<SEC-DOCUMENT>0001104659-22-118557.txt : 20221114
<SEC-HEADER>0001104659-22-118557.hdr.sgml : 20221114
<ACCEPTANCE-DATETIME>20221114161420
ACCESSION NUMBER:		0001104659-22-118557
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20221114
FILED AS OF DATE:		20221114
DATE AS OF CHANGE:		20221114

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33632
		FILM NUMBER:		221385483

	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>6-K
<SEQUENCE>1
<FILENAME>tm2230377d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of November 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission file number 001-33632</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BROOKFIELD INFRASTRUCTURE</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PARTNERS L.P. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of Registrant as specified in its
charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>73 Front Street, Fifth Floor </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hamilton, HM 12 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bermuda </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive office)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT>
Form 40-F <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1):<B>&nbsp;</B><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7):<B>&nbsp;</B><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit Index </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-left: 7.45pt; text-align: center"><B>Exhibit</B></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><B>Description</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 10%; padding-left: 7.45pt; text-align: center"><A HREF="tm2230377d1_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 89%; text-align: justify"><A HREF="tm2230377d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Eleventh Supplemental Indenture, dated November 14, 2022, by
    and among Brookfield Infrastructure Finance ULC, Brookfield Infrastructure Finance LLC, Brookfield Infrastructure Finance Limited,
    Brookfield Infrastructure Finance PTY Ltd and Computershare Trust Company of Canada, as trustee (the &#8220;Eleventh Supplemental
    Indenture&#8221;) to the indenture dated as of October 10, 2012, as supplemented.</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 7.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 7.45pt; text-align: center"><A HREF="tm2230377d1_ex99-2.htm" STYLE="-sec-extract: exhibit">99.2</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2230377d1_ex99-2.htm" STYLE="-sec-extract: exhibit">Twelfth Supplemental Indenture, dated November 14, 2022, by and among Brookfield
    Infrastructure Finance ULC, Brookfield Infrastructure Finance LLC, Brookfield Infrastructure Finance Limited, Brookfield Infrastructure
    Finance PTY Ltd and Computershare Trust Company of Canada, as trustee (the &#8220;Twelfth Supplemental Indenture&#8221;) to the indenture
    dated as of October 10, 2012, as supplemented.</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 7.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 7.45pt; text-align: center"><A HREF="tm2230377d1_ex99-3.htm" STYLE="-sec-extract: exhibit">99.3</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2230377d1_ex99-3.htm" STYLE="-sec-extract: exhibit">Guarantee, dated November 14, 2022, by and among Brookfield Infrastructure
    Partners L.P., Brookfield Infrastructure L.P., BIP Bermuda Holdings I Limited, Brookfield Infrastructure Holdings (Canada) Inc.,
    Brookfield Infrastructure US Holdings I Corporation and Computershare Trust Company of Canada, as trustee, relating to the notes
    issued under the Eleventh Supplemental Indenture.</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 7.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 7.45pt; text-align: center"><A HREF="tm2230377d1_ex99-4.htm" STYLE="-sec-extract: exhibit">99.4</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><A HREF="tm2230377d1_ex99-4.htm" STYLE="-sec-extract: exhibit">Guarantee, dated November 14, 2022, by and among Brookfield Infrastructure
    Partners L.P., Brookfield Infrastructure L.P., BIP Bermuda Holdings I Limited, Brookfield Infrastructure Holdings (Canada) Inc.,
    Brookfield Infrastructure US Holdings I Corporation and Computershare Trust Company of Canada, as trustee, relating to the notes
    issued under the Twelfth Supplemental Indenture.</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>BROOKFIELD INFRASTRUCTURE PARTNERS L.P.</B>, by its general partner, <B>BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED</B></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Date: November 14, 2022</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ James Bodi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: James Bodi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2230377d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BROOKFIELD INFRASTRUCTURE FINANCE ULC,<BR>
<BR>
BROOKFIELD INFRASTRUCTURE FINANCE LLC,<BR>
<BR>
BROOKFIELD INFRASTRUCTURE FINANCE LIMITED,<BR>
<BR>
</B>and<B><BR>
<BR>
BROOKFIELD INFRASTRUCTURE FINANCE PTY LTD</B><BR>
Issuers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B><BR>
Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ELEVENTH SUPPLEMENTAL INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">supplementing the Indenture dated as of October
10, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">-and-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">providing for the issue of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MEDIUM TERM NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.7pt; text-transform: uppercase; text-indent: -31.7pt">Article&nbsp;1&#9;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">&nbsp;</TD>
  <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">INTERPRETATION</TD>
  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">2</TD></TR>
</TABLE>


