<SEC-DOCUMENT>0001193125-20-253649.txt : 20200925
<SEC-HEADER>0001193125-20-253649.hdr.sgml : 20200925
<ACCEPTANCE-DATETIME>20200924193729
ACCESSION NUMBER:		0001193125-20-253649
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		11
REFERENCES 429:			333-235653
FILED AS OF DATE:		20200925
DATE AS OF CHANGE:		20200924

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brookfield Infrastructure Partners L.P.
		CENTRAL INDEX KEY:			0001406234
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-249031
		FILM NUMBER:		201196557

	BUSINESS ADDRESS:	
		STREET 1:		73 FRONT STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM12
		BUSINESS PHONE:		441 296-4480

	MAIL ADDRESS:	
		STREET 1:		73 FRONT STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM12
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3
<SEQUENCE>1
<FILENAME>d82286df3.htm
<DESCRIPTION>F-3
<TEXT>
<HTML><HEAD>
<TITLE>F-3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON SEPTEMBER&nbsp;24, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>REGISTRATION
<FONT STYLE="white-space:nowrap">NO.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES
AND EXCHANGE COMMISSION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON,&nbsp;D.C. 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">F-3</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF&nbsp;1933 </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>BROOKFIELD&nbsp;INFRASTRUCTURE&nbsp;PARTNERS&nbsp;L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact&nbsp;name&nbsp;of&nbsp;registrant&nbsp;as&nbsp;specified&nbsp;in&nbsp;its&nbsp;charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Bermuda</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Not applicable</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Incorporation or Organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>73 Front Street, 5th Floor </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Hamilton, HM 12, Bermuda </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>+1 (441) <FONT STYLE="white-space:nowrap">294-3309</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address and telephone number of Registrant&#146;s principal executive offices) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ralph Klatzkin </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Brookfield Infrastructure US Holdings I Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Brookfield Place </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>250
Vesey Street, 15th Floor </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10281 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(212) <FONT STYLE="white-space:nowrap">417-7000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address and telephone number of agent for service) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to: </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Torys&nbsp;LLP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1114&nbsp;Avenue of the Americas, 23rd Floor </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, NY 10036 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ATTENTION: Mile T. Kurta </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT STYLE="white-space:nowrap">(212)&nbsp;880-6000</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Approximate date of commencement of proposed sale to the public: </B>From time to time after the effective date of this Registration
Statement.<B> </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check
the following box.&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant
to Rule&nbsp;415 under the Securities Act of 1933, check the following box.&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If this Form is filed to register additional securities
for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#9744;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If this Form is a
registration statement pursuant to General Instruction&nbsp;I.C. or&nbsp;a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule&nbsp;462(e) under the Securities Act, check the following
box.&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction&nbsp;I.C. filed to
register additional securities or additional classes of securities pursuant to Rule&nbsp;413(b) under the Securities Act, check the following box.&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Emerging Growth Company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an
emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards&#134; provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#134;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The term &#147;new or revised financial accounting standard&#148; refers to any update issued by the Financial
Accounting Standards Board to its Accounting Standards Codification after April&nbsp;5, 2012. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION
OF REGISTRATION FEE </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title&nbsp;of&nbsp;Each&nbsp;Class&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Securities&nbsp;to&nbsp;be Registered</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to&nbsp;be</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registered</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Maximum</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Offering&nbsp;Price</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>per&nbsp;Unit</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Maximum</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aggregate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Offering&nbsp;Price</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registration&nbsp;Fee</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limited Partnership Units</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">30,000,000&nbsp;units<SUP STYLE="font-size:85%; vertical-align:top">(1)(2)(3)</SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$46.6950</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$1,400,850,000<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$181,830.33<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents the maximum number of the Registrant&#146;s <FONT STYLE="white-space:nowrap">non-voting</FONT>
limited partnership units (&#147;<B>LP Units</B>&#148;) to be issued by the Registrant or to be delivered by Brookfield Infrastructure Corporation (&#147;<B>BIPC</B>&#148;) or Brookfield Asset Management Inc. (&#147;<B>Brookfield</B>&#148;), in each
case in connection with the exchange, redemption or acquisition, as applicable, from time to time of class A exchangeable subordinate voting shares (&#147;<B>Exchangeable Shares</B>&#148;) of BIPC. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pursuant to Rule 416, the securities being registered hereunder include such indeterminate number of additional
LP Units as may be issuable as a result of unit splits, unit dividends or similar transactions. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In accordance with Rule 429 under the Securities Act of 1933, as amended (the &#147;<B>Securities
Act</B>&#148;), the prospectus contained herein is a combined prospectus that relates to and will be used in connection with the issue by the Registrant or the delivery by BIPC or Brookfield of (i) 30,000,000 LP Units registered hereby and (ii)
44,988,147&nbsp;LP Units registered pursuant to the registration statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-235653),</FONT> which was declared effective on March&nbsp;12, 2020
(the &#147;<B>Prior Registration Statement</B>&#148;), which LP Units, to the Registrant&#146;s knowledge, have not been issued or delivered by the registrant, BIPC or Brookfield as of the date hereof. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pursuant to Rule 429 under the Securities Act, the securities covered by the prospectus filed as part of this
registration statement include the securities of the registrant that were registered pursuant to the Prior Registration Statement. An aggregate registration fee of $312,399.40 was previously paid on December&nbsp;20, 2019 and February&nbsp;28, 2020
in connection with the Prior Registration Statement. As a result, a filing fee of $181,830.33 is being paid in connection with this registration statement, which is estimated solely for purposes of calculating the registration fee in accordance with
Rule 457(c) under the Securities Act, based upon the average of the high and low sales prices of the LP Units as reported on the New York Stock Exchange on September&nbsp;21, 2020. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment that specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act, or until this Registration Statement shall become
effective on such date as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Pursuant to the provisions of Rule 429 under the Securities Act, the prospectus contained in this registration statement also relates to
the Registrant&#146;s registration statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-235653).</FONT> Upon effectiveness, this registration statement will also act as a post-effective
amendment to such earlier registration statement. </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPLANATORY NOTE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;20, 2019, Brookfield Infrastructure Partners L.P. (the &#147;<B>Partnership</B>&#148;) filed a registration statement (the
&#147;<B>Prior Registration Statement</B>&#148;) on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-235653)</FONT> with the U.S. Securities and Exchange Commission (the &#147;<B>SEC</B>&#148;)
related to the issuance and/or delivery of an aggregate of 47,000,000 of its <FONT STYLE="white-space:nowrap">non-voting</FONT> limited partnership units (&#147;<B>LP Units</B>&#148;) in connection with the exchange, redemption or acquisition, as
applicable, from time to time of class A exchangeable subordinate voting shares (&#147;<B>Exchangeable Shares</B>&#148;) of Brookfield Infrastructure Corporation (&#147;<B>BIPC</B>&#148;). The Prior Registration Statement was subsequently declared
effective by the SEC on March&nbsp;12, 2020. Pursuant to Rule 429 under the Securities Act of 1933 (the &#147;<B>Securities Act</B>&#148;), this registration statement, which is a new registration statement, combines the 44,988,147 LP Units from the
Prior Registration Statement, which remain unissued, with an additional 30,000,000 LP Units, all of which are registered hereby for issuance and/or delivery, as applicable, by the Partnership, BIPC and/or Brookfield, to enable an aggregate of
74,988,147 LP Units to be issued or delivered pursuant to the combined prospectus. Pursuant to Rule 429 under the Securities Act, this registration statement also constitutes a post-effective amendment to the Prior Registration Statement, and such
post-effective amendment shall hereafter become effective concurrently with the effectiveness of this registration statement in accordance with Section&nbsp;8(c) of the Securities Act. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow" ALIGN="justify"><FONT COLOR="#ff4338"><B>The information in this prospectus is not complete and may be changed.
These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the
offer or sale is not permitted. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#ff4338"><B>Subject to Completion Dated September&nbsp;24, 2020. </B></FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g82286g81n32.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>BROOKFIELD&nbsp;INFRASTRUCTURE&nbsp;PARTNERS&nbsp;L.P. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>74,988,147 Limited Partnership Units </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This prospectus relates to up to 74,988,147 <FONT STYLE="white-space:nowrap">non-voting</FONT> limited partnership units (the
&#147;<B>LP Units</B>&#148;) of Brookfield Infrastructure Partners L.P. (the &#147;<B>Partnership</B>,&#148; or &#147;<B>we</B>&#148;, &#147;<B>us</B>&#148; and &#147;<B>our</B>&#148;) that may be issued by the Partnership or delivered by Brookfield
Infrastructure Corporation (&#147;<B>BIPC</B>&#148;) to satisfy any exchange, redemption or acquisition of class A exchangeable subordinate voting shares (the &#147;<B>Exchangeable Shares</B>&#148;) of BIPC (including, if applicable, in connection
with liquidation, dissolution or winding up of BIPC). 44,988,147 of the LP Units, which remain unissued, were previously registered pursuant to the Partnership&#146;s registration statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-235653),</FONT> which was declared effective by the Securities and Exchange Commission (the &#147;<B>SEC</B>&#148;) on March&nbsp;12, 2020 (the &#147;<B>Prior Registration Statement</B>&#148;). Pursuant to
Rule 429 under the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), this prospectus updates the Prior Registration Statement and includes the LP Units previously registered by the Partnership pursuant to such Prior
Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Brookfield Asset Management Inc. (&#147;<B>Brookfield</B>&#148; or the &#147;<B>selling
unitholder</B>&#148;) has also agreed that, in the event that neither BIPC nor the Partnership has satisfied an exchange request by a holder of Exchangeable Shares, then Brookfield, as selling unitholder, will satisfy until March&nbsp;31, 2025 such
exchange requests by paying such cash amount or delivering such LP Units (up to 74,988,147 LP Units) pursuant to this prospectus, which includes the LP Units previously registered by the Partnership pursuant to the Prior Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each Exchangeable Share is exchangeable at the option of the holder thereof for one LP Unit (subject to adjustment to reflect
certain capital events) or its cash equivalent (the form of payment to be determined at the election of BIPC), as more fully described in this prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">None of the Partnership, BIPC or Brookfield will receive any cash proceeds from the issuance or delivery of any LP Units upon
exchange, redemption or acquisition, as applicable, of Exchangeable Shares pursuant to this prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The LP Units are
listed on the New York Stock Exchange (the &#147;<B>NYSE</B>&#148;) under the trading symbol &#147;BIP&#148; and the Toronto Stock Exchange (&#147;<B>TSX</B>&#148;) under the symbol &#147;BIP.UN.&#148; On September&nbsp;23, 2020, the closing price
of the LP Units was $46.14 per unit on the NYSE and C$61.83 per unit on the TSX. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Investing in the LP Units involves risks. Please see &#147;<A HREF="#tx82286_4">Risk Factors</A>&#148; beginning on
page&nbsp;3 of this prospectus, and in similarly-captioned sections in the documents incorporated by reference herein, for a discussion of risk factors you should consider before investing in the LP Units. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these
securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of
this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="97%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_1">ABOUT THIS PROSPECTUS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">i</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_2">CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">ii</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_3">SUMMARY</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_4">RISK FACTORS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_5">USE OF PROCEEDS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_6">CAPITALIZATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_7">EXCHANGES OF EXCHANGEABLE SHARES FOR LP UNITS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_8">Primary Exchange Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_9">Secondary Exchange Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_10">Redemption</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_11">Liquidation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_12">Automatic Redemption upon Liquidation of the Partnership</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_13">DESCRIPTION OF THE PARTNERSHIP&#146;S CAPITAL STRUCTURE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_14">COMPARISON OF RIGHTS OF HOLDERS OF EXCHANGEABLE SHARES AND LP
UNITS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_15">SELLING UNITHOLDER</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_16">PLAN OF DISTRIBUTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_17">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_18">MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_19">LEGAL MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_20">EXPERTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_21">WHERE YOU CAN FIND MORE INFORMATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_22">INCORPORATION BY REFERENCE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_23">SERVICE OF PROCESS AND ENFORCEABILITY OF CIVIL LIABILITIES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#tx82286_24">EXPENSES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_1"></A>ABOUT THIS PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This prospectus is part of a registration statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> that we have filed
with the SEC under the Securities Act with respect to LP Units to be issued or delivered, from time to time, in connection with the exchange, redemption or acquisition, if any, of Exchangeable Shares (including in connection with liquidation,
dissolution or winding up of BIPC). The term registration statement means the Prior Registration Statement and any and all amendments including the schedules and exhibits to the Prior Registration Statement and this registration statement, which is
combined with the Prior Registration Statement pursuant to Rule 429 under the Securities Act. We, BIPC or the selling unitholder may issue or deliver, as the case may be, to holders of Exchangeable Shares, at any time and from time to time, LP Units
in exchange for Exchangeable Shares under circumstances that are more fully described in this prospectus. As allowed by the SEC rules, this prospectus does not contain all the information included in the registration statement. For further
information, you are referred to the registration statement, including its exhibits, as well as any prospectus supplement and any documents incorporated by reference herein or therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">You should read this prospectus together with any applicable prospectus supplement thereto, and in any free writing prospectus
that we may provide to you, and any documents incorporated by reference herein or therein and any additional information you may need to make your investment decision. You should also read and carefully consider the information in the documents we
have referred you to in &#147;Where You Can Find More Information&#148; and &#147;Incorporation by Reference&#148; below. Information incorporated by reference after the date of this prospectus is considered a part of this prospectus and may add,
update or change information contained in this prospectus. The information in this prospectus or any document incorporated by reference herein by reference is accurate only as of the date contained on the cover of such documents. Neither the
delivery of this prospectus nor any delivery of LP Units made under this prospectus will, under any circumstances, imply that the information in this prospectus is correct as of any date after this prospectus. Our business, financial condition and
results of operations may have changed since that date. Any information in such subsequent filings that is inconsistent with this prospectus will supersede the information in this prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">You should rely only on the information incorporated by reference or provided in this prospectus and any accompanying
prospectus supplement, and in any free writing prospectus that we may provide to you. We and the selling unitholder have not authorized anyone else to provide you with other information. We and the selling unitholder are not making an offer to sell
these securities in any jurisdiction where the offer or sale is not permitted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Unless the context requires otherwise,
when used in this prospectus, the term &#147;Partnership&#148; refers to Brookfield Infrastructure Partners L.P. alone; the terms &#147;Brookfield Infrastructure,&#148; &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to, collectively, the
Partnership, Brookfield Infrastructure L.P. (the &#147;<B>Holding LP</B>&#148;), and the subsidiaries of the Holding LP, from time to time, through which we hold all our interests in the operating entities, which are the entities that directly or
indirectly hold our current operations and assets that we may acquire in the future, including any assets held through joint ventures, partnerships and consortium arrangements; the term &#147;<B>general partner</B>&#148; refers to Brookfield
Infrastructure Partners Limited, the Partnership&#146;s general partner. References to &#147;our group&#148; mean, collectively, the Partnership and BIPC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The financial information contained in or incorporated by reference this prospectus and any prospectus supplement, unless
otherwise indicated, is presented in U.S. dollars and, unless otherwise indicated, has been prepared in accordance with International Financial Reporting Standards (&#147;<B>IFRS</B>&#148;) as issued by the International Accounting Standards Board
(&#147;<B>IASB</B>&#148;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_2"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This prospectus and the documents incorporated by reference in this prospectus contain certain &#147;forward-looking
statements&#148; and &#147;forward-looking information&#148; within the meaning of applicable securities laws. These forward-looking statements and information also relate to, among other things, our business, operations, objectives, goals,
strategies, intentions, plans, beliefs, expectations and estimates and anticipated events or trends. In particular, our statements with respect to continuity plans and preparedness measures we have implemented in response to the <FONT
STYLE="white-space:nowrap">COVID-19</FONT> pandemic and its expected impact on our businesses, operations, earnings and results, are forward-looking statements. In some cases, you can identify forward-looking statements and information by terms such
as &#147;anticipate&#148;, &#147;believe&#148;, &#147;could&#148;, &#147;estimate&#148;, &#147;likely&#148;, &#147;expect&#148;, &#147;intend&#148;, &#147;may&#148;, &#147;continue&#148;, &#147;plan&#148;, &#147;potential&#148;,
&#147;objective&#148;, &#147;tend&#148;, &#147;seek&#148;, &#147;target&#148;, &#147;foresee&#148;, &#147;aim to&#148;, &#147;outlook&#148;, &#147;endeavor&#148;, &#147;will&#148;, &#147;would&#148; and &#147;should&#148;, or the negative of those
terms or other comparable terminology. These forward-looking statements and information are not historical facts but reflect our current expectations regarding future results or events and are based on information currently available to us and on
assumptions we believe are reasonable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Although we believe that our anticipated future results, performance or
achievements expressed or implied by these forward-looking statements and information are based on reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct. You should not place undue
reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from anticipated
future results, performance or achievements expressed or implied by these forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known
to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking
information herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Factors that could cause our actual results to differ materially from those contemplated or implied
by the forward-looking statements and information in this prospectus and the documents incorporated by reference in this prospectus include, without limitation: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our assets are or may become highly leveraged and we intend to incur indebtedness above the asset level;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we are a holding entity that relies on its subsidiaries to provide the funds necessary to pay our
distributions and meet our financial obligations; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">future sales and issuances of our LP Units, preferred units or securities exchangeable for our LP Units,
including Exchangeable Shares, or the perception of such sales or issuances, could depress the trading price of our LP Units; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">pending acquisitions, dispositions and other transactions may not be completed on the timeframe or in the
manner contemplated, or at all; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">deployment of capital for our committed backlog and other projects we are pursuing may be delayed, curtailed
or redirected altogether; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">acquisitions may subject us to additional risks and the expected benefits of our acquisitions may not
materialize; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">foreign currency risk and risk management activities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">increasing political uncertainty, which may impact our ability to expand in certain markets;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">general economic conditions and risks relating to the economy; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">pandemics or epidemics, including risks associated with the global pandemic caused by the novel strain of
coronavirus, <FONT STYLE="white-space:nowrap">COVID-19,</FONT> and the related global impact on commerce and travel, which may result in a decrease in cash flows and impairment losses and/or revaluations of our investments and infrastructure assets;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">commodity risks; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">alternative technologies could impact the demand for, or use of, the businesses and assets that we own and
operate and could impair or eliminate the competitive advantage of our businesses and assets; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">availability and cost of credit; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">government policy and legislation change; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">exposure to uninsurable losses and force majeure events; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">infrastructure operations may require substantial capital expenditures; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">labor disruptions and economically unfavorable collective bargaining agreements; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">exposure to occupational health and safety related accidents; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">exposure to increased economic regulation and adverse regulatory decisions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">exposure to environmental risks, including increasing environmental legislation and the broader impacts of
climate change; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">high levels of government regulation upon many of our operating entities, including with respect to rates set
for our regulated businesses; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">First Nations claims to land, adverse claims or governmental claims may adversely affect our infrastructure
operations; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the competitive market for acquisition opportunities and the inability to identify and complete acquisitions
as planned; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to renew existing contracts and win additional contracts with existing or potential customers;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">timing and price for the completion of unfinished projects; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">some of our current operations are held in the form of joint ventures or partnerships or through consortium
arrangements; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our infrastructure business is at risk of becoming involved in disputes and possible litigation;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">some of our businesses operate in jurisdictions with less developed legal systems and could experience
difficulties in obtaining effective legal redress, which creates uncertainties; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">actions taken by national, state, or provincial governments, including nationalization, or the imposition of
new taxes, could materially impact the financial performance or value of our assets; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reliance on technology and exposure to cyber-security attacks; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">customers may default on their obligations; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reliance on tolling and revenue collection systems; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to finance our operations due to the status of the capital markets; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in our credit ratings; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our operations may suffer a loss from fraud, bribery, corruption or other illegal acts; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">some of our acquisitions may be of distressed companies, which may subject us to increased risks, including
the incurrence of legal or other expenses; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Brookfield&#146;s influence over us and our dependence on Brookfield as our service provider;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the lack of an obligation of Brookfield to source acquisition opportunities for us; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our dependence on Brookfield and its professionals; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the role and ownership of Brookfield in the Partnership and in the Holding LP may change and interests in our
general partner may be transferred to a third party without unitholder or preferred unitholder consent; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Brookfield may increase its ownership of us; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our master services agreement (the &#147;<B>Master Services Agreement</B>&#148;) as described in Item 6.A
&#147;Directors and Senior Management &#151; Our Master Services Agreement&#148; of our Annual Report (as defined herein) and our other arrangements with Brookfield do not impose on Brookfield any fiduciary duties to act in the best interests of
unitholders or preferred unitholders; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">conflicts of interest between us, our preferred unitholders and our unitholders, on the one hand, and
Brookfield, on the other hand; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our arrangements with Brookfield may contain terms that are less favorable than those which otherwise might
have been obtained from unrelated parties; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our general partner may be unable or unwilling to terminate our Master Services Agreement;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the limited liability of, and our indemnification of, our service provider; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our unitholders and preferred unitholders do not have a right to vote on Partnership matters or to take part
in the management of the Partnership; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the market price of our LP Units and preferred units may be volatile; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">dilution of existing unitholders; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">adverse changes in currency exchange rates; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">investors may find it difficult to enforce service of process and enforcement of judgments against us;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we may not be able to continue paying comparable or growing cash distributions to unitholders in the future;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Partnership may become regulated as an investment company under the <I>U.S. Investment Company Act of
1940</I>, as amended (the &#147;<B>Investment Company Act</B>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we are exempt from certain requirements of Canadian securities laws and we are not subject to the same
disclosure requirements as a U.S. domestic issuer; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">we may be subject to the risks commonly associated with a separation of economic interest from control or the
incurrence of debt at multiple levels within an organizational structure; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">effectiveness of our internal controls over financial reporting; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in tax law and practice; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">other factors described in our Annual Report, including, but not limited to, those described under Item 3.D
&#147;Risk Factors&#148; and elsewhere in our Annual Report. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We caution that the foregoing list of
important factors that may affect future results is not exhaustive. When relying on our forward-looking statements or information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The risk factors included in our Annual Report and in the other documents incorporated by reference in this prospectus
could cause our actual results and our plans and strategies to vary from our forward-looking statements and information.<B> </B>In light of these risks, uncertainties and assumptions, the events described by our forward-looking statements and
information might not occur. We qualify any and all of our forward-looking statements and information by these risk factors. Please keep this cautionary note in mind as you read this prospectus. Except as required by law, we undertake no obligation
to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iv </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_3"></A>SUMMARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>This summary highlights information contained elsewhere in this prospectus. This summary may not contain all of the
information that you should consider before deciding to invest in LP Units. You should read this entire prospectus carefully, including the &#147;Risk Factors&#148; section and the documents incorporated by reference herein. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Brookfield Infrastructure Partners L.P. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We are a Bermuda exempted limited partnership that was established on May&nbsp;21, 2007 under the provisions of the Bermuda
Exempted Partnerships Act 1992 and the Bermuda Limited Partnership Act 1883. Our head and registered office is located at 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda and its telephone number at that address is +1 441 <FONT
STYLE="white-space:nowrap">294-3309.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Partnership&#146;s sole material assets are its managing general
partnership interest and preferred limited partnership interest in the Holding LP. We serve as the Holding LP&#146;s managing general partner and have sole authority for the management and control of the Holding LP. The Holding LP owns, directly or
indirectly, all of the common shares of each of (i)&nbsp;BIP Bermuda Holdings I Limited, a corporation incorporated under the laws of Bermuda, (ii)&nbsp;Brookfield Infrastructure Holdings (Canada) Inc., a corporation incorporated under the laws of
Ontario, and (iii)&nbsp;Brookfield Infrastructure US Holdings I Corporation, a corporation incorporated under the laws of the State of Delaware. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We are a leading global infrastructure company that owns and operates high quality, long-life assets in the utilities,
transport, energy and data infrastructure sectors across North and South America, Asia Pacific and Europe. We are focused on assets that generate stable cash flows and require minimal maintenance capital expenditures. The LP Units are listed on the
NYSE and the TSX. For additional information, see our Annual Report, which is incorporated by reference into this prospectus. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Brookfield
Infrastructure Corporation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">On March&nbsp;31, 2020, we distributed pro rata to the holders of our LP Units
32,621,168&nbsp;Exchangeable Shares (the &#147;<B>Special Distribution</B>&#148;). BIPC is a corporation incorporated under, and governed by, the laws of British Columbia. Each Exchangeable Share is structured with the intention of providing an
economic return equivalent to one LP Unit (subject to adjustment to reflect certain capital events). Each Exchangeable Share will receive identical dividends to the distributions paid on each LP Unit, and is exchangeable at the option of the holder
for one LP Unit (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of BIPC), as more fully described in this prospectus. See &#147;Exchanges of Exchangeable Shares
for LP Units&#151;Primary Exchange Rights&#151;Adjustments to Reflect Certain Capital Events.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Immediately prior to
the Special Distribution, the Partnership received Exchangeable Shares through a distribution in specie by Holding LP (the &#147;<B>Holding LP Distribution</B>&#148;) of Exchangeable Shares to all the holders of its equity units (which does not
include preferred partnership units). As a result of the Holding LP Distribution, 13,728,155 Exchangeable Shares were distributed to Brookfield on its indirectly owned RPUs (as defined below) and special general partner units in Holding LP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Brookfield has also entered into a rights agreement (the &#147;<B>Rights Agreement</B>&#148;) pursuant to which Brookfield has
agreed that, until March&nbsp;31, 2025, in the event that, on the applicable specified exchange date with respect to any subject Exchangeable Shares, (i)&nbsp;BIPC has not satisfied its obligation under its articles and notice of articles
(&#147;<B>BIPC&#146;s articles</B>&#148;) of delivering the LP Units amount or its cash equivalent amount and (ii)&nbsp;we have not, upon our election in our sole and absolute discretion, acquired such subject Exchangeable Shares from the holder
thereof and delivered the LP Units amount or its cash equivalent, Brookfield will satisfy, or cause to be satisfied, </P>
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the obligations pursuant to BIPC&#146;s articles to exchange such subject Exchangeable Shares for the LP Units amount or its cash equivalent. The holders of Exchangeable Shares have a right to
receive the LP Units amount or its cash equivalent in such circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Partnership will pay all expenses of
effecting the exchanges pursuant to this prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">See &#147;Exchange Rights of Exchangeable Shares for LP Units&#148;
for more information. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LP Units </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As of September&nbsp;18, 2020, there were 295,284,506&nbsp;LP Units, 121,952,992&nbsp;redeemable partnership units
(&#147;<B>RPUs</B>&#148;) of Holding LP and 44,988,147 Exchangeable Shares outstanding. The RPUs are subject to a redemption-exchange mechanism pursuant to which LP Units may be issued in exchange for RPUs on a one for one basis. All of the RPUs are
currently owned by Brookfield. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">On October&nbsp;16, 2018, Brookfield Infrastructure Partners Exchange&nbsp;LP
(&#147;<B>Exchange</B><B></B><B>&nbsp;LP</B>&#148;), one of our subsidiaries, issued 5,726,170&nbsp;exchangeable limited partnership units of Exchange&nbsp;LP (&#147;<B>Exchangeable LP</B><B></B><B>&nbsp;Units</B>&#148;) in connection with the
privatization of Enercare&nbsp;Inc. Each Exchangeable LP&nbsp;Unit is exchangeable for one Unit. As of September&nbsp;18, 2020, there were 1,101,378 Exchangeable LP&nbsp;Units outstanding. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tax Consequences of Exchanges and Ownership of LP Units </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Please see &#147;Material Canadian Federal Income Tax Considerations&#148; and &#147;Material United States Federal Income Tax
Considerations&#148; for a summary of material Canadian and U.S. federal income tax considerations that may be relevant to holders of Exchangeable Shares if such holders exchange their Exchangeable Shares for LP Units. Because the specific tax
consequences to such holders will depend upon each of their specific circumstances, holders are strongly urged to consult their own tax advisor(s) regarding any Canadian and/or U.S. federal, state and local tax consequences specific to such holders.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_4"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">An investment in the LP Units involves a high degree of risk. Before making an investment decision, you should carefully
consider the risks incorporated by reference from our Annual Report and the other information incorporated by reference in this prospectus, as updated by our subsequent filings with the SEC, pursuant to Sections&nbsp;13(a), 14 or&nbsp;15(d) of the
Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;), and securities regulatory authorities in Canada, which are incorporated in this prospectus. The risks and uncertainties described therein and herein are not the only risks and
uncertainties we face. In addition, please consider the following risks before making an investment decision: See &#147;Where You Can Find More Information&#148; and &#147;Incorporation by Reference.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risks Related to Exchanging Exchangeable Shares for LP Units </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>The exchange of Exchangeable Shares for LP Units may result in the U.S. federal income taxation of any gain realized by a U.S. Holder.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Depending on the facts and circumstances, the exchange by a U.S. Holder (as defined below) of Exchangeable Shares
for LP Units may result in the U.S. federal income taxation of any gain realized by such U.S. Holder. In general, a U.S. Holder exchanging Exchangeable Shares for LP Units pursuant to the exercise of the exchange right will recognize capital gain or
loss (i)&nbsp;if the exchange request is satisfied by the delivery of LP Units by Brookfield pursuant to the Rights Agreement or (ii)&nbsp;if the exchange request is satisfied by the delivery of LP Units by BIPC and the exchange is, within the
meaning of Section&nbsp;302(b) of the U.S. Internal Revenue Code (as defined below), in &#147;complete redemption&#148; of the U.S. Holder&#146;s equity interest in BIPC, a &#147;substantially disproportionate&#148; redemption of stock, or &#147;not
essentially equivalent to a dividend&#148;, applying certain constructive ownership rules that take into account not only the Exchangeable Shares and other equity interests in BIPC actually owned but also other equity interests in BIPC treated as
constructively owned by such U.S. Holder for U.S. federal income tax purposes. If an exchange request satisfied by the delivery of LP Units by BIPC is not treated as a sale or exchange under the foregoing rules, then it will be treated as a
distribution equal to the amount of cash and the fair market value of the LP Units received, taxable under the rules generally applicable to distributions on stock of a corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In general, if the Partnership satisfies an exchange request by delivering LP Units to a U.S. Holder pursuant to the
Partnership&#146;s exercise of the Partnership Call Right (as defined below), then the U.S. Holder&#146;s exchange of Exchangeable Shares for LP Units will qualify as <FONT STYLE="white-space:nowrap">tax-free</FONT> under Section&nbsp;721(a) of the
U.S. Internal Revenue Code, unless, at the time of such exchange, the Partnership (i)&nbsp;is a publicly traded partnership treated as a corporation or (ii)&nbsp;would be an &#147;investment company&#148; if it were incorporated for purposes of
Section&nbsp;721(b) of the U.S. Internal Revenue Code. In the case described in (i)&nbsp;or (ii) of the preceding sentence, a U.S. Holder may recognize gain upon the exchange. The general partner of the Partnership believes that the Partnership will
be treated as a partnership and not as a corporation for U.S. federal income tax purposes. In addition, based on the holders&#146; rights in the event of the liquidation or dissolution of BIPC (or the Partnership) and the terms of the Exchangeable
Shares, which are intended to provide an economic return equivalent to the economic return on the&nbsp;LP Units (including identical distributions), and taking into account the expected relative values of the Partnership&#146;s assets and its
ratable share of the assets of its subsidiaries for the foreseeable future, the general partner of the Partnership currently expects that a U.S. Holder&#146;s exchange of Exchangeable Shares for LP Units pursuant to the exercise of the Partnership
Call Right will not be treated as a transfer to an investment company for purposes of Section&nbsp;721(b) of the U.S. Internal Revenue Code. Accordingly, the general partner of the Partnership currently expects a U.S. Holder&#146;s exchange of
Exchangeable Shares for LP Units pursuant to the Partnership&#146;s exercise of the Partnership Call Right to qualify as <FONT STYLE="white-space:nowrap">tax-free</FONT> under Section&nbsp;721(a) of the U.S. Internal Revenue Code. However, no
definitive determination can be made as to whether any such future exchange will qualify as <FONT STYLE="white-space:nowrap">tax-free</FONT> under Section&nbsp;721(a) of the U.S. Internal Revenue Code, as this will depend on the facts and
circumstances at the time of the exchange. Many of these facts and circumstances are not within the control of the Partnership, and no assurance can be provided as to the position, if any, taken by the general partner of the Partnership with regard
to the U.S. federal income tax treatment of any such exchange. Nor can </P>
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any assurance be given that the IRS will not assert, or that a court would not sustain, a position contrary to any future position taken by the Partnership. If Section&nbsp;721(a) of the U.S.
Internal Revenue Code does not apply, then a U.S. Holder who exchanges Exchangeable Shares for LP Units pursuant to the Partnership&#146;s exercise of the Partnership Call Right will be treated as if such holder had sold in a taxable transaction
such holder&#146;s Exchangeable Shares to the Partnership for cash in an amount equal to the value of the LP Units received. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Even if a U.S. Holder&#146;s transfer of Exchangeable Shares in exchange for LP Units pursuant to the Partnership&#146;s
exercise of the Partnership Call Right qualifies as <FONT STYLE="white-space:nowrap">tax-free</FONT> under Section&nbsp;721(a) of the U.S. Internal Revenue Code, the general partner of the Partnership currently expects for the Partnership and
Holding LP to immediately undertake subsequent transfers of such Exchangeable Shares that would result in the allocation to such U.S. Holder of any gain realized under Section&nbsp;704(c)(1) of the U.S. Internal Revenue Code. Under this provision,
if appreciated property is contributed to a partnership, the contributing partner must recognize any gain that was realized but not recognized for U.S. federal income tax purposes with respect to the property at the time of the contribution
(referred to as <FONT STYLE="white-space:nowrap">&#147;built-in</FONT> gain&#148;) if the partnership sells such property (or otherwise transfers such property in a taxable exchange) at any time thereafter or distributes such property to another
partner within seven years of the contribution in a transaction that does not otherwise result in the recognition of <FONT STYLE="white-space:nowrap">built-in</FONT> gain by the partnership. If, contrary to the current expectations of the general
partner of the Partnership, Section&nbsp;704(c)(1) does not apply as a result of any such subsequent transfers by the Partnership or Holding LP of Exchangeable Shares transferred by a U.S. Holder for LP Units in an exchange qualifying as <FONT
STYLE="white-space:nowrap">tax-free</FONT> under Section&nbsp;721(a) of the U.S. Internal Revenue Code, then such U.S. Holder could, nonetheless, be required to recognize part or all of the <FONT STYLE="white-space:nowrap">built-in</FONT> gain in
its Exchangeable Shares deferred as a result of such exchange under Section&nbsp;737 or Section&nbsp;707(a) of the U.S. Internal Revenue Code, depending on whether the Partnership or Holding LP were to make certain types of distributions to such
U.S. Holder following the exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For a more complete discussion of the U.S. federal income tax consequences of the
exchange of Exchangeable Shares for LP Units, see &#147;Material United States Federal Income Tax Considerations&#148; below. The U.S. federal income tax consequences of exchanging Exchangeable Shares for LP Units are complex, and each U.S. Holder
should consult its own tax advisor regarding such consequences in light of such holder&#146;s particular circumstances. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Canadian
federal income tax considerations described herein may be materially and adversely impacted by certain events. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If
BIPC ceases to qualify as a &#147;mutual fund corporation&#148; under the Tax Act (as defined below), the income tax considerations described under the heading &#147;Material Canadian Federal Income Tax Considerations&#148; would be materially and
adversely different in certain respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In general, there can be no assurance that Canadian federal income tax laws
respecting the treatment of mutual fund corporations or otherwise respecting the treatment of BIPC, the Partnership and the exchange of Exchangeable Shares for LP Units as described in this prospectus will not be changed in a manner that adversely
affects shareholders or unitholders, or that such tax laws will not be administered in a way that is less advantageous to BIPC, the Partnership, shareholders or unitholders. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Your investment may change upon an exchange of Exchangeable Shares for LP Units. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If you exchange Exchangeable Shares pursuant to the terms set forth in BIPC&#146;s articles or the Rights Agreement, you may
receive LP units or cash in exchange for such Exchangeable Shares. To the extent that you receive LP Units in any such exchange, you will become a holder of limited partnership units of a Bermuda limited partnership rather than a holder of a
security of a British Columbia corporation. We are organized as an exempted limited partnership under the laws of Bermuda, whereas BIPC is organized as a British Columbia corporation. Therefore, recipients of LP Units following an exchange of
Exchangeable Shares for LP Units will have different rights and obligations, including voting rights, from those that they had prior to the consummation </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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of the exchange as a holder of Exchangeable Shares. See &#147;Comparison of Rights of Holders of Exchangeable Shares and LP Units.&#148; Although the Exchangeable Shares are intended to provide
an economic return, including with respect to distributions, equivalent to the LP Units, we can provide no assurance that the LP Units will trade at comparable market prices to the Exchangeable Shares. For example, as of the close of trading on
September&nbsp;23, 2020, the closing price of the LP Units was $46.14 and C$61.83 on the NYSE and TSX, respectively, and the closing price of the Exchangeable Shares was $53.66 and C$71.69 on the NYSE and TSX, respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>The LP Units may not trade at the same price as the Exchangeable Shares. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Although the Exchangeable Shares are intended to provide an economic return that is equivalent to the LP Units, there can be no
assurance that the market price of LP Units will be equal to the market price of Exchangeable Shares at any time. For example, as of the close of trading on September&nbsp;23, 2020, the closing price of the LP Units was $46.14 and C$61.83 on the
NYSE and TSX, respectively, and the closing price of the Exchangeable Shares was $53.66 and C$71.69 on the NYSE and TSX, respectively. If BIPC redeems the Exchangeable Shares (which can be done without the consent of the holders) at a time when the
trading price of the Exchangeable Shares is greater than the trading price of the LP Units, holders will receive LP Units (or its cash equivalent) with a lower trading price. Factors that could cause differences in such market prices may include:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">perception and/or recommendations by analysts, investors and/or other third parties that these securities
should be priced differently; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">actual or perceived differences in dividends to holders of Exchangeable Shares versus distributions to holders
of LP Units, including as a result of any legal prohibitions; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">business developments or financial performance or other events or conditions that may be specific to only
Brookfield Infrastructure or BIPC; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">difficulty in the exchange mechanics between Exchangeable Shares and LP Units, including any delays or
difficulties experienced by the transfer agent in processing the exchange requests. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Any holder requesting an
exchange of their Exchangeable Shares for which BIPC or the Partnership elects to provide LP Units in satisfaction of the exchange amount may experience a delay in receiving such LP Units, which may affect the value of the LP Units the holder
receives in an exchange. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each Exchangeable Share is exchangeable at the option of the holder for one LP Unit
(subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of BIPC or the Partnership). See &#147;Exchanges of Exchangeable Shares for LP Units&#151;Primary Exchange
Rights&#151;Adjustments to Reflect Certain Capital Events.&#148; In the event cash is used to satisfy an exchange request, the amount payable per Exchangeable Share will be equal to the NYSE closing price of one LP Unit on the date that the request
for exchange is received by the transfer agent. As a result, any decrease in the value of the LP Units after that date will not affect the amount of cash received. However, any holder whose Exchangeable Shares are subsequently exchanged for LP Units
will not receive such LP Units for up to ten (10)&nbsp;business days after the applicable request is received. During this period, the market price of LP Units may decrease. Any such decrease would affect the value of the consideration to be
received by the holder of Exchangeable Shares on the effective date of the exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Further, the Partnership is required
to maintain an effective registration statement in the United States in order to exchange any Exchangeable Shares for LP Units. If a registration statement with respect to the LP Units issuable upon any exchange, redemption or purchase of
Exchangeable Shares (including in connection with any liquidation, dissolution or winding up of BIPC) is not current or is suspended for use by the SEC, no exchange or redemption of Exchangeable shares for LP Units may be effected during such
period. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Exchanges of Exchangeable Shares for LP Units may negatively affect the market price of the LP Units, and additional
issuances of Exchangeable Shares would be dilutive to the LP Units. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each Exchangeable Share is exchangeable by the
holder thereof for one LP Unit (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of our </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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group). See &#147;Exchanges of Exchangeable Shares for LP Units&#151;Primary Exchange Rights&#151;Adjustments to Reflect Certain Capital Events.&#148; If our group elects to deliver LP Units in
satisfaction of any such exchange request, a significant number of additional LP Units may be issued from time to time which could have a negative impact on the market price for LP Units. Additionally, any Exchangeable Shares issued by BIPC in the
future will be exchangeable for LP Units, and, accordingly, any future exchanges satisfied by the delivery of LP Units would dilute the percentage interest of existing holders of the LP Units and may reduce the market price of the LP Units. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Our group has the right to elect whether holders of Exchangeable Shares to receive cash or LP Units upon a liquidation, exchange or
redemption event. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In the event that (i)&nbsp;there is a liquidation, dissolution or winding up of BIPC or the
Partnership, (ii)&nbsp;BIPC or the Partnership exercises its right to redeem (or cause the redemption of) all of the then outstanding Exchangeable Shares, or (iii)&nbsp;a holder of Exchangeable Shares requests an exchange of Exchangeable Shares,
holders of Exchangeable Shares shall be entitled to receive one LP Unit per Exchangeable Share held (subject to adjustment to reflect certain capital events as described in elsewhere in this prospectus and certain other payment obligations in the
case of a liquidation, dissolution or winding up of BIPC or the Partnership) or its cash equivalent. The form of payment will be determined at the election of our group so holders of LP Units and Exchangeable Shares will not know whether cash or LP
Units will be delivered in connection with any of the events described above. BIPC and the Partnership currently intend to satisfy any exchange requests on the Exchangeable Shares through the delivery of LP Units rather than cash. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>BIPC or the Partnership may issue additional Exchangeable Shares or LP Units, respectively, in the future, including in lieu of
incurring indebtedness, which may dilute holders of our group&#146;s equity securities. BIPC or the Partnership may also issue securities that have rights and privileges that are more favorable than the rights and privileges accorded to our
group&#146;s equity holders. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Subject to the terms of any of BIPC securities then outstanding, BIPC may issue
additional securities, including Exchangeable Shares, class B shares, class C shares, preference shares, options, rights and warrants for any purpose and for such consideration and on such terms and conditions as BIPC&#146;s board may determine.
Subject to the terms of any of BIPC securities then outstanding, BIPC&#146;s board will be able to determine the class, designations, preferences, rights, powers and duties of any additional securities, including any rights to share in BIPC&#146;s
profits, losses and dividends, any rights to receive BIPC&#146;s assets upon its dissolution or liquidation and any redemption, conversion and exchange rights. Subject to the terms of any of BIPC securities then outstanding, BIPC&#146;s board may
use such authority to issue such additional securities, which would dilute holders of such securities, or to issue securities with rights and privileges that are more favorable than those of the Exchangeable Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Similarly, under the Partnership&#146;s limited partnership agreement, subject to the terms of any preferred units then
outstanding, the Partnership&#146;s general partner may issue additional partnership securities, including LP Units, preferred units, options, rights, warrants and appreciation rights relating to partnership securities for any purpose and for such
consideration and on such terms and conditions as the board of the Partnership&#146;s general partner may determine. Subject to the terms of any of the Partnership securities then outstanding, the board of the Partnership&#146;s general partner will
be able to determine the class, designations, preferences, rights, powers and duties of any additional partnership securities, including any rights to share in the Partnership&#146;s profits, losses and dividends, any rights to receive the
Partnership&#146;s assets upon its dissolution or liquidation and any redemption, conversion and exchange rights. Subject to the terms of any of the Partnership securities then outstanding, the board of the Partnership&#146;s general partner may use
such authority to issue such additional partnership securities, which would dilute holders of such securities, or to issue securities with rights and privileges that are more favorable than those of the LP Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The sale or issuance of a substantial number of Exchangeable Shares, the LP Units or other equity securities of BIPC or the
Partnership in the public markets, or the perception that such sales or issuances could occur, could </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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depress the market price of LP Units and impair the Partnership&#146;s ability to raise capital through the sale of additional LP Units. We cannot predict the effect that future sales or
issuances of Exchangeable Shares, LP Units or other equity securities would have on the market price of the LP Units. Subject to the terms of any of our securities then outstanding, holders of LP Units will not have any <FONT
STYLE="white-space:nowrap">pre-emptive</FONT> right or any right to consent to or otherwise approve the issuance of any securities or the terms on which any such securities may be issued. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The Rights Agreement will terminate on March&nbsp;31, 2025. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Rights Agreement will terminate on March&nbsp;31, 2025, unless otherwise terminated earlier pursuant to its terms. After
such date, holders of Exchangeable Shares will no longer have the&nbsp;benefit of protections provided for by the Rights Agreement and will be reliant on the rights provided for in BIPC&#146;s articles. In the event that BIPC or the Partnership
fails to satisfy a request for exchange after the expiry of the Rights Agreement, a tendering holder will not be entitled to rely on the secondary exchange rights. See &#147;Exchanges of Exchangeable Shares for LP Units &#151; Primary Exchange
Rights&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_5"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">None of the Partnership, BIPC or Brookfield will receive any cash proceeds from the issuance or delivery of any LP Units upon
exchange, redemption or acquisition, as applicable, of Exchangeable Shares pursuant to this prospectus. See &#147;Exchange of Exchangeable Shares for LP Units&#148; below. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_6"></A>CAPITALIZATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The table below sets forth our cash and capitalization as at June&nbsp;30, 2020, on an actual basis and after giving effect to
(i)&nbsp;the issuance of C$500&nbsp;million of medium term notes in September 2020, and the use of proceeds thereof and (ii)&nbsp;the issuance of $200&nbsp;million of Class&nbsp;A Preferred Limited Partnership Units, Series 13 of the Partnership
(&#147;<B>Series 13 Preferred Units</B>&#148;), and the use of proceeds thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">You should read this table in
conjunction with the financial statements incorporated by reference in this prospectus. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="72%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As at June&nbsp;30, 2020</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>($ Millions)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Actual</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As&nbsp;adjusted</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Corporate borrowings<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,074</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2,915</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-recourse</FONT> borrowings</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,860</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,860</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other current and <FONT STYLE="white-space:nowrap">non-current</FONT> liabilities<SUP
STYLE="font-size:85%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,625</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,625</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preferred Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Partnership Capital</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limited Partners</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,823</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,823</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General Partner</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-controlling</FONT> interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">RPUs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,520</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,520</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exchangeable Shares</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">576</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">576</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exchangeable LP&nbsp;Units</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest of others in operating subsidiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,860</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,860</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preferred Units</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">935</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,130</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total capitalization</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">51,322</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">51,358</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">These amounts are guaranteed by certain subsidiaries of the Partnership, and/or BIPC Holdings Inc. and the
Partnership, but are unsecured. As adjusted (i)&nbsp;includes the issuance of C$500&nbsp;million of medium term notes in September 2020, and the expected use of proceeds thereof to redeem C$450&nbsp;million of outstanding medium term notes,
converted to U.S. dollars at a rate of $1=C$0.7670 and (ii)&nbsp;gives effect to the use of proceeds of the offering and sale of $200&nbsp;million of Series 13 Preferred Units after deducting underwriting discounts and estimated expenses.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Includes the deferred income tax liability of the Partnership as of June&nbsp;30, 2020.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_7"></A>EXCHANGES OF EXCHANGEABLE SHARES FOR LP UNITS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The exchange rights relating to the Exchangeable Shares are set forth in BIPC&#146;s articles and the Rights Agreement, which
are filed as exhibits to the registration statement of which this prospectus forms a part. Upon exchange, holders of Exchangeable Shares will receive, with respect to each exchanged share, either (i)&nbsp;one LP Unit or (ii)&nbsp;cash in an amount
equivalent to the market value of one LP Unit, in each case as described in further detail below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx82286_8"></A>Primary Exchange Rights
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Holders of Exchangeable Shares have the right to exchange all or a portion of their Exchangeable Shares for one LP
Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership as described below in &#147;&#151;Adjustments to Reflect Certain Capital Events&#148;) or its cash equivalent
based on the NYSE closing price of one LP Unit on the date that the request for exchange is received by BIPC&#146;s transfer agent (or if not a trading day, the next trading day thereafter) plus all unpaid accrued dividends, if any (the form of
payment to be determined at the sole election of our group). In the event the Partnership ceases to be a publicly listed entity, the value of a LP Unit will be determined by (i)&nbsp;the last available bid price from an independent source such as an
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market or an independent investment banking firm; or (ii)&nbsp;if (i) is not applicable, then the amount that a holder of a LP Unit would receive upon
the liquidation of the Partnership and sale of its assets in accordance with the terms of its partnership agreement. Holders of Exchangeable Shares that hold such shares through a broker must contact their brokers to request an exchange on their
behalf. Holders of Exchangeable Shares that are registered holders must contact BIPC&#146;s transfer agent and follow the process described below. BIPC and the Partnership currently intend to satisfy any exchange, redemption or acquisition of
Exchangeable Shares through the delivery of LP Units rather than cash. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each holder of Exchangeable Shares who wishes to
exchange one or more of his or her Exchangeable Shares for LP Units or its cash equivalent is required to complete and deliver a notice of exchange in the form available from BIPC&#146;s transfer agent. Upon receipt of a notice of exchange, BIPC
shall be obligated, within ten (10)&nbsp;business days after the date that the notice of exchange is received by BIPC&#146;s transfer agent, to deliver to the tendering holder of Exchangeable Shares, in accordance with instructions set forth in the
notice of exchange, one LP Unit per Exchangeable Share held (subject to adjustments in the event of certain dilutive or other capital events by BIPC or the Partnership as described below in &#147;&#151;Adjustments to Reflect Certain Capital
Events&#148;) or its cash equivalent based on the NYSE closing price of one LP Unit on the date that the request for exchange is received by BIPC&#146;s transfer agent (or if not a trading day, the next trading day thereafter) plus all unpaid
accrued dividends, if any (the form of payment to be determined at the sole election of our group). The LP Units that BIPC would be obligated to deliver following an exchange request as set forth in the preceding sentence will be issued by the
Partnership to BIPC, and BIPC in turn will deliver such LP Units to such holder. As described in the next paragraph, the Partnership may also elect to satisfy such exchange request by issuing LP Units directly to the tendering holder of Exchangeable
Shares. Upon completion of the exchange of any Exchangeable Shares as described herein, the holder of Exchangeable Shares who has exchanged their Exchangeable Shares will have no further right, with respect to any Exchangeable Shares so exchanged,
to receive any dividends on Exchangeable Shares with a record date on or after the date on which such Exchangeable Shares are exchanged. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding the paragraph above, when a notice of exchange has been delivered to each of BIPC and the Partnership and,
until such time as the Rights Agreement is terminated, Brookfield, by the transfer agent on behalf of a tendering holder of Exchangeable Shares, BIPC will promptly, and in any event, within one (1)&nbsp;business day after receipt thereof, deliver to
each of Brookfield and the Partnership a written notification of BIPC&#146;s receipt of such notice of exchange setting forth the identity of the holder of Exchangeable Shares who wishes to exchange such Exchangeable Shares and the number of
Exchangeable Shares to be exchanged. The Partnership may elect to satisfy BIPC&#146;s exchange obligation by acquiring all of the tendered Exchangeable Shares in exchange for issuing to such tendering holder one LP Unit per Exchangeable Share held
(subject to adjustments in the event of certain dilutive or other capital events by our group as described below in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
&#147;&#151;Adjustments to Reflect Certain Capital Events&#148;) or delivering its cash equivalent based on the NYSE closing price of one LP Unit on the date that the request for exchange is
received by BIPC&#146;s transfer agent (or if not a trading day, the next trading day thereafter) plus all unpaid accrued dividends, if any (the form of payment to be determined at the sole election of our group). If the Partnership elects to
satisfy BIPC&#146;s exchange obligation, it shall, within three (3)&nbsp;days from the receipt of the holder&#146;s notice of exchange, provide written notice to BIPC and BIPC&#146;s transfer agent of its intention to satisfy the exchange obligation
and shall satisfy such obligation within ten (10)&nbsp;business days from the date that the notice of exchange is received by BIPC&#146;s transfer agent by issuing to such holder of Exchangeable Shares the LP Units or delivering the cash equivalent.
The Partnership&#146;s unitholders are not entitled to vote on the Partnership&#146;s exercise of the overriding call right described in the preceding sentence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In the event that a tendering holder of Exchangeable Shares has not received the number of LP Units or its cash equivalent
(the form of payment to be determined by BIPC or the Partnership in each of their sole discretion) in satisfaction of the tendered Exchangeable Shares, then such tendering holder of Exchangeable Shares will be entitled to receive the equivalent of
such cash amount or LP Units amount from Brookfield pursuant to the Rights Agreement until March&nbsp;31, 2025. In this scenario, the tendered Exchangeable Shares will be delivered to the rights agent (as defined below) in exchange for the delivery
of the equivalent of the cash amount or LP Units amount from a collateral account of Brookfield administered by the rights agent. See the section entitled &#147;&#151;Secondary Exchange Rights&#148; below for a further description of the Rights
Agreement. The Partnership has also agreed to indemnify Brookfield, in its capacity as selling unitholder, for certain liabilities under applicable securities laws concerning selling unitholders, in connection with any LP Units delivered by
Brookfield pursuant to the Rights Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>No Fractional LP Units</I>. No fractional LP Units will be issued or
delivered upon exchange of Exchangeable Shares. In lieu of any fractional LP Units to which the tendering holder of Exchangeable Shares would otherwise be entitled at our group&#146;s election, BIPC or the Partnership, as applicable, will pay an
amount in cash equal to the LP Unit value on the trading day immediately preceding the exchange date multiplied by such fraction of a LP Unit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Adjustments to Reflect Certain Capital Events.</I> The conversion factor (which is currently one) is subject to adjustment
in accordance with BIPC&#146;s articles to reflect certain capital events, including (i)&nbsp;if the Partnership and/or BIPC declares or pays a distribution to its unitholders consisting wholly or partly of LP Units or a dividend to its shareholders
consisting wholly or partly of Exchangeable Shares, as applicable, without a corresponding distribution or dividend, as applicable, being declared or paid by the other entity; (ii)&nbsp;if the Partnership or BIPC splits, subdivides, reverse-splits
or combines its outstanding LP Units or Exchangeable Shares, as applicable, without a corresponding event occurring at the other entity; (iii)&nbsp;if the Partnership and/or BIPC distributes any rights, options or warrants to all or substantially
all holders of its LP Units or Exchangeable Shares to convert into, exchange for or subscribe for or to purchase or to otherwise acquire LP Units or Exchangeable Shares (or other securities or rights convertible into, exchangeable for or exercisable
for LP Units or Exchangeable Shares), as applicable, without a corresponding distribution of rights, options or warrants by the other entity; (iv)&nbsp;if the Partnership distributes to all or substantially all holders of LP Units evidences of its
indebtedness or assets (including securities), or rights, options or warrants to convert into, exchange for or subscribe for or to purchase or to otherwise acquire such securities but excluding all distributions where a comparable distribution (or
the cash equivalent) is made by BIPC; or (v)&nbsp;if the Partnership or one of its subsidiaries makes a payment in respect of a tender or exchange offer for the LP Units (but excluding for all purposes any exchange or tender offer to exchange LP
Units for Exchangeable Shares or any other security economically equivalent to LP Units), to the extent that the cash and value of any other consideration included in the payment per LP Unit exceeds certain thresholds. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx82286_9"></A>Secondary Exchange Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Brookfield has entered into the Rights Agreement with Wilmington Trust, National Association (the &#147;<B>rights
agent</B>&#148;), pursuant to which Brookfield has agreed that, until March&nbsp;31, 2025, upon an exchange of Exchangeable </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Shares, if BIPC has not satisfied its obligation under BIPC&#146;s articles by delivering the LP Units amount or its cash equivalent amount (or the Partnership has not exercised its call right),
Brookfield will satisfy, or cause to be satisfied, the obligations pursuant to BIPC&#146;s articles to exchange such Exchangeable Shares for the LP Units amount or its cash equivalent. Brookfield currently intends to satisfy any exchange requests on
the Exchangeable Shares through the delivery of LP Units rather than cash. The Master Services Agreement also provides that, so long as Brookfield is a party to the Rights Agreement, Brookfield shall have a consent right prior to the issuance by
BIPC of any Exchangeable Shares, subject to certain exceptions. After the expiry of the Rights Agreement, holders of Exchangeable Shares will continue to have all of the rights provided for in BIPC&#146;s articles but will no longer be entitled to
rely on the secondary exchange rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Appointment of Rights Agent; Term</I>. The rights agent has agreed to act as
the rights agent for the holders, as a class and not individually, of Exchangeable Shares. Pursuant to and subject to the terms and conditions set forth in BIPC&#146;s articles, a holder of Exchangeable Shares may request to exchange each
Exchangeable Share (&#147;subject Exchangeable Share&#148;) for one LP Unit per Exchangeable Share held (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of our
group). See &#147;&#151;Primary Exchange Rights&#151;Adjustments to Reflect Certain Capital Events&#148; above. Upon receipt of a notice of exchange, BIPC shall, within ten (10)&nbsp;business days after the date that the notice of exchange is
received by BIPC&#146;s transfer agent (the &#147;<B>specified exchange date</B>&#148;), deliver to the tendering holder of Exchangeable Shares, such LP Unit or cash amount. See above under &#147;&#151;Primary Exchange Rights&#148;. Pursuant to the
Rights Agreement, Brookfield has agreed that, in the event that, on the applicable specified exchange date with respect to any subject Exchangeable Shares, (i)&nbsp;BIPC has not satisfied its obligation under its articles by delivering the
applicable LP Unit or cash amount and (ii)&nbsp;the Partnership has not, upon its election in its sole and absolute discretion, acquired such subject Exchangeable Share from the holder thereof and delivered the applicable LP Unit or cash amount,
Brookfield will satisfy, or cause to be satisfied, the obligations pursuant to BIPC&#146;s articles to exchange such subject Exchangeable Shares for the LP Unit or the cash amount. The holders of Exchangeable Shares have a right to receive the LP
Units amount or the cash amount in such circumstances (the &#147;<B>Secondary Exchange Rights</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Secondary
Exchange Rights are a part of the terms of the Exchangeable Shares and may not be evidenced, transferred or assigned separate or apart from the Exchangeable Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Rights Agreement will terminate on March&nbsp;31, 2025, unless otherwise terminated pursuant to its terms as described
below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Satisfaction of Secondary Exchange Rights</I>.<B> </B>In accordance with the Rights Agreement, Brookfield has
agreed to satisfy, or cause to be satisfied, the obligations with respect to the Secondary Exchange Rights contained in BIPC&#146;s articles. The rights agent has agreed to establish a collateral account, and Brookfield has contributed an amount of
cash or securities in accordance with the Rights Agreement (as further described below) in order to enable the rights agent to exchange subject Exchangeable Shares for the cash amount or the LP Units amount in accordance with the Rights Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In accordance with BIPC&#146;s articles, BIPC is required to deliver a notice (the &#147;<B>company notice</B>&#148;) to
the rights agent and Brookfield on the specified exchange date if the conditions to the exercise of the Secondary Exchange Rights with respect to any subject Exchangeable Shares have been satisfied. The company notice must set forth the LP Units
amount and the cash amount for such subject Exchangeable Shares and any necessary wire transfer or other delivery instructions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Brookfield may provide notice to the rights agent by the business day immediately following receipt of the company notice,
providing that Brookfield has elected, in Brookfield&#146;s sole discretion, to fund the cash amount. If the rights agent has not received such notice from Brookfield, the rights agent must exchange the subject Exchangeable Shares for a number of LP
Units held in the collateral account equal to the LP Units amount and promptly, and in any event within two (2)&nbsp;business days, deliver such LP Units from the collateral account to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
holder of the subject Exchangeable Shares. If there are not enough LP Units in the collateral account to satisfy the LP Units amount with respect to one or more of such subject Exchangeable
Shares, the rights agent will exchange such subject Exchangeable Shares for an amount of cash from the collateral account equal to the cash amount and promptly, and in any event within two business days, deliver the cash amount to the holder of the
subject Exchangeable Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the holder of the subject Exchangeable Shares has not received the LP Units amount or the
cash amount by the specified exchange date, the holder of the subject Exchangeable Shares may deliver, or cause to be delivered, a notice (an &#147;<B>Exchanging Shareholder notice</B>&#148;) to the rights agent and Brookfield. The Exchanging
Shareholder notice must set forth the number of such subject Exchangeable Shares and any necessary wire transfer or other delivery instructions and be in a format that is acceptable to the rights agent. On the next business day following receipt of
the Exchanging Shareholder notice, Brookfield will provide notice to the rights agent (i)&nbsp;setting forth the LP Units amount and the cash amount for such subject Exchangeable Shares and (ii)&nbsp;either (a)&nbsp;providing that Brookfield has
elected, in Brookfield&#146;s sole discretion, to fund the cash amount or (b)&nbsp;instructing the rights agent to exchange each subject Exchangeable Share. Brookfield is not obligated to deliver such notice if it has determined in good faith that
the conditions to the exercise of the Secondary Exchange Right have not been satisfied. On or prior to the second business day following receipt by the rights agent of such instruction by Brookfield, the Exchanging Shareholder notice and the subject
Exchangeable Shares, the rights agent will exchange such subject Exchangeable Shares for the LP Units amount from the collateral account or, if there are not enough LP Units in the collateral account, for the cash amount from the collateral account.
With respect to any exchange of subject Exchangeable Shares, Brookfield may elect to instruct the rights agent to exchange the subject Exchangeable Shares for the cash amount. If Brookfield makes such an election and there is not a sufficient amount
of cash in the collateral account, Brookfield must deposit the required amount into the collateral account simultaneously with such election. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In connection with the exercise by a holder of the Secondary Exchange Rights with respect to any subject Exchangeable Shares
held through the Depository Trust Company (&#147;<B>DTC</B>&#148;), such holder will deliver to the rights agent such subject Exchangeable Shares pursuant to DTC&#146;s applicable procedures. In addition, such holder will deliver to the rights agent
via <FONT STYLE="white-space:nowrap">e-mail</FONT> on the business day prior to delivery of such subject Exchangeable Shares a copy of the exchanging Exchangeable Shareholder notice, if applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Receipt of Subject Exchangeable Shares;</I> <I>Withholding</I>. Holders of subject Exchangeable Shares will deliver such
shares free and clear of all liens, claims and encumbrances, and should any such liens, claims and encumbrances exist with respect to such subject Exchangeable Shares, the holder of such subject Exchangeable Shares will not be entitled to exercise
its Secondary Exchange Rights with respect to such shares. Each holder of subject Exchangeable Shares will pay to Brookfield the amount of any tax withholding due upon the exchange of such shares and, in the event Brookfield elects to acquire some
or all of the subject Exchangeable Shares in exchange for the cash amount, will authorize Brookfield to retain a portion of the cash amount to satisfy tax withholding obligations. If Brookfield elects to acquire some or all of the subject
Exchangeable Shares in exchange for the LP Units amount, Brookfield may elect to either satisfy the amount of any tax withholding by retaining LP Units with a fair market value equal to the amount of such obligation, or satisfy such tax withholding
obligation using amounts paid by Brookfield, which amounts will be treated as a loan by Brookfield to the holder of the subject Exchangeable Shares, in each case, unless the holder, at the holder&#146;s election, has made arrangements to pay the
amount of any such tax withholding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>LP Units Record Date</I>.<B><I> </I></B>Each former holder of subject Exchangeable
Shares who receives the LP Units amount will be deemed to have become the owner of the LP Units as of the date upon which such subject Exchangeable Shares are duly surrendered in accordance with the Rights Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Collateral Account</I>.<I> </I>Brookfield or its affiliates have established a
<FONT STYLE="white-space:nowrap">non-interest</FONT> bearing trust account administered by the rights agent (the &#147;<B>collateral account</B>&#148;). Brookfield will ensure that the aggregate of (i)&nbsp;the LP Units in or issuable pursuant to
any convertible securities in the collateral account (the &#147;<B>collateral account</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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<B>LP Unit balance</B>&#148;), and (ii)&nbsp;the number of LP Units equal to the aggregate amount of cash in the collateral account divided by the value of a LP Unit (the &#147;<B>collateral cash
balance</B>&#148; and, together with the collateral account LP Unit balance, the &#147;<B>collateral account balance</B>&#148;) will at all times be equal to or exceed the number of LP Units that is equal to the product of the total number of
Exchangeable Shares outstanding (excluding those owned by Brookfield or its affiliates) multiplied by the conversion factor in accordance with BIPC&#146;s articles (the &#147;<B>required collateral account balance</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the collateral account balance is at any time less than the required collateral account balance, Brookfield will, within
two (2)&nbsp;business days, deposit or cause to be deposited into the collateral account either (i)&nbsp;a number of LP Units or any security convertible into or redeemable for LP Units (other than Exchangeable Shares) (the &#147;<B>LP Unit
convertibles</B>&#148;), or (ii)&nbsp;an amount of cash or cash equivalents, in each case in an amount necessary to cause the collateral account balance to be at least equal to the required collateral account balance. To the extent that conversion
or redemption of a LP Unit convertible results in the imposition of any fees, payments, premiums or penalties, such fees, payments, premiums or penalties will be borne by Brookfield or its affiliates, and must either be satisfied directly by
Brookfield or such affiliates or will be deemed to reduce the collateral account balance. Brookfield must keep the rights agent informed of the collateral account balance and the required collateral account balance in writing on a regular basis, and
must inform the rights agent in writing within two (2)&nbsp;business days of any change in the collateral account balance or the required collateral account balance for any reason, including as a result of an adjustment to the conversion factor
pursuant to BIPC&#146;s articles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Brookfield and its affiliates will not be entitled to withdraw any LP Unit or LP Unit
convertible from the collateral account, except (i)&nbsp;if the collateral account balance exceeds the required collateral account balance, either as a result of a change in the conversion factor pursuant to BIPC&#146;s articles or a decrease in the
number of Exchangeable Shares outstanding (excluding Exchangeable Shares held by Brookfield or its affiliates) or (ii)&nbsp;upon the deposit by Brookfield or its affiliates in the collateral account of an amount in cash or cash equivalents equal to
one hundred and fifty percent (150%) of the value of the LP Units withdrawn or the number of LP Units convertibles that are convertible into or redeemable for such LP Units. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the collateral account contains any amount of cash in lieu of LP Units, such cash amount is required to be no less than the
product of the required collateral account balance minus the collateral account LP Unit balance, multiplied by one hundred and twenty-five percent (125%) of the value of a LP Unit (the &#147;<B>required collateral account</B> <B>cash
balance</B>&#148;). If at any time the collateral account cash balance is less than the required collateral account cash balance, Brookfield will within two (2)&nbsp;business days deposit or cause to be deposited cash or cash equivalents in the
collateral account in an amount sufficient to cause the collateral account cash balance to be at least equal to the required collateral account cash balance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Brookfield and its affiliates will not be entitled to withdraw any cash or cash equivalents from the collateral account,
except (i)&nbsp;to the extent the collateral account cash balance is greater than one hundred and twenty percent (120%) of the required collateral account cash balance or (ii)&nbsp;upon the deposit in the collateral account of a corresponding number
of LP Units or LP Unit convertibles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Registration of LP Units</I>.<I> </I>Brookfield has agreed that if a shelf
registration statement has not been effective for five (5)&nbsp;consecutive business days with respect to all of the LP Units in the collateral account, including LP Units issuable from time to time upon conversion of or redemption for LP Unit
convertibles, and the transfer of such LP Units from the collateral account to a holder of subject Exchangeable Shares, Brookfield will deposit or cause to be deposited into the collateral account an amount of cash or cash equivalents equal to one
hundred and fifty percent (150%) of the value of all LP Units (including LP Units issuable from time to time upon conversion of or redemption for LP Unit convertibles) held in the collateral account at such time; <U>provided</U>, <U>however</U>, no
such deposit is required to the extent all of the LP Units in the collateral account, including LP Units issuable from time to time upon conversion of or redemption for LP Unit convertibles, and the transfer of such LP Units from the collateral
account to a holder of subject Exchangeable Shares, are registered under an effective shelf registration statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Termination or Amendment</I>.<I> </I>This Rights Agreement will terminate
automatically on the earliest of (i)&nbsp;the date on which there are no Exchangeable Shares outstanding, other than Exchangeable Shares owned by Brookfield or its affiliates and (ii)&nbsp;March 31, 2025. Brookfield may not, without the affirmative
vote of holders of at least <FONT STYLE="white-space:nowrap">two-thirds</FONT> (2/3rds) of the outstanding Exchangeable Shares not held by Brookfield, voting as a class, and the approval of a majority of the independent directors of BIPC, materially
amend, modify, or alter the Rights Agreement or repeal, terminate or waive any rights under the Rights Agreement. After the expiry of the Rights Agreement, holders of Exchangeable Shares will continue to have all of the rights provided for in
BIPC&#146;s articles but will no longer be entitled to rely on the secondary exchange rights. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx82286_10"></A>Redemption </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BIPC&#146;s board has the right upon sixty (60)&nbsp;days&#146; prior written notice to holders of Exchangeable Shares to
redeem all of the then outstanding Exchangeable Shares at any time and for any reason, in its sole discretion and subject to applicable law, including without limitation following the occurrence of any of the following redemption events:
(i)&nbsp;the total number of Exchangeable Shares outstanding decreases by 50% or more over any twelve-month period; (ii)&nbsp;a person acquires 90% of the LP Units in a take-over bid (as defined by applicable securities law); (iii) unitholders of
the Partnership approve an acquisition of the Partnership by way of arrangement or amalgamation; (iv)&nbsp;unitholders of the Partnership approve a restructuring or other reorganization of the Partnership; (v)&nbsp;there is a sale of all or
substantially all of the Partnership&#146;s assets; (vi)&nbsp;there is a change of law (whether by legislative, governmental or judicial action), administrative practice or interpretation, or a change in circumstances of BIPC and its shareholders,
that may result in adverse tax consequences for BIPC or its shareholders; or (vii)&nbsp;BIPC&#146;s board, in its sole discretion, concludes that the unitholders of the Partnership or holders of Exchangeable Shares are adversely impacted by a fact,
change or other circumstance relating to BIPC. For greater certainty, unitholders of the Partnership do not have the ability to vote on such redemption and the BIPC&#146;s board&#146;s decision to redeem all of the then outstanding Exchangeable
Shares will be final. In addition, the holders of class B shares of BIPC may deliver a notice to BIPC specifying a redemption date upon which BIPC shall redeem all of the then outstanding Exchangeable Shares, and upon sixty (60)&nbsp;days&#146;
prior written notice from BIPC to the holders of Exchangeable Shares and without the consent of holders of Exchangeable Shares, BIPC shall be required to redeem all of the then outstanding Exchangeable Shares on such redemption date, subject to
applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Upon any such redemption event, the holders of Exchangeable Shares shall be entitled to receive pursuant
to such redemption one LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership) or its cash equivalent based on the NYSE closing price of one LP Unit on the
trading day immediately preceding the announcement of such redemption plus all unpaid accrued dividends, if any (the form of payment to be determined at the election of BIPC). See &#147;&#151;Primary Exchange Rights&#151;Adjustments to Reflect
Certain Capital Events&#148; above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding the foregoing, upon any redemption event, the Partnership may elect
to acquire all of the outstanding Exchangeable Shares in exchange for one LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership as described above in
&#147;&#151;Primary Exchange Rights&#151;Adjustments to Reflect Certain Capital Events&#148;) or its cash equivalent based on the NYSE closing price of one LP Unit on the trading day immediately preceding the announcement of such redemption plus all
unpaid accrued dividends, if any (the form of payment to be determined at the election of the Partnership). Unit holders are not entitled to vote on the Partnership&#146;s exercise of the overriding call right described in the preceding sentences.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx82286_11"></A>Liquidation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Upon any liquidation, dissolution or winding up of BIPC, and subject to the prior rights of holders of all classes and series
of preferred shares and any other class of shares of BIPC ranking in priority or ratably with the Exchangeable Shares and after the payment in full to (i)&nbsp;any holder of Exchangeable Shares or class C shares of
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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BIPC that has submitted a notice of the exercise of the exchange rights described above at least ten (10)&nbsp;days prior to the date of the liquidation, dissolution or winding up (or in the case
of the class B shares of BIPC, thirty (30)&nbsp;days prior to the date of the liquidation, dissolution or winding up) and (ii)&nbsp;any unpaid accrued dividends, the holders of Exchangeable Shares shall be entitled to one LP Unit per Exchangeable
Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership as described above in &#147;&#151;Primary Exchange Rights&#151;Adjustments to Reflect Certain Capital Events&#148;) or its cash
equivalent based on the NYSE closing price of one LP Unit on the trading day immediately preceding announcement of such liquidation, dissolution or winding up (the form of payment to be determined at the election of BIPC). If, upon any such
liquidation, dissolution or winding up, the assets of BIPC are insufficient to make such payment in full, then the assets of BIPC will be distributed among the holders of Exchangeable Shares ratably in proportion to the full amounts to which they
would otherwise be respectively entitled to receive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding the foregoing, upon any liquidation, dissolution or
winding up of BIPC, the Partnership may elect to acquire all of the outstanding Exchangeable Shares for one LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the
Partnership) plus all unpaid accrued dividends, if any. See &#147;&#151;Primary Exchange Rights&#151;Adjustments to Reflect Certain Capital Events&#148; above. The acquisition by the Partnership of all the outstanding Exchangeable Shares will occur
on the day prior to the effective date of the liquidation, dissolution or winding up of BIPC. Unitholders are not entitled to vote on the Partnership&#146;s exercise of the overriding call right described in the preceding sentences. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx82286_12"></A>Automatic Redemption upon Liquidation of the Partnership </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Upon any liquidation, dissolution or winding up of the Partnership, including where substantially concurrent with a
liquidation, dissolution or winding up of BIPC, all of the then outstanding Exchangeable Shares will be automatically redeemed by BIPC on the day prior to the liquidation, dissolution or winding up of the Partnership. Each holder of Exchangeable
Shares shall be entitled to one LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership as described above in &#147;&#151;Primary Exchange Rights&#151;Adjustments
to Reflect Certain Capital Events&#148;) or its cash equivalent based on the NYSE closing price of one LP Unit on the trading day immediately preceding the announcement of such redemption plus all unpaid accrued dividends, if any (the form of
payment to be determined at the election of BIPC). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding the foregoing, upon any such redemption, the
Partnership may elect to acquire all of the outstanding Exchangeable Shares in exchange for one LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership) plus all
unpaid accrued dividends, if any. See &#147;&#151;Primary Exchange Rights&#151;Adjustments to Reflect Certain Capital Events.&#148; The acquisition by the Partnership of all the outstanding Exchangeable Shares will occur on the day prior to the
effective date of the liquidation, dissolution or winding up of BIPC. Unitholders of the Partnership are not entitled to vote on the Partnership&#146;s exercise of the overriding call right described in the preceding sentences. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Registration Rights Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BIPC, the Partnership and Brookfield have entered into a registration rights agreement (the &#147;<B>Registration Rights
Agreement</B>&#148;) comparable to the registration rights agreement existing between Brookfield and the Partnership. Under the Registration Rights Agreement, BIPC has agreed that, upon the request of Brookfield, BIPC will file one or more
registration statements or prospectuses to register for sale and qualify for distribution under applicable securities laws any of the Exchangeable Shares held by Brookfield. In the Registration Rights Agreement, BIPC has also agreed to pay expenses
in connection with such registration and sales and will indemnify Brookfield for material misstatements or omissions in the registration on statement. This prospectus constitutes a prospectus of the Partnership with respect to the delivery of LP
Units to holders of Exchangeable Shares upon exchange, redemption or acquisition of the Exchangeable Shares as contemplated by the Registration Rights Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_13"></A>DESCRIPTION OF THE PARTNERSHIP&#146;S CAPITAL STRUCTURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The following is a description of the material terms of the LP Units and a summary of certain terms of the Partnership&#146;s
limited partnership agreement, as amended (the &#147;<B>limited partnership agreement</B>&#148;), which is incorporated herein by reference. For more information on the limited partnership agreement, see Item&nbsp;10.B, &#147;Additional
Information&#151;Memorandum and Articles of Association&#151;Description of Our Units and Our Limited Partnership Agreement&#148; in our Annual Report, which is incorporated by reference herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As of September&nbsp;18, 2020, there were 295,284,506 LP&nbsp;Units outstanding (417,237,498 LP&nbsp;Units assuming the
exchange of all of Brookfield&#146;s RPUs and 418,338,876 LP&nbsp;Units assuming the exchange of all of Brookfield&#146;s RPUs and Exchange LP Units), 4,989,265 Class&nbsp;A Preferred Units, Series&nbsp;1, 4,989,262 Class&nbsp;A Preferred Units,
Series&nbsp;3, 9,986,588 Class&nbsp;A Preferred Units, Series&nbsp;5, 11,979,750 Class&nbsp;A Preferred Units, Series&nbsp;7, 7,986,595 Class&nbsp;A Preferred Units, Series&nbsp;9, 9,936,190 Class&nbsp;A Preferred Units, Series&nbsp;11 and 8,000,000
Class A Preferred Units, Series 13 outstanding and no Class&nbsp;A Preferred Units, Series&nbsp;2, Class&nbsp;A Preferred Units, Series&nbsp;4, Class&nbsp;A Preferred Units, Series&nbsp;6, Class&nbsp;A Preferred Units, Series&nbsp;8, Class&nbsp;A
Preferred Units, Series&nbsp;10 and Class&nbsp;A Preferred Units, Series&nbsp;12 outstanding. The RPUs are subject to a redemption-exchange mechanism pursuant to which LP&nbsp;Units may be issued in exchange for RPUs on a one for one basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As of September&nbsp;18, 2020, there were 44,988,147 Exchangeable Shares outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">On October&nbsp;16, 2018, Exchange&nbsp;LP issued 5,726,170&nbsp;Exchangeable LP&nbsp;Units in connection with the
privatization of Enercare&nbsp;Inc. Each Exchangeable LP&nbsp;Unit is exchangeable for one LP Unit. As of September&nbsp;18, 2020, there were 1,101,378 Exchangeable LP&nbsp;Units outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The LP&nbsp;Units are <FONT STYLE="white-space:nowrap">non-voting</FONT> limited partnership interests in the Partnership.
Holders of LP&nbsp;Units are not entitled to the withdrawal or return of capital contributions in respect of the LP&nbsp;Units, except to the extent, if any, that distributions are made to such holders pursuant to the Partnership&#146;s limited
partnership agreement or upon the liquidation of the Partnership as described in our Annual Report or as otherwise required by applicable law. Except to the extent expressly provided in the Partnership&#146;s limited partnership agreement, a holder
of LP&nbsp;Units will not have priority over any other holder of LP&nbsp;Units, either as to the return of capital contributions or as to profits, losses or distributions. The LP&nbsp;Units rank junior to the Preferred LP&nbsp;Units with respect to
priority in the payment of distributions and in the distribution of the assets of the Partnership in the event of the liquidation, dissolution or <FONT STYLE="white-space:nowrap">winding-up</FONT> of the Partnership, whether voluntary or
involuntary, as further described in our Annual Report. Holders of LP&nbsp;Units will not be granted any preemptive or other similar right to acquire additional interests in the Partnership. In addition, holders of LP&nbsp;Units do not have any
right to have their LP&nbsp;Units redeemed by the Partnership. For a more detailed description of the LP&nbsp;Units, please refer to our Annual Report, as updated by our subsequent filings with the SEC that are incorporated herein by&nbsp;reference.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Further, subject to the terms of any preferred LP Units then outstanding, our limited partnership agreement authorizes us
to establish one or more classes, or one or more series of any such classes of preferred LP Units with such designations, preferences, rights, powers and duties (which may be senior to existing classes and series of our preferred LP Units, such as
the Class&nbsp;A Preferred Units), as shall be determined by the Partnership&#146;s general partner in its sole discretion, including: (i)&nbsp;the right to share in our profits and losses or items thereof; (ii)&nbsp;the right to share in our
distributions; (iii)&nbsp;the rights upon our dissolution and liquidation; (iv)&nbsp;whether, and the terms and conditions upon which, we may or shall be required to redeem our preferred LP Units (including sinking fund provisions); (v) whether such
preferred LP Unit is issued with the privilege of conversion or exchange and, if so, the terms and conditions of such conversion or exchange; (vi)&nbsp;the terms and conditions upon which each preferred LP Unit will be issued, evidenced by
certificates and assigned or transferred; and (viii)&nbsp;the requirement, if any, of each such preferred LP Unit to consent to certain Partnership matters. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_14"></A>COMPARISON OF RIGHTS OF HOLDERS OF EXCHANGEABLE SHARES AND LP
UNITS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BIPC is a corporation existing under British Columbia law. The Partnership is an exempted limited partnership
existing under Bermuda law. The rights of holders of Exchangeable Shares are governed by the <I>Business Corporations Act</I> (British Columbia) (&#147;<B>BCBCA</B>&#148;) and BIPC&#146;s articles. The rights of holders of the LP Units are governed
by the Partnership&#146;s limited partnership agreement and certain provisions of Bermuda law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The following comparison
is a summary of certain material differences between the rights of holders of Exchangeable Shares and holders of the LP Units under the governing documents of BIPC and the Partnership and the applicable laws noted above. The following summary is
qualified in its entirety by reference to the relevant provisions of (i)&nbsp;the BCBCA, (ii)&nbsp;the Bermuda Limited Partnership Act 1883, the Bermuda Exempted Partnerships Act 1992 and the Bermuda Partnership Act 1902, (iii)&nbsp;BIPC&#146;s
articles, (iv)&nbsp;the Partnership&#146;s limited partnership agreement and (v)&nbsp;the <FONT STYLE="white-space:nowrap">bye-laws</FONT> of the Partnership&#146;s general partner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This section does not include a complete description of all of the differences between the rights of holders of Exchangeable
Shares and holders of the LP Units, nor does it include a complete description of the specific rights of such holders. Furthermore, the identification of some of the differences in the rights of such holders is not intended to indicate that other
differences that may be equally important do not exist. You are urged to read carefully the relevant provisions of British Columbia law and Bermuda law, as well as the governing documents of each of BIPC and the Partnership, each as amended,
restated, supplemented or otherwise modified from time to time, copies of which are available, without charge, to any person, including any beneficial owner of LP Units to whom this prospectus is delivered, by following the instructions listed under
&#147;Where You Can Find More Information&#148;. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Corporate Governance</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BIPC is a corporation formed under the laws of the Province of British Columbia. The rights of holders of Exchangeable
Shares are governed by the BCBCA and BIPC&#146;s articles.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Partnership is a Bermuda&#151;exempted limited partnership registered under the Bermuda Limited Partnership Act 1883
and the Bermuda Exempted Partnerships Act 1992. The Partnership&#146;s limited partnership agreement provides for the management and control of the Partnership by a general partner, the Partnership&#146;s general partner.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Authorized Capital</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BIPC is authorized to issue an unlimited number of: (i)&nbsp;Exchangeable Shares; (ii)&nbsp;class B shares;
(iii)&nbsp;class C shares; (iv)&nbsp;class A senior preferred shares, issuable in series, and (v)&nbsp;class B junior preferred shares, issuable in series. All Exchangeable Shares, class B share, class C shares, class A senior preferred shares and
class B junior preferred shares are or will be issued without par value. The number of authorized Exchangeable Shares can be changed in accordance with BIPC&#146;s articles or, if the articles are silent, by special resolution, in accordance with s.
54(3)(c) of the BCBCA.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Partnership&#146;s interests consist of the general partner unit, which represents the general partnership interest,
the LP Units and the preferred units, together with the units representing limited partnership interests in the Partnership, and any additional partnership interests representing limited partnership interests that it may issue in the
future.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Partnership&#146;s general partner has broad rights to cause the Partnership to issue additional partnership
interests and may cause the Partnership to issue additional partnership interests (including new classes of partnership interests and options, rights, warrants and appreciation rights relating to such interests) for any partnership purpose, at any
time and on such terms and conditions as it may determine without the approval of any limited partners, subject to the terms of any preferred units then outstanding. Any additional partnership interests may be issued in one or more classes, or one
or more series of classes, with such designations, preferences, rights, powers and duties (which may be senior to existing classes and series of partnership interests) as may be determined by the Partnership&#146;s general partner in its sole
discretion, all without the approval of the Partnership&#146;s limited partners.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Voting Rights</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Except as otherwise expressly provided in the articles or as required by law, the holders of Exchangeable Shares and
class&nbsp;B shares, will vote together and not as separate classes. Each holder of an Exchangeable Share will be entitled to cast one vote per Exchangeable Share on all matters submitted to a vote. On each such matter, the holders of class B shares
will be entitled to cast, in the aggregate, a number of votes equal to three times the number of votes attached to the Exchangeable Shares. As Brookfield Infrastructure holds all of the Class&nbsp;B Shares, it holds 75% of the votes eligible to be
cast on all matters where the Exchangeable Shares and Class&nbsp;B Shares vote together.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">At any time that no Exchangeable Shares are outstanding and for any vote held only in respect of the class B shares, the holder of the class B
shares will be entitled to cast one vote per class B shares. At any time that no Exchangeable Shares are outstanding, quorum will be at least one holder of class B shares.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Limited partners are not entitled to vote on matters relating to the Partnership, although holders of LP Units&nbsp;are
entitled to consent to certain matters with respect to certain amendments to the Partnership&#146;s limited partnership agreement and certain matters with respect to the withdrawal of the Partnership&#146;s general partner. Each LP Unit entitles the
holder thereof to one&nbsp;vote for the purposes of any approvals of holders of LP Units. In addition to their rights under the Partnership&#146;s limited partnership agreement, limited partners have consent rights with respect to certain
fundamental matters and on any other matters that require their approval in accordance with applicable securities laws and stock exchange rules.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Size of Board</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BIPC&#146;s board currently has (7)&nbsp;directors. The board may consist of between three (3)&nbsp;and eleven
(11)&nbsp;directors or such other number of directors as may be determined from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">time-to-time</FONT></FONT> by a resolution of BIPC&#146;s shareholders and subject to its articles.
BIPC expects that its board of directors will continue to mirror the board of directors of the general partner of the Partnership, except for one additional <FONT STYLE="white-space:nowrap">non-overlapping</FONT> director to assist BIPC with, among
other things, resolving any conflicts of interest that may arise from BIPC&#146;s relationship with Brookfield Infrastructure. John Fees currently serves as the <FONT STYLE="white-space:nowrap">non-overlapping</FONT> member of BIPC&#146;s board of
directors. Mr.&nbsp;Fees previously served on the board of directors of the general partner of the Partnership and resigned from such board of directors prior to the Special Distribution. At least three (3)&nbsp;directors and at least a majority of
the directors holding office must be independent of BIPC, as determined by the full board using the standards for independence established by the NYSE.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Partnership&#146;s general partner board currently has six (6)&nbsp;directors. The board may consist of between three
(3)&nbsp;and eleven (11)&nbsp;directors or such other number of directors as may be determined from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">time-to-time</FONT></FONT> by a resolution of the shareholders of the
Partnership&#146;s general partner and subject to its <FONT STYLE="white-space:nowrap">bye-laws.</FONT> At least three (3)&nbsp;directors and at least a majority of the directors holding office must be independent of the Partnership&#146;s general
partner and Brookfield, as determined by the full board of directors using the standards of independence established by NYSE.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Election and Removal of Directors</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BIPC&#146;s board is elected by its shareholders and each of its current directors will serve until the close of the next
annual meeting of shareholders of BIPC or his or her death, resignation or removal from office, whichever occurs first. Vacancies on the board may be filled and additional directors may be added by a resolution of BIPC&#146;s shareholders or a vote
of the directors then in office. A director may be removed from office by a special resolution duly passed by BIPC&#146;s shareholders. A director will be automatically removed from BIPC&#146;s board if he or she becomes bankrupt, insolvent or
suspends payments to his or her creditors or becomes disqualified by law from acting as a director.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Partnership&#146;s general partner&#146;s board of directors was elected by its shareholder and each of its current
directors will serve until the close of the next annual meeting of shareholders of the Partnership&#146;s general partner or his or her death, resignation or removal from office, whichever occurs first. Vacancies on the Partnership&#146;s general
partner&#146;s board of directors may be filled and additional directors may be added by a resolution of the shareholders of the Partnership&#146;s general partner or a vote of the directors then in office. A director may be removed from office by a
resolution duly passed by the shareholders of the Partnership&#146;s general partner or, if the director has been absent without leave from three consecutive meetings of the board of directors, by a written resolution requesting resignation signed
by all other directors then holding office. A director will be automatically removed from the board of directors if he or she becomes</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">bankrupt, insolvent or suspends payments to his or her creditors or becomes prohibited by law from acting as a
director.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Process&nbsp;to&nbsp;Amend the Governing Instruments</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BIPC may from time to time amend, modify or repeal any provision contained in the notice of articles or the articles of BIPC
in a manner authorized by the BCBCA.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Under the BCBCA,
alteration of the notice of articles generally requires authorization by either court order, by a <FONT STYLE="white-space:nowrap">two-thirds</FONT> (2/3rds) vote of all voting shares or by the methods specified in BIPC&#146;s articles. Certain
alterations to matters such as changes to company name or address or a change in directors will not require authorization by the above-mentioned methods. Specific alterations such as those of a nature affecting a particular class or series in a
manner that would prejudice or interfere with the rights of such class or series, will entitle the affected class or series to consent by special resolution to the alteration, whether or not such class or series otherwise carries the right to
vote.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Under the BCBCA, BIPC may resolve to alter its
articles by the type of resolution specified in the BCBCA, if not specified in the BCBCA, by the type of resolution specified in our articles or if neither the BCBCA or our articles specify the type of resolution, by a
<FONT STYLE="white-space:nowrap">two-thirds</FONT> (2/3rds) vote of all voting shares; provided however, if such alteration would prejudice or interfere with the rights of a particular class or series, such class or series must consent by special
resolution to the alteration, whether or not such class or series otherwise carries the right to vote.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Amendments to the Partnership&#146;s limited partnership agreement may be proposed only by or with the consent of the
Partnership&#146;s general partner. To adopt a proposed amendment, other than the amendments that do not require limited partner approval discussed below, the Partnership&#146;s general partner must seek approval of a majority of outstanding LP
Units required to approve the amendment, either by way of a meeting of the limited partners to consider and vote upon the proposed amendment or by written approval.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">No amendment may be made that would: (i)&nbsp;enlarge the
obligations of any limited partner without its consent, except that any amendment that would have a material adverse effect on the rights or preferences of any class of Partnership interests in relation to other classes of Partnership interests may
be approved by at least a majority of the type or class of Partnership interests so affected; or (ii)&nbsp;enlarge the obligations of, restrict in any way any action by or rights of, or reduce in any way the amounts distributable, reimbursable or
otherwise payable by the Partnership to, the Partnership&#146;s general partner or any of its affiliates without the consent of the Partnership&#146;s general partner, which may be given or withheld in its sole discretion. The provision of the
Partnership&#146;s limited partnership agreement preventing the amendments having the effects described in clauses&nbsp;(i) and&nbsp;(ii) above can be amended upon the approval of the holders of at least 90% of the outstanding LP
Units.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Subject to applicable law, the Partnership&#146;s general partner may generally make amendments to the
Partnership&#146;s limited partnership agreement without the approval of any limited partner to reflect: (i)&nbsp;a change in the name of the Partnership, the location of its registered office or its registered agent; (ii)&nbsp;the admission,
substitution or withdrawal of partners in accordance with the Partnership&#146;s limited partnership agreement; (iii)&nbsp;a change that the Partnership&#146;s general partner determines is reasonable and necessary or appropriate for the Partnership
to qualify or to continue its qualification as an exempted limited partnership under the laws of Bermuda or a partnership in which the limited partners have limited liability under the laws of any jurisdiction or is necessary or advisable in the
opinion of the Partnership&#146;s general partner to ensure that the Partnership will not be treated as an association taxable as a corporation or otherwise taxed as an entity for tax purposes; (iv)&nbsp;an amendment that the Partnership&#146;s
general partner determines to be necessary or appropriate to address certain changes in tax regulations, legislation or interpretation; (v)&nbsp;an amendment that is necessary, in the opinion of the Partnership&#146;s counsel, to prevent the
Partnership or the Partnership&#146;s general partner or its directors or officers, from in any manner being subjected to the provisions of the Investment Company Act, or similar legislation in other jurisdictions; (vi)&nbsp;subject to the terms of
any preferred LP Units then outstanding, an amendment that the Partnership&#146;s general partner determines in its sole discretion to be necessary or appropriate for the creation, authorization or issuance of any class or series of partnership
interests or options, rights, warrants or appreciation rights relating to partnership securities; (vii)&nbsp;any amendment expressly permitted in the Partnership&#146;s limited partnership agreement to be made by the Partnership&#146;s general
partner acting alone; (viii)&nbsp;an</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">amendment effected, necessitated or contemplated by a merger or consolidation of the Partnership with one or more
persons in accordance with the provisions of the Partnership&#146;s limited partnership agreement; (ix)&nbsp;any amendment that the partnership&#146;s general partner determines in its sole discretion to be necessary or appropriate to reflect and
account for the formation by the Partnership of, or its investment in, any corporation, partnership, joint venture, limited liability company or other entity, as otherwise permitted by the Partnership&#146;s limited partnership agreement; (x)&nbsp;a
change in the Partnership&#146;s fiscal year and related changes; or (xi)&nbsp;any other amendments substantially similar to any of the matters described in (i)&nbsp;through (x)&nbsp;above.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In addition, the Partnership&#146;s general partner may make amendments to the Partnership&#146;s limited partnership
agreement without the approval of any limited partner if those amendments, in the discretion of the Partnership&#146;s general partner: (i)&nbsp;do not adversely affect the Partnership&#146;s limited partners considered as a whole (including any
particular class of partnership interests as compared to other classes of partnership interests) in any material respect; (ii)&nbsp;are necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion,
directive, order, ruling or regulation of any governmental agency or judicial authority; (iii)&nbsp;are necessary or appropriate to facilitate the trading of the LP Units or to comply with any rule, regulation, guideline or requirement of any
securities exchange on which the LP Units are or will be listed for trading; (iv)&nbsp;are necessary or appropriate for any action taken by the Partnership&#146;s general partner relating to splits or combinations of LP Units under the provisions of
the Partnership&#146;s limited partnership agreement; or (v)&nbsp;are required to effect the intent of the provisions of the</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Partnership&#146;s limited partnership agreement or are otherwise contemplated by the Partnership&#146;s limited
partnership agreement.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Partnership&#146;s general
partner will not be required to obtain an opinion of counsel that an amendment will not result in a loss of limited liability to the limited partners if one of the amendments described in the preceding two paragraphs should occur. No other
amendments to the Partnership&#146;s limited partnership agreement will become effective without the approval of holders of at least 90% of the LP Units, unless the Partnership obtains an opinion of counsel to the effect that the amendment will not
(i)&nbsp;cause the Partnership to be treated as an association taxable as a corporation or otherwise taxable as an entity for tax purposes (provided that for U.S. tax purposes the Partnership&#146;s general partner has not made the election
described below under the section entitled &#147;Qualification&#148;), or (ii)&nbsp;affect the limited liability under the Bermuda Limited Partnership Act 1883 of any of the Partnership&#146;s limited partners.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In addition to the above restrictions, any amendment that would have a material adverse effect on the rights or preferences
of any type or class of Partnership interests in relation to other classes of Partnership interests will also require the approval of the holders of at least a majority of the outstanding Partnership interests of the class so affected.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In addition, any amendment that reduces the voting
percentage required to take any action must be approved by the written consent or affirmative vote of limited partners whose aggregate outstanding voting LP Units constitute not less than the voting requirement sought to be reduced.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Special Meetings of&nbsp;the Shareholders</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A special meeting of the shareholders for any purpose or purposes may be called only by BIPC&#146;s board on a date not
less than twenty one (21)&nbsp;days nor more than two (2)&nbsp;months</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Partnership&#146;s general partner may call special meetings of the limited partners at a time and place outside of
Canada determined by the Partnership&#146;s general</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="39%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">after the sending of the notice of the meeting to each shareholder of record entitled to vote at such meeting.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">partner on a date not less than ten (10)&nbsp;days nor more than sixty (60)&nbsp;days after the mailing of notice of the
meeting. The limited partners do not have the ability to call a special meeting. Only holders of record on the date set by the Partnership&#146;s general partner (which may not be less than&nbsp;ten (10)&nbsp;nor more than sixty (60)&nbsp;days
before the meeting) are entitled to notice of any meeting.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Written Consent in Lieu of Meeting</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Under the BCBCA, generally, shareholder action without a meeting may only be taken by consent resolution of the
shareholders entitled to vote on the resolution: with a written consent executed by shareholders holding <FONT STYLE="white-space:nowrap">two-thirds</FONT> (2/3rds) of the shares that carry the right to vote at general meetings being effective to
approve an action requiring an ordinary resolution; or with a written consent executed by all shareholders that carry the right to vote at general meetings or by all of the shareholders holding shares of the applicable class or series of shares, as
the case may be, being effective to approve an action requiring a special resolution or an exceptional resolution.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Written consents may be solicited only by or on behalf of the Partnership&#146;s general partner. Any such consent
solicitation may specify that any written consents must be returned to the Partnership within the time period, which may not be less than twenty (20)&nbsp;days, specified by the Partnership&#146;s general partner.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">For purposes of determining holders of Partnership interests entitled to provide consents to any action described above,
the Partnership&#146;s general partner may set a record date, which may be not less than&nbsp;ten (10)&nbsp;nor more than sixty (60)&nbsp;days before the date by which record holders are requested in writing by the Partnership&#146;s general partner
to provide such consents. Only those holders of Partnership interests on the record date established by the Partnership&#146;s general partner will be entitled to provide consents with respect to matters as to which a consent right
applies.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Limitation of Liability and Indemnification of</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">No director will be personally liable to BIPC or its shareholders for monetary damages for breach of fiduciary duty, except
to the extent such exemption is not</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Under the Partnership&#146;s limited partnership agreement, the Partnership is required to indemnify to the fullest extent
permitted by law the Partnership&#146;s general</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="39%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>Directors and Officers</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">permitted under the BCBCA. Under the BCBCA, no provision in BIPC&#146;s articles or other contract relieves a director or
officer from (a)&nbsp;the duty to act in accordance with the BCBCA and the regulations, or (b)&nbsp;liability that by virtue of any enactment or rule of law or equity would otherwise attach to that director or officer in respect of any negligence,
default, breach of duty or breach of trust of which the director or officer may be guilty in relation to BIPC.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">To the fullest extent permitted by law, BIPC will indemnify any present or former director or officer of BIPC (or a person serving as a
director, officer, trustee, employee or agent of another corporation), who was or is a party or is threatened to be made a party to, or is otherwise involved in, any threatened, pending or completed action while acting in such capacity, for all
liability and loss suffered (including, without limitation, any judgments, fines, or penalties and amounts paid in settlement) and expenses (including attorneys&#146; fees and disbursements), actually and reasonably incurred. BIPC may enter into
agreements with any such person to provide such indemnification. The right to indemnification includes the right to be paid by BIPC the expenses (including attorneys&#146; fees) incurred by such person in defending any such proceeding in advance of
its final disposition, such that the advances are paid by BIPC within sixty (60)&nbsp;days after the receipt by BIPC of a statement or statements from the claimant requesting such advance or advances from time to time (and subject to filing a
written request for indemnification pursuant to the articles).</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">partner and any of its affiliates (and their respective officers, directors, agents, shareholders, partners, members and
employees), any person who serves on a governing body of a holding entity or operating entity of the Partnership and any other person designated by the Partnership&#146;s general partner as an indemnified person, in each case, against all losses,
claims, damages, liabilities, costs or expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, incurred by an
indemnified person in connection with the Partnership&#146;s investments and activities or by reason of their holding such positions, except to the extent that the claims, liabilities, losses, damages, costs or expenses are determined to have
resulted from the indemnified person&#146;s bad faith, fraud or willful misconduct, or in the case of a criminal matter, action that the indemnified person knew to have been unlawful. In addition, under the Partnership&#146;s limited partnership
agreement: (i)&nbsp;the liability of such persons has been limited to the fullest extent permitted by law, except to the extent that their conduct involves bad faith, fraud or willful misconduct, or in the case of a criminal matter, action that the
indemnified person knew to have been unlawful; and (ii)&nbsp;any matter that is approved by the independent directors of the Partnership&#146;s general partner will not constitute a breach of the Partnership&#146;s limited partnership agreement or
any duties stated or implied by law or equity, including fiduciary duties. The Partnership&#146;s limited partnership agreement requires the Partnership to advance funds to pay the expenses of an indemnified person in connection with a matter in
which indemnification may be sought until it is determined that the indemnified person is not entitled to indemnification.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="39%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BIPC will not indemnify any present or former director or officer of BIPC for acts of bad faith, fraud, willful
misfeasance, gross negligence, knowing violation of law or reckless disregard of the director&#146;s duties or for any act for which indemnification is specifically prohibited under the BCBCA.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Partnership&#146;s general partner&#146;s <FONT STYLE="white-space:nowrap">bye-laws</FONT> provide that, as permitted by
the laws of Bermuda, it will pay or reimburse an indemnified person&#146;s expenses in advance of a final disposition of a proceeding for which indemnification is sought.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Under the Partnership&#146;s general partner&#146;s <FONT
STYLE="white-space:nowrap">bye-laws,</FONT> the Partnership&#146;s general partner is required to indemnify, to the fullest extent permitted by law, its affiliates, directors, officers, resident representatives, shareholders, employees or any of its
subsidiaries and certain others against any and all losses, claims, damages, liabilities, costs or expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims,
demands, actions, suits or proceedings, incurred by an indemnified person in connection with the Partnership&#146;s investments and activities or in respect of or arising from their holding such positions, except to the extent that the claims,
liabilities, losses, damages, costs or expenses are determined to have resulted from the indemnified person&#146;s bad faith, fraud or willful misconduct, or in the case of a criminal matter, action that the indemnified person knew to have been
unlawful. In addition, under the Partnership&#146;s general partner&#146;s <FONT STYLE="white-space:nowrap">bye-laws:</FONT> (i)&nbsp;the liability of such persons has been limited to the fullest extent permitted by law and except to the extent that
their conduct involves bad faith, fraud or willful misconduct, or in the case of a criminal matter, action that the indemnified person knew to have been unlawful; and (ii)&nbsp;any matter that is approved by the independent directors will not
constitute a breach of any duties stated or implied by law or equity, including fiduciary duties. The Partnership&#146;s general partner&#146;s <FONT STYLE="white-space:nowrap">bye-laws</FONT> require it to advance funds to pay the expenses of an
indemnified person in connection with a matter in which indemnification may be sought until it is determined that the indemnified person is not entitled to indemnification.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Dividends and Distributions</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to BIPC&#146;s articles and subject to the prior rights of holders of all classes and series of preferred shares at
the time outstanding having prior rights as to dividends, each Exchangeable Share entitles its holder to the Exchangeable Shares dividend in a cash amount equal in value to (i)&nbsp;the amount of any distribution made on a LP Unit multiplied by
(ii)&nbsp;the conversion factor determined in accordance with BIPC&#146;s articles and in effect on the record date of such dividend (which conversion factor is currently one, subject to adjustment in the event of certain dilutive or other capital
events by BIPC or the Partnership). See &#147;Exchanges of Exchangeable Shares for LP Units&#151;Primary Exchange Rights&#151;Adjustments to Reflect Certain Capital Events.&#148; The record and payment dates for the dividends upon the Exchangeable
Shares, to the extent not prohibited by applicable law, shall be substantially the same as the record and payment dates for distributions on the LP Units.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the full amount of an Exchangeable Shares dividend is not declared and paid concurrent with a distribution on the LP Units, then the
undeclared or unpaid amount of such Exchangeable Shares dividend shall accrue and accumulate (without interest), whether or not BIPC has earnings, whether or not there are funds legally available for the payment thereof and whether or not such
Exchangeable Shares dividend has been declared or authorized. Any Exchangeable Shares dividend payment made shall first be credited against the earliest accumulated but unpaid Exchangeable Shares dividends due which remain payable which we refer to
as unpaid dividends. All Exchangeable Shares dividends shall be paid prior and in preference to any dividends or distributions on the class C shares of BIPC. The holders of Exchangeable Shares shall not be entitled to any dividends from BIPC other
than the Exchangeable Shares dividends.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Distributions to partners of the Partnership will be made only as determined by the general partner in its sole discretion.
However, the general partner will not be permitted to cause the Partnership to make a distribution if the Partnership does not have sufficient cash on hand to make the distribution, the distribution would render the Partnership insolvent, or if, in
the opinion of the general partner, the distribution would leave the Partnership with insufficient funds to meet any future or contingent obligations, or the distribution would contravene applicable laws.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Subject to the terms of any preferred units outstanding,
the general partner has sole authority to determine whether the Partnership will make distributions and the amount and timing of these distributions.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Partnership has a distribution reinvestment plan for holders of its LP Units who are resident in Canada, the United States and Australia.
Holders of LP Units who are not resident in Canada, the United States or Australia may participate in the distribution reinvestment plan provided that there are not any laws or governmental regulations that may limit or prohibit them from doing
so.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Exchange by Holder</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Holders of Exchangeable Shares have the right to exchange all or a portion of their Exchangeable Shares for one LP Unit per
Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership) or its cash equivalent based on the NYSE closing price per LP Unit on the date of the request for exchange (or if not
a trading day, the next trading day thereafter), plus all unpaid accrued dividends, if any (the form of payment to be determined at the election of BIPC). See &#147;Exchanges of Exchangeable Shares for LP Units&#151;Primary Exchange
Rights&#151;Adjustments to Reflect Certain Capital Events.&#148;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Partnership may elect to satisfy BIPC&#146;s exchange obligation by acquiring all of the tendered Exchangeable Shares for one LP Unit per
Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership) or its cash equivalent based on the NYSE closing price of one LP Unit on the date that the request for exchange is
received by BIPC&#146;s transfer agent (or if not a trading day, the next trading day thereafter), plus all unpaid accrued dividends, if any (the form of payment to be determined at the election of the Partnership). See &#147;Exchanges of
Exchangeable Shares for LP Units&#151;Primary Exchange Rights&#151;Adjustments to Reflect Certain Capital Events.&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">N/A.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Redemption by Issuer</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">BIPC&#146;s board has the right upon sixty (60)&nbsp;days&#146; prior written notice to holders of Exchangeable Shares to
redeem all of the then outstanding Exchangeable Shares at any time and for any reason, in its sole discretion subject to applicable law, including without limitation following the occurrence of certain redemption events described in &#147;Exchanges
of Exchangeable Shares for LP Units&#151;Redemption.&#148;. In addition, upon sixty (60)&nbsp;days&#146; prior written notice from the holder of class B</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">N/A</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">shares of BIPC to holders of the Exchangeable Shares and without the consent of holders of Exchangeable Shares, BIPC shall be
required to redeem all of the then outstanding Exchangeable Shares, subject to applicable law.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Upon any such redemption event, the holders of Exchangeable Shares shall be entitled to one LP Unit per Exchangeable Share held (subject to
adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership) or its cash equivalent based on the NYSE closing price per LP Unit on the trading day immediately preceding the announcement of such redemption, plus all
unpaid accrued dividends, if any (the form of payment to be determined at the election of BIPC). See &#147;Exchanges of Exchangeable Shares for LP Units&#151;Primary Exchange Rights&#151;Adjustments to Reflect Certain Capital Events.&#148;</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Upon any liquidation, dissolution or winding up of the
Partnership, including where substantially concurrent with a liquidation, dissolution or winding up of BIPC, all of the then outstanding Exchangeable Shares of BIPC will be automatically redeemed by BIPC on the day prior to the liquidation,
dissolution or winding up of the partnership. Each holder of Exchangeable Shares shall be entitled to one LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the partnership)
or its cash equivalent based on the NYSE closing price per LP Unit on the trading day immediately preceding the announcement of such redemption, plus all unpaid accrued dividends, if any (the form of payment to be determined at the election of
BIPC). See &#147;Exchanges of Exchangeable Shares for LP Units&#151;Primary Exchange Rights&#151;Adjustments to Reflect Certain Capital Events.&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Qualification</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">N/A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">If the Partnership&#146;s general partner determines in its sole discretion that it is no longer in the Partnership&#146;s
best interests to continue as a partnership for U.S. federal income tax purposes, the Partnership&#146;s general partner may elect to treat Partnership as an association or as a publicly traded partnership taxable as a corporation for U.S. federal
(and applicable state) income tax purposes.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Liquidation</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Upon any liquidation, dissolution or winding up of BIPC, and subject to the prior rights of holders of preferred shares and
any other class of shares of BIPC ranking in priority or ratably with the Exchangeable Shares and after the payment in full to (i)&nbsp;any holder of Exchangeable Shares or class C shares of BIPC that has submitted a notice of the exercise of the
exchange rights described above at least ten (10)&nbsp;days prior to the date of the liquidation, dissolution or winding up (or in the case of the class B shares, thirty (30)&nbsp;days prior to the date of the liquidation, dissolution or winding up)
and (ii)&nbsp;any accrued unpaid dividends, the holders of Exchangeable Shares shall be entitled to one LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the partnership)
or its cash equivalent based on the NYSE closing price per LP Unit on the trading day immediately preceding announcement of such liquidation, dissolution or winding up (the form of payment to be determined at the election of BIPC). See
&#147;Exchanges of Exchangeable Shares for LP Units&#151;Primary Exchange Rights&#151;Adjustments to Reflect Certain Capital Events.&#148; If, upon any such liquidation, dissolution or winding up, the assets of BIPC are insufficient to make such
payment in full, then the assets of BIPC will be distributed among the holders of Exchangeable Shares ratably in proportion to the full amounts to which they would otherwise be respectively entitled to receive.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Partnership will terminate upon the earlier to occur of: (i)&nbsp;the date on which all of the Partnership&#146;s
assets have been disposed of or otherwise realized by the Partnership and the proceeds of such disposals or realizations have been distributed to partners; (ii)&nbsp;the service of notice by the Partnership&#146;s general partner, with the special
approval of a majority of its independent directors, that in its opinion the coming into force of any law, regulation or binding authority renders illegal or impracticable the continuation of the Partnership; and (iii)&nbsp;at the election of the
Partnership&#146;s general partner, if the Partnership, as determined by the Partnership&#146;s general partner, is required to register as an &#147;investment company&#148; under the Investment Company Act or similar legislation in other
jurisdictions.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Notwithstanding the foregoing, upon any liquidation, dissolution or winding up of BIPC, the Partnership may elect to
acquire all of the outstanding Exchangeable Shares for one LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership) plus all unpaid accrued dividends, if any. See
&#147;Exchanges of Exchangeable Shares for LP Units&#151;Primary Exchange Rights&#151;Adjustments to Reflect Certain Capital Events.&#148; The acquisition by the Partnership of all the outstanding Exchangeable Shares will occur on the day prior to
the effective date of the liquidation, dissolution or winding up of BIPC.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Partnership will be dissolved upon the withdrawal of the Partnership&#146;s general partner as the general partner of the
Partnership (unless a successor entity becomes the general partner pursuant to the Partnership&#146;s limited partnership agreement) or the date on which any court of competent jurisdiction enters a decree of judicial dissolution of the partnership
or an order to <FONT STYLE="white-space:nowrap">wind-up</FONT> or liquidate the Partnership&#146;s general partner without the appointment of a successor in compliance with the Partnership&#146;s limited partnership agreement. The Partnership will
be reconstituted and continue without dissolution if within 30&nbsp;days of the date of dissolution (and provided a notice of dissolution has not been filed with the Bermuda Monetary Authority), a successor general partner executes a transfer deed
pursuant to which the new general partner assumes the rights and undertakes the obligations of the general partner, but only if the Partnership receives an opinion of counsel that the admission of the new general partner will not result in the loss
of limited liability of any limited partner.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Upon the
Partnership&#146;s dissolution, unless the Partnership is continued as a new limited partnership, the liquidator authorized to <FONT STYLE="white-space:nowrap">wind-up</FONT> the Partnership&#146;s affairs will, acting with all of the powers of the
Partnership&#146;s general partner that the liquidator deems necessary or appropriate in its judgment, liquidate the Partnership&#146;s assets and apply the proceeds of the liquidation first, to discharge the Partnership&#146;s liabilities as
provided in its limited partnership agreement and by law, then to the preferred units up to the amount of the liquidation entitlement of the preferred units, and thereafter to the partners <I>pro</I><I></I><I>&nbsp;rata</I> according to the
percentages of their respective partnership interests as of a record date selected by the liquidator. The liquidator may defer liquidation of the Partnership&#146;s assets for a reasonable period of time or distribute assets
to</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="39%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">partners in kind if it determines that an immediate sale or distribution of all</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">or some of the Partnership&#146;s assets would be impractical or would cause undue loss to the partners.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Conversion</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Partnership, or any of its controlled subsidiaries, is entitled to convert any Exchangeable Shares held to a
class&nbsp;C share on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">one-for-one</FONT></FONT> basis.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">N/A</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Fiduciary Duties</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The directors of BIPC have three principal responsibilities under the BCBCA and BIPC&#146;s articles, being (i)&nbsp;the
duty to manage, (ii)&nbsp;the fiduciary duty, which is to act honestly and in good faith with a view to the best interests of BIPC, and (iii)&nbsp;the duty of care, which is to exercise the care, diligence and skill that a reasonably prudent
individual would exercise in comparable circumstances.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">A general partner is required to act in good faith and in a manner which it reasonably believes to be in the best interests
of a partnership. The partnership&#146;s limited partnership agreement contains various express provisions that modify, waive and/or limit the fiduciary duties that might otherwise be owed to the partnership and the limited partners. These
modifications <I>inter alia</I> restrict the remedies available for actions that might otherwise constitute a breach of fiduciary duty and permit the general partner of the partnership to take into account the interests of third parties, including
Brookfield, when resolving conflicts of interest.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Protection of Shareholders</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Under the BCBCA, pursuant to the oppression remedy, any holder of Exchangeable Shares may apply to court for an order where
the affairs of BIPC are being or have been conducted, or that the powers of the directors are being or have been exercised, in a manner that is oppressive to one or more shareholders, or where there has been some act of BIPC that is unfairly
prejudicial to one or more of the shareholders. Under the BCBCA, pursuant to the derivative action remedy, a shareholder (including a beneficial shareholder) may bring an action in the name of and on behalf of BIPC to enforce a right, duty or
obligation owed to BIPC that could be enforced by BIPC itself or to obtain damages for any such breach of right, duty or obligation.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">There is no oppression remedy or derivative action remedy available under the Bermuda Limited Partnership Act 1883 and the
Bermuda Exempted Partnerships Act 1992.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Furthermore,
the partnership&#146;s limited partnership agreement also stipulates that unless otherwise determined by the general partner of the partnership, a Person (as defined in the limited partnership agreement) shall not have
<FONT STYLE="white-space:nowrap">pre-emptive,</FONT> preferential or other similar rights in respect to the issuance of a LP Unit.</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="39%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGEABLE SHARES</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>LP&nbsp;UNITS</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Takeover Bids, Issuer Bids and Tender Offers</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Exchangeable Shares are not LP Units and will not be treated as LP Units for purposes of the application of applicable
Canadian or U.S. rules relating to takeover bids, issuer bids and tender offers. As a result, holders of Exchangeable Shares will not be entitled to participate in an offer or bid made to acquire units unless such offer has been extended to holders
of Exchangeable Shares.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The LP Units are not Exchangeable Shares and will not be treated as Exchangeable Shares for purposes of the application of
applicable Canadian or U.S. rules relating to takeover bids, issuer bids and tender offers. As a result, holders of LP Units will not be entitled to participate in an offer or bid made to acquire the Exchangeable Shares unless such offer has been
extended to holders of LP Units.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_15"></A>SELLING UNITHOLDER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The table below sets forth information regarding beneficial ownership of LP Units by the selling unitholder as of
September&nbsp;18, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The percentage of beneficial ownership for the following table is based on 295,284,506 LP Units
outstanding, and 121,952,992 RPUs and 8,675,193 Exchangeable Shares beneficially owned by Brookfield as of September&nbsp;18, 2020. Pursuant to Rule <FONT STYLE="white-space:nowrap">13d-4</FONT> under the Exchange Act, the statements concerning
voting and dispositive power concerning the LP Units included in the footnotes to this table shall not be construed as admissions that such persons are the beneficial owners of such LP Units. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Selling&nbsp;Unitholder</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>LP&nbsp;Units<BR>Beneficially<BR>Owned</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percentage&nbsp;of&nbsp;LP&nbsp;Units<BR>Outstanding</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Maximum&nbsp;Number&nbsp;of<BR>LP&nbsp;Units&nbsp;That&nbsp;May<BR>Be&nbsp;Delivered&nbsp;upon<BR>Exchange&nbsp;of<BR>Exchangeable&nbsp;Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percentage&nbsp;after<BR>Maximum&nbsp;Number&nbsp;of<BR>LP&nbsp;Units&nbsp;are<BR>Delivered&nbsp;upon<BR>Exchange</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Brookfield Asset Management Inc.<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">130,877,830</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74,988,147</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13.4</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">The business address of Brookfield is Brookfield Place, 181 Bay Street, Suite 300, Toronto, Ontario M5J 2T3.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">The percentage shown assumes that all exchange requests of Exchangeable Shares are satisfied in reliance on
the secondary exchange rights and no LP Units are delivered by the Partnership or BIPC in satisfaction of exchange requests on the Exchangeable Shares. The Partnership and BIPC currently intend to satisfy any exchange requests on the Exchangeable
Shares through the delivery of LP Units rather than cash. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For a description of our relationship with
Brookfield as well as potential conflicts of interest (and the methods for resolving them) and other material considerations arising from our relationship with Brookfield, please see Item 7.B, &#147;Related Party Transactions&#151;Relationship with
Brookfield&#148; in our Annual Report, which is incorporated by reference in this prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_16"></A>PLAN OF DISTRIBUTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This prospectus relates to the issuance by the Partnership or delivery by BIPC or Brookfield of up to an aggregate of
74,988,147 LP Units, in each case in connection with the satisfaction of exchange requests by a holder of Exchangeable Shares of BIPC, which shares are currently outstanding or may be offered and sold from time to time outside of the United States.
No broker, dealer or underwriter has been engaged in connection with any such exchange. We will pay all expenses of effecting the exchanges pursuant to this prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For more information, see &#147;Exchange of Exchangeable Shares for LP Units&#148;. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_17"></A>MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This summary discusses material United States federal income tax considerations for holders relating to the exchange of
Exchangeable Shares for LP Units as described in this prospectus as of the date hereof. This summary is based on provisions of the U.S. Internal Revenue Code of 1986, as amended (the <B>&#147;U.S. Internal Revenue Code&#148;</B>), on the regulations
promulgated thereunder (the &#147;<B>Treasury Regulations</B>&#148;), and on published administrative rulings, judicial decisions, and other applicable authorities, all as in effect on the date hereof and all of which are subject to change at any
time, possibly with retroactive effect. This summary should be read in conjunction with the discussion of the principal U.S. federal income tax considerations associated with the operations of the Partnership and the purchase, ownership, and
disposition of LP Units set forth in Item 10.E &#147;Taxation&#151;Certain Material U.S. Federal Income Tax Considerations&#148; and Item 3.D &#147;Risk Factors&#151;Risks Related to Taxation&#148; in the Annual Report. The following discussion is
limited as described in Item 10.E &#147;Taxation&#151;Certain Material U.S. Federal Income Tax Considerations&#148; in the Annual Report and as described herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This summary is necessarily general and may not apply to all categories of investors, some of whom may be subject to special
rules, including, without limitation, persons that own (directly, indirectly or constructively, applying certain attribution rules) 5% or more of the LP Units or (directly, indirectly or constructively, applying certain attribution rules) 10% or
more of the equity interests (by vote or value) of BIPC, dealers in securities or currencies, financial institutions or financial services entities, mutual funds, life insurance companies, persons that hold Exchangeable Shares as part of a straddle,
hedge, constructive sale or conversion transaction with other investments, U.S. Holders (as defined below) whose functional currency is not the U.S. dollar, persons who have elected
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> accounting, persons who hold Exchangeable Shares through a partnership or other entity treated as a pass-through entity for U.S. federal income tax
purposes, persons for whom the Exchangeable Shares are not a capital asset, persons who are liable for the alternative minimum tax, and certain U.S. expatriates or former long-term residents of the United States. Except as otherwise specifically
provided herein, this summary does not address any tax consequences to holders of preferred units of the Partnership, nor does this summary address any tax consequences to holders of exchangeable limited partnership units of Exchange LP. The actual
tax consequences of the exchange of Exchangeable Shares for LP Units may vary depending on your individual circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For purposes of this discussion, a &#147;<B>U.S. Holder</B>&#148; is a beneficial owner of Exchangeable Shares who is for U.S.
federal tax purposes: (i)&nbsp;an individual citizen or resident of the United States; (ii)&nbsp;a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United
States, any state thereof or the District of Columbia; (iii)&nbsp;an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (iv)&nbsp;a trust (a)&nbsp;that is subject to the primary supervision of a court
within the United States and all substantial decisions of which one or more U.S. persons have the authority to control or (b)&nbsp;that has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A &#147;<B><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder</B>&#148; is a beneficial owner of Exchangeable Shares,
other than a U.S. Holder or an entity classified as a partnership or other fiscally transparent entity for U.S. federal tax purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If a partnership holds Exchangeable Shares, the tax treatment of a partner of such partnership generally will depend upon the
status of the partner and the activities of the partnership. Partners of partnerships that hold Exchangeable Shares should consult their own tax advisors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>This discussion does not constitute tax advice and is not intended to be a substitute for tax planning. You should consult
your own tax advisor concerning the U.S. federal, state and local income tax consequences of exchanging Exchangeable Shares for LP Units, as well as any tax consequences under the laws of any other taxing jurisdiction. </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Partnership Status of the Partnership and Holding LP </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each of the Partnership and Holding LP has made a protective election to be classified as a partnership for U.S. federal tax
purposes. An entity that is treated as a partnership for U.S. federal tax purposes generally incurs no U.S. federal income tax liability. Instead, each partner is generally required to take into account its allocable share of items of income, gain,
loss, deduction, or credit of the partnership in computing its U.S. federal income tax liability, regardless of whether cash distributions are made. Distributions of cash by a partnership to a partner generally are not taxable unless the amount of
cash distributed to a partner is in excess of the partner&#146;s adjusted basis in its partnership interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">An entity
that would otherwise be classified as a partnership for U.S. federal income tax purposes may nonetheless be taxable as a corporation if it is a &#147;publicly traded partnership&#148;, unless an exception applies. The partnership is publicly traded.
However, an exception, referred to as the &#147;<B>Qualifying Income Exception</B>&#148;, exists with respect to a publicly traded partnership if (i)&nbsp;at least 90% of such partnership&#146;s gross income for every taxable year consists of
&#147;qualifying income&#148; and (ii)&nbsp;the partnership would not be required to register under the Investment Company Act of 1940 if it were a U.S. corporation. Qualifying income includes certain interest income, dividends, real property rents,
gains from the sale or other disposition of real property, and any gain from the sale or disposition of a capital asset or other property held for the production of income that otherwise constitutes qualifying income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The general partner of the Partnership intends to manage the affairs of the Partnership and Holding LP so that the Partnership
will meet the Qualifying Income Exception in each taxable year. Accordingly, the general partner of the Partnership believes that the Partnership will be treated as a partnership and not as a corporation for U.S. federal income tax purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The remainder of this summary assumes that the Partnership and Holding LP will be treated as partnerships for U.S. federal tax
purposes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Characterization of the Exchangeable Shares </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The U.S. federal income tax consequences for holders of Exchangeable Shares relating to the exchange of Exchangeable Shares for
LP Units will depend, in part, on whether the Exchangeable Shares are, for U.S. federal income tax purposes, treated as stock of BIPC and not as interests in the Partnership. The general partner of the Partnership intends to take the position and
believes that the Exchangeable Shares are properly characterized as stock of BIPC for U.S. federal income tax purposes. However, the treatment of the Exchangeable Shares as stock of BIPC is not free from doubt, as there is no direct authority
regarding the proper U.S. federal income tax treatment of securities similar to the Exchangeable Shares. If the Exchangeable Shares are not treated as stock of BIPC and are instead treated as LP Units, then a holder of Exchangeable Shares generally
would be expected to be taxed in the same manner as a holder of LP Units. The remainder of this summary assumes that the Exchangeable Shares will be treated as stock of BIPC for U.S. federal income tax purposes. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consequences to U.S. Holders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Exchange of Exchangeable Shares.</I></B> Subject to the discussion below under the headings &#147;&#151;Exercise of the
Partnership Call Right&#148; and &#147;&#151;Passive Foreign Investment Company Considerations&#148;, a U.S. Holder generally will recognize capital gain or loss upon an exchange at the request of the holder (other than an exchange that is treated
as a distribution, as discussed below) of the Exchangeable Shares for LP Units equal to the difference between the amount realized upon the exchange and such holder&#146;s adjusted tax basis in the Exchangeable Shares so exchanged. The amount
realized will equal the amount of cash, if any, plus the fair market value of the LP Units received. Any such capital gain or loss will be long-term capital gain or loss if such holder&#146;s holding period for the Exchangeable Shares exceeds one
year at the time of the exchange. Gain or loss recognized by a U.S. Holder generally will be treated as U.S.-source gain or loss for foreign tax credit limitation purposes. Long-term capital gains of
<FONT STYLE="white-space:nowrap">non-corporate</FONT> U.S. Holders generally are taxed at preferential rates. The deductibility of capital losses is subject to limitations. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The U.S. federal income tax consequences described in the preceding
paragraph should also apply to a U.S. Holder (i)&nbsp;whose exchange request is satisfied by the delivery of cash or LP Units by Brookfield pursuant to the Rights Agreement or (ii)&nbsp;whose exchange request is satisfied by the delivery of cash by
the Partnership pursuant to the exercise of the Partnership Call Right. For the U.S. federal income tax consequences to a U.S. Holder whose exchange request is satisfied by the delivery of LP Units pursuant to the Partnership&#146;s exercise of the
Partnership Call Right, see the discussion below under the heading &#147;&#151;Exercise of the Partnership Call Right&#148;. The U.S. federal income tax consequences to a U.S. Holder whose exchange request is satisfied by the delivery of LP Units by
BIPC is described in the following paragraph. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">An exchange of Exchangeable Shares satisfied by BIPC will result in the
recognition of gain or loss by a U.S. Holder, as described above, if such exchange is (i)&nbsp;in &#147;complete redemption&#148; of the U.S. Holder&#146;s equity interest in BIPC (within the meaning of Section&nbsp;302(b)(3) of the U.S. Internal
Revenue Code), (ii) a &#147;substantially disproportionate&#148; redemption of stock (within the meaning of Section&nbsp;302(b)(2) of the U.S. Internal Revenue Code), or (iii)&nbsp;&#147;not essentially equivalent to a dividend&#148; (within the
meaning of Section&nbsp;302(b)(1) of the U.S. Internal Revenue Code). In determining whether any of these tests has been met with respect to the exchange of the Shares, you may be required to take into account not only the Exchangeable Shares and
other equity interests in BIPC that you actually own but also other equity interests in BIPC that you constructively own within the meaning of Section&nbsp;318 of the U.S. Internal Revenue Code. If you own (actually or constructively) only an
insubstantial percentage of the total equity interests in BIPC and exercise no control over BIPC&#146;s corporate affairs, you may be entitled to sale or exchange treatment on an exchange of the Exchangeable Shares if you experience a reduction in
your equity interest in BIPC (taking into account any constructively owned equity interests) as a result of the exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If you meet none of the alternative tests of Section&nbsp;302(b) of the U.S. Internal Revenue Code, the exchange will be
treated as a distribution with respect to Exchangeable Shares. Subject to the discussion below under the heading &#147;&#151;Passive Foreign Investment Company Considerations&#148;, the gross amount of a distribution paid to a U.S. Holder with
respect to Exchangeable Shares (including any amounts withheld to pay Canadian withholding taxes) would be included in such holder&#146;s gross income as a dividend to the extent paid out of BIPC&#146;s current or accumulated earnings and profits
(as determined under U.S. federal income tax principles). To the extent that the amount of such distribution exceeds BIPC&#146;s current and accumulated earnings and profits, it would be treated first as a
<FONT STYLE="white-space:nowrap">tax-free</FONT> return of a U.S. Holder&#146;s tax basis in its Exchangeable Shares, and to the extent the amount of such distribution exceeds such U.S. Holder&#146;s tax basis, the excess would be taxed as capital
gain. In the event that the exchange is properly treated as a distribution, the amount of the distribution will be equal to the amount of cash, if any, and the fair market value of the LP Units received. Dividends received by <FONT
STYLE="white-space:nowrap">non-corporate</FONT> U.S. Holders may be subject to tax at preferential rates applicable to long-term capital gains, provided certain conditions are met. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Because the determination as to whether any of the alternative tests of Section&nbsp;302(b) of the U.S. Internal Revenue Code
is satisfied with respect to any particular U.S. Holder of Exchangeable Shares will depend upon the facts and circumstances as of the time the determination is made, each U.S. Holder should consult its own tax advisor regarding the tax treatment of
the exchange of Exchangeable Shares for LP Units, including the calculation of such holder&#146;s tax basis in any remaining Exchangeable Shares in the event the exchange of Exchangeable Shares for LP Units is treated as a distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Exercise of the Partnership Call Right.</I></B> The Partnership has the right to acquire Exchangeable Shares directly
from a holder under certain circumstances in exchange for LP Units or cash (the &#147;<B>Partnership Call Right</B>&#148;). For the U.S. federal income tax consequences to a U.S. Holder of the exchange of Exchangeable Shares for cash pursuant to the
exercise of the Partnership Call Right, see the discussion above under &#147;&#151;Exchange of Exchangeable Shares&#148;. The U.S. federal income tax consequences to a U.S. Holder of the exchange of Exchangeable Shares for LP Units pursuant to the
exercise of the Partnership Call Right will depend in part on whether the exchange qualifies as <FONT STYLE="white-space:nowrap">tax-free</FONT> under Section&nbsp;721(a) of the U.S. Internal Revenue Code. For the exchange to so qualify, the
Partnership (i)&nbsp;must be classified as a partnership and not as an association or publicly </P>
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traded partnership taxable as a corporation for U.S. federal income tax purposes and (ii)&nbsp;must not be treated as an investment company for purposes of Section&nbsp;721(b) of the U.S.
Internal Revenue Code. With respect to the classification of the Partnership as a partnership, see the discussion above under &#147;&#151;Partnership Status of the Partnership and Holding LP&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;721(b) of the U.S. Internal Revenue Code provides that Section&nbsp;721(a) of the U.S. Internal Revenue Code will
not apply to gain realized on a transfer of property to a partnership which would be treated as an investment company (within the meaning of Section&nbsp;351 of the U.S. Internal Revenue Code) if the partnership were incorporated. Under
Section&nbsp;351 of the U.S. Internal Revenue Code and the Treasury Regulations thereunder, a transfer of property will be considered a transfer to an investment company only if (i)&nbsp;the transfer results, directly or indirectly, in
&#147;diversification&#148; of the transferor&#146;s interests, and (ii)&nbsp;the transferee is a regulated investment company, a real estate investment trust, or a corporation more than 80% of the value of whose assets are held for investment and
(subject to certain exclusions) are stock or securities, as defined in Section&nbsp;351(e) of the U.S. Internal Revenue Code. For purposes of this determination, the stock and securities of a corporate subsidiary are disregarded and the parent
corporation is treated as owning its ratable share of the subsidiary&#146;s assets if the parent corporation owns 50% or more of the subsidiary corporation&#146;s stock by voting power or value. The Treasury Regulations also provide that whether an
entity is an investment company ordinarily will be determined by reference to the circumstances in existence immediately after the transfer in question. However, where circumstances change thereafter pursuant to a plan in existence at the time of
the transfer, this determination will be made by reference to the later circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Based on the holders&#146; rights
in the event of the liquidation or dissolution of BIPC (or the Partnership) and the terms of the Exchangeable Shares, which are intended to provide an economic return equivalent to the economic return on the LP Units (including identical
distributions), and taking into account the expected relative values of the Partnership&#146;s assets and its ratable share of the assets of its subsidiaries for the foreseeable future, the general partner of the Partnership currently does not
expect a U.S. Holder&#146;s exchange of Exchangeable Shares for LP Units pursuant to the Partnership&#146;s exercise of the Partnership Call Right to be treated as a transfer of property to an investment company within the meaning of
Section&nbsp;721(b) of the U.S. Internal Revenue Code. Thus, the general partner of the Partnership currently expects such exchange to qualify as <FONT STYLE="white-space:nowrap">tax-free</FONT> under Section&nbsp;721(a) of the U.S. Internal Revenue
Code. However, no definitive determination can be made as to whether any such future exchange will qualify as <FONT STYLE="white-space:nowrap">tax-free</FONT> under Section&nbsp;721(a) of the U.S. Internal Revenue Code, as this will depend on the
facts and circumstances at the time of the exchange. Many of these facts and circumstances are not within the control of the Partnership, and no assurance can be provided as to the position, if any, taken by the general partner of the Partnership
with regard to the U.S. federal income tax treatment of any such exchange. Nor can any assurance be given that the IRS will not assert, or that a court would not sustain, a position contrary to any future position taken by the Partnership. If the
Partnership were an investment company immediately following the exchange of Exchangeable Shares for LP Units pursuant to the exercise of the Partnership Call Right, and such exchange were to result in diversification of interests with respect to a
U.S.&nbsp;Holder, then Section&nbsp;721(a) of the U.S. Internal Revenue Code would not apply with respect to such holder, and such holder would be treated as if such holder had sold in a taxable transaction such holder&#146;s Exchangeable Shares to
the Partnership for cash in an amount equal to the value of the LP Units received. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Even if a U.S. Holder&#146;s transfer
of Exchangeable Shares in exchange for LP Units pursuant to the Partnership&#146;s exercise of the Partnership Call Right qualifies as <FONT STYLE="white-space:nowrap">tax-free</FONT> under Section&nbsp;721(a) of the U.S. Internal Revenue Code, the
general partner of the Partnership currently expects for the Partnership and Holding LP to immediately undertake subsequent transfers of such Exchangeable Shares that would result in the allocation to such U.S. Holder of any gain realized under
Section&nbsp;704(c)(1) of the U.S. Internal Revenue Code. Under this provision, if appreciated property is contributed to a partnership, the contributing partner must recognize any gain that was realized but not recognized for U.S. federal income
tax purposes with respect to the property at the time of the contribution (referred to as <FONT STYLE="white-space:nowrap">&#147;built-in</FONT> gain&#148;) if the partnership sells such property (or otherwise transfers such property in a taxable
exchange) at any time thereafter or distributes such property to another partner within seven years of the contribution in a transaction that does not otherwise result in the recognition of </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
<FONT STYLE="white-space:nowrap">built-in</FONT> gain by the partnership. If Section&nbsp;704(c)(1) of the U.S. Internal Revenue Code applies with respect to a U.S. Holder, and such holder fails
to disclose to the Partnership its basis in Exchangeable Shares exchanged for LP Units pursuant to the exercise of the Partnership Call Right, then, solely for the purpose of allocating items of income, gain, loss, or deduction under
Section&nbsp;704(c) of the U.S. Internal Revenue Code, the general partner of the Partnership intends to use a reasonable method to estimate such holder&#146;s basis in the Exchangeable Shares exchanged for LP Units pursuant to the exercise of the
Partnership Call Right. To ensure compliance with Section&nbsp;704(c) of the U.S. Internal Revenue Code, such estimated basis could be lower than a U.S. Holder&#146;s actual basis in its Exchangeable Shares. As a result, the amount of gain reported
by the Partnership to the IRS with respect to such U.S. Holder in connection with such subsequent transfers could be greater than the correct amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If, contrary to the current expectations of the general partner of the Partnership, Section&nbsp;704(c)(1) does not apply as a
result of any such subsequent transfers by the Partnership or Holding LP of Exchangeable Shares transferred by a U.S. Holder for LP Units in an exchange qualifying as <FONT STYLE="white-space:nowrap">tax-free</FONT> under Section&nbsp;721(a) of the
U.S. Internal Revenue Code, then such U.S. Holder could, nonetheless, be required to recognize part or all of the <FONT STYLE="white-space:nowrap">built-in</FONT> gain in its Exchangeable Shares deferred as a result of such exchange under other
provisions of the U.S. Internal Revenue Code. Under Section&nbsp;737 of the U.S. Internal Revenue Code, such U.S. Holder could be required to recognize <FONT STYLE="white-space:nowrap">built-in</FONT> gain if the Partnership were to distribute any
property of the Partnership other than money or Exchangeable Shares to such former holder of Exchangeable Shares within seven years of exercise of the Partnership Call Right. Under Section&nbsp;707(a) of the U.S. Internal Revenue Code, such U.S.
Holder could be required to recognize <FONT STYLE="white-space:nowrap">built-in</FONT> gain if the Partnership were to make distributions (other than &#147;operating cash flow distributions&#148;, unless another exception were to apply) to such U.S.
Holder within two years of exercise of the Partnership Call Right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If Section&nbsp;721(a) of the U.S. Internal Revenue
Code applies to a U.S. Holder&#146;s exchange of Exchangeable Shares for LP Units pursuant to the exercise of the Partnership Call Right by the Partnership and, contrary to the current expectations of the general partner of the Partnership, none of
the special provisions (including Section&nbsp;704(c)(1) of the U.S. Internal Revenue Code) described in the two preceding paragraphs applies, then such U.S. Holder generally should not recognize gain or loss with respect to Exchangeable Shares
treated as contributed to the Partnership in exchange for LP Units, except as described below under the heading &#147;&#151;Passive Foreign Investment Company Considerations&#148;. The aggregate tax basis of the LP Units received by such U.S. Holder
pursuant to the Partnership Call Right would be the same as the aggregate tax basis of the Exchangeable Shares (or single undivided portion thereof) exchanged therefor, increased by such holder&#146;s share of the Partnership&#146;s liabilities, if
any. The holding period of the LP Units received in exchange for Exchangeable Shares would include the holding period of the Exchangeable Shares surrendered in exchange therefor. A U.S. Holder who acquired different blocks of Exchangeable Shares at
different times or different prices should consult its own tax advisor regarding the manner in which gain or loss should be determined in such holder&#146;s particular circumstances and such holder&#146;s holding period in LP Units received in
exchange for Exchangeable Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For a general discussion of the U.S. federal income tax consequences to a U.S. Holder
of owning and disposing of LP Units received in exchange for Exchangeable Shares, see the discussion in Item 10.E &#147;Taxation&#151;Certain Material U.S. Federal Income Tax Considerations&#148; in the Annual Report. The U.S. federal income tax
consequences of exchanging Exchangeable Shares for LP Units are complex, and each U.S. Holder should consult its own tax advisor regarding such consequences in light of such holder&#146;s particular circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Passive Foreign Investment Company Considerations.</I></B> Certain adverse tax consequences could apply to a U.S. Holder
if BIPC is treated as a passive foreign investment company (&#147;<B>PFIC</B>&#148;) for any taxable year during which the U.S. Holder holds Exchangeable Shares. A <FONT STYLE="white-space:nowrap">non-U.S.</FONT> corporation, such as BIPC, will be
classified as a PFIC for U.S. federal income tax purposes for any taxable year in which, after applying certain look-through rules, either (i) 75% or more of its gross income for such year consists of certain types of &#147;passive&#148; income or
(ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year produce </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
or are held for the production of passive income. Passive income generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing
such income, and net foreign currency gains. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Based on its expected income, assets, and activities, BIPC does not expect
to be a PFIC for the current taxable year, nor does it expect to become a PFIC in 2021 or for the foreseeable future. However, the determination of whether BIPC is or will be a PFIC must be made annually as of the close of each taxable year. Because
PFIC status depends upon the composition of BIPC&#146;s income and assets from time to time, there can be no assurance that BIPC will not be considered a PFIC for any taxable year, or that the IRS or a court will agree with BIPC&#146;s determination
as to its PFIC status. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If BIPC were a PFIC for any taxable year during which a U.S. Holder held Exchangeable Shares, then
any gain recognized by such U.S. Holder upon the sale or other taxable disposition of the Exchangeable Shares (such as gain from a taxable exchange of Exchangeable Shares for LP Units) generally would be allocated ratably over the U.S. Holder&#146;s
holding period for the Exchangeable Shares. The amounts allocated to the taxable year of the sale or other taxable disposition and to any year before BIPC became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable
year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed on the tax on such amount. Further, to the extent that any distribution
received by a U.S. Holder on its Exchangeable Shares were to exceed 125% of the average of the annual distributions on the Exchangeable Shares received during the preceding three years or the U.S. Holder&#146;s holding period, whichever is shorter,
that distribution would be subject to taxation in the same manner as gain, described immediately above. Similar rules would apply with respect to any lower-tier PFICs treated as owned indirectly by a U.S. Holder through such holder&#146;s ownership
of Exchangeable Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Certain elections may be available to U.S. Holders to mitigate some of the adverse tax
consequences resulting from PFIC treatment. If you were to elect to treat your interest in BIPC as a &#147;qualified electing fund&#148; (&#147;<B>QEF election</B>&#148;) for the first year you were treated as holding such interest, then in lieu of
the tax consequences described in the paragraph immediately above, you would be required to include in income each year a portion of the ordinary earnings and net capital gains of our company, even if not distributed to you. A QEF election must be
made by you on an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">entity-by-entity</FONT></FONT> basis. To make a QEF election, you must, among other things, (i)&nbsp;obtain a PFIC annual information statement and (ii)&nbsp;prepare
and submit IRS Form 8621 with your annual income tax return. To the extent reasonably practicable, BIPC intends to timely provide you with information related to its PFIC status and any other subsidiary that it is able to identify as a PFIC with
respect to U.S. Holders, including information necessary to make a QEF election with respect to each such entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In the
case of a PFIC that is a publicly traded foreign company, and in lieu of making a QEF election, an election may be made to &#147;mark to market&#148; the stock of such publicly traded foreign company on an annual basis. Pursuant to such an election,
you would include in each year as ordinary income the excess, if any, of the fair market value of such stock over its adjusted basis at the end of the taxable year. No assurance can be provided that BIPC or any of its subsidiaries will qualify as
PFICs that are publicly traded or that a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> election will be available for any such entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Subject to certain exceptions, a U.S. person who directly or indirectly owns an interest in a PFIC generally is required to
file an annual report with the IRS, and the failure to file such report could result in the imposition of penalties on such U.S. person and in the extension of the statute of limitations with respect to federal income tax returns filed by such U.S.
person. The application of the PFIC rules to U.S. Holders is uncertain in certain respects, and the PFIC rules remain subject to recently proposed Treasury Regulations yet to be made final. Each U.S. Holder should consult its own tax advisor
regarding the application of the PFIC rules, including the foregoing filing requirements and the recently proposed Treasury Regulations, as well as the potential consequences of having made any available election under the PFIC rules, with regard to
such holder&#146;s exchange of Exchangeable Shares for LP Units. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Additional Tax on Net Investment Income.</I></B> Certain U.S. Holders
that are individuals, estates or trusts are subject to a 3.8% tax on all or a portion of their &#147;net investment income&#148;, which may include all or a portion of their dividend income and net gains from the disposition of Exchangeable Shares.
Each U.S. Holder that is an individual, estate or trust should consult its tax advisors regarding the applicability of this tax to its income and gains in respect of Exchangeable Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Foreign Financial Asset Reporting.</I></B> Certain U.S. Holders are required to report information relating to an
interest in the Exchangeable Shares, subject to certain exceptions (including an exception for shares held in accounts maintained by certain financial institutions) by filing IRS Form 8938 (Statement of Specified Foreign Financial Assets) with their
U.S. federal income tax returns. Significant penalties may apply for the failure to satisfy these reporting obligations. U.S. Holders are urged to consult their own tax advisors regarding their information reporting obligations, if any, with respect
to their exchange of Exchangeable Shares for LP Units. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Information Reporting and Backup Withholding.
</I></B>Distributions on Exchangeable Shares made to a U.S. Holder and proceeds from the sale or other disposition of Exchangeable Shares may, under certain circumstances, be subject to information reporting and backup withholding, unless the holder
provides proof of an applicable exemption or, in the case of backup withholding, furnishes its taxpayer identification number and otherwise complies with all applicable requirements of the backup withholding rules. Backup withholding is not an
additional tax and generally will be allowed as a refund or credit against the holder&#146;s U.S. federal income tax liability, provided that the required information is timely furnished to the IRS. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consequences to <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The exchange of Exchangeable Shares for LP Units by a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder generally will
not be subject to U.S. federal income tax. Special rules may apply to any <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holder (i)&nbsp;that has an office or fixed place of business in the United States; (ii)&nbsp;that is present in the United
States for 183 days or more in a taxable year; or (iii)&nbsp;that is (a)&nbsp;a former citizen or long-term resident of the United States, (b)&nbsp;a foreign insurance company that is treated as holding a partnership interest in the Partnership in
connection with its U.S. business, (c)&nbsp;a PFIC, (d)&nbsp;a controlled foreign corporation, or (e)&nbsp;a corporation that accumulates earnings to avoid U.S. federal income tax. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders should
consult their own tax advisors regarding the application of these special rules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">THE FOREGOING DISCUSSION IS NOT INTENDED AS A SUBSTITUTE
FOR CAREFUL TAX PLANNING. THE TAX MATTERS RELATING TO THE PARTNERSHIP, LP UNITHOLDERS, BIPC, AND BIPC SHAREHOLDERS ARE COMPLEX AND ARE SUBJECT TO VARYING INTERPRETATIONS. MOREOVER, THE EFFECT OF EXISTING INCOME TAX LAWS, THE MEANING AND IMPACT OF
WHICH IS UNCERTAIN, AND OF PROPOSED CHANGES IN INCOME TAX LAWS WILL VARY WITH THE PARTICULAR CIRCUMSTANCES OF EACH HOLDER, AND IN REVIEWING THIS PROSPECTUS THESE MATTERS SHOULD BE CONSIDERED. EACH HOLDER SHOULD CONSULT ITS OWN TAX ADVISOR WITH
RESPECT TO THE U.S. FEDERAL, STATE, LOCAL, AND OTHER TAX CONSEQUENCES OF THE EXCHANGE OF EXCHANGEABLE SHARES FOR LP UNITS. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_18"></A>MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The following describes the material Canadian federal income tax consequences with respect to the exchange of Exchangeable
Shares for LP Units as described in this prospectus as of the date hereof by a holder who is the beneficial owner of such Exchangeable Shares and, who at all relevant times, for the purposes of the <I>Income Tax Act</I> (Canada) (the &#147;<B>Tax
Act</B>&#148;), (i) deals at arm&#146;s length and is not affiliated with BIPC and the Partnership and (ii)&nbsp;holds the Exchangeable Shares as capital property (a &#147;<B>Holder</B>&#148;). Generally, the Exchangeable Shares will be considered
to be capital property to a Holder provided the Holder does not hold such shares in the course of carrying on a business of trading or dealing in securities and has not acquired them in one or more transactions considered to be an adventure or
concern in the nature of trade. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This summary is based upon the facts as set out in this prospectus, the current
provisions of the Tax Act and the regulations thereunder, and the current administrative policies and assessing practices of the Canada Revenue Agency (the &#147;<B>CRA</B>&#148;) published in writing prior to the date hereof. This summary takes
into account all specific proposals to amend the Tax Act and the regulations thereunder publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the &#147;<B>Proposed Amendments</B>&#148;), and assumes that
all Proposed Amendments will be enacted in the form proposed. However, no assurances can be given that the Proposed Amendments will be enacted as proposed, or at all. This summary does not otherwise take into account or anticipate any changes in law
or administrative policy or assessing practice whether by legislative, administrative or judicial action or decision, nor does it take into account tax legislation or considerations of any province, territory or foreign jurisdiction, which may
differ from those discussed herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This summary should be read in conjunction with the discussion of the material
Canadian federal income tax considerations associated with the holding and disposition of LP Units set forth in Item 10.E &#147;Taxation&#151;Certain Material Canadian Federal Income Tax Considerations&#148; and Item 3.D &#147;Risk
Factors&#151;Risks Related to Taxation&#148; in the Partnership&#146;s most recent Annual Report. The following discussion is limited as described in Item 10.E &#147;Taxation&#151;Certain Material Canadian Federal Income Tax Considerations&#148; in
the Partnership&#146;s most recent Annual Report and as described herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This summary assumes that at all relevant times
(i)&nbsp;the Exchangeable Shares will be listed on a &#147;designated stock exchange&#148; in Canada for the purposes of the Tax Act (which currently includes the TSX), (ii) not more than 50% of the fair market value of an Exchangeable Share or LP
Unit is attributable to one or more properties each of which is real property in Canada, a &#147;Canadian resource property&#148; or a &#147;timber resource property&#148;, and (iii)&nbsp;neither the Partnership nor BIPC is a &#147;tax shelter&#148;
or a &#147;tax shelter investment&#148;, each as defined in the Tax Act. No assurance can be given in relation to the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BIPC currently qualifies as a &#147;mutual fund corporation&#148; as defined in the Tax Act. BIPC filed the necessary election
under the Tax Act so that it will be deemed to be a &#147;public corporation&#148; effective from the beginning of its first taxation year, and therefore qualified as a &#147;mutual fund corporation&#148; throughout its first taxation year. BIPC
intends to continue to qualify as a &#147;mutual fund corporation&#148; throughout each taxation year in which Exchangeable Shares are outstanding and this summary assumes that will be the case. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This summary is not applicable to a holder: (i)&nbsp;an interest in which would be a &#147;tax shelter investment&#148; or who
holds or acquires Exchangeable Shares or LP Units as a &#147;tax shelter investment&#148;, (ii) that is a &#147;financial institution&#148; for purposes of the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;mark-to-market</FONT></FONT> property&#148; rules, (iii)&nbsp;that reports its &#147;Canadian tax results&#148; in a currency other than Canadian currency, (iv)&nbsp;that has
entered or will enter into a &#147;derivative forward agreement&#148; in respect of the Exchangeable Shares or the LP Units, each as defined in the Tax Act, or (v)&nbsp;that is a corporation resident in Canada and is, or becomes (or does not deal at
arm&#146;s length for purposes of the Tax Act with a corporation that is or becomes) as part of a transaction or event or series of transactions or events that includes the acquisition of Exchangeable Shares, controlled by a <FONT
STYLE="white-space:nowrap">non-resident</FONT> person or a group of <FONT STYLE="white-space:nowrap">non-resident</FONT> persons not dealing with each other at arm&#146;s length for purposes of section 212.3 of the Tax Act. Furthermore, this summary
is not applicable to a holder that is a &#147;controlling corporation&#148; of BIPC (for purposes of subsection </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>

