Company: ENBSF
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001104659-25-114102
Chunk: 50

Company: ENBRIDGE INC
Filing Date: 2025-11-19
Form: 424B5
Chunk 50
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 based on the
Code, its legislative history, final, temporary and proposed regulations thereunder (“Treasury Regulations”), published rulings
and court decisions, all as currently in effect on the date hereof. These laws are subject to change, possibly on a retroactive basis,
and any such change could affect the continuing validity of this discussion. This discussion is not binding on the Internal Revenue Service
(the “Service”), and we have not sought and will not seek any rulings from the Service regarding the matters discussed
below. There can be no assurance that the Service will not take positions that are different from those discussed below or that a United States
court will not sustain such a challenge.

<div align='center'>S-34</div>

All holders are urged to consult their own tax advisor concerning the consequences of owning these Notes in such holder’s particular circumstances under the Code and the laws of any other taxing jurisdiction.

This section applies only
to United States holders. A United States holder is a beneficial owner of a Note that is (i) an individual who is a citizen
or resident of the United States, as determined for United States federal income tax purposes, (ii) a corporation (or other
entity treated as a corporation for United States federal income tax purposes) created or organized under the laws of the United States,
any state thereof, or the District of Columbia, (iii) an estate whose income is includible in gross income for United States
federal income tax regardless of its source or (iv) a trust, if (a) a United States court can exercise primary supervision
over the trust’s administration and one or more United States persons are authorized to control all substantial decisions of
the trust or (b) it has a valid election in effect under applicable Treasury Regulations to be treated as a United States person.

If a partnership (or other
entity, organized within or without the United States, treated as a partnership for United States federal income tax purposes)
holds Notes, the tax treatment of a partner as beneficial owner of Notes generally will depend on the status of the partner and the activities
of the partnership. A partner in a partnership (or other entity treated as a partnership for United States federal income tax
purposes) holding the Notes is urged to consult its tax advisor with regard to the United States federal income tax treatment of
an investment in the Notes.

Payments of Interest

United States holders
will be taxed on interest on the Notes as ordinary income at the time the interest is received or when it accrues, depending