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<TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">1.1</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">To Be Read With Indenture&#9;</TD>
                                                                  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">2</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">1.2</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Eleventh Supplemental Indenture&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">2</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">1.3</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Amendments to Indenture&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">2</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">1.4</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Definitions&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">3</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
                                                                                                     </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.7pt; text-transform: uppercase; text-indent: -31.7pt">Article&nbsp;2&#9;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">&nbsp;</TD>
  <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">ISSUE OF THE NOTES</TD>
  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">10</TD></TR>
</TABLE>


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<TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">2.1</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Form, Terms and Certification and Delivery of the Notes&#9;</TD>
                                                                  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">10</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">2.2</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Execution of Notes&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">12</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">2.3</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Certification&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">12</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">2.4</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Additional Events of Default&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">13</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
                                                                                                      </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.7pt; text-transform: uppercase; text-indent: -31.7pt">Article&nbsp;3&#9;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">&nbsp;</TD>
  <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">iNTEREST, PAYMENT OF PRINCIPAL AND REDEMPTION AND REPURCHASE</TD>
  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">13</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">3.1</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Record Date&#9;</TD>
                                                                  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">13</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">3.2</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Payment of Interest&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">13</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">3.3</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Payment of Principal and Premium&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">3.4</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Redemptions and Repurchases&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">3.5</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Location of Registers&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">3.6</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Additional Amounts&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">3.7</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Trustee, etc.&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">14</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
                                                                                                      </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.7pt; text-transform: uppercase; text-indent: -31.7pt">Article&nbsp;4&#9;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">&nbsp;</TD>
  <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">CHANGE OF CONTROL</TD>
  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">15</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">4.1</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Redemption upon a Change of Control&#9;</TD>
                                                                  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">15</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
                                                                  <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
                                                                                                                                                              </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.7pt; text-transform: uppercase; text-indent: -31.7pt">Article&nbsp;5&#9;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">&nbsp;</TD>
  <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">COVENANTS</TD>
  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">16</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">5.1</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Limitations on Indebtedness&#9;</TD>
                                                                  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">16</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">5.2</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Limitation on Liens&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">16</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
                                                                                                      </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.7pt; text-transform: uppercase; text-indent: -31.7pt">Article&nbsp;6&#9;</P>