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191(1) of the Tax Act), a person with whom the controlling corporation does not deal at arm&#146;s length or a partnership or trust of which the controlling corporation or person with whom the
controlling corporation does not deal at arm&#146;s length is a member or beneficiary for purposes of the Tax Act. Such holders should consult their own tax advisors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>This summary is of a general nature only and is not, and is not intended to be, nor should it be construed to be, legal or
tax advice to any particular Holder, and no representation concerning the tax consequences to any particular Holder or prospective Holder are made. This summary is not exhaustive of all Canadian federal income tax considerations. Accordingly,
prospective Holders should consult their own tax advisors having regard to their particular circumstances. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Generally,
for purposes of the Tax Act, all amounts relating to the disposition of Exchangeable Shares (including on an exchange for LP Units at the request of a Holder) must be expressed in Canadian currency. Amounts denominated in another currency must be
converted into Canadian currency using the applicable rate of exchange (pursuant to the Tax Act) quoted by the Bank of Canada on the date such amounts arose, or such other rate of exchange as is acceptable to the CRA. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Taxation of Holders Resident in Canada </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The following portion of the summary is generally applicable to a Holder who, at all relevant times, is resident or deemed to
be resident in Canada under the Tax Act (a &#147;<B>Resident Holder</B>&#148;). Certain Resident Holders may be entitled to make, or may have already made, the irrevocable election permitted by subsection 39(4) of the Tax Act the effect of which may
be to deem any Exchangeable Shares (and all other &#147;Canadian securities&#148;, as defined in the Tax Act) owned by such Resident Holder to be capital property in the taxation year in which the election is made and in all subsequent taxation
years. Resident Holders whose Exchangeable Shares might not otherwise be considered to be capital property should consult their own tax advisors concerning this election. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Exchange of Exchangeable Shares.</I></B> A Resident Holder who disposes of, or who is deemed to dispose of, Exchangeable
Shares (including on an exchange for LP Units at the request of the Resident Holder), will realize a capital gain (or sustain a capital loss) equal to the amount by which the proceeds of disposition exceed (or are exceeded by) the aggregate of the
Resident Holder&#146;s adjusted cost base of such shares and any reasonable costs of disposition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In general, <FONT
STYLE="white-space:nowrap">one-half</FONT> of a capital gain realized by a Resident Holder in a taxation year must be included in income as a &#147;taxable capital gain&#148;. <FONT STYLE="white-space:nowrap">One-half</FONT> of a capital loss
realized by a Resident Holder in a taxation year generally must be deducted as an &#147;allowable capital loss&#148; against taxable capital gains realized in the year. Allowable capital losses in excess of taxable capital gains realized in a
taxation year may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized in such years in accordance with the provisions of
the Tax Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The amount of any capital loss realized by a Resident Holder that is a corporation on the disposition of
Exchangeable Shares may be reduced by the amount of any dividends received or deemed to be received by the Resident Holder on such Exchangeable Shares to the extent and under the circumstances described in the Tax Act. Similar rules may apply where
Exchangeable Shares are owned by a partnership or trust of which a corporation, partnership or trust is a member or beneficiary. Such Resident Holders should consult their own advisors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A taxable capital gain realized by a Resident Holder that is an individual (other than certain trusts) may give rise to a
liability for alternative minimum tax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The cost to a Resident Holder of an LP Unit received on the exchange of an
Exchangeable Share will equal the fair market value of the Exchangeable Share for which it was exchanged at the time of the Exchange. The </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>

