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<SEC-DOCUMENT>0000909567-07-001475.txt : 20080219
<SEC-HEADER>0000909567-07-001475.hdr.sgml : 20080218
<ACCEPTANCE-DATETIME>20071121160858
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000909567-07-001475
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20071121

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>
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<BODY bgcolor="#FFFFFF">
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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 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">November&nbsp;21, 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="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Brookfield Infrastructure Partners L.P.<br>
Registration Statement on Form&nbsp;20-F<br>
Filed July&nbsp;31, 2007<br>
File No.&nbsp;001-33632</B></TD>
</TR>
</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;&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;2 to the partnership&#146;s
Registration Statement on Form 20-F (File No.&nbsp;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
November&nbsp;6, 2007. Under separate cover we are sending to the Staff courtesy copies of Amendment
No.&nbsp;2 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>Please file the purchase agreement to acquire Transelec as an exhibit to the registration
statement pursuant to Instruction 4 to Item&nbsp;19 of </B><B>Form 20-F</B><B>.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;4.7 has been filed in response to the Staff&#146;s comment.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to prior comment 6. Please tell us whether you funded or were
otherwise affiliated with any of the sources.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">None of the sources for third-party support provided in response to prior comment<BR>
6 were funded by or otherwise affiliated with Brookfield.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Preliminary Note</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. <B>Please disclose here that the information in Exhibit&nbsp;12.1 is being filed for the spin-off.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The preliminary note has been revised in response to the Staff&#146;s comment.
</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to comment 5 in our letter dated August&nbsp;27, 2007. Please confirm to us
that none of the charges or expenses related to the valuations, reserves or provisions that
would be required to be presented in the Schedule&nbsp;II in accordance with Rule&nbsp;5-04 of
Regulation&nbsp;S-X were material on an individual basis or in the aggregate to the combined
statements of operations of the Division for each period presented. Otherwise, please include
Schedule&nbsp;II as an exhibit to the </B><B>Form 20-F</B><B> including an audit report covering the schedule or
as a disclosure in the audited footnotes of the Division.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We confirm that none of the charges or expenses related to the valuations, reserves or
provisions in our financial statements were material on an individual basis or in aggregate
to the combined statements of operations of the Division for each period presented. The
only provision reflected in the financial statements for the Division
is an allowance for doubtful account of $50 thousand at Island Timberlands.
</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>Cover</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>You appear to refer to Brookfield Infrastructure Partners and Brookfield Asset Management as
&#147;Brookfield.&#148; Please revise to clarify which entity is spinning off what entity and which
entity will hold 1% general partnership interest after the spin-off. Also, the last paragraph
is confusing as to the relationships of the various Brookfield entities. Please also comply
at &#147;The Spin-Off&#148; on page 36.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The cover page and page 38 of Exhibit&nbsp;12.1 have been revised in response to the Staff&#146;s
comment. As indicated on page i of Exhibit&nbsp;12.1, all references to &#147;Brookfield&#148; are
references to Brookfield Asset Management Inc. and its affiliates other than Brookfield
Infrastructure Partners L.P.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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 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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If Brookfield will continue to receive performance fees, please disclose the nature and
amount of these fees.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page 5 in response to the Staff&#146;s comment.
</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>In this respect, please provide disclosure and quantify the amounts of all forms of
compensation or other remuneration that you, Brookfield Asset Management or the manager may
receive from your relationships or ownership in related entities, including fees, carried
interest, distributions, incentive distributions, etc.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page 5 in response to the Staff&#146;s comment.
</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">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note the revised disclosures you have provided in response to comment 14 in our letter
dated August&nbsp;27, 2007. Please revise your reconciliation of funds from operations to net
income to present each material adjustment and to clearly demonstrate how each adjustment
relates to the corresponding historical financial statement or pro forma financial statement.
