN PREFERENCE SHARES</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF THE CLASS&nbsp;A SHARES</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF THE US PREF ISSUER PREFERRED SHARES</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN
    OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLING
    SHAREHOLDERS</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXEMPTIVE
    RELIEF</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL
    MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPENSES</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><A HREF="#spaa_026"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DOCUMENTS
    FILED AS PART&nbsp;OF THE REGISTRATION STATEMENT</FONT></A></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-left: 0"><A HREF="#spaa_026"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></A></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; text-align: justify; text-indent: 0.25in; background-color: white">In
this Prospectus, unless the context otherwise indicates, references to the &ldquo;<B>Company</B>&rdquo; refer to Brookfield Corporation
and references to &ldquo;<B>we</B>&rdquo;, &ldquo;<B>us</B>&rdquo;, &ldquo;<B>our</B>&rdquo; and &ldquo;<B>Brookfield</B>&rdquo; refer
to the Company and its direct and indirect subsidiaries including BFI, the US LLC Issuer, BFI II, the AUS Issuer, the UK Issuer and the
US Pref Issuer. All dollar amounts set forth in this Prospectus and any Prospectus Supplement are in U.S. dollars, except where otherwise
indicated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="spaa_001"></A>DOCUMENTS
INCORPORATED BY REFERENCE</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: 0.25in; background-color: white">The
following documents, filed with the securities regulatory authorities in each of the provinces and territories of Canada, and filed with,
or furnished to, the Commission, are specifically incorporated by reference in this Prospectus:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000100108524000007/a2023-40xfex991aif.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&rsquo;s annual information form for the financial year ended December&nbsp;31, 2023 (the &ldquo;<B>AIF</B>&rdquo;);</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1001085/000100108524000007/bn-20231231_d2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&rsquo;s audited comparative consolidated financial statements and the notes thereto for the fiscal years ended December&nbsp;31,
    2023 and 2022, together with the accompanying auditor&rsquo;s report thereon;</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="font-size: 10pt; width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1001085/000100108524000007/bn-20231231_d2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    management&rsquo;s discussion and analysis for the audited comparative consolidated financial statements referred to in paragraph
    (b)&nbsp;above (the &ldquo;<B>MD&amp;A</B>&rdquo;);</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000100108524000013/a2024-q1interimreportbn.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&rsquo;s<B>&nbsp;</B>unaudited comparative interim consolidated financial statements for the three months ended March&nbsp;31,
    2024 and 2023;</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000100108524000013/a2024-q1interimreportbn.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    management&rsquo;s discussion and analysis for the unaudited comparative interim consolidated financial statements referred to in
    paragraph (d)&nbsp;above (the &ldquo;<B>Interim MD&amp;A</B>&rdquo;); and</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1001085/000119312524133293/d828927dex992.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&rsquo;s management information circular dated April&nbsp;25, 2024.</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Any
documents of the Company, and if applicable, the Finance Debt Issuers and the US Pref Issuer, of the type described in item&nbsp;11.1
of Form&nbsp;44-101F1&nbsp;&mdash;<I>&nbsp;Short Form&nbsp;Prospectus</I>, and any &ldquo;template version&rdquo; of &ldquo;marketing
materials&rdquo; (each as defined in National Instrument&nbsp;41-101&nbsp;&mdash;&nbsp;<I>General Prospectus Requirements</I>&nbsp;(&ldquo;<B>NI&nbsp;41-101</B>&rdquo;)),
that are required to be filed by the Company, and if applicable, the Finance Debt Issuers and the US Pref Issuer with the applicable
securities regulatory authorities in Canada, after the date of this Prospectus and prior to the termination of the applicable offering
of Securities shall be deemed to be incorporated by reference into this Prospectus. Each annual report on Form&nbsp;40-F&nbsp;filed by
the Company will be incorporated by reference into this Prospectus and the U.S. registration statement on Forms&nbsp;F-10&nbsp;and&nbsp;F-3&nbsp;of
which it forms a part (the &ldquo;<B>Registration Statement</B>&rdquo;). In addition, any report on Form&nbsp;6-K&nbsp;filed by the Company
with the Commission after the date of this Prospectus shall be deemed to be incorporated by reference into this Prospectus and the Registration
Statement if and to the extent expressly provided in such report. The Company&rsquo;s reports on Form&nbsp;6-K&nbsp;and its annual report
on Form&nbsp;40-F&nbsp;are available at the Commission&rsquo;s website at&nbsp;<U>www.sec.gov</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><B>Any
statement contained in this Prospectus or in a document incorporated or deemed to be incorporated by reference in this Prospectus shall
be deemed to be modified or superseded for the purposes of this Prospectus to the extent that a statement contained in this Prospectus
or in any other subsequently filed document that also is or is deemed to be incorporated by reference in this Prospectus modifies or
supersedes that statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement
or includes any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding
statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation,
an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to
make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall not
be deemed, except as so modified or superseded, to constitute a part of this Prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Upon
a new annual information form and new interim or annual financial statements being filed with and, where required, accepted by the applicable
securities regulatory authorities during the currency of this Prospectus, the previous annual information form, the previous interim
or annual financial statements and all material change reports filed prior to the commencement of the then current fiscal year will be
deemed no longer to be incorporated by reference into this Prospectus for purposes of future offers and sales of Securities hereunder.
Upon a new management information circular in connection with an annual meeting being filed with the applicable securities regulatory
authorities during the currency of this Prospectus, the management information circular filed in connection with the previous annual
meeting (unless such management information circular also related to a special meeting) will be deemed no longer to be incorporated by
reference in this Prospectus for purposes of future offers and sales of Securities hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">A
Prospectus Supplement containing the specific terms of an offering of Securities will be delivered to purchasers of such Securities together
with this Prospectus and will be deemed to be incorporated into this Prospectus as of the date of such Prospectus Supplement but only
for purposes of the offering of Securities covered by that Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Prospective
investors should rely only on the information incorporated by reference or contained in this Prospectus or any Prospectus Supplement
and on the other information included in the Registration Statement relating to the Securities and of which this Prospectus is a part.
The Issuers have not authorized anyone to provide different or additional information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Copies
of the documents incorporated herein by reference may be obtained on request without charge from the office of the Corporate Secretary
of the Company at Brookfield Place, Suite&nbsp;100, 181 Bay Street, Toronto, Ontario, Canada, M5J&nbsp;2T3 telephone:&nbsp;(416)&nbsp;363-9491,&nbsp;and
are also available electronically on System for Electronic Document Analysis and Retrieval+ (&ldquo;<B>SEDAR+</B>&rdquo;) at&nbsp;<U>www.sedarplus.ca</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_002"></A><B>AVAILABLE
INFORMATION</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: 0.25in; background-color: white">The
Issuers have filed the Registration Statement with the Commission under the United States Securities Act of 1933, as amended (the &ldquo;<B>Securities
Act</B>&rdquo;). This Prospectus does not contain all of the information set forth in such Registration Statement, to which reference
is made for further information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Company is subject to the informational requirements of the United States Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange
Act</B>&rdquo;), and, in accordance therewith, files reports and other information with the Commission. Under a multijurisdictional disclosure
system adopted by the United States and Canada, such reports and other information may be prepared in accordance with the disclosure
requirements of Canada, which requirements are different from those of the United States. The Commission maintains an Internet site (<U>http://www.sec.gov</U>)
that makes available reports and other information that the Company files or furnishes electronically with it. The Company&rsquo;s Internet
site can be found at&nbsp;<U>http://bn.brookfield.com</U>. The information on our website is not incorporated by reference into this
Prospectus and should not be considered a part of this Prospectus, and the reference to our website in this Prospectus is an inactive
textual reference only.</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; background-color: white"><A NAME="spaa_003"></A><B>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING INFORMATION</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: 0.25in; background-color: white">This
Prospectus and the documents incorporated by reference herein contain &ldquo;forward-looking information&rdquo; within the meaning of
Canadian provincial securities laws and &ldquo;forward-looking statements&rdquo; within the meaning of United States securities laws,
including the U.S. Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively,
 &ldquo;<B>forward-looking statements</B>&rdquo;). Forward-looking statements include statements that are predictive in nature, depend
upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management&rsquo;s
current estimates, beliefs and assumptions regarding the operations, business, financial condition, expected financial results, performance,
prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield, as
well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and which in turn
are based on management&rsquo;s experience and perception of historical trends, current conditions and expected future developments,
as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield
are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events
and as such, are subject to change. Forward-looking statements are typically identified by words such as &ldquo;expect&rdquo;, &ldquo;anticipate&rdquo;,
 &ldquo;believe&rdquo;, &ldquo;foresee&rdquo;, &ldquo;could&rdquo;, &ldquo;estimate&rdquo;, &ldquo;goal&rdquo;, &ldquo;intend&rdquo;,
 &ldquo;plan&rdquo;, &ldquo;seek&rdquo;, &ldquo;strive&rdquo;, &ldquo;will&rdquo;, &ldquo;may&rdquo; and &ldquo;should&rdquo; and similar
expressions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Although
Brookfield believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results
may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated
or implied by forward-looking statements include, but are not limited to: (i)&nbsp;returns that are lower than target; (ii)&nbsp;the
impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii)&nbsp;the
behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv)&nbsp;global
equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v)&nbsp;strategic
actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations
and the ability to attain expected benefits; (vi)&nbsp;changes in accounting policies and methods used to report financial condition
(including uncertainties associated with critical accounting assumptions and estimates); (vii)&nbsp;the ability to appropriately manage
human capital; (viii)&nbsp;the effect of applying future accounting changes; (ix)&nbsp;business competition; (x)&nbsp;operational and
reputational risks; (xi)&nbsp;technological change; (xii)&nbsp;changes in government regulation and legislation within the countries
in which we operate; (xiii)&nbsp;governmental investigations and sanctions; (xiv)&nbsp;litigation; (xv)&nbsp;changes in tax laws; (xvi)&nbsp;ability
to collect amounts owed; (xvii)&nbsp;catastrophic events, such as earthquakes, hurricanes, and epidemics/pandemics; (xviii)&nbsp;the
possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix)&nbsp;the introduction,
withdrawal, success and timing of business initiatives and strategies; (xx)&nbsp;the failure of effective disclosure controls and procedures
and internal controls over financial reporting and other risks; (xxi)&nbsp;health, safety and environmental risks; (xxii)&nbsp;the maintenance
of adequate insurance coverage; (xxiii)&nbsp;the existence of information barriers between certain businesses within our asset management
operations; (xxiv)&nbsp;risks specific to our business segments including asset management, wealth solutions (previously referred to
as &ldquo;insurance solutions&rdquo;), renewable power and transition, infrastructure, private equity, real estate and corporate activities;
and (xxv)&nbsp;other risks and factors detailed in this Prospectus under the heading &ldquo;Risk Factors&rdquo; as well as in the AIF
under the heading &ldquo;Business Environment and Risks&rdquo; and the MD&amp;A under the heading &ldquo;Part&nbsp;6 &mdash; Business
Environment and Risks&rdquo; and the risks included in the Interim MD&amp;A, each incorporated by reference in this Prospectus, as well
as in other documents filed by Brookfield from time to time with the securities regulators in Canada and the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">We
caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely
affect future results. Nonetheless, all of the forward-looking statements contained in this Prospectus or in documents incorporated by
reference herein are qualified by these cautionary statements. Readers are urged to consider these risks, as well as other uncertainties,
factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such
forward-looking statements. Except as required by law, Brookfield undertakes no obligation to publicly update or revise any forward-looking
statements, whether written or oral, that may need to be updated as a result of new information, future events or otherwise.</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; background-color: white"><A NAME="spaa_004"></A><B>SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_005"></A><B>The
Company</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: 0.25in; background-color: white">The
Company is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world via
its three core businesses: Alternative Asset Management, Wealth Solutions, and its Operating Businesses which are in renewable power,
infrastructure, business and industrial services, and real estate. Employing a highly disciplined approach to capital allocation, the
Company leverages its conservatively managed balance sheet, extensive operational experience, and global sourcing networks to continuously
deliver capital appreciation and cash flow growth throughout market cycles. The Company&rsquo;s Class&nbsp; A Shares are&nbsp;co-listed&nbsp;on
the NYSE and the TSX under the symbol &ldquo;BN&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: center; background-color: white"><A NAME="spaa_006"></A><B>BFI</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: 0.25in; background-color: white">BFI
was incorporated on March&nbsp;31, 2015 under the&nbsp;<I>Business Corporations Act</I>&nbsp;(Ontario) and is an indirect 100% owned
subsidiary of the Company. BFI has issued or become an obligor under approximately US$8.75&nbsp;billion of unsecured senior debt securities
(the &ldquo;<B>Existing BFI Senior Debt Securities</B>&rdquo;) as of the date hereof. The Existing BFI Senior Debt Securities are fully
and unconditionally guaranteed by the Company. BFI has also issued approximately US$400&nbsp;million of unsecured subordinated debt securities
(the &ldquo;<B>Existing BFI Subordinated Debt Securities</B>&rdquo;) as of the date hereof. The Existing BFI Subordinated Debt Securities
are fully and unconditionally guaranteed, on a subordinated basis, by the Company. The Existing BFI Subordinated Debt Securities are
listed for trading on the NYSE under the symbol &ldquo;BNH&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: center; background-color: white"><A NAME="spaa_007"></A><B>The
US LLC Issuer</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: 0.25in; background-color: white">The
US LLC Issuer was formed on August&nbsp;12, 2022 under the Delaware Limited Liability Company Act and is an indirect 100% owned subsidiary
of the Company. The US LLC Issuer has no significant assets or liabilities, no subsidiaries and no ongoing business operations of its
own, other than the issuance of the US LLC Debt Securities and the investments it makes with the net proceeds of such US LLC Debt Securities.