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adjusted cost base to a Resident Holder of LP Units at any time will be determined by averaging the cost of such LP Units with the adjusted cost base of any other LP Units owned by the Resident
Holder as capital property at the time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For a description of the Canadian federal income tax considerations of holding
and disposing of Units, please see the section titled &#147;Certain Material Canadian Federal Income Tax Considerations&#148; in the Partnership&#146;s Annual Report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Additional Refundable Tax. </I></B>A Resident Holder that is throughout its taxation year a &#147;Canadian-controlled
private corporation&#148; (as defined in the Tax Act) will be liable to pay an additional refundable tax on its &#147;aggregate investment income&#148;, which includes an amount in respect of net taxable capital gains. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Taxation of Holders Not Resident in Canada </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The following portion of the summary is generally applicable to a Holder who, at all relevant times, for the purposes of the
Tax Act, is not, and is not deemed to be, resident in Canada and does not use or hold the Exchangeable Shares in a business carried on in Canada (a &#147;<B><FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holder</B>&#148;). Special rules, which
are not discussed in this summary, may apply to a <FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holder that is an insurer that carries on an insurance business in Canada and elsewhere. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Exchange of Exchangeable Shares.</I></B><I> </I>A <FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holder will not
be subject to tax under the Tax Act on a disposition or deemed disposition of Exchangeable Shares (including on an exchange for LP Units at the request of the <FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holder) unless the Exchangeable
Shares are &#147;taxable Canadian property&#148; of the <FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holder for purposes of the Tax Act at the time of the disposition or deemed disposition and the
<FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holder is not entitled to relief under an applicable income tax convention between Canada and the country in which the <FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holder is resident. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Generally, the Exchangeable Shares will not constitute &#147;taxable Canadian property&#148; of a <FONT
STYLE="white-space:nowrap">Non-Resident</FONT> Holder at a particular time provided that BIPC is a mutual fund corporation unless, at any particular time during the <FONT STYLE="white-space:nowrap">60-month</FONT> period that ends at that time, both
of the following conditions are met concurrently: (a) 25% or more of the issued shares of any class of the capital stock of BIPC were owned by or belonged to one or any combination of (i)&nbsp;the <FONT STYLE="white-space:nowrap">Non-Resident</FONT>
Holder, (ii)&nbsp;persons with whom the <FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holder did not deal at arm&#146;s length for purposes of the Tax Act, and (iii)&nbsp;partnerships in which the
<FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holder or a person described in (ii)&nbsp;holds a membership interest directly or indirectly through one or more partnerships; and (b)&nbsp;more than 50% of the fair market value of the
Exchangeable Shares was derived, directly or indirectly, from one or any combination of: (i)&nbsp;real or immovable property situated in Canada, (ii) &#147;Canadian resource properties&#148; (as defined in the Tax Act), (iii) &#147;timber resource
properties&#148; (as defined in the Tax Act), and (iv)&nbsp;options in respect of, or interests in, or for civil law rights in, property described in any of (b)(i) to (iii), whether or not the property exists. A
<FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holder of Exchangeable Shares that also holds one or more LP Units will generally meet the condition in (a)&nbsp;above; however, BIPC does not expect that the condition in (b)&nbsp;will be met.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notwithstanding the foregoing, in certain circumstances set out in the Tax Act, the Exchangeable Shares may be deemed to
be &#147;taxable Canadian property.&#148; <FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holders for whom Exchangeable Shares may constitute &#147;taxable Canadian property&#148; should consult their own tax advisors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The cost to a <FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holder of an LP Unit received on the exchange of an
Exchangeable Share will equal the fair market value of the Exchangeable Share for which it was exchanged at the time of the Exchange. The adjusted cost base to a <FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holder of LP Units at any time
will be determined by averaging the cost of such LP Units with the adjusted cost base of any other LP Units owned by the <FONT STYLE="white-space:nowrap">Non-Resident</FONT> Holder as capital property at the time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For a description of the Canadian federal income tax considerations of holding and disposing of Units, please see the section
titled &#147;Certain Material Canadian Federal Income Tax Considerations&#148; in the Partnership&#146;s Annual Report. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_19"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The validity of the securities offered hereby and certain other legal matters with respect to the laws of Bermuda will be
passed upon for us by Appleby (Bermuda) Limited. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_20"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The financial statements incorporated in this prospectus by reference from the Partnership&#146;s Annual Report on <FONT
STYLE="white-space:nowrap">Form&nbsp;20-F&nbsp;and</FONT> the effectiveness of the Partnership&#146;s internal control over financial reporting have been audited by Deloitte LLP, an independent registered public accounting firm, as stated in their
reports, which are incorporated herein by reference. Such financial statements have been so incorporated in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing. The offices of Deloitte LLP are
located at 8 Adelaide Street West, Toronto, Ontario M5H 0A9. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_21"></A>WHERE YOU CAN FIND MORE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We are subject to the information and periodic reporting requirements of the Exchange Act applicable to &#147;foreign private
issuers&#148; (as&nbsp;such term is defined in Rule&nbsp;405 under the Securities Act) and will fulfill the obligations with respect to those requirements by filing or furnishing reports with the SEC. In addition, we are required to file documents
filed with the SEC with the securities regulatory authority in each of the provinces and territories of Canada. The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding us and other
issuers that file electronically with the SEC. The address of the SEC Internet site is www.sec.gov. You are invited to read and copy any reports, statements or other information, other than confidential filings, that we file with the Canadian
securities regulatory authorities. These filings are electronically available from the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, the Canadian equivalent of the SEC electronic document gathering and
retrieval system. This information is also available on our website at https://bip.brookfield.com. Throughout the period of distribution, copies of these materials will also be available for inspection during normal business hours at the offices of
our service provider at Brookfield Place, 250&nbsp;Vesey Street, 15th&nbsp;Floor, New&nbsp;York, New&nbsp;York, United&nbsp;States 10281. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As a foreign private issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of
proxy statements, and our officers, directors and principal unitholders are exempt from the reporting and short-swing profit recovery provisions contained in Section&nbsp;16 of the Exchange Act relating to their purchases and sales of Units. In
addition, we are not required under the Exchange Act to file annual, quarterly and current reports and financial statements with the SEC as frequently or as promptly as U.S.&nbsp;companies whose securities are registered under the Exchange Act.
However, we intend to file with the SEC, as soon as practicable, and in any event within 120&nbsp;days after the end of each fiscal year, an annual report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> containing financial statements
audited by an independent public accounting firm. We also intend to furnish quarterly reports on <FONT STYLE="white-space:nowrap">Form&nbsp;6-K</FONT> containing unaudited interim financial information for each of the first three quarters of each
fiscal&nbsp;year. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_22"></A>INCORPORATION BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The SEC allows us to &#147;incorporate by reference&#148; into this prospectus certain documents that we file with or furnish
to the SEC. This means that we can disclose important information to you by referring to those documents. The information incorporated by reference is considered to be an important part of this prospectus, and later information that we file with the
SEC will automatically update and supersede that information. The following documents, which have been filed with the securities regulatory authorities in Canada and filed with, or furnished to, the SEC, are specifically incorporated by reference
into, and form an integral part of, this prospectus: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1406234/000162828020002583/bip201920-f.htm">
<FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT></A> for the fiscal year ended December&nbsp;31, 2019, filed with the SEC on February<U></U>&nbsp;28, 2020 (the &#147;<B>Annual Report</B>&#148;), including the description of our LP Units and
any amendment or report filed for purposes of updating such description, is hereby incorporated by reference in this prospectus; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Our reports on Form <FONT STYLE="white-space:nowrap">6-K,</FONT> furnished to the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1406234/000119312520094887/d887599d6k.htm">April&nbsp;2,
 2020</A> (Exhibit 99.2 only), <A HREF="http://www.sec.gov/Archives/edgar/data/1406234/000162828020007704/bipq120206-k.htm">May&nbsp;
13, 2020 </A>(exhibit 99.1 only), <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1406234/000162828020012650/bipq220206-k.htm">August&nbsp;
13, 2020</A> (exhibit 99.1 only) and <A HREF="http://www.sec.gov/Archives/edgar/data/1406234/000110465920106779/tm2022703d4_6k.htm">September&nbsp;21, 2020</A> (Exhibits 3.1 and 3.2, only). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In addition, all subsequent annual reports filed by us with the SEC on Form <FONT STYLE="white-space:nowrap">20-F</FONT>
and&nbsp;any current reports on Form <FONT STYLE="white-space:nowrap">6-K</FONT> filed or furnished by us that is identified in such form as being incorporated by reference into the registration statement of which this prospectus forms&nbsp;a part,
in each case subsequent to the date of this prospectus and prior to the termination of this offering, shall be deemed to be incorporated by reference into this prospectus as of the date of the filing or furnishing of such documents. We shall
undertake to provide without charge to each person to whom a copy of this prospectus has been delivered, upon the written or oral request of any such person to us, a copy of any or all of the documents referred to above that have been or may be
incorporated into this prospectus by reference, including exhibits to such documents. Requests for such copies should be directed&nbsp;to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Brookfield Infrastructure Partners&nbsp;L.P. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Investor Relations </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">73&nbsp;Front Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">5th&nbsp;Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Hamilton HM 12 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Bermuda </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Attn: Investor Relations and Communications </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">E-mail:</FONT> bip.enquiries@brookfield.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Tel: +1&nbsp;441&nbsp;294 3309 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Any statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference in this
prospectus shall be deemed to be modified or superseded, for the purposes of this prospectus, to the extent that a statement contained in this prospectus or in any other subsequently filed or furnished document which also is or is deemed to be
incorporated by reference in this prospectus, modifies or supersedes that statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the
document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed to be an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue
statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_23"></A>SERVICE OF PROCESS AND ENFORCEABILITY OF CIVIL LIABILITIES
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Partnership is formed under the laws of Bermuda. A substantial portion of the Partnership&#146;s assets are
located outside of Canada and the United&nbsp;States and certain of the directors of our general partner, as well as certain of the experts named in this prospectus, may be residents of jurisdictions outside of Canada and the United&nbsp;States. The
Partnership has expressly submitted to the jurisdiction of the Ontario courts and has appointed an attorney for service of process in Ontario and in the United&nbsp;States. However, it may be difficult for investors to effect service within Ontario
or elsewhere in Canada or the United&nbsp;States upon those directors and experts who are not residents of Canada or the United&nbsp;States, as applicable. Investors are advised that it may also not be possible for investors to enforce judgments
obtained in Canada or the United&nbsp;States against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada or the United&nbsp;States, even if the party has
appointed an agent for service of process. Furthermore, it may be difficult to realize upon or enforce in Canada or the United&nbsp;States any judgment of a court of Canada or the United&nbsp;States against the Partnership, the directors of our
general partner or the experts named in this prospectus since a substantial portion of the Partnership&#146;s assets and the assets of such persons may be located outside of Canada and the United&nbsp;States. The Partnership has been advised by
counsel that there is no treaty in force between Canada and Bermuda or the United&nbsp;States and Bermuda providing for the reciprocal recognition and enforcement of judgments in civil and&nbsp;commercial matters. As a result, whether a Canadian or
U.S.&nbsp;judgment would be capable of being the subject of enforcement proceedings in Bermuda against the Partnership, the directors of our general partner or the experts named in this prospectus depends on whether the Canadian or U.S.&nbsp;court
that entered the judgment is recognized by a Bermuda court as having jurisdiction over the Partnership, the directors of our general partner or the experts named in this prospectus, as determined by reference to Bermuda conflict of law rules. The
courts of Bermuda would issue a valid, final and conclusive judgment in personam in respect of a judgment obtained in a Canadian or U.S.&nbsp;court pursuant to which a sum of money is payable (other than a sum of money payable in respect of multiple
damages, taxes or other charges of a like nature or in respect of a fine or other penalty) as long as (i)&nbsp;the court had proper jurisdiction over the parties subject to the judgment according to Bermuda&#146;s conflicts of law principles;
(ii)&nbsp;the court did not contravene the rules of natural justice of Bermuda; (iii)&nbsp;the judgment was not obtained by fraud; (iv)&nbsp;the enforcement of the judgment would not be contrary to the public policy of Bermuda; and (v)&nbsp;there is
due compliance with the applicable common law rules in Bermuda governing the enforcement of a foreign judgment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In
addition to and irrespective of jurisdictional issues, Bermuda courts will not enforce a provision of Canadian or U.S.&nbsp;federal securities laws that is either penal in nature or contrary to public policy. It is the advice of the
Partnership&#146;s Bermuda counsel that an action brought pursuant to a public or penal law, the purpose of which is the enforcement of a sanction, power or right at the instance of the state in its sovereign capacity, is unlikely to be enforced by
a Bermuda court. Specified remedies available under the laws of Canadian or U.S.&nbsp;jurisdictions, including specified remedies under Canadian securities laws or U.S.&nbsp;federal securities laws, would not likely be available under Bermuda law or
enforceable in a Bermuda court, as they may be contrary to Bermuda public policy. Further, no claim may be brought in Bermuda against the Partnership, the directors of our general partner or the experts named in this prospectus in the first instance
for a violation of Canadian securities laws or U.S.&nbsp;federal securities laws because these laws have no extraterritorial application under Bermuda law and do not have force of law in&nbsp;Bermuda. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="tx82286_24"></A>EXPENSES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The following are the estimated expenses incurred or expected to be incurred in connection with the exchanges of Exchangeable
Shares for LP Units being registered under the registration statement of which this prospectus forms&nbsp;a part, all of which will be paid by&nbsp;us. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="79%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SEC registration fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">181,830.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trustee and transfer agent fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">20,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">30,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounting fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">15,000.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">246,830.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>INDEMNIFICATION OF DIRECTORS AND OFFICERS. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The sections of the Registrant&#146;s Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;20-F</FONT> for the year ended
December&nbsp;31, 2019 entitled &#147;Item 6.A. Directors and Senior Management&#151;Our Master Services Agreement&#151;Indemnification and Limitations on Liability,&#148; &#147;Item 7.B. Related Party Transactions&#151;Indemnification
Arrangements,&#148; &#147;Item 10.B. Memorandum and Articles of Association&#151;Description of Our Units, Preferred Units and Our Limited Partnership Agreement&#151;Indemnification; Limitations on Liability,&#148; and &#147;Item 10.B. Memorandum
and Articles of Association&#151;Description of the Holding&nbsp;LP&#146;s Limited Partnership Agreement&#151;Indemnification; Limitations on Liability&#148; include disclosure relating to the indemnification of certain of the Registrant&#146;s
affiliates and the directors and officers of the Registrant&#146;s general partner and the Registrant&#146;s service provider and are incorporated by reference herein. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>EXHIBITS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following exhibits have been filed or incorporated by reference as part of this Registration Statement on
<FONT STYLE="white-space:nowrap">Form&nbsp;F-3:</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="91%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>EXHIBIT<BR>NUMBER</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>DESCRIPTION</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1406234/000090956707000970/o36695exv1w1.htm">Certificate of registration of Brookfield Infrastructure Partners L.P., registered as of May<U></U>&nbsp;
29, 2007-incorporated by reference to Exhibit 1.1 to the Partnership&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">20-F</FONT> filed July<U></U>&nbsp;31, 2007 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.2*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1406234/000110465918010371/a18-6249_1ex99d1.htm">Amended and Restated Limited Partnership Agreement of Brookfield Infrastructure Partners L.P., dated February<U></U>&nbsp;
16, 2018-incorporated by reference to Exhibit 99.1 to the Partnership&#146;s Form <FONT STYLE="white-space:nowrap">6-K</FONT> filed February<U></U>&nbsp;16, 2018 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.3*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1406234/000110465918056441/a18-28138_1ex99d1.htm">First Amendment to the Amended and Restated Limited Partnership Agreement of Brookfield Infrastructure Partners L.P., dated September<U>
</U>&nbsp;12, 2018-incorporated by reference to Exhibit 99.1 to the Partnership&#146;s Form <FONT STYLE="white-space:nowrap">6-K</FONT> filed September<U></U>&nbsp;12, 2018 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.4*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1406234/000110465920025745/a20-11121_1ex99d1.htm">Second Amendment to the Amended and Restated Limited Partnership Agreement of Brookfield Infrastructure Partners L.P., dated February<U>
</U>&nbsp;27, 2020-incorporated by reference to Exhibit 99.1 to the Partnership&#146;s Form <FONT STYLE="white-space:nowrap">6-K</FONT> filed February<U></U>&nbsp;27, 2020 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.5*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1406234/000110465920106779/tm2022703d4_ex3-1.htm">Third Amendment to the Amended and Restated Limited Partnership Agreement of Brookfield Infrastructure Partners L.P., dated September&nbsp;21,
 2020-incorporated by reference to Exhibit 3.1 to the Partnership&#146;s Form <FONT STYLE="white-space:nowrap">6-K</FONT> filed September&nbsp;21, 2020 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1406234/000119312520094887/d887599dex994.htm">Articles of Incorporation of Brookfield Infrastructure Corporation-incorporated by reference to Exhibit 99.4 to the Partnership&#146;s Form
<FONT STYLE="white-space:nowrap">6-K</FONT> filed April<U></U>&nbsp;2, 2020 </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.2+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d82286dex42.htm">Rights Agreement, by and between Brookfield Asset Management Inc. and Wilmington Trust, National Association </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.3+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d82286dex43.htm">Registration Rights Agreement by and between Brookfield Infrastructure Corporation, Brookfield Infrastructure Partners L.P., and Brookfield Asset Management Inc. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d82286dex51.htm">Opinion of Appleby (Bermuda) Limited </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d82286dex231.htm">Consent of Deloitte<U></U>&nbsp;LLP </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d82286dex51.htm">Consent of Appleby (Bermuda) Limited (included in the opinion filed as Exhibit<U></U>&nbsp;5.1 hereto) </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24.1+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#ii82286_333">Power of Attorney (included in the signature page to this Form<U></U><FONT STYLE="white-space:nowrap">&nbsp;F-3)</FONT> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1+</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d82286dex991.htm">Form of Notice of Exchange </A></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">+</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed herewith. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Previously filed. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>UNDERTAKINGS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(a) The undersigned Registrant hereby undertakes: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(i) To include any prospectus required by Section&nbsp;10(a)(3) of the U.S.&nbsp;Securities Act of 1933, as amended
(the&nbsp;&#147;<B>Securities Act</B>&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(ii) To reflect in the prospectus any facts or events arising after the effective date of
this Registration Statement (or&nbsp;the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the
foregoing, any increase or decrease in the volume of securities offered (if&nbsp;the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering
range may be reflected in the form of prospectus filed with the Securities and Exchange Commission (the&nbsp;&#147;<B>Commission</B>&#148;), pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price represent no more than a
20&nbsp;percent change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or
any material change to such information in this Registration Statement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Provided, however</I>, that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Paragraphs&nbsp;(a)(1)(i), (a)(1)(ii) and&nbsp;(a)(1)(iii) of this section do not apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by or on behalf of the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the U.S.&nbsp;Securities Exchange Act of 1934, as
amended (the&nbsp;&#147;<B>Exchange Act</B>&#148;), that are incorporated by reference in this Registration Statement, or is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b) that is part of this Registration Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona</I><I></I><I>&nbsp;fide</I> offering thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the&nbsp;offering. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">(4) That for the purpose of determining liability under the Securities Act to any&nbsp;purchaser: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(i) Each prospectus filed by the Registrant pursuant to Rule&nbsp;424(b)(3) shall be deemed to be part of this Registration Statement as of
the date the filed prospectus was deemed part of and included in this Registration Statement;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(ii) Each prospectus required to
be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule&nbsp;430B relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the
information required by Section&nbsp;10(a) of the Securities Act shall be deemed to be part of and included in this Registration Statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the
first contract of sale of securities in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective
date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial <I>bona</I><I></I><I>&nbsp;fide</I>
offering thereof. <I>Provided</I>, <I>however</I>, that no statement made in a registration statement or prospectus that is part of this Registration Statement or made in a document incorporated or deemed incorporated by reference into the
registration statement or prospectus that is part of this Registration Statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or
prospectus that was part of this Registration Statement or made in any such document immediately prior to such effective date;&nbsp;and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-2 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">
(5) That, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of the securities: the undersigned Registrant undertakes
that in a primary offering of securities of the undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such&nbsp;purchaser: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(i) Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to
Rule&nbsp;424; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used
or referred to by the undersigned Registrant; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(iii) The portion of any other free writing prospectus relating to the offering containing
material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(iv) Any other communication that is an offer in the offering made by the undersigned Registrant to the&nbsp;purchaser. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of an
annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section&nbsp;15(d) of the Exchange Act) by or on behalf of the
Registrant that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial <I>bona</I><I></I><I>&nbsp;fide</I> offering thereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">(c) Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, such Registrant has been advised that, in the opinion of the Commission, such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or
controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such&nbsp;issue. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-3 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="ii82286_333"></A>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form <FONT STYLE="white-space:nowrap">F-3</FONT> and has duly caused this Registration Statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> to be signed on its behalf by the undersigned,
thereunto duly authorized in Hamilton, Bermuda on September&nbsp;24, 2020. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>BROOKFIELD INFRASTRUCTURE<BR>PARTNERS L.P.</B>,<B> </B>by its general partner,<BR></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>BROOKFIELD INFRASTRUCTURE<BR>PARTNERS LIMITED</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Jane Sheere</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:&nbsp;&nbsp;&nbsp;&nbsp;Jane Sheere</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Jane Sheere, Gregory Morrison,
Gregory McConnie, James Bodi, and Anna Knapman-Scott, and each of them, his or her true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agents, with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to sign any related registration statement
filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agents, full power and authority to do and to perform each and every act and thing required and necessary to be done in and about the premises, as fully
to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agents, or any of them or their
substitutes or substitutes, could lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of
1933, as amended, this Registration Statement has been signed by the following persons in the capacities indicated on September&nbsp;24, 2020. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="38%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="59%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Samuel Pollock</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Samuel Pollock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Chief&nbsp;Executive&nbsp;Officer&nbsp;of&nbsp;Brookfield&nbsp;Infrastructure&nbsp;Group&nbsp;L.P.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Principal Executive Officer)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Bahir Manios</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Bahir Manios</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Chief&nbsp;Financial&nbsp;Officer&nbsp;of&nbsp;Brookfield&nbsp;Infrastructure&nbsp;Group&nbsp;L.P.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Principal Financial and Accounting Officer)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Anne Schaumburg</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Anne Schaumburg</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Chair of the Board, Director</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Jeffrey Blidner</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Jeffrey Blidner</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ William Cox</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">William Cox</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Roslyn Kelly</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Roslyn Kelly</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Daniel Mu&ntilde;iz Quintanilla</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Daniel Mu&ntilde;iz Quintanilla</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Rajeev Vasudeva</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Rajeev Vasudeva</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Director</P></TD></TR>
</TABLE>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AUTHORIZED REPRESENTATIVE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of Section&nbsp;6(a) of the Securities Act of 1933, as amended, the undersigned has signed this Registration
Statement, solely in the capacity of the duly authorized representative of Brookfield Infrastructure Partners L.P. in the United States, on this 24th&nbsp;day of September, 2020. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>BROOKFIELD INFRASTRUCTURE US HOLDINGS I CORPORATION</B></TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Ralph Klatzkin</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Ralph Klatzkin</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: President</TD></TR>
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  <body style="font-size:10pt;">
  <hr width="100%" size="2" noshade><a name="page_1"></A> <div id="header_page_1"> <p style="text-align: right;"><b>Exhibit 4.2</b></p> </div>
<p style="text-align: center;">BROOKFIELD ASSET MANAGEMENT INC.</p> <p style="text-align: center;">and</p> <p style="text-align: center;">WILMINGTON TRUST, NATIONAL ASSOCIATION<br>Rights Agent</p> <p style="text-align: center;">RIGHTS AGREEMENT</p>
<p style="text-align: center;">Dated as of March 31, 2020</p> <hr style="border-top-style: none; border-bottom: 1pt solid #000000;"> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_2"></A><br>
<table style="font-size: 10pt; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr>
<td style="padding-left: 72pt; text-indent: -72pt; text-align: center;" colspan="2"><u>TABLE OF CONTENTS</u></td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">&#160;</td>
<td style="width: 10%; text-align: right;"><u>Page</u></td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">&#160;</td>
<td style="width: 10%; text-align: right;">&#160;</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 1.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font>Certain Definitions.</td>
<td style="width: 10%; text-align: right;">2</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 2.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font>Appointment of Rights Agent.</td>
<td style="width: 10%; text-align: right;">5</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 3.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font>Secondary Exchange Rights.</td>
<td style="width: 10%; text-align: right;">5</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 4.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font>Satisfaction of Secondary Exchange Rights.</td>
<td style="width: 10%; text-align: right;">6</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 5.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font>Exercise of Rights.</td>
<td style="width: 10%; text-align: right;">9</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 6.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font>Confirmation Procedures.</td>
<td style="width: 10%; text-align: right;">9</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 7.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font>BIP Units Record Date.</td>
<td style="width: 10%; text-align: right;">11</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 8.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font>Collateral Account.</td>
<td style="width: 10%; text-align: right;">11</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 9.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font>Registration of BIP Unit Resales.</td>
<td style="width: 10%; text-align: right;">14</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 10.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Concerning BAM.</td>
<td style="width: 10%; text-align: right;">14</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 11.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Rights of Action.</td>
<td style="width: 10%; text-align: right;">16</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 12.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Concerning the Rights Agent.</td>
<td style="width: 10%; text-align: right;">16</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 13.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Merger or Consolidation or Change of Name of Rights Agent.</td>
<td style="width: 10%; text-align: right;">17</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 14.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Duties of Rights Agent.</td>
<td style="width: 10%; text-align: right;">17</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 15.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Change of Rights Agent.</td>
<td style="width: 10%; text-align: right;">20</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 16.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Notices.</td>
<td style="width: 10%; text-align: right;">21</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 17.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Supplements and Amendments.</td>
<td style="width: 10%; text-align: right;">22</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 18.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Successors.</td>
<td style="width: 10%; text-align: right;">22</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 19.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Benefits of this Agreement.</td>
<td style="width: 10%; text-align: right;">22</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 20.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Severability.</td>
<td style="width: 10%; text-align: right;">22</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 21.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Governing Law; Forum Selection.</td>
<td style="width: 10%; text-align: right;">23</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 22.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Counterparts.</td>
<td style="width: 10%; text-align: right;">23</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 23.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Descriptive Headings.</td>
<td style="width: 10%; text-align: right;">23</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 24.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Administration; Termination.</td>
<td style="width: 10%; text-align: right;">23</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 25.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>No Waiver; Cumulative Rights.</td>
<td style="width: 10%; text-align: right;">24</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 26.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Fractional Units.</td>
<td style="width: 10%; text-align: right;">24</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">Section 27.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Book Entry.</td>
<td style="width: 10%; text-align: right;">24</td> </tr> </table> <p style="text-align: center;">- i -</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_3"></A>
<p style="text-align: center;"><u><b>RIGHTS AGREEMENT</b></u></p> <p style="text-indent: 36pt; text-align: justify;">This Rights Agreement (this "<b>Agreement</b>") is dated as of March 31, 2020 between Brookfield Asset Management Inc., a
corporation organized under the laws of Ontario, Canada ("<b>BAM</b>"), and Wilmington Trust, National Association (the "<b>Rights Agent</b>").</p> <p style="text-indent: 36pt; text-align: justify;">WHEREAS, Brookfield Infrastructure Partners L.P.
("<b>BIP</b>") has agreed to distribute class A exchangeable subordinate voting shares (the "<b>Class A Shares</b>") of Brookfield Infrastructure Corporation (the "<b>Company</b>," and together with BIP, "<b>our group</b>") to the holders of BIP
Units pursuant to a special distribution (the "<b>Special Distribution</b>"), and additionally to BAM and its subsidiaries (other than entities within our group), and in connection therewith, certain Affiliates of BAM will become service providers
to the Company and certain of the Company's Affiliates pursuant to an amendment to the amended and restated master services agreement dated March 13, 2015 among BAM, BIP and others (the "<b>Master Services Agreement</b>"), which amendment will be
effective as of the distribution date for the Special Distribution (the "<b>Distribution Date</b>");</p> <p style="text-indent: 36pt; text-align: justify;">WHEREAS, pursuant to the terms of the Company's Articles, each Class A Shareholder will have
the right (the "<b>Exchange Right</b>") to require the Company to exchange all or a portion of the Class A Shares held by such Class A Shareholder (such Class A Shares being hereafter referred to as "<b>Subject Class A Shares</b>" and such
exchanging Class A Shareholder, the "<b>Exchanging Class A Shareholder</b>") for the BIP Units Amount or the Cash Amount in accordance with the terms and conditions of the Company's Articles;</p>
<p style="text-indent: 36pt; text-align: justify;">WHEREAS, BIP may, in its sole and absolute discretion (including by means of a standing resolution adopted by the board of directors of the general partner of BIP, which may be amended or withdrawn
at any time) elect to satisfy the Company's Exchange Right obligation and acquire the Subject Class A Shares from such Exchanging Class A Shareholder in exchange for the BIP Units Amount or the Cash Amount, in accordance with the terms and
conditions of the Company's Articles;</p> <p style="text-indent: 36pt; text-align: justify;">WHEREAS, BAM is willing to provide for the delivery of the BIP Units Amount or, in its sole election, the Cash Amount to satisfy the Class A Shareholders'
Secondary Exchange Right in the event that, in connection with any Subject Class A Shares, (i) the Company has not satisfied its Exchange Right obligation under the Company's Articles by delivering the BIP Units Amount or Cash Amount on the
Specified Exchange Date (as hereinafter defined) and (ii) BIP has not, upon its election in its sole and absolute discretion, acquired such Subject Class A Shares from the Exchanging Class A Shareholder in exchange for the delivery of the BIP Units
Amount or the Cash Amount pursuant to the Company's Articles on the Specified Exchange Date;</p> <p style="text-indent: 36pt; text-align: justify;">WHEREAS, the Rights Agent desires to serve as agent for the Class A Shareholders with respect to the
administration of the Secondary Exchange Rights (as hereinafter defined); and</p> <p style="text-indent: 36pt; text-align: justify;">WHEREAS, BAM and the Rights Agent desire to set forth their rights and obligations with respect to the Secondary
Exchange Rights and the delivery of the BIP Units Amount or, at BAM's sole election, the Cash Amount in satisfaction of the Secondary Exchange Rights.</p> <p style="text-indent: 36pt; text-align: justify;">NOW, THEREFORE, in consideration of the
premises and the mutual agreements herein set forth, the parties hereby agree as follows:</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_4"></A>
<p style="text-indent: 36pt; text-align: justify;">Section 1.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Certain Definitions</u>.</p> <p style="text-indent: 36pt; text-align: justify;">For purposes of this
Agreement, the following terms have the meanings indicated:</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Affiliate</b>" shall have the meaning ascribed thereto in Rule 12b-2 of the General Rules and Regulations under the Exchange Act,
as in effect on the date of this Agreement, including, for the avoidance of doubt, any future Affiliates.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Agreement</b>" shall have the meaning set forth in the recitals.</p>
<p style="text-indent: 36pt; text-align: justify;">"<b>Applicable Procedures</b>" means, with respect to any transfer of securities that are held through DTC or another Depositary, the rules and procedures of DTC or such other Depositary, as
applicable, that apply to such transfer or exchange.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>BAM</b>" shall have the meaning set forth in the recitals.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>BIP</b>" shall have
the meaning set forth in the recitals.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>BIP Unit</b>" shall mean a limited partnership interest in BIP representing a fractional part of all the limited partner interests in BIP as
outstanding on the date hereof (or any other class of equity security of BIP into which the limited partnership interests in BIP may be converted after the date hereof), which is designated as a "<b>Unit</b>", and shall include any limited
partnership interest or other equity interest of BIP or any successor to BIP into which such BIP Unit is converted or for which such Unit is exchanged.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>BIP Unit Convertible</b>" shall mean
any security, other than the Class A Shares, convertible into or redeemable for BIP Unit(s), provided such conversion or redemption right is freely and immediately exercisable by the holder thereof at any time, including, for the avoidance of doubt
and without limitation, redemption-exchange units of Brookfield Infrastructure L.P.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>BIP Unit Release Price</b>" shall mean, as of the date of withdrawal of any BIP Unit or BIP Unit
Convertible from the Collateral Account, an amount in cash or Cash Equivalents equal to one hundred and fifty percent (150%) of the BIP Unit Value of such BIP Units or the BIP Unit Value of the number of BIP Units into which such BIP Unit
Convertible may be converted or redeemed for, as of such date.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>BIP Unit Value</b>" shall have the meaning as provided in the Company's Articles.</p>
<p style="text-indent: 36pt; text-align: justify;">"<b>BIP Units Amount</b>" shall have the meaning as provided in the Company's Articles.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Business Day</b>" shall mean any day other than a
Saturday, Sunday, or a day on which banking institutions in New York, New York are authorized or obligated by law or executive order to close.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Cash Amount</b>" shall have the meaning as
provided in the Company's Articles.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Cash Equivalents</b>" shall mean (i) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality
thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than one year from the date of acquisition, (ii) readily marketable direct obligations issued by any state of the
United States or any political subdivision of any such state maturing within one year from the date of acquisition thereof and having one of the two highest ratings obtainable from either S&amp;P or Moody's, (iii) dollar denominated time deposits,
certificates of deposit and bankers acceptances of any commercial bank having, or which is the principal banking subsidiary of a bank holding company having, a combined capital and surplus of at least $1,000,000,000 with maturities of not more than
one year from the date of acquisition, (iv) repurchase obligations with a term of not more than seven (7) days for underlying securities of the types described in clause (i) above entered into with any bank meeting the qualifications specified in
clause (iii) above, and (v) investments in money market funds substantially all of whose assets are comprised of securities of the types described in clauses (i) through (v) above.</p> <div id="footer_page_4"> <p style="text-align: center;">-2-</p>
</div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_5"></A> <p style="text-indent: 36pt; text-align: justify;">"<b>Class A Shareholder</b>" shall mean any holder of at least one Class A
Share.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Class A Shares</b>" shall have the meaning set forth in the recitals.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Close of Business</b>" on any given date shall mean
5:00 P.M., New York City time, on such date; <i>provided</i>, <i>however</i>, that if such date is not a Business Day it shall mean 5:00 P.M., New York City time, on the next succeeding Business Day.</p>
<p style="text-indent: 36pt; text-align: justify;">"<b>Collateral Account</b>" shall have the meaning as provided in <u>Section 8</u>.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Collateral Account Balance</b>" shall mean the
aggregate of the Collateral Account BIP Unit Balance and the Collateral Account Cash Balance.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Collateral Account BIP Unit Balance</b>" shall mean, as of any date, (i) the number of BIP Units
in the Collateral Account plus (ii) the number of BIP Units issuable upon conversion or redemption of BIP Unit Convertibles in the Collateral Account as of such date.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Collateral Account Cash
Balance</b>" shall mean, as of any date, a number of BIP Units (rounded down to the nearest whole unit) equal to the quotient of (i) the aggregate amount of cash and Cash Equivalents in the Collateral Account divided by (ii) the BIP Unit Value as of
such date; <i>provided that </i>for purposes of Section 8(d) and Section 8(e), the Collateral Account Cash Balance shall equal the aggregate amount of cash and Cash Equivalents in the Collateral Account as of such date.</p>
<p style="text-indent: 36pt; text-align: justify;">"<b>Company</b>" shall have the meaning set forth in the recitals.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Company Notice</b>" shall mean a written notice in substantially the
form attached hereto as <u>Exhibit D-1</u> delivered by the Company to the Rights Agent, BIP and BAM, with respect to any Subject Class A Share, stating that (i) the Company has not satisfied its obligation under sections 25.11 and 25.13 of the
Company's Articles with respect to such Subject Class A Share by delivering the Cash Amount or BIP Units Amount on the applicable Specified Exchange Date and (ii) BIP has not, upon its election in its sole and absolute discretion, acquired such
Subject Class A Share from the Exchanging Class A Shareholder and delivered the BIP Units Amount or Cash Amount in exchange therefor pursuant to section 25.23 of the Company's Articles on the Specified Exchange Date.</p> <div id="footer_page_5">
<p style="text-align: center;">-3-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_6"></A> <p style="text-indent: 36pt; text-align: justify;">"<b>Company's Articles</b>" shall mean the
Articles of Incorporation of the Company substantially in the form attached hereto as <u>Exhibit A</u>, as amended from time to time following the Distribution Date in accordance with its terms.</p>
<p style="text-indent: 36pt; text-align: justify;">"<b>Conversion Factor</b>" shall have the meaning as provided in the Company's Articles.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Depositary</b>" means a clearing agency registered
under the Exchange Act.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Distribution Date</b>" shall have the meaning set forth in the recitals, and BAM shall notify the Rights Agent in writing immediately following the determination of
such date.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>DTC</b>" means The Depository Trust Company.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Exchange Act</b>" shall mean the Securities Exchange Act of 1934, as
amended.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Exchange Right</b>" shall have the meaning set forth in the recitals.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Exchanging Class A Shareholder</b>" shall have the
meaning set forth in the recitals.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Exchanging Class A Shareholder Notice</b>" shall mean a written notice in substantially the form attached hereto as <u>Exhibit D-2</u> delivered by a Class
A Shareholder to the Rights Agent and BAM and containing a medallion guarantee, with respect to any Subject Class A Share, that (i) the Company has not satisfied its obligation under sections 25.11 and 25.13 of the Company's Articles by delivering
the BIP Units Amount or Cash Amount on the applicable Specified Exchange Date and (ii) BIP has not, upon its election in its sole and absolute discretion, acquired such Subject Class A Share from the Exchanging Class A Shareholder and delivered the
BIP Units Amount or Cash Amount in exchange therefor pursuant to section 25.23 of the Company's Articles on the applicable Specified Exchange Date.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Final Expiration Date</b>" shall mean the
fifth anniversary of the Distribution Date.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Participant</b>" means, with respect to a Depositary, a Person who has an account with the Depositary.</p>
<p style="text-indent: 36pt; text-align: justify;">"<b>Person</b>" shall mean any individual, firm, corporation, partnership, limited partnership, limited liability partnership, business trust, limited liability company, unincorporated association
or other entity, and shall include any successor (by merger or otherwise) of such entity.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Received Class A Share Account</b>" shall have the meaning as provided in <u>Section 4(c)</u>.</p>
<p style="text-indent: 36pt; text-align: justify;">"<b>Registered BIP Unit</b>" shall have the meaning set forth in <u>Section 9</u>.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Required Collateral Account Balance</b>" shall mean, as
of a particular date, a number of BIP Units equal to the product of (i) the total number of Class A Shares outstanding on such date, excluding Class A Shares owned by BAM or its Affiliates, multiplied by (ii) the Conversion Factor in effect on such
date.</p> <div id="footer_page_6"> <p style="text-align: center;">-4-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_7"></A>
<p style="text-indent: 36pt; text-align: justify;">"<b>Required Collateral Account Cash Balance</b>" shall mean, as of a particular date, the product of (i)(a) the Required Collateral Account Balance minus (b) the Collateral Account BIP Unit
Balance, multiplied by (ii) one hundred and twenty-five percent (125%) of the BIP Unit Value as of such date.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Rights Agent</b>" shall have the meaning set forth in the recitals.</p>
<p style="text-indent: 36pt; text-align: justify;">"<b>Secondary Exchange Right</b>" shall have the meaning as provided in the Company's Articles.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Securities Act</b>" shall mean the
Securities Act of 1933, as amended.</p> <p style="text-indent: 36pt; text-align: justify;">"<b>Specified Exchange Date</b>" shall have the meaning as provided in the Company's Articles.</p>
<p style="text-indent: 36pt; text-align: justify;">"<b>Subject Class A Shares</b>" shall have the meaning set forth in the recitals.</p> <p style="text-indent: 36pt; text-align: justify;">Section 2.<font
style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Appointment of Rights Agent</u>.</p> <p style="text-indent: 36pt; text-align: justify;">The Rights Agent is hereby appointed to act as agent for the holders of the
Secondary Exchange Rights, as a class and not individually, in accordance with the express terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The obligations of the Rights Agent hereunder shall become effective as of
the Distribution Date. The Rights Agent shall neither be responsible for, nor chargeable with, knowledge of the terms and conditions of any other agreement, instrument, or document (including, without limitation, the Company's Articles or the Class
A Shares) other than this Agreement, except to the extent that defined terms set forth in the Company's Articles are expressly incorporated herein, whether or not an original or a copy of such agreement, instrument, or document has been provided to
the Rights Agent; and the Rights Agent shall have no duty to know or inquire as to the performance or nonperformance of any provision of any such agreement, instrument, or document. Except to the extent that defined terms set forth in the Company's
Articles are expressly incorporated herein, references in this Agreement to any other agreement, instrument, or document are for the convenience of the parties and the Rights Agent has no duties or obligations with respect thereto.</p>
<p style="text-indent: 36pt; text-align: justify;">Section 3.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Secondary Exchange Rights</u>.</p> <p style="text-indent: 72pt; text-align: justify;">(a)<font
style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Secondary Exchange Rights are a part of the terms of the Class A Shares and shall not be transferred or assigned separate or apart from the Class A Shares. The
Secondary Exchange Rights shall not be separately evidenced. Any sale, transfer, assignment or other disposition of a Class A Share shall also constitute the sale, transfer, assignment or other disposition of the Secondary Exchange Rights associated
with such Class A Share.</p> <p style="text-indent: 72pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Physical certificates for Class A Shares, if any, which become outstanding prior
to the Close of Business on the Final Expiration Date shall have impressed on, printed on, written on or otherwise affixed to them the following legend:</p> <p style="text-indent: 36pt; text-align: justify; margin-left: 72pt;">This certificate also
evidences and entitles the holder hereof to certain Secondary Exchange Rights as set forth in a Rights Agreement between Brookfield Asset Management Inc. and Wilmington Trust, National Association, as Rights Agent, dated as of March 31, 2020, as it
may from time to time be amended or supplemented pursuant to its terms (the "<b>Agreement</b>"), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of the Company. The
Company will mail to the holder of this certificate a copy of the Agreement without charge after receipt of a written request therefor. The Secondary Exchange Rights are a part of the terms of the Class A Shares and shall not be transferred or
assigned separate or apart from the Class A Shares.</p> <div id="footer_page_7"> <p style="text-align: center;">-5-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_8"></A>
<p style="text-align: justify;">Notwithstanding this <u>Section 3(b)</u>, the omission of a legend shall not affect the enforceability of any part of this Agreement or the rights of any holder of the Secondary Exchange Rights.</p>
<p style="text-indent: 36pt; text-align: justify;">Section 4.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Satisfaction of Secondary Exchange Rights</u>.</p>
<p style="text-indent: 72pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>BAM hereby agrees to satisfy, or cause to be satisfied, the obligations with respect to the Secondary Exchange
Rights contained in the Company's Articles in accordance with the terms of this Agreement in the event that, in connection with any Subject Class A Share, (i) the Company has not satisfied its obligation under sections 25.11 and 25.13 of the
Company's Articles by delivering the BIP Units Amount or Cash Amount on the applicable Specified Exchange Date and (ii) BIP has not, upon its election in its sole and absolute discretion, acquired such Subject Class A Share from the Exchanging Class
A Shareholder and delivered the BIP Units Amount or Cash Amount in exchange therefor pursuant to section 25.23 of the Company's Articles on the applicable Specified Exchange Date.</p> <p style="text-indent: 108pt; text-align: justify;">(i)<font
style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>In accordance with the Company's Articles, the Company is required to deliver a Company Notice, which shall be executed by an authorized signatory identified in <u>Exhibit
B-1</u> attached hereto (which exhibit may be updated by the Company from time to time in the Company's reasonable discretion, provided that such update does not adversely affect any Class A Shareholder or its rights hereunder in any respect), to
the Rights Agent and BAM on the Specified Exchange Date if the conditions to the exercise of the Secondary Exchange Rights set forth in the immediately preceding sentence with respect to such Subject Class A Shares have been satisfied, which Company
Notice shall set forth the BIP Units Amount and the Cash Amount for such Subject Class A Shares and any wire transfer or other delivery instructions necessary to permit the Rights Agent to transfer the BIP Units or the Cash Amount to the Exchanging
Class A Shareholder and be in a format that is acceptable to the Rights Agent (determined by the Rights Agent acting reasonably and in good faith). If the Rights Agent shall not have received a signed written notice executed by an authorized
signatory identified in <u>Exhibit B-2</u> attached hereto from BAM (which exhibit may be updated by BAM from time to time in BAM's reasonable discretion, provided that such update does not adversely affect any Class A Shareholder or its rights
hereunder in any respect) by the Close of Business on the Business Day immediately following the date the Rights Agent received the Company Notice, providing that BAM has elected, in BAM's sole discretion, to fund the Cash Amount pursuant to
<u>Section 4(b)</u> below, the Rights Agent shall exchange (in accordance with <u>Section 4(e)</u> below) such Subject Class A Shares for a number of BIP Units held in the Collateral Account equal to the BIP Units Amount for such Subject Class A
Shares set forth in such Company Notice and promptly, and in any event within two Business Days following the receipt of the Company Notice and the Subject Class A Shares in the Received Class A Share Account pursuant to <u>Section 4(c)</u>, deliver
such BIP Units from the Collateral Account to the Exchanging Class A Shareholder; <i>provided </i>that if there shall not be enough BIP Units in the Collateral Account to satisfy the BIP Units Amount with respect to one or more of such Subject Class
A Shares, the Rights Agent shall exchange each such Subject Class A Share for an amount of cash from the Collateral Account equal to the Cash Amount for such Subject Class A Share and promptly, and in any event within two Business Days of receipt of
the Company Notice and the Subject Class A Shares in the Received Class A Share Account pursuant to <u>Section 4(c)</u>, deliver the Cash Amount to the Exchanging Class A Shareholder. For the avoidance of doubt, if for any given exercise of the
Secondary Exchange Rights under this <u>Section 4</u> there are not enough BIP Units in the Collateral Account to satisfy the BIP Units Amount with respect to all Subject Class A Shares subject to such Secondary Exchange Right, the Rights Agent
shall not cause any BIP Units to be exchanged with respect to any such Subject Class A Shares, and shall instead only deliver to the Exchanging Class A Shareholder the Cash Amount with respect to each such Subject Class A Share from the Collateral
Account.</p> <div id="footer_page_8"> <p style="text-align: center;">-6-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_9"></A>
<p style="text-indent: 108pt; text-align: justify;">(ii)<font style="width: 21.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>In the event that, in connection with any Subject Class A Share, (i) the Company has not satisfied its
obligation under sections 25.11 and 25.13 of the Company's Articles by delivering the BIP Units Amount or Cash Amount on the applicable Specified Exchange Date and (ii) BIP has not, upon its election in its sole and absolute discretion, acquired
such Subject Class A Share from the Exchanging Class A Shareholder and delivered the BIP Units Amount or Cash Amount in exchange therefor pursuant to section 25.23 of the Company's Articles on the applicable Specified Exchange Date, the Exchanging
Class A Shareholder shall have the right to deliver, or cause to be delivered, an original Exchanging Class A Shareholder Notice to the Rights Agent and BAM, which Exchanging Class A Shareholder Notice shall set forth the number of such Subject
Class A Shares and any wire transfer or other delivery instructions necessary to permit the Rights Agent to transfer the BIP Units Amount or the Cash Amount to the Exchanging Class A Shareholder and be in a format that is acceptable to the Rights
Agent (determined by the Rights Agent acting reasonably and in good faith). As promptly as practicable and in any event on or prior to the Business Day immediately following the date of such Exchanging Class A Shareholder Notice, BAM shall provide
written notice to the Rights Agent, which notice shall (i) set forth the BIP Units Amount and the Cash Amount for such Subject Class A Shares subject to such Exchanging Class A Shareholder Notice and (ii) either (A) provide that BAM has elected, in
BAM's sole discretion, to fund the Cash Amount pursuant to <u>Section 4(b)</u> below with respect to such Subject Class A Shares, or (B) instruct the Rights Agent to exchange (in accordance with <u>Section 4(c)</u>, and <u>4(e)</u> below) each
Subject Class A Share in accordance with this <u>Section 4(a)(ii)</u>, it being understood that BAM shall not be obligated to deliver such notice to the Rights Agent if it has determined in good faith that the conditions to the exercise of the
Secondary Exchange Right set forth in <u>Section 4(a)</u> have not been satisfied. Upon receipt of an instruction by BAM pursuant to clause (ii)(B) of the immediately preceding sentence and receipt of an original Exchanging Class A Shareholder
Notice and the Subject Class A Shares in the Received Class A Share Account pursuant to <u>Section 4(c)</u>, the Rights Agent shall exchange such Subject Class A Shares for a number of BIP Units held in the Collateral Account equal to the BIP Units
Amount for such Subject Class A Shares set forth in such BAM instructions and, on or prior to the second Business Day following receipt of such instruction from BAM and receipt of an original Exchanging Class A Shareholder Notice, and the Subject
Class A Shares in the Received Class A Share Account pursuant to <u>Section 4(c)</u>, deliver such BIP Units from the Collateral Account to the Exchanging Class A Shareholder; <i>provided </i>that if there shall not be enough BIP Units in the
Collateral Account to satisfy the BIP Units Amount with respect to one of more of such Subject Class A Shares, the Rights Agent shall exchange each such Subject Class A Share for an amount of cash from the Collateral Account equal to the Cash Amount
for such Subject Class A Share and, on or prior to the second Business Day following receipt of such instruction from BAM and receipt of an original Exchanging Class A Shareholder Notice, and the Subject Class A Shares in the Received Class A Share
Account pursuant to <u>Section 4(c)</u>, deliver the Cash Amount to the Exchanging Class A Shareholder. The Rights Agent shall not take any action under this <u>Section 4(a)(ii)</u> or otherwise upon receipt of an Exchanging Class A Shareholder
Notice unless BAM has instructed the Rights Agent to exchange any Subject Class A Share for a number of BIP Units or the Cash Amount, as applicable, as set forth in this <u>Section 4(a)(ii)</u>.</p> <div id="footer_page_9">
<p style="text-align: center;">-7-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_10"></A> <p style="text-indent: 72pt; text-align: justify;">(b)<font
style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>With respect to any Company Notice or Exchanging Class A Shareholder Notice, BAM shall have the right, in its sole and absolute discretion, to elect that the Rights Agent
exchange the Subject Class A Shares for the Cash Amount for each Subject Class A Share by providing written notice of such election to the Rights Agent on or prior to the Close of Business on the Business Day immediately following the date the
Rights Agent received the Company Notice or Exchanging Class A Shareholder Notice, as applicable, in accordance with Section 4(a)(i) and Section 4(a)(ii), as applicable. In the event that BAM shall make the election described in the immediately
preceding sentence and there shall not be an amount of cash in the Collateral Account sufficient to exchange any such Subject Class A Share for the Cash Amount, BAM shall deposit an amount of cash into the Collateral Account equal to the Cash Amount
with respect to each such Subject Class A Share simultaneously with the delivery of the written notice set forth in the immediately preceding sentence. In the event that BAM shall elect that the Rights Agent exchange the Subject Class A Shares for
the Cash Amount pursuant to this <u>Section 4(b)</u>, the Rights Agent shall deliver the Cash Amount for each Subject Class A Share from the Collateral Account to the Exchanging Class A Shareholder on or before the second Business Day following
receipt of the written notice of such election from BAM and receipt of an original Exchanging Class A Shareholder Notice (only if applicable per <u>Section 4(a)(ii)</u>) and the Subject Class A Shares in the Received Class A Share Account pursuant
to <u>Section 4(c)</u>.</p> <p style="text-indent: 72pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>BAM shall establish a non-interest bearing trust account in the name of BAM that
will be administered by the Rights Agent for purposes of receiving any Subject Class A Shares exchanged pursuant to this Agreement (the "<b>Received Class A Share Account</b>"). Such Received Class A Share Account information is as set forth in
<u>Exhibits D-1</u> and <u>D-2</u>. Any Class A Shares received by the Rights Agent pursuant to <u>Section 4(a)</u> or <u>Section 4(b)</u> shall be delivered to the Received Class A Share Account. Any Class A Shares in the Received Class A Share
Account shall be transferable to BAM or, at BAM's direction, an Affiliate of BAM which was the beneficial owner of the BIP Units transferred to the Exchanging Class A Shareholder, pursuant to delivery instructions provided by BAM to the Rights Agent
(which may be standing written instructions), and shall not be delivered into the Collateral Account, and thereafter BAM or such Affiliate, as applicable, shall be the beneficial owner of such Class A Shares with all rights, powers, privileges and
preferences appurtenant thereto, including, without limitation, the Exchange Right. Delivery to BAM or such Affiliate pursuant to this <u>Section 4(c)</u> shall be accomplished by the Rights Agent instructing the transfer agent for the Class A
Shares to record the transfer of the Class A Shares from the Received Class A Shares Account to, and the ownership thereof by, BAM or such Affiliate in accordance with the Applicable Procedures. The Rights Agent shall provide BAM with online access
to view the Received Class A Share Account, which online interface shall be kept reasonably up-to-date by the Rights Agent.</p> <div id="footer_page_10"> <p style="text-align: center;">-8-</p> </div>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_11"></A>
<p style="text-indent: 72pt; text-align: justify;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Notwithstanding anything to the contrary contained in this Agreement, BAM shall be entitled to cause any of its
Affiliates to take any action required to satisfy BAM's obligations with respect to the Secondary Exchange Rights or otherwise pursuant to this Agreement; provided that nothing other than full and complete payment and performance of such obligations
shall relieve BAM of such obligations.</p> <p style="text-indent: 72pt; text-align: justify;">(e)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>In connection with an Exchanging Class A Shareholder's exercise of
the Secondary Exchange Right with respect to any Subject Class A Shares held through DTC or another Depositary, such Exchanging Class A Shareholder shall deliver to the Rights Agent such Subject Class A Shares to the Received Class A Share Account
pursuant to DTC's or such other Depositary's Applicable Procedures. In addition, such Exchanging Class A Shareholder shall deliver to the Rights Agent via email or other appropriate method of communication on the Business Day prior to the delivery
of such Subject Class A Shares, a copy of such Exchanging Class A Shareholder's Exchanging Class A Shareholder Notice; <i>provided </i>that the Rights Agent's obligations pursuant to Section 4(a)(ii) shall not be affected by such Exchanging Class A
Shareholder's failure to so deliver a copy of such Exchanging Class A Shareholder Notice if such Exchanging Class A Shareholder's original Exchanging Class A Shareholder Notice is received by the Rights Agent within two Business Days of the date
that the Rights Agent receives such Subject Class A Shares pursuant to DTC's or another Depositary's Applicable Procedures. In connection with any transfer by an Exchanging Class A Shareholder of any Subject Class A Shares required by this Agreement
which are not held through DTC or another Depositary, such Exchanging Class A Shareholder shall take all necessary action to cause such Subject Class A Shares to be delivered to the Received Class A Share Account.</p>
<p style="text-indent: 36pt; text-align: justify;">Section 5.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Exercise of Rights</u>.</p> <p style="text-indent: 72pt; text-align: justify;">The Rights Agent shall
cause the BIP Units Amount delivered to any Exchanging Class A Shareholder pursuant to <u>Section 4(a)</u> to be delivered to or upon the order of the Exchanging Class A Shareholder, registered in such name or names as such Exchanging Class A
Shareholder held such Subject Class A Shares (all as set forth in the Company Notice or the Exchanging Class A Shareholder Notice, as applicable).</p> <p style="text-indent: 36pt; text-align: justify;">Section 6.<font
style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Confirmation Procedures</u>.</p>
<p style="text-indent: 72pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>If the BIP Units Amount or the Cash Amount to be delivered pursuant to <u>Section 4</u> above is to be
delivered in a name other than that in which the Subject Class A Shares surrendered in exchange therefor are registered in the stock transfer books or ledger of the Company, the BIP Units Amount or the Cash Amount may be delivered to a Person other
than the Person in whose name the Subject Class A Shares so surrendered are registered in the stock transfer books or ledger of the Company only if such Subject Class A Shares are properly endorsed and otherwise in proper form for surrender and
transfer and the Person requesting such delivery has paid to BAM (or any agent designated by BAM) any transfer taxes reasonably expected to be required by reason of the payment of the BIP Units Amount or the Cash Amount to a Person other than the
registered holder of such Subject Class A Shares, or established to the reasonable satisfaction of BAM (or any agent designated by BAM) that such transfer taxes have been paid or are otherwise not payable. Upon satisfaction of the condition in the
immediately preceding sentence, BAM shall instruct the Rights Agent in writing to deliver such BIP Units Amount or Cash Amount to such other Person. Unless the Rights Agent has received such written instruction from BAM pursuant to the immediately
preceding sentence prior to the delivery by the Rights Agent of the BIP Units Amount or Cash Amount with respect to such Subject Class A Shares, the Rights Agent shall have no duty or obligation under this <u>Section 6(a)</u> and shall deliver or
cause to be delivered the BIP Units Amount or Cash Amount to the party designated in the Company Notice without further inquiry.</p> <div id="footer_page_11"> <p style="text-align: center;">-9-</p> </div>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_12"></A>
<p style="text-indent: 72pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>All Subject Class A Shares shall be delivered to the Received Class A Share Account free and clear of all
liens, claims and encumbrances whatsoever, and should any such liens, claims and encumbrances exist or arise with respect to such Subject Class A Shares, the Exchanging Class A Shareholder shall not be entitled to exercise its Secondary Exchange
Rights with respect to such Subject Class A Shares. Each Exchanging Class A Shareholder will pay to BAM the amount of any tax withholding due upon the exchange of Subject Class A Shares pursuant to this Agreement and, in the event BAM elects to
acquire some or all of the Subject Class A Shares from the Exchanging Class A Shareholder in exchange for the Cash Amount in accordance with <u>Section 4(b)</u>, will authorize BAM to retain such portion of the Cash Amount as BAM reasonably
determines is necessary to satisfy its tax withholding obligations. In the event BAM elects to acquire some or all of the Subject Class A Shares from the Exchanging Class A Shareholder in exchange for the BIP Units Amount, BAM may elect to either
satisfy the amount of any tax withholding due upon the exchange of Subject Class A Shares by retaining BIP Units with a fair market value, as reasonably determined by BAM in good faith, equal to the amount of such obligation, or satisfy such tax
withholding obligation using amounts paid by BAM, which amounts shall be treated as a loan by BAM to the Exchanging Class A Shareholder, in each case, unless the Exchanging Class A Shareholder, at the Exchanging Class A Shareholder's election, has
paid or has made arrangements satisfactory to BAM, in its sole discretion, to pay, the amount of any such tax withholding. BAM shall notify the Exchanging Class A Shareholder within one Business Day following the date of the Company Notice or the
Exchanging Class A Shareholder Notice, as applicable, of BAM's good faith estimate of the amount of any tax withholding due upon the exchange of the Subject Class A Shares subject to such Company Notice or the Exchanging Class A Shareholder Notice,
provide the Exchanging Class A Shareholder with sufficient opportunity to provide any forms or other documentation or take such other steps in order to avoid or reduce such withholding, and reasonably cooperate with the Exchanging Class A
Shareholder in good faith to attempt to reduce any amounts that would otherwise be withheld pursuant to this Section 6(b); <i>provided </i>that any determination with respect to the withholding shall be made by BAM, in its sole discretion exercised
in good faith. Notwithstanding anything to the contrary in this <u>Section 6(b)</u>, in no event shall an Exchanging Class A Shareholder be subject to withholding both under section 25.18 of the Company's Articles and under this <u>Section 6(b)</u>,
and any amounts paid or withheld with respect to a Subject Class A Share pursuant to section 25.18 of the Company's Articles shall be credited against and deemed to satisfy the Exchanging Class A Shareholder's withholding obligation pursuant to this
<u>Section 6(b)</u>.</p> <div id="footer_page_12"> <p style="text-align: center;">-10-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_13"></A>
<p style="text-indent: 36pt; text-align: justify;">Section 7.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>BIP Units Record Date</u>.</p> <p style="text-indent: 36pt; text-align: justify;">Each former Exchanging
Class A Shareholder who receives the BIP Units Amount upon the exercise of the Secondary Exchange Right with respect to any Subject Class A Share pursuant to this Agreement shall for all purposes be deemed to have become the owner of the BIP Units
representing the BIP Units Amount for which the Secondary Exchange Right with respect to such Subject Class A Share is exercisable as of the date upon which such Class A Shareholder's Subject Class A Share is duly surrendered in accordance with this
Agreement. Prior to such Class A Shareholder's surrender of such Subject Class A Share in accordance with this Agreement, the Class A Shareholder shall not be entitled to any rights of a holder of such BIP Units for which the Secondary Exchange
Right with respect to such Subject Class A Share shall be exercisable, including, without limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any
notice of any proceedings of BIP with respect to such BIP Units. For the avoidance of doubt, any Class A Shareholder who receives the Cash Amount in satisfaction of the Secondary Exchange Right with respect to any Class A Share pursuant to this
Agreement shall not be entitled to any rights of a holder of BIP Units at any time with respect to the BIP Units for which the Secondary Exchange Right with respect to such Subject Class A Share was exercisable prior to the receipt of such Cash
Amount.</p> <p style="text-indent: 36pt; text-align: justify;">Section 8.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Collateral Account</u>.</p> <p style="text-indent: 72pt; text-align: justify;">(a)<font
style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>BAM or one or more Affiliates of BAM shall establish one or more non-interest bearing trust accounts in the name of BAM or such Affiliates that will be administered by the
Rights Agent (together, the "Collateral Account"). The Rights Agent shall requisition the BIP Units Amount or the Cash Amount, as applicable, without any further action or approval from BAM, for payment to any Class A Shareholder in accordance with
<u>Section 4(a)</u> or <u>Section 4(b)</u> in accordance with the terms and conditions set forth in this Agreement. BAM shall be responsible for ensuring that the Collateral Account Balance shall at times equal or exceed the Required Collateral
Account Balance. Notwithstanding anything to the contrary contained in this <u>Section 8</u> and subject to any additional requirements with respect to the Collateral Account Balance contained in this <u>Section 8</u>, in the event that the
Collateral Account Balance shall at any time be less than the Required Collateral Account Balance, including, without limitation, as a result of an adjustment to the Conversion Factor or an increase in the BIP Unit Value, within two Business Days,
BAM shall, or shall cause an Affiliate to, deposit into the Collateral Account either (i) a number of BIP Units or BIP Unit Convertibles or (ii) an amount of cash or Cash Equivalents, in an amount necessary to cause the Collateral Account Balance to
be at least equal to the Required Collateral Account Balance. The Rights Agent shall have no duty or obligation to calculate the Required Collateral Account Balance, determine the Conversion Factor, determine if the Collateral Account Balance equals
or exceeds the Required Collateral Account Balance, or determine the amounts necessary to cause the Collateral Account Balance to equal or exceed the Required Collateral Account Balance. BAM covenants and agrees that it will take all action within
its control (including making requests of third parties and enforcing any contractual rights and/or obligations) to convert or redeem any BIP Unit Convertibles if necessary to satisfy any Class A Shareholder's Secondary Exchange Right in accordance
with this Agreement, and any delivery of a BIP Units Amount pursuant to this Agreement shall be made in the form of BIP Units and not, for the avoidance of doubt, in the form of BIP Unit Convertibles. To the extent that conversion or redemption of a
BIP Unit Convertible results in the imposition of any fees, payments, premiums or penalties, such fees, payments, premiums or penalties shall be borne by BAM, or its applicable Affiliates, and shall either be satisfied directly by BAM or such
Affiliates or shall be deemed to reduce the Collateral Account Balance. BAM shall keep the Rights Agent informed of the Collateral Account Balance and the Required Collateral Account Balance in writing on a regular basis, and shall inform the Rights
Agent in writing within two Business Days of any change in the Collateral Account Balance or the Required Collateral Account Balance for any reason, including as a result of an adjustment to the Conversion Factor or an increase in the BIP Unit
Value.</p> <div id="footer_page_13"> <p style="text-align: center;">-11-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_14"></A> <p style="text-indent: 72pt; text-align: justify;">(b)<font
style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Prior to or substantially concurrently with the issuance of any Class A Shares by the Company, BAM shall, or cause an Affiliate of BAM to, deposit BIP Units or BIP Unit
Convertibles into the Collateral Account such that, after taking into account the number of BIP Units issued or issuable upon conversion or redemption of such BIP Unit Convertibles, the number of BIP Units deposited into the Collateral Account shall
be equal to the product of (i) the number of such Class A Shares issued (excluding any shares issued to BAM or its Affiliates) multiplied by (ii) the Conversion Factor. The Rights Agent shall have no duty or obligation to calculate the Conversion
Factor, to determine the number of Class A Shares issued, or to determine the number of BIP Units or BIP Unit Convertibles necessary to equal the product of (i) the number of such Class A Shares issued (excluding any shares issued to BAM or its
Affiliates) multiplied by (ii) the Conversion Factor.</p> <p style="text-indent: 72pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Except as set forth in this Section 8(c), BAM and its
Affiliates shall not be entitled to withdraw any BIP Unit or BIP Unit Convertible from the Collateral Account.</p>
<p style="text-indent: 108pt; text-align: justify;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>In the event that the Collateral Account Balance shall exceed the Required Collateral Account Balance, either
as a result of a change in the Conversion Factor or a decrease in the number of Class A Shares (excluding Class A Shares owned by BAM or its Affiliates) outstanding, BAM or an Affiliate of BAM shall be entitled to withdraw (pursuant to a written
instruction from BAM to the Rights Agent) from the Collateral Account a number of BIP Units, or BIP Unit Convertibles that are convertible into or redeemable for a number of BIP Units, up to an amount equal to (i) the Collateral Account Balance
minus (ii) the Required Collateral Account Balance. The Rights Agent shall be entitled to conclusively and exclusively rely upon such written instruction from BAM in accordance with this <u>Section 8(c)(i)</u> without liability or further
inquiry.</p> <p style="text-indent: 108pt; text-align: justify;">(ii)<font style="width: 21.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>BAM, or any Affiliate of BAM, shall be permitted to withdraw from the Collateral Account a BIP
Unit, or the number of BIP Unit Convertibles that are convertible into or redeemable for a BIP Unit, upon the deposit by BAM or any Affiliate of BAM of the BIP Unit Release Price with respect to such BIP Unit, or the number of BIP Unit Convertibles
that are convertible into or redeemable for such BIP Unit, in the Collateral Account.</p> <p style="text-indent: 72pt; text-align: justify;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>If at any time the
Collateral Account Cash Balance shall be less than the Required Collateral Account Cash Balance, BAM shall, or shall cause its Affiliates to, within two Business Days, deposit cash or Cash Equivalents (pursuant to a written instruction from BAM to
the Rights Agent and as selected by BAM) in an amount necessary to cause the Collateral Account Cash Balance to be at least equal to the Required Collateral Account Cash Balance.</p> <div id="footer_page_14"> <p style="text-align: center;">-12-</p>
</div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_15"></A>
<p style="text-indent: 72pt; text-align: justify;">(e)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Except as set forth in this Section 8(e), BAM and its Affiliates shall not be entitled to withdraw any cash or
Cash Equivalents from the Collateral Account.</p> <p style="text-indent: 108pt; text-align: justify;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>If at any time the Collateral Account Cash Balance shall be
greater than one hundred and twenty percent (120%) of the Required Collateral Account Cash Balance, either as a result of a change in the Conversion Factor or a decrease in the number of Class A Shares (excluding Class A Shares owned by BAM or its
Affiliates) outstanding, BAM or its Affiliates shall be permitted to withdraw (pursuant to a written instruction from BAM to the Rights Agent) cash or Cash Equivalents in an amount not to exceed the excess of (i) the Collateral Account Cash Balance
minus (ii) one hundred and twenty percent (120%) of the Required Collateral Account Cash Balance. The Rights Agent shall be entitled to conclusively and exclusively rely upon such written instruction from BAM in accordance with this <u>Section
8(e)(i)</u> without liability or further inquiry.</p> <p style="text-indent: 108pt; text-align: justify;">(ii)<font style="width: 21.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>Upon the deposit in the Collateral Account of a number
of BIP Units, or of BIP Unit Convertibles that are convertible into or redeemable for such number of BIP Units, BAM, or an Affiliate of BAM, shall be permitted to withdraw (pursuant to a written instruction from BAM to the Rights Agent) cash or Cash
Equivalents from the Collateral Account in an amount equal to the aggregate BIP Unit Value of such number of BIP Units, or of the number of BIP Units issuable upon the conversion or redemption of such BIP Unit Convertibles, as applicable.</p>
<p style="text-indent: 72pt; text-align: justify;">(f)<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font>For the avoidance of doubt, BAM, or its applicable Affiliates, shall remain the beneficial owner of any BIP Units
or BIP Unit Convertibles deposited by BAM or such Affiliates into the Collateral Account for so long as such BIP Units or BIP Unit Convertibles remain in the Collateral Account, and shall hold all of the rights, powers, privileges and preferences
appurtenant to such BIP Units or BIP Unit Convertibles, including, without limitation, the right to distributions on such BIP Units or BIP Unit Convertibles. In the event that the Collateral Account consists of more than one account and (i) the
Rights Agent has not received written instructions from BAM as to which account to use for any specific transaction described in this <u>Section 8</u> or (ii) there shall not be an amount within the account designated by BAM to satisfy any
applicable BIP Units Amount or Cash Amount to be delivered pursuant to this Agreement, in such cases the Rights Agent shall follow an order of account priority, to be provided in writing by BAM upon the establishment each new account, when
determining which account to use for any of the transactions described in this <u>Section 8</u>. BAM also covenants and agrees that it will take all action within its control to ensure that any transfer agent of the BIP Unit certificates and Class A
Shares will comply with the Rights Agent's instructions in carrying out the purposes of this Agreement. BAM shall provide the Rights Agent with all necessary information and contact details for each transfer agent for the BIP Unit certificates and
Class A Shares. The Rights Agent shall have no liability for the failure of any transfer agent to facilitate or effect any transfers contemplated hereby, or for any delay in doing so, or for the failure of BAM of its obligations under this Section
8(f). Prior to any transfer contemplated by this Agreement, BAM shall instruct the transfer agents for any BIP Unit certificates and Class A Shares to follow the instructions of the Rights Agent in connection with any exchange of Class A Shares for
BIP Units as set forth herein.</p> <p style="text-indent: 72pt; text-align: justify;">(g)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>In connection with any transfer by BAM of BIP Units or BIP Unit Convertibles
into the Collateral Account required by this Agreement which are held through DTC or another Depositary, BAM shall deliver to the Rights Agent such BIP Units or BIP Unit Convertibles to the Collateral Account pursuant to DTC's or such other
Depositary's Applicable Procedures. In connection with any transfer by BAM of BIP Units or BIP Unit Convertibles into the Collateral Account required by this Agreement which are not held through DTC or another Depositary, BAM shall take all
necessary action to cause such BIP Units or BIP Unit Convertibles to be delivered to the Collateral Account.</p> <div id="footer_page_15"> <p style="text-align: center;">-13-</p> </div>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_16"></A> <p style="text-indent: 36pt; text-align: justify;">Section
9.<font style="width: 30pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Registration of BIP Unit Resales</u>.</p> <p style="text-indent: 36pt; text-align: justify;">In the event that a shelf registration statement, prospectus or
Prospectus Exemption (as defined below) registering or exempting, as applicable, the transfer of BIP Units (including BIP Units that are issuable upon conversion of or redemption for BIP Unit Convertibles in the Collateral Account) from the
Collateral Account to an Exchanging Class A Shareholder (or to such other Person as may be entitled thereto pursuant to the terms of this Agreement) has, at any time, not been effective for five (5) consecutive Business Days, BAM shall, or shall
cause an Affiliate of BAM to, deposit in the Collateral Account an amount of cash or Cash Equivalents equal to the BIP Unit Release Price for all BIP Units held in the Collateral Account (including BIP Units that are issuable upon conversion of for
redemption for BIP Unit Convertibles in the Collateral Account) that cease to be Registered BIP Units (as defined below) as a result thereof, within five (5) Business Days; <u>provided</u>, <u>however</u>, for the avoidance of doubt, no such deposit
is required to the extent all of the BIP Units in the Collateral Account, including BIP Units that are issuable upon conversion of or redemption for BIP Unit Convertibles in the Collateral Account, and the transfer of such BIP Units (including BIP
Units that are issuable upon conversion of or redemption for BIP Unit Convertibles in the Collateral Account) from the Collateral Account to an Exchanging Class A Shareholder (or to such other Person as may be entitled thereto pursuant to the terms
of this Agreement) are (i) registered under the Securities Act pursuant to an effective shelf registration statement with the Securities and Exchange Commission and (ii) qualified for distribution by BAM to Exchanging Class A Shareholders under the
securities laws applicable in each of the provinces and territories of Canada through the filing of a prospectus (or exempt from the applicable prospectus requirements in such jurisdictions (a "<b>Prospectus Exemption</b>")) (each BIP Unit so
registered, including BIP Units that are issuable upon conversion of or redemption for BIP Unit Convertibles in the Collateral Account, a "<b>Registered BIP Unit</b>"). The Rights Agent shall have no duty or obligation (and no liability) to
determine if any BIP Unit, including BIP Units that are issuable upon conversion of or redemption for BIP Unit Convertibles, or any BIP Unit Convertible held in the Collateral Account or transferred to an Exchanging Class A Shareholder is a
Registered BIP Unit freely transferable under the U.S. federal securities laws or the laws applicable in each of the provinces and territories of Canada.</p> <p style="text-indent: 36pt; text-align: justify;">Section 10.<font
style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Concerning BAM</u>.</p> <p style="text-indent: 72pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>BAM
agrees that any Class A Shareholder may at any time and from time to time, without notice to or further consent of BAM, extend the time of payment of the Exchange Rights or Secondary Exchange Rights, and may also make any agreement with the Company,
BIP, or any other Person, for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of any agreement between a Class A Shareholder, on the one hand, and the
Company, BIP or any such other Person, on the other hand, it being understood that no such action shall impair, affect, alter or increase BAM's obligations under this Agreement or affect the validity or enforceability of this Agreement.</p>
<div id="footer_page_16"> <p style="text-align: center;">-14-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_17"></A> <p style="text-indent: 72pt; text-align: justify;">(b)<font
style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>BAM agrees that its obligations hereunder shall in no way be terminated, affected or impaired by reason of (a) the assertion by any Class A Shareholder of any rights or
remedies which it may have under or with respect to this Agreement or against any Person obligated hereunder, (b) any Class A Shareholder's failure to exercise, or delay in exercising, any such right or remedy or any right or remedy such Class A
Shareholder may have hereunder, (c) any change in the structure or ownership of the Company, (d) any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company, BIP or any other Person, (e) the existence of any claim,
set-off or other right that BAM may have at any time against the Company, BIP or any of their respective Affiliates, whether in connection with the Exchange Right, the Secondary Exchange Rights or otherwise; (f) the validity or enforceability of the
Exchange Right; or (g) any other circumstance whatsoever which constitutes, or might be construed to constitute, an equitable or legal discharge of the Company with respect to the Exchange Right, in bankruptcy or any other instance, other than as
provided herein.</p> <p style="text-indent: 72pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>To the fullest extent permitted by applicable law, BAM hereby expressly waives any and all
rights or defenses arising by reason of any applicable law which would otherwise require any election of remedies by any Class A Shareholder. BAM waives promptness, diligence, notice of the acceptance of this Agreement and of the Exchange Right, all
defenses that may be available by virtue of any valuation, stay, moratorium law or other similar applicable law now or hereafter in effect, any right to require the marshalling of assets of the Company or any other Person, and all suretyship
defenses generally. BAM acknowledges that it will receive substantial direct and indirect benefits from the Master Services Agreement and that this Agreement, including specifically the waivers set forth in this Agreement, is knowingly made in
contemplation of such benefits and after the advice of counsel.</p> <p style="text-indent: 72pt; text-align: justify;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>BAM hereby unconditionally waives any
rights that it may now have or hereafter acquire against the Company or its subsidiaries that arise from the existence, payment, performance, or enforcement of BAM's obligations under or in respect of this Agreement, including, without limitation,
any right of subrogation, reimbursement, exoneration, contribution or indemnification.</p> <p style="text-indent: 72pt; text-align: justify;">(e)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>BAM hereby
represents and warrants that:</p> <p style="text-indent: 108pt; text-align: justify;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>the execution, delivery and performance of this Agreement have been duly and
validly authorized by all necessary action, and do not contravene any provision of BAM's organizational documents or any applicable law, order, judgment or contractual restriction binding on BAM or its assets;</p>
<p style="text-indent: 108pt; text-align: justify;">(ii)<font style="width: 21.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>all consents, approvals, authorizations, permits of, filings with and notifications to, any governmental
entity necessary for the due execution, delivery and performance of this Agreement by BAM have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any governmental
entity is required in connection with the execution, delivery or performance of this Agreement;</p> <div id="footer_page_17"> <p style="text-align: center;">-15-</p> </div>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_18"></A>
<p style="text-indent: 108pt; text-align: justify;">(iii)<font style="width: 18.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>this Agreement constitutes a legal, valid and binding obligation of the BAM enforceable against BAM in
accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar applicable laws affecting creditors' rights generally, and (ii) general equitable principles (whether
considered in a proceeding in equity or at law); and</p> <p style="text-indent: 108pt; text-align: justify;">(iv)<font style="width: 18.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>as of the date hereof, BAM has the financial
capacity to pay and perform its obligations under this Agreement.</p> <p style="text-indent: 36pt; text-align: justify;">Section 11.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Rights of Action</u>.</p>
<p style="text-indent: 36pt; text-align: justify;">All rights of action in respect of this Agreement, excepting the rights of action given to the Rights Agent under <u>Section 12</u> hereof, are vested in the Class A Shareholders; and any Class A
Shareholder may, without the consent of the Rights Agent or of any other Class A Shareholder, on such holder's own behalf and for such holder's own benefit, enforce, and may institute and maintain any suit, action or proceeding against BAM to
enforce, or otherwise act in respect of, such holder's right to exercise the Secondary Exchange Rights and the Class A Shareholders' rights under this Agreement, in each case in the manner provided in the Company's Articles and in this Agreement.
Without limiting the foregoing or any remedies available to the Class A Shareholders, it is specifically acknowledged that the Class A Shareholders would not have an adequate remedy at law for any breach of this Agreement and will be entitled to
specific performance of the obligations under, and injunctive relief against actual or threatened violations of the obligations of any Person subject to, this Agreement. BAM agrees to pay all expenses, including all reasonable and documented third
party costs and out-of-pocket expenses (including reasonable fees of counsel), actually paid or incurred by such Class A Shareholder in enforcing any of such Class A Shareholder's rights hereunder or otherwise relating to any litigation or other
proceeding brought by such Class A Shareholder to enforce such Class A Shareholder's rights hereunder, if such Class A Shareholder prevails in such litigation or proceeding.</p> <p style="text-indent: 36pt; text-align: justify;">Section 12.<font
style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Concerning the Rights Agent</u>.</p>
<p style="text-indent: 72pt; text-align: justify;">(a)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>BAM agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder in
accordance with Exhibit C attached hereto and, from time to time, on demand of the Rights Agent, its reasonable and documented out-of-pocket expenses and counsel fees and other disbursements incurred in the administration and execution of this
Agreement and the exercise and performance of its duties hereunder. BAM also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, or expense, incurred without gross negligence, bad faith or willful
misconduct on the part of the Rights Agent, for anything done or omitted by the Rights Agent in connection with the acceptance and administration of this Agreement, including the costs and expenses of defending against any claim or liability in
connection therewith. The indemnification provided for hereunder shall survive the expiration of the Secondary Exchange Rights and the termination of this Agreement. The costs and expenses of enforcing this right of indemnification shall also be
paid by BAM. The Rights Agent shall have no right of set-off against any funds in the Collateral Account with respect to any amounts owed to the Rights Agent by BAM hereunder.</p> <div id="footer_page_18"> <p style="text-align: center;">-16-</p>
</div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_19"></A>
<p style="text-indent: 72pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Rights Agent may conclusively rely upon and shall be protected and shall incur no liability for or in
respect of any action taken, suffered or omitted by it in connection with its administration of this Agreement in reliance upon any instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent,
certificate, statement, or other paper or document reasonably believed by it, in good faith, to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of
legal counsel to the Rights Agent (who may be an employee of the Rights Agent or outside legal counsel for the Rights Agent). Notwithstanding anything in this Agreement to the contrary, in no event shall the Rights Agent be liable for special,
indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage and regardless of the form of the action.</p>
<p style="text-indent: 36pt; text-align: justify;">Section 13.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Merger or Consolidation or Change of Name of Rights Agent</u>.</p>
<p style="text-indent: 36pt; text-align: justify;">Any Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Rights
Agent or any successor Rights Agent shall be a party, or any Person succeeding to the corporate trust business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution
or filing of any paper or any further act on the part of any of the parties hereto, provided that such Person would be eligible for appointment as a successor Rights Agent under the provisions of <u>Section 15</u> hereof. The acquisition of
substantially all of the Rights Agent's assets employed in the exercise of corporate trust powers shall be deemed to be a merger or consolidation for purposes of this <u>Section 13</u>.</p> <p style="text-indent: 36pt; text-align: justify;">Section
14.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Duties of Rights Agent</u>.</p> <p style="text-indent: 36pt; text-align: justify;">The Rights Agent undertakes the duties and obligations expressly set forth in
this Agreement which shall be deemed purely ministerial in nature and no implied duties or obligations shall be read into this Agreement against the Rights Agent. Under no circumstances will the Rights Agent be deemed to be a fiduciary to BAM, the
Company, any Class A Shareholder or any other person under this Agreement. The Rights Agent will not be responsible or liable for the failure of BAM, the Company, BIP, any transfer agent, any Class A Shareholder or any other person to perform in
accordance with this Agreement. The Rights Agent shall perform those duties and obligations upon the following terms and conditions:</p> <p style="text-indent: 72pt; text-align: justify;">(a)<font
style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>Before the Rights Agent acts or refrains from acting, it may consult with legal counsel (who may be an employee of the Rights Agent or outside legal counsel for the Rights
Agent), and the opinion of such counsel shall be full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such opinion.</p>
<p style="text-indent: 72pt; text-align: justify;">(b)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or
desirable that any fact or matter be proved or established prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
and established by a certificate signed by an authorized signatory of BAM identified in Exhibit B-2 attached hereto (which exhibit may be updated by BAM from time to time in BAM's reasonable discretion, provided that such update does not adversely
affect any Class A Shareholder or its rights hereunder in any respect) and delivered to the Rights Agent; and such certificate shall be full authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions
of this Agreement in reliance upon such certificate.</p> <div id="footer_page_19"> <p style="text-align: center;">-17-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_20"></A>
<p style="text-indent: 72pt; text-align: justify;">(c)<font style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct.
The Rights Agent shall not be liable, directly or indirectly, for any special, indirect or consequential damages or losses of any kind whatsoever (including without limitation lost profits), even if the Rights Agent has been advised of the
possibility of such losses or damages and regardless of the form of action.</p> <p style="text-indent: 72pt; text-align: justify;">(d)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Rights Agent shall not be
liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Company's Articles or be required to verify the same.</p> <p style="text-indent: 72pt; text-align: justify;">(e)<font
style="width: 22.68pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution hereof
by the Rights Agent); nor shall it be responsible for any breach by BAM of any covenant or condition contained in this Agreement; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or
reservation of any BIP Units to be issued pursuant to this Agreement or as to whether any BIP Units will, when so issued, be validly authorized and issued, fully paid and nonassessable.</p> <p style="text-indent: 72pt; text-align: justify;">(f)<font
style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>BAM agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments
and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement.</p> <p style="text-indent: 72pt; text-align: justify;">(g)<font
style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Rights Agent is hereby authorized and directed to accept (and shall be entitled to conclusively and exclusively rely upon, without further inquiry) instructions with
respect to the performance of its duties hereunder from any Person reasonably believed by the Rights Agent to be one of the authorized signatories of BAM listed on Exhibit B-2 attached hereto (which exhibit may be updated by BAM from time to time in
BAM's reasonable discretion, provided that such update does not adversely affect any Class A Shareholder or its rights hereunder in any respect), and to apply to such Persons for advice or instructions in connection with its duties, and it shall not
be liable for any action taken or suffered to be taken by it in good faith in accordance with instructions of any such officer. Without limiting the generality of the foregoing, whenever the Rights Agent is unable to decide between alternative
courses of action permitted or required by the terms of this Agreement, or in the event that the Rights Agent is unsure as to the application of any provision of this Agreement or believes any such provision is ambiguous as to its application, or
is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination or discretion by the Rights Agent or is silent or is incomplete as to the course of action that the Rights Agent is
required to take with respect to a particular set of facts, the Rights Agent shall promptly give notice (in such form as shall be appropriate under the circumstances) to BAM requesting instruction as to the course of action to be adopted, and to the
extent the Rights Agent acts in good faith in accordance with any written instructions received from BAM the Rights Agent shall not be liable on account of such action to any person. If the Rights Agent shall not have received appropriate
instruction within ten (10) days of such notice (or such shorter period as reasonably may be specified in such notice or as may be necessary under the circumstances) it shall be entitled to take no action and shall give prompt written notice of its
decision not to take action to BAM, to the Company, and to any Exchanging Class A Shareholder that may be affected by such decision not to take action. Any application by the Rights Agent for written instructions from BAM may, at the option of the
Rights Agent, set forth in writing any action proposed to be taken or omitted by the Rights Agent under this Agreement and the date on or after which such action shall be taken or such omission shall be effective. The Rights Agent shall not be
liable for any action taken by, or omission of, the Rights Agent in accordance with a proposal included in any such application on or after the date specified in such application unless, prior to taking any such action (or the effective date in the
case of an omission), the Rights Agent shall have received, in response to such application, written instructions with respect to the proposed action or omission specifying a different action to be taken or omitted.</p> <div id="footer_page_20">
<p style="text-align: center;">-18-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_21"></A> <p style="text-indent: 72pt; text-align: justify;">(h)<font
style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>To the extent permitted by applicable law, the Rights Agent and any shareholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the
Class A Shares or other securities of the Company or become pecuniarily interested in any transaction in which BAM or the Company may be interested, or contract with or lend money to BAM or the Company or otherwise act as fully and freely as though
it were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for BAM, the Company or for any other Person.</p> <p style="text-indent: 72pt; text-align: justify;">(i)<font
style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or
agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to BAM or the Class A Shareholders resulting from any such act, default, neglect or
misconduct, provided reasonable care was exercised in the selection and continued employment thereof.</p> <p style="text-indent: 72pt; text-align: justify;">(j)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>No
provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability (other than expenses and overhead incurred in the ordinary course by the Rights Agent's performance under this
Agreement) in the performance of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnification against such risk or liability is not
reasonably assured to it.</p> <p style="text-indent: 72pt; text-align: justify;">(k)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Other than with respect to a Company Notice, Exchanging Class A Shareholder
Notice, BAM instruction, or deposit of Class A Shares in the Received Class A Share Account in accordance with Section 4, the Rights Agent shall not be required to take notice or be deemed to have notice of any fact, event or determination under
this Agreement unless and until the Rights Agent shall be specifically notified in writing by BAM of such fact, event or determination.</p> <div id="footer_page_21"> <p style="text-align: center;">-19-</p> </div>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_22"></A>
<p style="text-indent: 72pt; text-align: justify;">(l)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Rights Agent shall not be responsible or liable for any failure or delay in the performance of its
obligation under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; wars; acts of terrorism; civil or military
disturbances; sabotage; epidemic; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military authority or governmental action; it being
understood that the Rights Agent shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances.</p>
<p style="text-indent: 72pt; text-align: justify;">(m)<font style="width: 18.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Rights Agent may rely upon and shall not be liable for acting or refraining from acting upon any written
notice, instruction or request furnished to it hereunder in accordance with the terms of this Agreement and reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. The Rights Agent shall be under
no duty to inquire into or investigate the validity, accuracy or content of any such document.</p> <p style="text-indent: 72pt; text-align: justify;">(n)<font style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Unless
subject to reimbursement by BAM pursuant to Section 12(a) or reasonably necessary in order for the Rights Agent to perform its express obligations hereunder in accordance herewith, notwithstanding anything contained herein or elsewhere to the
contrary, the Rights Agent shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (x) require the Rights Agent in its individual capacity to obtain the consent, approval,
authorization or order of or the giving of notice to, or the registration with, or taking of any action in respect of, any state or other governmental authority or agency other than the State of Delaware; (y) result in any fee, tax or other
governmental charge under the laws of any jurisdiction other than the State of Delaware becoming payable by the Rights Agent in its individual capacity, or (z) subject the Rights Agent in its individual capacity to personal jurisdiction in any
jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the Rights Agent contemplated hereby.</p> <p style="text-indent: 72pt; text-align: justify;">(o)<font
style="width: 22.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>The right of the Rights Agent to perform any discretionary act (if any) enumerated in this Agreement shall not be construed as a duty.</p>
<p style="text-indent: 36pt; text-align: justify;">Section 15.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Change of Rights Agent</u>.</p> <p style="text-indent: 36pt; text-align: justify;">The Rights Agent or
any successor Rights Agent may resign and be discharged from its duties under this Agreement upon 30 days' notice in writing mailed to BAM and the Company and to each transfer agent of the Class A Shares and the BIP Units by registered or certified
mail. BAM may remove the Rights Agent or any successor Rights Agent upon 30 days' notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Class A Shares and the BIP Units by
registered or certified mail. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, BAM shall appoint a successor to the Rights Agent. If BAM shall fail to make such appointment within a period of 30 days
after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by a Class A Shareholder, then any Class A Shareholder may apply to any court of
competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by BAM or by such a court, shall be a corporation organized and doing business under the laws of the United States or of any state of the
United States, in good standing, which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal or state authority and which has at the time of its appointment as Rights Agent a
combined capital and surplus of at least $100 million. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or
deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, including, without limitation, the Collateral Account, and execute and deliver any further assurance,
conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment BAM shall file notice thereof in writing with the predecessor Rights Agent, the Company, and each transfer agent of the Class A Shares and
the BIP Units. Failure to give any notice provided for in this <u>Section 15</u>, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights
Agent, as the case may be.</p> <div id="footer_page_22"> <p style="text-align: center;">-20-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_23"></A>
<p style="text-indent: 36pt; text-align: justify;">Section 16.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Notices</u>.</p> <p style="text-indent: 36pt; text-align: justify;">Notices or demands authorized by
this Agreement to be given or made by the Rights Agent or by any Exchanging Class A Shareholder, other Class A Shareholder, or other holder of a Secondary Exchange Right, to or on BAM shall be sufficiently given or made if sent by first-class mail,
postage prepaid, addressed (until another address is filed in writing with the Rights Agent) as follows:</p> <p style="margin-left: 72pt; text-align: justify;">Brookfield Asset Management Inc.<br>Brookfield Place, Suite 300<br>181 Bay Street, P.O.
Box 762<br>Toronto, Ontario, Canada M5J 2T3<br>Attention: Chief Legal Officer</p> <p style="text-indent: 36pt; text-align: justify;">Subject to the provisions of <u>Section 15</u> hereof, any notice or demand authorized by this Agreement to be given
or made by BAM or by any Exchanging Class A Shareholder, other Class A Shareholder, or other holder of a Secondary Exchange Right to or on the Rights Agent shall be sufficiently given or made if sent by registered or certified mail and shall be
deemed given upon receipt and, addressed (until another address is filed in writing with BAM) as follows:</p> <p style="margin-left: 72pt; text-align: justify;">Wilmington Trust, National Association<br>Attn: Robert L. Reynolds<br>246 Goose Lane,
Suite 105<br>Guilford, CT 06437<br>Phone: (203) 453-1318<br>Fax: (203) 453-1183<br><font style="color: #0000ff;"><u>Email: rlreynolds@wilmingtontrust.com</u></font></p> <p style="text-indent: 72pt; text-align: justify;">With a copy to the following
Email <font style="color: #0000ff;"><u>address: restructuring@wilmingtontrust.com</u></font></p> <p style="text-indent: 36pt; text-align: justify;">Notices or demands authorized by this Agreement to be given or made by BAM or the Rights Agent to any
Class A Shareholder shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company or the transfer agent for the Class A
Shares.</p> <div id="footer_page_23"> <p style="text-align: center;">-21-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_24"></A>
<p style="text-indent: 36pt; text-align: justify;">Section 17.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Supplements and Amendments<i>.</i></u></p> <p style="text-indent: 36pt; text-align: justify;">BAM may
from time to time, and the Rights Agent shall, if BAM so directs, supplement or amend this Agreement without the approval of any Class A Shareholder in order to cure any ambiguity, to correct or supplement any provision contained herein which may be
defective or inconsistent with any other provisions herein, to make modifications necessary to reflect changes in applicable law, including, without limitation, tax law, or to make any other change, in each case, provided that such change,
amendment, modification or supplementation does not adversely affect any Class A Shareholder or its rights hereunder in any respect. Except as set forth in the immediately preceding sentence or as otherwise contemplated by Section 4(a)(i) or Section
14(b) with respect to updates to Exhibits B-1 and B-2, any amendment or modification to this Agreement shall require (a) pursuant to a consent request duly conducted by, and at the expense of, BAM or (b) at a duly called annual or special meeting of
the Company's shareholders, the affirmative consent or vote, as applicable, of holders of at least two-thirds of the outstanding Class A Shares not held by BAM, BIP or their controlled Affiliates, voting as a class, and the approval of a majority of
the independent directors (within the meaning of the listing standards of the securities exchange on which the Company's securities may then be listed) of the Company. Any supplement or amendment authorized by this <u>Section 17</u> shall be
evidenced by a writing signed by BAM and the Rights Agent. Notwithstanding anything in this Agreement to the contrary, no supplement or amendment that changes the rights and duties of the Rights Agent under this Agreement will be effective against
the Rights Agent without the execution of such supplement or amendment by the Rights Agent. In executing any amendment or supplement contemplated hereby, the Rights Agent shall be provided with, and shall be entitled to conclusively and exclusively
rely upon, an opinion of counsel (which may be counsel to BAM) stating that the execution of such amendment or supplement is authorized or permitted by this Agreement and all conditions precedent to the execution and delivery thereof have been duly
satisfied or waived.</p> <p style="text-indent: 36pt; text-align: justify;">Section 18.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Successors</u>.</p> <p style="text-indent: 36pt; text-align: justify;">All the
covenants and provisions of this Agreement by or for the benefit of BAM or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.</p> <p style="text-indent: 36pt; text-align: justify;">Section 19.<font
style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Benefits of this Agreement</u>.</p> <p style="text-indent: 36pt; text-align: justify;">Nothing in this Agreement shall be construed to give to any Person other than BAM,
the Rights Agent and the Class A Shareholders any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of BAM, the Rights Agent and the Class A Shareholders.</p>
<p style="text-indent: 36pt; text-align: justify;">Section 20.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Severability</u>.</p> <p style="text-indent: 36pt; text-align: justify;">If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated. If any provision of this Agreement is so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable.</p>
<div id="footer_page_24"> <p style="text-align: center;">-22-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_25"></A> <p style="text-indent: 36pt; text-align: justify;">Section 21.<font
style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Governing Law; Forum Selection</u>.</p> <p style="text-indent: 36pt; text-align: justify;">This Agreement and the Secondary Exchange Rights issued hereunder shall be
deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State. Each
party to this Agreement irrevocably and unconditionally agrees to be, and all the rights governed by this Agreement, including the rights of the Class A Shareholders in accordance with <u>Section 11</u> shall be, subject to the exclusive
jurisdiction of the state courts sitting in the City of Wilmington in the State of Delaware and of the United States of America located in the District of the State of Delaware for any actions, suits or proceedings arising out of, or relating to,
this Agreement. No action, suit or proceeding relating thereto shall be commenced in any other court. Service of any process, summons, notice or document if delivered or made pursuant to <u>Section 16</u> shall be effective service of process for
any action, suit or proceeding. Each party to this Agreement hereby irrevocably and unconditionally waives any objection which it may now or hereafter have to the laying of venue of any action, suit or proceeding arising out of this Agreement or the
transactions contemplated hereby in the aforementioned courts and hereby further irrevocably and unconditionally waives all claims, and agrees not to plead or claim in any such court, that any action, suit or proceeding brought in any such court has
been brought in an inconvenient forum.</p> <p style="text-indent: 36pt; text-align: justify;">Section 22.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Counterparts</u>.</p>
<p style="text-indent: 36pt; text-align: justify;">This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but
one and the same instrument.</p> <p style="text-indent: 36pt; text-align: justify;">Section 23.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Descriptive Headings</u>.</p>
<p style="text-indent: 36pt; text-align: justify;">The table of contents and descriptive headings of the several Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the
provisions hereof.</p> <p style="text-indent: 36pt; text-align: justify;">Section 24.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Administration; Termination</u>.</p>
<p style="text-indent: 36pt; text-align: justify;">This Agreement shall terminate on the earliest to occur of (i) the first Business Day where there shall be no Class A Shares outstanding, other than Class A Shares owned by BAM or its Affiliates,
(ii) (a) pursuant to a consent request duly conducted by, and at the expense of, BAM or (b) at a duly called annual or special meeting of the Company's shareholders, the affirmative consent or vote, as applicable, of holders of at least two-thirds
of the outstanding Class A Shares not held by BAM, BIP or their controlled Affiliates, voting as a class, and the approval of a majority of the independent directors (within the meaning of the listing standards of the securities exchange on which
the Company's securities may then be listed) of the Company, and (iii) the Final Expiration Date. BAM shall provide the Rights Agent with written notice of the termination of this Agreement pursuant to section (i) or (ii) above.</p>
<div id="footer_page_25"> <p style="text-align: center;">-23-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_26"></A> <p style="text-indent: 36pt; text-align: justify;">Section 25.<font
style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>No Waiver; Cumulative Rights</u>.</p> <p style="text-indent: 36pt; text-align: justify;">No failure on the part of any Class A Shareholder to exercise, and no delay in
exercising, any right, remedy or power hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by any Class A Shareholder of any right, remedy or power hereunder preclude any other or future exercise of any right,
remedy or power hereunder by such Class A Shareholder or any other Class A Shareholder. Each and every right, remedy and power hereby granted to the Class A Shareholders shall be cumulative and not exclusive of any other right, remedy or power, and
may be exercised by any Class A Shareholder at any time or from time to time.</p> <p style="text-indent: 36pt; text-align: justify;">Section 26.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Fractional
Units</u>.</p> <p style="text-indent: 36pt; text-align: justify;">Class A Shareholders holding a number of Subject Class A Shares which would entitle such holders to receive less than one whole BIP Unit pursuant to this Agreement shall receive cash
in lieu of fractional units. Fractional BIP Units shall not be distributed to Class A Shareholders or credited to book-entry accounts. With respect to any delivery of BIP Units to a Class A Shareholder under this Agreement, BAM shall promptly
instruct the transfer agent for the BIP Units to, as soon as practicable, (a) determine the number of whole BIP Units and fractional BIP Units allocable to each holder of record or beneficial owner of Class A Shares entitled to receive BIP Units at
such time, (b) aggregate all such fractional units into whole BIP Units and sell the whole BIP Units obtained thereby in open market transactions, in each case, at then-prevailing trading prices on behalf of holders who would otherwise be entitled
to fractional BIP Units, and (c) distribute to each such holder, or for the benefit of each such beneficial owner, such holder or owner's ratable share of the net proceeds of such sale, based upon the average gross selling price per BIP Unit after
making appropriate deductions for any amount required to be withheld for tax purposes and any brokerage fees incurred in connection with these sales of fractional BIP Units. Neither BAM nor the Rights Agent will guarantee any minimum sale price for
the fractional BIP Units. Neither BAM nor the Rights Agent will pay any interest on the proceeds from the sale of fractional BIP Units. The transfer agent of the BIP Units acting on behalf of the applicable party will have the sole discretion to
select the broker-dealers through which to sell the aggregated fractional BIP Units and to determine when, how and at what price to sell such units, provided that neither the transfer agent nor the broker-dealers through which the aggregated
fractional BIP Units are sold shall be Affiliates of BAM.</p> <p style="text-indent: 36pt; text-align: justify;">Section 27.<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Book Entry</u>.</p>
<p style="text-indent: 36pt; text-align: justify;">Reference in this Agreement to certificates for Class A Shares or BIP Units shall include, in the case of uncertificated shares or units, the balances indicated in the book-entry account system of
the transfer agent for the Class A Shares or BIP Units, as applicable. Any legend required to be placed on any certificates for Class A Shares or BIP Units may instead be included on any book-entry confirmation or notification to the registered
holder of such Class A Shares or BIP Units.</p> <div id="footer_page_26"> <p style="text-align: center;">-24-</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_27"></A>
<p style="text-indent: 36pt; text-align: justify;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective duly authorized officers as of the day and year first above written.</p>
<table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 47%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;" colspan="2"> <p><b>&#160;</b></p> </td>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p><b>&#160;</b></p> </td>
<td style="width: 47%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top; white-space: nowrap;" colspan="2"> <p><b>Brookfield Asset Management Inc.</b></p> </td> </tr>
<tr>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="text-align: justify;">&#160;</p> </td>
<td style="width: 38%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="text-align: justify;">&#160;</p> </td>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="text-align: justify;">&#160;</p> </td>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top; white-space: nowrap;"> <p style="text-align: justify;">By:</p> </td>
<td style="width: 39%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top; border-bottom: 0.75pt solid #000000; white-space: nowrap;"> <p style="text-align: justify;">/s/ Aaron Kline</p> </td> </tr>
<tr>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="margin-left: 36pt; text-indent: -36pt;">&#160;</p> </td>
<td style="width: 38%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="margin-left: 36pt; text-indent: -36pt;">&#160;</p> </td>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="margin-left: 36pt; text-indent: -36pt;">&#160;</p> </td>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top; white-space: nowrap;"> <p style="margin-left: 36pt; text-indent: -36pt;">&#160;</p> </td>
<td style="width: 39%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top; white-space: nowrap;"> <p style="margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt;">Name:<font
style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Aaron Kline</p> <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -36pt;">Title: Managing Director</p> </td> </tr> </table> <br>
<table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 47%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;" colspan="2">&#160;</td>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;">&#160;</td>
<td style="width: 47%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top; white-space: nowrap;" colspan="2">&#160;</td> </tr>
<tr>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;" colspan="2"> <p><b>&#160;</b></p> </td>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p><b>&#160;</b></p> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top; white-space: nowrap;" colspan="2"> <p><b>Wilmington Trust, National Association </b>as Rights Agent</p> </td> </tr>
<tr>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="text-align: justify;">&#160;</p> </td>
<td style="width: 38%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="text-align: justify;">&#160;</p> </td>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="text-align: justify;">&#160;</p> </td>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top; white-space: nowrap;"> <p style="text-align: justify;">By:</p> </td>
<td style="width: 39%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top; border-bottom: 0.75pt solid #000000; white-space: nowrap;"> <p style="text-align: justify;">/s/ Robert L. Reynolds</p> </td> </tr>
<tr>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="margin-left: 36pt; text-indent: -36pt;">&#160;</p> </td>
<td style="width: 38%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="margin-left: 36pt; text-indent: -36pt;">&#160;</p> </td>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="margin-left: 36pt; text-indent: -36pt;">&#160;</p> </td>
<td style="width: 5%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top; white-space: nowrap;"> <p style="margin-left: 36pt; text-indent: -36pt;">&#160;</p> </td>
<td style="width: 39%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top; white-space: nowrap;"> <p style="margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt;">Name:<font
style="width: 4.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>Robert L. Reynolds</p> <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -36pt;">Title: Vice President<font
style="width: 8.7pt; text-indent: 0pt; display: inline-block;">&#160;</font></p> </td> </tr> </table> <p style="text-align: center;">&#160;</p> <p style="text-align: center;">&#160;</p> <p style="text-align: center;"><i>[Signature Page to Rights
Agreement]</i></p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_28"></A> <p style="text-align: right;"><u><b>EXHIBIT A</b></u></p> <p style="text-align: center;"><u>Form of the Company's
Articles</u></p>
<table style="width: 239.5pt; border-collapse: collapse; font-size: 10pt; float: right;" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"> <p style="text-align: right;">Number:</p> </td>
<td style="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"> <p>BC1221659</p> </td> </tr> </table> <p style="text-align: center;">&#160;</p> <p style="text-align: center;"><i><b>BUSINESS CORPORATIONS ACT</b></i></p>
<p style="text-align: center;"><b>ARTICLES</b></p> <p style="text-align: center;"><b>of</b></p> <p style="text-align: center;"><b>BROOKFIELD INFRASTRUCTURE CORPORATION</b></p> <p style="text-align: center;"><b>TABLE OF CONTENTS</b></p>
<table style="font-size: 10pt; width: 100%; border-collapse: collapse;" cellspacing="0" cellpadding="0">
<tr>
<td style="text-align: left;"><b>PART 1 INTERPRETATION</b></td>
<td style="width: 10%; text-align: right;"><b>1</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 2 SHARES AND SHARE CERTIFICATES</b></td>
<td style="width: 10%; text-align: right;"><b>16</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 3 ISSUE OF SHARES</b></td>
<td style="width: 10%; text-align: right;"><b>18</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 4 SHARE REGISTERS</b></td>
<td style="width: 10%; text-align: right;"><b>19</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 5 SHARE TRANSFERS</b></td>
<td style="width: 10%; text-align: right;"><b>19</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 6 TRANSMISSION OF SHARES</b></td>
<td style="width: 10%; text-align: right;"><b>20</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 7 PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES</b></td>
<td style="width: 10%; text-align: right;"><b>21</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 8 BORROWING POWERS</b></td>
<td style="width: 10%; text-align: right;"><b>22</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 9 ALTERATIONS</b></td>
<td style="width: 10%; text-align: right;"><b>22</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 10 MEETINGS OF SHAREHOLDERS</b></td>
<td style="width: 10%; text-align: right;"><b>23</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 11 PROCEEDINGS AT MEETINGS OF SHAREHOLDERS</b></td>
<td style="width: 10%; text-align: right;"><b>26</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 12 VOTES OF SHAREHOLDERS</b></td>
<td style="width: 10%; text-align: right;"><b>30</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 13 DIRECTORS</b></td>
<td style="width: 10%; text-align: right;"><b>35</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 14 ELECTION AND REMOVAL OF DIRECTORS</b></td>
<td style="width: 10%; text-align: right;"><b>36</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 15 POWERS AND DUTIES OF DIRECTORS</b></td>
<td style="width: 10%; text-align: right;"><b>43</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 16 INTERESTS OF DIRECTORS AND OFFICERS</b></td>
<td style="width: 10%; text-align: right;"><b>44</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 17 PROCEEDINGS OF DIRECTORS</b></td>
<td style="width: 10%; text-align: right;"><b>45</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 18 EXECUTIVE AND OTHER COMMITTEES</b></td>
<td style="width: 10%; text-align: right;"><b>48</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 19 OFFICERS</b></td>
<td style="width: 10%; text-align: right;"><b>50</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 20 INDEMNIFICATION</b></td>
<td style="width: 10%; text-align: right;"><b>50</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 21 DIVIDENDS</b></td>
<td style="width: 10%; text-align: right;"><b>52</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 22 ACCOUNTING RECORDS AND AUDITOR</b></td>
<td style="width: 10%; text-align: right;"><b>54</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 23 NOTICES</b></td>
<td style="width: 10%; text-align: right;"><b>54</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 24 PROHIBITIONS</b></td>
<td style="width: 10%; text-align: right;"><b>57</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 25 SPECIAL RIGHTS AND RESTRICTIONS&#160; CLASS A EXCHANGEABLE SUBORDINATE VOTING SHARES</b></td>
<td style="width: 10%; text-align: right;"><b>58</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 26 SPECIAL RIGHTS AND RESTRICTIONS&#160; CLASS B MULTIPLE VOTING SHARES</b></td>
<td style="width: 10%; text-align: right;"><b>67</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 27 SPECIAL RIGHTS AND RESTRICTIONS&#160; CLASS C NON-VOTING SHARES</b></td>
<td style="width: 10%; text-align: right;"><b>70</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 28 SPECIAL RIGHTS AND RESTRICTIONS&#160; CLASS A SENIOR PREFERRED SHARES</b></td>
<td style="width: 10%; text-align: right;"><b>73</b></td> </tr>
<tr>
<td style="text-align: left;"><b>PART 29 SPECIAL RIGHTS AND RESTRICTIONS&#160; CLASS B JUNIOR PREFERRED SHARES</b></td>
<td style="width: 10%; text-align: right;"><b>74</b></td> </tr> </table> <br> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_2"></A><br>
<table style="border-collapse: collapse; font-size: 10pt; float: right;" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"> <p style="text-align: right;">Number:</p> </td>
<td style="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"> <p>BC1221659</p> </td> </tr> </table> <p style="text-align: center;">&#160;</p> <p style="text-align: center;"><i><b>BUSINESS CORPORATIONS ACT</b></i></p>
<p style="text-align: center;"><b>ARTICLES</b></p> <p style="text-align: center;"><b>of</b></p> <p style="text-align: center;"><b>BROOKFIELD INFRASTRUCTURE CORPORATION</b><br><b>(the "Company")</b></p> <p style="text-align: center;"><b>PART
1</b><br><br><b>INTERPRETATION</b></p> <p style="text-align: justify;"><b>Definitions</b></p> <p style="text-align: justify;">1.1<font style="width: 57pt; display: inline-block;">&#160;</font>In these Articles, unless the context otherwise
requires:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>"<b>Act</b>" means the <i>Business Corporations Act</i> (British Columbia) from time to time in force and all
amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>affiliate</b>" means
with respect to a Person, any other Person that, directly or indirectly, through one or more intermediaries, Controls or is Controlled by such Person, or is under common Control of a third Person;</p>
<p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>"<b>BAM</b>" means Brookfield Asset Management Inc., a corporation existing under the Laws of the Province of Ontario, and is
deemed to refer to all successors, including, without limitation, by operation of Law;&#160;</p> <p style="margin-left: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>BIP</b>" means Brookfield
Infrastructure Partners L.P., a Bermuda exempted limited partnership, and is deemed to refer to all successors, including, without limitation, by operation of Law;</p> <p style="margin-left: 36pt; text-align: justify;">(e)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>"<b>BIP-Affiliated Class A Shareholder</b>" means BIP or a Person Controlled by BIP to the extent BIP or such other Person holds Class A Shares;</p>
<p style="margin-left: 36pt; text-align: justify;">(f)<font style="width: 24.01pt; display: inline-block;">&#160;</font>"<b>BIP Distribution Declaration Date</b>" means the date on which the BIP GP declares any distribution on the BIP Units;</p>
<p style="margin-left: 36pt; text-align: justify;">(g)<font style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>BIP Distributed Right</b>" has the meaning as provided in clause (ii) of the definition of "Conversion Factor" below;</p>
<p style="margin-left: 36pt; text-align: justify;">(h)<font style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>BIP GP</b>" means the general partner of BIP from time to time;</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_3"></A> <div id="header_page_3"> <p style="text-align: center;">- 2 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(i)<font
style="width: 26pt; display: inline-block;">&#160;</font>"<b>BIP Liquidation Event</b>" has the meaning as provided in &#167;25.25;</p>
<p style="margin-left: 36pt; text-align: justify;">(j)<font style="width: 26pt; display: inline-block;">&#160;</font>"<b>BIP Unit</b>" means a limited partnership interest in BIP representing a fractional part of all the limited partnership
interests in BIP, other than a preferred limited partnership interest, and which limited partnership interest is designated by BIP as an "Equity Unit" (as defined in the Amended and Restated Limited Partnership Agreement of BIP dated as of February
16, 2018), and includes any limited partnership interest or other equity interest of BIP into which such BIP Unit is converted or for which such BIP Unit is exchanged;</p> <p style="margin-left: 36pt; text-align: justify;">(k)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>BIP Unit Value</b>" means, with respect to a BIP Unit on a particular date, the market price of a BIP Unit on such date or, if such date is not a Trading Day, the most recent Trading
Day. The market price for each such Trading Day shall be: (i) if the BIP Units are listed on a U.S. National Securities Exchange, the closing price per BIP Unit (or, if no closing price is reported, the average of the last quoted bid and ask prices
or, if more than one in either case, the average of the average bid and average ask prices) on such day for such U.S. National Securities Exchange; (ii) if the BIP Units are not listed on a U.S. National Securities Exchange but are listed on the
TSX, the U.S. dollar equivalent (calculated using the rate published by the Bank of Canada as of 4:30 p.m., Eastern Time, on such date) of the closing price per BIP Unit (or, if no closing price is reported, the average of the last quoted bid and
ask prices or, if more than one in either case, the average of the average bid and average ask prices) on such day for the TSX; (iii) if the BIP Units are not listed or admitted to trading on any U.S. National Securities Exchange or the TSX, the
last quoted bid price on such day in the over-the-counter market on such day as reported by OTC Markets Group Inc. or a similar organization; (iv) if the BIP Units are not listed or admitted to trading on any U.S. National Securities Exchange or the
TSX and the BIP Units are not quoted in the over-the-counter market, the average of the mid-point of the last quoted bid and ask prices on such day from each of at least three nationally recognized independent investment banking firms selected by
the Company for such purpose or (v) if none of the conditions set forth in clauses (i), (ii), (iii) or (iv) is met, then the amount that a holder of one BIP Unit would receive if each of the assets of BIP were sold for its fair market value on such
date, BIP were to pay all of its outstanding liabilities and the remaining proceeds were to be distributed to its partners in accordance with the terms of its partnership agreement;</p> <p style="margin-left: 36pt; text-align: justify;">(l)<font
style="width: 26pt; display: inline-block;">&#160;</font>"<b>BIP Units Amount</b>" means, with respect to each Tendered Share, such number of BIP Units equal to the Conversion Factor in effect on the Valuation Date with respect to such Tendered
Shares;</p> <p style="margin-left: 36pt; text-align: justify;">(m)<font style="width: 19.5pt; display: inline-block;">&#160;</font>"<b>board of directors</b>", "<b>directors</b>" and "<b>board</b>" mean the directors or sole director of the Company
for the time being;</p> <p style="margin-left: 36pt; text-align: justify;">(n)<font style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>Business Day</b>" means any day except a Saturday, Sunday or other day on which commercial banks in
New York, New York, United States of America or Toronto, Ontario, Canada are authorized or required by Law to close;</p> <p style="margin-left: 36pt; text-align: justify;">(o)<font style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>Cash
Amount</b>" means (a) with respect to each Tendered Class A Share, an amount in cash equal to the product of (i) the applicable BIP Units Amount for such Tendered Class A Share multiplied by (ii) the BIP Unit Value as of the applicable Valuation
Date, and (b) with respect to each Tendered Class B Share and Tendered Class C Share, an amount in cash equal to the BIP Unit Value for such Tendered Class B Share or Tendered Class C Share, as applicable;</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_4"></A> <div id="header_page_4"> <p style="text-align: center;">- 3 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(p)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>Class A Distributed Right</b>" has the meaning as provided in clause (vi) of the definition of "Conversion Factor" below;</p> <p style="margin-left: 36pt; text-align: justify;">(q)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>Class A Dividend</b>" has the meaning as provided in &#167;25.2;</p>
<p style="margin-left: 36pt; text-align: justify;">(r)<font style="width: 24.01pt; display: inline-block;">&#160;</font>"<b>Class A Senior Preferred Share</b>" means a class A senior preferred share of the Company;</p>
<p style="margin-left: 36pt; text-align: justify;">(s)<font style="width: 23.34pt; display: inline-block;">&#160;</font>"<b>Class A Share</b>" means a class A exchangeable subordinate voting share of the Company;</p>
<p style="margin-left: 36pt; text-align: justify;">(t)<font style="width: 26pt; display: inline-block;">&#160;</font>"<b>Class A Share Value</b>" means, with respect to a Class A Share on a particular date, the market price of a Class A Share on
such date or, if such date is not a Trading Day, the most recent Trading Day. The market price for each such Trading Day shall be: (i) if the Class A Shares are listed on a U.S. National Securities Exchange, the closing price per Class A Share (or,
if no closing price is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid and average ask prices) on such day for such U.S. National Securities Exchange; (ii) if the Class
A Shares are not listed on a U.S. National Securities Exchange but are listed on the TSX, the U.S. dollar equivalent (calculated using the rate published by the Bank of Canada as of 4:30 p.m., Eastern Time, on such date) of the closing price per
Class A Share (or, if no closing price is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid and average ask prices) on such day for the TSX; (iii) if the Class A Shares
are not listed or admitted to trading on any U.S. National Securities Exchange or the TSX, the last quoted bid price on such day in the over-the-counter market on such day as reported by OTC Markets Group Inc. or a similar organization; (iv) if the
Class A Shares are not listed or admitted to trading on any U.S. National Securities Exchange or the TSX and the Class A Shares are not quoted in the over-the-counter market, the average of the mid-point of the last quoted bid and ask prices on such
day from each of at least three nationally recognized independent investment banking firms selected by the Company for such purpose or (v) if none of the conditions set forth in clauses (i), (ii), (iii) or (iv) is met then the amount that a holder
of one Class A Share would receive if each of the assets of the Company were sold for its fair market value on such date, the Company were to pay all of its outstanding liabilities and the remaining proceeds were to be distributed to its
shareholders in accordance with the terms of these Articles;</p> <p style="margin-left: 36pt; text-align: justify;">(u)<font style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>Class A Shareholder</b>" means a holder of Class A
Shares;</p> <p style="margin-left: 36pt; text-align: justify;">(v)<font style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>Class B Junior Preferred Share</b>" means a class B junior preferred share of the Company;</p>
<p style="margin-left: 36pt; text-align: justify;">(w)<font style="width: 19.34pt; display: inline-block;">&#160;</font>"<b>Class B Retraction Amount</b>" has the meaning as provided in &#167;26.11;</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_5"></A> <div id="header_page_5"> <p style="text-align: center;">- 4 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(x)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>Class B Retraction Right</b>" has the meaning as provided in &#167;26.11;</p>
<p style="margin-left: 36pt; text-align: justify;">(y)<font style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>Class B Share</b>" means a class B multiple voting share of the Company;</p>
<p style="margin-left: 36pt; text-align: justify;">(z)<font style="width: 22.68pt; display: inline-block;">&#160;</font>"<b>Class B Shareholder</b>" means a holder of Class B Shares;</p> <p style="margin-left: 36pt; text-align: justify;">(aa)<font
style="width: 17.36pt; display: inline-block;">&#160;</font>"<b>Class C Retraction Amount</b>" has the meaning as provided in &#167;27.8;</p>
<p style="margin-left: 36pt; text-align: justify;">(bb)<font style="width: 16.01pt; display: inline-block;">&#160;</font>"<b>Class C Retraction Right</b>" has the meaning as provided in &#167;27.8;</p>
<p style="margin-left: 36pt; text-align: justify;">(cc)<font style="width: 17.36pt; display: inline-block;">&#160;</font>"<b>Class C Share</b>" means a class C non-voting share of the Company;</p>
<p style="margin-left: 36pt; text-align: justify;">(dd)<font style="width: 16.01pt; display: inline-block;">&#160;</font>"<b>Class C Shareholder</b>" means a holder of Class C Shares;</p> <p style="margin-left: 36pt; text-align: justify;">(ee)<font
style="width: 17.36pt; display: inline-block;">&#160;</font>"<b>Close of Business</b>" means 5:00 p.m., Eastern Time;</p>
<p style="margin-left: 36pt; text-align: justify;">(ff)<font style="width: 20.02pt; display: inline-block;">&#160;</font>"<b>Company</b>" means Brookfield Infrastructure Corporation;</p> <p style="margin-left: 36pt; text-align: justify;">(gg)<font
style="width: 16.01pt; display: inline-block;">&#160;</font>"<b>Control</b>" means the control by one Person of another Person in accordance with the following: a Person ("<b>A</b>") controls another Person ("<b>B</b>") where A has the power to
determine the management and policies of B by contract or status (for example, the status of A being the general partner of B) or by virtue of the beneficial ownership of or control over a majority of the voting interests in B; and, for certainty
and without limitation, if A owns or has control over shares or other securities to which are attached more than 50% of the votes permitted to be cast in the election of directors of to the Governing Body of B or A is the general partner of B, a
limited partnership, then in each case A controls B for this purpose;</p> <p style="margin-left: 36pt; text-align: justify;">(hh)<font style="width: 16.01pt; display: inline-block;">&#160;</font>"<b>Conversion Factor</b>" means 1.0; provided that in
the event that:</p> <p style="margin-left: 94.5pt; text-align: justify;">(i)<font style="width: 51.67pt; display: inline-block;">&#160;</font>BIP (a) declares or pays a distribution on its outstanding BIP Units wholly or partly in BIP Units; (b)
splits or subdivides its outstanding BIP Units or (c) effects a reverse unit split or otherwise combines or reclassifies its outstanding BIP Units into a smaller number of BIP Units, the Conversion Factor shall be adjusted to equal the amount
determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Record Date for such event by a fraction, (x) the numerator of which shall be the number of BIP Units issued and outstanding as of the Close
of Business on the Record Date for such distribution or the Effective Date for such split, subdivision, reverse split, combination or reclassification, as applicable (assuming for such purpose that such distribution, split, subdivision, reverse
split, combination or reclassification has occurred as of such time), and (y) the denominator of which shall be the actual number of BIP Units (determined without the above assumption) issued and outstanding as of the Close of Business on the Record
Date for such distribution or the Effective Date for such split, subdivision, reverse split, combination or reclassification, as applicable.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_6">
</A> <div id="header_page_6"> <p style="text-align: center;">- 5 -</p> </div> <p style="margin-left: 94.5pt; text-align: justify;">Any adjustment under this clause (i) shall become effective immediately after the Open of Business on the Record Date
for such distribution, or immediately after the Open of Business on the Effective Date for such split, subdivision, reverse split, combination or reclassification, as applicable. If such distribution of the type described in this clause (i) is
declared but not so paid or made and will not be so paid or made, the Conversion Factor shall be immediately readjusted, effective as of the date the BIP GP determines not to pay such distribution, to the Conversion Factor that would be in effect if
such distribution had not been declared.</p> <p style="margin-left: 94.5pt; text-align: justify;">(ii)<font style="width: 48.34pt; display: inline-block;">&#160;</font>BIP distributes any rights, options or warrants to all or substantially all
holders of BIP Units to convert into, exchange for or subscribe for or to purchase or to otherwise acquire BIP Units (or other securities convertible into, exchangeable for or exercisable for BIP Units) (each a "<b>BIP Distributed Right</b>"), then,
as of the Record Date for the distribution of such BIP Distributed Rights or, if later, the time such BIP Distributed Rights become exercisable, the Conversion Factor shall be adjusted to equal the amount determined by multiplying the Conversion
Factor in effect immediately prior to the Open of Business on the Record Date by a fraction (A) the numerator of which shall be the number of BIP Units issued and outstanding as of the Close of Business on the Record Date (or, if later, the date
such BIP Distributed Rights become exercisable) plus the maximum number of BIP Units deliverable or purchasable under such BIP Distributed Rights and (B) the denominator of which shall be (x) the number of BIP Units issued and outstanding as of the
Close of Business on the Record Date plus (y) such number of BIP Units determined by dividing the minimum aggregate cash purchase price under such BIP Distributed Rights of the maximum number of BIP Units purchasable under such BIP Distributed
Rights by the average of the BIP Unit Value for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance (or, if later, the date such BIP Distributed Rights
become exercisable); provided, however, that, if any such BIP Distributed Rights expire or become no longer exercisable, then the Conversion Factor shall be adjusted, effective retroactive to the Record Date of the BIP Distributed Rights, to reflect
a reduced maximum number of BIP Units or any change in the minimum aggregate purchase price for the purposes of the above fraction.</p> <p style="margin-left: 94.5pt; text-align: justify;">Any adjustment under this clause (ii) will be made
successively whenever such rights, options or warrants are issued and shall become effective immediately after the Open of Business on the Record Date for such issuance (or, if later, the date such rights, options or warrants become exercisable). To
the extent that the BIP Units are not delivered and will not be delivered after the exercise of such rights, options or warrants, the Conversion Factor shall be decreased to the Conversion Factor that would then be in effect had the increase with
respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of BIP Units actually delivered. If such rights, options or warrants are not so issued, the Conversion Factor shall be decreased,
effective as of the date the BIP GP determines not to issue such rights, options or warrants, to the Conversion Factor that would then be in effect if such Record Date for such issuance had not occurred.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_7"></A> <div id="header_page_7"> <p style="text-align: center;">- 6 -</p> </div> <p style="margin-left: 94.5pt; text-align: justify;">In
determining the minimum aggregate purchase price under such BIP Distributed Rights, there shall be taken into account any consideration received by BIP for such rights, options or warrants and any amount payable on exercise or conversion thereof,
the value of such consideration, if other than cash, to be determined by the BIP GP.</p> <p style="margin-left: 94.5pt; text-align: justify;">(iii)<font style="width: 45.01pt; display: inline-block;">&#160;</font> (A) BIP distributes to all or
substantially all holders of BIP Units evidences of its indebtedness or assets (including securities, but excluding distributions paid exclusively in cash, distributions referred to in clauses (i) or (ii) above or any Spin-off referred to in clause
(iii)(B) below) or rights, options or warrants to convert into, exchange for or subscribe for or to purchase or to otherwise acquire such securities (but excluding distributions referred to in clause (ii) above), the Conversion Factor shall be
adjusted to equal the amount determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Record Date for such distribution by a fraction (a) the numerator of which shall be the average of the BIP Unit
Value over the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately prior to the Ex-Dividend Date for such distribution and (b) the denominator of which shall be the average of the BIP Unit Value over the ten
(10) consecutive Trading Day period ending on, and including, the Trading Day immediately prior to the Ex-Dividend Date for such distribution less the fair market value on the Record Date for such distribution (as determined by the BIP GP) of the
portion of the evidences of indebtedness or assets, rights, options or warrants so distributed applicable to one BIP Unit.</p> <p style="margin-left: 94.5pt; text-align: justify;">Any adjustment under this clause (iii)(A) will become effective
immediately after the Open of Business on the Record Date for such distribution. If such distribution is not paid or made, the Conversion Factor shall be decreased, effective as of the date the BIP GP determines not to pay or make such distribution,
to be the Conversion Factor that would then be in effect if such distribution had not been declared.</p> <p style="margin-left: 94.5pt; text-align: justify;">Notwithstanding the foregoing, if the fair market value (as determined by the BIP GP) of
the portion of the evidences of indebtedness or assets, rights, options or warrants distributable to one BIP Unit is equal to or greater than the average BIP Unit Value referenced above in this clause (iii)(A), in lieu of the foregoing adjustment,
each Class A Shareholder shall receive from the Company, in respect of each Class A Share, a distribution of cash payable out of the funds legally available therefor (at the same time as holders of the BIP Units), that in the determination of the
Company, is comparable as a whole in all material respects with the amount of BIP indebtedness or assets or rights, options or warrants to convert into, exchange for or subscribe for or to purchase or to otherwise acquire such securities that such
holder would have received if such holder owned a number of BIP Units equal to the Conversion Factor in effect immediately prior to the Record Date.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_8">
</A> <div id="header_page_8"> <p style="text-align: center;">- 7 -</p> </div> <p style="margin-left: 94.5pt; text-align: justify;">(B) Where there has been a Spin-off, the Conversion Factor shall be adjusted to equal the amount determined by
multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Record Date for such Spin-off by a fraction (a) the numerator of which shall be the average of the Last Reported Sale Prices of the share capital or similar
equity interest applicable to one BIP Unit distributed to BIP Unit holders over the Valuation Period plus the average of the BIP Unit Value over the Valuation Period and (b) the denominator of which shall be the average of the BIP Unit Value over
the Valuation Period; provided that, the Company may elect to pay cash in lieu of making an adjustment to the Conversion Factor provided by this clause (iii)(B), in which case the Company shall be required to pay to the Class A Shareholders and the
Class A Shareholders shall be entitled to receive, cash on the third (3rd) Business Day immediately following the last Trading Day of the Valuation Period in an amount in respect of each Class A Share held, calculated by multiplying the BIP Unit
Value on the Record Date of such Spin-off by the amount the Conversion Factor would have increased as a result of such Spin-off if no such cash payment was made.</p> <p style="margin-left: 94.5pt; text-align: justify;">Any adjustment under this
clause (iii)(B) will be made immediately after the Close of Business on the last Trading Day of the Valuation Period, but will be given effect as of the Open of Business on the Record Date for such Spin-off.</p>
<p style="margin-left: 94.5pt; text-align: justify;">Notwithstanding the foregoing, in respect of any exchange by a Class A Shareholder during the Valuation Period, references contained in the definition of Valuation Period to "ten (10) consecutive
Trading Days" shall be deemed for the purposes of the foregoing for such holder to be replaced with such lesser number of Trading Days as have elapsed between the Record Date of such Spin-off and the Trading Day immediately preceding the Exchange
Date in determining the Conversion Factor. If any such Spin-off does not occur, the Conversion Factor shall be decreased, effective as of the date the BIP GP determines not to proceed with the Spin-off, to be the Conversion Factor that would then be
in effect if such Spin-off had not been pursued.</p> <p style="margin-left: 94.5pt; text-align: justify;">(iv)<font style="width: 45.67pt; display: inline-block;">&#160;</font>BIP or one of its subsidiaries makes a payment in respect of a tender or
exchange offer for the BIP Units (but excluding for all purposes any tender or exchange offer involving an offer to exchange BIP Units for Class A Shares or any other security that is economically equivalent to BIP Units), to the extent that the
cash and value of any other consideration included in the payment per BIP Unit exceeds the average of the BIP Unit Value over the ten (10) consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the last date on
which tenders or exchanges may be made pursuant to such tender or exchange offer (the "<b>Expiration Date</b>"), then the Conversion Factor shall be adjusted to equal the amount determined by multiplying the Conversion Factor in effect immediately
prior to the Open of Business on the Trading Day next succeeding the Expiration Date by a fraction (a) the numerator of which shall be (x) the sum of the aggregate value of all cash and any other consideration (as determined by the BIP GP) paid or
payable in respect of BIP Units in such tender or exchange offer plus (y) the average of the BIP Unit Value over the ten (10) consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date multiplied
by the number of BIP Units issued and outstanding immediately after the Expiration Date (after giving effect to the purchase of all BIP Units accepted for purchase or exchange in such tender or exchange offer, without duplication), and (b) the
denominator of which shall be the number of BIP Units issued and outstanding immediately prior to the Expiration Date (before giving effect to the purchase of all BIP Units accepted for purchase or exchange in such tender or exchange offer)
multiplied by the average of the BIP Unit Value over the ten (10) consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_9"></A> <div id="header_page_9"> <p style="text-align: center;">- 8 -</p> </div> <p style="margin-left: 94.5pt; text-align: justify;">For greater
certainty, no adjustment under this clause (iv) will be made for any normal course issuer bid or similar stock buyback. Any adjustment under this clause (iv) will be made immediately after the Close of Business on the tenth (10th) Trading Day
immediately following, and including, the Trading Day next succeeding the Expiration Date and shall be given effect as of the Open of Business on the day next succeeding the Expiration Date.</p>
<p style="margin-left: 94.5pt; text-align: justify;">Notwithstanding the foregoing, in respect of any exchange by a Class A Shareholder during the Valuation Period, references above to "ten (10) consecutive Trading Days" shall be deemed for such
holder to be replaced with such lesser number of Trading Days as have elapsed between the Expiration Date and the Trading Day immediately preceding the Exchange Date in determining the Conversion Factor.</p>
<p style="margin-left: 94.5pt; text-align: justify;">(v)<font style="width: 49.01pt; display: inline-block;">&#160;</font>the Company (a) declares or pays a dividend on its outstanding Class A Shares wholly or partly in Class A Shares; (b) splits or
subdivides its outstanding Class A Shares or (c) effects a reverse share split or otherwise combines or reclassifies its outstanding Class A Shares into a smaller number of Class A Shares, the Conversion Factor shall be adjusted to equal the amount
determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Record Date for such event by a fraction, (x) the numerator of which shall be the number of Class A Shares issued and outstanding as of the
Close of Business on the Record Date for such dividend or the Effective Date for such split, subdivision, reverse split, combination or reclassification, as applicable (determined without the assumption for such purpose that such dividend, split,
subdivision, reverse split, combination or reclassification has occurred as of such time), and (y) the denominator of which shall be the actual number of Class A Shares (assuming the above assumption has occurred) issued and outstanding as of the
Close of Business on the Record Date for such dividend or the Effective Date for such split, subdivision, reverse split, combination or reclassification, as applicable.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_10"></A> <div id="header_page_10"> <p style="text-align: center;">- 9 -</p> </div> <p style="margin-left: 94.5pt; text-align: justify;">Any
adjustment under this clause (v) shall become effective immediately after the Open of Business on the Record Date for such dividend, or immediately after the Open of Business on the Effective Date for such split, subdivision, reverse split,
combination or reclassification, as applicable. If such dividend of the type described in this clause (v) is declared but not so paid or made and will not be so paid or made, the Conversion Factor shall be immediately readjusted, effective as of the
date the board of directors determines not to pay such dividend, to the Conversion Factor that would be in effect if such dividend had not been declared.</p> <p style="margin-left: 94.5pt; text-align: justify;">(vi)<font
style="width: 45.67pt; display: inline-block;">&#160;</font>the Company distributes any rights, options or warrants to all or substantially all holders of Class A Shares to convert into, exchange for or subscribe for or to purchase or to otherwise
acquire Class A Shares (or other securities convertible into, exchangeable for or exercisable for Class A Shares) at a price per share that is less than the average of the Class A Share Value for the ten (10) consecutive Trading Day period ending
on, and including, the Trading Day immediately preceding the date of announcement of such issuance (each a "<b>Class A Distributed Right</b>"), then, as of the Record Date for the distribution of such Class A Distributed Rights or, if later, the
time such Class A Distributed Rights become exercisable, the Conversion Factor shall be adjusted to equal the amount determined by multiplying the Conversion Factor in effect immediately prior to the Open of Business on the Record Date by a fraction
(A) the numerator of which shall be (x) the number of Class A Shares issued and outstanding as of the Close of Business on the Record Date (or, if later, the date such Class A Distributed Rights become exercisable) plus (y) such number of Class A
Shares determined by dividing the minimum aggregate cash purchase price under such Class A Distributed Rights of the maximum number of Class A Shares purchasable under such Class A Distributed Rights by the average of the Class A Share Value for the
ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance (or, if later, the date such Class A Distributed Rights become exercisable) and (B) the denominator of
which shall be the number of Class A Shares issued and outstanding as of the Close of Business on the Record Date (or, if later, the date such Class A Distributed Rights become exercisable) plus the maximum number of Class A Shares purchasable under
such Class A Distributed Rights; provided, however, that, if any such Class A Distributed Rights expire or become no longer exercisable, then the Conversion Factor shall be adjusted, effective retroactive to the Record Date of the Class A
Distributed Rights, to reflect a reduced maximum number of Class A Shares or any change in the minimum aggregate purchase price for the purposes of the above fraction.</p> <p style="margin-left: 94.5pt; text-align: justify;">Any adjustment under
this clause (vi) will be made successively whenever such rights, options or warrants are issued and shall become effective immediately after the Open of Business on the Record Date (or, if later, the date such Class A Distributed Rights become
exercisable) for such issuance. To the extent that the Class A Shares are not delivered and will not be delivered after the exercise of such rights, options or warrants, the Conversion Factor shall be increased to the Conversion Factor that would
then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of Class A Shares actually delivered. If such rights, options or warrants are not so issued,
the Conversion Factor shall be increased, effective as of the date the board of directors determines not to issue such rights, options or warrants, to the Conversion Factor that would then be in effect if such Record Date for such issuance had not
occurred.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_11"></A> <div id="header_page_11"> <p style="text-align: center;">- 10 -</p> </div>
<p style="margin-left: 94.5pt; text-align: justify;">In determining the minimum aggregate purchase price under such Class A Distributed Rights, there shall be taken into account any consideration received by the Company for such rights, options or
warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the board of directors.</p> <p style="margin-left: 72pt; text-align: justify;">Any adjustment to the
Conversion Factor shall be calculated up to four (4) decimal places. Within ten (10) Business Days of the effectiveness of any adjustment or readjustment of the Conversion Factor, the Company shall make a public announcement of such adjustment or
readjustment.</p> <p style="margin-left: 72pt; text-align: justify;">Notwithstanding the foregoing, the Conversion Factor shall not be adjusted in connection with (a) an event described in clauses (i) through (iv) above (other than clause (iii)(B)
above) if, in connection with such event, the Company makes a distribution of cash, Class A Shares, BIP Units and/or rights, options or warrants to acquire Class A Shares and/or BIP Units with respect to all applicable Class A Shares, splits or
subdivides the Class A Shares, distributes to all or substantially all holders of Class A Shares evidences of its indebtedness or assets or effects a reverse split of, or otherwise combines or makes an offer for, the Class A Shares, as applicable,
that, in the determination of the Company, is comparable as a whole in all material respects with such event, (b) a Spin-off as described in clause (iii)(B) above if the Company makes a distribution of the share capital or similar equity interests
distributed to BIP Unit holders in the Spin-off in an amount and on terms that are comparable in all material respects to such Spin-off, or (c) an event described in clauses (v) through (vi) above if, in connection with such event, BIP makes a
distribution of cash, Class A Shares, BIP Units and/or rights, options or warrants to acquire Class A Shares and/or BIP Units with respect to all BIP Units, splits or subdivides the BIP Units or effects a reverse split of, or otherwise combines or
makes an offer for, the BIP Units, as applicable, that, in the determination of the Company, is comparable as a whole in all material respects with such event;</p> <p style="margin-left: 36pt; text-align: justify;">(ii)<font
style="width: 23pt; display: inline-block;">&#160;</font>"<b>Conversion Notice</b>" has the meaning as provided in &#167;25.31;</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_12"></A>
<div id="header_page_12"> <p style="text-align: center;">- 11 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(jj)<font style="width: 23pt; display: inline-block;">&#160;</font>"<b>Effective Date</b>" means, with respect to an event
described in clauses (i) and (v) of the definition of "Conversion Factor" above, the first date on which the BIP Units or Class A Shares, as applicable, trade on the applicable exchange or in the applicable market, in a regular way, reflecting the
relevant unit or share split, subdivision, reserve split, combination or reclassification, as applicable;</p> <p style="margin-left: 36pt; text-align: justify;">(kk)<font style="width: 16.01pt; display: inline-block;">&#160;</font>"<b>Exchange
Act</b>" means the U.S. Securities Exchange Act of 1934, as amended;</p> <p style="margin-left: 36pt; text-align: justify;">(ll)<font style="width: 23pt; display: inline-block;">&#160;</font>"<b>Exchange Consideration</b>" has the meaning as
provided in &#167;25.13;</p> <p style="margin-left: 36pt; text-align: justify;">(mm)<font style="width: 9.34pt; display: inline-block;">&#160;</font>"<b>Exchange Date</b>" means the date upon which a Tendering Class A Shareholder's Exchange Right
has been satisfied by the delivery of the Exchange Consideration to such Tendering Class A Shareholder with respect to its Tendered Class A Shares;</p> <p style="margin-left: 36pt; text-align: justify;">(nn)<font
style="width: 16.01pt; display: inline-block;">&#160;</font><b>"Exchange-Redemption Call Right</b>" has the meaning as provided in &#167;25.23;</p> <p style="margin-left: 36pt; text-align: justify;">(oo)<font
style="width: 16.01pt; display: inline-block;">&#160;</font>"<b>Exchange Right</b>" has the meaning as provided in &#167;25.11;</p>
<p style="margin-left: 36pt; text-align: justify;">(pp)<font style="width: 16.01pt; display: inline-block;">&#160;</font>"<b>Ex-Dividend Date</b>" means, in respect of a dividend or distribution on the applicable securities, (a) the date on which
such securities are traded without an entitlement to such dividend or distribution or (b) where such securities trade on a due bill basis, the date on which such dividend or distribution is paid;</p>
<p style="margin-left: 36pt; text-align: justify;">(qq)<font style="width: 16.01pt; display: inline-block;">&#160;</font>"<b>Expiration Date</b>" has the meaning as provided in clause (iv) of the definition of "Conversion Factor" above;</p>
<p style="margin-left: 36pt; text-align: justify;">(rr)<font style="width: 20.02pt; display: inline-block;">&#160;</font>"<b>Governing Body</b>" means (i) with respect to a corporation or limited company, the board of directors of such corporation
or limited company, (ii) with respect to a limited liability company, the manager(s), director(s) or managing partner(s) of such limited liability company, (iii) with respect to a partnership, the board, committee or other body of each general
partner or managing partner of such partnership, respectively, that serves a similar function (or if any such general partner is itself a partnership, the board, committee or other body of such general or managing partner's general or managing
partner that serves a similar function), and (iv) with respect to any other Person, the body of such Person that serves a similar function, and in the case of each of (i) through (iv) includes any committee or other subdivision of such body and any
Person to whom such body has delegated any power or authority, including any officer or managing director;</p> <p style="margin-left: 36pt; text-align: justify;">(ss)<font style="width: 19.5pt; display: inline-block;">&#160;</font>"<b>Interpretation
Act</b>" means the <i>Interpretation Act</i> (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;</p>
<p style="margin-left: 36pt; text-align: justify;">(tt)<font style="width: 23pt; display: inline-block;">&#160;</font>"<b>Last Reported Sale Price</b>" means with respect to a security on a particular date, the market price of such security on such
date or, if such date is not a Trading Day, the most recent Trading Day. The market price for each such Trading Day shall be: (i) if such security is listed on a U.S. National Securities Exchange, the closing price per security (or, if no closing
price is reported, the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid and average ask prices) on such day for such U.S. National Securities Exchange (or, if listed on more than one
U.S. National Securities Exchange, the U.S. National Securities Exchange with the greatest volume of trading by dollar value over the 12-month period preceding the date of the calculation); (ii) if such security is not listed on a U.S. National
Securities Exchange but is listed on the TSX, the U.S. dollar equivalent (calculated using the rate published by the Bank of Canada as of 4:30 p.m., Eastern Time, on such date) of the closing price per security (or, if no closing price is reported,
the average of the last quoted bid and ask prices or, if more than one in either case, the average of the average bid and average ask prices) on such day for the TSX; (iii) if such security is not listed or admitted to trading on any U.S. National
Securities Exchange or the TSX, the last quoted bid price on such day in the over-the-counter market on such day as reported by OTC Markets Group Inc. or a similar organization; or (iv) if such security is not listed or admitted to trading on any
U.S. National Securities Exchange or the TSX and such security is not quoted in the over-the-counter market, the average of the mid-point of the last quoted bid and ask prices on such day from each of at least three nationally recognized independent
investment banking firms selected by the Company for such purpose;</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_13"></A> <div id="header_page_13"> <p style="text-align: center;">- 12 -</p>
</div> <p style="margin-left: 36pt; text-align: justify;">(uu)<font style="width: 16.01pt; display: inline-block;">&#160;</font>"<b>Laws</b>" means all federal, provincial, state, municipal, regional and local laws (including common law), by-laws,
statutes, rules, regulations, principles of law and equity, orders, rulings, certificates, ordinances, judgments, injunctions, determinations, awards, decrees, legally binding codes, policies or other requirements, whether domestic or foreign, and
the terms and conditions of any grant of approval, permission, authority or license of any governmental entity, and the term "applicable" with respect to such Laws and in a context that refers to one or more Persons, means such Laws as are binding
upon or applicable to such Person or its assets;</p> <p style="margin-left: 36pt; text-align: justify;">(vv)<font style="width: 16.01pt; display: inline-block;">&#160;</font>"<b>legal personal representative</b>" means the personal or other legal
representative of the shareholder;</p> <p style="margin-left: 36pt; text-align: justify;">(ww)<font style="width: 10.68pt; display: inline-block;">&#160;</font>"<b>Liquidation Amount</b>" has the meaning as provided in &#167;25.25;</p>
<p style="margin-left: 36pt; text-align: justify;">(xx)<font style="width: 16.01pt; display: inline-block;">&#160;</font>"<b>Liquidation Call Consideration</b>" has the meaning as provided in &#167;25.28;</p>
<p style="margin-left: 36pt; text-align: justify;">(yy)<font style="width: 16.01pt; display: inline-block;">&#160;</font>"<b>Liquidation Call Right</b>" has the meaning as provided in &#167;25.28;</p>
<p style="margin-left: 36pt; text-align: justify;">(zz)<font style="width: 17.36pt; display: inline-block;">&#160;</font>"<b>Liquidation Date</b>" has the meaning as provided in &#167;25.25;</p>
<p style="margin-left: 36pt; text-align: justify;">(aaa)<font style="width: 12.03pt; display: inline-block;">&#160;</font>"<b>Liquidation Event</b>" has the meaning as provided in &#167;25.25;</p>
<p style="margin-left: 36pt; text-align: justify;">(bbb)<font style="width: 10.01pt; display: inline-block;">&#160;</font>"<b>Liquidation Reference Date</b>" has the meaning as provided in &#167;25.25;</p>
<p style="margin-left: 36pt; text-align: justify;">(ccc)<font style="width: 12.03pt; display: inline-block;">&#160;</font>"<b>Non-Affiliated Holders</b>" means the holders of Class A Shares other than BIP-Affiliated Class A Shareholders;</p>
<p style="margin-left: 36pt; text-align: justify;">(ddd)<font style="width: 10.01pt; display: inline-block;">&#160;</font> "<b>Notice of Class A Redemption</b>" means a Notice of Redemption substantially in the form set forth on Exhibit B
hereto;</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_14"></A> <div id="header_page_14"> <p style="text-align: center;">- 13 -</p> </div>
<p style="margin-left: 36pt; text-align: justify;">(eee)<font style="width: 12.03pt; display: inline-block;">&#160;</font>"<b>Notice of Class B Retraction</b>" means a Notice of Retraction substantially in the form set forth on Exhibit C hereto;</p>
<p style="margin-left: 36pt; text-align: justify;">(fff)<font style="width: 16.02pt; display: inline-block;">&#160;</font>"<b>Notice of Class C Retraction</b>" means a Notice of Retraction substantially in the form set forth on Exhibit D hereto;</p>
<p style="margin-left: 36pt; text-align: justify;">(ggg)<font style="width: 10.01pt; display: inline-block;">&#160;</font>"<b>Notice of Exchange</b>" means a Notice of Exchange substantially in the form set forth on Exhibit A hereto (or notice of
the exercise of Exchange Rights in such other form as may be acceptable to the Company);</p> <p style="margin-left: 36pt; text-align: justify;">(hhh)<font style="width: 10.01pt; display: inline-block;">&#160;</font>"<b>Open of Business</b>" means
9:00 a.m., Eastern Time;</p> <p style="margin-left: 36pt; text-align: justify;">(iii)<font style="width: 20.5pt; display: inline-block;">&#160;</font>"<b>Person</b>" means any natural person, partnership, limited partnership, limited liability
partnership, joint venture, syndicate, sole proprietorship, company or corporation (with or without share capital), limited liability corporation, unlimited liability company, joint stock company, unincorporated association, trust, trustee,
executor, administrator or other legal personal representative, governmental entity or other entity however designated or constituted and pronouns have a similarly extended meaning;</p> <p style="margin-left: 36pt; text-align: justify;">(jjj)<font
style="width: 20.5pt; display: inline-block;">&#160;</font>"<b>Preferred Shares</b>" means the Class A Senior Preferred Shares and the Class B Junior Preferred Shares;</p> <p style="margin-left: 36pt; text-align: justify;">(kkk)<font
style="width: 10.01pt; display: inline-block;">&#160;</font>"<b>Record Date</b>" means with respect to any dividend, distribution or other transaction or event in which the holders of BIP Units and/or Class A Shares have the right to receive any
cash, securities, assets or other property or in which BIP Units and/or Class A Shares are exchanged for or converted into any combination of securities, cash, assets or other property, the date fixed for determination of holders of BIP Units and/or
Class A Shares entitled to receive such cash, securities, assets or other property (whether such date is fixed by the board of directors or the BIP GP, as applicable, or a duly authorized committee thereof, or as determined pursuant to any statute,
constating document, contract or otherwise);</p> <p style="margin-left: 36pt; text-align: justify;">(lll)<font style="width: 20.5pt; display: inline-block;">&#160;</font>"<b>Redemption Consideration</b>" has the meaning as provided in
&#167;25.21;</p> <p style="margin-left: 36pt; text-align: justify;">(mmm)<font style="width: 0.01pt; display: inline-block;">&#160;</font>"<b>registered address</b>" of a shareholder means the shareholder's address as recorded in the central
securities register;</p> <p style="margin-left: 36pt; text-align: justify;">(nnn)<font style="width: 10.01pt; display: inline-block;">&#160;</font>"<b>Rights Agent</b>" means Wilmington Trust, National Association or any successor thereto as rights
agent for the Secondary Exchange Amount;</p> <p style="margin-left: 36pt; text-align: justify;">(ooo)<font style="width: 10.01pt; display: inline-block;">&#160;</font>"<b>Rights Agreement</b>" means that certain Rights Agreement<b> </b>dated on or
about March 31, 2020 by and between BAM and the Rights Agent as it may be amended or modified from time to time in accordance with the terms thereof;</p> <p style="margin-left: 36pt; text-align: justify;">(ppp)<font
style="width: 10.01pt; display: inline-block;">&#160;</font>"<b>Secondary Exchange Amount</b>" means, with respect to a Tendered Share, the BIP Units Amount for such Tendered Share or, at the election of BAM, the Cash Amount for such Tendered Share,
in each case, on the terms and subject to the conditions of the Rights Agreement;</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_15"></A> <div id="header_page_15">
<p style="text-align: center;">- 14 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(qqq)<font style="width: 10.01pt; display: inline-block;">&#160;</font>"<b>Secondary Exchange Date</b>" means, with respect to any Class A Share, the
date that is two (2) Business Days following the Specified Exchange Date or Specified Class A Redemption Date, as applicable, with respect to such Class A Share;</p> <p style="margin-left: 36pt; text-align: justify;">(rrr)<font
style="width: 16.02pt; display: inline-block;">&#160;</font>"<b>Secondary Exchange Right</b>" has the meaning set forth in &#167;25.16;</p>
<p style="margin-left: 36pt; text-align: justify;">(sss)<font style="width: 14pt; display: inline-block;">&#160;</font>"<b>share</b>" means a share in the share structure of the Company;</p> <p style="margin-left: 36pt; text-align: justify;">(ttt)<font
style="width: 20.5pt; display: inline-block;">&#160;</font>"<b>special majority</b>" means the number of votes described in &#167;11.2 which is required to pass a special resolution;</p> <p style="margin-left: 36pt; text-align: justify;">(uuu)<font
style="width: 10.01pt; display: inline-block;">&#160;</font>"<b>Specified Class A Redemption Date</b>" means, with respect to the Notice of Class A Redemption, the sixtieth (60th) day following delivery of such Notice of Class A Redemption to the
Class A Shareholder or such later day specified in such Notice of Class A Redemption;</p> <p style="margin-left: 36pt; text-align: justify;">(vvv)<font style="width: 10.01pt; display: inline-block;">&#160;</font>"<b>Specified Class B Retraction
Date</b>" means, with respect to each Notice of Class B Retraction, the thirtieth (30th) day following receipt of such Notice of Class B Retraction by the Company;</p> <p style="margin-left: 36pt; text-align: justify;">(www)<font
style="width: 2.01pt; display: inline-block;">&#160;</font>"<b>Specified Class C Retraction Date</b>" means, with respect to each Notice of Class C Retraction, the thirtieth (30th) day following receipt of such Notice of Class C Retraction by the
Company;</p> <p style="margin-left: 36pt; text-align: justify;">(xxx)<font style="width: 10.01pt; display: inline-block;">&#160;</font>"<b>Specified Exchange Date</b>" means, with respect to each Notice of Exchange for which an Exchange Date has not
occurred prior thereto, the tenth (10th) Business Day following the receipt of such Notice of Exchange by the Transfer Agent;</p>
<p style="margin-left: 36pt; text-align: justify;">(yyy)<font style="width: 10.01pt; display: inline-block;">&#160;</font> "<b>Spin-off</b>"<b> </b>means a payment by BIP of a distribution of shares of any class or series, or similar equity
interest, of or relating to a subsidiary or business unit of BIP, that are, or, when issued, will be, listed or admitted for trading on a U.S. National Securities Exchange or the TSX;</p> <p style="margin-left: 36pt; text-align: justify;">(zzz)<font
style="width: 12.03pt; display: inline-block;">&#160;</font>"<b>Tendered Class A Shares</b>" has the meaning as provided in &#167;25.11;</p>
<p style="margin-left: 36pt; text-align: justify;">(aaaa)<font style="width: 6.7pt; display: inline-block;">&#160;</font>"<b>Tendered Class B Shares</b>" has the meaning as provided in &#167;26.11;</p>
<p style="margin-left: 36pt; text-align: justify;">(bbbb)<font style="width: 4.01pt; display: inline-block;">&#160;</font>"<b>Tendered Class C Shares</b>" has the meaning as provided in &#167;27.8;</p>
<p style="margin-left: 36pt; text-align: justify;">(cccc)<font style="width: 6.7pt; display: inline-block;">&#160;</font>"<b>Tendered Shares</b>" means the Tendered Class A Shares, Tendered Class B Shares or Tendered Class C Shares, as