As previously requested, please also revise your disclosure on page 41 to state the material
limitations of each material adjustment to net income to arrive at funds from operations.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on pages 8-9 and 45 in response to the Staff&#146;s comment. We
note that, although we consider funds from operations to be a measure of performance, we
have included a reconciliation of funds from operations to cash flow from operations in
response to a comment from the Ontario Securities Commission.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9. <B>Please include a risk factor discussing the net loss for 2006.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page 14 in response to the Staff&#146;s comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Our assets are or may become highly leveraged..., page 12</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 discuss the portion of the $600&nbsp;million you intend to borrow for the Longview
acquisition.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page 14 in response to the Staff&#146;s comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Quantitative and Qualitative Disclosures about Market Risks, page 52</B></U>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your revised disclosures in response to comment 17 in our letter dated August&nbsp;27,
2007. Please further revise your disclosure for your interest rate and inflation risk and
your commodity risk to state how you manage each risk. If you do not use any general
strategies or instruments to manage these risks, please disclose that fact.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on pages 55-56 in response to the Staff&#146;s comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Critical Accounting Policies and Estimates, page 54</B></U><BR>
<U><B>Island Timberlands Performance Fee, page 55</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>We note your reference to an independent valuation regarding your estimation of Island
Timberlands&#146; performance fee, which is subject to claw backs in certain conditions. Please
identify the party who performed the independent valuation and provide their consent or delete
your reference to them throughout the </B><B>Form 20-F</B><B> including exhibits. Refer to Section&nbsp;436(b)
of Regulation&nbsp;C.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page 57, and Exhibits 15(a).6 and 15(a).7 have been filed
in response to the Staff&#146;s comment.
</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 revise your disclosure of this critical estimate to address each of the following:</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>Clarify that the estimate is for the appraised value of timber and HBU land assets
used to calculate the Island Timberlands&#146; performance fee due to Brookfield Asset
Management related.</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>Disclose the method(s) used to estimate the value of the timber and HBU land
assets.</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>Disclose the material assumptions made to estimate the appraised value of the
timber and HBU land assets.</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>Disclose the amount of performance fees recognized for each period presented.</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>Provide a sensitivity analysis for each of the material assumptions used.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page 57 in response to the Staff&#146;s comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Goodwill, page 55</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>Please revise your disclosure for goodwill to disclose any reporting units with carrying
values that do not materially differ from the estimated fair value.</B></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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 align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>For each of those reporting units, disclose the amount of goodwill, the carrying value and
the estimated fair value for each of those reporting units.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We do not have any reporting units with goodwill values that do not materially differ from
their estimated fair value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Unaudited Pro Forma Financial Statements, 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">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note that you adjusted the pro forma statements of operations for all transactions to
reflect them as if they had occurred as of January&nbsp;1, 2005. Such presentation does not appear
to be consistent with the requirements in Article&nbsp;11 of Regulation&nbsp;S-X. Specifically, for
those entities that are part of the common control group that were not acquired by Brookfield
Asset Management as of January&nbsp;1, 2005 should only be included in the pro forma statements of
operations from the time of acquisition of January&nbsp;1, 2006, whichever date is later. Also,
any other transactions, such as the master services agreement and issuances of preferred
shares should be reflected as of January&nbsp;1, 2006 to the extent those transactions are not
already reflected in the historical financial statements. Please revise the Infrastructure
Partnership pro forma financial statements, footnotes, and the introduction to the pro forma
financial statements to clearly explain to investors how/when each transaction is being
presented, or tell us why you believe the current presentation is in accordance with Article
11 of Regulation&nbsp;S-X.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We have adjusted our pro forma statement of operations for the year ended December&nbsp;31, 2005
to remove all pro forma adjustments unrelated to the transfer to the Infrastructure
Partnership of entities under the control of Brookfield Asset Management during the year
ended December&nbsp;31, 2005. Consequently, the pro forma statement of operations now adjusts
the infrastructure division&#146;s historical statement of operations for 2005 to give effect
solely to the following:
</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">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the transfer to us of the 37.5% interest in Island
