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<SEC-DOCUMENT>0000909567-07-001269.txt : 20080219
<SEC-HEADER>0000909567-07-001269.hdr.sgml : 20080218
<ACCEPTANCE-DATETIME>20071022215219
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000909567-07-001269
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20071022

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brookfield Infrastructure Partners L.P.
		CENTRAL INDEX KEY:			0001406234
		STANDARD INDUSTRIAL CLASSIFICATION:	LUMBER & WOOD PRODUCTS (NO FURNITURE) [2400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		7 REID STREET
		STREET 2:		4TH FLOOR
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM11
		BUSINESS PHONE:		441 296-4480

	MAIL ADDRESS:	
		STREET 1:		7 REID STREET
		STREET 2:		4TH FLOOR
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM11
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>corresp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Weil, Gotshal &#038; Manges LLP<BR>
767 Fifth Avenue<BR>
New York, New York 10153
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">October&nbsp;22, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549<BR>
Attn: Ms.&nbsp;Jennifer Hardy

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Re:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Brookfield Infrastructure Partners L.P.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Registration Statement on Form&nbsp;20-F</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Filed July&nbsp;31, 2007</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>File No.&nbsp;001-33632</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of our client, Brookfield Infrastructure Partners L.P. (the &#147;partnership&#148;), we are
transmitting herewith via EDGAR for filing with the Commission Amendment No.&nbsp;1 to the partnership&#146;s
Registration Statement on Form 20-F (File No,. 001-33632) (the &#147;Registration Statement&#148;). In
connection with such filing, set forth below are the partnership&#146;s responses to each of the
comments of the Staff of the Division of Corporation Finance set forth in the Staff&#146;s letter dated
August&nbsp;27, 2007. Under separate cover we are sending to the Staff courtesy copies of Amendment No.
1 and Exhibit&nbsp;12.1 thereto marked to show changes effected in this amendment. Immediately
following each of the Staff&#146;s comments set forth in bold below is the partnership&#146;s response to
that comment, including where applicable, a cross-reference to the location of changes made in
response to the Staff&#146;s comment. For your convenience, each of the numbered paragraphs below
corresponds to the numbered comment in the Staff&#146;s letter and includes the caption used in the
Staff&#146;s letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Registration Statement on Form&nbsp;20-F</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>General</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The </B><B>Form 20-FR</B><B> will go effective by lapse of time 60&nbsp;days after the original filing date
pursuant to Section&nbsp;</B><B>12(g)(1)</B><B> of the Exchange Act. If our comments are not addressed within
this time period, you should consider withdrawing the </B><B>Form 20-FR</B><B> prior to effectiveness and
re-filing a new </B><B>Form 20-FR</B><B> that includes changes responsive to our comments. If you choose
not to withdraw, you will be subject to the reporting requirements of the Exchange Act under
Section&nbsp;</B><B>13(a)</B><B>.</B></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As discussed with Staff Attorney Andrew Schoeffler, the Registration Statement is being
filed to register limited partnership units pursuant to Section 12(b) of the Exchange
Act. Therefore, Section&nbsp;12(g)(1) of the Exchange Act is not applicable.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please provide us with an analysis of your status as a foreign private issuer. Refer to Rule
3b-4 under the Exchange Act.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Before the spin-off</U>: The partnership is organized under the laws of Bermuda.
All of the outstanding partnership interests in the partnership are currently owned by
its Managing General Partner, a Bermuda company that is a wholly owned subsidiary of
Brookfield, an Ontario corporation, and the partnership&#146;s sole existing limited
partner, Brookfield. Less than 50% of the outstanding voting shares of Brookfield are
owned by U.S. residents. Therefore, since the partnership is organized outside the
United States and more than 50% of its outstanding voting securities are directly or
indirectly held of record by non-U.S. residents, the partnership is currently a foreign
private issuer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>After the spin-off</U>: The Managing General Partner has sole responsibility and
authority for the central management and control of the partnership. Holders of the
limited partnership units that will be distributed in the spin-off will not be entitled
to vote on any matter relating to the partnership other than certain amendments to the
partnership agreement and dispositions of all or substantially all the partnership&#146;s
assets. Holders of limited partnership units will not be entitled to vote on the
election of directors of the Managing General Partner. Therefore, the Managing General
Partner, in which, as discussed above, non-U.S. residents have more than a 50% indirect
interest, will hold 100% of the &#147;voting securities&#148; of the partnership for purposes of
the definition of &#147;foreign private issuer&#148; contained in Rule&nbsp;3b-4 under the Exchange
Act. Therefore, since following the spin-off more than 50% of the partnership&#146;s
outstanding voting securities will continue to be directly or indirectly held of record
by non-U.S. residents, the partnership will continue to be a foreign private issuer.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>It is not clear whether Brookfield Asset Management is using the </B><B>Form 20-FR</B><B> as an information
statement for the spin-off in the United States since its securities are registered in the
United States. Please clarify.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 of the Form 20-F will be used as an information statement for the spin-off
in the United States and has been modified to make this clear.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Item&nbsp;10. Additional Information, page 5</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Statement by Experts, page 6</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your disclosure either here or on page 123 of Exhibit&nbsp;12.1 to include the
information required by Item&nbsp;10.G. of </B><B>Form 20-F</B><B> for all independent auditors whose reports are
included within Exhibit&nbsp;12.1. In addition, please provide consents from each of these
independent auditors that authorize the use of such reports and references to them in the </B><B>Form 20-F</B><B>.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Page 136 of Exhibit&nbsp;12.1 has been revised and the requested consents have been filed as
Exhibits 15(a).1 - 15(a).5 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Index to Exhibits, page 9</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please disclose as an exhibit or note to your financial statements your schedule of valuation
and qualifying accounts for each income statement period, as required by Rule&nbsp;5-04 of
Regulation&nbsp;S-X.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are no material valuations, reserves or provisions recorded on the combined
balance sheet as at December&nbsp;31, 2006 and 2005 that require inclusion of a schedule of
valuation and quantifying accounts prescribed by Rule&nbsp;5-04 of Regulation&nbsp;S-X.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibit&nbsp;12.1</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>General</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you have provided numerous factual statements and industry data throughout the
filing. In particular, we note the disclosure under &#147;Infrastructure Industry&#148; beginning on
page 60, &#147;Business&#148; beginning on page 62, and &#147;About Brookfield&#148; beginning on page 76. If
information is based upon management&#146;s belief, please indicate that this is the case and
provide an explanation for the basis of this belief. If the information is based upon other
sources, please provide us with copies of the sources and tell us whether this information
represents the most recently available data and therefore, remains reliable. If you funded or
were otherwise affiliated with any of the sources that you cite, please disclose this.