applicable;</p> <p style="margin-left: 36pt; text-align: justify;">(dddd)<font style="width: 4.01pt; display: inline-block;">&#160;</font>"<b>Tendering Class A Shareholder</b>" has the meaning as provided in &#167;25.11;</p>
<p style="margin-left: 36pt; text-align: justify;">(eeee)<font style="width: 6.7pt; display: inline-block;">&#160;</font>"<b>Tendering Class B Shareholder</b>" has the meaning as provided in &#167;26.11;</p>
<p style="margin-left: 36pt; text-align: justify;">(ffff)<font style="width: 12.02pt; display: inline-block;">&#160;</font>"<b>Tendering Class C Shareholder</b>" has the meaning as provided in &#167;27.8;</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_16"></A> <div id="header_page_16"> <p style="text-align: center;">- 15 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(gggg)<font
style="width: 4.01pt; display: inline-block;">&#160;</font>"<b>Trading Day</b>" means a day on which (a) trading in the applicable securities generally occurs on a U.S. National Securities Exchange or, if the applicable securities are not then
listed on a U.S. National Securities Exchange, on the TSX or such other market on which the applicable securities are then traded and (b) a Last Reported Sale Price for the applicable securities is available on such securities exchange or market. If
the applicable securities are not so listed, or in the case of unlisted securities, so traded, "Trading Day" means a "Business Day";</p>
<p style="margin-left: 36pt; text-align: justify;">(hhhh)<font style="width: 4.01pt; display: inline-block;">&#160;</font>"<b>Transfer</b>" means any sale, assignment, surrender, gift or transfer of ownership of, the granting or foreclosure of a
pledge, mortgage, charge, security interest, hypothecation or other encumbrance, whether voluntary, involuntary, by operation of law or otherwise, or the entry into of any contract, option or other arrangement or understanding with respect to the
foregoing;</p> <p style="margin-left: 36pt; text-align: justify;">(iiii)<font style="width: 14.67pt; display: inline-block;">&#160;</font>"<b>Transfer Agent</b>" means Computershare Investor Services Inc., and includes any person who becomes a
successor or replacement transfer agent is deemed to refer to all successors, including, without limitation, by operation of law of such transfer agent;</p> <p style="margin-left: 36pt; text-align: justify;">(jjjj)<font
style="width: 14.67pt; display: inline-block;">&#160;</font>"<b>TSX</b>" means Toronto Stock Exchange;</p> <p style="margin-left: 36pt; text-align: justify;">(kkkk)<font style="width: 5.51pt; display: inline-block;">&#160;</font>"<b>Unpaid
Dividends</b>" has the meaning as provided in &#167;25.3;</p> <p style="margin-left: 36pt; text-align: justify;">(llll)<font style="width: 14.67pt; display: inline-block;">&#160;</font>"<b>U.S. National Securities Exchange</b>" means an exchange
registered with the U.S. Securities and Exchange Commission under Section 6(a) of the Exchange Act on which the applicable securities are listed, or if the applicable securities are not listed on an exchange so registered with the U.S. Securities
and Exchange Commission, any other U.S. exchange, whether or not so registered, on which the applicable securities are listed;</p>
<p style="margin-left: 36pt; text-align: justify;">(mmmm)<font style="width: 2.17pt; display: inline-block;">&#160;</font>"<b>Valuation Date</b>" means (i) the date of receipt by the Transfer Agent of a Notice of Exchange, or by the Company of a
Notice of Class B Retraction or Notice of Class C Retraction, as applicable, or, if such date is not a Trading Day, the first (1st) Trading Day thereafter; or (ii) the day immediately preceding the date the Company issues a Notice of Class A
Redemption, or, if such day is not a Business Day, the Trading Day immediately preceding such day; and</p> <p style="margin-left: 36pt; text-align: justify;">(nnnn)<font style="width: 4.01pt; display: inline-block;">&#160;</font>"<b>Valuation
Period</b>" means, with respect to any Spin-off, the ten (10) consecutive Trading Day period commencing on, and including, the Ex-Dividend Date of the Spin-off.</p> <p style="text-align: justify;"><b>Act and Interpretation Act Definitions
Applicable</b></p> <p style="text-align: justify;">1.2<font style="width: 57pt; display: inline-block;">&#160;</font>The definitions in the Act and the definitions and rules of construction in the Interpretation Act, with the necessary changes, so
far as applicable, and except as the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict between a definition in the Act and a definition or rule in the Interpretation Act relating to a term used
in these Articles, the definition in the Act will prevail. If there is a conflict or inconsistency between these Articles and the Act, the Act will prevail.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_17">
</A> <div id="header_page_17"> <p style="text-align: center;">- 16 -</p> </div> <p style="text-align: justify;"><b>Actions on Non-Business Days</b></p>
<p style="text-align: justify;">1.3<font style="width: 57pt; display: inline-block;">&#160;</font>Whenever any payment to be made or action to be taken hereunder is required to be made or taken on a day other than a Business Day, such payment shall
be made or action taken on the next following Business Day.</p> <p style="text-align: justify;"><b>Currency</b></p> <p style="text-align: justify;">1.4<font style="width: 57pt; display: inline-block;">&#160;</font>Except where otherwise expressly
provided herein, all amounts are stated in U.S. currency.</p> <p style="text-align: center;"><b>PART 2</b><br><br><b>SHARES AND SHARE CERTIFICATES</b></p> <p style="text-align: justify;"><b>Authorized Share Structure</b></p>
<p style="text-align: justify;">2.1<font style="width: 57pt; display: inline-block;">&#160;</font>The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the
Company.</p> <p style="text-align: justify;"><b>Form of Share Certificate</b></p> <p style="text-align: justify;">2.2<font style="width: 57pt; display: inline-block;">&#160;</font>Each share certificate issued by the Company must comply with, and be
signed as required by, the Act.</p> <p style="text-align: justify;"><b>Shareholder Entitled to Certificate, Acknowledgment or Written Notice</b></p>
<p style="text-align: justify;">2.3<font style="width: 57pt; display: inline-block;">&#160;</font>Unless the shares of which the shareholder is the registered owner are uncertificated shares, each shareholder is entitled, without charge, to (a) one
share certificate representing the shares of each class or series of shares registered in the shareholder's name or (b) a non-transferable written acknowledgment of the shareholder's right to obtain such a share certificate, provided that in respect
of a share held jointly by several persons, the Company is not bound to issue more than one share certificate and delivery of a share certificate for a share to one of several joint shareholders or to one of the shareholders' duly authorized agents
will be sufficient delivery to all. If a shareholder is the registered owner of uncertificated shares, the Company must send to a holder of an uncertificated share a written notice containing the information required by the Act within a reasonable
time after the issue or transfer of such share.</p> <p style="text-align: justify;"><b>Delivery by Mail</b></p> <p style="text-align: justify;">2.4<font style="width: 57pt; display: inline-block;">&#160;</font>Any share certificate or
non-transferable written acknowledgment of a shareholder's right to obtain a share certificate may be sent to the shareholder by mail at the shareholder's registered address and neither the Company nor any director, officer or agent of the Company
is liable for any loss to the shareholder because the share certificate or acknowledgement is lost in the mail or stolen.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_18"></A>
<div id="header_page_18"> <p style="text-align: center;">- 17 -</p> </div> <p style="text-align: justify;"><b>Replacement of Worn Out or Defaced Certificate or Acknowledgement</b></p> <p style="text-align: justify;">2.5<font
style="width: 57pt; display: inline-block;">&#160;</font>If a share certificate or a non-transferable written acknowledgment of the shareholder's right to obtain a share certificate is worn out or defaced, the Company must, on production of the
share certificate or acknowledgment, as the case may be, and on such other terms, if any, as are deemed fit:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>cancel the share
certificate or acknowledgment; and</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>issue a replacement share certificate or acknowledgment.</p>
<p style="text-align: justify;"><b>Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment</b></p> <p style="text-align: justify;">2.6<font style="width: 57pt; display: inline-block;">&#160;</font>If a share certificate or a
non-transferable written acknowledgment of a shareholder's right to obtain a share certificate is lost, stolen or destroyed, the Company must issue a replacement share certificate or acknowledgment, as the case may be, to the person entitled to that
share certificate or acknowledgment, if it receives:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>proof satisfactory to it of the loss, theft or destruction; and</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>any indemnity the directors consider adequate.</p> <p style="text-align: justify;"><b>Splitting Share Certificates</b></p>
<p style="text-align: justify;">2.7<font style="width: 57pt; display: inline-block;">&#160;</font>If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder's name two or more
share certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement
share certificates in accordance with that request.</p> <p style="text-align: justify;"><b>Certificate Fee</b></p> <p style="text-align: justify;">2.8<font style="width: 57pt; display: inline-block;">&#160;</font>There must be paid to the Company,
in relation to the issue of any share certificate under &#167;2.5, &#167;2.6 or &#167;2.7, the amount, if any, not exceeding the amount prescribed under the Act, determined by the directors.</p> <p style="text-align: justify;"><b>Recognition of
Trusts</b></p> <p style="text-align: justify;">2.9<font style="width: 57pt; display: inline-block;">&#160;</font>Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust,
and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as required by law or statute or these
Articles or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_19"></A> <div id="header_page_19"> <p style="text-align: center;">- 18 -</p> </div> <p style="text-align: center;"><b>PART 3</b><br><br><b>ISSUE OF
SHARES</b></p> <p style="text-align: justify;"><b>Directors Authorized</b></p> <p style="text-align: justify;">3.1<font style="width: 57pt; display: inline-block;">&#160;</font>Subject to the Act and the rights, if any, of the holders of issued
shares of the Company, the Company may allot, issue, sell or otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the
consideration (including any premium at which shares with par value may be issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par value of the share.</p>
<p style="text-align: justify;"><b>Commissions and Discounts</b></p> <p style="text-align: justify;">3.2<font style="width: 57pt; display: inline-block;">&#160;</font>The Company may at any time pay a reasonable commission or allow a reasonable
discount to any person in consideration of that person's purchase or agreement to purchase shares of the Company from the Company or any other person's procurement or agreement to procure purchasers for shares of the Company.</p>
<p style="text-align: justify;"><b>Brokerage</b></p> <p style="text-align: justify;">3.3<font style="width: 57pt; display: inline-block;">&#160;</font>The Company may pay such brokerage fee or other consideration as may be lawful for or in
connection with the sale or placement of its securities.</p> <p style="text-align: justify;"><b>Conditions o</b>f<b> Issue</b></p> <p style="text-align: justify;">3.4<font style="width: 57pt; display: inline-block;">&#160;</font>Except as provided
for by the Act, no share may be issued until it is fully paid. A share is fully paid when:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>consideration is provided to the
Company for the issue of the share by one or more of the following:</p> <p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>past services performed for the Company;</p>
<p style="margin-left: 72pt; text-align: justify;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>property;</p>
<p style="margin-left: 72pt; text-align: justify;">(iii)<font style="width: 20.5pt; display: inline-block;">&#160;</font>money; and</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>the value of the consideration received by the Company equals or exceeds the issue price set for the share under &#167;3.1.</p>
<p style="text-align: justify;"><b>Share Purchase Warrants and Rights</b></p> <p style="text-align: justify;">3.5<font style="width: 57pt; display: inline-block;">&#160;</font>Subject to the Act and the rights if any, of the holders of issued shares
of the Company, the Company may issue share purchase warrants, options and rights upon such terms and conditions as the directors determine, which share purchase warrants, options and rights may be issued alone or in conjunction with debentures,
debenture stock, bonds, shares or any other securities issued or created by the Company from time to time.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_20"></A> <div id="header_page_20">
<p style="text-align: center;">- 19 -</p> </div> <p style="text-align: center;"><b>PART 4</b><br><br><b>SHARE REGISTERS</b></p> <p style="text-align: justify;"><b>Central Securities Register</b></p> <p style="text-align: justify;">4.1<font
style="width: 57pt; display: inline-block;">&#160;</font>As required by and subject to the Act, the Company must maintain a central securities register and may appoint an agent to maintain such register. The directors may appoint one or more agents,
including the agent appointed to keep the central securities register, as transfer agent for shares or any class or series of shares and the same or another agent as registrar for shares or such class or series of shares, as the case may be. The
directors may terminate such appointment of any agent at any time and may appoint another agent in its place. If the directors designate a location outside British Columbia as the location at which the company maintains its central securities
register, the central securities register must be available for inspection and copying in accordance with the Act at a location inside British Columbia by means of a computer terminal or other electronic technology.</p>
<p style="text-align: center;"><b>PART 5</b><br><br><b>SHARE TRANSFERS</b></p> <p style="text-align: justify;"><b>Registering Transfers</b></p> <p style="text-align: justify;">5.1<font style="width: 57pt; display: inline-block;">&#160;</font>A
transfer of a share must not be registered unless the Company or the transfer agent or registrar for the class or series of shares to be transferred has received:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>except as exempted by the Act, a duly signed proper instrument of transfer in respect of the share;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>if a share certificate has been issued by the Company in respect of the share to be transferred, that share certificate;</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>if a non-transferable written acknowledgment of the shareholder's right to obtain a share certificate has been issued by the Company in respect of the share to be transferred, that
acknowledgment; and</p> <p style="margin-left: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; display: inline-block;">&#160;</font>such other evidence, if any, as the Company or the transfer agent or registrar for the class or series of
share to be transferred may require to prove the title of the transferor or the transferor's right to transfer the share, the due signing of the instrument of transfer and the right of the transferee to have the transfer registered.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_21"></A> <div id="header_page_21"> <p style="text-align: center;">- 20 -</p> </div> <p style="text-align: justify;"><b>Form of Instrument of
Transfer</b></p> <p style="text-align: justify;">5.2<font style="width: 57pt; display: inline-block;">&#160;</font>The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company's
share certificates of that class or series or in some other form that may be approved by the directors.</p> <p style="text-align: justify;"><b>Transferor Remains Shareholder</b></p> <p style="text-align: justify;">5.3<font
style="width: 57pt; display: inline-block;">&#160;</font>Except to the extent that the Act otherwise provides, the transferor of a share is deemed to remain the holder of it until the name of the transferee is entered in a securities register of the
Company in respect of the transfer.</p> <p style="text-align: justify;"><b>Signing of Instrument of Transfer</b></p> <p style="text-align: justify;">5.4<font style="width: 57pt; display: inline-block;">&#160;</font>If a shareholder, or the
shareholder's duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its
directors, officers and agents to register the number of shares specified in the instrument of transfer or specified in any other manner, or, if no number is specified, all the shares represented by the share certificates or set out in the written
acknowledgments deposited with the instrument of transfer:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>in the name of the person named as transferee in that instrument
of transfer; or</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>if no person is named as transferee in that instrument of transfer, in the name of the person on whose behalf
the instrument is deposited for the purpose of having the transfer registered.</p> <p style="text-align: justify;"><b>Enquiry as to Title Not Required</b></p>
<p style="text-align: justify;">5.5<font style="width: 57pt; display: inline-block;">&#160;</font>Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of
transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to
registering the transfer by the shareholder or by any intermediate owner or holder of the shares transferred, of any interest in such shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a
share certificate for such shares.</p> <p style="text-align: justify;"><b>Transfer Fee</b></p> <p style="text-align: justify;">5.6<font style="width: 57pt; display: inline-block;">&#160;</font>There must be paid to the Company, in relation to the
registration of a transfer, the amount, if any, determined by the directors.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_22"></A> <div id="header_page_22">
<p style="text-align: center;">- 21 -</p> </div> <p style="text-align: center;"><b>PART 6</b><br><br><b>TRANSMISSION OF SHARES</b></p> <p style="text-align: justify;"><b>Legal Personal Representative Recognized on Death</b></p>
<p style="text-align: justify;">6.1<font style="width: 57pt; display: inline-block;">&#160;</font>In case of the death of a shareholder, the legal personal representative of the shareholder, or in the case of shares registered in the shareholder's
name and the name of another person in joint tenancy, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder's interest in the shares. Before recognizing a person as a legal personal
representative of a shareholder, the Company shall receive the documentation required by the Act.</p> <p style="text-align: justify;"><b>Rights of Legal Personal Representative</b></p> <p style="text-align: justify;">6.2<font
style="width: 57pt; display: inline-block;">&#160;</font>The legal personal representative of a shareholder has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares
in accordance with these Articles, provided the documents required by the Act and the directors have been deposited with the Company. This &#167;6.2 does not apply in the case of the death of a shareholder with respect to shares registered in the
name of the shareholder and the name of another person in joint tenancy.</p> <p style="text-align: center;"><b>PART 7</b><br><br><b>PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES</b></p> <p style="text-align: justify;"><b>Company Authorized to
Purchase, Redeem or Otherwise Acquire Shares</b></p> <p style="text-align: justify;">7.1<font style="width: 57pt; display: inline-block;">&#160;</font>Subject to the special rights or restrictions attached to the shares of any class or series and
the Act, the Company may, if authorized by the directors, purchase or otherwise acquire any of its shares at the price and upon the terms determined by the directors.</p> <p style="text-align: justify;"><b>Sale and Voting of Purchased, Redeemed or
Otherwise Acquired Shares</b></p> <p style="text-align: justify;">7.2<font style="width: 57pt; display: inline-block;">&#160;</font>If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift, cancel or
otherwise dispose of the share, but, while such share is held by the Company, it:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>is not entitled to vote the share at a
meeting of its shareholders;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>must not pay a dividend in respect of the share; and</p>
<p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>must not make any other distribution in respect of the share.</p> <p style="text-align: justify;"><b>Company Entitled to
Purchase, Redeem or Otherwise Acquire Share Fractions</b></p> <p style="text-align: justify;">7.3<font style="width: 57pt; display: inline-block;">&#160;</font>The Company may, without prior notice to the holders, purchase, redeem or otherwise
acquire for fair value any and all outstanding share fractions of any class or kind of shares in its authorized share structure as may exist at any time and from time to time. Upon the Company delivering the purchase funds and confirmation of
purchase or redemption of the share fractions to the holders' registered or last known address, or if the Company has a transfer agent then to such agent for the benefit of and forwarding to such holders, the Company shall thereupon amend its
central securities register to reflect the purchase or redemption of such share fractions and if the Company has a transfer agent, shall direct the transfer agent to amend the central securities register accordingly.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_23"></A> <div id="header_page_23"> <p style="text-align: center;">- 22 -</p> </div> <p style="text-align: center;"><b>PART
8</b><br><br><b>BORROWING POWERS</b></p> <p style="text-align: justify;">8.1<font style="width: 57pt; display: inline-block;">&#160;</font>The Company, if authorized by the directors, may:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that they consider appropriate;</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company
or any other person and at such discounts or premiums and on such other terms as the directors consider appropriate;</p>
<p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>guarantee the repayment of money by any other person or the performance of any obligation of any other person; and</p>
<p style="margin-left: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; display: inline-block;">&#160;</font>mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the
whole or any part of the present and future assets and undertaking of the Company.</p> <p style="text-align: center;"><b>PART 9</b><br><br><b>ALTERATIONS</b></p> <p style="text-align: justify;"><b>Alteration of Authorized Share Structure</b></p>
<p style="text-align: justify;">9.1<font style="width: 57pt; display: inline-block;">&#160;</font>Subject to &#167;9.2 and the Act, the Company may by ordinary resolution (or a resolution of the directors in the case of &#167;9.1(c) or
&#167;9.1(f)):</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>create one or more classes of shares or, if none of the shares of a class of shares are allotted or issued,
eliminate that class of shares;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>increase, reduce or eliminate the maximum number of shares that the Company is authorized to
issue out of any class of shares or establish a maximum number of shares that the Company is authorized to issue out of any class of shares for which no maximum is established;</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font
style="width: 22.68pt; display: inline-block;">&#160;
</font>subdivide or consolidate all or any of its unissued, or fully paid issued, shares;</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_24"></A> <div id="header_page_24">
<p style="text-align: center;">- 23 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; display: inline-block;">&#160;</font>if the Company is authorized to issue shares of a class of shares with par
value:</p> <p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>decrease the par value of those shares; or</p> <p style="margin-left: 72pt; text-align: justify;">(ii)<font
style="width: 23pt; display: inline-block;">&#160;</font>if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;</p> <p style="margin-left: 36pt; text-align: justify;">(e)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value;</p>
<p style="margin-left: 36pt; text-align: justify;">(f)<font style="width: 24.01pt; display: inline-block;">&#160;</font>alter the identifying name of any of its shares; or</p> <p style="margin-left: 36pt; text-align: justify;">(g)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>otherwise alter its shares or authorized share structure when required or permitted to do so by the Act where it does not specify by a special resolution;</p>
<p style="text-align: justify;">and, if applicable, alter its Notice of Articles and Articles accordingly.</p> <p style="text-align: justify;"><b>Special Rights or Restrictions</b></p> <p style="text-align: justify;">9.2<font
style="width: 57pt; display: inline-block;">&#160;</font>Subject to the Act and in particular those provisions of the Act relating to the rights of holders of outstanding shares to vote if their rights are prejudiced or interfered with, the Company
may by ordinary<b> </b>resolution:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>create special rights or restrictions for, and attach those special rights or restrictions
to, the shares of any class of shares, whether or not any or all of those shares have been issued; or</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>vary or delete any
special rights or restrictions attached to the shares of any class of shares, whether or not any or all of those shares have been issued,</p> <p style="text-align: justify;">and alter its Notice of Articles and Articles accordingly.</p>
<p style="text-align: justify;"><b>Change of Name</b></p> <p style="text-align: justify;">9.3<font style="width: 57pt; display: inline-block;">&#160;</font>The Company may by directors resolution authorize an alteration of its Notice of Articles in
order to change its name or adopt or change any translation of that name.</p> <p style="text-align: justify;"><b>Other Alterations</b></p> <p style="text-align: justify;">9.4<font style="width: 57pt; display: inline-block;">&#160;</font>If the Act
does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by ordinary resolution alter these Articles.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_25"></A> <div id="header_page_25"> <p style="text-align: center;">- 24 -</p> </div> <p style="text-align: center;"><b>PART
10</b><br><br><b>MEETINGS OF SHAREHOLDERS</b></p> <p style="text-align: justify;"><b>Annual General Meetings</b></p> <p style="text-align: justify;">10.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>Unless an annual general
meeting is deferred or waived in accordance with the Act, the Company must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting
at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors.</p> <p style="text-align: justify;"><b>Resolution Instead of Annual General
Meeting</b></p> <p style="text-align: justify;">10.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>If all the shareholders who are entitled to vote at an annual general meeting consent in writing by a unanimous resolution to all of
the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this
&#167;10.2, select as the Company's annual reference date a date that would be appropriate for the holding of the applicable annual general meeting. A unanimous resolution passed in writing under this &#167;10.2 may be by signed document, fax, email
or any other method of transmitting legibly recorded messages. Any electronic signature on a unanimous resolution, whether digital or encrypted, shall be deemed to have the same force and effect as a manual signature. A unanimous resolution in
writing may be in two or more counterparts which together are deemed to constitute one unanimous resolution in writing.</p> <p style="text-align: justify;"><b>Calling of Meetings of Shareholders</b></p> <p style="text-align: justify;">10.3<font
style="width: 52.5pt; display: inline-block;">&#160;</font>The directors may, at any time, call a meeting of shareholders.</p> <p style="text-align: justify;"><b>Notice for Meetings of Shareholders</b></p> <p style="text-align: justify;">10.4<font
style="width: 52.5pt; display: inline-block;">&#160;</font>The Company must send notice of the date, time and location of any meeting of shareholders (including, without limitation, any notice specifying the intention to propose a resolution as a
special resolution and any notice to consider approving a continuation into a foreign jurisdiction, an arrangement or the adoption of an amalgamation agreement, and any notice of a general meeting, class meeting or series meeting), in the manner
provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to
the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:</p>
<p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>if the Company is a public company, 21 days;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>otherwise, 10 days.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_26"></A> <div id="header_page_26">
<p style="text-align: center;">- 25 -</p> </div> <p style="text-align: justify;"><b>Record Date for Notice</b></p> <p style="text-align: justify;">10.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>The directors may set a date as
the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting
requisitioned by shareholders under the Act, by more than four months. The record date must not precede the date on which the meeting is held by fewer than:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>if the Company is a public company, 21 days;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>otherwise, 10
days.</p> <p style="text-align: justify;">If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.</p>
<p style="text-align: justify;"><b>Record Date for Voting</b></p> <p style="text-align: justify;">10.6<font style="width: 52.5pt; display: inline-block;">&#160;</font>The directors may set a date as the record date for the purpose of determining
shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Act, by
more than four months. If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.</p>
<p style="text-align: justify;"><b>Failure to Give Notice and Waiver of Notice</b></p> <p style="text-align: justify;">10.7<font style="width: 52.5pt; display: inline-block;">&#160;</font>The accidental omission to send notice of any meeting of
shareholders to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive that
entitlement or may agree to reduce the period of that notice. Attendance of a person at a meeting of shareholders is a waiver of entitlement to notice of the meeting unless that person attends the meeting for the express purpose of objecting to the
transaction of any business on the grounds that the meeting is not lawfully called.</p> <p style="text-align: justify;"><b>Notice of Special Business at Meetings of Shareholders</b></p> <p style="text-align: justify;">10.8<font
style="width: 52.5pt; display: inline-block;">&#160;</font>If a meeting of shareholders is to consider special business within the meaning of &#167;11.1, the notice of meeting must:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>state the general nature of the special business; and</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>if the
special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be
available for inspection by shareholders:</p> <p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>at the Company's records office, or at such other reasonably accessible location in
British Columbia as is specified in the notice; and</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_27"></A> <div id="header_page_27"> <p style="text-align: center;">- 26 -</p> </div>
<p style="margin-left: 72pt; text-align: justify;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>during statutory business hours on any one or more specified days before the day set for the holding of the meeting.</p>
<p style="text-align: justify;"><b>Place of Meetings</b></p> <p style="text-align: justify;">10.9<font style="width: 52.5pt; display: inline-block;">&#160;</font>In addition to any location in British Columbia, any general meeting may be held in any
location outside British Columbia approved by a resolution of the directors, or if so approved by a resolution of the directors, any general meeting may be held entirely by means of an electronic or other communication facility that permits all
persons participating in the meeting to communicate adequately with each other to the extent permitted by the Act.</p> <p style="text-align: center;"><b>PART 11</b><br><br><b>PROCEEDINGS AT MEETINGS OF SHAREHOLDERS</b></p>
<p style="text-align: justify;"><b>Special Business</b></p> <p style="text-align: justify;">11.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>At a meeting of shareholders, the following business is special business:</p>
<p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>at a meeting of shareholders that is not an annual general meeting, all business is special business except business relating to
the conduct of or voting at the meeting;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>at an annual general meeting, all business is special business except for the
following:</p> <p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>business relating to the conduct of or voting at the meeting;</p>
<p style="margin-left: 72pt; text-align: justify;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>consideration of any financial statements of the Company presented to the meeting;</p>
<p style="margin-left: 72pt; text-align: justify;">(iii)<font style="width: 20.5pt; display: inline-block;">&#160;</font>consideration of any reports of the directors or auditor;</p> <p style="margin-left: 72pt; text-align: justify;">(iv)<font
style="width: 19.5pt; display: inline-block;">&#160;</font>the setting or changing of the number of directors;</p> <p style="margin-left: 72pt; text-align: justify;">(v)<font style="width: 22.01pt; display: inline-block;">&#160;</font>the election
or appointment of directors;</p> <p style="margin-left: 72pt; text-align: justify;">(vi)<font style="width: 19.5pt; display: inline-block;">&#160;</font>the appointment of an auditor;</p> <p style="margin-left: 72pt; text-align: justify;">(vii)<font
style="width: 15.34pt; display: inline-block;">&#160;</font>the setting of the remuneration of an auditor;</p> <p style="margin-left: 72pt; text-align: justify;">(viii)<font style="width: 12.01pt; display: inline-block;">&#160;</font>business
arising out of a report of the directors not requiring the passing of a special resolution;</p> <p style="margin-left: 72pt; text-align: justify;">(ix)<font style="width: 19.5pt; display: inline-block;">&#160;</font>any other business which, under
these Articles or the Act, may be transacted at a meeting of shareholders without prior notice of the business being given to the shareholders.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_28">
</A> <div id="header_page_28"> <p style="text-align: center;">- 27 -</p> </div> <p style="text-align: justify;"><b>Special Resolutions</b></p> <p style="text-align: justify;">11.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>The
number of votes required for the Company to pass a special resolution at a general meeting of shareholders is two-thirds of the votes cast on the resolution.</p> <p style="text-align: justify;"><b>Ordinary Resolutions</b></p>
<p style="text-align: justify;">11.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>The number of votes required for the Company to pass an ordinary resolution at a general meeting of shareholders is a majority of the votes cast on
the resolution.</p> <p style="text-align: justify;"><b>Quorum</b></p> <p style="text-align: justify;">11.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>Subject to the special rights or restrictions attached to the shares of any
class or series of shares, and to &#167;11.6, the quorum for the transaction of business at a meeting of shareholders is at least two shareholders who, whether present in person or represented by proxy, in the aggregate, hold at least 25% of the
votes attached to the shares entitled to be voted at the meeting.</p> <p style="text-align: justify;">11.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>Where a separate vote by a class or series or classes or series is required,
the quorum for that matter is at least two shareholders who, whether present in person or represented by proxy, in the aggregate, hold at least 25% of the votes attached to the shares of such class or series or classes or series entitled to vote on
that matter.</p> <p style="text-align: justify;"><b>One Shareholder May Constitute Quorum</b></p> <p style="text-align: justify;">11.6<font style="width: 52.5pt; display: inline-block;">&#160;</font>If there is only one shareholder entitled to vote
at a meeting of shareholders:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>the quorum is one person who is, or who represents by proxy, that shareholder, and</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>that shareholder, present in person or by proxy, may constitute the meeting.</p> <p style="text-align: justify;"><b>Persons
Entitled to Attend Meeting</b></p> <p style="text-align: justify;">11.7<font style="width: 52.5pt; display: inline-block;">&#160;</font>In addition to those persons who are entitled to vote at a meeting of shareholders, the only other persons
entitled to be present at the meeting are the directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company, any persons invited to be present at the meeting by
the directors or by the chair of the meeting and any persons entitled or required under the Act or these Articles to be present at the meeting; but if any of those persons does attend the meeting, that person is not to be counted in the quorum and
is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting.</p> <p style="text-align: justify;"><b>Requirement of Quorum</b></p> <p style="text-align: justify;">11.8<font
style="width: 52.5pt; display: inline-block;">&#160;</font>No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled
to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_29"></A>
<div id="header_page_29"> <p style="text-align: center;">- 28 -</p> </div> <p style="text-align: justify;"><b>Lack of Quorum</b></p> <p style="text-align: justify;">11.9<font style="width: 52.5pt; display: inline-block;">&#160;</font>If, within
one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>in the case of a
general meeting requisitioned by shareholders, the meeting is dissolved, and</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>in the case of any other meeting of
shareholders, the meeting stands adjourned to the same day in the next week at the same time and place specified in the notice calling the meeting unless otherwise determined by an ordinary resolutions of those shareholders present and for which
notification is provided to all shareholders entitled to attend such meeting.</p> <p style="text-align: justify;"><b>Lack of Quorum at Succeeding Meeting</b></p>
<p style="text-align: justify;">11.10<font style="width: 47pt; display: inline-block;">&#160;</font>If, at the meeting to which the meeting referred to in &#167;11.9(b) was adjourned, a quorum is not present within one-half hour from the time set
for the holding of the meeting, the person or persons present and being, or representing by proxy one or more shareholders, entitled to attend and vote at the meeting shall be deemed to constitute a quorum.</p>
<p style="text-align: justify;"><b>Chair</b></p> <p style="text-align: justify;">11.11<font style="width: 47pt; display: inline-block;">&#160;</font>The following individual is entitled to preside as chair at a meeting of shareholders:</p>
<p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>the chair of the board, if any; or</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if any.</p> <p style="text-align: justify;"><b>Selection of Alternate Chair</b></p>
<p style="text-align: justify;">11.12<font style="width: 47pt; display: inline-block;">&#160;</font>If, at any meeting of shareholders, there is no chair of the board or president present within 15 minutes after the time set for holding the meeting,
or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at
the meeting, the directors present may choose either one of their number or the lawyer of the Company to be chair of the meeting. If all of the directors present decline to take the chair or fail to so choose or if no director is present or the
lawyer of the Company declines to take the chair, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting.</p>
<p style="text-align: justify;"><b>Adjournments</b></p> <p style="text-align: justify;">11.13<font style="width: 47pt; display: inline-block;">&#160;</font>The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn
the meeting from time to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_30"></A> <div id="header_page_30"> <p style="text-align: center;">- 29 -</p> </div> <p style="text-align: justify;"><b>Notice of Adjourned
Meeting</b></p> <p style="text-align: justify;">11.14<font style="width: 47pt; display: inline-block;">&#160;</font>It is not necessary to give any notice of an adjourned meeting of shareholders or of the business to be transacted at an adjourned
meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.</p> <p style="text-align: justify;"><b>Decisions by Show of Hands or
Poll</b></p> <p style="text-align: justify;">11.15<font style="width: 47pt; display: inline-block;">&#160;</font>Subject to the Act, every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or
on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by any shareholder entitled to vote who is present in person or by proxy.</p> <p style="text-align: justify;"><b>Declaration of Result</b></p>
<p style="text-align: justify;">11.16<font style="width: 47pt; display: inline-block;">&#160;</font>The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands
or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded
under &#167;11.15, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.</p> <p style="text-align: justify;"><b>Motion Need Not be Seconded</b></p>
<p style="text-align: justify;">11.17<font style="width: 47pt; display: inline-block;">&#160;</font>No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of
shareholders is entitled to propose or second a motion.</p> <p style="text-align: justify;"><b>Casting Vote</b></p> <p style="text-align: justify;">11.18<font style="width: 47pt; display: inline-block;">&#160;</font>In case of an equality of votes,
the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.</p>
<p style="text-align: justify;"><b>Manner of Taking Poll</b></p> <p style="text-align: justify;">11.19<font style="width: 47pt; display: inline-block;">&#160;</font>Subject to &#167;11.20, if a poll is duly demanded at a meeting of shareholders:</p>
<p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>the poll must be taken:</p>
<p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and</p>
<p style="margin-left: 72pt; text-align: justify;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>in the manner, at the time and at the place that the chair of the meeting directs;</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_31"></A> <div id="header_page_31"> <p style="text-align: center;">- 30 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(b)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>the result of the poll is deemed to be the decision of the meeting at which the poll is demanded; and</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>the demand for the poll may be withdrawn by the person who demanded it.</p> <p style="text-align: justify;"><b>Demand for Poll on Adjournment</b></p> <p style="text-align: justify;">11.20<font
style="width: 47pt; display: inline-block;">&#160;</font>A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.</p> <p style="text-align: justify;"><b>Chair Must Resolve Dispute</b></p>
<p style="text-align: justify;">11.21<font style="width: 47pt; display: inline-block;">&#160;</font>In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and the
determination of the chair made in good faith is final and conclusive.</p> <p style="text-align: justify;"><b>Casting of Votes</b></p> <p style="text-align: justify;">11.22<font style="width: 47pt; display: inline-block;">&#160;</font>On a poll, a
shareholder entitled to more than one vote need not cast all the votes in the same way.</p> <p style="text-align: justify;"><b>No Demand for Poll on Election of Chair</b></p> <p style="text-align: justify;">11.23<font
style="width: 47pt; display: inline-block;">&#160;</font>No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.</p> <p style="text-align: justify;"><b>Demand for Poll Not to Prevent Continuance of
Meeting</b></p> <p style="text-align: justify;">11.24<font style="width: 47pt; display: inline-block;">&#160;</font>The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a
meeting for the transaction of any business other than the question on which a poll has been demanded.</p> <p style="text-align: justify;"><b>Retention of Ballots and Proxies</b></p> <p style="text-align: justify;">11.25<font
style="width: 47pt; display: inline-block;">&#160;</font>The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available
for inspection during normal business hours by any shareholder or proxy holder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies.</p> <p style="text-align: center;"><b>PART
12</b><br><br><b>VOTES OF SHAREHOLDERS</b></p> <p style="text-align: justify;"><b>Number of Votes by Shareholder or by Shares</b></p> <p style="text-align: justify;">12.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>Subject to any
special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under &#167;12.3:</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_32"></A>
<div id="header_page_32"> <p style="text-align: center;">- 31 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>on a vote by show of hands, every person present who
is a shareholder or proxy holder and entitled to vote on the matter has one vote; and</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>on a poll, every shareholder entitled
to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.</p> <p style="text-align: justify;"><b>Votes of Persons in
Representative Capacity</b></p> <p style="text-align: justify;">12.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll,
and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is
entitled to vote at the meeting.</p> <p style="text-align: justify;"><b>Votes by Joint Holders</b></p> <p style="text-align: justify;">12.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>If there are joint shareholders registered in
respect of any share:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>any one of the joint shareholders may vote at any meeting of shareholders, personally or by proxy, in
respect of the share as if that joint shareholder were solely entitled to it; or</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>if more than one of the joint shareholders
is present at any meeting of shareholders, personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of
the share will be counted.</p> <p style="text-align: justify;"><b>Legal Personal Representatives as Joint Shareholders</b></p> <p style="text-align: justify;">12.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>Two or more legal
personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of &#167;12.3, deemed to be joint shareholders registered in respect of that share.</p> <p style="text-align: justify;"><b>Representative of a
Corporate Shareholder</b></p> <p style="text-align: justify;">12.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>If a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint a person to
act as its representative at any meeting of shareholders of the Company, and:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>for that purpose, the instrument appointing a
representative must be received:</p> <p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>at the registered office of the Company or at any other place specified, in the notice calling
the meeting, for the receipt of proxies, at least the number of Business Days specified in the notice for the receipt of proxies, or if no number of days is specified, two Business Days before the day set for the holding of the meeting or any
adjourned meeting; or</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_33"></A> <div id="header_page_33"> <p style="text-align: center;">- 32 -</p> </div>
<p style="margin-left: 72pt; text-align: justify;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting or by a person designated by the chair of
the meeting or adjourned meeting;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>if a representative is appointed under this &#167;12.5:</p>
<p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>the representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the corporation that the
representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and</p> <p style="margin-left: 72pt; text-align: justify;">(ii)<font
style="width: 23pt; display: inline-block;">&#160;</font>the representative, if present at the meeting, is to be counted for the purpose of forming a quorum and is deemed to be a shareholder present in person at the meeting.</p>
<p style="text-align: justify;">Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.</p> <p style="text-align: justify;"><b>Proxy
Provisions Do Not Apply to All Companies</b></p> <p style="text-align: justify;">12.6<font style="width: 52.5pt; display: inline-block;">&#160;</font>If and for so long as the Company is a public company or a pre-existing reporting company which has
the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply, then &#167;12.7 to &#167;12.15 are not mandatory, however the directors of the Company are authorized to apply all or
part of such sections or to adopt alternative procedures for proxy form, deposit and revocation procedures to the extent that the directors deem necessary in order to comply with securities laws applicable to the Company.</p>
<p style="text-align: justify;"><b>Appointment of Proxy Holders</b></p> <p style="text-align: justify;">12.7<font style="width: 52.5pt; display: inline-block;">&#160;</font>Every shareholder of the Company, including a corporation that is a
shareholder but not a subsidiary of the Company, entitled to vote at a meeting of shareholders may, by proxy, appoint one or more (but not more than five) proxy holders to attend and act at the meeting in the manner, to the extent and with the
powers conferred by the proxy.</p> <p style="text-align: justify;"><b>Alternate Proxy Holders</b></p> <p style="text-align: justify;">12.8<font style="width: 52.5pt; display: inline-block;">&#160;</font>A shareholder may appoint one or more
alternate proxy holders to act in the place of an absent proxy holder.</p> <p style="text-align: justify;"><b>Proxy Holder Need Not Be Shareholder</b></p>
<p style="text-align: justify;">12.9<font style="width: 52.5pt; display: inline-block;">&#160;</font>A proxy holder need not be a shareholder of the Company.</p> <p style="text-align: justify;"><b>Deposit of Proxy</b></p>
<p style="text-align: justify;">12.10<font style="width: 47pt; display: inline-block;">&#160;
</font>A proxy for a meeting of shareholders must:</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_34"></A> <div id="header_page_34"> <p style="text-align: center;">- 33 -</p> </div>
<p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the
receipt of proxies, at least the number of Business Days specified in the notice, or if no number of days is specified, two Business Days before the day set for the holding of the meeting or any adjourned meeting; or</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>unless the notice provides otherwise, be received, at the meeting or any adjourned meeting, by the chair of the meeting or
adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting.</p> <p style="text-align: justify;">A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded
messages, including through Internet or telephone voting or by email, if permitted by the notice calling the meeting or the information circular for the meeting.</p> <p style="text-align: justify;"><b>Validity of Proxy Vote</b></p>
<p style="text-align: justify;">12.11<font style="width: 47pt; display: inline-block;">&#160;</font>A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite
the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>at the registered office of the Company, at any time up to and including the last Business Day before the day set for the holding of the meeting or any adjourned meeting at which the proxy
is to be used; or</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>at the meeting or any adjourned meeting by the chair of the meeting or adjourned meeting, before any vote
in respect of which the proxy has been given has been taken.</p> <p style="text-align: justify;"><b>Form of Proxy</b></p> <p style="text-align: justify;">12.12<font style="width: 47pt; display: inline-block;">&#160;</font>A proxy, whether for a
specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_35">
</A> <div id="header_page_35"> <p style="text-align: center;">- 34 -</p> </div> <p style="text-align: center;"><font style="background-color: #d3d3d3;">[name of company]</font><br>(the "Company")</p>
<p style="margin-left: 36pt; text-align: justify;">The undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as proxy holder for the undersigned to attend, act and vote for and on behalf of the
undersigned at the meeting of shareholders of the Company to be held on [month, day, year] and at any adjournment of that meeting.</p> <p style="margin-left: 36pt; text-align: justify;">Number of shares in respect of which this proxy is given (if no
number is specified, then this proxy is given in respect of all shares registered in the name of the undersigned):</p>
<table style="width: 100%; font-size: 10pt; border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 50%;">&#160;</td>
<td colspan="2">Signed <font style="background-color: #d3d3d3;">[month, day, year]</font></td> </tr>
<tr>
<td>&#160;</td>
<td style="width: 5%;">&#160;</td>
<td>&#160;</td> </tr>
<tr>
<td>&#160;</td>
<td style="border-bottom: 1px solid #000000;" colspan="2">&#160;</td> </tr>
<tr>
<td>&#160;</td>
<td colspan="2"> <p><font style="background-color: #d3d3d3;">[Signature of shareholder]</font></p> </td> </tr>
<tr>
<td>&#160;</td>
<td style="border-bottom: 1px solid #000000;" colspan="2">&#160;</td> </tr>
<tr>
<td>&#160;</td>
<td colspan="2"><font style="background-color: #d3d3d3;">[Name of shareholder&#8212;printed]</font></td> </tr> </table> <p style="text-align: justify;"><b>Revocation of Proxy</b></p> <p style="text-align: justify;">12.13<font
style="width: 47pt; display: inline-block;">&#160;</font>Subject to &#167;12.14, every proxy may be revoked by an instrument in writing that is received:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>at the registered office of the Company at any time up to and including the last Business Day before the day set for the holding of the meeting or any adjourned meeting at which the proxy
is to be used; or</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting, before any vote
in respect of which the proxy has been given has been taken.</p> <p style="text-align: justify;"><b>Revocation of Proxy Must Be Signed</b></p> <p style="text-align: justify;">12.14<font style="width: 47pt; display: inline-block;">&#160;</font>An
instrument referred to in &#167;12.13 must be signed as follows:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>if the shareholder for whom the proxy holder is appointed is
an individual, the instrument must be signed by the shareholder or the shareholder's legal personal representative or trustee in bankruptcy;</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by the corporation or
by a representative appointed for the corporation under &#167;12.5.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_36"></A> <div id="header_page_36"> <p style="text-align: center;">- 35
-</p> </div> <p style="text-align: justify;"><b>Production of Evidence of Authority to Vote</b></p> <p style="text-align: justify;">12.15<font style="width: 47pt; display: inline-block;">&#160;</font>The chair of any meeting of shareholders may, but
need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote.</p> <p style="text-align: center;"><b>PART
13</b><br><br><b>DIRECTORS</b></p> <p style="text-align: justify;"><b>First Directors; Number of Directors</b></p> <p style="text-align: justify;">13.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>The first directors are the
persons designated as directors of the Company in the Notice of Articles that applies to the Company when it is recognized under the Act. The number of directors, excluding additional directors appointed under &#167;14.8, is set at:</p>
<p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>subject to &#167;(b) and &#167;(c), the number of directors that is equal to the number of the Company's first directors;</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>if the Company is a public company, the greater of three and the most recently set of:</p>
<p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>the number of directors set by a resolution of the directors (whether or not previous notice of the resolution was given); and</p>
<p style="margin-left: 72pt; text-align: justify;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>the number of directors in office pursuant to &#167;14.4;</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>if the Company is not a public company, the most recently set of:</p>
<p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>the number of directors set by a resolution of the directors (whether or not previous notice of the resolution was given); and</p>
<p style="margin-left: 72pt; text-align: justify;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>the number of directors in office pursuant to &#167;14.4.</p> <p style="text-align: justify;"><b>Change in Number of
Directors</b></p> <p style="text-align: justify;">13.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>If the number of directors is set under &#167;13.1(b)(i) or &#167;13.1(c)(i), subject to any restrictions in the Act and to
&#167;14.8, the board of directors may appoint the directors needed to fill any vacancies in the board of directors up to that number.</p> <p style="text-align: justify;"><b>Directors' Acts Valid Despite Vacancy</b></p>
<p style="text-align: justify;">13.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these
Articles is in office.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_37"></A> <div id="header_page_37"> <p style="text-align: center;">- 36 -</p> </div>
<p style="text-align: justify;"><b>Qualifications of Directors</b></p> <p style="text-align: justify;">13.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>A director is not required to hold a share in the share structure of the
Company as qualification for his or her office but must be qualified as required by the Act to become, act or continue to act as a director.</p> <p style="text-align: justify;"><b>Remuneration of Directors</b></p>
<p style="text-align: justify;">13.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors
so decide, the remuneration of the directors, if any, will be determined by the shareholders.</p> <p style="text-align: justify;"><b>Reimbursement of Expenses of Directors</b></p> <p style="text-align: justify;">13.6<font
style="width: 52.5pt; display: inline-block;">&#160;</font>The Company must reimburse each director for the reasonable expenses that he or she may incur in and about the business of the Company.</p> <p style="text-align: justify;"><b>Special
Remuneration for Directors</b></p> <p style="text-align: justify;">13.7<font style="width: 52.5pt; display: inline-block;">&#160;</font>If any director performs any professional or other services for the Company that in the opinion of the directors
are outside the ordinary duties of a director, he or she may be paid remuneration fixed by the directors, or at the option of the directors, fixed by ordinary resolution, and such remuneration will be in addition to any other remuneration that he or
she may be entitled to receive.</p> <p style="text-align: justify;"><b>Gratuity, Pension or Allowance on Retirement of Director</b></p> <p style="text-align: justify;">13.8<font style="width: 52.5pt; display: inline-block;">&#160;</font>Unless
otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to his or her spouse
or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.</p> <p style="text-align: center;"><b>PART 14</b><br><br><b>ELECTION AND REMOVAL OF DIRECTORS</b></p>
<p style="text-align: justify;"><b>Election at Annual General Meeting</b></p> <p style="text-align: justify;">14.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>At every annual general meeting and in every unanimous resolution
contemplated by &#167;10.2:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>the shareholders entitled to vote at the annual general meeting for the election of directors
must elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>all the directors cease to hold office immediately before the election or appointment of directors under &#167;(a), but are eligible for re-election or re-appointment.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_38"></A> <div id="header_page_38"> <p style="text-align: center;">- 37 -</p> </div> <p style="text-align: justify;"><b>Consent to be a
Director</b></p> <p style="text-align: justify;">14.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>No election, appointment or designation of an individual as a director is valid unless:</p>
<p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>that individual consents to be a director in the manner provided for in the Act;</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>that individual is elected or appointed at a meeting at which the individual is present and the individual does not refuse, at
the meeting, to be a director; or</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>with respect to first directors, the designation is otherwise valid under the Act.</p>
<p style="text-align: justify;"><b>Failure to Elect or Appoint Directors</b></p> <p style="text-align: justify;">14.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>If:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to pass the unanimous resolution contemplated by
&#167;10.2, on or before the date by which the annual general meeting is required to be held under the Act; or</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>the
shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by &#167;10.2, to elect or appoint any directors;</p> <p style="text-align: justify;">then each director then in office continues to hold office until the
earlier of:</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>when his or her successor is elected or appointed; and</p> <p style="margin-left: 36pt; text-align: justify;">(d)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>when he or she otherwise ceases to hold office under the Act or these Articles.</p> <p style="text-align: justify;"><b>Places of Retiring Directors Not Filled</b></p>
<p style="text-align: justify;">14.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by
that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant
to these Articles but their term of office shall expire no later than the date on which new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors does not result in the
election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.</p>
<p style="text-align: justify;"><b>Directors May Fill Casual Vacancies</b></p> <p style="text-align: justify;">14.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>Any casual vacancy occurring in the board of directors may be filled
by the directors.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_39"></A> <div id="header_page_39"> <p style="text-align: center;">- 38 -</p> </div>
<p style="text-align: justify;"><b>Remaining Directors Power to Act</b></p> <p style="text-align: justify;">14.6<font style="width: 52.5pt; display: inline-block;">&#160;</font>The directors may act notwithstanding any vacancy in the board of
directors, but if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of calling a meeting of
shareholders for the purpose of filling any vacancies on the board of directors or, subject to the Act, for any other purpose.</p> <p style="text-align: justify;"><b>Shareholders May Fill Vacancies</b></p> <p style="text-align: justify;">14.7<font
style="width: 52.5pt; display: inline-block;">&#160;</font>If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to
fill any vacancies on the board of directors.</p> <p style="text-align: justify;"><b>Additional Directors</b></p> <p style="text-align: justify;">14.8<font style="width: 52.5pt; display: inline-block;">&#160;</font>Notwithstanding &#167;13.1,
&#167;13.2, and &#167;14.1, between annual general meetings or by unanimous resolutions contemplated by &#167;10.2, the directors may appoint one or more additional directors but the number of additional directors appointed under this &#167;14.8
must not at any time exceed one-third of the number of the current directors who were elected or appointed as directors other than under this &#167;14.8. Any director so appointed ceases to hold office immediately before the next election or
appointment of directors under &#167;14.1(a), but is eligible for re-election or re-appointment.</p> <p style="text-align: justify;"><b>Ceasing to be a Director</b></p> <p style="text-align: justify;">14.9<font
style="width: 52.5pt; display: inline-block;">&#160;</font>A director ceases to be a director when:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>the term of office of the
director expires;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>the director dies;</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or</p> <p style="margin-left: 36pt; text-align: justify;">(d)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>the director is removed from office pursuant to &#167;14.10 or &#167;14.11.</p> <p style="text-align: justify;"><b>Removal of Director by Shareholders</b></p>
<p style="text-align: justify;">14.10<font style="width: 47pt; display: inline-block;">&#160;</font>The Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders may
elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the
shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_40"></A> <div id="header_page_40">
<p style="text-align: center;">- 39 -</p> </div> <p style="text-align: justify;"><b>Removal of Director by Directors</b></p> <p style="text-align: justify;">14.11<font style="width: 47pt; display: inline-block;">&#160;</font>The directors may remove
any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may
appoint a director to fill the resulting vacancy.</p> <p style="text-align: justify;"><b>Nomination of Directors</b></p> <p style="text-align: justify;">14.12<font style="width: 47pt; display: inline-block;">&#160;</font></p>
<p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>Subject only to the Act, only persons who are nominated in accordance with the following procedures shall be eligible for
election as directors of the Company. Nominations of persons for election to the board may be made at any annual meeting of shareholders, or at any special meeting of shareholders (but only if the election of directors is a matter specified in the
notice of meeting given by or at the direction of the person calling such special meeting):</p>
<p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(i)<font style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font>by or at the direction of the board or an authorized officer of the Company, including
pursuant to a notice of meeting;</p> <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(ii)<font style="width: 23pt; text-indent: 0pt; display: inline-block;">&#160;</font>by or at the direction or request of one or more
shareholders pursuant to a proposal made in accordance with the provisions of the Act or a requisition of the shareholders made in accordance with the provisions of the Act; or</p>
<p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(iii)<font style="width: 20.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>by any person (a "<b>Nominating Shareholder</b>") (A) who, at the close of business on
the date of the giving of the notice provided for below in this &#167;14.12 and on the record date for notice of such meeting, is entered in the securities register as a holder of one or more shares carrying the right to vote at such meeting or who
beneficially owns shares that are entitled to be voted at such meeting and (B) who complies with the notice procedures set forth below in this &#167;14.12.</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>In addition to any other applicable requirements, for a nomination to be made by a Nominating Shareholder, such person must be given</p>
<p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(i)<font style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font>timely notice thereof in proper written form to an officer of the Company of the Company at
the principal executive offices of the Company in accordance with this &#167;14.12 and</p>
<p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(ii)<font style="width: 23pt; text-indent: 0pt; display: inline-block;">&#160;</font>the representation and agreement with respect to each candidate for nomination as required
by, and within the time period specified in &#167;14.12(c).</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>To be timely under &#167;14.12(b)(i), a Nominating Shareholder's
notice to an officer of the Company, being either the Chief Executive Officer, the Chief Financial Officer, or the Corporate Secretary (singularly, "<b>an officer of the Company</b>"), must be made:</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_41"></A> <div id="header_page_41"> <p style="text-align: center;">- 40 -</p> </div>
<p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(i)<font style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font>in the case of an annual meeting of shareholders, not less than 40 days prior to the date of
the annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is called for a date that is less than 50 days after the date (the "<b>Notice Date</b>") on which the first public announcement of the
date of the annual meeting was made, notice by the Nominating Shareholder may be made not later than the tenth (10th) day following the Notice Date; and</p> <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(ii)<font
style="width: 23pt; text-indent: 0pt; display: inline-block;">&#160;</font>in the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not called for other
purposes), not later than the fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting of shareholders was made.</p>
<p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(iii)<font style="width: 20.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>Notwithstanding the foregoing, the board may, in its sole discretion, waive any
requirement in this &#167;14.12(c).</p> <p style="margin-left: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; display: inline-block;">&#160;</font>To be in proper written form, a Nominating Shareholder's notice to an officer of the
Company, under &#167;14.12(b) must set forth:</p> <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(i)<font style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font>as to each person whom the Nominating
Shareholder proposes to nominate for election as a director (A) the name, age, business address and residence address of the person, (B) the principal occupation or employment of the person, (C) the class or series and number of shares in the
capital of the Company which are controlled or which are owned beneficially or of record by the person as of the record date for the Meeting of Shareholders (if such date shall then have been made publicly available and shall have occurred) and as
of the date of such notice, (D) a statement as to whether such person would be "independent" of the Company (within the meaning of sections 1.4 and 1.5 of National Instrument 52-110 - <i>Audit Committees</i> of the Canadian Securities
Administrators, as such provisions may be amended from time to time) if elected as a director at such meeting and the reasons and basis for such determination and (E) any other information relating to the person that would be required to be
disclosed in a dissident's proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws; and</p> <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(ii)<font
style="width: 23pt; text-indent: 0pt; display: inline-block;">&#160;</font>as to the Nominating Shareholder giving the notice, (A) any information relating to such Nominating Shareholder that would be required to be made in a dissident's proxy
circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws, and (B) the class or series and number of shares in the capital of the Company which are controlled or which are owned
beneficially or of record by the Nominating Shareholder as of the record date for the Meeting of Shareholders (if such date shall then have been made publicly available and shall have occurred) and as of the date of such notice.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_42"></A> <div id="header_page_42"> <p style="text-align: center;">- 41 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(e)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>No person shall be eligible for election as a director of the Company unless nominated in accordance with the provisions of this &#167;14.12; provided, however, that nothing in this
&#167;14.12 shall be deemed to preclude discussion by a shareholder (as distinct from nominating directors) at a meeting of shareholders of any matter in respect of which it would have been entitled to submit a proposal pursuant to the provisions of
the Act. The chair of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance with such
foregoing provisions, to declare that such defective nomination shall be disregarded.</p> <p style="margin-left: 36pt; text-align: justify;">(f)<font style="width: 24.01pt; display: inline-block;">&#160;</font>For purposes of this &#167;14.12:</p>
<p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(i)<font style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font>"<b>Applicable Securities Laws</b>" means the <i>Securities Act</i> (British Columbia) and
the equivalent legislation in the other provinces and in the territories of Canada, as amended from time to time, the rules, regulations and forms made or promulgated under any such statute and the published national instruments, multilateral
instruments, policies, bulletins and notices of the securities commissions and similar regulatory authorities of each of the applicable provinces and territories of Canada;</p>
<p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(ii)<font style="width: 23pt; text-indent: 0pt; display: inline-block;">&#160;</font>"<b>Associate</b>", when used to indicate a relationship with a specified person, shall mean
(A) any corporation or trust of which such person owns beneficially, directly or indirectly, voting securities carrying more than 10% of the voting rights attached to all voting securities of such corporation or trust for the time being outstanding,
(B) any partner of that person, (C) any trust or estate in which such person has a substantial beneficial interest or as to which such person serves as trustee or in a similar capacity, (D) a spouse of such specified person, (E) any person of either
sex with whom such specified person is living in conjugal relationship outside marriage or (F) any relative of such specified person or of a person mentioned in clauses (D) or (E) of this definition if that relative has the same residence as the
specified person;</p> <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(iii)<font style="width: 20.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>"<b>Derivatives Contract</b>" shall mean a contract between two
parties (the "Receiving Party" and the "Counterparty") that is designed to expose the Receiving Party to economic benefits and risks that correspond substantially to the ownership by the Receiving Party of a number of shares in the capital of the
Company or securities convertible into such shares specified or referenced in such contract (the number corresponding to such economic benefits and risks, the "Notional Securities"), regardless of whether obligations under such contract are required
or permitted to be settled through the delivery of cash, shares in the capital of the Company or securities convertible into such shares or other property, without regard to any short position under the same or any other Derivatives Contract. For
the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate governmental authority shall not be deemed to be Derivatives
Contracts;</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_43"></A> <div id="header_page_43"> <p style="text-align: center;">- 42 -</p> </div>
<p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(iv)<font style="width: 19.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>"<b>Meeting of Shareholders</b>" shall mean such annual shareholders meeting or special
shareholders meeting, whether general or not, at which one or more persons are nominated for election to the board by a Nominating Shareholder;</p> <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(v)<font
style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>"<b>owned beneficially</b>" or "<b>owns beneficially</b>" means, in connection with the ownership of shares in the capital of the Company by a person, (A) any such shares
as to which such person or any of such person's affiliates or Associates owns at law or in equity, or has the right to acquire or become the owner at law or in equity, where such right is exercisable immediately or after the passage of time and
whether or not on condition or the happening of any contingency or the making of any payment, upon the exercise of any conversion right, exchange right or purchase right attaching to any securities, or pursuant to any agreement, arrangement, pledge
or understanding whether or not in writing; (B) any such shares as to which such person or any of such person's affiliates or Associates has the right to vote, or the right to direct the voting, where such right is exercisable immediately or after
the passage of time and whether or not on condition or the happening of any contingency or the making of any payment, pursuant to any agreement, arrangement, pledge or understanding whether or not in writing; (C) any such shares which are
beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty's affiliates or Associates) under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract)
to which such person or any of such person's affiliates or Associates is a Receiving Party; provided, however that the number of shares that a person owns beneficially pursuant to this clause (C) in connection with a particular Derivatives Contract
shall not exceed the number of Notional Securities with respect to such Derivatives Contract; provided, further, that the number of securities owned beneficially by each Counterparty (including their respective affiliates and Associates) under a
Derivatives Contract shall for purposes of this clause be deemed to include all securities that are owned beneficially, directly or indirectly, by any other Counterparty (or any of such other Counterparty's affiliates or Associates) under any
Derivatives Contract to which such first Counterparty (or any of such first Counterparty's affiliates or Associates) is a Receiving Party and this proviso shall be applied to successive Counterparties as appropriate; and (D) any such shares which
are owned beneficially within the meaning of this definition by any other person with whom such person is acting jointly or in concert with respect to the Company or any of its securities; and</p>
<p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(vi)<font style="width: 20pt; text-indent: 0pt; display: inline-block;">&#160;</font>"<b>public announcement</b>" shall mean disclosure in a press release reported by a national
news service in Canada, or in a document publicly filed by the Company or its agents under its profile on the System of Electronic Document Analysis and Retrieval at www.sedar.com.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_44"></A> <div id="header_page_44"> <p style="text-align: center;">- 43 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(g)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>Notwithstanding any other provision to this &#167;14.12, notice or any delivery given to an officer of the Company pursuant to this &#167;14.12 may only be given by personal delivery,
facsimile transmission, email or other electronic transmission method made available by the Company, and shall be deemed to have been given and made only at the time it is served by personal delivery, email, electronic transmission or sent by
facsimile transmission (provided that receipt of confirmation of such transmission has been received) to an officer of the Company at the address of the principal executive offices of the Company; provided that if such delivery or electronic
communication is made on a day which is a not a Business Day or later than 5:00 p.m. (Vancouver time) on a day which is a Business Day, then such delivery or electronic communication shall be deemed to have been made on the subsequent day that is a
Business Day.</p> <p style="text-align: justify;">14.13<font style="width: 47pt; display: inline-block;">&#160;</font>In no event shall any adjournment or postponement of a Meeting of Shareholders or the announcement thereof commence a new time
period for the giving of a Nominating Shareholder's notice as described in &#167;14.12(c).</p> <p style="text-align: center;"><b>PART 15</b><br><br><b>POWERS AND DUTIES OF DIRECTORS</b></p> <p style="text-align: justify;"><b>Powers of
Management</b></p> <p style="text-align: justify;">15.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>The directors must, subject to the Act and these Articles, manage or supervise the management of the business and affairs of the
Company and have the authority to exercise all such powers of the Company as are not, by the Act or by these Articles, required to be exercised by the shareholders of the Company.</p> <p style="text-align: justify;"><b>Appointment of Attorney of
Company</b></p> <p style="text-align: justify;">15.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>The directors may from time to time, by power of attorney or other instrument, appoint any person to be the attorney of the Company
for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to
change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the
directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the directors to sub-delegate
all or any of the powers, authorities and discretions for the time being vested in him or her.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_45"></A> <div id="header_page_45">
<p style="text-align: center;">- 44 -</p> </div> <p style="text-align: center;"><b>PART 16</b><br><br><b>INTERESTS OF DIRECTORS AND OFFICERS</b></p> <p style="text-align: justify;"><b>Obligation to Account for Profits</b></p>
<p style="text-align: justify;">16.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>A director or senior officer who holds a disclosable interest (as that term is used in the Act) in a contract or transaction into which the Company
has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the Act.</p>
<p style="text-align: justify;"><b>Restrictions on Voting by Reason of Interest</b></p> <p style="text-align: justify;">16.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>A director who holds a disclosable interest in a contract or
transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors' resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction,
in which case any or all of those directors may vote on such resolution.</p> <p style="text-align: justify;"><b>Interested Director Counted in Quorum</b></p>
<p style="text-align: justify;">16.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present
at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.</p>
<p style="text-align: justify;"><b>Disclosure of Conflict of Interest or Property</b></p> <p style="text-align: justify;">16.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>A director or senior officer who holds any office or
possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature
and extent of the conflict as required by the Act.</p> <p style="text-align: justify;"><b>Director Holding Other Office in the Company</b></p> <p style="text-align: justify;">16.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>A
director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may
determine.</p> <p style="text-align: justify;"><b>No Disqualification</b></p> <p style="text-align: justify;">16.6<font style="width: 52.5pt; display: inline-block;">&#160;</font>No director or intended director is disqualified by his or her office
from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company
in which a director is in any way interested is liable to be voided for that reason.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_46"></A> <div id="header_page_46">
<p style="text-align: center;">- 45 -</p> </div> <p style="text-align: justify;"><b>Professional Services by Director or Officer</b></p> <p style="text-align: justify;">16.7<font style="width: 52.5pt; display: inline-block;">&#160;</font>Subject to
the Act, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to
remuneration for professional services as if that director or officer were not a director or officer.</p> <p style="text-align: justify;"><b>Director or Officer in Other Corporations</b></p> <p style="text-align: justify;">16.8<font
style="width: 52.5pt; display: inline-block;">&#160;</font>A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and,
subject to the Act, the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in, such other person.</p>
<p style="text-align: center;"><b>PART 17</b><br><br><b>PROCEEDINGS OF DIRECTORS</b></p> <p style="text-align: justify;"><b>Meetings of Directors</b></p>
<p style="text-align: justify;">17.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the
directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine.</p> <p style="text-align: justify;"><b>Voting at Meetings</b></p>
<p style="text-align: justify;">17.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the
meeting does not have a second or casting vote.</p> <p style="text-align: justify;"><b>Chair of Meetings</b></p> <p style="text-align: justify;">17.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>The following individual is
entitled to preside as chair at a meeting of directors:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>the chair of the board, if any;</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>in the absence of the chair of the board, the president, if any, if the president is a director; or</p>
<p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>any other director chosen by the directors if:</p> <p style="margin-left: 72pt; text-align: justify;">(i)<font
style="width: 26pt; display: inline-block;">&#160;</font>neither the chair of the board nor the president, if a director, is present at the meeting within 15 minutes after the time set for holding the meeting;</p>
<p style="margin-left: 72pt; text-align: justify;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>neither the chair of the board nor the president, if a director, is willing to chair the meeting; or</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_47"></A> <div id="header_page_47"> <p style="text-align: center;">- 46 -</p> </div> <p style="margin-left: 72pt; text-align: justify;">(iii)<font
style="width: 20.5pt; display: inline-block;">&#160;</font>the chair of the board and the president, if a director, have advised the secretary, if any, or any other director, that they will not be present at the meeting.</p>
<p style="text-align: justify;"><b>Place of Meetings</b></p> <p style="text-align: justify;">17.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>Meetings of directors may be held at any place within or outside of Canada, or if so
approved by all of the directors, such meeting may be held entirely by means of an electronic or other communication facility that permits all persons participating in the meeting to communicate adequately with each other to the extent permitted by
the Act.</p> <p style="text-align: justify;"><b>Meetings by Telephone or Other Communications Medium</b></p> <p style="text-align: justify;">17.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>A director may participate in a meeting
of the directors or of any committee of the directors:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>in person; or</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>by telephone or by other communications medium if all directors participating in the meeting, whether in person or by telephone
or other communications medium, are able to communicate with each other.</p> <p style="text-align: justify;">A director who participates in a meeting in a manner contemplated by this &#167;17.5 is deemed for all purposes of the Act and these
Articles to be present at the meeting and to have agreed to participate in that manner.</p> <p style="text-align: justify;"><b>Calling of Meetings</b></p>
<p style="text-align: justify;">17.6<font style="width: 52.5pt; display: inline-block;">&#160;</font>A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the
directors at any time.</p> <p style="text-align: justify;"><b>Notice of Meetings</b></p> <p style="text-align: justify;">17.7<font style="width: 52.5pt; display: inline-block;">&#160;</font>Other than for meetings held at regular intervals as
determined by the directors pursuant to &#167;17.1, reasonable notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors by any method set out in &#167;23.1 or orally or by
telephone.</p> <p style="text-align: justify;"><b>When Notice Not Required</b></p> <p style="text-align: justify;">17.8<font style="width: 52.5pt; display: inline-block;">&#160;</font>It is not necessary to give notice of a meeting of the directors
to a director if:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>the meeting is to be held immediately following a meeting of shareholders at which that director was
elected or appointed, or is the meeting of the directors at which that director is appointed; or</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>the director has waived
notice of the meeting.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_48"></A> <div id="header_page_48"> <p style="text-align: center;">- 47 -</p> </div>
<p style="text-align: justify;"><b>Meeting Valid Despite Failure to Give Notice</b></p> <p style="text-align: justify;">17.9<font style="width: 52.5pt; display: inline-block;">&#160;</font>The accidental omission to give notice of any meeting of
directors to, or the non-receipt of any notice by, any director, does not invalidate any proceedings at that meeting.</p> <p style="text-align: justify;"><b>Waiver of Notice of Meetings</b></p> <p style="text-align: justify;">17.10<font
style="width: 47pt; display: inline-block;">&#160;</font>Any director may send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver
with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director and all meetings of the
directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director. Attendance of a director at a meeting of the directors is a waiver of notice of the meeting unless that director
attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.</p> <p style="text-align: justify;"><b>Quorum</b></p> <p style="text-align: justify;">17.11<font
style="width: 47pt; display: inline-block;">&#160;</font>The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be a majority of the directors or, if the number of
directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.</p> <p style="text-align: justify;"><b>Validity of Acts Where Appointment Defective</b></p> <p style="text-align: justify;">17.12<font
style="width: 47pt; display: inline-block;">&#160;</font>Subject to the Act, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or
officer.</p> <p style="text-align: justify;"><b>Consent Resolutions in Writing</b></p> <p style="text-align: justify;">17.13<font style="width: 47pt; display: inline-block;">&#160;</font>A resolution of the directors or of any committee of the
directors may be passed without a meeting:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>in all cases, if each of the directors entitled to vote on the resolution consents
to it in writing; or</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>in the case of a resolution to approve a contract or transaction in respect of which a director has
disclosed that he or she has or may have a disclosable interest, if each of the other directors who have not made such a disclosure consents in writing to the resolution.</p> <p style="text-align: justify;">A consent in writing under this
&#167;17.13 may be by signed document, fax, email or any other method of transmitting legibly recorded messages. Any electronic signature on a consent, whether digital or encrypted, shall be deemed to have the same force and effect as a manual
signature. A consent in writing may be in two or more counterparts which together are deemed to constitute one consent in writing. A resolution of the directors or of any committee of the directors passed in accordance with this &#167;17.13 is
effective on the date stated in the consent in writing or on the latest date stated on any counterpart and is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been
passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the Act and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_49"></A> <div id="header_page_49"> <p style="text-align: center;">- 48 -</p> </div> <p style="text-align: center;"><b>PART
18</b><br><br><b>EXECUTIVE AND OTHER COMMITTEES</b></p> <p style="text-align: justify;"><b>Appointment and Powers of Executive Committee</b></p> <p style="text-align: justify;">18.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>The
directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors'
powers, except:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>the power to fill vacancies in the board of directors;</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>the power to remove a director;</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>the power to change the membership of, or fill vacancies in, any committee of the directors; and</p> <p style="margin-left: 36pt; text-align: justify;">(d)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>such other powers, if any, as may be set out in the resolution or any subsequent directors' resolution.</p> <p style="text-align: justify;"><b>Appointment and Powers of Other
Committees</b></p> <p style="text-align: justify;">18.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>The directors may, by resolution:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>appoint one or more committees (other than the executive committee) consisting of the director or directors that they consider appropriate;</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>delegate to a committee appointed under &#167;(a) any of the directors' powers, except:</p>
<p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>the power to fill vacancies in the board of directors;</p> <p style="margin-left: 72pt; text-align: justify;">(ii)<font
style="width: 23pt; display: inline-block;">&#160;</font>the power to remove a director;</p> <p style="margin-left: 72pt; text-align: justify;">(iii)<font style="width: 20.5pt; display: inline-block;">&#160;</font>the power to change the membership
of, or fill vacancies in, any committee of the directors; and</p> <p style="margin-left: 72pt; text-align: justify;">(iv)<font style="width: 19.5pt; display: inline-block;">&#160;</font>the power to appoint or remove officers appointed by the
directors; and</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>make any delegation referred to in &#167;(b) subject to the conditions set out in the resolution or any
subsequent directors' resolution.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_50"></A> <div id="header_page_50"> <p style="text-align: center;">- 49 -</p> </div>
<p style="text-align: justify;"><b>Obligations of Committees</b></p> <p style="text-align: justify;">18.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>Any committee appointed under &#167;18.1 or &#167;18.2, in the exercise of the
powers delegated to it, must:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>conform to any rules that may from time to time be imposed on it by the directors; and</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>report every act or thing done in exercise of those powers at such times as the directors may require.</p>
<p style="text-align: justify;"><b>Powers of Board</b></p> <p style="text-align: justify;">18.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>The directors may, at any time, with respect to a committee appointed under &#167;18.1 or
&#167;18.2</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>revoke or alter the authority given to the committee, or override a decision made by the committee, except as to
acts done before such revocation, alteration or overriding;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>terminate the appointment of, or change the membership of, the
committee; and</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>fill vacancies in the committee.</p> <p style="text-align: justify;"><b>Committee Meetings</b></p>
<p style="text-align: justify;">18.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>Subject to &#167;18.3(a) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with
respect to a committee appointed under &#167;18.1 or &#167;18.2:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>the committee may meet and adjourn as it thinks proper;</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a meeting the chair of the
meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting;</p>
<p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>a majority of the members of the committee constitutes a quorum of the committee; and</p>
<p style="margin-left: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; display: inline-block;">&#160;</font>questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in case of an
equality of votes, the chair of the meeting does not have a second or casting vote.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_51"></A> <div id="header_page_51">
<p style="text-align: center;">- 50 -</p> </div> <p style="text-align: center;"><b>PART 19</b><br><br><b>OFFICERS</b></p> <p style="text-align: justify;"><b>Directors May Appoint Officers</b></p> <p style="text-align: justify;">19.1<font
style="width: 52.5pt; display: inline-block;">&#160;</font>The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment.</p>
<p style="text-align: justify;"><b>Functions, Duties and Powers of Officers</b></p> <p style="text-align: justify;">19.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>The directors may, for each officer:</p>
<p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>determine the functions and duties of the officer;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>entrust to and confer on the officer any of the powers exercisable by the directors on such terms and conditions and with such restrictions as the directors think fit; and</p>
<p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.</p>
<p style="text-align: justify;"><b>Qualifications </b></p> <p style="text-align: justify;">19.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>No person may be appointed as an officer unless that person is qualified in accordance
with the Act. One person may hold more than one position as an officer of the Company. Any person appointed as the chair of the board, chair of a committee of the board or lead independent director, if any, must be a director. Any other officer need
not be a director.</p> <p style="text-align: justify;"><b>Remuneration and Terms of Appointment</b></p> <p style="text-align: justify;">19.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>All appointments of officers are to be made
on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors thinks fit and are subject to termination at the pleasure of the directors, and an officer may
in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of the Company, a pension or gratuity.</p> <p style="text-align: center;"><b>PART 20</b><br><br><b>INDEMNIFICATION</b></p>
<p style="text-align: justify;"><b>Definitions</b></p> <p style="text-align: justify;">20.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>In this Part 20:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>"<b>eligible party</b>", in relation to a company, means an individual who:</p>
<p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>is or was a director or officer of the Company;</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_52"></A> <div id="header_page_52"> <p style="text-align: center;">- 51 -</p> </div> <p style="margin-left: 72pt; text-align: justify;">(ii)<font
style="width: 23pt; display: inline-block;">&#160;</font>is or was a director or officer of another corporation</p> <p style="margin-left: 108pt; text-align: justify;">(A)<font style="width: 19.34pt; display: inline-block;">&#160;</font>at a time
when the corporation is or was an affiliate of the Company, or</p> <p style="margin-left: 108pt; text-align: justify;">(B)<font style="width: 20pt; display: inline-block;">&#160;</font>at the request of the Company; or</p>
<p style="margin-left: 72pt; text-align: justify;">(iii)<font style="width: 20.5pt; display: inline-block;">&#160;</font>at the request of the Company, is or was, or holds or held a position equivalent to that of, a director or officer of a
partnership, trust, joint venture or other unincorporated entity,</p> <p style="margin-left: 36pt; text-align: justify;">and includes, except in the definition of "eligible proceeding" and Sections 163(1)(c) and (d) and 165 of the Act, the heirs and
personal or other legal representatives of that individual;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>eligible penalty</b>" means a judgment, penalty or fine
awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>"<b>eligible proceeding</b>" means a
proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position
equivalent to that of a director or officer of, the Company or an associated corporation</p> <p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>is or may be joined as a party; or</p>
<p style="margin-left: 72pt; text-align: justify;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;</p>
<p style="margin-left: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>expenses</b>" has the meaning set out in the Act and includes costs, charges and expenses, including legal and other fees,
but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding; and</p> <p style="margin-left: 36pt; text-align: justify;">(e)<font style="width: 22.68pt; display: inline-block;">&#160;</font>"<b>proceeding</b>"
includes any legal proceeding or investigative action, whether current, threatened, pending or completed.</p> <p style="text-align: justify;"><b>Mandatory Indemnification of Eligible Parties</b></p> <p style="text-align: justify;">20.2<font
style="width: 52.5pt; display: inline-block;">&#160;</font>Subject to the Act, the Company must indemnify each eligible party and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be
liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each eligible party is deemed to have contracted with the Company on
the terms of the indemnity contained in this &#167;20.2.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_53"></A> <div id="header_page_53"> <p style="text-align: center;">- 52 -</p> </div>
<p style="text-align: justify;"><b>Indemnification of Other Persons</b></p> <p style="text-align: justify;">20.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>Subject to any restrictions in the Act, the Company may agree to
indemnify and may indemnify any person (including an eligible party) against eligible penalties and pay expenses incurred in connection with the performance of services by that person for the Company.</p> <p style="text-align: justify;"><b>Authority
to Advance Expenses</b></p> <p style="text-align: justify;">20.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>The Company may advance expenses to an eligible party to the extent permitted by and in accordance with the Act.</p>
<p style="text-align: justify;"><b>Non-Compliance with Act</b></p> <p style="text-align: justify;">20.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>Subject to the Act, the failure of an eligible party of the Company to comply
with the Act or these Articles or, if applicable, any former <i>Companies Act</i> or former Articles does not, of itself, invalidate any indemnity to which he or she is entitled under this Part 20.</p> <p style="text-align: justify;"><b>Company May
Purchase Insurance</b></p> <p style="text-align: justify;">20.6<font style="width: 52.5pt; display: inline-block;">&#160;</font>The Company may purchase and maintain insurance for the benefit of any eligible party (or the heirs or legal personal
representatives of any eligible party) against any liability incurred by any eligible party.</p> <p style="text-align: center;"><b>PART 21</b><br><br><b>DIVIDENDS</b></p> <p style="text-align: justify;"><b>Payment of Dividends Subject to Special
Rights</b></p> <p style="text-align: justify;">21.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>The provisions of this Part 21 are subject to the rights, if any, of shareholders holding shares with special rights as to
dividends.</p> <p style="text-align: justify;"><b>Declaration of Dividends</b></p> <p style="text-align: justify;">21.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>Subject to the Act, the directors may from time to time declare
and authorize payment of such dividends as they may deem advisable.</p> <p style="text-align: justify;"><b>No Notice Required</b></p> <p style="text-align: justify;">21.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>The directors
need not give notice to any shareholder of any declaration under &#167;21.2.</p> <p style="text-align: justify;"><b>Record Date</b></p> <p style="text-align: justify;">21.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>The
directors must set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_54"></A> <div id="header_page_54"> <p style="text-align: center;">- 53 -</p> </div> <p style="text-align: justify;"><b>Manner of Paying
Dividend</b></p> <p style="text-align: justify;">21.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>A resolution declaring a dividend may direct payment of the dividend wholly or partly in money or by the distribution of specific
assets or of fully paid shares or of bonds, debentures or other securities of the Company or any other entity, or in any one or more of those ways.</p> <p style="text-align: justify;"><b>Settlement of Difficulties</b></p>
<p style="text-align: justify;">21.6<font style="width: 52.5pt; display: inline-block;">&#160;</font>If any difficulty arises in regard to a distribution under &#167;21.5, the directors may settle the difficulty as they deem advisable, and, in
particular, may:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>set the value for distribution of specific assets;</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>determine that money in substitution for all or any part of the specific assets to which any shareholders are entitled may be
paid to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>vest any such
specific assets in trustees for the persons entitled to the dividend.</p> <p style="text-align: justify;"><b>When Dividend Payable</b></p> <p style="text-align: justify;">21.7<font style="width: 52.5pt; display: inline-block;">&#160;</font>Any
dividend may be made payable on such date as is fixed by the directors.</p> <p style="text-align: justify;"><b>Dividends to be Paid in Accordance with Number of Shares</b></p> <p style="text-align: justify;">21.8<font
style="width: 52.5pt; display: inline-block;">&#160;</font>All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.</p> <p style="text-align: justify;"><b>Receipt by Joint
Shareholders</b></p> <p style="text-align: justify;">21.9<font style="width: 52.5pt; display: inline-block;">&#160;</font>If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus
or other money payable in respect of the share.</p> <p style="text-align: justify;"><b>Dividend Bears No Interest</b></p> <p style="text-align: justify;">21.10<font style="width: 47pt; display: inline-block;">&#160;</font>No dividend bears interest
against the Company.</p> <p style="text-align: justify;"><b>Fractional Dividends</b></p> <p style="text-align: justify;">21.11<font style="width: 47pt; display: inline-block;">&#160;</font>If a dividend to which a shareholder is entitled includes a
fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.</p> <p style="text-align: justify;"><b>Payment of
Dividends</b></p> <p style="text-align: justify;">21.12<font style="width: 47pt; display: inline-block;">&#160;</font>Any dividend or other distribution payable in money in respect of shares may be paid (i) by cheque, made payable to the order of
the person to whom it is sent, and mailed to the registered address of the shareholder, or in the case of joint shareholders, to the registered address of the joint shareholder who is first named on the central securities register, or to the person
and to the address the shareholder or joint shareholders may direct in writing or (ii) with the consent of the Company and the shareholder, by wire transfer or other electronic means. In the case of payment of a dividend by cheque, mailing of such
cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so deducted is
not paid to the appropriate taxing authority. In the case of payment of a dividend by wire transfer or other electronic means, the initiation of such payment by the Company will, to the extent of the sum represented by the transfer (plus the amount
of the tax required by law to be deducted), discharge all liability for the dividend unless the amount of tax so deducted is not paid to the appropriate taxing authority.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_55"></A> <div id="header_page_55"> <p style="text-align: center;">- 54 -</p> </div> <p style="text-align: justify;"><b>Capitalization of Retained
Earnings or Surplus</b></p> <p style="text-align: justify;">21.13<font style="width: 47pt; display: inline-block;">&#160;</font>Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any retained
earnings or surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the retained earnings or surplus so capitalized or any part thereof.</p>
<p style="text-align: center;"><b>PART 22</b><br><br><b>ACCOUNTING RECORDS AND AUDITOR</b></p> <p style="text-align: justify;"><b>Recording of Financial Affairs</b></p> <p style="text-align: justify;">22.1<font
style="width: 52.5pt; display: inline-block;">&#160;</font>The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the Act.</p>
<p style="text-align: justify;"><b>Inspection of Accounting Records</b></p> <p style="text-align: justify;">22.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>Unless the directors determine otherwise, or unless otherwise determined
by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company.</p> <p style="text-align: justify;"><b>Remuneration of Auditor</b></p> <p style="text-align: justify;">22.3<font
style="width: 52.5pt; display: inline-block;">&#160;</font>The directors may set the remuneration of the auditor of the Company.</p> <p style="text-align: center;"><b>PART 23</b><br><br><b>NOTICES</b></p> <p style="text-align: justify;"><b>Method of
Giving Notice</b></p> <p style="text-align: justify;">23.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>Unless the Act or these Articles provide otherwise, a notice, statement, report or other record required or permitted by the
Act or these Articles (a "<b>Notice</b>") to be sent by or to a person may be sent by:</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_56"></A> <div id="header_page_56">
<p style="text-align: center;">- 55 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>mail addressed to the person at the applicable address for that person as
follows:</p> <p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>for a Notice mailed to a shareholder, the shareholder's registered address;</p>
<p style="margin-left: 72pt; text-align: justify;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>for a Notice mailed to a director or officer, the prescribed address for mailing shown for the director or officer in the records
kept by the Company or the mailing address provided by the recipient for the sending of Notices of that class;</p> <p style="margin-left: 72pt; text-align: justify;">(iii)<font style="width: 20.5pt; display: inline-block;">&#160;</font>in any other
case, the mailing address of the intended recipient;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>delivery at the applicable address for that person as follows, addressed
to the person:</p> <p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>for a Notice delivered to a shareholder, the shareholder's registered address;</p>
<p style="margin-left: 72pt; text-align: justify;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>for a Notice delivered to a director or officer, the prescribed address for delivery shown for the director or officer in the
records kept by the Company or the delivery address provided by the recipient for the sending of Notices of that class;</p> <p style="margin-left: 72pt; text-align: justify;">(iii)<font style="width: 20.5pt; display: inline-block;">&#160;</font>in
any other case, the delivery address of the intended recipient;</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>sending the Notice by fax to the fax number provided by the
intended recipient for the sending of Notices that class;</p> <p style="margin-left: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; display: inline-block;">&#160;</font>sending the Notice by email to the email address provided by the
intended recipient for the sending of Notices of that class;</p> <p style="margin-left: 36pt; text-align: justify;">(e)<font style="width: 22.68pt; display: inline-block;">&#160;</font>sending the Notice by other means of electronic transmission
accessible by the intended recipient for the sending of Notices of that class in accordance with applicable law; and</p> <p style="margin-left: 36pt; text-align: justify;">(f)<font style="width: 24.01pt; display: inline-block;">&#160;</font>physical
delivery to the intended recipient.</p> <p style="text-align: justify;"><b>Press Release</b></p> <p style="text-align: justify;">23.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>Unless the Act or these Articles provide otherwise,
a Notice to be sent to a shareholder shall be deemed conclusively to have been given or made, and the obligation to give any Notice shall, unless otherwise required by applicable laws and regulations, be deemed conclusively to have been fully
satisfied upon issuing a press release complying with applicable laws and regulations if deemed by the board of directors to be a reasonable or appropriate means of providing such Notice.</p> <p style="text-align: justify;"><b>Deemed Receipt of
Mailing</b></p> <p style="text-align: justify;">23.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>A notice, statement, report or other record that is:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>mailed to a person by ordinary mail to the applicable address for that person referred to in &#167;23.1 is deemed to be received by the person to whom it was mailed on the day (Saturdays,
Sundays and holidays excepted) following the date of mailing;</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_57"></A> <div id="header_page_57"> <p style="text-align: center;">- 56 -</p>
</div> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>faxed to a person to the fax number provided by that person under &#167;23.1 is deemed to be received by the person to
whom it was faxed on the day it was faxed;</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>emailed to a person to the e-mail address provided by that person under &#167;23.1
is deemed to be received by the person to whom it was e-mailed on the day that it was emailed; and</p> <p style="margin-left: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; display: inline-block;">&#160;</font>sent to a person by other
means of electronic transmission under &#167;23.1 is deemed to be received by the person to whom it was transmitted on the day that such transmission occurred.</p> <p style="text-align: justify;"><b>Certificate of Sending</b></p>
<p style="text-align: justify;">23.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that capacity on behalf of the
Company stating that a notice, statement, report or other record was sent in accordance with &#167;23.1 is conclusive evidence of that fact.</p> <p style="text-align: justify;"><b>Notice to Joint Shareholders</b></p>
<p style="text-align: justify;">23.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing such record to the
joint shareholder first named in the central securities register in respect of the share.</p> <p style="text-align: justify;"><b>Notice to Legal Personal Representatives and Trustees</b></p> <p style="text-align: justify;">23.6<font
style="width: 52.5pt; display: inline-block;">&#160;</font>A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by:</p>
<p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>mailing the record, addressed to them:</p> <p style="margin-left: 72pt; text-align: justify;">(i)<font
style="width: 26pt; display: inline-block;">&#160;</font>by name, by the title of the legal personal representative of the deceased or incapacitated shareholder, by the title of trustee of the bankrupt shareholder or by any similar description;
and</p> <p style="margin-left: 72pt; text-align: justify;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>at the address, if any, supplied to the Company for that purpose by the persons claiming to be so entitled; or</p>
<p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>if an address referred to in &#167;(a)(ii) has not been supplied to the Company, by giving the notice in a manner in which it
might have been given if the death, bankruptcy or incapacity had not occurred.</p> <p style="text-align: justify;"><b>Undelivered Notices</b></p> <p style="text-align: justify;">23.7<font style="width: 52.5pt; display: inline-block;">&#160;</font>If
on two consecutive occasions, a notice, statement, report or other record is sent to a shareholder pursuant to &#167;23.1 and on each of those occasions any such record is returned because the shareholder cannot be located, the Company shall not be
required to send any further records to the shareholder until the shareholder informs the Company in writing of his or her new address.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_58"></A> <div id="header_page_58"> <p style="text-align: center;">- 57 -</p> </div> <p style="text-align: center;"><b>PART
24</b><br><br><b>PROHIBITIONS</b></p> <p style="text-align: justify;"><b>Definitions</b></p> <p style="text-align: justify;">24.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>In this Part 24:</p>
<p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>"<b>designated security</b>" means:</p> <p style="margin-left: 72pt; text-align: justify;">(i)<font
style="width: 26pt; display: inline-block;">&#160;</font>a voting security of the Company;</p> <p style="margin-left: 72pt; text-align: justify;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>a security of the Company that is
not a debt security and that carries a residual right to participate in the earnings of the Company or, on the liquidation or winding up of the Company, in its assets; or</p> <p style="margin-left: 72pt; text-align: justify;">(iii)<font
style="width: 20.5pt; display: inline-block;">&#160;</font>a security of the Company convertible, directly or indirectly, into a security described in &#167;(a) or &#167;(b);</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>"<b>security</b>" has the meaning assigned in the <i>Securities Act</i> (British Columbia); and</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>"<b>voting security</b>" means a security of the Company that:</p> <p style="margin-left: 72pt; text-align: justify;">(i)<font style="width: 26pt; display: inline-block;">&#160;</font>is
not a debt security; and</p> <p style="margin-left: 72pt; text-align: justify;">(ii)<font style="width: 23pt; display: inline-block;">&#160;</font>carries a voting right either under all circumstances or under some circumstances that have occurred
and are continuing.</p> <p style="text-align: justify;"><b>Application</b></p> <p style="text-align: justify;">24.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>&#167;24.3 does not apply to the Company if and for so long as it is
a public company, a private company which is no longer eligible to use the private issuer exemption under the <i>Securities Act</i> (British Columbia) or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part
of its Articles or a company to which the Statutory Reporting Company Provisions apply.</p> <p style="text-align: justify;"><b>Consent Required for Transfer of Shares or Designated Securities</b></p> <p style="text-align: justify;">24.3<font
style="width: 52.5pt; display: inline-block;">&#160;</font>No share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors are not required to give any reason for refusing to
consent to any such sale, transfer or other disposition.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_59"></A> <div id="header_page_59"> <p style="text-align: center;">- 58 -</p> </div>
<p style="text-align: center;"><b>PART 25</b><br><br><b>SPECIAL RIGHTS AND RESTRICTIONS </b><br><b>CLASS A EXCHANGEABLE SUBORDINATE VOTING SHARES</b></p> <p style="text-align: justify;"><b>Special Rights and Restrictions </b></p>
<p style="text-align: justify;">25.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>The Class A Shares as a class shall have attached thereto the special rights and restrictions specified in this Part 25.</p>
<p style="text-align: center;"><u><b>DIVIDENDS</b></u></p> <p style="text-align: justify;"><b>Dividend Rights</b></p> <p style="text-align: justify;">25.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>Each Class A Shareholder shall
be entitled to receive, and the Company shall pay thereon, as and when declared by the board of directors, a dividend on each Class A Share in an amount in cash for each Class A Share equal to the cash distribution declared on each BIP Unit on each
BIP Distribution Declaration Date multiplied by the Conversion Factor in effect on the Record Date of such dividend (the "<b>Class A Dividend</b>"), it being understood that Class A Shareholders will not be entitled to any dividends other than the
Class A Dividend.</p> <p style="text-align: justify;"><b>Unpaid Dividends</b></p> <p style="text-align: justify;">25.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>If the full amount of a Class A Dividend is not declared on a BIP
Distribution Declaration Date, or is declared but is not paid on the payment date, then such Class A Dividend shall accrue and accumulate, whether or not the Company has earnings, whether or not there are funds legally available for the payment
thereof and whether or not such distributions are earned, declared or authorized (such amounts, the "<b>Unpaid Dividends</b>"). Any dividend payment made on the Class A Shares shall first be credited against the earliest Unpaid Dividends due with
respect to such Class A Shares which remains payable.</p> <p style="text-align: justify;"><b>Payment of Dividends</b></p> <p style="text-align: justify;">25.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>Cheques of the Company may
be issued in respect of all Class A Dividends contemplated by &#167;25.2 and the sending of such cheque to each Class A Shareholder will satisfy the cash dividend represented thereby unless the cheque is not paid on presentation. Subject to the
requirements of applicable Law with respect to unclaimed property, no Class A Shareholder will be entitled to recover by action or other legal process against the Company any dividend that is represented by a cheque that has not been duly presented
to the Company's bankers for payment or that otherwise remains unclaimed for a period of two years from the date on which such dividend was first payable.</p> <p style="text-align: justify;"><b>Record and Payment Dates</b></p>
<p style="text-align: justify;">25.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>The Record Date with respect to any Class A Dividend declared by the board of directors and the payment date of such Class A Dividend will be the
same dates as the Record Date and the payment date, respectively, for the corresponding distribution declared on the BIP Units, each as approved by the board of directors.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_60"></A> <div id="header_page_60"> <p style="text-align: center;">- 59 -</p> </div> <p style="text-align: center;"><u><b>RANKING</b></u></p>
<p style="text-align: justify;"><b>Ranking of the Class A Shares</b></p> <p style="text-align: justify;">25.6<font style="width: 52.5pt; display: inline-block;">&#160;</font>The Class A Shares shall, as to the payment of dividends and return of
capital in a Liquidation Event, rank junior to the Preferred Shares and senior to the Class B Shares, the Class C Shares and any other shares ranking junior to the Class A Shares with respect to priority in payment of dividends and return of capital
in the event of the liquidation, dissolution or winding-up of the Company.</p> <p style="text-align: center;"><u><b>VOTING </b></u></p> <p style="text-align: justify;"><b>Voting Rights</b></p> <p style="text-align: justify;">25.7<font
style="width: 52.5pt; display: inline-block;">&#160;</font>Except as expressly provided herein, each Class A Shareholder will be entitled to receive notice of, and to attend and vote at, all meetings of shareholders of the Company, except for
meetings at which only holders of another specified class or series of shares are entitled to vote separately as a class or series. Each Class A Shareholder shall be entitled to cast one vote for each Class A Share held at the record date for the
determination of shareholders entitled to vote on any matter.</p> <p style="text-align: justify;">25.8<font style="width: 52.5pt; display: inline-block;">&#160;</font>Except as otherwise expressly provided herein or as required by Law, the Class A
Shareholders and Class B Shareholders will vote together and not as separate classes.</p> <p style="text-align: justify;">25.9<font style="width: 52.5pt; display: inline-block;">&#160;</font>Subject to any rights of the holders of any series of
Preferred Shares to elect directors under specified circumstances, the holders of the outstanding Class A Shares and Class B Shares, voting together, shall be entitled to vote in respect of the election of all directors of the Company.</p>
<p style="text-align: justify;"><b>Amendment with Approval of Class A Shareholders </b></p> <p style="text-align: justify;">25.10<font style="width: 47pt; display: inline-block;">&#160;</font>In addition to any other approvals required by Law, any
approval given by the Class A Shareholders to add to, change or remove any right, privilege, restriction or condition attaching to the Class A Shares or any other matter requiring the approval or consent of the Class A Shareholders as a separate
class will be deemed to have been sufficiently given if it will have been given in accordance with applicable Law, subject to a minimum requirement that such amendment be approved by not less than 66 2/3% of the votes cast on such amendment at a
meeting of Class A Shareholders duly called and held at which the Class A Shareholders holding at least 10% of the outstanding Class A Shares at that time are present or represented by proxy; provided that such approval must be given also by the
affirmative vote of holders of not less than 66 2/3% of the Non-Affiliated Holders represented in person or by proxy at the meeting. If at any such meeting the Class A Shareholders holding at least 10% of the outstanding Class A Shares at as of the
Record Date of such meeting are not present or represented by proxy within one-half hour after the time appointed for such meeting, then the meeting will be adjourned to such date not less than five days thereafter and to such time and place as may
be designated by the chairman of such meeting. At such reconvened meeting, the Class A Shareholders present or represented by proxy thereat may transact the business for which the meeting was originally called and a resolution passed thereat by the
affirmative vote of not less than 66 2/3% of the votes cast on such amendment at such reconvened meeting excluding the BIP-Affiliated Class A Shareholders shall be effective.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_61"></A> <div id="header_page_61"> <p style="text-align: center;">- 60 -</p> </div> <p style="text-align: center;"><u><b>EXCHANGE
RIGHTS</b></u></p> <p style="text-align: justify;"><b>Exchange at the Option of the Class A Shareholder</b></p> <p style="text-align: justify;">25.11<font style="width: 47pt; display: inline-block;">&#160;</font>Subject to applicable Law and the due
exercise by BIP of the Exchange-Redemption Call Right, at any time from and after the date of the issuance of the Class A Shares, each Class A Shareholder shall have the right (the "<b>Exchange Right</b>") to require the Company to redeem all or
such portion of the Class A Shares registered in the name of such Class A Shareholder specified in a Notice of Exchange delivered to the Transfer Agent by or on behalf of such Class A Shareholder (such Class A Shares being hereafter referred to as
"<b>Tendered Class A Shares</b>" and such Class A Shareholder, the "<b>Tendering Class A Shareholder</b>") for the BIP Units Amount per Tendered Class A Share or, if the Company elects in its sole and absolute discretion, the Cash Amount (in lieu of
the BIP Units Amount per Tendered Class A Share), plus, in either case, a cash amount equal to any Unpaid Dividends per Tendered Class A Share.</p> <p style="text-align: justify;"><b>Notice of Exchange</b></p> <p style="text-align: justify;">25.12<font
style="width: 47pt; display: inline-block;">&#160;</font>A Class A Shareholder must deliver a Notice of Exchange either electronically (by electronic mail or by any other electronic procedure that may be established by the Transfer Agent and
communicated to the Class A Shareholders by the Company or the Transfer Agent) or physically (by mail, courier, hand delivery or otherwise) to any office of the Transfer Agent prior to the issuance by the Company of a Notice of Class A Redemption or
the announcement of a Liquidation Event in order to exercise his, her or its Exchange Right. The Transfer Agent shall promptly notify the Company, BIP and, until such time as the Rights Agreement has been terminated, BAM, of the receipt of a Notice
of Exchange.</p> <p style="text-align: justify;"><b>Satisfaction of Exchange Rights </b></p> <p style="text-align: justify;">25.13<font style="width: 47pt; display: inline-block;">&#160;</font>Upon receipt by the Transfer Agent of a Notice of
Exchange and such additional documents and instruments as the Company or the Transfer Agent may reasonably require, and provided that BIP has not exercised the Exchange-Redemption Call Right, the Company will redeem the applicable Tendered Class A
Shares on or prior to the Specified Exchange Date. The Company will deliver or cause to be delivered to the Tendering Class A Shareholder, at the address of the holder recorded in the register of the Company for the Class A Shares or at the address
specified in the holder's Notice of Exchange, <u>either</u> (i) the BIP Units Amount, or (ii) the Cash Amount, as the Company may determine in its sole and absolute discretion, together with a cash amount for each Tendered Class A Share equal to any
Unpaid Dividends per Tendered Class A Share ((i) or (ii), plus such Unpaid Dividends collectively being the "<b>Exchange Consideration</b>") and such delivery of such Exchange Consideration by or on behalf of the Company by the Transfer Agent will
be deemed to be payment of and will satisfy and discharge all liability for the Exchange Rights so exercised. Should the Company elect to satisfy Exchange Rights by delivering the Cash Amount, then the payment of such amount shall be made in the
manner set forth in &#167;25.4.</p> <p style="text-align: justify;">25.14<font style="width: 47pt; display: inline-block;">&#160;</font>Any Tendering Class A Shareholder shall have no further right, with respect to any Tendered Class A Shares
redeemed, repurchased or exchanged, to receive any dividends on Class A Shares with a Record Date on or after the date on which the Transfer Agent receives such Notice of Exchange. Each Tendering Class A Shareholder shall continue to own each Class
A Share subject to any Notice of Exchange, and be treated as a Class A Shareholder with respect to each such Class A Share for all other purposes of these Articles, until such Class A Share has been redeemed in accordance with &#167;25.13 or
repurchased or exchanged in accordance with the Rights Agreement, as applicable, for the Secondary Exchange Amount in accordance with &#167;25.16. A Tendering Class A Shareholder shall have no rights as a unitholder of BIP with respect to any BIP
Units to be received by such Tendering Class A Shareholder in exchange for Tendered Class A Shares pursuant to &#167;25.11 until the Transfer Agent has issued such BIP Units to such Tendering Class A Shareholder.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_62"></A> <div id="header_page_62"> <p style="text-align: center;">- 61 -</p> </div> <p style="text-align: justify;">25.15<font
style="width: 47pt; display: inline-block;">&#160;</font>Notwithstanding anything to the contrary set forth herein, the Company will not be obligated to redeem Tendered Class A Shares to the extent that such redemption would be contrary to solvency
requirements or other provisions of applicable Law. If the Company believes that it would not be permitted by any such requirements or other provisions to redeem the Tendered Class A Shares, and BIP has not exercised its Exchange-Redemption Call
Right with respect to the Tendered Class A Shares, the Company will only be obligated to redeem the maximum number of Tendered Class A Shares (rounded down to a whole number of Class A Shares) that would not be contrary to such requirements or other
provisions. The Company will notify any such Tendering Class A Shareholder at least one Business Day prior to the Specified Exchange Date as to the number of Tendered Class A Shares that will be redeemed by the Company. Where there is more than one
Tendering Class A Shareholder, the Company will redeem the maximum number of Tendered Class A Shares that would not be contrary to such requirements or other provisions among such Tendering Class A Shareholders on a pro rata basis.</p>
<p style="text-align: justify;"><b>Secondary Exchange Rights</b></p> <p style="text-align: justify;">25.16<font style="width: 47pt; display: inline-block;">&#160;</font>For so long as the Rights Agreement has not been terminated, if a Tendering
Class A Shareholder has not received the Exchange Consideration with respect to any Tendered Class A Shares by the Close of Business on the applicable Specified Exchange Date for any reason, then, on the terms and subject to the conditions set forth
in the Rights Agreement, which the Class A Shareholders shall have a right to enforce, such Tendering Class A Shareholder shall be entitled to receive from BAM the Secondary Exchange Amount with respect to each such Tendered Class A Share no later
than the applicable Secondary Exchange Date (the "<b>Secondary Exchange Right</b>"). The Company shall send to BAM and to the Rights Agent on the applicable Specified Exchange Date a notice to the effect that the Tendering Class A Shareholder has
not received the Exchange Consideration and such notice will set forth the identity of the Tendering Class A Shareholder, the number of Tendered Class A Shares, the amounts of such Exchange Consideration then not paid and will be otherwise
consistent with the definition of "Company Notice" in the Rights Agreement.</p> <p style="text-align: justify;"><b>No Fractional BIP Units</b></p>
<p style="text-align: justify;">25.17<font style="width: 47pt; display: inline-block;">&#160;</font>Notwithstanding anything to the contrary set forth herein, no fractional BIP Units shall be issued in connection with the satisfaction of Exchange
Rights, in connection with a redemption of a Class A Share or in connection with a Liquidation Event. In lieu of any fractional BIP Units to which the Tendering Class A Shareholder would otherwise be entitled, the Company shall pay a cash amount
equal to the BIP Unit Value on the Trading Day immediately preceding the Exchange Date multiplied by such fraction of a BIP Unit. In lieu of any fractional BIP Units to which the Tendering Class A Shareholder would otherwise be entitled pursuant to
the Rights Agreement, the Rights Agent shall pay a cash amount as determined in accordance with the terms and conditions of the Rights Agreement.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_63">
</A> <div id="header_page_63"> <p style="text-align: center;">- 62 -</p> </div> <p style="text-align: justify;"><b>Withholding Taxes</b></p> <p style="text-align: justify;">25.18<font style="width: 47pt; display: inline-block;">&#160;</font>Each
Tendering Class A Shareholder shall be required to pay to the Company the amount of any tax withholding due upon the redemption of Tendered Class A Shares pursuant to &#167;25.11 to &#167;25.13 and will be deemed to have authorized the Company to
retain such portion of the Exchange Consideration as the Company reasonably determines is necessary to satisfy its tax withholding obligations. Before making any withholding pursuant to this &#167;25.18, the Company shall give each Tendering Class A
Shareholder within three (3) Business Days after the Company's receipt of a Notice of Exchange from such Tendering Class A Shareholder, notice of the Company's good faith estimate of the amount of any anticipated tax withholding (together with the
legal basis therefor) due upon the redemption of the Tendered Class A Shares subject to such Notice of Exchange, provide the Tendering Class A Shareholder with sufficient opportunity to provide any forms or other documentation or take such other
steps in order to avoid or reduce such tax withholding, and reasonably cooperate with the Tendering Class A Shareholder in good faith to attempt to reduce any amounts that would otherwise be withheld pursuant to this &#167;25.18; provided that any
determination with respect to the tax withholding shall be made by the Company, BIP or an affiliate of BIP, as applicable, in its sole discretion exercised in good faith.</p> <p style="text-align: center;"><u><b>COMPANY REDEMPTION RIGHTS</b></u></p>
<p style="text-align: justify;"><b>Company Redemption</b></p> <p style="text-align: justify;">25.19<font style="width: 47pt; display: inline-block;">&#160;</font>If the Company delivers or causes to be delivered a Notice of Class A Redemption to the
Class A Shareholders, it shall redeem all of the issued and outstanding Class A Shares on the Specified Class A Redemption Date. The Company may deliver a Notice of Class A Redemption at any time, in its sole discretion and subject to applicable
Law, including in any of the following circumstances:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>the total number of Class A Shares outstanding decreases by 50% or more
over any 12-month period;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>a Person acquires 90% of the BIP Units in a take-over bid (as defined by Applicable Securities
Laws);</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>the holders of BIP Units approve an acquisition of BIP by way of arrangement or amalgamation;</p>
<p style="margin-left: 36pt; text-align: justify;">(d)<font style="width: 22.01pt; display: inline-block;">&#160;</font>the holders of BIP Units approve a restructuring or other reorganization of BIP;</p>
<p style="margin-left: 36pt; text-align: justify;">(e)<font style="width: 22.68pt; display: inline-block;">&#160;</font>there is a sale of all or substantially all the assets of BIP;</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_64"></A> <div id="header_page_64"> <p style="text-align: center;">- 63 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(f)<font
style="width: 24.01pt; display: inline-block;">&#160;</font>there is a change of Law (whether by legislative, governmental or judicial action), administrative practice or interpretation, or a change in circumstances of the Company and the
shareholders of the Company, that may result in adverse tax consequences for the Company or the shareholders of the Company; or</p>
<p style="margin-left: 36pt; text-align: justify;">(g)<font style="width: 22.01pt; display: inline-block;">&#160;</font>the board, in its good faith, concludes that the holders of BIP Units or the Class A Shareholders are adversely impacted by a
fact, change, or other circumstance relating to the Company.</p> <p style="text-align: justify;"><b>Right of Class B Shareholders to Cause Redemption of Class A Shares</b></p> <p style="text-align: justify;">25.20<font
style="width: 47pt; display: inline-block;">&#160;</font>The Class B Shareholders may, at any time and in their sole discretion, deliver a notice to the Company specifying a date upon which the Company shall redeem all of the issued and outstanding
Class A Shares (provided that such specified date is no less than 60 days from the date on which the Class B Shareholders deliver such notice), and as soon as reasonably practicable after the receipt of such notice, the Company shall, subject to
applicable Law, deliver a Notice of Class A Redemption to the Class A Shareholders and, without the consent of the Class A Shareholders, shall redeem all of the Class A Shares on the Specified Class A Redemption Date.</p>
<p style="text-align: justify;"><b>Redemption Procedure</b></p> <p style="text-align: justify;">25.21<font style="width: 47pt; display: inline-block;">&#160;</font>In the event of a redemption of the Class A Shares, each Class A Shareholder shall be
considered a Tendering Class A Shareholder and each Class A Share shall be considered a Tendered Class A Share for the purposes of &#167;25.19 to &#167;25.22, and the Company shall, at or prior to Close of Business on the Specified Class A
Redemption Date, pay to each Tendering Class A Shareholder <u>either</u> (i) the BIP Units Amount, or (ii) the Cash Amount, as the Company may determine in its sole and absolute discretion, together with a cash amount for each Tendered Class A Share
equal to any Unpaid Dividends per Tendered Class A Share ((i) or (ii), plus such Unpaid Dividends collectively being the "<b>Redemption Consideration</b>") and such delivery of such Redemption Consideration by or on behalf of the Company by the
Transfer Agent will be deemed to be payment of and will satisfy and discharge all liability for the redemption of the Class A Shares. Should the Company elect to satisfy its obligation to redeem the Class A Shares by delivering the Cash Amount, then
the payment of such amount shall be made in the manner set forth in &#167;25.4.</p> <p style="text-align: justify;">25.22<font style="width: 47pt; display: inline-block;">&#160;</font>&#167;25.14 to &#167;25.18 shall apply in their entirety,
<i>mutatis mutandis</i>, to a redemption of the Class A Shares.&#160;</p> <p style="text-align: justify;"><b>Exchange-Redemption Call Right</b></p>
<p style="text-align: justify;">25.23<font style="width: 47pt; display: inline-block;">&#160;</font>Notwithstanding the provisions in &#167;25.11 to &#167;25.22 above,</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>in the event the Company receives a Notice of Exchange from a Tendering Class A Shareholder, BIP shall have an overriding right to acquire, or cause its affiliate to acquire all, but not
less than all, of the Tendered Class A Shares from the Tendering Class A Shareholder by delivering the Exchange Consideration (the form of Exchange Consideration to be determined by BIP in its sole and absolute discretion) in accordance with
&#167;25.11 to &#167;25.18, <i>mutatis mutandis</i>, in satisfaction of the obligations of the Company, and</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_65"></A> <div id="header_page_65">
<p style="text-align: center;">- 64 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>in the event the Company provides a Notice of Class A Redemption to each Class A
Shareholder, BIP shall have an overriding right to acquire, or cause its affiliate to acquire all, but not less than all, of the Class A Shares from each Class A Shareholder by delivering the Redemption Consideration (the form of Redemption
Consideration to be determined by BIP in its sole and absolute discretion) in accordance with &#167;25.19 to &#167;25.22, <i>mutatis mutandis</i>, in satisfaction of the obligations of the Company as set out therein<b> </b>(the right in either (a)
or (b) being the "<b>Exchange-Redemption Call Right</b>"),</p> <p style="margin-left: 36pt; text-align: justify;">and in the event of the exercise by BIP of the Exchange-Redemption Call Right, each Tendering Class A Shareholder will be obligated to
sell all Tendered Class A Shares held by such Tendering Class A Shareholder to BIP (or its affiliate, as applicable) on delivery by BIP (or its affiliate, as applicable) to such Tendering Class A Shareholder of the Exchange Consideration or the
Redemption Consideration, as applicable, and the Company will have no obligation to pay any Exchange Consideration or Redemption Consideration to the holders of such Class A Shares so purchased by BIP (or its affiliate, as applicable).</p>
<p style="text-align: justify;">25.24<font style="width: 47pt; display: inline-block;">&#160;</font>In order to exercise its Exchange-Redemption Call Right, BIP must notify the Transfer Agent in writing, as agent for the holders of Class A Shares,
and the Company, of its intention to exercise such right at least 3 days before the Specified Exchange Date or at least 10 days before the Specified Class A Redemption Date, as applicable. Delivery by BIP to the Transfer Agent of a standing
direction as to any exercise of the Exchange-Redemption Call Right in respect of the exercise of Exchange Rights shall satisfy the notification requirements set forth in this &#167;25.24.</p>
<p style="text-align: center;"><u><b>LIQUIDATION</b></u></p> <p style="text-align: justify;"><b>Liquidation Rights</b></p> <p style="text-align: justify;">25.25<font style="width: 47pt; display: inline-block;">&#160;</font>Upon any liquidation,
dissolution, winding up of the Company or any other distribution of its assets among its shareholders, whether voluntary or involuntary (a "<b>Liquidation Event</b>"), including where substantially concurrent with the liquidation, dissolution, or
winding up of BIP, whether voluntary or involuntary (a "<b>BIP Liquidation Event</b>"), each Class A Shareholder shall, subject to the exercise of the Liquidation Call Right, be entitled to be paid out of the assets of the Company legally available
for distribution on the effective date of the Liquidation Event (the "<b>Liquidation Date</b>") an amount in cash per Class A Share then held by them equal to the BIP Unit Value on the Trading Day immediately preceding the public announcement of the
Liquidation Event (the "<b>Liquidation Reference Date</b>") multiplied by the Conversion Factor (and together with a cash amount for each Class A Share equal to any Unpaid Dividends per Class A Share, the "<b>Liquidation Amount</b>").
Notwithstanding the foregoing, in connection with a Liquidation Event, including where substantially concurrent with a BIP Liquidation Event, if the Company, in its sole and absolute discretion elects, it may, subject to applicable Law, redeem all
of the outstanding Class A Shares in exchange for such number of BIP Units per Class A Share equal to the Conversion Factor in effect on the Liquidation Reference Date, together with a cash amount per Class A Share equal to any Unpaid Dividends per
Class A Share in accordance with &#167;25.21 and &#167;25.22, in lieu of paying the Liquidation Amount.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_66"></A> <div id="header_page_66">
<p style="text-align: center;">- 65 -</p> </div> <p style="text-align: justify;">25.26<font style="width: 47pt; display: inline-block;">&#160;</font>The rights of the Class A Shareholders to receive the amount set forth in &#167;25.25 is subject
to:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>the prior rights of holders of all classes and series of Preferred Shares and any other class of shares ranking in
priority with the Class A Shares;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>prior payment in full to each Tendering Class A Shareholder and Tendering Class C
Shareholder that submitted a Notice of Exchange or a Notice of Class C Retraction, as applicable, at least 10 days prior to the date of the Liquidation Event of the Exchange Consideration (in the case of the Tendering Class A Shareholders) and the
Class C Retraction Amount (in the case of the Tendering Class C Shareholders); and</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>prior payment in full to each Tendering
Class B Shareholder that submitted a Notice of Class B Retraction at least 30 days prior to the date of the Liquidation Event of the Cash Amount.</p>
<p style="text-align: justify;">25.27<font style="width: 47pt; display: inline-block;">&#160;</font>If, upon any such Liquidation Event, the assets of the Company are insufficient to make payment in full to all Class A Shareholders of the foregoing
amounts set forth in &#167;25.25 with respect to the Liquidation Event, then such assets (or consideration) shall be distributed among the Class A Shareholders at the time outstanding, rateably in proportion to the full amounts to which they would
otherwise be respectively entitled to receive under &#167;25.25.</p> <p style="text-align: justify;"><b>BIP Liquidation Call Right</b></p>
<p style="text-align: justify;">25.28<font style="width: 47pt; display: inline-block;">&#160;</font>Notwithstanding &#167;25.25, BIP will have the overriding right (the "<b>Liquidation Call Right</b>"), in the event of and notwithstanding the
occurrence of any Liquidation Event, to purchase from, or cause its affiliate to purchase from, all but not less than all of the Class A Shareholders on the Liquidation Date all but not less than all of the Class A Shares held by each such holder in
exchange for the issuance by BIP of such number of BIP Units per Class A Share equal to the Conversion Factor in effect on the Liquidation Reference Date (and together with a cash amount for each Class A Share equal to any Unpaid Dividends per Class
A Share, the "<b>Liquidation Call Consideration</b>"). In the event of the exercise of a Liquidation Call Right, each such Class A Shareholder will be obligated on the Liquidation Date to sell all the Class A Shares held by such holder to BIP on the
Liquidation Date upon issuance by BIP to the holder of the Liquidation Call Consideration for each such Class A Share and the Company will have no obligation to pay any Liquidation Amount to the holders of such Class A Shares so purchased by
BIP.</p> <p style="text-align: justify;">25.29<font style="width: 47pt; display: inline-block;">&#160;</font>In order to exercise the Liquidation Call Right, BIP must notify the Transfer Agent in writing, as agent for the Class A Shareholders and
the Company, of its intention to exercise such right at least 30 days before the Liquidation Date in the case of a voluntary liquidation, dissolution or winding up of the Company and at least five Business Days before the Liquidation Date in the
case of an involuntary liquidation, dissolution or winding up of the Company. If BIP exercises the Liquidation Call Right in accordance with this &#167;25.29, all obligations of the Company under &#167;25.25 to &#167;25.27 will terminate and on the
Liquidation Date BIP will purchase and Class A Shareholders will sell all of their Class A Shares then outstanding for a price per unit equal to the Liquidation Call Consideration.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_67"></A> <div id="header_page_67"> <p style="text-align: center;">- 66 -</p> </div> <p style="text-align: justify;"><b>Automatic Redemption
Rights</b></p> <p style="text-align: justify;">25.30<font style="width: 47pt; display: inline-block;">&#160;</font>Subject to the exercise of the Liquidation Call Right, in connection with a BIP Liquidation Event, including where substantially
concurrent with a Liquidation Event, the Company shall, subject to applicable Law, redeem all outstanding Class A Shares on the day prior to the effective date of the BIP Liquidation Event for, in its sole and absolute discretion, (i) an amount in
cash per share equal to the BIP Unit Value on the Trading Day immediately preceding the public announcement of the BIP Liquidation Event multiplied by the Conversion Factor (together with a cash amount for each Class A Share equal to any Unpaid
Dividends per Class A Share), or (ii) such number of BIP Units equal to the Conversion Factor in effect on the Trading Day immediately preceding the public announcement of the BIP Liquidation Event (together with a cash amount for each Class A Share
equal to any Unpaid Dividends per Class A Share).</p> <p style="text-align: center;"><u><b>OTHER RIGHTS AND RESTRICTIONS</b></u></p> <p style="text-align: justify;"><b>Conversion of Class A Shares </b></p> <p style="text-align: justify;">25.31<font
style="width: 47pt; display: inline-block;">&#160;</font>Any BIP-Affiliated Class A Shareholder shall be entitled at any time to have any or all of such BIP-Affiliated Class A Shareholder's Class A Shares converted into Class C Shares at a
conversion rate equal to one Class C Share for each Class A Share in respect of which the conversion right is exercised. The right of conversion herein provided for may be exercised by notice in writing given to the Transfer Agent (a "<b>Conversion
Notice</b>"), which notice shall specify the number of Class A Shares that the BIP-Affiliated Class A Shareholder desires to have converted. Upon receipt of a Conversion Notice, the Company shall, subject to applicable Law, promptly issue to the
converting BIP-Affiliated Class A Shareholder the requisite number of Class C Shares and the Transfer Agent shall cancel the converted Class A Shares subject to the Conversion Notice effective concurrently therewith.</p>
<p style="text-align: justify;"><b>Call Rights</b></p> <p style="text-align: justify;">25.32<font style="width: 47pt; display: inline-block;">&#160;</font>Each Class A Shareholder, whether a registered holder or a beneficial holder, by virtue of
becoming and being such a holder will be deemed to acknowledge each of the Exchange-Redemption Call Right and the Liquidation Call Right, in each case, in favour of BIP, and the overriding nature thereof in connection with the exercise of Exchange
Rights, the liquidation, dissolution or winding-up of the Company or any other distribution of the assets of the Company among its shareholders for the purpose of winding up its affairs, or the retraction or redemption of Class A Shares, as the case
may be, and to be bound thereby in favour of BIP as herein provided.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_68"></A> <div id="header_page_68"> <p style="text-align: center;">- 67
-</p> </div> <p style="text-align: center;"><b>PART 26</b><br><br><b>SPECIAL RIGHTS AND RESTRICTIONS </b><br><b>CLASS B MULTIPLE VOTING SHARES</b></p> <p style="text-align: justify;"><b>Special Rights and Restrictions </b></p>
<p style="text-align: justify;">26.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>The Class B Shares as a class shall have attached thereto the special rights and restrictions specified in this Part 26.</p>
<p style="text-align: justify;"><b>Dividend Rights</b></p> <p style="text-align: justify;">26.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>Except as set out in &#167;26.3, the Class B Shareholders shall not be entitled to
receive any dividends on the Class B Shares.</p> <p style="text-align: justify;"><b>Stock Dividends</b></p> <p style="text-align: justify;">26.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>In the event a dividend is declared and
paid on the Class A Shares consisting of Class A Shares, the board shall, subject to applicable Law, contemporaneously declare and pay an equivalent dividend on the Class B Shares consisting of Class B Shares.</p>
<p style="text-align: justify;"><b>Ranking of the Class B Shares</b></p> <p style="text-align: justify;">26.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>The Class B Shares shall, as to the return of capital in the event of the
liquidation, dissolution or winding-up of the Company, rank junior to the Preferred Shares and to the Class A Shares and senior to the Class C Shares and any other shares ranking junior to the Class B Shares with respect to priority in the return of
capital in a Liquidation Event.</p> <p style="text-align: justify;"><b>Voting Rights</b></p> <p style="text-align: justify;">26.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>Except as expressly provided herein, each Class B
Shareholder will be entitled to receive notice of, and attend and vote at, all meetings of shareholders of the Company, except for meetings at which only holders of another specified class or series of shares are entitled to vote separately as a
class or series. Each Class B Shareholder will be entitled to cast a number of votes per Class B Share equal to: (i) the number that is three times the number of Class A Shares then issued and outstanding, <u>divided by</u> (ii) the number of Class
B Shares then issued and outstanding.</p> <p style="text-align: justify;">26.6<font style="width: 52.5pt; display: inline-block;">&#160;</font>Except as otherwise expressly provided herein or as required by Law, the Class A Shareholders and the
Class B Shareholders will vote together and not as separate classes.</p> <p style="text-align: justify;">26.7<font style="width: 52.5pt; display: inline-block;">&#160;</font>At any time that no Class A Shares are outstanding or for any vote held
only in respect of the Class B Shares, each Class B Shareholder will be entitled to cast one vote per Class B Share.</p> <p style="text-align: justify;">26.8<font style="width: 52.5pt; display: inline-block;">&#160;</font>Subject to any rights of
the holders of any series of Preferred Shares to elect directors under specified circumstances, the holders of the outstanding Class A Shares and Class B Shares, voting together, shall be entitled to vote for the election of all directors of the
Company.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_69"></A> <div id="header_page_69"> <p style="text-align: center;">- 68 -</p> </div> <p style="text-align: justify;"><b>Amendment with
Approval of Class B Shareholders</b></p> <p style="text-align: justify;">26.9<font style="width: 52.5pt; display: inline-block;">&#160;</font>In addition to any other approvals required by Law, the rights, privileges, restrictions and conditions
attached to the Class B Shares as a class may be added to, changed or removed but only with the approval of the Class B Shareholders given as hereinafter specified.</p> <p style="text-align: justify;">26.10<font
style="width: 47pt; display: inline-block;">&#160;</font>The approval of the Class B Shareholders to add to, change or remove any right, privilege, restriction or condition attaching to the Class B Shares as a class or in respect of any other matter
requiring the consent of the holders of the Class B Shareholders may be given in such manner as may then be required by Law, subject to a minimum requirement that such approval be given by resolution signed by all the Class B Shareholders or passed
by the affirmative vote of at least two thirds of the votes cast at a meeting of the Class B Shareholders duly called for that purpose. On every poll taken at every meeting of the Class B Shareholders as a class, each Class B Shareholder entitled to
vote thereat shall have one vote in respect of each Class B Share held.</p> <p style="text-align: justify;"><b>Retraction at the Option of the Class B Shareholder</b></p> <p style="text-align: justify;">26.11<font
style="width: 47pt; display: inline-block;">&#160;</font>Subject to applicable Law, at any time from and after the date of the issuance of the Class B Shares, each Class B Shareholder shall have the right (the "<b>Class B</b> <b>Retraction
Right</b>") to require the Company to redeem all or such portion of the Class B Shares registered in the name of such Class B Shareholder specified in a Notice of Class B Retraction delivered to the Company by or on behalf of such Class B
Shareholder (such Class B Shares being hereafter referred to as "<b>Tendered Class B Shares</b>" and such Class B Shareholder, the "<b>Tendering Class B Shareholder</b>") for the Cash Amount (the "<b>Class B Retraction Amount</b>").</p>
<p style="text-align: justify;"><b>Notice of Class B Retraction</b></p> <p style="text-align: justify;">26.12<font style="width: 47pt; display: inline-block;">&#160;</font>A Class B Shareholder must deliver a Notice of Class B Retraction to the
registered office of the Company in order to exercise his, her or its Class B Retraction Right.</p> <p style="text-align: justify;"><b>Satisfaction of Retraction Right</b></p> <p style="text-align: justify;">26.13<font
style="width: 47pt; display: inline-block;">&#160;</font>Upon receipt by Company of a Notice of Class B Retraction and such additional documents and instruments as the Company may reasonably require, the Company shall redeem the Tendered Class B
Shares on or prior to the Specified Class B Retraction Date. The Company will deliver or cause to be delivered to the Tendering Class B Shareholder, at the address of the holder recorded in the register of the Company for the Class B Shares or at
the address specified in the holder's Notice of Class B Retraction, the Class B Retraction Amount, and such delivery of such Class B Retraction Amount by or on behalf of the Company, will be deemed to be payment of and will satisfy and discharge all
liability for the Class B Retraction Right so exercised.</p> <p style="text-align: justify;">26.14<font style="width: 47pt; display: inline-block;">&#160;</font>Each Tendering Class B Shareholder shall continue to own each Class B Share subject to
any Notice of Class B Retraction, and be treated as a Class B Shareholder with respect to each such Class B Share for all other purposes of these Articles, until such Class B Share has been redeemed by the Company in accordance with &#167;26.11 to
&#167;26.16.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_70"></A> <div id="header_page_70"> <p style="text-align: center;">- 69 -</p> </div> <p style="text-align: justify;">26.15<font
style="width: 47pt; display: inline-block;">&#160;</font>Notwithstanding anything to the contrary set forth herein, the Company will not be obligated to redeem Tendered Class B Shares to the extent that such redemption would be contrary to solvency
requirements or other provisions of applicable Law.</p> <p style="text-align: justify;"><b>Withholding Taxes</b></p> <p style="text-align: justify;">26.16<font style="width: 47pt; display: inline-block;">&#160;</font>Each Tendering Class B
Shareholder shall be required to pay to the Company the amount of any tax withholding due upon the redemption of Tendered Class B Shares pursuant to &#167;26.11 to &#167;26.13 and will be deemed to have authorized the Company to retain such portion
of the Class B Retraction Amount as the Company reasonably determines is necessary to satisfy its tax withholding obligations. Before making any withholding pursuant to this &#167;26.16, the Company shall give each Tendering Class B Shareholder
within three (3) Business Days after the Company's receipt of a Notice of Class B Retraction from such Tendering Class B Shareholder, notice of the Company's good faith estimate of the amount of any anticipated tax withholding (together with the
legal basis therefor) due upon the redemption of the Tendered Class B Shares subject to such Notice of Class B Retraction, provide the Tendering Class B Shareholder with sufficient opportunity to provide any forms or other documentation or take such
other steps in order to avoid or reduce such tax withholding, and reasonably cooperate with the Tendering Class B Shareholder in good faith to attempt to reduce any amounts that would otherwise be withheld pursuant to this &#167;26.16; provided that
any determination with respect to the tax withholding shall be made by the Company in its sole discretion exercised in good faith.</p> <p style="text-align: justify;"><b>Liquidation Rights</b></p> <p style="text-align: justify;">26.17<font
style="width: 47pt; display: inline-block;">&#160;</font>Upon any Liquidation Event, including where substantially concurrent with a BIP Liquidation Event, subject to the following sentence, the Class B Shareholders shall be entitled to be paid out
of the assets of the Company legally available for distribution on the Liquidation Date an amount in cash per Class B Share then held by them equal to the BIP Unit Value for each such Class B Share. At any time no Class C Shares are outstanding, the
Class B Shareholders shall be entitled to receive on the Liquidation Date the assets and property of the Company remaining, if any, after the prior payments of the amounts set forth in &#167;26.18.</p> <p style="text-align: justify;">26.18<font
style="width: 47pt; display: inline-block;">&#160;</font>The rights of the Class B Shareholders to receive the amount set forth in &#167;26.17 is subject to the prior payment of the amounts set forth in &#167;25.26(b) and &#167;25.26(c) and to the
prior rights of holders of all classes and series of Preferred Shares, Class A Shares and any other class of shares ranking in priority or rateably with the Class B Shares.</p> <p style="text-align: justify;">26.19<font
style="width: 47pt; display: inline-block;">&#160;</font>If, upon any such Liquidation Event, the assets of the Company, after payment of any amounts owed to holders of all classes of shares ranking in priority to the Class B Shares, shall be
insufficient to make payment in full to all Class B Shareholders of the foregoing amounts set forth in &#167;26.17 with respect to the Liquidation Event, then such assets (or consideration) shall be distributed among the Class B Shareholders at the
time outstanding, rateably in proportion to the full amounts to which they would otherwise be respectively entitled to receive under &#167;26.17.</p> <p style="text-align: justify;"><b>Transfer Restrictions</b></p>
<p style="text-align: justify;">26.20<font style="width: 47pt; display: inline-block;">&#160;</font> The Class B Shares may not be Transferred to any Person other than to BIP or a Person Controlled by BIP. If any Class B Shares are Transferred in
contravention of the preceding sentence, (i) such Transfer shall be null and void, and the Company shall not register or otherwise recognize the Transfer of the Class B Shares to the transferee, (ii) any rights to vote attaching to the Class B
Shares so Transferred may not be exercised by any Person, (iii) any payment by the Company on the Class B Shares so Transferred shall be prohibited and any such payment shall be forfeited, and (iv) any rights that an ineligible transferee may have
as a result of being a holder of Class B Shares shall be null and void, in each case, until such time as such Transfer is cancelled.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_71"></A>
<div id="header_page_71"> <p style="text-align: center;">- 70 -</p> </div> <p style="text-align: center;"><b>PART 27</b><br><br><b>SPECIAL RIGHTS AND RESTRICTIONS </b><br><b>CLASS C NON-VOTING SHARES</b></p>
<p style="text-align: justify;"><b>Special Rights and Restrictions </b></p> <p style="text-align: justify;">27.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>The Class C Shares as a class shall have attached thereto the special
rights and restrictions specified in this Part 27.</p> <p style="text-align: justify;"><b>Dividend Rights</b></p> <p style="text-align: justify;">27.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>Class C Shareholders shall be
entitled to receive, as and when declared by the board of directors, out of any assets of the Company legally available therefor, such dividends as may be declared from time to time by the board of directors. The Class C Shareholders shall not be
entitled to receive dividends (i) unless and until the Company has paid any Unpaid Dividends, and (ii) unless and until the Company has paid all of the Exchange Consideration owing to any Tendering Class A Shareholders who have submitted Notices of
Exchange before the date the board of directors declares a dividend on the Class C Shares. The record and payment dates for dividends on Class C Shares shall be such date that the board of directors shall designate for the payment of such
dividends.</p> <p style="text-align: justify;"><b>Stock Dividends</b></p> <p style="text-align: justify;">27.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>In the event a dividend is declared and paid on the Class A Shares
consisting of Class A Shares, the board shall, subject to applicable Law, contemporaneously declare and pay on the Class C Shares an equivalent dividend on a per share basis consisting of Class C Shares.</p>
<p style="text-align: justify;"><b>Ranking of the Class C Shares</b></p> <p style="text-align: justify;">27.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>The Class C Shares shall, as to the payment of dividends and return of
capital in a Liquidation Event, rank junior to the Preferred Shares, the Class A Shares and the Class B Shares and senior over any other shares ranking junior to the Class C Shares with respect to priority in payment of dividends and return of
capital in the event of the liquidation, dissolution or winding-up of the Company.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_72"></A> <div id="header_page_72">
<p style="text-align: center;">- 71 -</p> </div> <p style="text-align: justify;"><b>Voting Rights</b></p> <p style="text-align: justify;">27.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>Except as otherwise expressly provided
herein or as required by Law, each Class C Shareholder shall be entitled to notice of, and to attend, any meetings of shareholders of the Company, but shall not otherwise be entitled to vote at any such meeting.</p>
<p style="text-align: justify;"><b>Amendment with Approval of Class C Shareholders</b></p> <p style="text-align: justify;">27.6<font style="width: 52.5pt; display: inline-block;">&#160;</font>In addition to any other approval required by Law, the
rights, privileges, restrictions and conditions attached to the Class C Shares as a class may be added to, changed or removed but only with the approval of the holders of the Class C Shares given as hereinafter specified.</p>
<p style="text-align: justify;">27.7<font style="width: 52.5pt; display: inline-block;">&#160;</font>The approval of the Class C Shareholders to add to, change or remove any right, privilege, restriction or condition attaching to the Class C Shares
as a class or in respect of any other matter requiring the consent of the Class C Shareholders may be given in such manner as may then be required by Law, subject to a minimum requirement that such approval be given by resolution signed by all the
Class C Shareholders or passed by the affirmative vote of at least two thirds of the votes cast at a meeting of the Class C Shareholders duly called for that purpose. On every poll taken at every meeting of the Class C Shareholders as a class, each
Class C Shareholder entitled to vote thereat shall have one vote in respect of each Class C Share held.</p> <p style="text-align: justify;"><b>Retraction at the Option of the Class C Shareholder</b></p> <p style="text-align: justify;">27.8<font
style="width: 52.5pt; display: inline-block;">&#160;</font>Subject to applicable Law, at any time from and after the date of the issuance of the Class C Shares, each Class C Shareholder shall have the right (the "<b>Class C</b> <b>Retraction
Right</b>") to require the Company to redeem all or such portion of the Class C Shares registered in the name of such Class C Shareholder specified in an Notice of Class C Retraction delivered to the Company by or on behalf of such Class C
Shareholder (such Class C Shares being hereafter referred to as "<b>Tendered Class C Shares</b>" and such Class C Shareholder, the "<b>Tendering Class C Shareholder</b>") for the Cash Amount (the "<b>Class C Retraction Amount</b>").</p>
<p style="text-align: justify;"><b>Notice of Class C Retraction</b></p> <p style="text-align: justify;">27.9<font style="width: 52.5pt; display: inline-block;">&#160;</font>A Class C Shareholder must deliver a Notice of Class C Retraction to the
registered office of the Company in order to exercise his, her or its Class C Retraction Right.</p> <p style="text-align: justify;"><b>Satisfaction of Retraction Right</b></p> <p style="text-align: justify;">27.10<font
style="width: 47pt; display: inline-block;">&#160;</font>Upon receipt by Company of a Notice of Class C Retraction and such additional documents and instruments as the Company may reasonably require, the Company shall redeem the Tendered Class C
Shares on or prior to the Specified Class C Retraction Date. The Company will deliver or cause to be delivered to the Tendering Class C Shareholder, at the address of the holder recorded in the register of the Company for the Class C Shares or at
the address specified in the holder's Notice of Class C Retraction, the Class C Retraction Amount, and such delivery of such Class C Retraction Amount by or on behalf of the Company, will be deemed to be payment of and will satisfy and discharge all
liability for the Class C Retraction Right so exercised.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_73"></A> <div id="header_page_73"> <p style="text-align: center;">- 72 -</p> </div>
<p style="text-align: justify;">27.11<font style="width: 47pt; display: inline-block;">&#160;</font>Each Tendering Class C Shareholder shall continue to own each Class C Share subject to any Notice of Class C Retraction, and be treated as a Class C
Shareholder with respect to each such Class C Share for all other purposes of these Articles, until such Class C Share has been redeemed by the Company in accordance with &#167;27.8 to &#167;27.13.</p> <p style="text-align: justify;">27.12<font
style="width: 47pt; display: inline-block;">&#160;</font>Notwithstanding anything to the contrary set forth herein, the Company will not be obligated to redeem Tendered Class C Shares to the extent that such redemption would be contrary to solvency
requirements or other provisions of applicable Law.</p> <p style="text-align: justify;"><b>Withholding Taxes</b></p> <p style="text-align: justify;">27.13<font style="width: 47pt; display: inline-block;">&#160;</font>Each Tendering Class C
Shareholder shall be required to pay to the Company the amount of any tax withholding due upon the redemption of Tendered Class C Shares pursuant to &#167;27.8 to &#167;27.10 and will be deemed to have authorized the Company to retain such portion
of the Class C Retraction Amount as the Company reasonably determines is necessary to satisfy its tax withholding obligations. Before making any tax withholding pursuant to this &#167;27.13, the Company shall give each Tendering Class C Shareholder
within three (3) Business Days after the Company's receipt of a Notice of Class C Retraction from such Tendering Class C Shareholder, notice of the Company's good faith estimate of the amount of any anticipated tax withholding (together with the
legal basis therefor) due upon the redemption of the Tendered Class C Shares subject to such Notice of Class C Retraction, provide the Tendering Class C Shareholder with sufficient opportunity to provide any forms or other documentation or take such
other steps in order to avoid or reduce such tax withholding, and reasonably cooperate with the Tendering Class C Shareholder in good faith to attempt to reduce any amounts that would otherwise be withheld pursuant to this &#167;27.13; provided that
any determination with respect to the tax withholding shall be made by the Company in its sole discretion exercised in good faith.</p> <p style="text-align: justify;"><b>Liquidation Rights</b></p> <p style="text-align: justify;">27.14<font
style="width: 47pt; display: inline-block;">&#160;</font>Upon any Liquidation Event, including where substantially concurrent with a BIP Liquidation Event, the Class C Shareholders shall be entitled to receive on the Liquidation Date the assets and
property of the Company remaining, if any, after the prior payments of the amounts set forth in &#167;27.15.</p> <p style="text-align: justify;">27.15<font style="width: 47pt; display: inline-block;">&#160;</font>The rights of the Class C
Shareholders to receive the amounts set forth in &#167;27.14 is subject to the prior payment of the amounts set forth in &#167;25.26(b) and &#167;25.26(c) and the prior rights of holders of all classes and series of Preferred Shares, Class A Shares,
Class B Shares and any other class of shares ranking in priority or rateably with the Class C Shares.</p> <p style="text-align: justify;"><b>Transfer Restrictions</b></p> <p style="text-align: justify;">27.16<font
style="width: 47pt; display: inline-block;">&#160;</font>The Class C Shares may not be Transferred to any Person other than to BIP or a Person Controlled by BIP. If any Class C Shares are Transferred in contravention of the preceding sentence, (i)
such Transfer shall be null and void, and the Company shall not register or otherwise recognize the Transfer of the Class C Shares to the transferee, (ii) any payment by the Company on the Class C Shares so Transferred shall be prohibited and any
such payment shall be forfeited, and (iii) any rights that an ineligible transferee may have as a result of being a holder of Class C Shares shall be null and void, in each case, until such time as such Transfer is cancelled.</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_74"></A> <div id="header_page_74"> <p style="text-align: center;">- 73 -</p> </div> <p style="text-align: center;"><b>PART 28</b><br><br><b>SPECIAL
RIGHTS AND RESTRICTIONS </b><br><b>CLASS A SENIOR PREFERRED SHARES</b></p> <p style="text-align: justify;"><b>Special Rights and Restrictions </b></p>
<p style="text-align: justify;">28.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>Subject to the rights, if any, of the holders of issued shares of the Company, the Class A Senior Preferred Shares as a class shall have attached
thereto the special rights and restrictions specified in this Part 28.</p> <p style="text-align: justify;"><b>Directors' Right to Issue in One or More Series</b></p> <p style="text-align: justify;">28.2<font
style="width: 52.5pt; display: inline-block;">&#160;</font>The Class A Senior Preferred Shares may be issued at any time or from time to time in one or more series. Before any Class A Senior Preferred Shares of a series are issued, the board of
directors shall, subject to the <i>Business Corporations Act</i> (British Columbia), by resolution:</p> <p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>determine the maximum
number of shares of any of those series of shares that the Company is authorized to issue, determine that there is no maximum number or, if none of the shares of that series is issued, alter any determination so made, and authorize the alteration of
the notice of articles accordingly;</p> <p style="margin-left: 36pt; text-align: justify;">(b)<font style="width: 22.01pt; display: inline-block;">&#160;</font>alter the articles, and authorize the alteration of the notice of articles, to create an
identifying name by which the shares of any of those series of shares may be identified or, if none of the shares of that series is issued, to alter any such identifying name so created; and</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font
style="width: 22.68pt; display: inline-block;">&#160;</font>alter the articles, and authorize the alteration of the notice of articles accordingly, to attach special rights or restrictions to the shares of any of those series of shares, including,
but without in any way limiting or restricting the generality of the foregoing, the rate or amount of dividends, whether cumulative, non-cumulative or partially cumulative, the dates, places and currencies of payment thereof, the consideration for,
and the terms and conditions of, any purchase, retraction or redemption thereof, including redemption after a fixed term or at a premium, conversion or exchange rights, the terms and conditions of any share purchase plan or sinking fund, the
restrictions respecting payment of dividends on, or the repayment of capital in respect of, any other shares of the Company and voting rights and restrictions but no special right or restriction so created, defined or attached shall contravene the
provisions of &#167;28.3 and &#167;28.4, or, if none of the shares of that series is issued, to alter any such special rights or restrictions.</p> <p style="text-align: justify;"><b>Ranking of the Class A Senior Preferred Shares</b></p>
<p style="text-align: justify;">28.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>The Class A Senior Preferred Shares of each series shall, as to the payment of dividends and return of capital in a Liquidation Event, rank on a
parity with the Class A Senior Preferred Shares of every other series and senior to the Class B Junior Preferred Shares, the Class A Shares, the Class B Shares and the Class C Shares and over any other shares ranking junior to the Preferred Shares
with respect to priority in payment of dividends and return of capital in a Liquidation Event.</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_75"></A> <div id="header_page_75">
<p style="text-align: center;">- 74 -</p> </div> <p style="text-align: justify;"><b>Voting</b></p> <p style="text-align: justify;">28.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>Except as hereinafter referred to or as required
by Law or unless provision is made in the articles of the Company relating to any series of Class A Senior Preferred Shares that such series is entitled to vote, the holders of the Class A Senior Preferred Shares as a class shall not be entitled as
such to receive notice of, to attend or to vote at any meeting of the shareholders of the Company.&#160;</p> <p style="text-align: justify;"><b>Amendment with Approval of Holder of Class A Senior Preferred Shares</b></p>
<p style="text-align: justify;">28.5<font style="width: 52.5pt; display: inline-block;">&#160;</font>In addition to any other approval required by Law, the rights, privileges, restrictions and conditions attached to the Class A Senior Preferred
Shares as a class may be added to, changed or removed but only with the approval of the holders of the Class A Senior Preferred Shares given as hereinafter specified.</p> <p style="text-align: justify;">28.6<font
style="width: 52.5pt; display: inline-block;">&#160;</font>The approval of the holders of the Class A Senior Preferred Shares to add to, change or remove any right, privilege, restriction or condition attaching to the Class A Senior Preferred Shares
as a class or in respect of any other matter requiring the consent of the holders of the Class A Senior Preferred Shares may be given in such manner as may then be required by Law, subject to a minimum requirement that such approval be given by
resolution signed by all the holders of the Class A Senior Preferred Shares or passed by the affirmative vote of at least two thirds of the votes cast at a meeting of the holders of the Class A Senior Preferred Shares duly called for that purpose.
On every poll taken at every meeting of the holders of the Class A Senior Preferred Shares as a class, or at any joint meeting of the holders of two or more series of Class A Senior Preferred Shares, each holder of Class A Senior Preferred Shares
entitled to vote thereat shall have one vote in respect of each Class A Senior Preferred Share held.</p> <p style="text-align: center;"><b>PART 29</b><br><br><b>SPECIAL RIGHTS AND RESTRICTIONS </b><br><b>CLASS B JUNIOR PREFERRED SHARES</b></p>
<p style="text-align: justify;"><b>Special Rights and Restrictions </b></p> <p style="text-align: justify;">29.1<font style="width: 52.5pt; display: inline-block;">&#160;</font>Subject to the rights, if any, of the holders of issued shares of the
Company, the Class B Junior Preferred Shares as a class shall have attached thereto the special rights and restrictions specified in this Part 29.</p> <p style="text-align: justify;"><b>Directors' Right to Issue in One or More Series</b></p>
<p style="text-align: justify;">29.2<font style="width: 52.5pt; display: inline-block;">&#160;</font>The Class B Junior Preferred Shares may be issued at any time or from time to time in one or more series. Before any Class B Junior Preferred Shares
of a series are issued, the board of directors shall, subject to the <i>Business Corporations Act</i> (British Columbia), by resolution:</p>
<p style="margin-left: 36pt; text-align: justify;">(a)<font style="width: 22.68pt; display: inline-block;">&#160;</font>determine the maximum number of shares of any of those series of shares that the Company is authorized to issue, determine that
there is no maximum number or, if none of the shares of that series is issued, alter any determination so made, and authorize the alteration of the notice of articles accordingly;</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_76"></A> <div id="header_page_76"> <p style="text-align: center;">- 75 -</p> </div> <p style="margin-left: 36pt; text-align: justify;">(b)<font
style="width: 22.01pt; display: inline-block;">&#160;</font>alter the articles, and authorize the alteration of the notice of articles, to create an identifying name by which the shares of any of those series of shares may be identified or, if none
of the shares of that series is issued, to alter any such identifying name so created; and</p> <p style="margin-left: 36pt; text-align: justify;">(c)<font style="width: 22.68pt; display: inline-block;">&#160;</font>alter the articles, and authorize
the alteration of the notice of articles accordingly, to attach special rights or restrictions to the shares of any of those series of shares, including, but without in any way limiting or restricting the generality of the foregoing, the rate or
amount of dividends, whether cumulative, non-cumulative or partially cumulative, the dates, places and currencies of payment thereof, the consideration for, and the terms and conditions of, any purchase, retraction or redemption thereof, including
redemption after a fixed term or at a premium, conversion or exchange rights, the terms and conditions of any share purchase plan or sinking fund, the restrictions respecting payment of dividends on, or the repayment of capital in respect of, any
other shares of the Company and voting rights and restrictions but no special right or restriction so created, defined or attached shall contravene the provisions of &#167;29.3 and &#167;29.4, or, if none of the shares of that series is issued, to
alter any such special rights or restrictions.</p> <p style="text-align: justify;"><b>Ranking of the Class B Junior Preferred Shares</b></p> <p style="text-align: justify;">29.3<font style="width: 52.5pt; display: inline-block;">&#160;</font>The
Class B Junior Preferred Shares of each series shall, as to the payment of dividends and return of capital in a Liquidation Event, rank on a parity with the Class B Junior Preferred Shares of every other series, junior to the Class A Senior
Preferred Shares and senior to the Class A Shares, the Class B Shares and the Class C Shares and over any other shares ranking junior to the Preferred Shares with respect to priority in payment of dividends and in return of capital in a Liquidation
Event.</p> <p style="text-align: justify;"><b>Voting</b></p> <p style="text-align: justify;">29.4<font style="width: 52.5pt; display: inline-block;">&#160;</font>Except as hereinafter referred to or as required by Law or unless provision is made in
the articles of the Company relating to any series of Class B Junior Preferred Shares that such series is entitled to vote, the holders of the Class B Junior Preferred Shares as a class shall not be entitled as such to receive notice of, to attend
or to vote at any meeting of the shareholders of the Company.&#160;</p> <p style="text-align: justify;"><b>Amendment with Approval of Holder of Class B Junior Preferred Shares</b></p> <p style="text-align: justify;">29.5<font
style="width: 52.5pt; display: inline-block;">&#160;</font>In addition to any other approval required by Law, the rights, privileges, restrictions and conditions attached to the Class B Junior Preferred Shares as a class may be added to, changed or
removed but only with the approval of the holders of the Class B Junior Preferred Shares given as hereinafter specified.</p> <p style="text-align: justify;">29.6<font style="width: 52.5pt; display: inline-block;">&#160;</font>The approval of the
holders of the Class B Junior Preferred Shares to add to, change or remove any right, privilege, restriction or condition attaching to the Class&#160;
</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_77"></A> <div id="header_page_77"> <p style="text-align: center;">- 76 -</p> </div> <p>B&#160;Junior Preferred Shares as a class or in respect
of any other matter requiring the consent of the holders of the Class B Junior Preferred Shares may be given in such manner as may then be required by Law, subject to a minimum requirement that such approval be given by resolution signed by all the
holders of the Class B Junior Preferred Shares or passed by the affirmative vote of at least two thirds of the votes cast at a meeting of the holders of the Class B Junior Preferred Shares duly called for that purpose. On every poll taken at every
meeting of the holders of the Class B Junior Preferred Shares as a class, or at any joint meeting of the holders of two or more series of Class B Junior Preferred Shares, each holder of Class B Junior Preferred Shares entitled to vote thereat shall
have one vote in respect of each Class B Junior Preferred Share held.</p>
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<TD VALIGN="middle" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">Via Mail:</TD></TR>
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<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>onlinedeposits@computershare.com</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">*You can either scan this document via PDF or take a picture with your phone (send a CLEAR picture of all pages, both front and back within the same email)</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Computershare Trust Company of Canada</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box 7021</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">31 Adelaide St E</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Toronto, ON M5C 3H2</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Corporate Actions</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This notice is given pursuant to Section&nbsp;26.12 of the articles (the &#147;<B>Articles</B>&#148;) of Brookfield
Infrastructure Corporation (the &#147;<B>Company</B>&#148;). All capitalized words and expressions used in this notice that are defined in the Articles have the meanings ascribed to such words and expressions in the Articles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby notifies the Company that the undersigned desires to have the Company redeem in accordance with the Articles: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all Class&nbsp;A Share(s) registered in the name of the undersigned; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">_____ Class&nbsp;A Share(s) registered in the name of the undersigned. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned acknowledges the Exchange-Redemption Call Right of Brookfield Infrastructure Partners L.P. (&#147;<B>BIP</B>&#148;) or an affiliate of BIP to
acquire all, but not less than all, of the Tendered Class&nbsp;A Shares from the undersigned and that this notice is and will be deemed to be an offer by the undersigned to sell the Tendered Class&nbsp;A Shares to BIP in accordance with the
Exchange-Redemption Call Right on or prior to the Specified Exchange Date for the Exchange Consideration and on the other terms and conditions set out in the Articles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned acknowledges that the Company will not be obligated to redeem Tendered Class&nbsp;A Shares to the extent that such redemption would be
contrary to solvency requirements or other provisions of applicable Law. If the Company believes that it would not be permitted by any such requirements or other provisions to redeem the Tendered Class&nbsp;A Shares, provided that BIP has not
exercised its Exchange-Redemption Call Right with respect to the Tendered Class&nbsp;A Shares, the Company will only be obligated to redeem the maximum number of Tendered Class&nbsp;A Shares (rounded down to a whole number of Class&nbsp;A Shares)
that would not be contrary to such provisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby represents and warrants to the Company and BIP that the undersigned has good title
to, and owns, the Class&nbsp;A Share(s) to be acquired by the Company, BIP or an affiliate of BIP as the case may be, free and clear of all liens, claims and encumbrances whatsoever. </P>
</DIV></Center>