Timberlands as though the transfer had occurred as of May&nbsp;31, 2005 (the date
of Brookfield Asset Management&#146;s initial investment). This adjustment is
reflective of both:</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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a reduction from the 50% ownership in the
historical financial statements of the infrastructure division, and</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">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a change in method of accounting for the
interest from consolidation to equity accounting; and,</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">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the transfer to us of a 100% ownership interest in the
transmission division of Great Lakes Power Limited as though the transfer had
occurred as of January&nbsp;1, 2005.</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 align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We believe this presentation is consistent with the period requirements of paragraph
2(c)(2)(ii) of Article&nbsp;11 of Regulation&nbsp;S-X. We also consider this presentation to be
consistent with the views expressed by Leslie Overton at the 2006 Annual AICPA Conference
on Current SEC and PCAOB Developments. In discussing the form and content of financial
statements required in an initial public offering, and in particular in consideration of
how a combination of entities under common control should be reflected in historical and
pro forma financial statements, Ms.&nbsp;Overton stated the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%"><I>If the merger is presented in the pro forma financial statements:</I>
</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">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Then the pro formas should be presented for all the same
periods as are required for the historical financial statements.</I></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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Remember that a reorganization of entities
under common control is accounted for similar to a pooling, and is
required to be retroactively reflected in the financial statements as
a change in reporting entity.</I></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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Essentially, the pro formas should reflect
what the historical combined financials will look like after the
combination.</I></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">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>In contrast, the effects of other merger-related transactions
should follow the general rule and only be reflected in the pro formas for the
latest year and interim period. Examples of things that would follow the
general rule would include:</I></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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>business acquisitions,</I></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">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>acquisition of minority interests,</I></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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>any change in capital structure resulting
from the merger,</I></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="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>transfers or spinoffs of assets to and from
the combining entities before their combination, and</I></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">(E)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>changes in financing.</I></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The pro forma statement of operations for the year ended December&nbsp;31, 2005 has been revised
in Exhibit&nbsp;12.1 on page 63. We have also revised page 59 in Exhibit&nbsp;12.1 to include a
description of the basis of presentation of the 2005 pro forma statement of operations.
</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>Please revise note 1.a.i. to state why the Infrastructure Partnership will account for
Transelec as an equity method investee even though you will</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">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>have a 10.7% ownership interest. Refer to your response to Item&nbsp;1 of comment 20 in our
letter dated August&nbsp;27, 2007.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page 64 in response to the Staff&#146;s comment.
</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>We note your revised disclosures to note 1.a.ii. in response to comment 26 in our letter
dated August&nbsp;27, 2007. Please further revise your disclosures to address each of the
following:</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>Provide a more comprehensive explanation of the internal and external reviews that
need to be completed to finalize the purchase price allocation. Please also disclose
the assets or liabilities that are subject to change including any identifiable
intangible assets that will be recognized.</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>Disclose how you estimated the deferred income tax liability. In this regard, it
appears that the deferred income tax liability was the cause for a goodwill balance
from the purchase price allocation.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page 65 in response to the Staff&#146;s comment.
</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 revised disclosure in response to the last bullet of comment 26 in our letter
dated August&nbsp;27, 2007. It appears that Brookfield&#146;s acquisition of Longview was for the
entity as a whole. As such, please provide us with a detailed explanation as to how you were
able to objectively determine the amount of the purchase price to allocate to the timber
operations and the manufacturing operations. In addition, please also provide us with a
comprehensive analysis as to how you performed the purchase price allocation. Furthermore, we
note from the segment disclosure in Longview&#146;s historical financial statements that the
manufacturing operations incurred operating losses in each of the periods presented. As such,
there is a concern that the manufacturing operations&#146; assets were impaired prior to the
acquisition date and should have been recognized in the historical financial statements.