Otherwise, confirm that these sources are widely available to the public. Please also refer
to Item&nbsp;10.G. of </B><B>Form 20-F</B><B>. To expedite our review, please provide us with copies of the
sources, clearly marked to highlight the portion that contains this information and
cross-referenced to the appropriate location in the filing.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Page 70 of Exhibit&nbsp;12.1 has been revised in response the Staff&#146;s comment to reflect
that certain of the statements referred to above are based on management&#146;s belief.
This belief is based on Brookfield&#146;s experience investing in and owning assets in the
infrastructure industry. The partnership</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is supplementally providing third-party support for other factual statements and
industry data under the headings &#147;Infrastructure Industry&#148; and &#147;Business&#148; in response
to the Staff&#146;s comment as Exhibit&nbsp;A. Factual statements under the heading &#147;About
Brookfield&#148; are based upon Brookfield&#146;s internal records and are consistent with
Brookfield&#146;s existing public disclosure, including annual and other reports filed by
Brookfield with the SEC pursuant to its obligations as an Exchange Act registrant.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Summary, page 1</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please discuss in reasonable detail the reasons for the spin-off of the infrastructure assets
from Brookfield Asset Management.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 1 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Our Partnership, page 1</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note the disclosure in the fifth and sixth sentences regarding the respective equity
interests in the infrastructure partnership. Please disclose the economic interests, to the
extent they differ from the equity interests. In addition, please disclose, if true, that
these economic interests do not reflect the exercise of the equity commitment or the
distribution reinvestment plan. Finally, please state how these interests are impacted by
Brookfield owning preferred shares in the holding entities.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The economic interests in the Infrastructure Partnership consist of the limited
partnership units owned by the partnership, the limited partnership units owned by
Brookfield and the general partnership interest owned by the Managing General Partner,
an affiliate of Brookfield. After payment of the incentive distributions to its
Managing General Partner, the remaining economic interests in the Infrastructure
Partnership will be held 60% by the partnership and 40% by Brookfield. The economic
interests in the Infrastructure Partnership noted in Exhibit&nbsp;12.1 do not reflect the
exercise of the equity commitment or interests to be acquired under the Infrastructure
Partnership&#146;s distribution reinvestment plan. Exhibit&nbsp;12.1 has been revised on the
cover page and pages 1 and 72 to clarify this. The preferred shares owned by
Brookfield are in addition to its interests in the partnership and the Infrastructure
Partnership.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note the disclosure in the second to last sentence. We also note the disclosure in the
second risk factor on page 17 that you estimate the percentage of units to be 6%. Please
revise the equity interest disclosure in this section, and throughout the filing, to clearly
disclose the anticipated equity interests following all transactions contemplated by the spin
off.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on the cover page and pages 1, 4, 34, 72, 94, and 109 in
response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Current Operations, page 1</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please disclose your percentage ownership in the operating entities.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 2 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Relationship with Brookfield, page 3</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please disclose an estimate of the aggregate annual fees and other amounts you will pay on an
annual basis to Brookfield and its affiliates.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 5 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Equity Commitment, page 5</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please disclose the impact of the full exercise of the equity commitment on the respective
equity and economic interests in the infrastructure partnership.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 5 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Distribution Policy, page 5</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please briefly discuss the distribution reinvestment plan.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages 5 and 6 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Summary of Selected Financial Information, page 7</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you are presenting &#147;operation cash flows,&#148; a non-GAAP operating performance
measure. Since the term, &#147;operating cash flows&#148; is a common description used for GAAP
financial measures, please rename this non-GAAP financial measure. Refer to Item
1</B><B>0(e)(1)(ii)</B><B>(E) of Regulation&nbsp;S-K for guidance. In addition, please revise your disclosure
for this measure to provide the following information, as required by </B><B>Item 10(e)</B><B> of Regulation
S-K and Question 8 of the SEC &#147;Frequently Asked Questions Regarding the Use of Non-GAAP
Financial Measures:&#148;</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>A discussion of the limitations that states how the exclusion of each item
materially limits the usefulness of this non-GAAP measure. For instance you
might expand your disclosures, in part, by providing the following
information:</B></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#9702;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>It does not include depreciation and amortization expense.
Because we use capital assets, depreciation and amortization expense is a
necessary element of our costs and ability to generate revenue. Therefore
any measure that excludes depreciation and amortization expense has
material limitations;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#9702;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>It does not include taxes. Because the payment of taxes is a
necessary element of our operations, any measure that excludes tax expense
has material limitations.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>An explanation as to how you compensate for the material limitations of
using this measure.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>An explanation of the economic substance behind your decision to use
such a measure.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The substantive reasons why management believes this measure provides
useful information to investors.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In response to the Staff&#146;s comment this non-GAAP measure has been renamed &#147;funds from
operations&#148; and Exhibit&nbsp;12.1 has been revised on pages 41 and 42 to add a discussion of
this measure under &#147;Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations.&#148; A cross reference to this discussion has been added to page 8.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Our assets are or may become highly leveraged..., page 9</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please disclose the amount of indebtedness and annual debt service obligations.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 13 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Infrastructure Partnership and Holding Entities, page 32</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note the disclosure in the last sentence. Please disclose the material terms of the
preferred shares.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 35 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Management&#146;s Discussion and Analysis..., page 37</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Financial Risk Management, page 48</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your disclosures to provide the information required by Item&nbsp;305 of Regulation
S-K for each of your market risks. Please ensure you
sufficiently describe each market risk and how you manage each risk, including the
objectives, general strategies, and instruments, if any, used to manage your exposures.