The US LLC Issuer has issued approximately US$550&nbsp;million of unsecured senior debt securities (the &ldquo;<B>Existing US LLC Issuer
Debt Securities</B>&rdquo;) as of the date hereof. The Existing US LLC Issuer Debt Securities are fully and unconditionally guaranteed
by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_008"></A><B>BFI
II</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: 0.25in; background-color: white">BFI
II was incorporated on September&nbsp;24, 2020 under the&nbsp;<I>Business Corporations Act&nbsp;</I>(Ontario) and is a direct 100% owned
subsidiary of the Company. BFI II has no significant assets or liabilities, no subsidiaries and no ongoing business operations of its
own, other than the issuance of the BFI II Debt Securities and the investments it makes with the net proceeds of such BFI II Debt Securities.
BFI II has issued approximately C$1&nbsp;billion of unsecured senior debt securities (the &ldquo;<B>Existing BFI II Debt Securities</B>&rdquo;)
as of the date hereof. The Existing BFI II Debt Securities are fully and unconditionally guaranteed by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_009"></A><B>The
AUS Issuer</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: 0.25in; background-color: white">The
AUS Issuer was incorporated on September&nbsp;24, 2020 under the Corporations Act 2001 (Commonwealth of Australia) and is an indirect
100% owned subsidiary of the Company. The AUS Issuer has no significant assets or liabilities, no subsidiaries and no ongoing business
operations of its own.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_010"></A><B>The
UK Issuer</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: 0.25in; background-color: white">The
UK Issuer was incorporated on September&nbsp;25, 2020 under the UK Companies Act 2006 and is an indirect 100% owned subsidiary of the
Company. The registered number of the UK Issuer is 12904555. The UK Issuer has no significant assets or liabilities, no subsidiaries
and no ongoing business operations of its own, other than the issuance of the UK Issuer Debt Securities and the investments it makes
with the net proceeds of such UK Issuer Debt Securities. The UK Issuer has issued approximately US$600&nbsp;million of unsecured senior
debt securities (the &ldquo;<B>Existing UK Issuer Senior Debt Securities</B>&rdquo;) as of the date hereof. The Existing UK Issuer Senior
Debt Securities are fully and unconditionally guaranteed by the Company. Subsequent to the issuance of the Existing UK Issuer Senior
Debt Securities, BFI was added as a&nbsp;co-obligor&nbsp;of the Existing UK Issuer Senior Debt Securities. The UK Issuer has also issued
approximately US$230&nbsp;million of unsecured subordinated debt securities (the &ldquo;<B>Existing UK Issuer Subordinated Debt Securities</B>&rdquo;)
as of the date hereof. The Existing UK Issuer Subordinated Debt Securities are fully and unconditionally guaranteed, on a subordinated
basis, by the Company. The Existing UK Issuer Senior Debt Securities and the Existing UK Issuer Subordinated Debt Securities are listed
for trading on the NYSE under the symbols &ldquo;BN /32&rdquo; and &ldquo;BNJ&rdquo;, respectively.</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; background-color: white"><A NAME="spaa_011"></A><B>The
US Pref Issuer</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: 0.25in; background-color: white">The
US Pref Issuer was formed on September&nbsp;24, 2020 under the Delaware Limited Liability Company Act and is an indirect 100% owned subsidiary
of the Company. The US Pref Issuer has no significant assets or liabilities, no subsidiaries and no ongoing business operations of its
own.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_012"></A><B>The
Offering</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: 0.25in; background-color: white">The
Securities described herein may be offered from time to time in one or more offerings utilizing a &ldquo;shelf&rdquo; process under Canadian
and U.S. securities laws. Under this shelf process, this Prospectus provides you with a general description of the Securities that may
be offered. Each time Securities are offered, we will provide a Prospectus Supplement that will contain specific information about the
terms of that offering. The Prospectus Supplement may also add, update or change information contained in this Prospectus. You should
read both this Prospectus and any Prospectus Supplement together with additional information described under the heading &ldquo;Available
Information.&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: center; background-color: white"><A NAME="spaa_013"></A><B>RISK
FACTORS</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: 0.25in; background-color: white">An
investment in the Securities is subject to a number of risks. Before deciding whether to invest in the Securities, investors should consider
carefully the risks described in the relevant Prospectus Supplement and the information incorporated by reference in this Prospectus
(including subsequently filed documents incorporated by reference). Specific reference is made to the section entitled &ldquo;Part&nbsp;6
 &mdash; Business Environment and Risks&rdquo; in the MD&amp;A, the section entitled &ldquo;Business Environment and Risks&rdquo; in the
AIF and the risks included in the Interim MD&amp;A, each of which is incorporated by reference in this Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_014"></A><B>USE
OF PROCEEDS</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: 0.25in; background-color: white">Unless
otherwise indicated in a Prospectus Supplement, the net proceeds from the sale of Securities by the Issuers will be used for general
corporate purposes. The Selling Shareholders will not receive any proceeds from any sale of Securities by the Issuers. The Issuers will
not receive any proceeds from any sale of Class&nbsp;A Shares by the Selling Shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_015"></A><B>DESCRIPTION
OF CAPITAL STRUCTURE OF THE ISSUERS</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: 0.25in; background-color: white">The
Company&rsquo;s authorized share capital consists of an unlimited number of preference shares designated as Class&nbsp;A Preference Shares,
issuable in series, an unlimited number of preference shares designated as Class&nbsp;AA Preference Shares, issuable in series, an unlimited
number of Class&nbsp;A Shares, and 85,120 Class&nbsp;B Limited Voting Shares (&ldquo;<B>Class&nbsp;B Shares</B>&rdquo;). As of May&nbsp;29,
2024, the Company had 10,220,175 Class&nbsp;A Preference Shares, Series&nbsp;2; 3,983,910 Class&nbsp;A Preference Shares, Series&nbsp;4;
8,792,596 Class&nbsp;A Preference Shares, Series&nbsp;13; 7,840,204 Class&nbsp;A Preference Shares, Series&nbsp;17; 7,681,088 Class&nbsp;A
Preference Shares, Series&nbsp;18; 10,808,027 Class&nbsp;A Preference Shares, Series&nbsp;24; 9,770,928 Class&nbsp;A Preference Shares,
Series&nbsp;26; 9,233,927 Class&nbsp;A Preference Shares, Series&nbsp;28; 9,787,090 Class&nbsp;A Preference Shares, Series&nbsp;30; 11,750,299
Class&nbsp;A Preference Shares, Series&nbsp;32; 9,876,735 Class&nbsp;A Preference Shares, Series&nbsp;34; 7,842,909 Class&nbsp;A Preference
Shares, Series&nbsp;36; 7,830,091 Class&nbsp;A Preference Shares, Series&nbsp;37; 7,906,132 Class&nbsp;A Preference Shares, Series&nbsp;38;
11,841,025 Class&nbsp;A Preference Shares, Series&nbsp;40; 11,887,500&nbsp;Class&nbsp;A Preference Shares, Series&nbsp;42; 9,831,929
Class&nbsp;A Preference Shares, Series&nbsp;44; 11,740,797 Class&nbsp;A Preference Shares, Series&nbsp;46; 11,885,972 Class&nbsp;A Preference
Shares, Series&nbsp;48; 3,320,486 Class&nbsp;A Preference Shares, Series&nbsp;51; 1,177,580 Class&nbsp;A Preference Shares, Series&nbsp;52;
1,643,315,224 Class&nbsp;A Shares; and 85,120 Class&nbsp;B Shares issued and outstanding.</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; background-color: white">BFI&rsquo;s
authorized share capital consists of an unlimited number of common shares, an unlimited number of preference shares designated as Class&nbsp;A
Preference Shares, issuable in series, and an unlimited number of preference shares designated as Class&nbsp;B Preference Shares, issuable
in series. As of the date of this Prospectus, BFI had 4,606,261 common shares; 6,400,000<B>&nbsp;</B>Class&nbsp;A Preference Shares,
Series&nbsp;1; and 54,262,400<B>&nbsp;</B>Class&nbsp;B Preference Shares, Series&nbsp;1 issued and outstanding.</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; background-color: white">The
US LLC Issuer&rsquo;s authorized share capital consists of an unlimited number of common shares representing limited liability company
interests. As of the date of this Prospectus, 35,751 common shares of the US LLC Issuer are issued and outstanding.</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: justify; text-indent: 0.25in; background-color: white">BFI
II&rsquo;s authorized share capital consists of an unlimited number of common shares. As of the date of this Prospectus, 40,100 common
shares of BFI II are issued and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
AUS Issuer&rsquo;s authorized share capital consists of an unlimited number of ordinary shares. As of the date of this Prospectus, 10&nbsp;ordinary
shares of the AUS Issuer are issued and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
UK Issuer&rsquo;s share capital consists of ordinary shares. As of the date of this Prospectus, 10,181,441 ordinary shares of the UK
Issuer are issued and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
US Pref Issuer&rsquo;s authorized share capital consists of an unlimited number of common shares and preferred shares representing limited
liability company interests. As of the date of this Prospectus, 100 common shares representing limited liability company interests of
the US Pref Issuer are issued and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_016"></A><B>DESCRIPTION
OF THE BN PREFERENCE SHARES</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: 0.25in; background-color: white">The
following description sets forth certain general terms and provisions of the BN Preference Shares. The particular terms and provisions
of a series of BN Preference Shares offered by a Prospectus Supplement, and the extent to which the general terms and provisions described
below may apply thereto, will be described in such Prospectus Supplement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
BN Preference Shares may be issued from time to time in one or more series. The board of directors of the Company will fix the number
of shares in each series and the provisions attached to each series before issue.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
BN Preference Shares rank senior to the Class&nbsp;AA Preference Shares, the Class&nbsp;A Shares, the Class&nbsp;B Shares and other shares
ranking junior to the BN Preference Shares with respect to priority in the payment of dividends and in the distribution of assets in
the event of the liquidation, dissolution or&nbsp;winding-up&nbsp;of the Company, whether voluntary or involuntary, or in the event of
any other distribution of assets of the Company among its shareholders for the purpose of&nbsp;winding-up&nbsp;its affairs. Each series
of BN Preference Shares ranks on a parity with every other series of BN Preference Shares with respect to priority in the payment of
dividends and in the distribution of assets in the event of the liquidation, dissolution or winding up of the Company, whether voluntary
or involuntary, or in the event of any other distribution of assets of the Company among its shareholders for the purpose of&nbsp;winding-up&nbsp;its
affairs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Shareholder Approvals</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall not delete or vary any preference, right, condition, restriction, limitation or prohibition attaching to the BN Preference
Shares as a class or create preference shares ranking in priority to or on parity with the BN Preference Shares except by special resolution
passed by at least 66&nbsp;</FONT><FONT STYLE="font-size: 10pt"><SUP>2/3</SUP></FONT>% of the votes cast at a meeting of the holders
of the BN Preference Shares duly called for that purpose, in accordance with the provisions of the articles of the Company. Each holder