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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;(Date)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;(Signature of Tendering
Class&nbsp;A Shareholder)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;(Guarantee of
Signature)</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>CURRENCY ELECTION</I></B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(only if exchange or acquisition of the Tendered Class&nbsp;A Shares is satisfied by the Cash Amount)</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Shareholders domiciled in Canada will receive the Cash Amount in Canadian
dollars (CAD) and shareholders domiciled in the United States and all other countries will receive the Cash Amount in U.S. dollars (USD), unless otherwise elected below;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#9744;&#8194;&#8201;&#8201;Issue my cash entitlement payment(s) in U.S. dollars (USD).</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#9744;&#8194;&#8201;&#8201;Issue my cash
entitlement payment(s) in Canadian dollars (CAD).</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#9744;&#8194;&#8201;&#8201;Issue my cash entitlement payment(s) in Australian dollars (AUD).</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By electing to receive payment in another currency, the undersigned acknowledges that
(a)&nbsp;the exchange rate used will be the rate established by Computershare, in its capacity as foreign exchange service provider to the Company, on the date the funds are converted; (b)&nbsp;the risk of any fluctuation in such rate will be borne
by the undersigned; and (c)&nbsp;Computershare may earn commercially reasonable spread between its exchange rate and the rate used by any counterparty from which it purchases the elected currency.<B></B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I><U>Payment Delivery Instruction</U></I></B></P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt; padding-right:2pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#9744;&#8194;&#8201;&#8201;Please check this box if the Cash Amount, if applicable, resulting from the exchange or
acquisition of the Tendered Class&nbsp;A Shares is to be paid by cheque and <B>mailed</B> to the last address of the Tendering Class&nbsp;A Shareholder as it appears on the register of the Company or as instructed below in Exhibit A. ALL CHEQUE
PAYMENTS WILL BE ISSUED TO THE REGISTERED NAME AS IT CURRENTLY APPEARS.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt; padding-right:2pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#9744;&#8194;&#8201;&#8201;Please check this box if the Cash Amount, if applicable, resulting from the exchange or
acquisition of the Tendered Class&nbsp;A Shares is to be paid by cheque and held for <FONT STYLE="white-space:nowrap">pick-up</FONT> by the Tendering Class&nbsp;A Shareholder at the principal transfer office of the Transfer Agent in Toronto,
Ontario.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#9744;&#8194;&#8201;&#8201;Please check this box if the Cash Amount, if applicable, resulting from the exchange or
acquisition of the Tendered Class&nbsp;A Shares is to be paid electronically to the Tendering Class&nbsp;A Shareholder using the electronic payment information as it appears on the dividend register of the Company or as instructed below in Exhibit
B.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><U>NOTE</U>:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This panel must be completed and such additional documents as the Transfer Agent may require must be deposited
with the Transfer Agent at its principal transfer office in Toronto, Ontario. The BIP Units Amount and any payment resulting from the exchange or acquisition of the Tendered Class&nbsp;A Shares will be issued and registered in, and made payable to
respectively, the name of the Tendering Class&nbsp;A Shareholder as it appears on the register of the Company and the BIP Units Amount and payment resulting from such exchange or acquisition will be delivered to such Tendering Class&nbsp;A
Shareholder as indicated above, unless the form appearing immediately below is duly completed. </P></TD></TR></TABLE>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A: </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I><U>Cheque Delivery Information </U></I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Name of
Person in Whose Name Payment is to be Delivered</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;(please print)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Street
Address or P.O. Box</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;City,
Province and Postal Code</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Signature of
Tendering Class&nbsp;A Shareholder</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT B </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:;;padding-top:2pt;padding-bottom:3pt"><DIV ALIGN="right">
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<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="15" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BROOKFIELD INFRASTRUCTURE CORPORATION</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>EXCHANGE WIRE PAYMENT FORM*</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="15"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="15"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">**Beneficiary Name(s) that appears on the account at your financial institution &#150; <B>this MUST be the same name and address
that your shares are registered to </B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="15" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="15" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">**Beneficiary Address (Note: PO Boxes will not be accepted)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**City</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">**Province/State</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">**Postal&nbsp;Code/Zip&nbsp;Code</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">**Beneficiary Bank/Financial Institution</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="15" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="15" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Bank Address</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**City</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">**Province/State</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">**Postal&nbsp;Code/Zip&nbsp;Code</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="15"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="15">PLEASE ONLY COMPLETE THE APPLICABLE BOXES BELOW, AS PROVIDED BY YOUR FINANCIAL INSTITUTION. YOU ARE <U>NOT</U> REQUIRED TO COMPLETE ALL BOXES</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Bank Account No.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Bank&nbsp;No.&nbsp;&amp;&nbsp;Transit&nbsp;No.&nbsp;(Canadian&nbsp;Banks)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">ABA/Routing No. (US Banks)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">(3 digits&nbsp;&amp; 5 digits)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">(9 digits)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SWIFT or BIC Code</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">IBAN Number</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Sort Code (GBP)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7">(11 characters &#150; if you only have eight, put &#145;XXX&#146; for the last three)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7">Additional Notes and special routing instructions:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="13" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="13" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="15"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="15"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>*</B>PLEASE NOTE THAT THERE IS A $100 BANKING FEE ON WIRE PAYMENTS. ALTERNATIVELY, CHEQUE PAYMENTS ARE
ISSUED AT NO ADDITIONAL COST. IF WIRE DETAILS ARE INCORRECT OR INCOMPLETE, COMPUTERSHARE WILL ATTEMPT TO CONTACT YOU AND CORRECT THE ISSUE. HOWEVER, IF WE CANNOT CORRECT THE ISSUE PROMPTLY, A CHEQUE WILL BE AUTOMATICALLY ISSUED AND MAILED TO THE
ADDRESS ON RECORD. NO FEES WILL BE CHARGED</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>**</B>MANDATORY FIELD</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="13"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="13"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Please provide email address and phone number in the event that we need to contact you for corrective
measures:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0pt; margin-bottom:12pt; padding-top:12pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMAIL ADDRESS: _____________________________________________ PHONE NUMBER:
________________ </B></P></div>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT &#147;B&#148; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notice of Class&nbsp;A Redemption </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF CLASS A REDEMPTION </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">To:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Class&nbsp;A Shareholders of Brookfield Infrastructure Corporation (the &#147;<B>Company</B>&#148;)
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This notice is given pursuant to Section&nbsp;26.19 of the articles of the Company (the &#147;<B>Articles</B>&#148;). All capitalized
words and expressions used in this notice that are defined in the Articles have the meanings ascribed to such words and expressions in such Articles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Company hereby notifies the Class&nbsp;A Shareholders that the Company desires to redeem all of the issued and outstanding Class&nbsp;A Shares in accordance with the Articles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges that this notice is and will be deemed to be an irrevocable offer by the Company to redeem all of the Class&nbsp;A Shares on the
Specified Class&nbsp;A Redemption Date for the Redemption Consideration and on the other terms and conditions set out in the Articles. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Brookfield Infrastructure Corporation</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Date)</P></TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT &#147;C&#148; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notice of Class&nbsp;B Retraction </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF CLASS B RETRACTION </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">To:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Brookfield Infrastructure Corporation (the &#147;<B>Company</B>&#148;) </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This notice is given pursuant to Section&nbsp;26.12 of the articles of the Company (the &#147;<B>Articles</B>&#148;). All capitalized words and expressions
used in this notice that are defined in the Articles have the meanings ascribed to such words and expressions in such Articles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby
notifies the Company that the undersigned desires to have the Company redeem in accordance with the Articles: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">___</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all Class&nbsp;B Share(s) registered in the name of the undersigned; or </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">___</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">______ Class&nbsp;B Share(s) registered in the name of the undersigned. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned acknowledges that this notice is and will be deemed to be an irrevocable offer by the undersigned to sell the Tendered Class&nbsp;B Shares to
the Company on or prior to the Specified Class&nbsp;B Retraction Date for the Class&nbsp;B Retraction Amount and on the other terms and conditions set out in the Articles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned acknowledges that the Company will not be obligated to redeem Tendered Class&nbsp;B Shares to the extent that such redemption would be
contrary to solvency requirements or other provisions of applicable Law. If the Company believes that it would not be permitted by any such requirements or other provisions to redeem the Tendered Class&nbsp;B Shares, the Company will only be
obligated to redeem the maximum number of Tendered Class&nbsp;B Shares (rounded down to a whole number of Class&nbsp;B Shares) that would not be contrary to such provisions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby represents and warrants to the Company that the undersigned has good title to, and owns, the Class&nbsp;B Share(s) to be acquired by
the Company, free and clear of all liens, claims and encumbrances whatsoever. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">(Date)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">(Signature of Tendering Class&nbsp;B Shareholder)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">(Guarantee of Signature)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;Please check this box if the Cash Amount resulting from the acquisition of the Tendered
Class&nbsp;B Shares is to be mailed to the last address of the Tendering Class&nbsp;B Shareholder as it appears on the register of the Company. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>NOTE</U>: This panel must be completed and this certificate, together with such additional documents as
the Company may require, must be delivered to the registered office of the Company in Vancouver, British Columbia. Any payment resulting from the acquisition of the Tendered Class&nbsp;B Shares will be made payable to the name of the Tendering
Class&nbsp;B Shareholder as it appears on the register of the Company and payment resulting from such acquisition will be delivered to such Tendering Class&nbsp;B Shareholder as indicated above, unless the form appearing immediately below is duly
completed. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name of Person in Whose Name Payment is to be Delivered (please print)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Street Address or P.O. Box</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">City, Province and Postal Code</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Signature of Tendering Class&nbsp;B Shareholder</TD></TR>
</TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>NOTE</U>: If this Notice of Class&nbsp;B Retraction is for less than all of the Class&nbsp;B Share(s) represented by this
certificate, a certificate representing the remaining Class&nbsp;B Shares of the Company will be issued and registered in the name of the Tendering Class&nbsp;B Shareholder as it appears on the register of the Company. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT &#147;D&#148; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notice of Class&nbsp;C Retraction </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF CLASS C RETRACTION </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">To:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Brookfield Infrastructure Corporation (the &#147;<B>Company</B>&#148;) </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This notice is given pursuant to Section&nbsp;27.9 of the articles of the Company (the &#147;<B>Articles</B>&#148;). All capitalized words and expressions
used in this notice that are defined in the Articles have the meanings ascribed to such words and expressions in such Articles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby
notifies the Company that the undersigned desires to have the Company redeem in accordance with the Articles: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">___</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all Class&nbsp;C Share(s) registered in the name of the undersigned; or </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">___</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">______ Class&nbsp;C Share(s) registered in the name of the undersigned. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned acknowledges that this notice is and will be deemed to be an irrevocable offer by the undersigned to sell the Tendered Class&nbsp;C Shares to
the Company on or prior to the Specified Class&nbsp;C Retraction Date for the Class&nbsp;C Retraction Amount and on the other terms and conditions set out in the Articles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned acknowledges that the Company will not be obligated to redeem Tendered Class&nbsp;C Shares to the extent that such redemption would be
contrary to solvency requirements or other provisions of applicable Law. If the Company believes that it would not be permitted by any such requirements or other provisions to redeem the Tendered Class&nbsp;C Shares, the Company will only be
obligated to redeem the maximum number of Tendered Class&nbsp;C Shares (rounded down to a whole number of Class&nbsp;C Shares) that would not be contrary to such provisions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby represents and warrants to the Company that the undersigned has good title to, and owns, the Class&nbsp;C Share(s) to be acquired by
the Company, free and clear of all liens, claims and encumbrances whatsoever. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">(Date)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">(Signature of Tendering Class&nbsp;C Shareholder)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">(Guarantee of Signature)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;Please check this box if the Cash Amount resulting from the acquisition of the Tendered
Class&nbsp;C Shares is to be mailed to the last address of the Tendering Class&nbsp;C Shareholder as it appears on the register of the Company. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>NOTE</U>: This panel must be completed and this certificate, together with such additional documents as
the Company may require, must be delivered to the registered office of the Company in Vancouver, British Columbia. Any payment resulting from the acquisition of the Tendered Class&nbsp;C Shares will be made payable to the name of the Tendering
Class&nbsp;C Shareholder as it appears on the register of the Company and payment resulting from such acquisition will be delivered to such Tendering Class&nbsp;C Shareholder as indicated above, unless the form appearing immediately below is duly
completed. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name of Person in Whose Name Payment is to be Delivered (please print)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Street Address or P.O. Box</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">City, Province and Postal Code</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Signature of Tendering Class&nbsp;C Shareholder</TD></TR>
</TABLE> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>NOTE</U>: If this Notice of Class&nbsp;C Retraction is for less than all of the Class&nbsp;C Share(s) represented by this
certificate, a certificate representing the remaining Class&nbsp;C Shares of the Company will be issued and registered in the name of the Tendering Class&nbsp;C Shareholder as it appears on the register of the Company. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <a name="page_29"></A> <p style="text-align: right;"><u><b>EXHIBIT B-1</b></u></p> <p style="text-align: center;"><b>Authorized Signatures for Brookfield Infrastructure Corporation
("BIPC")</b><br><b>under Rights Agreement dated as of March 31, 2020</b></p> <p style="text-align: center;"><b>[Omitted] </b></p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_30"></A>
<p style="text-align: right;"><u><b>EXHIBIT B-2</b></u></p> <p style="margin-bottom: 0pt; text-align: center;"><b>Authorized Signatures for Brookfield Asset Management Inc. ("BAM")</b></p> <p style="margin-top: 0pt; text-align: center;"><b>under
Rights Agreement dated as of March 31, 2020</b></p> <p style="text-align: center;"><b>[Omitted] </b></p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_31"></A>
<p style="text-align: right;"><u><b>EXHIBIT C</b></u></p> <p style="text-align: center;"><u><b>Terms of Compensation of Rights Agent</b></u></p> <p style="text-align: center;"><b>[Omitted] </b></p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_32"></A> <p style="margin-bottom: 0pt; text-align: right;"><u><b>EXHIBIT D-1</b></u></p> <p style="margin-top: 0pt; text-align: center;"><u>Form of
Company Notice</u></p> <p style="margin-bottom: 0pt; text-align: justify;">To: <font style="width: 20.84pt; display: inline-block;">&#160;</font>Brookfield Asset Management Inc.</p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Attn: Investor Relations</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Brookfield Place, Suite 300</p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">181 Bay Street, P.O. Box 762</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Toronto, Ontario, Canada M5J 2T3</p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Phone: 1-866-989-0311</p> <p style="margin-top: 0pt; text-indent: 36pt; text-align: justify;">Email:
<font style="color: #0000ff;"><u>enquiries@brookfield.com</u></font></p> <p style="margin-left: 36pt; text-align: justify;">Brookfield Infrastructure Partners L.P.<br>73 Front Street, 5th Floor<br>Hamilton, HM 12, Bermuda<br>Phone: (441)
294-3309<br>E-mail: <font style="color: #0000ff;"><u>bip.enquiries@brookfield.com</u></font></p> <p style="margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Wilmington Trust, National Association</p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Attn: Project Remus Administrator</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">50 South Sixth Street, Suite
1290</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Minneapolis, MN 55402</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Phone: (203) 453-1318</p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Fax: (203) 453-1183</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Email:
<font style="color: #0000ff;"><u>rlreynolds@wilmingtontrust.com</u></font><font style="color: #0563c1;">&#160;</font></p> <p style="margin-top: 0pt; text-indent: 36pt; text-align: justify;">With a copy to the following Email address: <font
style="color: #0000ff;"><u>restructuring@wilmingtontrust.com</u></font></p> <p style="text-align: justify;">Wilmington Trust, National Association:</p> <p style="text-indent: 36pt; text-align: justify;">Reference is made to that certain Rights
Agreement, dated as of March 31, 2020, between Brookfield Asset Management Inc., and Wilmington Trust, National Association (the "<b>Rights Agreement</b>"). Capitalized terms that are not otherwise defined in this Exchanging Class A Shareholder
Notice shall have the meanings given to them in the Rights Agreement.</p> <p style="text-indent: 36pt; text-align: justify;"><b>THE DTC FREE DELIVERY OF THE SUBJECT CLASS A SHARES SHOULD BE DIRECTED TO THE RIGHTS AGENT'S DTC PARTICIPANT NUMBER 990,
FOR FURTHER CREDIT OF THE RECEIVED CLASS A SHARE ACCOUNT, ACCOUNT NUMBER [WT TO INSERT]</b>.</p> <p style="text-indent: 36pt; text-align: justify;">The Company represents and warrants that, with respect to ______________ Subject Class A
Share(s):</p> <p style="text-indent: 36pt; text-align: justify;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Company has not satisfied its obligation under sections 25.11 and 25.13 of the Company's
Articles by delivering the BIP Units Amount or Cash Amount on the applicable Specified Exchange Date; and</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_33"></A>
<p style="text-indent: 36pt; text-align: justify;">(ii)<font style="width: 21.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>BIP has not, upon its election in its sole and absolute discretion, acquired such Subject Class A Share(s)
from the Exchanging Class A Shareholder and delivered the BIP Units Amount or Cash Amount in exchange therefor pursuant to section 25.23 of the Company's Articles on the applicable Specified Exchange Date.</p>
<p style="text-indent: 36pt; text-align: justify;">The BIP Units Amount and the Cash Amount for such Subject Class A Share(s) are as follows:</p> <p style="text-indent: 36pt; text-align: justify;">BIP Units Amount:_______________________</p>
<p style="text-indent: 36pt; text-align: justify;">Cash Amount:____________________________</p> <p style="text-indent: 36pt; text-align: justify;">The BIP Units Amount or the Cash Amount, as applicable, shall be issued or paid to the Exchanging
Class A Shareholder, whose information is as follows:</p> <p style="margin-bottom: 0pt; text-align: justify;">Please insert social security</p> <p style="margin-top: 0pt; text-align: justify;">or other identifying number</p>
<table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 100%;">&#160;</td> </tr>
<tr>
<td style="width: 100%; border-bottom: 1px solid #000000;">&#160;</td> </tr>
<tr>
<td style="width: 100%; text-align: center;">(Please print name and address)</td> </tr>
<tr>
<td style="width: 100%; border-bottom: 1px solid #000000;">&#160;</td> </tr> </table> <p>&#160;</p> <p style="text-align: justify;">Delivery instructions for BIP Units Amount:</p> <p style="text-align: justify;">[Please insert complete instructions
including recipient's DTC participant number and the account number at the participant.]</p> <p style="text-align: justify;">Delivery instructions for Cash Amount:</p> <p style="text-align: justify;">[Please insert complete wire transfer
instructions.]</p> <p style="text-align: justify;">Dated: _____________ __, ______</p>
<table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"> <p>&#160;</p> </td>
<td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"> <p><b>BROOKFIELD INFRASTRUCTURE CORPORATION</b>, a British Columbia corporation</p> <p style="margin-bottom: 0pt;">By:________________________</p>
<p style="margin-top: 0pt; margin-bottom: 0pt;">Name:</p> <p style="margin-top: 0pt;">Title:</p> </td> </tr> </table> <br> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_34"></A>
<p style="margin-bottom: 0pt; text-align: right;"><u><b>EXHIBIT D-2</b></u></p> <p style="margin-top: 0pt; text-align: center;"><u>Form of Exchanging Class A Shareholder Notice</u></p> <p style="margin-bottom: 0pt; text-align: justify;">To: <font
style="width: 20.84pt; display: inline-block;">&#160;</font>Brookfield Asset Management Inc.</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Attn: Investor Relations</p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Brookfield Place, Suite 300</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">181 Bay Street, P.O. Box 762</p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Toronto, Ontario, Canada M5J 2T3</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Phone: 1-866-989-0311</p>
<p style="margin-top: 0pt; text-indent: 36pt; text-align: justify;">Email: <font style="color: #0000ff;"><u>enquiries@brookfield.com</u></font></p> <p style="margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Wilmington Trust, National
Association</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Attn: Project Remus Administrator</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">50 South Sixth
Street, Suite 1290</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Minneapolis, MN 55402</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Phone: (203)
453-1318</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Fax: (203) 453-1183</p> <p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 36pt; text-align: justify;">Email:
<font style="color: #0000ff;"><u>rlreynolds@wilmingtontrust.com</u></font></p> <p style="margin-top: 0pt; text-indent: 36pt; text-align: justify;">With a copy to the following Email address:
<font style="color: #0000ff;"><u>restructuring@wilmingtontrust.com</u></font></p> <p style="text-align: justify;">Wilmington Trust, National Association:</p> <p style="text-indent: 36pt; text-align: justify;">Reference is made to that certain Rights
Agreement, dated as of March 31, 2020, between Brookfield Asset Management Inc., and Wilmington Trust, National Association (the "<b>Rights Agreement</b>"). Capitalized terms that are not otherwise defined in this Exchanging Class A Shareholder
Notice shall have the meanings given to them in the Rights Agreement.</p> <p style="text-indent: 36pt; text-align: justify;"><b>THE DTC FREE DELIVERY OF THE SUBJECT CLASS A SHARES SHOULD BE DIRECTED TO THE RIGHTS AGENT'S DTC PARTICIPANT NUMBER 990,
FOR FURTHER CREDIT OF THE RECEIVED CLASS A SHARE ACCOUNT, ACCOUNT NUMBER [WT TO INSERT].</b></p> <p style="text-indent: 36pt; text-align: justify;">The undersigned (the "<b>Holder</b>") represents and warrants that, with respect to ______________
Subject Class A Share(s):</p> <p style="text-indent: 36pt; text-align: justify;">(i)<font style="width: 24.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Company has not satisfied its obligation under sections 25.11 and 25.13 of
the Company's Articles by delivering the Cash Amount on the applicable Specified Exchange Date; and</p> <p style="text-indent: 36pt; text-align: justify;">(ii)<font style="width: 21.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>BIP
has not, upon its election in its sole and absolute discretion, acquired such Subject Class A Share(s) from the Exchanging Class A Shareholder and delivered the BIP Units Amount or Cash Amount in exchange therefor pursuant to section 25.23 of the
Company's Articles on the applicable Specified Exchange Date.</p> <p style="text-indent: 36pt; text-align: justify;">Pursuant to and in accordance with the terms and conditions of the Rights Agreement, the Holder irrevocably elects to exercise its
Secondary Exchange Rights for the Holder's Subject Class A Shares identified above. The BIP Units Amount or the Cash Amount, as applicable, shall be issued or paid to:</p>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_35"></A> <p style="margin-bottom: 0pt; text-align: justify;">Please insert social security</p> <p style="margin-top: 0pt; text-align: justify;">or
other identifying number</p>
<table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 100%; border-bottom: 1px solid #000000;">&#160;</td> </tr>
<tr>
<td style="width: 100%; text-align: center;">(Please print name and address)</td> </tr>
<tr>
<td style="width: 100%;">&#160;</td> </tr>
<tr>
<td style="width: 100%; border-bottom: 1px solid #000000;">&#160;</td> </tr> </table> <p style="text-align: justify;">&#160;</p> <p style="text-align: justify;">Delivery instructions for BIP Units Amount:</p> <p style="text-align: justify;">[Please
insert complete instructions including recipient's DTC participant number and the account number at the participant.]</p> <p style="text-align: justify;">Delivery instructions for Cash Amount:</p> <p style="text-align: justify;">[Please insert
complete wire transfer instructions.]</p> <p style="text-align: justify;">Dated: _____________ __, ______</p> <p style="margin-left: 50%; margin-bottom: 0pt; text-align: justify;">__________________________________</p>
<p style="margin-top: 0pt; margin-left: 50%; text-align: justify;">&#160; &#160; &#160;Signature</p> <p style="text-align: justify;">Signature Medallion Guaranteed:</p> <p style="text-indent: 36pt; text-align: justify;">Signatures should be
guaranteed by an eligible guarantor institution (bank, stock broker or savings and loan association with membership in an approved signature medallion program).</p> <hr width="100%" size="2" noshade> </BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>d82286dex43.htm
<DESCRIPTION>EX-4.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.3</TITLE>
</HEAD>
  <body style="font-size:10pt;">
  <hr width="100%" size="2" noshade><a name="page_1"></A> <div id="header_page_1"> <p style="text-align: right;"><b>Exhibit 4.3</b></p> </div>
<p style="text-align: center;"><b>BROOKFIELD ASSET MANAGEMENT INC.</b></p> <p style="text-align: center;"><b>- and -</b></p> <p style="text-align: center;"><b>BROOKFIELD INFRASTRUCTURE CORPORATION</b></p> <p style="text-align: center;"><b>- and
-</b></p> <p style="text-align: center;"><b>BROOKFIELD INFRASTRUCTURE PARTNERS L.P.</b></p>
<table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="3">
<tr>
<td style="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000;"> <p style="margin-right: 0.7pt; text-align: center;"><b>REGISTRATION RIGHTS
AGREEMENT</b></p> </td> </tr> </table> <p style="text-align: center;"><b>March 31, 2020</b></p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_2"></A><br>
<table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="3">
<tr>
<td style="padding-left: 72pt; text-indent: -72pt; text-align: center;" colspan="2">TABLE OF CONTENTS</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">&#160;</td>
<td style="width: 10%; text-align: right;">Page</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">&#160;</td>
<td style="width: 10%; text-align: right;">&#160;</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">ARTICLE 1 INTERPRETATION</td>
<td style="width: 10%; text-align: right;">1</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">1.1<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Definitions</td>
<td style="width: 10%; text-align: right;">1</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">1.2<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Headings and Table of Contents</td>
<td style="width: 10%; text-align: right;">5</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">1.3<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Interpretation</td>
<td style="width: 10%; text-align: right;">5</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">1.4<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Invalidity of Provisions</td>
<td style="width: 10%; text-align: right;">6</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">1.5<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Entire Agreement</td>
<td style="width: 10%; text-align: right;">6</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">1.6<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Waiver, Amendment</td>
<td style="width: 10%; text-align: right;">6</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">1.7<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Governing Law</td>
<td style="width: 10%; text-align: right;">7</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">ARTICLE 2 REGISTRATION RIGHTS</td>
<td style="width: 10%; text-align: right;">7</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">2.1<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Demand Registration</td>
<td style="width: 10%; text-align: right;">7</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">2.2<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Piggyback Registrations</td>
<td style="width: 10%; text-align: right;">10</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">2.3<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Short-Form Filings</td>
<td style="width: 10%; text-align: right;">11</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">2.4<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Registration Procedures</td>
<td style="width: 10%; text-align: right;">12</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">2.5<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Suspension of Dispositions</td>
<td style="width: 10%; text-align: right;">17</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">2.6<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Registration Expenses</td>
<td style="width: 10%; text-align: right;">17</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">2.7<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Indemnification</td>
<td style="width: 10%; text-align: right;">18</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">2.8<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Transfer of Registration Rights</td>
<td style="width: 10%; text-align: right;">21</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">2.9<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Current Public Information</td>
<td style="width: 10%; text-align: right;">21</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">2.10<font style="width: 15pt; text-indent: 0pt; display: inline-block;">&#160;</font>Preservation of Rights</td>
<td style="width: 10%; text-align: right;">22</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">2.11<font style="width: 15pt; text-indent: 0pt; display: inline-block;">&#160;</font>Obligations of BIP</td>
<td style="width: 10%; text-align: right;">22</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">ARTICLE 3 TERMINATION</td>
<td style="width: 10%; text-align: right;">22</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">3.1<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Termination</td>
<td style="width: 10%; text-align: right;">22</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -72pt;">ARTICLE 4 MISCELLANEOUS</td>
<td style="width: 10%; text-align: right;">23</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">4.1<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Enurement</td>
<td style="width: 10%; text-align: right;">23</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">4.2<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Notices</td>
<td style="width: 10%; text-align: right;">23</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">4.3<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Authority</td>
<td style="width: 10%; text-align: right;">24</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">4.4<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Further Assurances</td>
<td style="width: 10%; text-align: right;">24</td> </tr>
<tr>
<td style="text-align: left; padding-left: 72pt; text-indent: -36pt;">4.5<font style="width: 21pt; text-indent: 0pt; display: inline-block;">&#160;</font>Counterparts</td>
<td style="width: 10%; text-align: right;">24</td> </tr> </table> <p style="text-align: center;">-i-</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_3"></A>
<p style="text-align: center;"><b>REGISTRATION RIGHTS AGREEMENT</b></p> <p style="text-indent: 36pt; text-align: justify;"><b>THIS AGREEMENT</b> made as of the 31<sup>st</sup> day of March, 2020</p> <p style="text-align: justify;"><b>B E T W E E
N:</b></p> <p style="margin-left: 82.8pt; text-align: justify;"><b>BROOKFIELD ASSET MANAGEMENT INC.</b> ("<b>Brookfield</b>")</p> <p style="margin-left: 82.8pt; text-align: justify;">- and -</p>
<p style="margin-left: 82.8pt; text-align: justify;"><b>BROOKFIELD INFRASTRUCTURE CORPORATION </b>("<b>BIPC</b>")</p> <p style="margin-left: 82.8pt; text-align: justify;">-and -</p> <p style="margin-left: 82.8pt; text-align: justify;"><b>BROOKFIELD
INFRASTRUCTURE PARTNERS L.P. </b>("<b>BIP</b>")</p> <p style="text-align: justify;"><b>RECITALS:</b></p> <p style="text-indent: 36pt; text-align: justify;"><b>WHEREAS</b>, BIPC desires to provide the Holders (as defined herein) with the registration
rights specified in this Agreement with respect to Registrable Shares (as defined herein) on the terms and subject to the conditions set forth herein.</p> <p style="text-indent: 36pt; text-align: justify;"><b>NOW THEREFORE</b> in consideration of
the premises, mutual covenants and agreements contained in this Agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties covenant and agree, each with the other, as follows:</p>
<p style="text-align: center;"><b>ARTICLE 1</b><br><br><b>INTERPRETATION</b></p>
<p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>1.1</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Definitions</b></p> <p style="text-indent: 36pt; text-align: justify;">The following
definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.1<font style="width: 23pt; display: inline-block;">&#160;</font><b>"Adverse Effect"</b> has the meaning assigned to such term in Section 2.1.5;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.2<font style="width: 23pt; display: inline-block;">&#160;</font>"<b>Advice</b>" has the meaning assigned to such term in Section 2.5;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.3<font style="width: 23pt; display: inline-block;">&#160;</font>"<b>Affiliate</b>" means, with respect to a Person, any other Person that, directly or indirectly, through one or more
intermediaries, Controls or is Controlled by such Person, or is under common Control of a third Person;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.4<font style="width: 23pt; display: inline-block;">&#160;</font>"<b>Agreement</b>"
means this Registration Rights Agreement;</p> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_4"></A> <p style="margin-left: 28.8pt; text-align: justify;">1.1.5<font
style="width: 23pt; display: inline-block;">&#160;</font>"<b>BIP</b>" has the meaning assigned to such term in the preamble;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.6<font style="width: 23pt; display: inline-block;">&#160;</font>"<b>BIPC</b>" has the meaning assigned to such term in the preamble;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.7<font style="width: 23pt; display: inline-block;">&#160;</font>"<b>Brookfield</b>" has the meaning assigned to such term in the preamble;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.8<font style="width: 23pt; display: inline-block;">&#160;</font>"<b>Business Day</b>" means every day except a Saturday or Sunday, or a day which is a statutory or civic holiday in the
Province of Ontario or the State of New York;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.9<font style="width: 23pt; display: inline-block;">&#160;</font>"<b>Canadian</b> <b>Commissions</b>" means the securities commissions or other
securities regulatory authorities in each of the provinces and territories of Canada and any successor regulatory authorities having similar powers and, to the extent applicable, in any such province or territory, a federal securities commission or
similar regulatory authority;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.10<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Canadian Securities Laws</b>" means, collectively, the applicable securities
legislation, regulations, rules, policies, blanket rulings, decisions and orders of each of the provinces and territories of Canada and the Canadian Commissions;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.11<font
style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Control</b>" means the control by one Person of another Person in accordance with the following:&#160; a Person ("<b>A</b>") controls another Person ("<b>B</b>") where A has the power to
determine the management and policies of B by contract or status (for example, the status of A being the general partner of B) or by virtue of the beneficial ownership of or control over a majority of the voting interests in B; and, for greater
certainty and without limitation, if A owns or has control over shares or other securities to which are attached more than 50% of the votes permitted to be cast in the election of directors to the Governing Body of B, or A is the general partner of
B, a limited partnership, then in each case A Controls B for this purpose; and the term "<b>Controlled</b>" has the corresponding meaning;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.12<font
style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Demand Registration</b>" has the meaning assigned to such term in Section&#160; 2.1.1(a);</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.13<font
style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Demand Request</b>" has the meaning assigned to such term in Section 2.1.1(a);</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.14<font
style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Demanding Shareholders</b>" has the meaning assigned to such term in Section 2.1.1(a);</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.15<font
style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Effective</b>" means, in the case of a Registration Statement, a declaration by the SEC that such registration statement is effective, and in the case of a Prospectus, the issuance by
the applicable Canadian Commission of a receipt for the final prospectus;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.16<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Effective Date</b>" means the date a
Registration Statement or Prospectus becomes Effective;</p> <div id="footer_page_4"> <p style="text-align: center;">2</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_5"></A>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.17<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Excluded Registration</b>" means a registration of (i) securities pursuant to one or more Demand Registrations pursuant
to Section 2.1 hereof, (ii) securities registered under the U.S. Securities Act on Form S-8, (iii) securities registered to effect the acquisition of, or combination with, another Person and (iv) securities pursuant to an exchange offer or any
employee benefit or dividend reinvestment plan;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.18<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>FINRA</b>" means Financial Industry Regulatory Authority, Inc.;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.19<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Governing Body</b>" means (i) with respect to a corporation or limited company, the board of directors of such
corporation or limited company, (ii) with respect to a limited liability company, the manager(s), director(s) or managing partner(s) of such limited liability company, (iii) with respect to a partnership, the board, committee or other body of each
general partner or managing partner of such partnership that serves a similar function (or if any such general partner or managing partner is itself a partnership, the board, committee or other body of such general or managing partner's general or
managing partner that serves a similar function), and (iv) with respect to any other Person, the body of such Person that serves a similar function, and in the case of each of (i) through (iv) includes any committee or other subdivision of such body
and any Person to whom such body has delegated any power or authority, including any officer or managing director;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.20<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Holder</b>" means (i) Brookfield, (ii) any subsidiary of Brookfield holding Registrable Shares, and (iii) any direct or
indirect transferee of Brookfield or any of its subsidiaries who shall become a party to this Agreement in accordance with Section 2.8 and has agreed in writing to be bound by the terms of this Agreement, provided that "<b>Holder</b>" shall not
include BIPC and its subsidiaries;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.21<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Inspectors</b>" has the meaning assigned to such term in Section 2.4(m);</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.22<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Person</b>" means any natural person, partnership, limited partnership, limited liability partnership, joint venture,
syndicate, sole proprietorship, company or corporation (with or without share capital), limited liability company, unlimited liability company, joint stock company, unincorporated association, trust, trustee, executor, administrator or other legal
personal representative, regulatory body or agency, government or governmental agency, authority or entity however designated or constituted and pronouns have a similarly extended meaning;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.23<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Piggyback Registration</b>" has the meaning assigned to such term in Section 2.2.1;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.24<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>POP Issuer</b>" means an issuer eligible to use the POP System or equivalent system established from time to time by the
Canadian Commissions;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.25<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>POP System</b>" means the prompt offering prospectus qualification system under <i>National
Instrument 44-101</i> of the Canadian Securities Administrators entitled "Short Form Prospectus Distributions";</p> <div id="footer_page_5"> <p style="text-align: center;">3</p> </div>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_6"></A>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.26<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Prospectus</b>" means a prospectus (including a Shelf Prospectus), including any amendment or supplement thereto,
prepared in accordance with applicable Canadian Securities Laws for the purpose of qualifying securities for distribution to the public in any province or territory of Canada;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.27<font
style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Records</b>" has the meaning assigned to such term in Section 2.4(m);</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.28<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>register</b>," "<b>registered</b>" and "<b>registration</b>" refers to (i) a registration effected by preparing and
filing a registration statement in compliance with the U.S. Securities Act, and the declaration or ordering of the effectiveness of such registration statement, and (ii) a qualification for distribution under Canadian Securities Laws effected by
preparing and filing a Prospectus;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.29<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Registrable Shares</b>" means the Shares owned by Holders from time to time,
including Shares issuable to Holders on the conversion of securities convertible, exchangeable or exercisable into Shares owned by a Holder, together with any securities owned by Holders issued with respect to such Shares by way of dividend or split
or in connection with a combination of shares, recapitalization, merger, consolidation, amalgamation, arrangement or other reorganization; provided, however, that Shares that, pursuant to Section 3.1, no longer have registration rights hereunder
shall not be considered Registrable Shares;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.30<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Registration Statement</b>" means a registration statement under the U.S.
Securities Act (which includes any preliminary prospectus, prospectus, prospectus supplement or free writing prospectus used in connection therewith);</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.31<font
style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Requesting Holders</b>" shall mean any Holder(s) requesting to have its (their) Registrable Shares included in any Demand Registration or Shelf Registration;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.32<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Required Filing Date</b>" has the meaning assigned to such term in Section 2.1.1(b);</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.33<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>SEC</b>" means the U.S. Securities and Exchange Commission or any other federal agency at the time administering the U.S.
Securities Act;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.34<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Securities Laws</b>" means Canadian Securities Laws and/or U.S. Securities Laws, as applicable;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.35<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Seller Affiliates</b>" has the meaning assigned to such term in Section 2.7.1;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.36<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Shares</b>" means class A subordinate voting shares of BIPC;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.1.37<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Shelf Prospectus</b>" means a shelf prospectus of BIPC filed with the Canadian Commissions under Canadian Securities Laws
for offers and secondary sales of Registrable Shares on a continuous basis;</p> <div id="footer_page_6"> <p style="text-align: center;">4</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_7">
</A> <p style="margin-left: 28.8pt; text-align: justify;">1.1.38<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Shelf Registration</b>" means a registration of the Registrable Shares under a registration statement pursuant to
Rule 415 under the U.S. Securities Act;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.39<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>Suspension Notice</b>" has the meaning assigned to such term in Section
2.5;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.40<font style="width: 13.2pt; display: inline-block;">&#160;</font> "<b>U.S.</b> <b>Exchange Act</b>" means the United States<i> Securities Exchange Act of 1934</i>, as amended, or
any similar federal statute, and the rules and regulations promulgated by the SEC thereunder;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.41<font style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>U.S. Securities
Act</b>" means the United States<i> Securities Act of 1933</i>, as amended, or any similar federal statute and the rules and regulations promulgated by the SEC thereunder; and</p> <p style="margin-left: 28.8pt; text-align: justify;">1.1.42<font
style="width: 13.2pt; display: inline-block;">&#160;</font>"<b>U.S. Securities Laws</b>" means, collectively, the securities laws of the United States, including the U.S. Exchange Act, the U.S. Securities Act, state securities or "blue sky" laws
within the United States, and all rules, regulations and ordinances promulgated thereunder.</p>
<p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>1.2</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Headings and Table of Contents</b></p>
<p style="text-indent: 36pt; text-align: justify;">The inclusion of headings and a table of contents in this Agreement are for convenience of reference only and will not affect the construction or interpretation hereof.</p>
<p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>1.3</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Interpretation</b></p> <p style="text-indent: 36pt; text-align: justify;">In this
Agreement, unless the context otherwise requires:</p> <p style="margin-left: 28.8pt; text-align: justify;">1.3.1<font style="width: 23pt; display: inline-block;">&#160;</font>words importing the singular shall include the plural and vice versa,
words importing gender shall include all genders or the neuter, and words importing the neuter shall include all genders;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.3.2<font style="width: 23pt; display: inline-block;">&#160;</font>the words "include", "includes", "including", or any variations thereof, when following any general term or statement, are not
to be construed as limiting the general term or statement to the specific items or matters set forth or to similar items or matters, but rather as referring to all other items or matters that could reasonably fall within the broadest possible scope
of the general term or statement;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.3.3<font style="width: 23pt; display: inline-block;">&#160;</font>references to any Person include such Person's successors and permitted assigns;</p>
<p style="margin-left: 28.8pt; text-align: justify;">1.3.4<font style="width: 23pt; display: inline-block;">&#160;</font>except as otherwise provided in this Agreement, any reference in this Agreement to a statute, regulation, policy, rule or
instrument shall include, and shall be deemed to be a reference also to, all rules and regulations made under such statute, in the case of a statute, all amendments made to such statute, regulation, policy, rule or instrument and to any statute,
regulation, policy, rule or instrument that may be passed which has the effect of supplementing or superseding the statute, regulation, policy, rule or instrument so referred to;</p> <div id="footer_page_7"> <p style="text-align: center;">5</p>
</div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_8"></A> <p style="margin-left: 28.8pt; text-align: justify;">1.3.5<font style="width: 23pt; display: inline-block;">&#160;</font>any
reference to this Agreement or any other agreement, document or instrument shall be construed as a reference to this Agreement or, as the case may be, such other agreement, document or instrument as the same may have been, or may from time to time
be, amended, varied, replaced, amended and restated, supplemented or otherwise modified;</p> <p style="margin-left: 28.8pt; text-align: justify;">1.3.6<font style="width: 23pt; display: inline-block;">&#160;</font>in the event that any day on which
any amount is to be determined or any action is required to be taken hereunder is not a Business Day, then such amount shall be determined or such action shall be required to be taken at or before the requisite time on the next succeeding day that
is a Business Day; and</p> <p style="margin-left: 28.8pt; text-align: justify;">1.3.7<font style="width: 23pt; display: inline-block;">&#160;</font>except where otherwise expressly provided, all amounts in this Agreement are stated and shall be paid
in U.S. currency.</p> <p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>1.4</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Invalidity of Provisions</b></p>
<p style="text-indent: 36pt; text-align: justify;">Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent
jurisdiction will not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable law, the parties waive any provision of law which renders any provision of this Agreement invalid or unenforceable in
any respect.&#160; The parties will engage in good faith negotiations to replace any provision which is declared invalid or unenforceable with a valid and enforceable provision, the economic effect of which comes as close as possible to that of the
invalid or unenforceable provision which it replaces.</p> <p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>1.5</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Entire Agreement</b></p>
<p style="text-indent: 36pt; text-align: justify;">This Agreement constitutes the entire agreement between the parties pertaining to the subject matter of this Agreement.&#160; There are no warranties, conditions, or representations (including any
that may be implied by statute) and there are no agreements in connection with such subject matter except as specifically set forth or referred to in this Agreement.&#160; No reliance is placed on any warranty, representation, opinion, advice or
assertion of fact made either prior to, contemporaneous with, or after entering into this Agreement, or any amendment or supplement hereto, by any party to this Agreement or its directors, officers, employees or agents, to any other party to this
Agreement or its directors, officers, employees or agents, except to the extent that the same has been reduced to writing and included as a term of this Agreement, and none of the parties to this Agreement has been induced to enter into this
Agreement or any amendment or supplement by reason of any such warranty, representation, opinion, advice or assertion of fact.&#160; Accordingly, there will be no liability, either in tort or in contract, assessed in relation to any such warranty,
representation, opinion, advice or assertion of fact, except to the extent contemplated above.</p> <div id="footer_page_8"> <p style="text-align: center;">6</p> </div>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_9"></A> <p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>1.6</b><font
style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Waiver, Amendment</b></p> <p style="text-indent: 36pt; text-align: justify;">Except as expressly provided in this Agreement, no waiver of this Agreement will be binding
unless executed in writing by the party to be bound thereby.&#160; No waiver of any provision of this Agreement will constitute a waiver of any other provision nor will any waiver of any provision of this Agreement constitute a continuing waiver
unless otherwise expressly provided. A party's failure or delay in exercising any right under this Agreement will not operate as a waiver of that right.&#160; A single or partial exercise of any right will not preclude a party from any other or
further exercise of that right or the exercise of any other right. This Agreement may not be amended or modified in any respect except by a written agreement signed by BIPC, BIP and Brookfield (so long as Brookfield owns any Shares) and the Holders
of a majority of the then outstanding Registrable Shares.</p> <p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>1.7</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Governing Law</b></p>
<p style="text-indent: 36pt; text-align: justify;">This Agreement will be governed by and interpreted and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. Each party irrevocably
attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated in the City of Toronto and waives objection to the venue of any proceeding in such court or any argument that such court provides an inconvenient forum.</p>
<p style="text-align: center;"><b>ARTICLE 2</b><br><br><b>REGISTRATION RIGHTS</b></p>
<p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>2.1</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Demand Registration</b></p>
<p style="margin-left: 28.8pt; text-align: justify;">2.1.1<font style="width: 20.7pt; display: inline-block;">&#160;</font><u>Request for Registration</u></p> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(a)<font
style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font>Commencing on the date hereof, any Holder shall have the right to require BIPC to file a Registration Statement and/or a Prospectus for a public offering of all or part of
its Registrable Shares (a "<b>Demand Registration</b>"), by delivering to BIPC written notice stating that such right is being exercised, naming the Holders whose Registrable Shares are to be included in such registration (collectively, the
"<b>Demanding Shareholders</b>"), specifying the number of each such Demanding Shareholder's Registrable Shares to be included in such registration and, subject to Section 2.1.3 hereof, describing the intended method of distribution thereof (a
"<b>Demand Request</b>").</p> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(b)<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Each Demand Request shall specify the aggregate number of
Registrable Shares proposed to be sold.&#160; Subject to Section 2.1.6, BIPC shall file a Registration Statement and/or Prospectus in respect of a Demand Registration as soon as practicable and, in any event, within forty-five (45) days after
receiving a Demand Request (the "<b>Required Filing Date</b>") and shall use reasonable best efforts to cause the same to be declared Effective as promptly as practicable after such filing; provided, however, that:</p> <div id="footer_page_9">
<p style="text-align: center;">7</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_10"></A> <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(i)<font
style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font>BIPC shall not be obligated to file a Registration Statement or a Prospectus in respect of a Demand Registration pursuant to Section 2.1.1(a) within sixty (60) days after the
Effective Date of a previous Demand Registration, other than a Shelf Registration pursuant to this Article 2; and</p> <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(ii)<font
style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>BIPC shall not be obligated to file a Registration Statement or a Prospectus in respect of a Demand Registration pursuant to Section 2.1.1(a) unless the Demand Request is
for (A) a number of Registrable Shares with a market value that is equal to at least $50,000,000 as of the date of such Demand Request, or (B) all of the Registrable Shares then held by the Demanding Shareholder.</p>
<p style="margin-left: 28.8pt; text-align: justify;">2.1.2<font style="width: 23pt; display: inline-block;">&#160;</font><u>Shelf Registration</u>.&#160; With respect to any Demand Registration, the Requesting Holders may request BIPC to file a
Shelf Prospectus or effect a Shelf Registration, provided that BIPC is permitted to do so under Canadian Securities Laws and/or U.S. Securities Laws, as applicable.</p> <p style="margin-left: 28.8pt; text-align: justify;">2.1.3<font
style="width: 23pt; display: inline-block;">&#160;</font><u>Selection of Underwriters</u>.&#160; At the request of a Requesting Holder, the offering of Registrable Shares pursuant to a Demand Registration shall be in the form of a "firm commitment"
underwritten offering.&#160; The Requesting Holder shall select the investment banking firm or firms to manage the underwritten offering; provided that such selection shall be subject to the consent of BIPC, which consent shall not be unreasonably
withheld or delayed.&#160; No Holder may participate in any registration pursuant to Section 2.1.1 unless such Holder (a) agrees to sell such Holder's Registrable Shares on the basis provided in any underwriting arrangements described above and (b)
completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements; provided, however, that no such Holder shall be required
to make any representations or warranties in connection with any such registration other than representations and warranties as to (i) such Holder's ownership of Registrable Shares to be transferred free and clear of all liens, claims, and
encumbrances, (ii) such Holder's power and authority to effect such transfer, and (iii) such matters pertaining to compliance with Securities Laws as may be reasonably requested; provided, further, however, that the obligation of such Holder to
indemnify pursuant to any such underwriting arrangements shall be several, not joint and several, among such Holders selling Registrable Shares, and the liability of each such Holder will be in proportion thereto, and provided, further, that such
liability will be limited to the net amount received by such Holder from the sale of its Registrable Shares pursuant to such registration.</p>
<p style="margin-left: 28.8pt; text-align: justify;">2.1.4<font style="width: 23pt; display: inline-block;">&#160;</font><u>Rights of Non-Requesting Holders</u>.&#160; Upon receipt of any Demand Request, BIPC shall promptly (but in any event within
ten (10) days) give written notice of such proposed Demand Registration to all other Holders, who shall have the right, exercisable by written notice to BIPC within twenty (20) days of their receipt of BIPC's notice, to elect to include in such
Demand Registration such portion of their Registrable Shares as they may request.&#160; All Holders requesting to have their Registrable Shares included in a Demand Registration in accordance with the preceding sentence and all Demanding
Shareholders shall be deemed to be "<b>Requesting Holders</b>" for purposes of this Section 2.1.&#160; BIPC shall also have the right to issue and sell Shares in such Demand Registration, subject to Section 2.1.5.</p> <div id="footer_page_10">
<p style="text-align: center;">8</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_11"></A> <p style="margin-left: 28.8pt; text-align: justify;">2.1.5<font
style="width: 23pt; display: inline-block;">&#160;</font><u>Priority on Demand Registrations</u>.&#160; No securities to be sold for the account of any Person (including BIPC) other than a Requesting Holder shall be included in a Demand Registration
unless the managing underwriter or underwriters shall advise the Requesting Holders in writing that the inclusion of such securities will not adversely affect the price, timing or distribution of the offering or otherwise adversely affect its
success (an "<b>Adverse Effect</b>").&#160; Furthermore, if the managing underwriter or underwriters shall advise the Requesting Holders that, even after exclusion of all securities of other Persons (including BIPC) pursuant to the immediately
preceding sentence, the amount of Registrable Shares proposed to be included in such Demand Registration by Requesting Holders is sufficiently large to cause an Adverse Effect, the Registrable Shares of the Requesting Holders to be included in such
Demand Registration shall equal the number of Registrable Shares which the Requesting Holders are so advised can be sold in such offering without an Adverse Effect and such Registrable Shares shall be allocated pro rata among the Requesting Holders
on the basis of the number of Registrable Shares requested to be included in such registration by each such Requesting Holder.</p>
<p style="margin-left: 28.8pt; text-align: justify;">2.1.6<font style="width: 23pt; display: inline-block;">&#160;</font><u>Deferral of Filing</u>.&#160; BIPC may defer the filing (but not the preparation) of a Registration Statement or Prospectus,
as applicable, required by Section 2.1 until a date not later than ninety (90) days after the Required Filing Date if (a) at the time BIPC receives the Demand Request, BIPC is engaged in confidential negotiations or other confidential activities,
disclosure of which would be required in such Registration Statement or Prospectus, as applicable (but would not be required if such Registration Statement or Prospectus, as applicable, were not filed), and the Board of Directors of BIPC determines
in good faith that such disclosure would be materially detrimental to BIPC and its shareholders, (b) prior to receiving the Demand Request, BIPC had determined to effect a registered underwritten public offering of BIPC's securities for BIPC's
account and BIPC has taken substantial steps (including, but not limited to, selecting a managing underwriter for such offering) and is proceeding with reasonable diligence to effect such offering, or (c) at the time BIPC receives the Demand
Request, BIPC is currently engaged in a self-tender or exchange offer and the filing of a Registration Statement or Prospectus, as applicable, would cause a violation of applicable Securities Laws.&#160; A deferral of the filing of a Registration
Statement or Prospectus, as applicable, pursuant to this Section 2.1.6 shall be lifted, and the requested Registration Statement or Prospectus, as applicable, shall be filed forthwith, if, in the case of a deferral pursuant to clause (a) of the
preceding sentence, the negotiations or other activities are disclosed, otherwise become publicly known, or are terminated, or, in the case of a deferral pursuant to clause (b) of the preceding sentence, the proposed registration for BIPC's account
is abandoned.&#160; In order to defer the filing of a Registration Statement or Prospectus, as applicable, pursuant to this Section 2.1.6, BIPC shall promptly (but in any event within ten (10) days), upon determining to seek such deferral, deliver
to the Requesting Holders a certificate signed by an officer of BIPC or the Board of Directors of BIPC stating that BIPC is deferring such filing pursuant to this Section 2.1.6 and a general statement of the reason for such deferral and an
approximation of the anticipated delay.&#160; Within twenty (20) days after receiving such certificate, the Requesting Holder may withdraw such Demand Request by giving notice to BIPC; if withdrawn, the Demand Request shall be deemed not to have
been made for all purposes of this Agreement.&#160; BIPC may defer the filing of a particular Registration Statement or Prospectus, as applicable, pursuant to this Section 2.1.6 only once.</p> <div id="footer_page_11">
<p style="text-align: center;">9</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_12"></A> <p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>2.2</b><font
style="width: 59.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Piggyback Registrations</b></p> <p style="margin-left: 28.8pt; text-align: justify;">2.2.1<font style="width: 23pt; display: inline-block;">&#160;</font><u>Right to
Piggyback</u>.&#160; Each time BIPC proposes to (a) register any of its equity securities (other than pursuant to an Excluded Registration) under Canadian Securities Laws or U.S. Securities Laws for sale to the public (whether for the account of
BIPC or the account of any securityholder of BIPC) or (b) sell any of its equity securities (other than pursuant to an Excluded Registration) and with respect to which a Shelf Registration or Shelf Prospectus is expressly being utilized to effect
such sale, (clause (a) and (b) are each referred to as a "<b>Piggyback Registration</b>"), BIPC shall give prompt written notice to each Holder of Registrable Shares, which notice shall offer each such Holder the opportunity to include any or all of
its Registrable Shares in such Registration Statement, Shelf Registration or Prospectus, as applicable, subject to the limitations contained in Section 2.2.2 hereof.&#160; Each Holder who desires to have its Registrable Shares included in such
Registration Statement, Shelf Registration or Prospectus, as applicable, shall so advise BIPC in writing (stating the number of Registrable Shares desired to be registered) within three (3) days after the date of such notice from BIPC (or within one
(1) Business Day in the case of a "bought deal" financing).&#160; Any Holder shall have the right to withdraw such Holder's request for inclusion of such Holder's Registrable Shares in any Registration Statement, Shelf Registration or Prospectus, as
applicable, pursuant to this Section 2.2.1 by giving written notice to BIPC of such withdrawal provided, however, that such request is made prior to the execution of an underwriting agreement (or similar agreement) with respect to such
offering.&#160; Subject to Section 2.2.2 below, BIPC shall include in such Registration Statement, Shelf Registration or Prospectus, as applicable, all such Registrable Shares so requested to be included therein; provided, however, that BIPC may at
any time withdraw or cease proceeding with any such registration or sale if it shall at the same time withdraw or cease proceeding with the registration or sale of all other equity securities originally proposed to be registered or sold. Each Holder
shall protect and maintain the confidentiality of all information communicated to it by BIPC concerning a proposed Piggyback Registration pursuant to this Section 2.2.1 until such information becomes available in the public domain.</p>
<div id="footer_page_12"> <p style="text-align: center;">10</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_13"></A> <p style="margin-left: 28.8pt; text-align: justify;">2.2.2<font
style="width: 23pt; display: inline-block;">&#160;</font><u>Priority on Piggyback Registrations</u></p>
<p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(a)<font style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font>If a Piggyback Registration is an underwritten offering, and if the managing underwriter
advises BIPC that the inclusion of Registrable Shares requested to be included in a Registration Statement, Shelf Registration or Prospectus, as applicable, would cause an Adverse Effect, BIPC shall only be required to include such number of
Registrable Shares in such Registration Statement, Shelf Registration or Prospectus, as applicable, as such underwriter advises in writing would not cause an Adverse Effect, with priority given as follows: (i) first, the securities BIPC proposes to
sell, (ii) second, the Registrable Shares requested to be included in such Registration Statement, Shelf Registration or Prospectus, pro rata among the Holders of such Registrable Shares on the basis of the number of Registrable Shares owned by each
such Holder, and (iii) third, any other securities requested to be included in such Registration Statement, Shelf Registration or Prospectus.&#160; If as a result of the provisions of this Section 2.2.2(a) any Holder shall not be entitled to include
all Registrable Shares in a Registration Statement, Shelf Registration or Prospectus that such Holder has requested to be so included, such Holder may withdraw such Holder's request to include Registrable Shares in such Registration Statement, Shelf
Registration or Prospectus, as applicable.</p> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(b)<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>No Holder may participate in any Registration
Statement, Shelf Registration or Prospectus, as applicable, in respect of a Piggyback Registration hereunder unless such Holder (i) agrees to sell such Holder's Registrable Shares on the basis provided in any underwriting arrangements approved by
BIPC and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents, each in customary form, reasonably required under the terms of such underwriting arrangements; provided, however,
that no such Holder shall be required to make any representations or warranties in connection with any such registration other than representations and warranties as to (A) such Holder's ownership of Registrable Shares to be sold or transferred free
and clear of all liens, claims, and encumbrances, (B) such Holder's power and authority to effect such transfer, and (C) such matters pertaining to compliance with applicable Securities Laws as may be reasonably requested; provided, further,
however, that the obligation of such Holder to indemnify pursuant to any such underwriting arrangements shall be several, not joint and several, among such Holders selling Registrable Shares, and the liability of each such Holder will be in
proportion thereto, and provided, further, that such liability will be limited to the net amount received by such Holder from the sale of its Registrable Shares pursuant to such Registration Statement, Shelf Registration or Prospectus.</p>
<div id="footer_page_13"> <p style="text-align: center;">11</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_14"></A>
<p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>2.3</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Short-Form Filings</b></p>
<p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(a)<font style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Shelf Registration Statement</u>.&#160; BIPC shall use its reasonable best efforts to
cause Demand Registrations in the United States to be registered on a shelf registration statement on an appropriate form (including, but not limited to, Form F-10, Form F-3 or Form S-3, as may be applicable, or their successor forms, but excluding
Form S-8, Form S-4 or Form F-4, or their successor forms, or any other form for a similar purpose) once BIPC becomes eligible to use any such form, and BIPC shall use its reasonable best efforts to remain so eligible to use any such form.</p>
<p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(b)<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><u>Short-Form Prospectus</u>. BIPC shall use its reasonable best efforts to cause Demand
Registrations in Canada to be qualified by way of a short-form Prospectus prepared pursuant to the POP System if, at the time of such Demand Registration, BIPC is a POP Issuer and is able to do so in all of the provinces and territories in which the
Demand Registration is to be effected.&#160; For greater certainty, it is acknowledged that in the event that BIPC is not a POP Issuer or is unable to utilize the POP System in one or more Canadian provinces or territories in which the Demand
Registration is to be effected, BIPC shall proceed by way of long-form Prospectus.</p>
<p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>2.4</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Registration Procedures</b></p>
<p style="text-indent: 36pt; text-align: justify;">Whenever any Holder has requested that any Registrable Shares be registered pursuant to this Agreement, BIPC will use its reasonable best efforts to effect the registration and the sale of such
Registrable Shares in accordance with the intended method of disposition thereof as promptly as is practicable, and pursuant thereto BIPC will as expeditiously as possible:</p>
<p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(a)<font style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font>prepare and file, pursuant to Section 2.1.1(b) with respect to any Demand Registration,
subject to Section 2.3, a Registration Statement or Prospectus, as applicable, with respect to such Registrable Shares and use its reasonable best efforts to cause such Registration Statement or Prospectus, as applicable, to become Effective;
provided that as far in advance as practicable before filing such Registration Statement or Prospectus, as applicable, or any amendment or supplement thereto, BIPC will furnish to the selling Holders copies of reasonably complete drafts of all such
documents prepared to be filed (including exhibits), and any such Holder shall have the opportunity to object to any information contained therein and BIPC will make corrections reasonably requested by such Holder with respect to such information
prior to filing any such Registration Statement or Prospectus, as applicable, or any amendment or supplement thereto;</p> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(b)<font
style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>except in the case of a Shelf Registration or Shelf Prospectus, prepare and file with the SEC or the applicable Canadian Commissions, such amendments, post-effective
amendments and supplements to such Registration Statement or Prospectus, as applicable, as may be necessary to keep such Registration Statement or Prospectus, as applicable, effective for a period of not less than one hundred eighty (180) days (or
such lesser period as is necessary for the underwriters in an underwritten offering to sell unsold allotments) and comply with the provisions of the applicable Securities Laws with respect to the disposition of all securities covered by such
Registration Statement or Prospectus, as applicable, during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement or Prospectus, as applicable;</p>
<div id="footer_page_14"> <p style="text-align: center;">12</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_15"></A>
<p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(c)<font style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font>in the case of a Shelf Registration or Shelf Prospectus, prepare and file with the SEC or
the applicable Canadian Commissions, as applicable, such amendments and supplements to such Shelf Registration or Shelf Prospectus, as applicable, as may be necessary to keep such Shelf Registration or Shelf Prospectus, as applicable, effective and
to comply with the provisions of the applicable Securities Laws with respect to the disposition of all Registrable Shares subject thereto for a period ending on the earlier of (i) twenty four (24) months after the Effective Date and (ii) the date on
which all the Registrable Shares subject thereto have been sold pursuant to such Shelf Registration or Shelf Prospectus, as applicable;</p> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(d)<font
style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>furnish to each seller of Registrable Shares and the underwriters of the securities being registered such number of copies of such Registration Statement, Shelf Registration
or Prospectus, as applicable (in the English language and, if required, the French language), each amendment and supplement thereto,&#160; any documents incorporated by reference therein and such other documents as such seller or underwriters may
reasonably request in order to facilitate the disposition of the Registrable Shares owned by such seller or the sale of such securities by such underwriters (it being understood that, subject to Section 2.5 and the requirements of the applicable
Securities Laws, BIPC consents to the use of the Registration Statement, Shelf Registration and Prospectus, as applicable, and any amendment or supplement thereto by each seller and the underwriters in connection with the offering and sale of the
Registrable Shares covered by the Registration Statement, Shelf Registration or Prospectus, as applicable);</p> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(e)<font
style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font>use its reasonable best efforts to register or qualify such Registrable Shares under such other securities or "blue sky" laws of such jurisdictions as the managing
underwriter reasonably requests (or, in the event the Registration Statement, Shelf Registration or Prospectus, as applicable, does not relate to an underwritten offering, as the holders of a majority of such Registrable Shares may reasonably
request); use its reasonable best efforts to keep each such registration or qualification (or exemption therefrom) effective during the period in which such Registration Statement, Shelf Registration or Prospectus, as applicable, is required to be
kept effective; and do any and all other acts and things which may be reasonably necessary or advisable to enable each seller to consummate the disposition of the Registrable Shares owned by such seller in such jurisdictions (provided, however, that
BIPC will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (ii) subject itself to taxation in any such jurisdiction, or (iii) consent to
general service of process in any such jurisdiction);</p> <div id="footer_page_15"> <p style="text-align: center;">13</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_16"></A>
<p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(f)<font style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font>notify each seller of Registrable Shares and each underwriter and (if requested by any such
Person) confirm such notice in writing (i) when any supplement or amendment to the Registration Statement, Shelf Registration or Prospectus, as applicable, has been filed following the Effective Date, and when the same has become effective, (ii) of
the issuance by any state securities or other regulatory authority of any order suspending the qualification or exemption from qualification of any of the Registrable Shares under state securities or "blue sky" laws or the initiation of any
proceedings for that purpose, and (iii) of the happening of any event which makes any statement made in the Registration Statement, Shelf Registration or Prospectus, as applicable, untrue or which requires the making of any changes in such
Registration Statement, Shelf Registration or Prospectus, as applicable, or documents so that they will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein not misleading, and, as promptly as practicable thereafter, prepare and file with the SEC and the applicable Canadian Commissions (as applicable) and furnish a supplement or amendment to such Registration Statement, Shelf
Registration or Prospectus, as applicable, so that, as thereafter deliverable to the purchasers of such Registrable Shares, such Registration Statement, Shelf Registration or Prospectus, as applicable, will not contain any untrue statement of a
material fact or omit a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;</p> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(g)<font
style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>permit any selling Holder, which in such Holder's sole and exclusive judgment, might reasonably be deemed to be an underwriter or a controlling person of BIPC, to participate
in the preparation of such Registration Statement, Shelf Registration or Prospectus, as applicable, and to require the insertion therein of material, furnished to BIPC in writing, which in the reasonable judgment of such Holder and its counsel
should be included;</p> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(h)<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>make reasonably available personnel, as selected by the Holders of a
majority of the Registrable Shares included in such registration, for assistance in the selling effort relating to the Registrable Shares covered by such registration, including, but not limited to, the participation of such members of BIPC's
management in road show presentations;</p> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(i)<font style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font>otherwise use its reasonable best efforts to
comply with all applicable Securities Laws, and make generally available to BIPC's securityholders an earnings statement satisfying the provisions of Section 11(a) of the U.S. Securities Act no later than thirty (30) days after the end of the twelve
(12) month period beginning with the first day of BIPC's first fiscal quarter commencing after the Effective Date, which earnings statement shall cover said twelve (12) month period, and which requirement will be deemed to be satisfied if BIPC
timely files complete and accurate information on Forms 20-F and 6-K under the Exchange Act which otherwise complies with Rule 158 under the U.S. Securities Act;</p> <div id="footer_page_16"> <p style="text-align: center;">14</p> </div>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_17"></A> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(j)<font
style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font>if requested by the managing underwriter or any seller of Registrable Shares, promptly incorporate in a prospectus supplement or post-effective amendment such information as
the managing underwriter or any seller reasonably requests to be included therein, including, without limitation, with respect to the Registrable Shares being sold by such seller, the purchase price being paid therefor by the underwriters and with
respect to any other terms of the underwritten offering of the Registrable Shares to be sold in such offering, and promptly make all required filings of such prospectus supplement or post-effective amendment;</p>
<p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(k)<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>after filing of any document which is incorporated by reference into the Registration
Statement or Prospectus, as applicable (in the form in which it was incorporated), deliver a copy of each such document to each seller of Registrable Shares;</p> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(l)<font
style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font>cooperate with the sellers of Registrable Shares and the managing underwriter to facilitate the timely preparation and delivery of certificates (which shall not bear any
restrictive legends unless required under applicable law) representing securities sold under any Registration Statement or Prospectus, as applicable, and enable such securities to be in such denominations and registered in such names as the managing
underwriter or such sellers may request and keep available and make available to BIPC's transfer agent prior to the Effective Date a supply of such certificates;</p> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(m)<font
style="width: 20.5pt; text-indent: 0pt; display: inline-block;">&#160;</font>make available for inspection by any seller of Registrable Shares, any underwriter participating in any disposition pursuant to any Registration Statement or Prospectus, as
applicable, and any attorney, accountant or other agent or representative retained by any such seller or underwriter (collectively, the "<b>Inspectors</b>"), all financial and other records, pertinent corporate documents and properties of BIPC
(collectively, the "<b>Records</b>"), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause BIPC's officers, directors and employees to supply all information requested by any such Inspector in
connection with such Registration Statement or Prospectus, as applicable; provided, however, that, unless the disclosure of such Records is necessary to avoid or correct a misstatement or omission in the Registration Statement or Prospectus, as
applicable, or the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, BIPC shall not be required to provide any information under this subparagraph (m) if (i) BIPC believes, after
consultation with counsel for BIPC, that to do so would cause BIPC to forfeit an attorney-client privilege that was applicable to such information or (ii) if either (x) BIPC has requested and been granted from the SEC or a Canadian Commission
confidential treatment of such information contained in any filing with the SEC or a Canadian Commission or documents provided supplementally or otherwise or (y) BIPC reasonably determines in good faith that such Records are confidential and so
notifies the Inspectors in writing, unless prior to furnishing any such information with respect to clause (ii) such Holder of Registrable Shares requesting such information agrees to enter into a confidentiality agreement in customary form and
subject to customary exceptions; and provided, further, that each Holder of Registrable Shares agrees that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to BIPC and allow BIPC, at
its expense, to undertake appropriate action and to prevent disclosure of the Records deemed confidential;</p> <div id="footer_page_17"> <p style="text-align: center;">15</p> </div>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_18"></A> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(n)<font
style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>furnish to each seller of Registrable Shares and underwriter a signed counterpart of (i) an opinion or opinions of counsel to BIPC, (ii) a comfort letter or comfort letters
from BIPC's independent auditors, addressed to the underwriters, each in customary form and covering such matters of the type customarily covered by opinions or comfort letters, as the case may be, as the managing underwriter reasonably requests,
and (iii) if a Prospectus is filed in Quebec, opinions of Quebec counsel to BIPC and the auditors of BIPC addressed to the Holder and the underwriter or underwriters of such distribution relating to the translation of the Prospectus;</p>
<p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(o)<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>cause the Registrable Shares included in any Prospectus or Registration Statement, as
applicable, to be listed on the Toronto Stock Exchange and on the New York Stock Exchange;</p>
<p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(p)<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>provide and cause to be maintained a transfer agent and registrar for all Registrable Shares
registered hereunder;</p> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(q)<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>cooperate with each seller of Registrable Shares and each
underwriter participating in the disposition of such Registrable Shares and their respective counsel in connection with any filings required to be made with FINRA;</p> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(r)<font
style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font>during the period when the Registration Statement or Prospectus, as applicable, is required to be delivered under the applicable Securities Laws, promptly file all documents
required to be filed with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act or with the Canadian Commissions pursuant to Canadian Securities Laws;</p>
<p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(s)<font style="width: 23.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>notify each seller of Registrable Shares promptly of any request by the SEC or a Canadian
Commission for the amending or supplementing of such Registration Statement or Prospectus, as applicable, or for additional information;</p> <div id="footer_page_18"> <p style="text-align: center;">16</p> </div>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_19"></A> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(t)<font
style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font>enter into such agreements (including underwriting agreements in the managing underwriter's customary form) as are customary in connection with an underwritten registration;
and</p> <p style="margin-left: 64.8pt; text-indent: -36pt; text-align: justify;">(u)<font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font>advise each seller of such Registrable Shares, promptly after it shall receive
notice or obtain knowledge thereof, of the issuance of any stop order or ruling by the SEC or a Canadian Commission suspending the effectiveness of such Registration Statement or Prospectus, as applicable, or the initiation or threatening of any
proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal at the earliest possible moment if such stop order should be issued.</p>
<p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>2.5</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Suspension of Dispositions</b></p>
<p style="text-indent: 36pt; text-align: justify;">Each Holder agrees by acquisition of any Registrable Shares that, upon receipt of any notice (a "<b>Suspension Notice</b>") from BIPC of the happening of any event of the kind described in Section
2.4(f)(iii) such Holder will forthwith discontinue disposition of Registrable Shares until such Holder's receipt of the copies of the supplemented or amended Registration Statement or Prospectus, as applicable, or until it is advised in writing (the
"<b>Advice</b>") by BIPC that the use of the Registration Statement or Prospectus, as applicable, may be resumed, and has received copies of any additional or supplemental filings which are incorporated by reference in the Registration Statement or
Prospectus, as applicable, and, if so directed by BIPC, such Holder will deliver to BIPC all copies, other than permanent file copies then in such Holder's possession, of the Registration Statement or Prospectus, as applicable, covering such
Registrable Shares current at the time of receipt of such notice.&#160; In the event BIPC shall give any such notice, the time period regarding the effectiveness of Registration Statements or Prospectuses, as applicable, set forth in Sections 2.4(b)
and 2.4(c) hereof shall be extended by the number of days during the period from and including the date of the giving of the Suspension Notice to and including the date when each seller of Registrable Shares covered by such Registration Statement or
Prospectus, as applicable, shall have received the copies of the supplemented or amended Registration Statement or Prospectus, as applicable, or the Advice.&#160; BIPC shall use its reasonable best efforts and take such actions as are reasonably
necessary to render the Advice as promptly as practicable.</p> <p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>2.6</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Registration
Expenses</b></p> <p style="text-indent: 36pt; text-align: justify;">All fees and expenses incident to any registration including, without limitation, BIPC's performance of or compliance with this Article 2, all registration and filing fees, all fees
and expenses associated with filings required to be made with FINRA (including, if applicable, the reasonable fees and expenses of any "qualified independent underwriter" and of its counsel), as may be required by the rules and regulations of FINRA,
fees and expenses of compliance with securities or "blue sky" laws (including reasonable fees and disbursements of counsel in connection with "blue sky" qualifications of the Registrable Shares), rating agency fees, printing expenses (including
expenses of printing certificates for the Registrable Shares and of printing prospectuses), messenger and delivery expenses, the fees and expenses incurred in connection with any listing or quotation of the Registrable Shares, fees and expenses of
counsel for BIPC and its independent auditors (including the expenses of any special audit or "cold comfort" letters required by or incident to such performance), the fees and expenses of any special experts retained by BIPC in connection with such
registration, and the fees and expenses of other persons retained by BIPC, will be borne by BIPC (unless paid by a security holder that is not a Holder for whose account the registration is being effected) whether or not any Registration Statement
or Prospectus becomes Effective; provided, however, that any underwriting discounts, commissions, or fees attributable to the sale of the Registrable Shares will be borne by the Holders pro rata on the basis of the number of Shares so registered and
the fees and expenses of any counsel, accountants, or other persons retained or employed by any Holder will be borne by such Holder.</p> <div id="footer_page_19"> <p style="text-align: center;">17</p> </div>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_20"></A> <p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>2.7</b><font
style="width: 59.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Indemnification</b></p> <p style="margin-left: 28.8pt; text-align: justify;">2.7.1<font style="width: 23pt; display: inline-block;">&#160;</font>BIPC agrees to indemnify
and reimburse, to the fullest extent permitted by law, each seller of Registrable Shares, and each of its employees, advisors, agents, representatives, partners, officers, and directors and each Person who Controls such seller and any agent or
investment advisor thereof (collectively, the "<b>Seller Affiliates</b>") (a) against any and all losses, claims, damages, liabilities, and expenses, joint or several (including, without limitation, reasonable attorneys' fees and disbursements
except as limited by Section 2.7.3) based upon, arising out of, related to or resulting from any untrue or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus or any amendment thereof or supplement
thereto, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, (b) against any and all loss, liability, claim, damage, and expense whatsoever, as incurred, to
the extent of the aggregate amount paid in settlement of any litigation or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon, arising out of, related to or resulting from
any such untrue statement or omission or alleged untrue statement or omission, and (c) against any and all costs and expenses (including reasonable fees and disbursements of counsel) as may be reasonably incurred in investigating, preparing, or
defending against any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon, arising out of, related to or resulting from any such untrue statement or omission or
alleged untrue statement or omission, or violation of the Securities Laws, to the extent that any such expense or cost is not paid under subparagraph (a) or (b) above; except insofar as any such statements are made in reliance upon and in strict
conformity with information furnished in writing to BIPC by such seller or any Seller Affiliate for use therein or arise from such seller's or any Seller Affiliate's failure to deliver a copy of the Registration Statement or Prospectus or any
amendments or supplements thereto after BIPC has furnished such seller or Seller Affiliate with a sufficient number of copies of the same.&#160; The reimbursements required by this Section 2.7.1 will be made by periodic payments during the course of
the investigation or defense, as and when bills are received or expenses incurred.</p> <div id="footer_page_20"> <p style="text-align: center;">18</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_21">
</A> <p style="margin-left: 28.8pt; text-align: justify;">2.7.2<font style="width: 23pt; display: inline-block;">&#160;</font>In connection with any Registration Statement or Prospectus in which a seller of Registrable Shares is participating, each
such seller will furnish to BIPC and/or BIP in writing such information and affidavits as BIPC and/or BIP reasonably requests for use in connection with any such Registration Statement or Prospectus, as applicable,<b> </b>and, to the fullest extent
permitted by law, each such seller will indemnify BIPC, BIP and each of their respective employees, advisors, agents, representatives, partners, officers and directors and each Person who Controls BIPC or BIP, as applicable (excluding such seller or
any Seller Affiliate) and any agent or investment advisor thereof against any and all losses, claims, damages, liabilities, and expenses (including, without limitation, reasonable attorneys' fees and disbursements except as limited by Section 2.7.3)
resulting from any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or Prospectus, as applicable, or any amendment thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission is contained in any information or affidavit
so furnished in writing by such seller or any of its Seller Affiliates specifically for inclusion in the Registration Statement or Prospectus, as applicable; provided that the obligation to indemnify will be several, not joint and several, among
such sellers of Registrable Shares, and the liability of each such seller of Registrable Shares will be in proportion to, and will be limited to, the net amount received by such seller from the sale of Registrable Shares pursuant to such
Registration Statement or Prospectus, as applicable; provided, however, that such seller of Registrable Shares shall not be liable in any such case to the extent that prior to the filing of any such Registration Statement or Prospectus, as
applicable, or amendment thereof or supplement thereto, such seller has furnished in writing to BIPC and/or BIP information expressly for use in such Registration Statement or Prospectus, as applicable, or any amendment thereof or supplement thereto
which corrected or made not misleading information previously furnished to BIPC and/or BIP.</p> <p style="margin-left: 28.8pt; text-align: justify;">2.7.3<font style="width: 23pt; display: inline-block;">&#160;</font>Any Person entitled to
indemnification hereunder will (a) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give such notice shall not limit the rights of such Person) and (b)
unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel
reasonably satisfactory to the indemnified party; provided, however, that any person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of
such counsel shall be at the expense of such person unless (i) the indemnifying party has agreed to pay such fees or expenses, (ii) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably
satisfactory to such person, or (iii) such counsel has been retained due to a conflict as described below.&#160; If such defense is not assumed by the indemnifying party as permitted hereunder, the indemnifying party will not be subject to any
liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld or delayed).&#160; If such defense is assumed by the indemnifying party pursuant to the provisions hereof, such
indemnifying party shall not settle or otherwise compromise the applicable claim unless (A) such settlement or compromise contains a full and unconditional release of the indemnified party without any admission of liability on the part of such
indemnified party or (B) the indemnified party otherwise consents in writing.&#160; An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one
counsel for all parties indemnified by such indemnifying party with respect to such claim (together with appropriate local counsel), unless in the reasonable judgment of any indemnified party, a conflict of interest may exist between such
indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated to pay the reasonable fees and disbursements of such additional counsel or counsels.</p>
<div id="footer_page_21"> <p style="text-align: center;">19</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_22"></A> <p style="margin-left: 28.8pt; text-align: justify;">2.7.4<font
style="width: 23pt; display: inline-block;">&#160;</font>Each party hereto agrees that, if for any reason the indemnification provisions contemplated by Section 2.7.1 or Section 2.7.2 are unavailable to or insufficient to hold harmless an
indemnified party in respect of any losses, claims, damages, liabilities, or expenses (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, liabilities, or expenses (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in connection with the actions which
resulted in the losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations.&#160; The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or indemnified party, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission.&#160; The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 2.7.4 were determined by pro rata
allocation (even if the Holders or any underwriters or all of them were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 2.7.4. The
amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities, or expenses (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred
by such indemnified party in connection with investigating or, except as provided in Section 2.7.3, defending any such action or claim.&#160; Notwithstanding the provisions of this Section 2.7.4, no Holder shall be required to contribute an amount
greater than the dollar amount by which the net proceeds received by such Holder with respect to the sale of any Registrable Shares exceeds the amount of damages which such Holder has otherwise been required to pay by reason of any and all untrue or
alleged untrue statements of material fact or omissions or alleged omissions of material fact made in any Registration Statement or Prospectus, as applicable, or any amendment thereof or supplement thereto related to such sale of Registrable
Shares.&#160; No person guilty of fraudulent misrepresentation shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.&#160; The Holders' obligations in this Section 2.7.4 to contribute shall be
several in proportion to the amount of Registrable Shares registered by them and not joint.</p> <div id="footer_page_22"> <p style="text-align: center;">20</p> </div>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_23"></A> <p style="margin-left: 28.8pt; text-align: justify;">2.7.5<font style="width: 23pt; display: inline-block;">&#160;</font>If
indemnification is available under this Section 2.7, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Section 2.7.1 and Section 2.7.2 without regard to the relative fault of said indemnifying party or
indemnified party or any other equitable consideration provided for in Section 2.7.4 subject, in the case of the Holders, to the limited dollar amounts set forth in Section 2.7.2.</p> <p style="margin-left: 28.8pt; text-align: justify;">2.7.6<font
style="width: 23pt; display: inline-block;">&#160;</font>The indemnification and contribution provided for under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any
officer, director, or controlling Person of such indemnified party and will survive the transfer of securities.</p> <p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>2.8</b><font
style="width: 59pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Transfer of Registration Rights</b></p> <p style="text-indent: 36pt; text-align: justify;">The rights of each Holder under this Agreement may, in the Holder's discretion,
be assigned, in whole or in part, to any direct or indirect transferee of all or any portion of such Holder's Registrable Shares who agrees in writing to be subject to and bound by all the terms and conditions of this Agreement.&#160; For greater
certainty, in the case of a transfer of less than all of such Holder's Registrable Shares, no such assignment will limit or otherwise impair the transferor's rights under this Agreement.</p>
<p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>2.9</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Current Public Information</b></p>
<p style="text-indent: 36pt; text-align: justify;">BIPC will file the reports required to be filed by it under applicable Securities Laws (or, if BIPC is not required to file such reports, will, upon the request of the Holders, make publicly
available other information) and will take such further action as any of the Holders may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under, and subject to
the limitations of, applicable Securities Laws.&#160; Upon the reasonable request of any Holder, BIPC will deliver to such parties a written statement as to whether it has complied with such requirements and will, at its expense, forthwith upon the
request of any such Holder, deliver to such Holder a certificate, signed by an officer, stating (a) BIPC's name, address and telephone number (including area code), (b) BIPC's Internal Revenue Service identification number and Business Number issued
by the Canada Revenue Agency, (c) BIPC's SEC and SEDAR file numbers, (d) the number of Shares outstanding as shown by the most recent report or statement published by BIPC, and (e) whether BIPC has filed the reports required to be filed under the
applicable Securities Laws for a period or at least ninety (90) days prior to the date of such certificate and in addition has filed the most recent annual report required to be filed thereunder.</p> <div id="footer_page_23">
<p style="text-align: center;">21</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_24"></A> <p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>2.10</b><font
style="width: 51pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Preservation of Rights</b></p> <p style="text-indent: 36pt; text-align: justify;">BIPC will not directly or indirectly (a) grant any registration rights to third parties
which are more favorable than or inconsistent with the rights granted hereunder or (b) enter into any agreement, take any action, or permit any change to occur, with respect to its securities that violates or subordinates the rights expressly
granted to the Holders in this Agreement.</p> <p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>2.11</b><font style="width: 51pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Obligations of BIP</b></p>
<p style="text-indent: 36pt; text-align: justify;">Whenever any Holder has requested that any Registrable Shares be registered in accordance with the terms of this Agreement, BIP shall (i) cooperate with BIPC to satisfy BIPC's obligations pursuant
to this Agreement and participate in the preparation, as necessary, of a Registration Statement and/or Prospectus by BIPC and (ii) take any and all such actions as may be required under this Agreement and/or applicable Securities Laws to register
the underlying limited partnership units of BIP that may be issued upon an exchange, redemption or purchase of Shares, or as a result of the liquidation, dissolution or winding up of BIPC or BIP. The provisions of the registration rights agreement
between BIP and Brookfield dated December 4, 2007 (as amended, the "<b>BIP-Brookfield Registration Rights Agreement</b>"), other than sections 2.1.1(b)(i) and 2.1.1(b)(ii) thereof, shall apply to the registration of any underlying limited
partnership units of BIP that may be delivered by Brookfield to a holder of Shares upon an exchange of Shares, <i>mutatis mutandis</i>, and the preparation of a Registration Statement and/or Prospectus by BIP in connection therewith shall be deemed
to be a "Demand Registration" under the BIP-Brookfield Registration Rights Agreement without the need for Brookfield to take any further action thereunder.&#160;</p> <p style="text-align: center;"><b>ARTICLE 3</b><br><br><b>TERMINATION</b></p>
<p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>3.1</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Termination</b></p> <p style="text-indent: 36pt; text-align: justify;">The Holders
may exercise the registration rights granted hereunder in such manner and proportions as they shall agree among themselves.&#160; The registration rights hereunder shall cease to apply to any particular Registrable Shares when: (a) a Registration
Statement or Prospectus, as applicable, with respect to the sale of such Shares (or other securities) shall have become Effective and such Shares shall have been disposed of in accordance with such Registration Statement or Prospectus, as
applicable; (b) such Shares (or other securities) shall have been sold to the public pursuant to an exemption under applicable Securities Laws; (c) such Shares (or other securities) shall have been otherwise transferred, new certificates for them
not bearing a legend restricting further transfer shall have been delivered by BIPC and subsequent public distribution of them shall not require registration under applicable Securities Laws; (d) such Shares (or other securities) shall have ceased
to be outstanding; or (e) such Registrable Shares are eligible for sale pursuant to Rule 144(b)(1) (without the requirement for BIPC to be in compliance with the current public information required under Rule 144) under the U.S. Securities
Act.&#160; BIPC shall promptly upon the request of any Holder furnish to such Holder evidence of the number of Registrable Shares then outstanding.</p> <div id="footer_page_24"> <p style="text-align: center;">22</p> </div>
<hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_25"></A> <p style="text-align: center;"><b>ARTICLE 4</b><br><br><b>MISCELLANEOUS</b></p>
<p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>4.1</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Enurement</b></p> <p style="text-indent: 36pt; text-align: justify;">This Agreement
will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.</p> <p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>4.2</b><font
style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Notices</b></p> <p style="text-indent: 36pt; text-align: justify;">Any notice or other communication required or permitted to be given hereunder will be in writing and
will be given by prepaid first-class mail, by facsimile or other means of electronic communication, including e-mail, or by hand-delivery as hereinafter provided.&#160; Any such notice or other communication, if mailed by prepaid first-class mail at
any time other than during a general discontinuance of postal service due to strike, lockout or otherwise, will be deemed to have been received on the fourth Business Day after the post-marked date thereof, or if sent by facsimile or other means of
electronic communication, will be deemed to have been received on the Business Day following the sending, or if delivered by hand will be deemed to have been received at the time it is delivered to the applicable address noted below either to the
individual designated below or to an individual at such address having apparent authority to accept deliveries on behalf of the addressee.&#160; Notice of change of address will also be governed by this section.&#160; In the event of a general
discontinuance of postal service due to strike, lock-out or otherwise, notices or other communications will be delivered by hand or sent by facsimile or other means of electronic communication and will be deemed to have been received in accordance
with this section. Notices and other communications will be addressed as follows:</p> <p style="margin-left: 28.8pt; text-align: justify;">4.2.1<font style="width: 23pt; display: inline-block;">&#160;</font>if to Brookfield:</p>
<p style="margin-left: 28.8pt; margin-bottom: 0pt; text-indent: 43.2pt; text-align: justify;">Brookfield Asset Management Inc.</p>
<p style="margin-top: 0pt; margin-left: 28.8pt; margin-bottom: 0pt; text-indent: 43.2pt; text-align: justify;">Brookfield Place, 181 Bay Street</p>
<p style="margin-top: 0pt; margin-left: 28.8pt; margin-bottom: 0pt; text-indent: 43.2pt; text-align: justify;">Suite 300, P.O. Box 762</p> <p style="margin-top: 0pt; margin-left: 28.8pt; text-indent: 43.2pt; text-align: justify;">Toronto, Ontario
M5J 2T3</p> <p style="margin-left: 28.8pt; text-indent: 43.2pt; text-align: justify;">Attention:<font style="width: 23.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>Chief Legal Officer</p> <div id="footer_page_25">
<p style="text-align: center;">23</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_26"></A> <p style="margin-left: 28.8pt; text-align: justify;">4.2.2<font
style="width: 23pt; display: inline-block;">&#160;</font>if to BIPC:</p> <p style="margin-left: 28.8pt; margin-bottom: 0pt; text-indent: 43.2pt; text-align: justify;">Brookfield Infrastructure Corporation</p>
<p style="margin-top: 0pt; margin-left: 72pt; text-align: justify;">250 Vesey Street, 15th Floor<br>New York, NY 10281-1023</p> <p style="margin-left: 28.8pt; text-indent: 43.2pt; text-align: justify;">Attention:<font
style="width: 23.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>Chief Financial Officer</p> <p style="margin-left: 28.8pt; text-align: justify;">4.2.3<font style="width: 23pt; display: inline-block;">&#160;</font>if to BIP:</p>
<p style="margin-left: 28.8pt; margin-bottom: 0pt; text-indent: 43.2pt; text-align: justify;">Brookfield Infrastructure Partners L.P.</p> <p style="margin-top: 0pt; margin-left: 72pt; text-align: justify;">73 Front Street, 5th Floor<br>Hamilton
HM12, Bermuda</p> <p style="margin-left: 28.8pt; text-indent: 43.2pt; text-align: justify;">Attention:<font style="width: 23.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>Chief Financial Officer</p> <p style="text-align: justify;">or
to such other addresses as a party may from time to time notify the other in accordance with this Section 4.2.</p> <p style="text-indent: 36pt; text-align: justify;">If to any other Holder, the address indicated for such Holder in BIPC's stock
transfer records with copies, so long as Brookfield owns any Registrable Shares, to Brookfield as provided above.</p> <p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>4.3</b><font
style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Authority</b></p> <p style="text-indent: 36pt; text-align: justify;">Each of the parties hereto represents to the other that (a) it has the corporate power and authority
to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it has been duly authorized by all necessary corporate action and no such further action is required, (c) it has duly and validly
executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting creditors' rights generally and general equity principles.</p>
<p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>4.4</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Further Assurances</b></p> <p style="text-indent: 36pt; text-align: justify;">Each
of the parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other party hereto may reasonably require from time to time for the purpose of
giving effect to this Agreement and will use commercially reasonable efforts and take all such steps as may be reasonably within its power to implement to their full extent the provisions of this Agreement.</p>
<p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><b>4.5</b><font style="width: 57pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Counterparts</b></p> <p style="text-indent: 36pt; text-align: justify;">This
Agreement may be signed in counterparts and each of such counterparts will constitute an original document and such counterparts, taken together, will constitute one and the same instrument.</p> <div id="footer_page_26">
<p style="text-align: center;">24</p> </div> <hr style="page-break-after: always; text-align: center;" width="100%" size="2" noshade><a name="page_27"></A> <p style="text-align: justify;"><b>IN WITNESS WHEREOF</b> the parties have executed this
Agreement as of the day and year first above written.</p>
<table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p><b></b><b>&#160;</b></p> </td>
<td style="width: 61%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;" colspan="2"> <p><b>BROOKFIELD ASSET MANAGEMENT INC.</b></p> </td> </tr>
<tr>
<td style="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;">&#160;</td>
<td style="width: 4%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;">&#160;</td>
<td style="width: 54%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;">&#160;</td> </tr>
<tr>
<td style="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="text-align: justify;">&#160;</p> </td>
<td style="width: 4%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="text-align: justify;">By:</p> </td>
<td style="width: 54%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top; border-bottom: 0.75pt solid #000000;"> <p style="text-align: justify;"><i>/s/ Aaron Kline</i></p> </td> </tr>
<tr>
<td style="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="margin-left: 36pt; text-indent: -36pt;">&#160;</p> </td>
<td style="width: 4%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="margin-left: 36pt; text-indent: -36pt;">&#160;</p> </td>
<td style="width: 54%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p>Name:<font style="width: 4.01pt; display: inline-block;">&#160;</font>Aaron
Kline<br>Title:<font style="width: 10.01pt; display: inline-block;">&#160;</font>Managing Director</p> </td> </tr> </table> <br>
<table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p><b></b><b>&#160;</b></p> </td>
<td style="width: 61%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;" colspan="2"> <p><b>BROOKFIELD INFRASTRUCTURE CORPORATION</b></p> </td> </tr>
<tr>
<td style="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;">&#160;</td>
<td style="width: 4%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;">&#160;</td>
<td style="width: 54%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;">&#160;</td> </tr>
<tr>
<td style="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="text-align: justify;">&#160;</p> </td>
<td style="width: 4%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="text-align: justify;">By:</p> </td>
<td style="width: 54%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top; border-bottom: 0.75pt solid #000000;"> <p style="text-align: justify;"><i>/s/ Aaron Kline</i></p> </td> </tr>
<tr>
<td style="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="margin-left: 36pt; text-indent: -36pt;">&#160;</p> </td>
<td style="width: 4%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="margin-left: 36pt; text-indent: -36pt;">&#160;</p> </td>
<td style="width: 54%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p>Name:<font style="width: 4.01pt; display: inline-block;">&#160;</font>Aaron
Kline<br>Title:<font style="width: 10.01pt; display: inline-block;">&#160;</font>Vice President</p> </td> </tr> </table> <br>
<table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
<tr>
<td style="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p><b></b><b>&#160;</b></p> </td>
<td style="width: 61%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;" colspan="2"> <p><b>BROOKFIELD INFRASTRUCTURE PARTNERS L.P.</b>,<b> </b>by its general partner,<b> BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED</b></p> </td>
</tr>
<tr>
<td style="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;">&#160;</td>
<td style="width: 4%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;">&#160;</td>
<td style="width: 54%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;">&#160;</td> </tr>
<tr>
<td style="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="text-align: justify;">&#160;</p> </td>
<td style="width: 4%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="text-align: justify;">By:</p> </td>
<td style="width: 54%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top; border-bottom: 0.75pt solid #000000;"> <p style="text-align: justify;"><i>/s/ James Bodi</i></p> </td> </tr>
<tr>
<td style="width: 50%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="margin-left: 36pt; text-indent: -36pt;">&#160;</p> </td>
<td style="width: 4%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p style="margin-left: 36pt; text-indent: -36pt;">&#160;</p> </td>
<td style="width: 54%; padding-right: 5.75pt; padding-left: 5.75pt; vertical-align: top;"> <p>Name:<font style="width: 4.01pt; display: inline-block;">&#160;</font>James
Bodi<br>Title:<font style="width: 10.01pt; display: inline-block;">&#160;</font>Vice President</p> </td> </tr> </table> <br> <div> <p style="text-align: center;"><i>[Signature page to Registration Rights Agreement]</i></p> </div>
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<TYPE>EX-5.1
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<HTML><HEAD>
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<DIV STYLE="position:relative;float:left; width:19%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:19pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right">Bermuda Office Appleby (Bermuda)
Limited </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right">Canon&#146;s Court </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right">22 Victoria Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right">PO Box HM 1179 Hamilton HM EX Bermuda </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right">Tel + 14412952244
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right">Fax + 14412928666 </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right">applebyglobal.com
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:78%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="justify"><B>Brookfield Infrastructure Partners L.P.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="justify">73 Front Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="justify">Hamilton Bermuda</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:arial" ALIGN="justify">HM 11</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right"><B>Email </B>clangley@applebyglobal.com</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right"><B>Direct Dial </B>+1 441 298 3202</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right"><B>Appleby Ref</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right">446547.0002
<B></B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="right"><B>By Email and Courier</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:arial" ALIGN="right">24 September 2020</P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="justify">Ladies and Gentlemen </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="justify"><B>Brookfield Infrastructure
Partners L.P.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial">We have acted as legal advisers as to matters of Bermuda law to Brookfield Infrastructure Partners L.P., an exempted limited partnership organized
under the laws of the Islands of Bermuda (<B>Partnership</B>). We have been requested to render this opinion in connection with the filing by the Partnership of: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">a shelf registration statement on Form F-3 dated as of 24 September 2020 (as may be amended, the <B>Registration
Statement</B>) filed with the Securities and Exchange Commission (<B>SEC</B>) pursuant to the U.S. Securities Act of 1933, as amended (<B>Securities Act</B>), relating to the issuance by the Partnership or the delivery by the selling unitholder
named therein from time to time of the Partnership&#146;s limited partnership units (<B>Units</B>), in each case, in connection with the exchange, redemption or acquisition, as applicable, from time to time of class A subordinate voting shares
(<B>Class A Shares</B>) of Brookfield Infrastructure Corporation; and </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">the prospectus, dated as of 24 September 2020, contained in the Registration Statement (as may be amended, the
<B>Prospectus</B>). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial">For the purposes of this opinion we have examined and relied upon the documents listed (which in some cases, are also defined)
in the Schedule to this opinion (<B>Documents</B>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>ASSUMPTIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="justify">In stating our opinion we have assumed:
</P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:19%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:5pt; font-family:arial" ALIGN="right"><FONT COLOR="#77787b">Appleby (Bermuda) Limited (the Legal </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:5pt; font-family:arial" ALIGN="right"><FONT COLOR="#77787b">Practice) is a limited liability company </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:5pt; font-family:arial" ALIGN="right"><FONT COLOR="#77787b">incorporated in Bermuda and </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:5pt; font-family:arial" ALIGN="right"><FONT
 COLOR="#77787b">approved and recognised under the </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:5pt; font-family:arial" ALIGN="right"><FONT COLOR="#77787b">Bermuda Bar (Professional </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:5pt; font-family:arial" ALIGN="right"><FONT COLOR="#77787b">Companies) Rules 2009. &#147;Partner&#148; is </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:5pt; font-family:arial" ALIGN="right"><FONT COLOR="#77787b">a title referring to a director, </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:5pt; font-family:arial" ALIGN="right"><FONT COLOR="#77787b">shareholder or an employee of the </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:5pt; font-family:arial" ALIGN="right"><FONT COLOR="#77787b">Legal Practice. A list of such persons </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:5pt; font-family:arial" ALIGN="right"><FONT COLOR="#77787b">can be obtained from your </FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:5pt; font-family:arial" ALIGN="right"><FONT
 COLOR="#77787b">relationship partner. </FONT></P>