Please also include quantitative disclosures for market risk sensitive instruments using
one of the three prescribed methods. Finally, please include commodity price risk as a
market risk, as we note your disclosure that you have embedded derivatives that correspond
to foreign currency and indexation features in electricity transmission and acquisition of
fixed assets contracts. Refer to Section&nbsp;507.02 of the Financial Reporting Codification
and SEC &#147;Questions and Answers about the New &#145;Market
Risks&#146; Disclosure Rules&#148; dated July
31, 1997 for additional guidance.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages 52-54 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Critical Accounting Policies and Estimates, page 48</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your statement to refer to Brookfield Infrastructure Division&#146;s significant
accounting policies for further detail regarding your critical accounting policies and
estimates. It is unclear to us how the disclosures within note 1 of Brookfield Infrastructure
Division&#146;s combined financial statements provides the qualitative and quantitative disclosures
for all of your material estimates impacting your combined financial statements that complies
with Item&nbsp;303 of Regulation&nbsp;S-K disclosure requirements. Please revise accordingly. Refer to
Section&nbsp;501.14 of the Financial Reporting Codification for further guidance.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages 55 to 56 and F-17 to F-18 in response to the
Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Unaudited Pro Forma Financial Statements, page 50</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please include pro forma financial statements for Brookfield Infrastructure Partners L.P.
that fully complies with Article&nbsp;11 of Regulation&nbsp;S-X. Inclusion of the additional pro forma
financial statements will demonstrate to investors the value of the investment they hold in
Infrastructure Partnership.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages 67 - 69 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that the contribution of Transelec, Island Timberlands, Longview Fibre Company, Great
Lakes Power Limited Transmission Division, and TBE by Brookfield Asset Management, Inc. to
Infrastructure Partnership is being accounted for as the reorganization of entities under
common control. As such, please provide pro forma income statement presentation for all
periods presented. Refer to Article&nbsp;11-</B><B>02(c)(ii)</B><B> of Regulation&nbsp;S-X for guidance.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages 58 - 69 in response to the Staff&#146;s comment to
include pro forma income statements for all periods presented in the historical
financial statements. In particular, we note that we have added a pro forma statement
of operations for the twelve month period ended December&nbsp;31, 2005 on page 61.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">21.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise the introduction to Infrastructure Partnership&#146;s pro forma financial
statements. The introduction to the pro forma financial statements should clearly state the
chain of events that are to occur in connection with the spin-off and those transactions that
are to occur subsequent to the spin-off, including the entities involved in the transactions.
Refer to Article&nbsp;11-</B><B>02(b)(2)</B><B> of Regulation&nbsp;S-X for guidance. Specifically:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Item&nbsp;1: Clarify that Brookfield Asset Management is contributing to
Infrastructure Partnership a 10.7% ownership interest in Transelec and a 37.5%
ownership interest in Island Timberlands. Also, clearly state that the Brookfield
Infrastructure Division combined financial statements reflects Brookfield Asset
Management&#146;s 27.8% and 50% ownership interest in Transelec and Island Timberland,
respectively, which is being adjusted in the pro forma financial statements to
reflect Infrastructure Partnership&#146;s ownership interests. Finally, clarify that you
are adjusting Brookfield Infrastructure Divisions&#146; combined financial statements to
present Transelec and Island Timberland using the equity method of accounting instead
of as consolidated entities. In this regard, please tell us how you determined the
equity method of accounting is appropriate for your ownership interest in Transelec,
including the authoritative literature supporting your accounting.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages 57 and 62 in response to the Staff&#146;s
comment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We considered the guidance set forth in Accounting Principles Board Opinion No.
18 (&#147;The Equity Method of Accounting for Investments in Common Stock&#148;) and in
FASB Interpretation No.&nbsp;35 (&#147;Criteria for Applying the Equity Method of
Accounting for Investments in Common Stock &#151; an interpretation of APB Opinion
No.&nbsp;18&#148;) in determining that the equity method of accounting is appropriate for
our ownership interest in Transelec. Although our ownership interest is less
than 20%, we have the ability to exercise significant influence over the
operating and financial policies of Transelec by virtue of an agreement
executed between ourselves and Brookfield. This
agreement provides the partnership with the rights to approve or reject any of
the following matters in connection with Transelec:</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#9702;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The election of a director;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#9702;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The sale of a substantial
amount of assets in Transelec;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#9702;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any merger, amalgamation,
consolidation, business combination or other material
corporate transaction;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#9702;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any plans or proposal for a
complete or partial liquidation or dissolution, or any
reorganization of any case;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&#9702;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any issuance of shares,
units or other securities, including debt securities;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Item&nbsp;2: State the increased ownership interests Infrastructure Partnership will
receive in Transelec once the additional purchase price payment is made. Please also
state whether Brookfield Asset Management or Infrastructure Partnership is making the
additional purchase price payment. If Infrastructure Partnership is making the
additional payment, please include an adjustment and footnote disclosure for such
transaction.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page pages 57 and 63 in response to the
Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Item&nbsp;3: Clarify that you are recognizing the 30% interest in Longview Fibre
Company&#146;s timberland operations that Brookfield Asset Management is contributing to
you, which results in an adjustment to Longview Fibre Company&#146;s historical financial
statements for (a)&nbsp;the sale of the eight converting facilities to U.S.C. Acquisition
Corp. on April&nbsp;26, 2007; (b)&nbsp;the sale of the manufacturing operations by Brookfield
Asset Management to one of it subsidiaries; (c)&nbsp;the retention of 70% of the remaining
operations by Brookfield Asset Management; and (d)&nbsp;the adjustments to reflect
Infrastructure Partnership&#146;s 30% ownership interest in Longview Fibre Company&#146;s
timberland operations using the equity method of accounting.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page pages 57 and 62-64 in response to the
Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Item&nbsp;4: Clarify (a)&nbsp;that the Ontario transmission operations is the Great Lakes
Power Limited Transmission Division; (b)&nbsp;when
Brookfield Asset Management acquired this business; (c)&nbsp;that Brookfield Asset
Management is awaiting regulatory approval to contribute 100% of this business to
Infrastructure Partnerships, which is expected to occur in the fourth quarter of
