Company: ENBSF
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001104659-25-114102
Chunk: 84

Company: ENBRIDGE INC
Filing Date: 2025-11-19
Form: 424B5
Chunk 84
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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 any time
or from time to time in one or more series. Before any shares of a series are issued, the board of directors of the Corporation shall
fix the number of shares that will form such series and shall, subject to the limitations set out in the articles of the Corporation,
determine the designation, rights, privileges, restrictions and conditions to be attached to the preference shares of such series, except
that no series shall be granted the right to vote at a general meeting of the shareholders of the Corporation or the right to be convertible
or exchangeable for common shares, directly or indirectly.

For preference shares issued that are to be convertible
into other securities of the Corporation, including other series of preference shares, no amounts will be payable to convert those preference
shares.

Priority

The preference shares of each series shall rank
on parity with the preference shares of every other series with respect to dividends and return of capital and shall be entitled to a
preference over the common shares and over any other shares ranking junior to the preference shares with respect to priority