of BN Preference Shares entitled to vote at a class meeting of holders of BN Preference Shares, or at a joint meeting of the holders
of two or more series of BN Preference Shares, has one vote in respect of each C$25.00 of the issue price of each BN Preference Share
held by such holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_017"></A><B>DESCRIPTION
OF THE CLASS&nbsp;A SHARES</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: 0.25in; background-color: white">The
following description sets forth certain general terms and provisions of the Class&nbsp;A Shares. The particular terms and provisions
of Class&nbsp;A Shares offered by a Prospectus Supplement, and the extent to which the general terms and provisions described below may
apply thereto, will be described in such Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Dividend Rights and Rights Upon Dissolution
or Winding Up</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: 0.25in; background-color: white">The
Class&nbsp;A Shares rank on parity with the Class&nbsp;B Shares and rank after the BN Preference Shares, the Class&nbsp;AA Preference
Shares and any other senior-ranking shares outstanding from time to time with respect to the payment of dividends (if, as and when declared
by the board of directors of the Company) and the return of capital on the liquidation, dissolution or winding up of the Company or any
other distribution of the assets of the Company among its shareholders for the purpose of winding up its affairs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Voting Rights</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: 0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as set out below under &ldquo;&mdash; Election of Directors&rdquo;, each holder of Class&nbsp;A Shares and Class&nbsp;B Shares is entitled
to notice of, and to attend and vote at, all meetings of the Company&rsquo;s shareholders (except meetings at which only holders of another
specified class or series of shares are entitled to vote) and shall be entitled to cast one vote per share. Subject to applicable law
and in addition to any other required shareholder approvals, all matters to be approved by shareholders (other than the election of directors),
must be approved by: (i)&nbsp;a majority or, in the case of matters that require approval by a special resolution of shareholders, at
least 66&nbsp;</FONT><FONT STYLE="font-size: 10pt"><SUP>2/3</SUP></FONT>%, of the votes cast by holders of Class&nbsp;A Shares who vote
in respect of the resolution or special resolution, as the case may be, and (ii)&nbsp;a majority or, in the case of matters that require
approval by a special resolution of shareholders, at least 66&nbsp;<FONT STYLE="font-size: 10pt"><SUP>2/3</SUP></FONT>%, of the votes
cast by holders of Class&nbsp;B Shares who vote in respect of the resolution or special resolution, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Election of Directors</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: 0.25in; background-color: white">In
the election of directors, holders of Class&nbsp;A Shares, together, in certain circumstances, with the holders of certain series of
BN Preference Shares, are entitled to elect&nbsp;one-half&nbsp;of the board of directors of the Company, provided that if the holders
of BN Preference Shares, Series&nbsp;2 become entitled to elect two or three directors, as the case may be, the numbers of directors
to be elected by holders of Class&nbsp;A Shares, together, in certain circumstances, with the holders of BN Preference Shares, shall
be reduced by the number of directors to be elected by holders of BN Preference Shares, Series&nbsp;2. Holders of Class&nbsp;B Shares
are entitled to elect the other&nbsp;one-half&nbsp;of the board of directors of the Company.</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; background-color: white">Each
holder of Class&nbsp;A Shares has the right to cast a number of votes equal to the number of Class&nbsp;A Shares held by the holder multiplied
by the number of directors to be elected by the holder and the holders of shares of the classes or series of shares entitled to vote
with the holder of Class&nbsp;A Shares in the election of directors. A holder of Class&nbsp;A Shares may cast all such votes in favor
of one candidate or distribute such votes among its candidates in any manner the holder of Class&nbsp;A Shares sees fit. Where a holder
of Class&nbsp;A Shares has voted for more than one candidate without specifying the distribution of votes among such candidates, the
holder of Class&nbsp;A Shares will be deemed to have divided the holder&rsquo;s votes equally among the candidates for whom the holder
of Class&nbsp;A Shares voted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_018"></A><B>DESCRIPTION
OF THE US PREF ISSUER PREFERRED SHARES</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: 0.25in; background-color: white">The
US Pref Issuer&rsquo;s limited liability company agreement authorizes its board of managers to establish one or more series of US Preferred
Shares representing limited liability company interests of the US Pref Issuer. The US Pref Issuer&rsquo;s board of managers is able to
determine, with respect to any series of US Preferred Shares, the terms and rights of that series, including:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    designation of the series;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    number of preferred shares representing limited liability company interests of the series;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
    distributions, if any, will be cumulative or&nbsp;non-cumulative&nbsp;and the distribution rate of the series;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    dates at which distributions, if any, will be payable;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    redemption rights and price or prices, if any, for preferred shares representing limited liability company interests of the series;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    terms and amounts of any sinking fund provided for the purchase or redemption of the preferred shares representing limited liability
    company interests of the series;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amounts payable on preferred shares representing limited liability company interests of the series in the event of our liquidation
    or dissolution;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
    the preferred shares representing limited liability company interests of the series will be convertible into or exchangeable for
    interests of any other class or series or any other security of our company or any other entity;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">restrictions
    on the issuance of preferred shares representing limited liability company interests of the series or of any shares representing
    limited liability company interests of any other class or series; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    voting rights, if any, of the holders of the preferred shares representing limited liability company interests of the series.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Guarantee</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: 0.25in; background-color: white">All
US Preferred Shares issued by the US Pref Issuer will be fully and unconditionally guaranteed by the Company. Set forth below is a summary
of information concerning the preferred share guarantees that the Company will execute and deliver for the benefit of the holders of
any series of preferred shares representing limited liability company interests offered by the US Pref Issuer. A prospectus supplement
will contain more specific information about the terms of the preferred share guarantee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Pursuant
to each preferred share guarantee, the Company will agree to pay in full, to the holders of US Preferred Shares issued by the US Pref
Issuer, the guarantee payments, except to the extent paid by the US Pref Issuer, as and when due, regardless of any defense, right of&nbsp;set-off&nbsp;or
counterclaim which the US Pref Issuer may have or assert. The following payments, without duplication, with respect to US Preferred Shares,
to the extent not paid by the US Pref Issuer, will be subject to the preferred share guarantee:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    accumulated and unpaid distributions (as described in the applicable share designation) that have been declared by the board of managers
    of the US Pref Issuer to be paid on the US Preferred Shares out of funds legally available for such distributions;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    redemption price (as described in the applicable share designation), plus all accrued and unpaid distributions to the date of redemption
    with respect to any US Preferred Shares called for redemption by the US Pref Issuer or otherwise required to be redeemed by the terms
    of the applicable share designation; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    a voluntary or involuntary dissolution,&nbsp;winding-up&nbsp;or liquidation of the US Pref Issuer, the aggregate stated liquidation
    preference and all accumulated and unpaid distributions, whether or not declared, without regard to whether the US Pref Issuer has
    sufficient assets to make full payment as required on liquidation.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Company&rsquo;s obligation to make a guarantee payment may be satisfied by direct payment of the required amounts by the Company to the
holders of US Preferred Shares or by causing the US Pref Issuer to pay the amounts to the holders. Each preferred share guarantee will
be subordinated to all of the debt of the Company that is not stated to be&nbsp;<I>pari passu&nbsp;</I>or subordinate to the guarantees
and will rank senior to the Class&nbsp;A Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="spaa_019"></A>DESCRIPTION
OF DEBT SECURITIES</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: 0.25in; background-color: white">The
following description sets forth certain general terms and provisions of the Debt Securities. The particular terms and provisions of
the series of Debt Securities offered by a Prospectus Supplement, and the extent to which the general terms and provisions described
below may apply thereto, will be described in such Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
BN Debt Securities will be issued under an indenture dated as of September&nbsp;20, 1995, as amended, restated, supplemented or replaced
from time to time (the &ldquo;<B>BN Indenture</B>&rdquo;), between the Company, as issuer, and Computershare Trust Company of Canada
(formerly, Montreal Trust Company of Canada) (&ldquo;<B>Computershare Canada</B>&rdquo;), as trustee (the &ldquo;<B>BN</B>&nbsp;<B>Trustee</B>&rdquo;).
The BFI Debt Securities will be issued under either (1)&nbsp;the indenture dated as of June&nbsp;2, 2016 (as amended, restated, supplemented
or replaced from time to time, the &ldquo;<B>BFI Senior Indenture</B>&rdquo;), between BFI, as issuer, the Company, as guarantor, and
Computershare Canada, as trustee (the &ldquo;<B>BFI Trustee</B>&rdquo;), or (2)&nbsp;the subordinated indenture dated as of October&nbsp;16,
2020, as amended, restated, supplemented or replaced from time to time, between BFI, as issuer, the Company, as guarantor, and the BFI
Trustee (the &ldquo;<B>BFI Subordinated Indenture</B>&rdquo; and together with the BFI Senior Indenture, the &ldquo;<B>BFI</B>&nbsp;<B>Indentures</B>&rdquo;).
The US LLC Debt Securities will be issued pursuant to the indenture dated as of June&nbsp;14, 2023 (as amended, restated, supplemented
or replaced from time to time, the &ldquo;<B>US LLC Indenture</B>&rdquo;) between the US LLC Issuer, as issuer, the Company, as guarantor,
Computershare Trust Company, N.A. (&ldquo;<B>Computershare U.S.</B>&rdquo;), as U.S. trustee, and Computershare Canada, as Canadian trustee
(together, the &ldquo;<B>US LLC Trustees</B>&rdquo;). The BFI II Debt Securities will be issued pursuant to the indenture dated as of
December&nbsp;14, 2022 (as amended, restated, supplemented or replaced from time to time, the &ldquo;<B>BFI II Indenture</B>&rdquo;)
between BFI II, as issuer, the Company, as guarantor, and Computershare Canada, as trustee (the &ldquo;<B>BFI II Trustee</B>&rdquo;).