fiscal year 2007; and (d)&nbsp;that the Ontario transmission operations is being
consolidated in Infrastructure Partnership&#146;s financial statements.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page pages 57 and 63 in response to the
Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Item&nbsp;5: Clarify that Brookfield Asset Management is awaiting regulatory approval
to contribute its 7.5% - 25% ownership interests in five separate, related Brazilian
electricity transmission companies, which you collectively refer to as TBE, to
Infrastructure Partnership, which is expected to occur in the fourth quarter of
fiscal year 2007. Please also clarify the method of accounting you are going to use
for these five entities.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page pages 57 and 63 in response to the
Staff&#146;s comment. The partnership will be cost accounting its ownership
interest in TBE.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Item&nbsp;6: Provide a more detailed description of you and Infrastructure
Partnership&#146;s creation, including the chain of events that are to occur that will
result in Brookfield Asset Management&#146;s Class&nbsp;A and Class&nbsp;B limited voting
shareholders receiving 99.99% ownership in you as a special dividend and you
obtaining a 60% ownership in Infrastructure Partnership.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 67 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">22.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that Exhibit&nbsp;12.1 you have included as an exhibit to your registration statement on
Form&nbsp;20-F has also been filed with the OSC and is the long-form prospectus. Regarding your
inclusion of the Compilation Report on Pro Forma Financial Statements by Deloitte &#038; Touche LLP
located in Toronto, Canada, please tell us your basis for including such report in Exhibit
12.1. If you are including the compilation report based on a requirement by the OSC, please
also tell us if you have requested a waiver from OSC for any such requirement.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The inclusion of the Compilation Report is based on a requirement of the OSC. In
response to the Staff&#146;s comment we have requested that the OSC
waive of this requirement and have removed the Compilation Report from Exhibit&nbsp;12.1.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Pro Forma Balance Sheet, page 53</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">23.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please clarify for your pro forma balance sheet and statements of income that the financial
information is being presented in millions.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages 58-61 and 68 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>For the &#147;Other Adjustments&#148; column in all of the pro forma financial statements, please place
the footnote reference for the adjustment next to the actual adjustment. Refer to Article
11-</B><B>02(b)(6)</B><B> of Regulation&nbsp;S-X.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages 58-61 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>1.&nbsp;&nbsp;&nbsp;Pro Forma Adjustments, page 56</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>a.&nbsp;&nbsp;&nbsp;Unaudited Pro Forma Balance Sheet, page 56</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>i.&nbsp;&nbsp;&nbsp;Deconsolidation Adjustments, page 56</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Either in the footnote disclosure or on the face of the pro forma statement, please
separately present the deconsolidation adjustments for Transelec and Island Timberland given
the differing ownership interest in each entity.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages 58 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>ii.&nbsp;&nbsp;&nbsp;Acquisition of Longview, page 56</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">26.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your disclosure for Brookfield&#146;s acquisition of Longview Fibre Company on April
20, 2007 to provide the following additional disclosures:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The cost of the acquired entity;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>A discussion of the events or activities that must occur for the purchase
price allocation to be final, including the potential impact of any changes to the
preliminary allocation on your financial statements;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The identifiable intangible assets that are to be recognized upon
completion of the purchase price allocation;</B></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The expected useful lives or amortization periods of the material long-term
assets acquired;</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The nature of any pre-acquisition contingencies related to the acquisition
and, if applicable, the magnitude of any potential accrual and range of reasonably
possible losses; and</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>An explanation for the significant decline in fair value of the acquired
other long-term assets, including how Infrastructure Partnership was allocated a
negative other long-term asset.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 63-64 in response to the Staff&#146;s
comments.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>iii.&nbsp;&nbsp;&nbsp;Probable Acquisition of the Ontario Transmission Operations, page 57</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">27.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please provide a reconciliation of the adjustments for the Ontario Transmission Operations
included in the pro forma balance sheet to Great Lakes Power Limited Transmission Division&#146;s
March&nbsp;31, 2007 balance sheet.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The balance sheet as at June&nbsp;30, 2007 that was included
in exhibit 12.1 on page F-200
for Great Lakes Power Limited Transmission Division was translated from Canadian
dollars to US dollars at the rate of $1.0655.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>iv.&nbsp;&nbsp;&nbsp;Probable Acquisition of TBE, page 57</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">28.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you have included an adjustment for Brookfield Asset Management&#146;s contribution
of its 7.5% - 25% interests in five Brazilian transmission companies, which you have referred
to as TBE. We also note that you intend to account for the interest in these entities under
the cost method. For each of these entities, please tell us how you determined that such
ownership interests should be accounted for using the cost method instead of the equity method
of accounting. Refer to APB 18 for guidance.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In determining that our ownership interests in TBE should be accounted for using the
cost method, we considered whether any of our five interests provides us with the
ability to exercise significant influence over the operating and financial policies of
any or all of the five Brazilian transmission companies. In doing so, we specifically
considered the guidance set forth in Accounting Principles Board Opinion No.&nbsp;18 (&#147;The
Equity Method of Accounting for Investments in Common Stock&#148;) and in FASB
Interpretation 35 (&#147;Criteria for Applying the Equity Method of Accounting for
Investments in Common Stock &#151; an interpretation of APB Opinion No.&nbsp;18&#148;) (&#147;FIN 35&#148;) and
concluded that we do not have the ability to exercise such significant influence in any
of these investments. We therefore concluded that the cost
method was the appropriate method of accounting. This conclusion was based on the
following:</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Three of our investments represent interests in less than 20% of the common
shares of each respective company. We have no further rights aside from those
provided to us through our investment that would overcome the presumption set
forth in APB 18, nor did we identify any contrary evidence that would suggest that
we have the ability to exercise significant influence.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Two of our investments represent interests in common shares of 20% and 25%.