</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:78%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:6pt; font-family:arial" ALIGN="justify"><FONT COLOR="#77787b">Bermuda <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> British Virgin Islands <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Cayman Islands <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Guernsey <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Hong Kong <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Isle of Man <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Jersey <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> London <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Mauritius <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Seychelles <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Shanghai <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Zurich
</FONT></P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="position:relative;float:left; width:19%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:78%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">the authenticity, accuracy and completeness of all Documents submitted to us as originals and the conformity to authentic
original Documents of all Documents submitted to us as certified, conformed, notarised or photostatic copies; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">the genuineness of all signatures on the Documents; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">the authority, capacity and power of persons signing the Documents; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">that any representation, warranty or statement of fact or law, other than the laws of Bermuda made in any of the
Documents, is true, accurate and complete; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would have any
implication in relation to the opinions expressed herein; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would be contravened
by any actions taken by the Partnership in connection with the Registration Statement or which would have any implication in relation to the opinion expressed herein and that, in so far as any obligation under, or action to be taken under, the
Registration Statement is required to be performed or taken in any jurisdiction outside Bermuda, the performance of such obligation or the taking of such action will constitute a valid and binding obligation of each of the parties thereto under the
laws of that jurisdiction and will not be illegal by virtue of the laws of that jurisdiction; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">the accuracy, completeness and currency of the records and filing systems maintained at the public offices where we have
caused the Electronic Extract or enquiries to be conducted, that such search and enquiry did not fail to disclose any information which had been filed with or delivered to the relevant body but had not been processed at the time when the search was
conducted and the enquiries were made, and that the information disclosed by the Electronic Extract is accurate and complete in all respects and such information has not been materially altered since the date and time of the Electronic Extract; and
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">any amendment to the Registration Statement and the Prospectus is properly authorized by the Partnership and the terms and
transactions contemplated by any such amendment adopted would not be inconsistent with the Resolutions and the terms and transactions contemplated by the Prospectus and the Registration Statement as of the date hereof.
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:19%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial">.&nbsp;&nbsp;&nbsp;&nbsp; </P>