The AUS Issuer Debt Securities will be issued pursuant to an indenture (the &ldquo;<B>AUS Issuer Indenture</B>&rdquo;) to be entered
into among the AUS Issuer, as issuer, the Company, as guarantor, and Computershare Canada, as Canadian trustee, and Computershare U.S.,
as U.S. trustee, or such other trustees named in the indenture (together, the &ldquo;<B>AUS Issuer Trustees</B>&rdquo;). The UK Issuer
Debt Securities will be issued under either (1)&nbsp;the indenture dated as of July&nbsp;26, 2021, as amended, restated, supplemented
or replaced from time to time (the &ldquo;<B>UK Issuer Senior Indenture</B>&rdquo;), between the UK Issuer, as issuer, the Company, as
guarantor, and Computershare Canada, as Canadian trustee, and Computershare U.S., as U.S. trustee (together, the &ldquo;<B>UK Issuer
Trustees</B>&rdquo;), or (2)&nbsp;the indenture dated as of November&nbsp;24, 2020, as amended, restated, supplemented or replaced from
time to time, between the UK Issuer, as issuer, the Company, as guarantor, and the UK Issuer Trustees (the &ldquo;<B>UK Issuer Subordinated
Indenture</B>&rdquo; and together with the UK Issuer Senior Indenture, the &ldquo;<B>UK Issuer</B>&nbsp;<B>Indentures</B>&rdquo;). We
refer to the BN Indenture, the BFI Indentures, the US LLC Indenture, the BFI II Indenture, the AUS Issuer Indenture and the UK Issuer
Indentures as the &ldquo;<B>Indentures</B>&rdquo;. We refer to the BFI Subordinated Indenture, the US LLC Indenture, the BFI II Indenture,
the AUS Issuer Indenture and the UK Issuer Indentures as the &ldquo;<B>Other Indentures</B>&rdquo;. The Debt Securities may be issued
under such other indentures as the Company, the applicable Finance Debt Issuer and the applicable trustee or trustees may enter into
in the future. The indenture under which any Debt Securities are issued will be specified in the applicable Prospectus Supplement.</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: justify; text-indent: 0.25in; background-color: white">The
BN Indenture, the BFI Indentures and the BFI II Indenture are subject to the provisions of the&nbsp;<I>Business Corporations Act</I>&nbsp;(Ontario)
and, consequently, are exempt from the operation of certain provisions of the Trust Indenture Act of 1939 (the &ldquo;<B>Trust Indenture
Act</B>&rdquo;) pursuant to Rule&nbsp;4d-9&nbsp;thereunder. The US LLC Indenture, the AUS Issuer Indenture and the UK Issuer Indentures
are subject to the Trust Indenture Act. Executed copies or forms of the Indentures will or have been filed with the Commission as exhibits
to the Registration Statement. Each Indenture is or will also be available on each Issuer&rsquo;s respective SEDAR+ profile at&nbsp;<U>www.sedarplus.ca</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
following statements with respect to the Indentures and the Debt Securities issued or to be issued thereunder are brief summaries of
certain provisions of the Indentures and do not purport to be complete; such statements are subject to the detailed referenced provisions
of the applicable Indenture, including the definition of capitalized terms used under this caption. Wherever a particular section or
defined term of an Indenture is referred to, the statement is qualified in its entirety by such section or term. References to the &ldquo;<B>Issuer</B>&rdquo;
and &ldquo;<B>Indenture Securities</B>&rdquo; refer to the Company and each Finance Debt Issuer, as issuer, and the Debt Securities issued
or to be issued by it under the Indentures. References to the &ldquo;<B>Trustee</B>&rdquo; or &ldquo;<B>Trustees</B>&rdquo; and any particular
Indenture or Debt Securities refer to the BN Trustee, the BFI Trustee, the US LLC Trustees, the BFI II Trustee, the AUS Issuer Trustees
or the UK Issuer Trustees as trustee or trustees under the applicable Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>General</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: 0.25in; background-color: white">The
Indentures do not limit the aggregate principal amount of Indenture Securities (which may include debentures, notes and other unsecured
evidences of indebtedness) which may be issued thereunder, and Indenture Securities may be issued under each Indenture from time to time
in one or more series and may be denominated and payable in foreign currencies or units based on or relating to foreign currencies, including
European currency units, pounds sterling and Australian dollars. Special Canadian and United States federal income tax considerations
applicable to any Indenture Securities so denominated will be described in the Prospectus Supplement relating thereto. Unless otherwise
indicated in the applicable Prospectus Supplement, each Indenture permits the Company and each Finance Debt Issuer to increase the principal
amount of any series of Indenture Securities previously issued by it and to issue such increased principal amount. (Section&nbsp;301
of the BN Indenture, and Section&nbsp;3.1 of the BFI Senior Indenture and the Other Indentures.) In the case of additional Debt Securities
of a series under the US LLC Indenture, the AUS Issuer Indenture and the UK Issuer Indentures, issued after the date of original issuance
of Debt Securities of such series, if they are not fungible with the original Debt Securities of such series for U.S. federal income
tax purposes, then such additional Debt Securities will be issued with a separate CUSIP or ISIN number so that they are distinguishable
from the original Debt Securities of such series.</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; background-color: white">All
Debt Securities issued by BFI, the US LLC Issuer, BFI II, the AUS Issuer and the UK Issuer will be fully and unconditionally guaranteed
by the Company.</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; background-color: white">The
applicable Prospectus Supplement will set forth the following terms relating to the particular offered Debt Securities: (1)&nbsp;the
specific designation of the offered Debt Securities and the Indenture under which they are issued; (2)&nbsp;any limit on the aggregate
principal amount of the offered Debt Securities; (3)&nbsp;the date or dates, if any, on which the offered Debt Securities will mature
and the portion (if less than all of the principal amount) of the offered Debt Securities to be payable upon declaration of acceleration
of maturity; (4)&nbsp;the rate or rates per annum (which may be fixed or variable) at which the offered Debt Securities will bear interest,
if any, the date or dates from which any such interest will accrue and on which any such interest will be payable and the Regular Record
Dates for any interest payable on the offered Debt Securities which are in registered form (&ldquo;<B>Registered Debt Securities</B>&rdquo;);
(5)&nbsp;any mandatory or optional redemption or sinking fund provisions, including the period or periods within which the price or prices
at which and the terms and conditions upon which the offered Debt Securities may be redeemed or purchased at the option of the Issuer
or otherwise; (6)&nbsp;whether the offered Debt Securities will be issuable in registered form or bearer form or both and, if issuable
in bearer form, the restrictions as to the offer, sale and delivery of the offered Debt Securities in bearer form and as to exchanges
between registered and bearer form; (7)&nbsp;whether the offered Debt Securities will be issuable in the form of one or more registered
global securities (&ldquo;<B>Registered Global Securities</B>&rdquo;) and, if so, the identity of the Depositary for such Registered
Global Securities; (8)&nbsp;the denominations in which any of the offered Debt Securities will be issuable if in other than denominations
of $1,000 and any multiple thereof; (9)&nbsp;each office or agency where the principal of, and any premium and interest on, the offered
Debt Securities will be payable and each office or agency where the offered Debt Securities may be presented for registration of transfer
or exchange; (10)&nbsp;if other than U.S. dollars, the foreign currency or the units based on or relating to foreign currencies in which
the offered Debt Securities are denominated and/or in which the payment of the principal of, and any premium and interest on, the offered
Debt Securities will or may be payable; (11)&nbsp;any applicable terms or conditions related to the addition of any&nbsp;co-obligor&nbsp;or
additional guarantor in respect of any or all series of Debt Securities; and (12)&nbsp;any other terms of the offered Debt Securities,
including any applicable subordination provisions, exchange or conversion terms, covenants and additional Events of Default. Special
Canadian and United States federal income tax considerations applicable to the offered Debt Securities, the amount of principal thereof
and any premium and interest thereon will be described in the Prospectus Supplement relating thereto. Unless otherwise indicated in the
applicable Prospectus Supplement, no Indenture affords the Holders the right to tender Indenture Securities to the Issuer for repurchase,
or provides for any increase in the rate or rates of interest per annum at which the Indenture Securities will bear interest, in the
event the Company or any Finance Debt Issuer should become involved in a highly leveraged transaction or in the event of a change in
control of the Company or any Finance Debt Issuer. (Section&nbsp;301 of the BN Indenture, and Section&nbsp;3.1 of the BFI Senior Indenture
and the Other Indentures.)</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Indenture
Securities may be issued bearing no interest or interest at a rate below the prevailing market rate at the time of issuance, to be offered
and sold at a discount below their stated principal amount. The Canadian and United States federal income tax consequences and other
special considerations applicable to any such discounted Indenture Securities or other Indenture Securities offered and sold at par which
are treated as having been issued at a discount for Canadian and/or United States federal income tax purposes will be described in the
Prospectus Supplement relating thereto. (Section&nbsp;301 of the BN Indenture, and Section&nbsp;3.1 of the BFI Senior Indenture and the
Other Indentures.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Indenture Securities will be direct unsecured obligations of the Company and the Finance Debt Issuers and will be unsecured senior or
subordinated, as applicable, indebtedness of each of them as described in the applicable Prospectus Supplement.<B>&nbsp;</B>(Section&nbsp;301
of the BN Indenture, and Section&nbsp;3.1 of the BFI Senior Indenture and the Other Indentures.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Company&rsquo;s guarantee of the Indenture Securities issued by the Finance Debt Issuers will be unsecured senior or subordinated, as
applicable, indebtedness of the Company, including the Company&rsquo;s obligations under the Indenture Securities issued under the BN
Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
guarantees will be unsecured general obligations of the Company and will rank equal in right of payment with, or junior to, other unsecured
and senior or subordinated debt (other than subordinated debt that has been further subordinated in accordance with its terms), as applicable,
of the Company. The Debt Securities and the guarantees will be effectively subordinated to any secured indebtedness of the applicable
Issuer or to the Company to the extent of the value of the assets securing such indebtedness. The guarantee by the Company of the Indenture
Securities will guarantee the due and punctual payment of the principal of, premium, if any, and interest on the Indenture Securities
issued by the applicable Issuer, when and as the same shall become due and payable, whether at maturity, upon redemption, by acceleration
or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Form, Denomination, Exchange and Transfer</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: 0.25in; background-color: white">Unless
otherwise indicated in the applicable Prospectus Supplement,&nbsp;Indenture Securities will be issued only in fully registered form without
coupons and in denominations of $1,000 or any integral multiple thereof. (Section&nbsp;302 of the BN Indenture, and Section&nbsp;3.2
of the BFI Senior Indenture and Other Indentures.) Indenture Securities may be presented for exchange and Registered Debt Securities
may be presented for registration of transfer in the manner, at the places and, subject to the restrictions set forth in the applicable
Indenture and in the applicable Prospectus Supplement, without service charge, but upon payment of any taxes or the governmental charges
due in connection therewith. Each Issuer has or will appoint, as applicable, their respective Trustees as Security Registrars under each
Indenture. (Section&nbsp;305 of the BN Indenture, and Section&nbsp;3.5 of the BFI Senior Indenture and Other Indentures.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Payment</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: 0.25in; background-color: white">Unless
otherwise indicated in the applicable Prospectus Supplement, payment of the principal of, and any premium and interest on, Registered
Debt Securities (other than a Registered Global Security) will be made at the Corporate Trust Office of the applicable Trustee(s)&nbsp;and
the office or agency of the particular Issuer maintained for that purpose in Toronto, Canada (in the case of the BN Indenture, the BFI
Indentures and the BFI II Indenture) or in Toronto, Canada or New York, New York (in the case of the US LLC Indenture, the AUS Issuer
Indenture and the UK Issuer Indentures), except that, at the option of the particular Issuer, payment of any interest may be made (i)&nbsp;by
check mailed to the address of the Person entitled thereto at such address as shall appear in the applicable Security Register or (ii)&nbsp;by
wire transfer to an account maintained by the Person entitled thereto as specified in the applicable Security Register. (Sections 305,
307, and 1002 of the BN Indenture, and Sections 3.5, 3.7 and 11.2 of the BFI Senior Indenture and the Other Indentures.) Unless otherwise
indicated in the applicable Prospectus Supplement, payment of any interest due on Registered Debt Securities will be made to the Persons
in whose name such Registered Debt Securities are registered at the close of business on the Regular Record Date for such interest payment.
(Section&nbsp;307 of the BN Indenture, and Section&nbsp;3.7 of the BFI Senior Indenture and Other Indentures.)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Registered Global Securities</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: 0.25in; background-color: white">The
Registered Debt Securities of a particular series may be issued in the form of one or more Registered Global Securities which will be
registered in the name of, and deposited with, one or more Depositories or nominees, each of which will be identified in the Prospectus
Supplement relating to such series. Unless and until exchanged, in whole or in part, for Indenture Securities in definitive registered
form, a Registered Global Security may not be transferred except as a whole by the Depositary for such Registered Global Security to
a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary
or any such nominee to a successor of such Depositary or a nominee of such successor. (Section&nbsp;305 of the BN Indenture, and Section&nbsp;3.5
of the BFI Senior Indenture and Other Indentures.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
specific terms of the depositary arrangement with respect to any portion of a particular series of Indenture Securities to be represented
by a Registered Global Security will be described in the Prospectus Supplement relating to such series. We anticipate that the following
provisions will apply to all depositary arrangements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Upon
the issuance of a Registered Global Security, the Depositary therefor or its nominee will credit, on its book entry and registration
system, the respective principal amounts of the Indenture Securities represented by such Registered Global Security to the accounts of
such persons having accounts with such Depositary or its nominee (&ldquo;<B>participants</B>&rdquo;) as shall be designated by the underwriters,
investment dealers or agents participating in the distribution of such Indenture Securities or by the particular Issuer if such Indenture
Securities are offered and sold directly by the Issuer. Ownership of beneficial interests in a Registered Global Security will be limited
to participants or persons that may hold beneficial interests through participants. Ownership of beneficial interests in a Registered
Global Security will be shown on, and the transfer of such ownership will be effected only through, records maintained by the Depositary
therefor or its nominee (with respect to beneficial interests of participants) or by participants or persons that hold through participants
(with respect to interests of persons other than participants). The laws of some states in the United States require certain purchasers
of securities to take physical delivery thereof in definitive form. Such depositary arrangements and such laws may impair the ability
to transfer beneficial interests in a Registered Global Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">So
long as the Depositary for a Registered Global Security or its nominee is the registered owner thereof, such Depositary or such nominee,
as the case may be, will be considered the sole owner or Holder of the Indenture Securities represented by such Registered Global Security
for all purposes under the applicable Indenture. Except as provided below, owners of beneficial interests in a Registered Global Security
will not be entitled to have Indenture Securities of the series represented by such Registered Global Security registered in their names,
will not receive or be entitled to receive physical delivery of Indenture Securities of such series in definitive form and will not be
considered the owners or Holders thereof under the applicable Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Principal,
premium, if any, and interest payments on a Registered Global Security registered in the name of a Depositary or its nominee will be
made to such Depositary or nominee, as the case may be, as the registered owner of such Registered Global Security. None of the particular
Issuer or Trustee or any paying agent for Indenture Securities of the series represented by such Registered Global Security will have
any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial interests in such
Registered Global Security or for maintaining, supervising or reviewing any records relating to such beneficial interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">We
expect that the Depositary for a Registered Global Security or its nominee, upon receipt of any payment of principal, premium or interest,
will immediately credit participants&rsquo; accounts with payments in amounts proportionate to their respective beneficial interests
in the principal amount of such Registered Global Security as shown on the records of such Depositary or its nominee. We also expect
that payments by participants to owners of beneficial interests in a Registered Global Security held through such participants will be
governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers registered
in &ldquo;street name&rdquo;, and will be the responsibility of such participants.</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: justify; text-indent: 0.25in; background-color: white">No
Registered Global Security may be exchanged in whole or in part for Indenture Securities registered, and no transfer of a Registered
Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Registered Global
Security or a nominee thereof unless (A)&nbsp;such Depositary (i)&nbsp;has notified the particular Issuer that it is unwilling or unable
to continue as Depositary for such Registered Global Security or (ii)&nbsp;has ceased to be a clearing agency registered under the Exchange
Act, and a successor securities Depositary is not obtained, (B)&nbsp;there shall have occurred and be continuing an Event of Default
with respect to such Registered Global Security, (C)&nbsp;the particular Issuer determines, in its sole discretion, that the Securities
of such series shall no longer be represented by such Registered Global Security and executes and delivers to the applicable Trustee(s)&nbsp;an
Issuer order that such Registered Global Security shall be so exchangeable and the transfer thereof so registerable or (D)&nbsp;there
shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated
in the applicable Indenture. (Section&nbsp;305 of the BN Indenture, and Section&nbsp;3.5.2 of the BFI Senior Indenture and the Other
Indentures.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Consolidation, Merger, Amalgamation and
Sale of Assets</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: 0.25in; background-color: white">Pursuant
to the BN Indenture, the Company shall not enter into any transaction (whether by way of reorganization, reconstruction, consolidation,
amalgamation, merger, transfer, sale or otherwise) whereby all or substantially all of its undertaking, property and assets would become
the property of any other Person (the &ldquo;<B>BN Successor Corporation</B>&rdquo;) unless: (a)&nbsp;the Company and the BN Successor
Corporation shall have executed, prior to or contemporaneously with the consummation of such transaction, such instruments and done such
things as, in the opinion of counsel, are necessary or advisable to establish that, upon the consummation of such transaction, (i)&nbsp;the
BN Successor Corporation will have assumed all the covenants and obligations of the Company under the BN Indenture in respect of the
Indenture Securities of every series issued thereunder, and (ii)&nbsp;the Indenture Securities of every series issued under the BN Indenture
will be valid and binding obligations of the BN Successor Corporation entitling the Holders thereof, as against the BN Successor Corporation,
to all the rights of Holders of Indenture Securities under the BN Indenture; and (b)&nbsp;such transaction shall be on such terms and
shall be carried out at such times and otherwise in such manner as shall not be prejudicial to the interests of the Holders of the Indenture
Securities of each and every series or to the rights and powers of the Trustee under the BN Indenture. (Section&nbsp;801 of the BN Indenture.)</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; background-color: white">Pursuant
to the BFI Senior Indenture and the Other Indentures, neither the applicable Finance Debt Issuer nor the Company (in each case for purposes
of this description, a &ldquo;<B>Predecessor</B>&rdquo;) shall enter into any transaction (whether by way of reorganization, reconstruction,
consolidation, amalgamation, merger, transfer, sale or otherwise) whereby all or substantially all of its undertaking, property and assets
would become the property of any other Person (in each case for purposes of this description, a &ldquo;<B>Successor</B>&rdquo;) unless:
(a)&nbsp;the Predecessor and the Successor shall have executed, prior to or contemporaneously with the consummation of such transaction,
such instruments and done such things as, in the opinion of counsel, are necessary or advisable to establish that, upon the consummation
of such transaction, (i)&nbsp;the Successor will have assumed all the covenants and obligations of the Predecessor under the applicable
Indenture in respect of the Indenture Securities of every series issued thereunder, and in the case of the Company, its guarantee of
the Indenture Securities and (ii)&nbsp;the Indenture Securities of every series issued by the Predecessor will be valid and binding obligations
of the Successor, entitling the Holders thereof, as against the Successor, to all the rights of Holders of Indenture Securities under
the applicable Indenture; and (b)&nbsp;such transaction shall be on such terms and shall be carried out at such times and otherwise in
such manner as shall not be prejudicial to the interests of the Holders of applicable Indenture Securities of each and every series or
to the rights and powers of the applicable Trustee(s)&nbsp;under the applicable Indenture; provided, however, that such restrictions
are not applicable to any sale or transfer by the applicable Finance Debt Issuer or the Company to any one or more of their subsidiaries.