However, the presumption set forth in APB 18 that investments at such levels would
provide us with the ability to exercise significant influence is overcome by the
fact that both investments are non-voting. In reaching the conclusion that both
investments should be accounted for using the cost method, we also considered
whether there were other indicators present (for example, the ability to appoint
management, our relative level of ownership, anticipated levels of intercompany
transactions) and those set forth in FIN35, aside from our lack of voting ability,
that would suggest that we have the ability to exercise significant influence. No
such indicators were identified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>v.&nbsp;&nbsp;&nbsp;Transelec Purchase Price Adjustment, page 57</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">29.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please either state the adjustments made to each line item in the disclosure, or provide a
separate column for the probable increase in ownership interest in Transelec from 10.7% to
18.4%. Please also disclose how you estimated the additional purchase price of $120.7
million.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 63 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>vi.&nbsp;&nbsp;&nbsp;Minority interests, page 57</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">30.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise the disclosure to state when the $20&nbsp;million of preferred shares were issued
and that the shares are from Great Lakes Power Limited Transmission Division, the only entity
in which Infrastructure Partnership is consolidating.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages 63 in response to the Staff&#146;s comment. We note
that these preferred shares will be issued by four different Holding Entities, which
will be consolidated into the Infrastructure Partnership.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>b.&nbsp;&nbsp;&nbsp;Unaudited Pro Forma Condensed Statements of Income, page 57</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>i.&nbsp;&nbsp;&nbsp;<B>Deconsolidation Adjustments, page 57</B></U>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">31.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Either in the footnote disclosure or on the face of the pro forma statement, please
separately present the deconsolidation adjustments for Transelec and Island Timberland given
the differing ownership interest in each entity.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages 59-61 in response to the Staff&#146;s comment. The
face of the pro forma statement has been revised to separately present deconsolidation
adjustments for Transelec, Island Timberlands and Longview.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">32.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that Transelec was acquired June&nbsp;30, 2006. However, it does not appear as though you
have included adjustments to reflect this acquisition as of January&nbsp;1, 2006. Please either
revise your pro forma statements of income to include such adjustments, including disclosure
that clearly explains the adjustments and how such amounts were determined. Or, please tell
us why you do not believe such adjustment is required. Refer to Article&nbsp;11-</B><B>02(b)(6)</B><B> of
Regulation&nbsp;S-X for guidance.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 64 in response to the Staff&#146;s comment.
Adjustments have been made to the pro forma income statements to reflect this
acquisition as if it were completed on January&nbsp;1, 2005, as previously discussed in our
response to comment&nbsp;20.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>ii.&nbsp;&nbsp;&nbsp;Acquisition of Longview, page 58</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">33.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your disclosure to include a table that reconciles Longview Fibre Company&#146;s
statements of income (loss), as included in the </B><B>Form 20-F</B><B>, to the adjustments being recognized
on the pro forma statements of income.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 64 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">34.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that the $1.2&nbsp;billion of refinanced debt is based on a variable interest rate. As
such, please disclose the effect on income of a 1/8&nbsp;percent variance in interest rates within
note (b). Refer to Rule&nbsp;11-</B><B>02(b)(8)</B><B> of Regulation&nbsp;S-X for guidance.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 63-64 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>iii.&nbsp;&nbsp;&nbsp;Probable Acquisition of the Ontario Transmission Operations, page 58</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">35.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please provide a reconciliation of the adjustments for the Ontario Transmission Operations
included in the pro forma statements of income to Great Lakes Power Limited Transmission
Division&#146;s statements of income.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The only adjustments to the Great Lakes Power Limited Transmission Division&#146;s
statements of income were translations from Canadian dollars to
U.S. dollars. The income statements for the six months period ended June&nbsp;30, 2007, and
twelve months periods ended December&nbsp;31, 2006 and 2005 included in Exhibit&nbsp;12.1 on
pages F-202 and F-182, respectively, have been translated from Canadian dollars to U.S.
