The Company's obligation to make a guarantee payment may be satisfied by direct payment of the required amounts by the Company to the holders of US Preferred Shares or by causing the US Pref Issuer to pay the amounts to the holders. Each preferred share guarantee will be subordinated to all of the debt of the Company that is not stated to be \( \text{pari passu} \) or subordinate to the guarantees and will rank senior to the Class A Shares.

DESCRIPTION OF DEBT SECURITIES

The following description sets forth certain general terms and provisions of the Debt Securities. The particular terms and provisions of the series of Debt Securities offered by a Prospectus Supplement, and the extent to which the general terms and provisions described below may apply thereto, will be described in such Prospectus Supplement.

The BN Debt Securities will be issued under an indenture dated as of September 20, 1995, as amended, restated, supplemented or replaced from time to time (the "BN Indenture"), between the Company, as issuer, and Computershare Trust Company of Canada (formerly, Montreal Trust Company of Canada) ("Computershare Canada"), as trustee (the "BN Trustee"). The BFI Debt Securities will be issued under either (1) the indenture dated as of June 2, 2016 (as amended, restated, supplemented or replaced from time to time, the "BFI Senior Indenture"), between BFI, as issuer, the Company, as guarantor, and Computershare Canada, as trustee (the "BFI Trustee"), or (2) the subordinated indenture dated as of October 16, 2020, as amended, restated, supplemented or replaced from time to time, between BFI, as issuer, the Company, as guarantor, and the BFI Trustee (the "BFI Subordinated Indenture"), as amended, restated, supplemented or replaced from time to time, between BFI, as issuer, the Company, as guarantor, and the BFI Trustee (the "BFI Subordinated Indenture"), as amended, restated, supplemented or replaced from time to time, between BFI, as issuer, the Company, as guarantor, and the BFI Trustee (the "BFI Subordinated Indenture"), as amended, restated, supplemented or replacedfrom time to time, between BFI, as issuer, the Company, as guarantor, and the BFI Trustee (the "BFI Subordinated Indenture"), as amended, restated, supplemented or replaced from time to time, between BFI, as issuer, the Company, as guarantor, and the BFI Trustee (the "BFI Subordinated Indenture"), as amended, restated, supplemented or replaced from time to time, between BFI, as Issuer, the Company, as guarantor, and the BFI Trustee (the "BFI Subordinated Indenture"), as amended, restated, supplemented or replaced from time to time, between BFI, as issuer, the Company, as guarantor, and the BFI Trustee (the "BFI Subordinated Indenture"), as amended, restated, supplemented or replaced from time to time, between BFI, as issuer, the Company, as guarantor, and BFI Trustee (the "BFI Subordinated Indenture"), as amended, restated, supplemented or replaced from time to time, between BFI, as issuer, the Company, as guarantor, and the BFI Trustee (the "BFI Subordinated Indenture"), as amended, restated, supplemented or replaced from time to time, between BFI, as issuer, the Company, as guarantor, and the BFI Trustee (the "BFISubordinated Indenture"), as amended, restated, supplemented or replaced from time to time, between BFI, as issuer, the Company, as guarantor, and the BFI Trustee (the "BFI Subordinated Indenture"), as amended, restated, supplemented or replaced from time to time, between BFI, as issuer, the Company, as guarantor, and the BFI Trustee (the "BFI Subordinated Indenture"), as amended, restATED, supplemented or replaced from time to time, between BFI, as issuer, the Company, as guarantor, and the BFI Trustee (the "BFI Subordinated Indenture"), as amended, restated, supplemented or replaced from time to time, between BFI, as issuer, the Company, as guarantor, and the BFI Trustee (the "BFI Subordinated Indenture"), as amended, restated, supplemented or replaced from time to time, betwee BFI, as issuer, the Company, as guarantor, and the BFI Trustee (the "BFI Subordinated Indenture"), as amended, restated, supplemented or replaced from time to time, betwee BFI, as issuer, the Company, as guarantor, and the BFI Trustee (the "BFI Subordinated Indenture"), as amended, restated, supplemented or replaced from time to time, betwee BFI, as issuer.