(Section&nbsp;9.1 of the BFI Senior Indenture and the Other Indentures.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Events of Default</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: 0.25in; background-color: white">Unless
otherwise indicated in any Prospectus Supplement, each Indenture provides that the following will constitute an Event of Default under
such Indenture (except subsection (f)&nbsp;below which is not an Event of Default under the BN Indenture and subsection (g)&nbsp;below
which is not an Event of Default under the Other Indentures) with respect to Indenture Securities of any series issued by the Company
and each Finance Debt Issuer: (a)&nbsp;failure to pay principal of, or any premium on, any Indenture Security of that series when due;
(b)&nbsp;failure to pay any interest on any Indenture Securities of that series when due, which failure continues for 30 days; (c)&nbsp;other
than with respect to the US LLC Indenture, default in the payment of principal and interest on any Indenture Security required to be
purchased pursuant to an Offer to Purchase made pursuant to the terms of the Indenture Securities of such series; (d)&nbsp;failure to
deposit any sinking fund payment, when due, in respect of any Indenture Security of that series; (e)&nbsp;failure of any Finance Debt
Issuer and/or the Company to perform, as applicable, any other covenant in the relevant Indenture (other than a covenant included in
such indentures solely for the benefit of a series other than that series), which failure continues for 60 days after written notice
has been given by the respective Trustee or the Holders of at least 25% in aggregate principal amount of Outstanding Securities of that
series, as provided in the relevant Indenture; (f)&nbsp;the Company&rsquo;s guarantee of all obligations related to that series shall,
for any reason, cease to be, or the Company shall assert in writing to the relevant Trustee or the Holders thereof that such guarantee
is not in full force and effect and enforceable against the Company in accordance with its terms; (g)&nbsp;failure by the Company to
make any payment of principal of, or interest on, any obligation for borrowed money (other than an obligation payable on demand or maturing
less than 12&nbsp;months from the creation or issue thereof) having an outstanding principal amount in excess of 5% of the Company&rsquo;s
Consolidated Net Worth in the aggregate at the time of default or any failure in the performance of any other covenant of the Company
contained in any instrument under which such obligations are created or issued and if the holders thereof, or a trustee, if any, for
such holders declare such obligations to be due and payable prior to the stated maturities thereof, provided that if such default is
waived by such holders or trustee, then the Event of Default under the applicable Indenture shall be deemed to be waived without further
action on the part of the applicable Trustee(s)&nbsp;or the Holders; (h)&nbsp;certain events of bankruptcy, insolvency or reorganization
affecting the Company and/or the Finance Debt Issuers; and (i)&nbsp;any other Events of Default provided with respect to the Indenture
Securities of such series, as described in the applicable Prospectus Supplement. (Section&nbsp;501 of the BN Indenture, and Section&nbsp;6.1
of the BFI Senior Indenture and the Other Indentures.)</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: justify; text-indent: 0.25in; background-color: white">If
an Event of Default (other than an Event of Default related to certain events of bankruptcy, insolvency or reorganization affecting the
Company and any Finance Debt Issuer, and the Company in its capacity as guarantor under the applicable Indenture of each Finance Debt
Issuer) with respect to the Indenture Securities of any series at the time outstanding shall occur and be continuing either the applicable
Trustee(s)&nbsp;or the Holders of at least 25% in aggregate principal amount of Outstanding Securities of that series by notice, as provided
in the applicable Indenture, may declare the principal amount of the Indenture Securities of that series to be due and payable immediately.
If an Event of Default related to certain events of bankruptcy, insolvency or reorganization affecting any Issuer occurs with respect
to the Indenture Securities of any series at the time outstanding, the principal amount of all the Indenture Securities of that series
will automatically, and without any action by the applicable Trustee or any Holder, become immediately due and payable. After any such
acceleration, but before a judgment or decree based on acceleration, the Holders of a majority in aggregate principal amount of the Outstanding
Securities of that series may, under certain circumstances, rescind and annul such acceleration if all Events of Default, other than
the&nbsp;non-payment&nbsp;of accelerated principal (or other specified amount), have been cured or waived as provided in the applicable
Indenture. (Section&nbsp;502 of the BN Indenture, Section&nbsp;6.2 of the BFI Senior Indenture and the Other Indentures.) For information
as to waiver of defaults, see &ldquo;&mdash; Modification and Waiver&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Each
Indenture provides that the applicable Trustee(s)&nbsp;will be under no obligation to exercise any of its rights or powers under the
applicable Indenture (or, in the case of the BFI Senior Indenture and the Other Indentures, commence or continue any act, action or proceeding
for enforcing any rights of the Trustee(s)) at the request or direction of any of the applicable Holders, unless such Holders shall have
offered to such Trustee(s)&nbsp;indemnity satisfactory to such Trustee(s)&nbsp;(or, in the case of the BFI Senior Indenture and the Other
Indentures, sufficient funds to commence or continue compliance with such request and an indemnity to protect the Trustee(s)&nbsp;against
losses suffered in compliance with such request). (Section&nbsp;603 of the BN Indenture, Section&nbsp;7.5 of the BFI Senior Indenture
and the Other Indentures.) Subject to such provisions for the indemnification of the particular Trustee(s), the Holders of a majority
in aggregate principal amount of the Outstanding Securities of any series issued under the applicable Indenture will have the right to
direct the time, method and place of conducting any proceeding for any remedy available to such Trustee(s)&nbsp;or exercising any trust
or power conferred on such Trustee(s)&nbsp;with respect to the Indenture Securities of that series. (Section&nbsp;512 of the BN Indenture
and Section&nbsp;6.12 of the BFI Senior Indenture and the Other Indentures.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">No
Holder of an Indenture Security of any series will have any right to institute any proceeding with respect to the particular Indenture,
or for the appointment of a receiver or a trustee, or for any other remedy thereunder, unless (i)&nbsp;such Holder has previously given
to the applicable Trustee(s)&nbsp;written notice of a continuing Event of Default with respect to the Indenture Securities of that series,
(ii)&nbsp;the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of that series have made a written
request, and such Holder or Holders have offered reasonable indemnity, or in the case of the Other Indentures, indemnity reasonably satisfactory
to each Trustee, to the applicable Trustee(s)&nbsp;to institute such proceeding as trustee, and (iii)&nbsp;the applicable Trustee(s)&nbsp;has
failed to institute such proceeding, and has not received from the Holders of a majority in aggregate principal amount of the Outstanding
Securities of that series a direction inconsistent with such request, within 60 days after such notice, request and offer. (Section&nbsp;507
of the BN Indenture, Section&nbsp;6.7 of the BFI Senior Indenture and the Other Indentures.) However, such limitations do not apply to
a suit instituted by a Holder of an Indenture Security for the enforcement of payment of the principal of, or of any premium or interest
on, such Indenture Security on or after the applicable due date specified in such Indenture Security. (Section&nbsp;508 of the BN Indenture,
Section&nbsp;6.8 of the BFI Senior Indenture and the Other Indentures.)</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; background-color: white">The
Company and each Finance Debt Issuer are each required to furnish to their respective Trustees an annual and a quarterly statement by
certain of its officers as to whether or not each Issuer, as applicable, to their best knowledge, is in default in the performance or
observance of any of the terms, provisions and conditions of the applicable Indenture and, if so, specifying all such known defaults
and the nature and status thereof. (Section&nbsp;1004 of the BN Indenture, and Section&nbsp;11.4 of the BFI Senior Indenture and Other
Indentures.) In addition, the US LLC Issuer, the AUS Issuer and the UK Issuer are or will be required to deliver an annual compliance
certificate as required under the Trust Indenture Act. (Section&nbsp;11.4(d)&nbsp;of the US LLC Indenture, the AUS Issuer Indenture and
the UK Issuer Indentures.)</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Defeasance</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: 0.25in; background-color: white">Each
Indenture provides that, at the option of the applicable Issuer, the Issuer and, in the case of the BFI Senior Indenture and the Other
Indentures, the Company will be discharged from any and all obligations in respect of any Outstanding Securities upon irrevocable deposit
with the applicable Trustee(s), in trust, of money and/or Government Obligations which will provide money in an amount sufficient, in
the opinion of a nationally recognized firm of independent public accountants, to pay the principal of or premium, if any, and each instalment
of interest, if any, on such Outstanding Securities (&ldquo;<B>Defeasance</B>&rdquo;). Such trust may only be established if certain
customary conditions precedent are satisfied, including, among other things, confirmation that Holders will not recognize gain or loss
for U.S. federal income tax purposes as a result of such Defeasance. The Issuer may exercise its Defeasance option notwithstanding its
prior exercise of its Covenant Defeasance (as defined below) option described in the following paragraph if the Issuer meets the conditions
precedent at the time the Issuer exercises the Defeasance option.</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; background-color: white">Each
Indenture provides that, at the option of the Issuer, unless and until the Issuer has exercised its Defeasance option described in the
preceding paragraph, the Issuer may omit to comply with certain restrictive covenants and such omission shall not be deemed to be an
Event of Default under the Indenture and the Outstanding Securities upon irrevocable deposit with the applicable Trustee(s), in trust,
of money and/or Government Obligations which will provide money in an amount sufficient, in the opinion of a nationally recognized firm
of independent public accountants, to pay the principal of and premium, if any, and each instalment of interest, if any, on the Outstanding
Securities of the Issuer (&ldquo;<B>Covenant Defeasance</B>&rdquo;). In the event the Issuer exercises its Covenant Defeasance option,
the obligations under the applicable Indenture (other than with respect to such covenants and the Events of Default other than the Events
of Default relating to such covenants above) shall remain in full force and effect. Such trust may only be established if certain customary
conditions precedent are satisfied, including, among other things, confirmation that Holders will not recognize gain or loss for U.S.
