Company: WELPM
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0001104659-25-118058
Chunk: 18

Company: WISCONSIN ELECTRIC POWER CO
Filing Date: 2025-12-03
Form: 424B2
Chunk 18
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ures is effectively connected with the conduct by a Non-United States Holder of a trade or business within the United States, and
subject to the potential backup withholding and FATCA (as defined below) withholding summarized below, a Non-United States Holder generally
will not be subject to United States federal income or withholding tax on payments of interest on the Debentures provided that
such Non-United States Holder (A) does not actually or constructively, own 10% or more of the total combined voting power of all
classes of Wisconsin Electric’s stock entitled to vote, (B) is not a controlled foreign corporation that is related to Wisconsin
Electric actually or constructively through stock ownership, (C) is not a bank receiving such interest on an extension of credit
made pursuant to a loan agreement entered into in the ordinary course of its trade or business, and (D) satisfies certain certification
requirements. Such certification requirements will be met if (x) the Non-United States Holder provides its name and address, and
certifies on an IRS Form W-8BEN or IRS Form W-8BEN-E (or a substantially similar form), under penalties of perjury, that
it is not a United States Person or (y) a securities clearing organization or certain other financial institutions holding the Debentures
on behalf of the Non-United States Holder certifies on IRS Form W-8IMY, under penalties of perjury, that such certification has been
received by it and furnishes the applicable withholding agent with a copy thereof. In addition, the applicable withholding agent must
not have actual knowledge or reason to know that the beneficial owner of the Debentures is a United States Person.

<div align='center'>S-10</div>

If interest on the Debentures is not
effectively connected with the conduct by the Non-United States Holder of a trade or business within the United States, but such Non-United
States Holder does not satisfy the other requirements outlined in the preceding paragraph, interest on the Debentures generally will
be subject to United States withholding tax at a 30% rate (or a lower applicable treaty rate).

If interest on the Debentures is effectively
connected with the conduct by a Non-United States Holder of a trade or business within the United States, and, if certain tax treaties
apply, is attributable to a permanent establishment or fixed base within the United States, the Non-United States Holder generally
will be subject to United States federal