Company: ENBSF
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001104659-25-114102
Chunk: 44

Company: ENBRIDGE INC
Filing Date: 2025-11-19
Form: 424B5
Chunk 44
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 Insurance Commission (La Commission
Bancaire, Financière et des Assurances) and the National Bank of Belgium (Banque Nationale de Belgique). Euroclear holds securities
for its customers and facilitates the clearance and settlement of securities transactions among them. It does so through simultaneous
electronic book-entry delivery against payment, thereby eliminating the need for physical movement of certificates. Euroclear provides
other services to its customers, including credit, custody, lending and borrowing of securities and tri-party collateral management. It
interfaces with the domestic markets of several countries. Euroclear customers include banks, including central banks, securities brokers
and dealers, trust companies and clearing corporations and may include certain other professional financial intermediaries. Indirect access
to the Euroclear system is also available to others that clear through Euroclear customers or that have custodial relationships with Euroclear
customers. All securities in Euroclear are held on a fungible basis. This means that specific certificates are not matched to specific
securities clearance accounts.

The information in this section
concerning Euroclear has been obtained from sources that the Corporation believes to be reliable, but is subject to any changes that may
be instituted unilaterally by Euroclear.

<div align='center'>S-29</div>

Clearstream

Clearstream is a duly licensed
bank organized as a société anonyme incorporated under the laws of Luxembourg and is subject to regulation by the Luxembourg
Commission for the Supervision of the Financial Sector (Commission de Surveillance du Secteur Financier). Clearstream holds securities
for its customers and facilitates the clearance and settlement of securities transactions among them. It does so through electronic book-entry
transfers between the accounts of its customers. This eliminates the need for physical movement of securities. Clearstream provides other
services to its customers, including safekeeping, administration, clearance and settlement of internationally traded securities and lending
and borrowing of securities. It interfaces with the domestic markets in over 30 countries through established depositary and custodial
relationships. Clearstream’s customers include worldwide securities brokers and dealers, banks, trust companies and clearing corporations
and may include professional financial intermediaries. Its U.S. customers are limited to securities brokers and dealers and banks. Indirect
access to the Clearstream system is also available to others that clear through Clearstream customers or that have custodial relationships
with its customers, such as banks, brokers, dealers and trust companies.

The information in this section
concerning Clearstream has been obtained from sources that the