federal income tax purposes as a result of such Covenant Defeasance. (Article&nbsp;Thirteen of the BN Indenture, Article&nbsp;Fourteen
of the BFI Senior Indenture and the Other Indentures.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Modification and Waiver</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: 0.25in; background-color: white">Modifications
and amendments of an Indenture may be made by the Company, the Issuer (if other than the Company) and the applicable Trustee(s)&nbsp;with
the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities of each series of Indenture Securities
affected by such modification or amendment; provided, however, that no such modification or amendment may, without the consent of the
Holder of each Outstanding Security affected thereby, (a)&nbsp;change the Stated Maturity of the principal of, or any instalment of interest
on, any Outstanding Security, (b)&nbsp;reduce the principal amount of (or the premium), or interest on, any Outstanding Security, (c)&nbsp;reduce
the amount of the principal of any Outstanding Security payable upon the acceleration of the maturity thereof, (d)&nbsp;change the currency
(or, with respect to the BN Indenture and the BFI Senior Indenture, the place) of payment of principal of (or the premium), or interest
on, any Outstanding Security, (e)&nbsp;impair the right to institute suit for the enforcement of any payment on or with respect to any
Outstanding Security, (f)&nbsp;reduce the above-stated percentage of Outstanding Securities necessary to modify or amend the particular
Indenture, (g)&nbsp;reduce the percentage of aggregate principal amount of Outstanding Securities necessary for waiver of compliance
with certain provisions of the particular Indenture or for waiver of certain defaults, (h)&nbsp;modify any provisions of the particular
Indenture relating to the modification and amendment of such Indenture or the waiver of past defaults or covenants, except as otherwise
specified, (i)&nbsp;in the case of the BFI Subordinated Indenture, modify the provisions of the indenture relating to subordination in
a manner that adversely affects the rights of Holders of Indenture Securities, or (j)&nbsp;other than with respect to the US LLC Indenture,
following the mailing of any Offer to Purchase, modify any Offer to Purchase for such Outstanding Security required to be made pursuant
to the terms of such Outstanding Security in a manner materially adverse to the Holders thereof. (Section&nbsp;902 of the BN Indenture
and Section&nbsp;10.2 of the BFI Senior Indenture and Other Indentures.) In the case of Other Indentures, no such modification or waiver
may, without consent of the Holder of each Outstanding Security affected thereby, (a)&nbsp;change the dates or times fixed for redemption
thereof, or (b)&nbsp;release the Company from its Guarantee under the Other Indentures.</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: justify; text-indent: 0.25in; background-color: white">Each
Indenture provides that the Company or the Issuer (if other than the Company) may modify and amend such Indenture without the consent
of any holder of Indenture Securities for any of the following purposes: (a)&nbsp;to evidence the succession of another person to the
Issuer or the Company, as applicable, and the assumption by any such successor of the covenants of the Issuer or the Company, as applicable,
under such Indenture and in the Indenture Securities; (b)&nbsp;in the case of the Other Indentures, to evidence the addition of a&nbsp;co-obligor&nbsp;or
guarantor in respect of any or all series of the Indenture Securities under the Other Indentures, as may be permitted in accordance with
the terms of such Indenture Securities; (c)&nbsp;to add to the covenants of the Finance Debt Issuer or the Company, as applicable, for
the benefit of the holders of any series of Indenture Securities (and if such covenants are to be for the benefit of less than all series
of Indenture Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender
any right or power (but not, in the case of the Other Indentures, any obligation, except any obligation concomitant to such right or
power) in such Indenture conferred upon the Finance Debt Issuer or the Company, as applicable; (d)&nbsp;to add any additional Events
of Default for the benefit of the holders of all or any series of Indenture Securities (and if such additional Events of Default are
to be for the benefit of less than all series of Indenture Securities, stating that such additional Events of Default are expressly being
included solely for the benefit of such series); (e)&nbsp;to add to, change or eliminate any of the provisions of such Indenture in respect
of one or more series of Indenture Securities, provided that any such addition, change or elimination (i)&nbsp;shall neither (A)&nbsp;apply
to any Indenture Security of any series created prior to the execution of the applicable supplemental indenture and entitled to the benefit
of such provision nor (B)&nbsp;modify the rights of the holder of any such Indenture Security with respect to such provision or (ii)&nbsp;shall
become effective only when there is no such Indenture Security outstanding; (f)&nbsp;to secure the Indenture Securities pursuant to the
requirements of any provision in such Indenture or any indenture supplemental thereto or otherwise; (g)&nbsp;to establish the form or
terms of Indenture Securities of any series as permitted under the Indenture and, in the case of the BFI Senior Indenture and the Other
Indentures, if required, to provide for the appointment of a&nbsp;co-trustee,&nbsp;and in the case of Other Indentures, to provide for
the appointment of other agents; (h)&nbsp;to evidence and provide for the acceptance of appointment under such Indenture by a successor
trustee with respect to the Indenture Securities of one or more series and to add to or change any of the provisions in such Indenture
as shall be necessary to provide for or facilitate the administration of the trusts thereunder by more than one trustee (or other agents,
in the case of Other Indentures), pursuant to the requirements of such Indenture; (i)&nbsp;to add to or change any of the provisions
of such Indenture to such extent as shall be necessary to permit or facilitate the issuance of Indenture Securities in bearer form, registrable
or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Indenture Securities
in uncertificated form; (j)&nbsp;in the case of the US LLC Indenture, the AUS Issuer Indenture and the UK Issuer Indentures, to comply
with any requirements of the Trust Indenture Legislation including without limitation in connection with qualifying, or maintaining the
qualification of, the US LLC Indenture, the AUS Issuer Indenture or the UK Issuer Indentures, as applicable, under the Trust Indenture
Act; or (k)&nbsp;to cure any ambiguity, to correct or supplement any provision in such Indenture which may be defective or inconsistent
with any other provision therein, or to make any other provisions with respect to matters or questions arising thereunder, provided that
such action shall not adversely affect, in the case of the BFI Senior Indenture and the Other Indentures, in any material respect, the
interests of the holders of Indentures Securities of any series. (Section&nbsp;901 of the BN Indenture and Section&nbsp;10.1 of the BFI
Senior Indenture and the Other Indentures.)</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; background-color: white">The
Holders of a majority in aggregate principal amount of the Outstanding Securities of any series, on behalf of all Holders of Outstanding
Securities of such series, may waive compliance by the Issuer with certain restrictive provisions of the particular Indenture. (Section&nbsp;1009
of the BN Indenture, Section&nbsp;11.10 of the BFI Senior Indenture and Section&nbsp;11.6 of the Other Indentures.) Subject to certain
rights of the particular Trustee, as provided in the applicable Indenture, the Holders of a majority in aggregate principal amount of
the Outstanding Securities issued under such Indenture, on behalf of all holders of Outstanding Securities of such series, may waive
any past default under such Indenture, except a default in the payment of principal, premium or interest or in respect of a covenant
or provision of such Indenture which under the Indenture cannot be modified or amended without the consent of the Holder of each Outstanding
Security of such series affected. (Section&nbsp;513 of the BN Indenture, Section&nbsp;6.13 of the BFI Senior Indenture and the Other
Indentures.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Consent to Jurisdiction and Service under
BN Indenture</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
BN Indenture provides that the Company irrevocably appoints CT Corporation System, 1633 Broadway, New York, New York, 10019, as its agent
for service of process in any suit, action or proceeding arising out of or relating to the BN Indenture and the Indenture Securities
and for actions brought under federal or state securities laws brought in any federal or state court located in the Borough of Manhattan
in the City of New York and submit to such jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Consent to Jurisdiction and Service under
the BFI Senior Indenture and the Other Indentures</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: 0.25in; background-color: white">The
BFI Senior Indenture and the Other Indentures provide, or will provide, that the Finance Debt Issuers irrevocably appoint Brookfield
Asset Management LLC, Brookfield Place, 250 Vesey Street, 15th Floor, New York, NY 10281-1023, as their agent for service of process
in any suit, action or proceeding arising out of or relating to the relevant Indenture and the Indenture Securities and for actions brought
under federal or state securities laws brought in any federal or state court located in the Borough of Manhattan in the City of New York
and submit to such jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Enforceability of Judgments against the
Company</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: 0.25in; background-color: white">Since
a substantial portion of the Company&rsquo;s assets are outside the United States, any judgment obtained in the United States against
the Company, including any judgment with respect to the payment of interest and principal on the Indenture Securities, may not be collectible
within the United States.</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: justify; text-indent: 0.25in; background-color: white">The
Company has been informed by its Canadian counsel, Torys LLP (&ldquo;<B>Torys</B>&rdquo;), that a court of competent jurisdiction in
the Province of Ontario would enforce a final and conclusive judgment in&nbsp;<I>personam</I>&nbsp;of a court sitting in the Borough
of Manhattan, the City of New York, New York (a &ldquo;<B>New York Court</B>&rdquo;) that is subsisting and unsatisfied respecting the
enforcement of any of the Indentures and the Indenture Securities that is not impeachable as void or voidable under the internal laws
of the State of New York for a sum certain if: (i)&nbsp;the court rendering such judgment had jurisdiction over the judgment debtor,
as recognized by the courts of the Province of Ontario (and submission by the Company in the Indenture to the jurisdiction of the New
York Court will be sufficient for the purpose); (ii)&nbsp;such judgment was not obtained by fraud or in a manner contrary to natural
justice and the enforcement thereof would not be inconsistent with public policy, as such term is understood under the laws of the Province
of Ontario, or contrary to any order made by the Attorney General of Canada under the&nbsp;<I>Foreign Extraterritorial Measures Act</I>&nbsp;(Canada)
or by the Competition Tribunal under the&nbsp;<I>Competition Act</I>&nbsp;(Canada) in respect of certain judgments referred to in those
statutes or to an order or regulation made by the Governor in Council under the&nbsp;<I>Special Economic Measures Act</I>&nbsp;(Canada)
or the&nbsp;<I>United Nations Act</I>&nbsp;(Canada) in respect of certain activities or measures referred to in those statutes; (iii)&nbsp;the
enforcement of such judgment does not constitute, directly or indirectly, the enforcement of foreign revenue, expropriatory or penal
laws; (iv)&nbsp;the action to enforce such judgment is commenced within the applicable limitation period; and (v)&nbsp;the courts of
the Province of Ontario have not decided to stay or decline to hear an action on such judgment because there is another subsisting judgment
in any jurisdiction relating to the same cause of action. The enforcement of any such judgment may also be affected by bankruptcy, insolvency
or other similar laws affecting the enforcement of creditors&rsquo; rights generally, and an Ontario court will render judgment only
in Canadian dollars. The Company has been advised by Torys that a monetary judgment of a New York Court predicated solely upon the civil
liability provisions of United States federal securities laws would likely be enforceable in the Province of Ontario if the New York
Court had a basis for jurisdiction in the matter that would be recognized by a court in Ontario for such purposes. There is no assurance
that this will be the case. It is less certain that an action could be brought in the Province of Ontario in the first instance on the
basis of liability predicated solely upon such laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Governing Law</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: 0.25in; background-color: white">The
Indentures,&nbsp;Indenture Securities and the rights, powers, duties or responsibility of Computershare U.S. will be governed by the
laws of the State of New York, except with respect to the rights, powers, duties or responsibility of the remaining Trustees (including
Computershare Canada), which shall be governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein.