Please address this concern in your response. Please revise your disclosure accordingly.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In determining the amount of the purchase price to allocate to the timber operations and
manufacturing operations we followed the purchase price allocation process described in
paragraphs 36-46 of Statement of Financial Accounting Standards No.&nbsp;141 &#147;Business
Combinations.&#148; Accordingly, we allocated the acquisition cost paid to acquire Longview to
the assets acquired and liabilities assumed based on their estimated fair values at the
date of acquisition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In order to determine the estimated fair values of the assets acquired and liabilities
assumed from Longview, we first undertook a valuation of Longview&#146;s timber assets, by first
carrying out a comprehensive inventory assessment and timber
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">supply analysis. In determining a final value for the timber assets, we considered both a
discounted cash flow approach (the &#147;income approach&#148;) and a comparable market approach
(&#147;the sales approach&#148;), and ultimately determined that the estimated fair value of the
timber assets acquired was $2,070.0&nbsp;million. To estimate the value of the manufacturing
assets acquired, we considered both a discounted cash flow analysis and a bid that had been
received from a potential acquirer, and arrived at an estimated fair value of $463.4
million. The carrying value of these assets at the date of acquisition was $805.7&nbsp;million,
and consequently, as part of our allocation of purchase price, a negative fair value
adjustment of $342.3&nbsp;million was recorded.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Next, we identified the remaining tangible assets and liabilities to which the purchase
price was to be allocated: current assets (consisting principally of cash, accounts
receivable, and inventory), current liabilities (consisting principally of accounts
payable, accrued payroll, and taxes payable), and long-term liabilities (consisting
principally of long term debt, pension liabilities, and future income tax liabilities).
Due to their short-term nature, we estimated the fair values of the current assets acquired
and current liabilities assumed to approximate their carrying values. Given the short term
floating rate nature of the bridge loan financing, the book value of the debt was
determined to approximate fair value. An actuarial analysis was
undertaken in connection with the
valuation of the acquired pension assets and liabilities performed for the 2006 fiscal
period to better reflect the fair value of these assets and liabilities on the date of
acquisition. The future tax liability of both segments acquired was measured by
multiplying temporary taxable differences between the financial reporting and tax bases of
the assets and liabilities acquired by current tax rates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Next, we performed an exhaustive search for any marketing-related, customer-related,
artistic-related, contract-based, or technology-based intangible assets. By the conclusion
of that process, we concluded that no material finite-lived or indefinite-lived intangible
assets were identified, apart from goodwill. Consequently, the excess purchase price of
$592.6&nbsp;million was allocated entirely to goodwill.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In response to the Staff&#146;s comment regarding the possible impairment of Longview&#146;s
manufacturing business, an evaluation of the manufacturing segment for impairment was
conducted prior to the acquisition in accordance with SFAS 144, which concluded that no
impairment existed that should have been recorded in the historical financial statements
based on the factors discussed below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">When events or circumstances indicate a long-lived asset (asset group) may not be
recoverable, Longview&#146;s policy is to perform an impairment analysis to test for
recoverability. During the fiscal year ended December&nbsp;31, 2006, the curtailment of certain
paperboard machines, the potential sale of eight container facilities and recurring losses
triggered an impairment analysis to test for the recoverability of manufacturing operating
assets. Longview considers the manufacturing segment
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">as one asset group, since the cash flows for those assets are not attributable to a
particular asset but the group of assets as a whole. In the impairment analysis, Longview
compared the carrying value of the asset group to the sum of estimated future undiscounted
cash flows for the remaining useful life of the asset group. The remaining useful life is
determined from the remaining life of the primary assets of the group. The primary assets
are those most significant to the cash flow generating ability of the asset group. The
impairment analysis which was prepared in third quarter of the fiscal year, demonstrated
that future undiscounted cash flows expected to be derived from the manufacturing asset
group exceeded the carrying value by $90.2&nbsp;million (no material changes occurred in the
business in the fourth quarter that would cause for the impairment analysis to be
substantially different) and, therefore, did not result in impairment as of December&nbsp;31,
2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Subsequent to December&nbsp;31, 2006 and prior to the issuance of Longview&#146;s annual report for
2006, Longview entered into a definitive agreement to sell all of its outstanding stock to
Brookfield for $24.75/share. The overall proceeds, exclusive of assumed debt, were $1.628
billion, which was well in excess of net assets of the disposal group of $1.128&nbsp;billion at
December&nbsp;31, 2006. We considered this to be further evidence that there was no indication
of impairment as of December&nbsp;31, 2006 since Longview was being sold as one asset group in a
single transaction at a substantial gain.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">At the acquisition date, April&nbsp;20, 2007, the proportionate allocation to the timber
segment, which was appraised at approximately $2.0&nbsp;billion, was significantly higher than
net book value of $203&nbsp;million. This resulted in a disproportionate amount of the purchase
price being allocated to the Timber segment in purchase accounting, rather than being an
indicator that impairment should have been recognized for the manufacturing segment in the
historical financial statements.
