Company: ENBSF
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001104659-25-114102
Chunk: 40

Company: ENBRIDGE INC
Filing Date: 2025-11-19
Form: 424B5
Chunk 40
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 no knowledge of the actual beneficial owners of the Notes; the Depositary’s
records will reflect only the identity of the direct participants to whose accounts the Notes are credited, which may or may not be the
beneficial owners. The Direct Participants and Indirect Participants (as each is defined below) will remain responsible for keeping account
of their holdings on behalf of their customers.

Each person owning a beneficial
interest in a Global Security must rely on the procedures of the Depositary and, if such person is not a participant, on the procedures
of the participant through which such person owns its interest in order to exercise any rights of a Noteholder under the Indenture. The
laws of some jurisdictions require that certain purchasers of securities take physical delivery of such securities in certificated form.
Such limits and such laws may impair the ability to transfer beneficial interests in a Global Security representing the Notes.

<div align='center'>S-26</div>

The Depositary

The following is based on
information furnished by the Depositary: The Depositary is a limited-purpose trust company organized under the New York Banking Law, a
“banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing
corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant
to the provisions of Section 17A of the U.S. Exchange Act. The Depositary holds securities that its participants (“Participants”)
deposit with the Depositary. The Depositary also facilitates the settlement among Participants of securities transactions, such as transfers
and pledges, in deposited securities through electronic computerized book-entry changes in Participants’ accounts, thereby eliminating
the need for physical movement of securities certificates. These direct Participants (“Direct Participants”) include securities
brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. Access to the Depositary’s system
is also available to others such as securities brokers and dealers, banks and trust companies that clear through or maintain a custodial
relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). The rules applicable
to the Depositary and its Participants are on file with the SEC.

Purchases of the Notes under
the Depositary’s system must be made by or through Direct Participants, which will receive a credit for such Notes on the Depositary’s
records. The ownership interest of each actual purchaser of each Note represented by a Global Security (“Beneficial Owner”