(Section&nbsp;113 of the BN Indenture and Section&nbsp;1.13 of the BFI Senior Indenture and the Other Indentures.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>The Trustees</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: 0.25in; background-color: white">Computershare
Canada is currently, or is expected to be, the BN Trustee, the BFI Trustee, the BFI II Trustee and the Canadian trustee under the US
LLC Indenture, the AUS Issuer Indenture and the UK Issuer Indentures. Computershare U.S. is, or is expected to be, the U.S. trustee under
the US LLC Indenture, the AUS Issuer Indenture and the UK Issuer Indentures. None of the Trustees make any representation or warranty
as to the accuracy or validity of the information contained herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Certain Definitions</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: 0.25in; background-color: white">Set
forth below is a summary of certain of the defined terms used in the Indentures. Reference is made to each Indenture for the full definition
of each such term, as well as any other terms used herein for which no definition is provided (Section&nbsp;101 of the BN Indenture and
Section&nbsp;1.1 of the BFI Senior Indenture and the Other Indentures, as applicable).</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; background-color: white">&ldquo;<B><I>affiliate</I></B>&rdquo;
of any Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such Person. For the purposes of this definition, &ldquo;<B>control</B>&rdquo;, when used with respect to any Person, means the power
to influence the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise; and the terms &ldquo;<B>controlling</B>&rdquo; and &ldquo;<B>controlled</B>&rdquo; have meanings correlative
to the foregoing.</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; background-color: white">&ldquo;<B><I>Capital
Lease Obligation</I></B>&rdquo; of any Person means the obligation to pay rent or other payment amounts under a lease of (or other Debt
arrangements conveying the right to use) real or personal property of such Person which is required to be classified and accounted for
as a capital lease or a liability on the face of a balance sheet of such Person in accordance with generally accepted accounting principles
and which has a term of at least 36 months. The stated maturity of such obligation shall be the date of the last payment of rent or any
other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a
penalty.</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: justify; text-indent: 0.25in; background-color: white">&ldquo;<B><I>Capital
Stock</I></B>&rdquo; of any Person means any and all shares, interests, participations or other equivalents (however designated) of corporate
stock or other equity participations, including partnership interests whether general or limited, of such Person, and, in the case of
the BFI Senior Indenture and Other Indentures including units of such Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&ldquo;<B><I>Common
Stock</I></B>&rdquo; of any Person means Capital Stock of such Person that does not rank prior, as to the payment of dividends or as
to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or&nbsp;winding-up&nbsp;of such Person, to shares
of Capital Stock of any other class of such Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&ldquo;<B><I>Consolidated
Net Worth</I></B>&rdquo; of any Person means, with respect to the BN Indenture and the BFI Senior Indenture, the consolidated stockholders&rsquo;
equity of such Person, determined on a consolidated basis in accordance with generally accepted accounting principles, plus, without
duplication, Qualifying Subordinated Debt and Deferred Credits; provided that with respect to the BN Indenture, adjustments following
the date of the BN Indenture to the accounting books and records of the Company in accordance with U.S. Accounting Principles Board Opinions
Nos. 16 and 17 (or successor opinions thereto), or comparable standards in Canada, or otherwise resulting from the acquisition of control
of the Company by another Person shall not be given effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&ldquo;<B><I>Debt</I></B>&rdquo;
means (without duplication), with respect to any Person, whether recourse is to all or a portion of the assets of such Person and whether
or not contingent, (i)&nbsp;every obligation of such Person for money borrowed, (ii)&nbsp;every obligation of such Person evidenced by
bonds, debentures, notes or other similar instruments, including obligations incurred in connection with the acquisition of property,
assets or businesses, (iii)&nbsp;every reimbursement obligation of such Person with respect to letters of credit, bankers&rsquo; acceptances
or similar facilities issued for the account of such Person, (iv)&nbsp;every obligation of such Person issued or assumed as the deferred
purchase price of property or services (but excluding trade accounts payable or accrued liabilities arising in the ordinary course of
business which are not overdue or which are being contested in good faith), (v)&nbsp;every Capital Lease Obligation of such Person, (vi)&nbsp;every
obligation that could not be considered as interest in accordance with generally accepted accounting principles under Interest Rate or
Currency Protection Agreements of such Person and (vii)&nbsp;every obligation of the type referred to in clauses (i)&nbsp;through (vi)&nbsp;of
another Person and all dividends of another Person the payment of which, in either case, such Person has Guaranteed or is responsible
or liable for, directly or indirectly, as obligator, Guarantor or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&ldquo;<B><I>Deferred
Credits</I></B>&rdquo; means, with respect to the BN Indenture and the BFI Senior Indenture, the deferred credits of the Company (or,
in the case of the BFI Senior Indenture, any Person) and its Subsidiaries determined on a consolidated basis in accordance with generally
accepted accounting principles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&ldquo;<B><I>Government
Obligation</I></B>&rdquo; means (x)&nbsp;any security which is (i)&nbsp;a direct obligation of the government which issued the currency,
or a direct obligation of the Government of Canada issued in such currency, in which the Indenture Securities of a particular series
are denominated for the payment of which its full faith and credit is pledged or (ii)&nbsp;obligations of a Person the payment of which
is unconditionally guaranteed as its full faith and credit obligation by such government which, in the case of either subclause (i)&nbsp;or
(ii)&nbsp;of this clause (x), is not callable or redeemable at the option of the issuer thereof and (y)&nbsp;any depositary receipt issued
by a bank (as defined in Section&nbsp;3(a)(2)&nbsp;of the Securities Act, or, in the case of the BFI Senior Indenture and the Other Indentures,
as defined in the&nbsp;<I>Bank Act&nbsp;</I>(Canada)), as custodian with respect to any Government Obligation which is specified in clause
(x)&nbsp;above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment
of principal of or interest on any Government Obligation which is so specified and held, provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received
by the custodian in respect of the Government Obligation or the specific payment of principal or interest evidenced by such depositary
receipt.</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; background-color: white">&ldquo;<B><I>Guarantee</I></B>&rdquo;
by any Person means any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing
any Debt of any other Person (the &ldquo;<B>primary obligor</B>&rdquo;) in any manner, whether directly or indirectly, and including,
without limitation, any obligation of such Person (i)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment
of) such Debt or to purchase (or to advance or supply funds for the purchase of) any security for the payment of such Debt, (ii)&nbsp;to
purchase property, securities or services for the purpose of assuring the holder of such Debt of the payment of such Debt or (iii)&nbsp;to
maintain working capital, equity capital or other financial statement condition or liquidity of the primary obligor so as to enable the
primary obligor to pay such Debt (and &ldquo;<B>Guaranteed</B>&rdquo;, &ldquo;<B>Guaranteeing</B>&rdquo; and &ldquo;<B>Guarantor</B>&rdquo;
shall have meanings correlative to the foregoing); provided, however, that the Guarantee by any Person shall not include endorsements
by such Person for collection or deposit, in either case, in the ordinary course of business.</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; background-color: white">&ldquo;<B><I>Holder</I></B>&rdquo;
means a Person in whose name a Security is registered in the applicable Security Register.</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: justify; text-indent: 0.25in; background-color: white">&ldquo;<B><I>Interest
Rate or Currency Protection Agreement</I></B>&rdquo; of any Person means any interest rate protection agreement (including, without limitation,
interest rate swaps, caps, floors, collars and similar agreements), and/or other types of interest hedging agreements, and any currency
protection agreement (including foreign exchange contracts, currency swap agreements or other currency hedging arrangements).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&ldquo;<B><I>Qualifying
Subordinated Debt</I></B>&rdquo; means, with respect to the BN Indenture and the BFI Senior Indenture, Debt of the Company (i)&nbsp;which
by its terms provides that the payment of principal of (and premium, if any) and interest on and all other payment obligations in respect
of such Debt shall be subordinate to the prior payment in full of the Company&rsquo;s obligations in respect of the Indenture Securities
to at least the extent that no payment of principal of (or premium, if any) or interest on or otherwise due in respect of such Debt may
be made for so long as there exists any default in the payment of principal (or premium, if any) or interest on the Indenture Securities
or any other default that, with the passing of time or the giving of notice or both, would constitute an event of default with respect
to the Indenture Securities and (ii)&nbsp;which expressly by its terms gives the Company the right to make payments of principal in respect
of such Debt in Common Stock of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&ldquo;<B><I>Stated
Maturity</I></B>&rdquo;, when used with respect to any Indenture Security or any instalment of principal thereof or interest thereon,
means the date specified in such Indenture Security as the fixed date on which the principal of such Indenture Security or such instalment
of principal or interest is due and payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&ldquo;<B><I>Trust
Indenture Legislation</I></B>&rdquo; means, at any time, (i)&nbsp;the provisions of the&nbsp;<I>Business Corporations Act</I>&nbsp;(Ontario)
and regulations thereunder as amended or&nbsp;re-enacted&nbsp;from time to time, (ii)&nbsp;the provisions of any other statute of Canada
or any province thereof and any regulations thereunder and (iii)&nbsp;the Trust Indenture Act<I>&nbsp;</I>and regulations thereunder,
but, in the case of (i)&nbsp;the BN Indenture and the BFI Senior Indenture, only to the extent applicable under Rule&nbsp;4d-9&nbsp;under
the Trust Indenture Act and (ii)&nbsp;the BFI Subordinated Indenture and the BFI II Indenture, only to the extent applicable to that
indenture, in each case relating to trust indentures and to the rights, duties, and obligations of trustees under trust indentures and
of corporations issuing debt obligations under trust indentures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_020"></A><B>PLAN
OF DISTRIBUTION</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: 0.25in; background-color: white">The
Issuers may sell Securities and the Selling Shareholders may sell Class&nbsp;A Shares to or through underwriters or dealers and may also
sell Securities directly to purchasers or through agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
distribution of Securities of any series may be effected from time to time in one or more transactions at a fixed price or prices. If
offered on a&nbsp;non-fixed&nbsp;price basis, including sales of Class&nbsp;A Shares in transactions that are deemed to be ATM Distributions,
the Securities may be offered at market prices prevailing at the time of sale, at prices related to such prevailing market prices or
at prices to be negotiated with purchasers, in which case the compensation payable to an underwriter, dealer or agent in connection with
any such sale will be increased or decreased by the amount, if any, by which the aggregate price paid for the Securities by the purchasers
exceeds or is less than the gross proceeds paid by the underwriter, dealer or agent to the Issuers and/or the Selling Shareholders. The
price at which the Securities will be offered and sold may vary from purchaser to purchaser and during the period of distribution. No
Selling Shareholder may distribute Securities pursuant to an ATM Distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
connection with the sale of Securities, underwriters may receive compensation from the Issuers, the Selling Shareholders and/or from
purchasers of Securities for whom they may act as agents in the form of fees, commissions or concessions. Underwriters, dealers and agents
that participate in the distribution of Securities may be deemed to be underwriters and any such compensation received by them from the
Issuers and/or the Selling Shareholders and any profit on the resale of Securities by them may be deemed to be underwriting commissions
under the Securities Act. Any such person that may be deemed to be an underwriter with respect to Securities of any series will be identified
in the Prospectus Supplement relating to such series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Prospectus Supplement relating to each series of Securities will also set forth the terms of the offering of the Securities of such series,
including, to the extent applicable, (i)&nbsp;the names of any underwriters or agents, (ii)&nbsp;the purchase price or prices of the
offered Securities, (iii)&nbsp;the initial offering price, (iv)&nbsp;in the case of offers and sales by the Selling Shareholders, the
names of such Selling Shareholders and the number of and prices at which such Class&nbsp;A Shares are proposed to be sold by them, (v)&nbsp;the
proceeds to the applicable Issuer and/or Selling Shareholder from the sale of the offered Securities, (vi)&nbsp;the underwriting discounts
and commissions and (vii)&nbsp;any discounts, commissions and concessions allowed or reallowed or paid by any underwriter to other dealers.</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: justify; text-indent: 0.25in; background-color: white">Under
agreements which may be entered into by the Issuers, the Selling Shareholders, underwriters, dealers and agents who participate in the
distribution of Securities may be entitled to indemnification by the Issuers and/or the Selling Shareholders against certain liabilities,
including liabilities under the Securities Act and Canadian provincial securities legislation, or to contribution with respect to payments
which those underwriters, dealers or agents may be required to make in respect thereof. Those underwriters, dealers and agents may be
customers of, engage in transactions with or perform services for the Issuers or their subsidiaries and/or the Selling Shareholders in
the ordinary course of business. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Issuers, the Issuers have been advised that, in the opinion of the Commission, such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Issuers of expenses incurred or paid by a director, officer or controlling person
of the Issuers in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the Issuers will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Unless
otherwise specified in a Prospectus Supplement, each series or class of Securities will be a new issue of securities with no established
trading market. Unless otherwise specified in a Prospectus Supplement relating to a series or class of Securities, the Securities will
not be listed on any securities exchange. Certain broker-dealers may make a market in Securities but will not be obligated to do so and
may discontinue any market making at any time without notice. No assurance can be given that any broker-dealer will make a market in
the Securities of any series or as to the liquidity of the trading market for the Securities of any series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