</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:78%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">
 2
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-right:8%; font-size:6pt; font-family:arial" ALIGN="center"><FONT COLOR="#77787b">Bermuda <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> British Virgin Islands <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Cayman Islands <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Guernsey <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Hong Kong <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Isle of Man <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Jersey <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> London <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Mauritius <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Seychelles <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Shanghai <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Zurich </FONT></P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="position:relative;float:left; width:19%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:78%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>OPINION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial">Based upon and subject
to the foregoing and subject to the reservations set out below and to any matters not disclosed to us, we are of the opinion that: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">The Partnership is an exempted limited partnership established and existing under the laws of Bermuda. The Partnership
possesses the capacity to sue and be sued in its own name and is in good standing under the laws of Bermuda. All suits in respect of the business of the Partnership shall be prosecuted by and against Brookfield Infrastructure Partners Limited
(<B>BIPL</B>) in its capacity as general partner of the Partnership. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">When duly authorized, allotted, issued and fully paid for pursuant to the terms of the Resolutions and in accordance with
the terms and conditions referred to or summarized in the Prospectus and the Registration Statement (including any documents incorporated by reference therein), the Units to be issued by the Partnership upon exchange, redemption or acquisition, as
applicable, of Class&nbsp;A Shares will be validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT> units of the Partnership. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">When duly authorized, allotted, issued and fully paid for pursuant to the terms of the Resolutions and in accordance with
the terms and conditions referred to or summarized in the Prospectus and the Registration Statement (including any documents incorporated by reference therein), the Units to be issued by the Partnership upon the redemption of redeemable partnership
units of Brookfield Infrastructure L.P. and delivered by the selling unitholder named in the Registration Statement upon exchange of Class&nbsp;A Shares will be validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable</FONT>
units of the Partnership. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>RESERVATIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial">We have the
following reservations: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">We express no opinion as to any law other than Bermuda law and none of the opinions expressed herein relates to compliance
with or matters governed by the laws of any jurisdiction except Bermuda. This opinion is limited to Bermuda law as applied by the courts of Bermuda at the date hereof. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">Where an obligation is to be performed in a jurisdiction other than Bermuda, the courts of Bermuda may refuse to enforce
it to the extent that such performance would be illegal under the laws of, or contrary to public policy of such other jurisdiction.
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:19%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial">&nbsp;&nbsp;&nbsp;&nbsp;. </P>