</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>We note your response to comment 28 in our letter dated August&nbsp;27, 2007. Please revise note
1.a.iv. to disclose for the two entities in which you have 20% or greater ownership that you
do not have the ability to exercise significant influence over these entities and that your
investments are non-voting.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page 65 in response to the Staff&#146;s comment. We note that
the investments in TBE are in the range of 7.5% to 25% of each company.
</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>Please revise note 1.a.iii. and note 1.b.iii. to state the exchange rates used to convert the
Great Lakes Power Limited Transmission Division&#146;s financial statements from Canadian dollars
to US dollars. Refer to Article&nbsp;11-</B><B>02(b)(6)</B><B> of Regulation&nbsp;S-X.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page 65 in response to the Staff&#146;s comment.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">21. <B>Please revise note 1.b.ii. to address each of the following:</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="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 interest rate used from the $1.3&nbsp;billion in debt.</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>Revise footnote b to your reconciliation of net income to the pro forma adjustment
to explain why pension expense for the manufacturing business is not already included
in the net loss generated by the manufacturing business.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on pages 66-67 in response to the Staff&#146;s comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Compensation, page 83</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">22. <B>Please disclose the information set forth in your response to prior comment 38.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page 86 in response to the Staff&#146;s comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Independent Registered Chartered Accountants, page 136</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>We note your revised disclosure in response to comment 4 in our letter dated August&nbsp;27, 2007.
As previously requested, please revise this disclosure to comply with the requirements in
Item&nbsp;10.G of </B><B>Form 20-F</B><B>. Specifically, please state the qualifications of each of the
independent registered chartered accountants listed (i.e., state that you are relying upon
their respective reports given their authority as experts in accounting and auditing). Also,
please disclose the context in which their corresponding audit report is included in the Form
20-F. An example of such disclosure would be to state that the financial statements of BCCG
Private, a business unit of Weyerhaeuser Company for the period from December&nbsp;27, 2004 to May
29, 2005 and the year ended December&nbsp;26, 2004 included in this prospectus and in the
registration statement on </B><B>Form 20-F</B><B> to which this prospectus is an exhibit have been audited
by KPMG LLP, independent registered public accounting firm, as stated in their report.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page 140 in response to the Staff&#146;s comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><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>2. Summary of Accounting Policies, page F-17</B></U><BR>
<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">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Please include your accounting policy for inventory in accordance with Article&nbsp;5-02(6) of
Regulation&nbsp;S-X.</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 align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page F-22 in response to the Staff&#146;s comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>(l)&nbsp;Revenue recognition &#151; Transmission, 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">25.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your revised disclosure in response to comment 65 in our letter dated August&nbsp;27,
2007. Please further revise your disclosure to provide additional detail regarding the
regulation of your revenues, which is determined every four years by the regulatory
organizations CDEC &#151; SIC and CDEC-SING. In this regard, we note that the tariff setting
process is currently underway with an expected completion in the third quarter of 2007. We
further note disclosure in ETC Holdings Ltd. and Subsidiaries consolidated financial
statements for the six months ended June&nbsp;30, 2007 within Note 3 that you have estimated tariff
revenues for the fiscal year ended December&nbsp;31, 2006 and depending on the results of the
tariff setting process, you may need to either issue refunds or charge users for additional
amounts owed. This disclosure appears to contradict part of your response to comment 65 in
our letter dated October&nbsp;22, 2007.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page F-22 in response to the Staff&#146;s comment regarding the
regulation of transmission revenues.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In regards to the disclosure within Note 3 of the ETC Holdings Ltd. and Subsidiaries
consolidated financial statements for the six-months ended June&nbsp;30, 2007, the mechanism of
settlement of the accounts receivable and payable mentioned in that note will not affect
amounts of the revenues already recognized by Transelec (i.e. will not result in
adjustments to the revenues that would cause refunds or additional billing to customers).