dollars at the average rates of $1.13, $1.16, and $1.21, respectively.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>vi.&nbsp;&nbsp;&nbsp;Management Fee, page 58</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">36.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your disclosure to include the calculation of the adjustments for the
management fee. Refer to Article&nbsp;11-</B><B>02(b)(6)</B><B> of Regulation&nbsp;S-X for guidance.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 65 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Governance, page 70</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">37.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note the disclosure in the last sentence of the last risk factor on page 10 that you will
not be required to comply with certain NYSE governance rules. Please discuss the impact of
this exemption on your governance.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This exemption has had no impact on the partnership&#146;s governance. Although certain of
the governance rules imposed by the NYSE are inapplicable to the partnership as a
foreign private issuer, the governance matters described on pages 80 &#151; 84 of Exhibit
12.1 would be in compliance with such rules if the partnership were not a foreign
private issuer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Management and Our Master Services Agreement, page 75</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">38.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please disclose the compensation information required by Item&nbsp;6.B of </B><B>Form 20-F</B><B> or explain to
us why disclosure of this information is not required.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compensation information required by Item&nbsp;6.B of Form 20-F with respect to the
directors of the Managing General Partner is set forth on page 83 of Exhibit&nbsp;12.1. As
discussed on page 85 of Exhibit&nbsp;12.1, the Managing General Partner will not employ any
officers or employees. Instead, the partnership will enter into a Master Services
Agreement with the Manager, a Brookfield affiliate, pursuant to which the Manager and
certain other affiliates of Brookfield will provide or arrange for other service
providers to provide day-to-day management and administrative services for the
partnership. The fees payable under the Master Service Agreement are set forth on
pages 5 and 89-90 of Exhibit&nbsp;12.1. In addition, the Managing General Partner, another
affiliate of Brookfield, will be entitled to receive the incentive distributions from
the Infrastructure Partnership described on page 95 of Exhibit&nbsp;12.1.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to the Master Service Agreement, members of Brookfield&#146;s senior management and
other individuals from Brookfield&#146;s global affiliates will be drawn upon to fulfill the
obligations under the Master Service Agreement. However, these individuals, including
the Brookfield employees identified in the table on page 85 of Exhibit&nbsp;12.1, will not
be compensated by the partnership or the Managing General Partner. Instead, they will
continue to be compensated by Brookfield. Furthermore, these individuals are not
directors or officers of the partnership or its Managing General Partner. As a result,
the partnership does not believe that Item&nbsp;6.B of Form 20-F requires any further
compensation information.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Relationship With Brookfield, page 82</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">39.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please disclose whether you have any policies or procedures for the review and approval of
related party transactions. In addition, please disclose who reviews and approves any related
party transactions.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 97 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Management Fee, page 79</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">40.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Clarify what market the market value will be based upon, i.e., will it be the price as quoted
on the NYSE or some other exchange or market. If possible, disclose what the amount of the
management fee would have been based upon historical information.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 89 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Preferred Shares, page 84</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">41.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please clarify whether there are any other terms of the preferred shares that are material to
holders of the limited partnership units.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The preferred shares are entitled to receive a cumulative preferential dividend equal
to 6% of their redemption value as and when declared by the board of directors of the
applicable Holding Entity and are redeemable at the option of the Holding Entity,
subject to certain limitations, at any time after the tenth anniversary of their
issuance. The preferred shares are not entitled to vote, except as required by law.
The preferred shares do not have any other material terms.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Conflicts of Interest and Fiduciary Duties, page 86 </B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">42.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please explain in greater detail how conflicts of interests will be resolved.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 97 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">43.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please describe in greater detail the modification of the fiduciary duties, including the
specific manner in which these duties have been modified.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages 97-98 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Description of Our Units and Our Limited Partnership Agreement, page 88 </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">44. <B>Please disclose the information required by Items 10.B.7. and 9. of Form&nbsp;20-F.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages 99-107 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Transactions with Interested Parties, page 94</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">45.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note the disclosure in the last sentence of the second paragraph. Please revise to
discuss these approval requirements.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 105 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Redemption-Exchange Mechanism, page 97</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">46.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note the disclosure in the third sentence of the first paragraph. Please disclose in the
filing the manner in which fair market value is determined.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 109 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Certain Tax Considerations, page 105</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">47.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise the introductory paragraph to state that the discussion in this section
summarizes the &#147;material&#148; tax consequences. Please also revise the headings and subheadings
in this section accordingly. See Item&nbsp;10.E. of </B><B>Form 20-F</B><B>.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 117 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Legal Matters, page 123 </B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">48.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please clarify the &#147;certain income tax matters&#148; that counsel will pass upon. Please
supplementally provide us with a copy of the tax opinion.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page 136 to delete the reference to income tax matters
that counsel will pass upon as such reference is not required.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Material Contracts, page 124</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">49.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please advise us as to what consideration you have given to filing the acquisition agreements
as exhibits to the </B><B>Form 20-F</B><B>. Refer to Item&nbsp;18 of </B><B>Form 20-F</B><B>, as well as the &#147;Instructions As
To Exhibits.&#148;</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The partnership intends to file all of the material contracts identified on page 137 as
exhibits to the Form 20-F in a subsequent amendment to the Registration Statement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Brookfield Infrastructure Division Combined Financial Statements for the Fiscal Year Ended
December&nbsp;31, 2006 </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Combined Balance Sheets, page F-14</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">50.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your combined balance sheets to present a classified balance sheet. Refer to
Chapter&nbsp;3 of ARB 43 and Article&nbsp;5-02 of Regulation&nbsp;S-X for guidance. Please note that this
presentation should be made for all balance sheets prepared in accordance with US GAAP,
including your pro forma balance sheet.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page F-12 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Combined Statements of Income (Loss), page F-17</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">51.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>As Brookfield Infrastructure Division recognized a loss during one of the periods presented,
please revise the title of the statement to combined statements of operations.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page F-15 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">52.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your presentation to comply with the presentation required by Article&nbsp;5-03
of Regulation&nbsp;S-X. Please note that this presentation should be made for all income
statements prepared in accordance with US GAAP, including your pro forma statements of income.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page F-15 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Notes to Combined Financial Statements, page F-19</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">53.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your notes to the combined financial statements to include all material