connection with any offering of Securities, other than an ATM Distribution, the underwriters or agents may over-allot or effect transactions
which stabilize or maintain the market price of the Securities offered at a level above that which might otherwise prevail in the open
market. Such transactions, if commenced, may be discontinued at any time. No agent of an ATM Distribution, and no person or company acting
jointly or in concert with an agent of an ATM Distribution, may, in connection with the distribution, enter into any transaction that
is intended to stabilize or maintain the market price of the securities or securities of the same class as the securities distributed
pursuant to the ATM Distribution, including selling an aggregate number or principal amount of securities that would result in the agent
creating an over-allocation position in the securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_021"></A><B>SELLING
SHAREHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Overview</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: 0.25in; background-color: white">This
Prospectus also relates to offerings by the Selling Shareholders upon exercise of demand rights or piggyback rights under the Registration
Rights Agreement (as defined below). The terms under which the Class&nbsp;A Shares will be offered and sold by any Selling Shareholder
will be described in the applicable Prospectus Supplement. The Prospectus Supplement for any distribution of Class&nbsp;A Shares by any
Selling Shareholder will include, without limitation, where applicable: (i)&nbsp;the number of Class&nbsp;A Shares owned, controlled
or directed by the Selling Shareholder; (ii)&nbsp;the number of Class&nbsp;A Shares being distributed for the account of the Selling
Shareholder; (iii)&nbsp;the number of Class&nbsp;A Shares to be owned, controlled or directed by the Selling Shareholder after the offering
and the percentage that number represents of the total number of outstanding Class&nbsp;A Shares; (iv)&nbsp;whether the Class&nbsp;A
Shares being sold are owned by the Selling Shareholder both of record and beneficially, of record only or beneficially only; (v)&nbsp;if
the Selling Shareholder acquired the Class&nbsp;A Shares within two years preceding the date of the applicable Prospectus Supplement,
the date or dates the Selling Shareholder acquired the Class&nbsp;A Shares; and (vi)&nbsp;if the Selling Shareholder acquired the Class&nbsp;A
Shares being distributed in the 12 months preceding the date of the applicable Prospectus Supplement, the cost thereof to the Selling
Shareholder in the aggregate and on a per share basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Selling Shareholders may also sell Class&nbsp;A Shares other than pursuant to this Prospectus. The Company cannot predict when or in
what amounts the Selling Shareholders may sell any of the Class&nbsp;A Shares qualified for distribution by this Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Oaktree Mergers</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: 0.25in; background-color: white">On
March&nbsp;13, 2019, the Company and Oaktree Capital Group, LLC (&ldquo;<B>Oaktree</B>&rdquo;), among others, entered into an Agreement
and Plan of Merger (the &ldquo;<B>Merger Agreement</B>&rdquo;). Pursuant to the terms of the Merger Agreement, certain mergers involving
Oaktree, certain affiliates of Oaktree and a subsidiary of the Company were completed on September&nbsp;30, 2019 (the &ldquo;<B>Oaktree
Mergers</B>&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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Exchange Agreement</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: 0.25in; background-color: white">The
Company, Oaktree, OCGH and the Selling Shareholders, among others, are parties to a Fifth Amended and Restated Exchange Agreement (as
amended, the &ldquo;<B>Exchange Agreement</B>&rdquo;). Pursuant to the terms of the Exchange Agreement, holders of OCGH units have the
right to exchange from time to time their OCGH units for various forms of consideration at the election of the Company, including cash
and Class&nbsp;A Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Exchanges
can be initiated only during open periods, which are during the first 60 days of each applicable calendar year. During the first open
period that commenced January&nbsp;1, 2020, the exchange consideration consisted only of cash. On January&nbsp;1, 2021, certain holders
of OCGH units became eligible to participate in an exchange (subject to certain vesting schedules); however the form of consideration
in 2021 was limited to cash. All holders of OCGH units became eligible to participate in exchanges beginning on January&nbsp;1, 2022
and in subsequent years thereafter. The consideration for the 2022 and 2023 open periods was paid entirely in cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Following
the eighth anniversary of the closing date of the Oaktree Mergers, we can discontinue the exchange rights in the Exchange Agreement on
36 months&rsquo; notice. As a result, the earliest the exchange rights can be terminated is the eleventh anniversary of the closing date
of the Oaktree Mergers, or September&nbsp;30, 2030.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Registration Rights Agreement</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: 0.25in; background-color: white">On
September&nbsp;30, 2019, in connection with the Oaktree Mergers, the Company, OCGH and the Selling Shareholders entered into a registration
rights agreement (the &ldquo;<B>Registration Rights Agreement</B>&rdquo;) in respect of the resale of Class&nbsp;A Shares held by the
Selling Shareholders that constitute Registrable Securities (as defined below) and issuable upon exchange of OCGH units pursuant to the
Exchange Agreement, subject to certain qualifications (including without limitation certain agreed upon blackout periods). The following
description of certain provisions of the Registration Rights Agreement is a summary only, is not comprehensive and is qualified in its
entirety by reference to the full text of the Registration Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&ldquo;<B>Registrable
Securities</B>&rdquo;<B>&nbsp;</B>means Class&nbsp;A Shares issued in an exchange to a Selling Shareholder, and any equity securities
of the Company issued or issuable with regard to such Class&nbsp;A Shares by way of dividend, distribution, split or combination of securities,
or any recapitalization, merger, consolidation or other reorganization, in each case, unless and until (i)&nbsp;such Class&nbsp;A Shares
are freely tradeable without volume or other limitation under Rule&nbsp;144 of the Securities Act and (ii)&nbsp;such Selling Shareholder,
together with all of his, her or its affiliates, owns less than 1% of the outstanding Class&nbsp;A Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Registration Rights Agreement provides a Selling Shareholder owning, together with his, her or its affiliates, more than 1% of the outstanding
Class&nbsp;A Shares with the right (the &ldquo;<B>Demand Registration Right</B>&rdquo;) to require the Company to qualify the distribution
of 1% or more of the outstanding Registrable Securities held by such Selling Shareholder and his, her or its affiliates in an underwritten
offering (a &ldquo;<B>Demand Distribution</B>&rdquo;). The Selling Shareholders are entitled to request one Demand Distribution, in the
aggregate, during any&nbsp;12-month&nbsp;period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Registration Rights Agreement also provides the Selling Shareholders with the right (the &ldquo;<B>Piggyback Registration Right</B>&rdquo;)
to require the Company to include Registrable Securities in any future public distribution of Class&nbsp;A Shares in Canada or the United
States undertaken by the Company (a &ldquo;<B>Distribution</B>&rdquo;). The Company shall include in a Distribution all of the Registrable
Securities the Selling Shareholders request to be included therein pursuant to the Piggyback Registration Right; provided, however, that
if the Distribution occurs by way of an underwritten offering and the managing underwriter(s)&nbsp;advises the Company that, in their
opinion, the total number of Class&nbsp;A Shares to be included in such Distribution should be limited for certain prescribed reasons,
the Class&nbsp;A Shares to be included in the Distribution shall first be registered for the account of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
connection with an underwritten offering, the Company will agree to refrain from issuing any equity securities of the Company for a period
of up to 60 days, subject to customary exceptions. The Company will generally be responsible for all reasonable expenses under the Registration
Rights Agreement, excluding any underwriting discounts or commissions on any Registrable Securities sold by a Selling Shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Registration Rights Agreement contains customary reciprocal indemnification provisions and will terminate one year following the last
day of the final open period as described above under the heading &ldquo;Exchange Agreement&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"></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: justify; text-indent: 0.25in; background-color: white">The
Registration Statement of which this Prospectus forms a part has been filed to provide solely for offerings by the Selling Shareholders
upon exercise of the Demand Registration Right or Piggyback Registration Right.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_022"></A><B>EXEMPTIVE
RELIEF</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: 0.25in; background-color: white">Pursuant
to a decision document dated October&nbsp;18, 2011 issued by the applicable securities regulators, the Company was granted exemptive
relief from certain of the restricted securities requirements in National Instrument&nbsp;51-102&nbsp;&mdash;&nbsp;<I>Continuous Disclosure
Obligations</I>, NI&nbsp;41-101&nbsp;and Ontario Securities Commission Rule&nbsp;56-501&nbsp;&mdash;&nbsp;<I>Restricted Shares&nbsp;</I>(collectively,
the &ldquo;<B>restricted security provisions</B>&rdquo;), including the requirements to refer to the Class&nbsp;A Shares and the Class&nbsp;B
Shares using a prescribed restricted security term. The Class&nbsp;A Shares and Class&nbsp;B Shares may qualify as &ldquo;restricted
securities&rdquo; under the restricted security provisions because the Company&rsquo;s constating documents contain provisions that restrict
the voting rights of such securities in any election of the board of directors of the Company. See &ldquo;Description of the Class&nbsp;A
Shares&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: center; background-color: white"><A NAME="spaa_023"></A><B>LEGAL
MATTERS</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: 0.25in; background-color: white">Unless
otherwise specified in a Prospectus Supplement, certain matters of Canadian and United States law relating to the validity of the Securities
will be passed upon for the Company by Torys in Toronto, Ontario, and New York, New York. The partners and associates of Torys, as a
group, beneficially own, directly or indirectly, less than one percent of the outstanding securities of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_024"></A><B>EXPERTS</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: 0.25in; background-color: white">The
financial statements of the Brookfield Corporation as of December&nbsp;31, 2023 and 2022, and for each of the two years in the periods
ended December&nbsp;31, 2023, incorporated by reference in this Prospectus, and the effectiveness of Brookfield Corporation&rsquo;s internal
control over financial reporting have been audited by Deloitte LLP, an independent registered public accounting firm, as stated in their
reports. Such financial statements are incorporated by reference in reliance upon the reports of such firm given their authority as experts
in accounting and auditing.</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; background-color: white">Deloitte
LLP is independent with respect to the Company within the meaning of the Securities Act and the applicable 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_025"></A><B>EXPENSES</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: 0.25in; background-color: white">The
following are the estimated expenses of the offering of the Securities being registered under the Registration Statement, all of which
has been or will be paid by us.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt; width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
    registration fee</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">516,600</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&dagger;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    listing fees</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&emsp;&emsp;&emsp;&emsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Blue
    sky fees and expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&emsp;&emsp;&emsp;&emsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee&nbsp;&amp;
    transfer agent fees</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&emsp;&emsp;&emsp;&emsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Printing
    and engraving costs</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&emsp;&emsp;&emsp;&emsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    fees and expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&emsp;&emsp;&emsp;&emsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
    fees and expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&emsp;&emsp;&emsp;&emsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 1pt; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&emsp;&emsp;&emsp;&emsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&emsp;&emsp;&emsp;&emsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*&nbsp;</FONT></TD></TR>
  </TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&dagger;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes $139,050 registration
    fees that were carried forward from a prior registration statement.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The applicable Prospectus
    Supplement will set forth the estimated aggregate amount of expenses payable in respect of any offering of Securities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="spaa_026"></A><B>DOCUMENTS
FILED AS PART&nbsp;OF THE REGISTRATION STATEMENT</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: 0.25in; background-color: white">The
following documents have been or will be filed with the Commission as part of the Registration Statement: (1)&nbsp;for purposes of&nbsp;Form&nbsp;F-10:&nbsp;the
documents referred to under &ldquo;Documents Incorporated by Reference&rdquo;; the consent of Deloitte LLP; the consent of Torys; powers
of attorney; the BN Indenture, the BFI Indentures, the US LLC Indenture, the BFI II Indenture, the UK Issuer Indentures and the form
of the AUS Issuer Indenture; and (2)&nbsp;for purposes of&nbsp;Form&nbsp;F-3:&nbsp;the underwriting agreement(s)&nbsp;in respect of offerings
hereunder; the certificate of formation and limited liability company agreement of the US Pref Issuer, the US LLC Indenture, the UK Issuer
Indentures and the form of the AUS Issuer Indenture; other forms of debt instruments of the US LLC Issuer, the AUS Issuer and the UK
Issuer; the consent of Deloitte LLP; the opinions and consent of Torys, Herbert Smith Freehills LLP and King&nbsp;&amp; Wood Mallesons;
powers of attorney; and the Statements of Eligibility of Computershare Trust Company, N.A., as U.S. trustee, on&nbsp;Forms&nbsp;T-1.</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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    <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">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BROOKFIELD FINANCE&nbsp;INC.</B></P>

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% Notes due &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2055</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"><IMG SRC="tm257665d-_supplimg001.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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>PRELIMINARY PROSPECTUS SUPPLEMENT</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>February&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Joint Book-Running Managers</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%; padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deutsche Bank Securities</B></FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SMBC Nikko</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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