This mechanism that is to be determined in the Decree of the Chilean Ministerio de Econom&#237;a
(Ministry of Economy) and that is expected to be issued in the near future will set only
the timing and the manner of the settlement of the accounts receivable and payable. The
revenues that have been recognized are based on the information regarding the expected
operation of the transmission systems which is the amount defined by law based on
Transelec&#146;s remuneration from the use of its transmissions systems (i.e. Transelec&#146;s
revenues) as opposed to the real operation as provided by regulatory organizations CDEC-SIC
and CDEC-SING, which is used to monitor volumes of the electricity in the systems and to
determine amounts receivable and payable between the systems&#146; users. The differences
resulting from determination of the revenues based on the expected and the real operation
of the systems (both terms are used in the &#147;Short Law&#148; referred in the respective parts of
the Exhibit) are presented as separate accounts receivable and payable discussed in Note 3
of the ETC Holdings Ltd. Financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In this context it is worth mentioning that the Decree referred to above will also
determine final amounts of the transmission tariffs since March&nbsp;2004 when the &#147;Short Law&#148;
was adopted, up and until the publication of the Decree, which may result in differences
between the tariffs being billed currently by Transelec and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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 align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">those are that are based on the new studies. These potential differences are not being
recognized in the Transelec&#146;s financial statements as the final tariffs have not been
finalized and approved. However, it is expected that these differences will not be
material for the consolidated financial results and position of ETC Holdings Ltd.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In the response to the Staff&#146;s comment we revised Exhibit&nbsp;12.1 on page F-85 to provide
additional explanations of the mechanism of the settlement of amounts receivable and
payable presented in the consolidated financial statements of ETC Holdings Ltd.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>9. Other Debt of Subsidiaries, page F-25</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 disclose the weighted average interest rates for each period presented for the
promissory notes and the bank loans. Refer to Article&nbsp;5-02(22)(a) of Regulation&nbsp;S-X.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibit&nbsp;12.1 has been revised on page F-25 in response to the Staff&#146;s comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Exhibits 15(a)</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 request that each of the independent registered public accounting firms consent to the
reference of their firm under the caption &#147;Independent Registered Chartered Accountants&#148; in
their consents.</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Exhibits 15(a) have been revised in response to the Staff&#146;s comment.
</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 align="center" style="font-size: 10pt; margin-top: 18pt">*&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;&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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Sincerely yours,</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joshua Robinson</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joshua Robinson</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<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</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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">Tracey Houser</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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">Al Pavot</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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">Securities and Exchange Commission</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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 Keyes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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">Brookfield Infrastructure Partners L.P.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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">Canon&#146;s Court</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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">22 Victoria Street</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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">Hamilton, HM 12 Bermuda</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</DIV>



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