disclosures required by US GAAP. For example, it does not appear that you have included any
of the disclosures required by Article&nbsp;4-</B><B>08(h)</B><B> of
Regulation&nbsp;S-X / SFAS 109 for income taxes, SFAS 5 for loss contingencies, or SFAS 143 and
FIN 47 for asset retirement obligations. Please note that these are just three examples of
material disclosures required by US GAAP that have not been included in your combined
financial statements, there are other material disclosures that are not included that
appear to be required.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages F-17 - F-30 in response to the Staff&#146;s
comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>2.&nbsp;&nbsp;&nbsp;Summary of Accounting Policies, page F-19</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">54.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your disclosures to include all significant accounting policies. The
additional disclosures along with the accounting policies you have already included should
fully comply with APB 22.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages F-17 - F-22 in response to the Staff&#146;s
comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>(a)&nbsp;&nbsp;&nbsp;Basis of Presentation, page F-19</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">55.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your disclosure that the combined financial statements include allocations of certain
assets and liabilities. Please revise your disclosure to state the allocation method(s) used
and your assertion that such method(s) is reasonable. Please also disclose that all expenses
applicable to Brookfield Infrastructure Division have been reflected in the statements of
income (loss). For any expenses that were not allocated by specific identification, please
disclose the allocation method(s) used, including management&#146;s assertion that the method(s)
used is reasonable. Refer to SAB Topic 1:B.1 for guidance.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page F-17 in response to the Staff&#146;s comment. The
discussion has been removed from the notes to the financial statements because no
allocations were made to assets, liabilities, revenues and expenses.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>(b)&nbsp;&nbsp;&nbsp;Acquisitions Completed During 2006, page F-19</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">56.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your disclosure to provide all of the disclosures required by paragraphs 51-52
and 55 of SFAS 141.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages F-18 - F-19 in response to the Staff&#146;s
comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>7.&nbsp;&nbsp;&nbsp;Property, Plant and Equipment, page F-21 </B></U>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">57.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your disclosure to present each major class of property, plant and equipment on
a gross basis with accumulated depreciation stated either by major class or in total for each
period presented given the significance to your combined financial statements.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page F-23 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>9.&nbsp;&nbsp;&nbsp;Non-Recourse Borrowings, page F-22</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">58.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your disclosure to include the information required by Article&nbsp;5-02(22) of
Regulation&nbsp;S-K for each debt instrument. Please also provide such disclosures for the debt
instruments included in other debt of subsidiaries in note 10.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page F-24 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>13.&nbsp;&nbsp;&nbsp;Derivatives and Hedging, page F-22</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">59.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your disclosures to include the information required by Article&nbsp;4-</B><B>08(n)</B><B> of
Regulation&nbsp;S-X and paragraphs 44 and 45 of SFAS 133.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page F-21 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">60.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you have included a material adjustment from Chilean GAAP and Canadian GAAP to
US GAAP for embedded derivatives in electricity transmission and acquisition of fixed assets
contracts. Refer to your disclosures on pages F-63 and F-86. However, we did not note any
disclosure for this embedded derivative in your combined financial statements. Please either
include all required disclosures, or confirm to us that such embedded derivatives were not
acquired with the acquisition of Transelec by Brookfield Asset Management, Inc.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page F-30 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>14.&nbsp;&nbsp;&nbsp;Segmented Information, page F-23</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">61.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your disclosure to state the profit measure used to assess segment performance
and to allocate resources. Refer to paragraphs 29-31 of SFAS 131 for guidance.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page F-25 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">62.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please include disclosure regarding how the Division&#146;s share of earnings and losses are
determined, as it does not appear to be based on ownership interest for Electricity
Transmission.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page F-26 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">63.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your disclosure to provide the information required by paragraphs 38 and 39 of
SFAS 131. For paragraph 38, we note that you present net income (loss)&nbsp;and total assets for
North America and South America. However, the disclosure requirement is for revenue from
external customers and long-lived assets by country.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on pages F-25 - F-26 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>ETC Holdings Ltd. and Subsidiaries Consolidated Financial Statements for the Six Months Ended
December&nbsp;31, 2006 </B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>2.&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies, page F-73</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>(c)&nbsp;&nbsp;&nbsp;Business combination, page F-73</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">64.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you have identified rights-of-way indefinite life intangible assets as your only
identifiable intangible asset from your acquisition of HQI Transelec Chile S.A. We further
note that you did not include a reconciling item for any differences between Canadian GAAP and
US GAAP for your accounting for this acquisition. As such, please tell us what consideration
you gave to the guidance in paragraphs A10 - A28 of SFAS 141 for the identification of other
intangible assets. Please provide us with the purchase agreement for this acquisition.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When allocating the cost of the acquisition of HQI Transelec Chile S.A. we considered
the existence of intangible assets meeting criteria for recognition as set in paragraph
39 of SFAS 141 and additional guidance included in the Appendix&nbsp;A of this Statement.
Specifically, given the nature of the acquired business and its natural monopoly status
in Chile we concluded that there are no marketing-related and customer-related
intangible assets apart from goodwill. Moreover, we did not identify any
technology-based intangible assets as the acquired entity does not use unique
technologies or processes that would represent separate intangible assets. Following
our analysis of the acquired business we concluded that the rights-of-way on which
transmission lines and other assets of the acquired business are located meet the
definition of the intangible assets that should be recognized apart from goodwill as
they arise from contractual and legal rights. Also, based on our analysis of various
contracts of the acquired entity we concluded that certain electricity</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transmission contracts and contracts for acquisition of property, plant and equipment
components include favorable terms and indexation features comparing to current market
conditions. The fair value of those contracts was determined to be approximately US$
34.8&nbsp;million as of the acquisition date (June&nbsp;30, 2006) and they were recognized apart
from goodwill as off-market contracts and recorded in caption Other assets (please
refer to the allocation of the purchase cost on page F-81).</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The partnership is also supplementally providing a copy of the purchase agreement as
Exhibit&nbsp;B in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>o)&nbsp;&nbsp;&nbsp;Revenue recognition and tariff-setting, page F-76</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">65.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note from your disclosures on page 63 that Transelec&#146;s revenue framework includes
regulated sales, concessions and long-term contracts with large customers. Please revise your
accounting policy based on these disclosures as follows:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please separately disclose your revenue recognition policy for each of
these mechanisms. Your revenue recognition policy should clearly, concisely and
using plain English state when and how you recognize revenue for each of the three
mechanisms. Finally, it should be clear from such disclosure that your policy
complies with the corresponding authoritative literature. In this regard, we note
your policy, which appears to be for regulated sales: &#147;&#091;r&#093;evenues from electricity
transmission are recognized as a monthly aliquot part of the annuity discussed
further.&#148; It is unclear from this statement when and how revenue is recognized.
