Company: ENBSF
Filing Date: 2025-11-17
Form Type: 424B5
Source: 0001104659-25-112992
Chunk: 48

Company: ENBRIDGE INC
Filing Date: 2025-11-17
Form: 424B5
Chunk 48
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 or other retirement account,
a person holding Notes that are a hedge or that are hedged against interest rate risks, a partnership, S corporation or other pass-through
entity, or a person whose functional currency for tax purposes is not the United States dollar. This section addresses only certain U.S.
federal income tax consequences and does not address any state, local or non-U.S. tax consequences, or any tax consequences arising under
the Medicare contribution tax on net investment income or the estate, gift or alternative minimum tax provisions of the Internal Revenue Code of 1986, as amended (the “Code”). If Notes of a series are purchased at a price other than the offering price for the
Notes of that series, the amortizable bond premium or market discount rules may also apply. Holders should consult their own tax
advisor regarding this possibility.

This section is 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