Company: ENBSF
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001104659-25-112992
Chunk: 82

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 82
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 not to its subsidiaries, partnerships or joint venture interests. The
following sets forth the terms and provisions of the existing capital of the Corporation. The following description is subject to, and
qualified by reference to, the terms and provisions of the Corporation’s articles and by-laws. The Corporation is authorized
to issue an unlimited number of common shares and an unlimited number of preference shares, issuable in series.

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Common Shares

Each common share of the Corporation entitles the
holder to one vote for each common share held at all meetings of shareholders of the Corporation, except meetings at which only holders
of another specified class or series of shares are entitled to vote, to receive dividends if, as and when declared by the board of directors
of the Corporation, subject to prior satisfaction of preferential dividends applicable to any preference shares, and to participate ratably
in any distribution of the assets of the Corporation upon a liquidation, dissolution or winding up, subject to prior rights and privileges
attaching to the preference shares.

The registrar and transfer agent for the common
shares in Canada is Computershare Trust Company of Canada at its principal transfer offices in Calgary, Alberta; Vancouver, British Columbia;
and Montréal, Québec, and the registrar and transfer agent for the common shares in the United States is Computershare Trust
Company, N.A. at its principal transfer offices in Canton, Massachusetts; Jersey City, New Jersey; and Louisville, Kentucky.

Shareholder Rights Plan

The Corporation has a shareholder rights plan (the
“Shareholder Rights Plan”) that is designed to encourage the fair treatment of shareholders in connection with any
take-over bid for the Corporation. Rights issued under the Shareholder Rights Plan become exercisable when a person, and any related parties,
acquires or announces the intention to acquire 20% or more of the Corporation’s outstanding common shares without complying with
certain provisions set out in the Shareholder Rights Plan or without approval of the board of directors of the Corporation. Should such
an acquisition or announcement occur, each rights holder, other than the acquiring person and its related parties, will have the right
to purchase common shares of the Corporation at a 50% discount to the market price at that time. For further particulars, reference should
be made to the Shareholder Rights Plan, filed as Exhibit 4.15 to the Annual Report, which is herein incorporated by reference.

Preference Shares

Shares Issuable in Series

The preference shares may be issued at