Further, it is unclear how the discussion of the remuneration received by the trunk
transmission system relates to this statement or whether it is describing a
separate revenue-generating mechanism.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The partnership&#146;s Chilean operations do not have concession arrangements and
have only two types of revenue-generating arrangements, i.e. regulated sales
and long-term contracts with customers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transelec&#146;s revenues correspond to the remuneration from the use of its trunk,
sub transmission and additional transmission facilities. For both revenue
types, this remuneration is comprised of two components: i) the Annuity of the
New Replacement Value (&#147;AVNR&#148;), calculated in such a way that the present value
of these annuities, using an annual real discount rate of 10% and the economic
useful life of each of the facilities, equals the cost of replacing the
existing transmission facilities with new facilities with similar
characteristics at current market prices, plus, ii) the Costs required to</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Operate, Maintain and Administrate (&#147;COyM&#148;), the corresponding transmission
facilities. Once revenues have been calculated in accordance with this
methodology, it is allocated to customers pursuant to either contracts or a
methodology determined by the regulator. Thus, Transelec&#146;s revenues are not
impacted by use of its systems.</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AVNR and COyM used in the calculation of the tariffs that Transelec charges on
its customers are determined by regulatory organizations <I>Centro de Despacho
Econ&#243;mico de Carga del Sistema Interconectado Central </I>(&#147;CDEC- SIC&#148;) and <I>Centro
de Despacho Econ&#243;mico de Carga del Sistema Interconectado del Norte Grande</I>
(&#147;CDEC-SING&#148;) and are binding for all entities participating in the Chilean
electricity market.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transelec&#146;s recognition policy is to recognize revenues generated from both
regulatory and contractual arrangements on a monthly basis, using fixed monthly
amounts resulting from the application of AVNR and COyM values stipulated in
the contract, indexed as applicable. The transmission service is invoiced
usually at the beginning of the following month in which the service was
rendered and thus the revenue recognized each month includes transmission
services provided but not invoiced up to the month end.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Disclose the percentage of total revenues earned from each
revenue-generating mechanism for each period presented.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the period ended December&nbsp;31, 2006 revenues generated from the regulatory
arrangements and from contractual arrangements represented approximately 40%
and 60%, respectively of the total revenues of Transelec.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Disclose your policy for recognizing revenue subject to refund and/or
adjustment for each revenue-generating mechanism.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transelec does not have revenues subject to refunds and/or adjustments.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Disclose your policy for recognizing regulatory assets and/or
liabilities, as appropriate. Please also include disclosure of all regulatory
assets and liabilities reflected in your balance sheets; the value of regulatory
assets and liabilities reflected in rates charged to your customers and over what
time period; and how you determined your regulatory assets are recoverable.</B></TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the regulatory framework in Note 2o) to the consolidated
financial statements of ETC Holdings Ltd. has been included to satisfy the
requirements of Canadian GAAP (Accounting Guideline AcG-19 <I>Disclosures by
entities subject to rate regulation</I>) for entities subject to rate regulation.
In that context we note the Staff&#146;s comment related to Transelec&#146;s policy for
recognizing regulatory assets and/or liabilities. Although, as discussed above,
part of Transelec&#146;s operations meets the definition of the regulated operations
under SFAS 71 we believe that Transelec does not have regulatory assets or
liabilities since: (i)&nbsp;the rate-making formula as stipulated in the Chilean
electricity transmission regulations does not contemplate capitalization of
allowable costs for rate-making purposes (all costs are charged to expenses),
and (ii)&nbsp;rate actions of the regulator does not currently impose liabilities on
our regulated operations, such as refunds to customers, rate reductions, etc.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;<B>Please ensure the disclosures for Brookfield Infrastructure Division also includes the
above information. For US GAAP purposes, please refer to SFAS 71, SFAS 90, SFAS 92, SFAS
101, and EITF 97-4 for guidance. In addition, please ensure that your disclosure in the
Business section provides all material descriptive information about your electricity
transmission&#146;s revenue-generating activities, customary contract terms and practices, and
specific uncertainties inherent in your business activities.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We believe that SFAS 90, SFAS 92, SFAS 101 and EITF 97-4 do not apply to
Transelec&#146;s operations as they pertain to specific events or transactions such as
plant abandonments, disallowances of costs of recently completed plants, phase-in
plans, discontinuation of application of accounting for effects of regulations, and
deregulations of the pricing of electricity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Considering all the above explanations and the Staff&#146;s comments we amended in
Exhibit&nbsp;12.1 the description in the Note 2o) Revenue recognition and tariff-setting
to the consolidated financial statements of ETC Holdings Ltd. starting on page F-83.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Great Lakes Power Limited Transmission Division Financial Statements for the Fiscal Year Ended
December&nbsp;31, 2006</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>11.&nbsp;&nbsp;&nbsp;Commitments, Contingencies and Guarantees, page F-163</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">66.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your disclosure regarding your ordinary course legal proceedings, claims and
litigation to clarify that these contingencies, whether
individually or in the aggregate, would not be material to your financial condition,
results of operations and liquidity, if correct. Otherwise, please separately disclose
those contingencies that may be material.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page F-188 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">67.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please revise your disclosure for your asset retirement obligations to provide a general
description of the retirement obligation. Please also disclose why you are unable to
reasonably estimate the retirement dates for your transmission lines.</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;12.1 has been revised on page F-188 in response to the Staff&#146;s comment.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should any questions arise in connection with the filing or this response letter, please
contact the undersigned at (212)&nbsp;310-8199.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 40%; margin-top: 12pt">Sincerely yours,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 45%; margin-top: 6pt">/s/ Joshua Robinson<BR>
Joshua Robinson
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Andrew Schoeffler<BR>
Tracey Houser<BR>
Al Pavot<BR>
Securities and Exchange Commission</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James Keys<BR>
Brookfield Infrastructure Partners L.P.<BR>
Cannon&#146;s Court<BR>
22 Victoria Street<BR>
Hamilton, HM 12 Bermuda</TD>
</TR>
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</TABLE>
</DIV>



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