</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:78%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">
 3
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-right:8%; font-size:6pt; font-family:arial" ALIGN="center"><FONT COLOR="#77787b">Bermuda <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> British Virgin Islands <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Cayman Islands <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Guernsey <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Hong Kong <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Isle of Man <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Jersey <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> London <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Mauritius <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Seychelles <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Shanghai <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Zurich </FONT></P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="position:relative;float:left; width:19%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:78%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">Any reference in this opinion to Units being <FONT STYLE="white-space:nowrap">&#147;non-assessable&#148;</FONT> shall
mean, in relation to fully-paid Units of the Partnership and subject to any contrary provision in any agreement in writing between the Partnership and the holder of Units, that: no holder shall be obliged to contribute further amounts to the capital
of the Partnership, either in order to complete payment for their Units, to satisfy claims of creditors of the Partnership, or otherwise. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">The Limited Partnership Act 1883 (the <B>Act</B>) provides that a limited partner shall be liable as a general partner if
he takes part in the management of the partnership. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">A limited partner is liable to the Partnership, or to its creditors, for any amount in respect of such limited
partner&#146;s contribution to the Partnership to the extent such contribution has not been contributed in full, or to the extent such contribution is either released or returned to the limited partner contrary to the restrictions on reductions of
capital contained in the Act. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">A limited partner is liable for damages on account of misrepresentation in respect of false statements contained in the
certificate of limited partnership, any supplementary certificates or certificate of cancellation in respect of the Partnership, to the extent a limited partner signed such certificate, or caused another to sign it on his/her behalf, and knew such
statement to be false at the time of signature. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">Every partner of the Partnership who is guilty of any fraud in the affairs of the Partnership shall be liable civilly to
the party injured to the extent of his damage and shall be liable for penalties applicable to offences committed against the Act. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">With respect to opinions 2 and 3, we have relied upon statements and representations made to us in the Secretary&#146;s
Certificate provided to us by an authorised officer of the Company for the purposes of this opinion. We have made no independent verification of the matters referred to in the Secretary&#146;s Certificate, and we qualify such opinions to the extent
that the statements or representations made in the Secretary&#146;s Certificate are not accurate in any respect. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">Due to the current situation relating to <FONT STYLE="white-space:nowrap">COVID-19,</FONT> our protocols prevent us from
conducting physical company, partnership or litigation searches or from determining whether any charges are registered against the Partnership. Therefore, for the purposes of giving this opinion we have relied on the Electronic Extract and the
Officer&#146;s Certificate re: Searches, the contents of which we have not verified. </P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:19%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">


</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:78%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">
 4
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-right:8%; font-size:6pt; font-family:arial" ALIGN="center"><FONT COLOR="#77787b">Bermuda <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> British Virgin Islands <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Cayman Islands <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Guernsey <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Hong Kong <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Isle of Man <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Jersey <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> London <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Mauritius <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Seychelles <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Shanghai <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Zurich </FONT></P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="position:relative;float:left; width:19%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:78%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial"><B>DISCLOSURE </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:arial">This opinion is
addressed to you in connection with the registration of the Units with the SEC and is not to be used, quoted or relied upon for any other purpose. We consent to the filing of this opinion as an exhibit to the Registration Statement of the
Partnership and further consent to the reference to our firm under the caption &#147;Legal Matters&#148; in the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:arial">This opinion is governed by
and is to be construed in accordance with Bermuda law. Further, this opinion speaks as of its date and is strictly limited to the matters stated in it and we assume no obligation to review or update this opinion if applicable law or the existing
acts or circumstances should change. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="top">Yours faithfully</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="top">/s/ Appleby (Bermuda Limited)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:arial; font-size:9pt">
<TD VALIGN="bottom"><B>Appleby (Bermuda) Limited</B></TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">
 5
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:22%; font-size:6pt; font-family:arial" ALIGN="justify"><FONT COLOR="#77787b">Bermuda <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> British Virgin Islands <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Cayman Islands <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Guernsey <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Hong Kong <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Isle of Man <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Jersey <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> London <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Mauritius <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Seychelles <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Shanghai <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Zurich </FONT></P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="position:relative;float:left; width:19%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:78%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:arial" ALIGN="center"><B>SCHEDULE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">An officer&#146;s certificate, in PDF format, signed by an officer of BIPL confirming that, to the best of his knowledge:
(i)&nbsp;no court proceedings are pending against BIPL or the Partnership or Brookfield Infrastructure L.P. (<B>BIP</B>, together with the <B>Partnerships</B>); (ii) no petition to wind up BIPL or the Partnerships or application to reorganise their
affairs pursuant to a scheme of arrangement or application for the appointment of a receiver has been filed with the Supreme Court of Bermuda; and (iii)&nbsp;no notice of the passing of a resolution of members or creditors to wind up BIPL or the
Partnerships or for the appointment of a liquidator or receiver has been given to the Registrar of Companies in respect of BIPL or the Partnerships (<B>Officer&#146;s Certificate re: Searches</B>). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:9pt; font-family:arial">Typically, we would conduct a search of the entries and filings shown and available for inspection in respect of BIPL and the Partnerships in the
register of charges and on the file of BIPL and the Partnerships maintained in the register of companies at the office of the Registrar of Companies in Hamilton, Bermuda (<B>Company Search</B>). However, due to the situation with coronavirus <FONT
STYLE="white-space:nowrap">COVID-19,</FONT> our protocols prevent us from carrying out a Company Search. The Registrar of Companies is providing a company and partnership search extract when a request is submitted via email (<B>Electronic
Extract</B>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:9pt; font-family:arial">Typically, we would conduct a search of the entries and filings shown and available for inspection in respect of BIPL and the
Partnerships in the Cause and Judgement Book of the Supreme Court maintained at the Registry of the Supreme Court in Hamilton, Bermuda (<B>Litigation Search</B>). However, due to the situation with coronavirus
<FONT STYLE="white-space:nowrap">COVID-19,</FONT> our protocols prevent us from carrying out a Litigation Search. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">Certified copies of the following documents in respect of the Partnership: Certificate of Registration for a Partnership
to be Registered as an Exempted Partnership and Limited Partnership dated 13&nbsp;June 2007, Certificate of Deposit of Supplementary Certificate (Change of Name) dated 10&nbsp;July 2007, Certificate of Deposit of Supplementary Certificate (Change of
Registered Office) dated 8&nbsp;December 2011, Amended and Restated Limited Partnership Agreement dated 16&nbsp;February 2018, First Amendment to the Amended and Restated Limited Partnership Agreement dated 12&nbsp;September 2018, Second Amendment
to the Amended and Restated Limited Partnership Agreement dated 27&nbsp;February 2020 and Third Amendment to the Amended and Restated Limited Partnership Agreement dated 21&nbsp;September 2020 (collectively, <B>Limited Partnership Documents</B>).
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:19%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">


</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:78%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">
 6
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-right:8%; font-size:6pt; font-family:arial" ALIGN="center"><FONT COLOR="#77787b">Bermuda <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> British Virgin Islands <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Cayman Islands <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Guernsey <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Hong Kong <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Isle of Man <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Jersey <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> London <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Mauritius <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Seychelles <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Shanghai <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Zurich </FONT></P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
<DIV STYLE="position:relative;float:left; width:19%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:78%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">Certified copies of the following documents in respect of BIPL: Certificate of Incorporation dated 21&nbsp;May 2007,
memorandum of association dated 17&nbsp;May 2007, <FONT STYLE="white-space:nowrap">Bye-laws</FONT> adopted on 4&nbsp;August 2015, Bermuda Monetary Authority Consent and Conditions Dated 18&nbsp;May 2007, and Tax Assurance Certificate dated
18&nbsp;December 2012 (collectively, <B>GP Documents</B>, and collectively with Limited Partnership Documents, <B>Constitutional Documents</B>). </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">Copy of the Minutes of the Meetings of the Board of Directors of BIPL of the Partnership held on 22 September 2020
(including the annexures thereto) (<B>Resolutions</B>). </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">Copy of a secretary certificate dated 24&nbsp;September 2020 and signed by the secretary of BIPL in respect of the
Resolutions (<B>Secretary&#146;s Certificate</B>). </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="left">Certificates of Compliance each dated 23&nbsp;September 2020 issued by the Registrar of Companies in respect of BIPL and
the Partnership. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="justify">The Registration Statement. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:arial; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="24" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:arial; " ALIGN="justify">The Prospectus.
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P><DIV STYLE="position:relative;float:left; width:19%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">


</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:78%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:6.5pt; font-family:arial" ALIGN="right">
 7
 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-right:8%; font-size:6pt; font-family:arial" ALIGN="center"><FONT COLOR="#77787b">Bermuda <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> British Virgin Islands <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Cayman Islands <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Guernsey <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Hong Kong <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Isle of Man <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Jersey <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> London <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Mauritius <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Seychelles <FONT STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Shanghai <FONT
STYLE="font-family:Times New Roman; font-size:6pt" COLOR="#77787b">&#9726;</FONT> Zurich </FONT></P></div><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>d82286dex231.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Consent of Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the incorporation by reference in this Registration Statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> of our reports dated
February&nbsp;28, 2020 relating to the financial statements of Brookfield Infrastructure Partners L.P. and subsidiaries (the &#147;Partnership&#148;) and the effectiveness of the Partnership&#146;s internal control over financial reporting,
appearing in the Annual Report on Form <FONT STYLE="white-space:nowrap">20-F</FONT> of the Partnership for the year ended December&nbsp;31, 2019, and to the reference to us under the heading &#147;Experts&#148; in the Prospectus, which is part of
this Registration Statement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Deloitte LLP</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Chartered Professional Accountants</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Licensed Public Accountants</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Toronto, Canada</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">September&nbsp;24, 2020</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>d82286dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF EXCHANGE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To: Computershare
Trust Company of Canada (the &#147;<B>Transfer Agent</B>&#148;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PLEASE DELIVER YOUR EXCHANGE REQUEST BY ONE OF THE OPTIONS BELOW</B>:
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman">


<IMG SRC="g82286g0919082408912.jpg" ALT="LOGO">
<B> </B>Via PDF Email (recommended)*:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.50em; font-size:12pt; font-family:Times New Roman">


<IMG SRC="g82286g0919082409115.jpg" ALT="LOGO">
 Via Mail:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>onlinedeposits@computershare.com</B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*&#8201;&#8201;You can either scan this document
via PDF or take a picture with your phone (send a CLEAR picture of <U>all</U> pages, both front and back within the same email)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Computershare Trust Company of Canada</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">P.O. Box 7021</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">31 Adelaide St E</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Toronto, ON M5C 3H2</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attn: Corporate Actions</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This notice is given pursuant to Section&nbsp;25.12 of the articles (the &#147;<B>Articles</B>&#148;) of Brookfield
Infrastructure Corporation (the &#147;<B>Company</B>&#148;). All capitalized words and expressions used in this notice that are defined in the Articles have the meanings ascribed to such words and expressions in the Articles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby notifies the Company that the undersigned desires to have the Company redeem in accordance with the Articles: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#10065;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all Class&nbsp;A Share(s) registered in the name of the undersigned; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#10065;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">____ Class&nbsp;A Share(s) registered in the name of the undersigned. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned acknowledges the Exchange-Redemption Call Right of Brookfield Infrastructure Partners L.P. (&#147;<B>BIP</B>&#148;) or an affiliate of BIP to
acquire all, but not less than all, of the Tendered Class&nbsp;A Shares from the undersigned and that this notice is and will be deemed to be an offer by the undersigned to sell the Tendered Class&nbsp;A Shares to BIP in accordance with the
Exchange-Redemption Call Right on or prior to the Specified Exchange Date for the Exchange Consideration and on the other terms and conditions set out in the Articles. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>The undersigned acknowledges that the redemption or acquisition of the Tendered Class</U><U></U><U>&nbsp;A Shares may be satisfied by the delivery of an
equivalent number of BIP Units (subject to adjustment to reflect certain capital events) or its cash equivalent. The form of payment is to be determined by the Company or BIP in its respective sole and absolute discretion. It is the intention of the
Company and BIP to satisfy any exchange or acquisition of Tendered Class</U><U></U><U>&nbsp;A Shares through the delivery of BIP Units rather than the Cash Amount.</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned acknowledges that the Company will not be obligated to redeem Tendered Class&nbsp;A Shares to the extent that such redemption would be
contrary to solvency requirements or other provisions of applicable Law. If the Company believes that it would not be permitted by any such requirements or other provisions to redeem the Tendered Class&nbsp;A Shares, provided that BIP has not
exercised its Exchange-Redemption Call Right with respect to the Tendered Class&nbsp;A Shares, the Company will only be obligated to redeem the maximum number of Tendered Class&nbsp;A Shares (rounded down to a whole number of Class&nbsp;A Shares)
that would not be contrary to such provisions. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The undersigned hereby represents and warrants to the Company and BIP that the undersigned has good title
to, and owns, the Class&nbsp;A Share(s) to be acquired by the Company, BIP or an affiliate of BIP as the case may be, free and clear of all liens, claims and encumbrances whatsoever. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(Date)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(Signature of Tendering Class&nbsp;A Shareholder)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(Guarantee of Signature)</TD></TR>
</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I></I></B><B></B><B><I>CURRENCY
ELECTION</I></B><B></B><B><I></I></B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(only if exchange
or acquisition of the Tendered Class&nbsp;A Shares is satisfied by the Cash Amount)</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shareholders domiciled in Canada will receive the Cash Amount in Canadian dollars (CAD) and shareholders domiciled in the United States and all other
countries will receive the Cash Amount in U.S. dollars (USD), unless otherwise elected below:</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">&#10065;&#8195;&#8194;&#8201;Issue my cash entitlement payment(s) in U.S. dollars (USD).</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">&#10065;&#8195;&#8194;&#8201;Issue my cash
entitlement payment(s) in Canadian dollars (CAD).</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5.00em; text-indent:-2.50em; font-size:10pt; font-family:Times New Roman">&#10065;&#8195;&#8194;&#8201;Issue my cash entitlement payment(s) in Australian dollars (AUD).</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By electing to receive payment in another currency, the undersigned acknowledges that
(a)&nbsp;the exchange rate used will be the rate established by the Transfer Agent, in its capacity as foreign exchange service provider to the Company, on the date the funds are converted; (b)&nbsp;the risk of any fluctuation in such rate will be
borne by the undersigned; and (c)&nbsp;the Transfer Agent may earn commercially reasonable spread between its exchange rate and the rate used by any counterparty from which it purchases the elected currency.</P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1.00pt solid #000000; padding-left:8pt; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U></U></B><B><I><U>Payment Delivery Instruction</U></I></B><B><U></U></B></P>
<P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#10065;&#8195;&#8201;Please check this box if the Cash Amount, if applicable, resulting from the exchange or
acquisition of the Tendered Class&nbsp;A Shares is to be paid by cheque and <B>mailed</B> to the last address of the Tendering Class&nbsp;A Shareholder as it appears on the register of the Company or as instructed below in Exhibit A. ALL CHEQUE
PAYMENTS WILL BE ISSUED TO THE REGISTERED NAME AS IT CURRENTLY APPEARS.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#10065;&#8195;&#8201;Please check this box if the Cash Amount, if applicable, resulting from the exchange or
acquisition of the Tendered Class&nbsp;A Shares is to be paid by cheque and held for <FONT STYLE="white-space:nowrap">pick-up</FONT> by the Tendering Class&nbsp;A Shareholder at the principal transfer office of the Transfer Agent in Toronto,
Ontario.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&#10065;&#8195;&#8201;Please check this box if the Cash Amount, if applicable, resulting from the exchange or
acquisition of the Tendered Class&nbsp;A Shares is to be paid electronically to the Tendering Class&nbsp;A Shareholder using the electronic payment information as it appears on the dividend register of the Company or as instructed below in Exhibit
B.</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U>NOTE</U>:&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This panel must be completed and such additional documents as the Transfer Agent may require must be deposited
with the Transfer Agent at its principal transfer office in Toronto, Ontario. The BIP Units Amount and any payment resulting from the exchange or acquisition of the Tendered Class&nbsp;A Shares will be issued and registered in, and made payable to
respectively, the name of the Tendering Class&nbsp;A Shareholder as it appears on the register of the Company and the BIP Units Amount and payment resulting from such exchange or acquisition will be delivered to such Tendering Class&nbsp;A
Shareholder as indicated above, unless the form appearing immediately below is duly completed. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A: </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I><U>Cheque Delivery Information </U></I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Date:&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name of Person in Whose Name Payment is to be Delivered (please print)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Street Address or P.O. Box</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">City, Province and Postal Code</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> &nbsp;<P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:3pt">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Signature of Tendering Class&nbsp;A Shareholder</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT B </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:;;padding-top:2pt;padding-bottom:3pt"><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="15" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BROOKFIELD INFRASTRUCTURE CORPORATION</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>EXCHANGE WIRE PAYMENT FORM*</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="15"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="15"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">**Beneficiary Name(s) that appears on the account at your financial institution &#150; <B>this MUST be the same name and address
that your shares are registered to </B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="15" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="15" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">**Beneficiary Address (Note: PO Boxes will not be accepted)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**City</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">**Province/State</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">**Postal&nbsp;Code/Zip&nbsp;Code</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">**Beneficiary Bank/Financial Institution</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="15" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="15" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Bank Address</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">**City</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">**Province/State</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">**Postal&nbsp;Code/Zip&nbsp;Code</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="15"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="15">PLEASE ONLY COMPLETE THE APPLICABLE BOXES BELOW, AS PROVIDED BY YOUR FINANCIAL INSTITUTION. YOU ARE <U>NOT</U> REQUIRED TO COMPLETE ALL BOXES</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="98%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="6"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">**Bank Account No.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Bank&nbsp;No.&nbsp;&amp;&nbsp;Transit&nbsp;No.&nbsp;(Canadian&nbsp;Banks)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">ABA/Routing No. (US Banks)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">(3 digits&nbsp;&amp; 5 digits)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">(9 digits)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">SWIFT or BIC Code</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">IBAN Number</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Sort Code (GBP)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7">(11 characters &#150; if you only have eight, put &#145;XXX&#146; for the last three)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="7"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="7">Additional Notes and special routing instructions:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="13" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="13" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="15"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="15"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>*</B>PLEASE NOTE THAT THERE IS A $100 BANKING FEE ON WIRE PAYMENTS. ALTERNATIVELY, CHEQUE PAYMENTS ARE
ISSUED AT NO ADDITIONAL COST. IF WIRE DETAILS ARE INCORRECT OR INCOMPLETE, THE TRANSFER AGENT WILL ATTEMPT TO CONTACT YOU AND CORRECT THE ISSUE. HOWEVER, IF WE CANNOT CORRECT THE ISSUE PROMPTLY, A CHEQUE WILL BE AUTOMATICALLY ISSUED AND MAILED TO
THE ADDRESS ON RECORD. NO FEES WILL BE CHARGED</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>**</B>MANDATORY FIELD</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="13"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="13"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">Please provide email address and phone number in the event that we need to contact you for corrective
measures:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0pt; margin-bottom:12pt; padding-top:12pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMAIL ADDRESS: _____________________________________________ PHONE NUMBER:
________________ </B></P></div>
</DIV></Center>

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