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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">&nbsp;</TD>
  <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">MISCELLANEOUS</TD>
  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">16</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">6.1</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Acceptance of Trust&#9;</TD>
                                                                  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">16</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">6.2</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Confirmation of Indenture&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">16</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">6.3</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Trust Indenture Act&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">16</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">6.4</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Counterparts&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">16</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">6.5</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Use of Proceeds&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">17</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt"></TD><TD STYLE="padding-top: 1pt">6.6</TD><TD STYLE="padding-top: 1pt">Responsibility for Notes&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right">17</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SCHEDULE I - FORM OF NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS ELEVENTH SUPPLEMENTAL INDENTURE </B>dated
as of the 14<SUP>th</SUP> day of November, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BETWEEN:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify"><B>BROOKFIELD INFRASTRUCTURE FINANCE
ULC</B>, an unlimited liability company formed under the laws of Alberta</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify"><B>BROOKFIELD INFRASTRUCTURE FINANCE
LLC</B>, a limited liability company formed under the laws of Delaware</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify"><B>BROOKFIELD INFRASTRUCTURE FINANCE
LIMITED</B>, an exempted company incorporated under the laws of Bermuda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify"><B>BROOKFIELD INFRASTRUCTURE FINANCE
PTY LTD</B>, a proprietary company limited by shares incorporated under the laws of Australia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">(collectively, the &#8220;<B>Issuers</B>&#8221;)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify"><B>COMPUTERSHARE TRUST COMPANY OF
CANADA</B>, a trust company incorporated under the laws of Canada (the &#8220;<B>Trustee</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS </B>the Issuers
entered into an indenture (the &#8220;<B>Indenture</B>&#8221;) dated as of October 10, 2012 which provided for the issuance of one or
more Series of unsecured notes of the Issuers by way of Supplemental Indentures;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>AND WHEREAS</B> this Eleventh
Supplemental Indenture is entered into for the purpose of providing for the creation and issuance of an eleventh series of Notes to be
designated &#8220;<B>Medium Term Notes</B>&#8221; (herein called the &#8220;<B>Notes</B>&#8221;) pursuant to the Indenture and establishing
the terms, provisions and conditions of the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>AND WHEREAS</B> this Eleventh
Supplemental Indenture is executed pursuant to all necessary authorizations and resolutions of the Issuers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>AND WHEREAS</B> the foregoing
recitals are made as representations and statements of fact by the Issuers and not by the Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW THEREFORE THIS ELEVENTH
SUPPLEMENTAL INDENTURE WITNESSES</B> and it is hereby covenanted, agreed and declared as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;1<BR>
INTERPRETATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD>To Be Read With Indenture</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Eleventh Supplemental
Indenture is a Supplemental Indenture within the meaning of the Indenture. The Indenture and this Eleventh Supplemental Indenture shall
be read together and shall have effect so far as practicable as though all the provisions of both indentures were contained in one instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD>Eleventh Supplemental Indenture</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms &#8220;<B>this Eleventh
Supplemental Indenture</B>&#8221;, &#8220;<B>this indenture</B>&#8221;, &#8220;<B>herein</B>&#8221;, &#8220;<B>hereof</B>&#8221;, &#8220;<B>hereby</B>&#8221;,
 &#8220;<B>hereunder</B>&#8221;, and similar expressions, unless the context otherwise specifies or requires, refer to the Indenture as
supplemented by this Eleventh Supplemental Indenture and not to any particular Article, Section, subsection or clause or other portion
thereof, and include every instrument supplemental or ancillary to this Eleventh Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD>Amendments to Indenture</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of this Eleventh
Supplemental Indenture only,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">1.3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 1.1 of the Indenture is hereby amended by deleting the definition of &#8220;FATCA&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">1.3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 10.5(i) of the Indenture is hereby amended by sequentially inserting new clauses (M) and (N) after clause (L), deleting
clause (I) and re-numbering the Section accordingly:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&#8220;(M)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any Taxes
that are required to be deducted or withheld from any payment under or in respect of the Notes as a consequence of the holder or beneficial
owner thereof being at any time a &#8220;specified non-resident shareholder&#8221; (within the meaning of subsection 18(5) of the <I>Income
Tax Act</I> (Canada) (&#8220;<B>Tax Act</B>&#8221;)) of an Issuer or at any time not dealing at arm&#8217;s length (within the meaning
of the Tax Act) with a &#8220;specified shareholder&#8221; (within the meaning of subsection 18(5) of the Tax Act) of an Issuer or as
a consequence of the payment being deemed to be a dividend under the Tax Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(N)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
(i) withholding or deduction imposed pursuant to Sections 1471 to 1474 of the Code, as amended (&#8220;<B>FATCA</B>&#8221;), or any successor
version thereof, or any similar legislation imposed by any other governmental authority, (ii) withholding or deduction imposed pursuant
to any agreement between an Issuer or Guarantor and the United States of America or any authority thereof implementing FATCA, or (iii)
Taxes or penalties arising from the holder&#8217;s or beneficial owner&#8217;s failure to comply with the holder&#8217;s or beneficial
owner&#8217;s obligations imposed under Part XVIII of the Tax Act, the <I>Canada-United States Enhanced Tax Information Exchange Agreement
Implementation Act</I> (Canada) or the similar provisions of legislation of any other jurisdiction that has entered into an agreement
with the United States of America to provide for the implementation of FATCA-based reporting;&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.3.3</TD><TD STYLE="text-align: justify">Section 11.9 of the Indenture is hereby amended and restated as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&#8220;Notwithstanding
the other provisions of the Indenture, the Issuers may, by providing notice to the Trustee or Trustees at least two Business Days
prior to the Redemption Date or Stated Maturity, as applicable, elect to have one or more Affiliates of any Issuer (other than an
Offshore Associate, in respect of Brookfield Infrastructure Finance Pty Ltd) purchase all, but not less than all, of the Notes so to
be redeemed or repaid at a price equal to the Redemption Price (excluding accrued and unpaid interest), in the case of Notes called
for redemption, or at a price equal to the principal amount, in the case of Notes coming due at Stated Maturity (in each case, the
 &#8220;<B>Purchase Price</B>&#8221;); provided that any accrued and unpaid interest thereon will be paid by the Issuers. Upon
payment therefor of an amount equal to the Purchase Price, and payment by the Issuers of accrued interest and premium, if any, such
Notes shall be cancelled by the Trustee or Trustees and a new certificate in the name of such Affiliate will be issued by the
Trustee or Trustees upon receipt by the Trustee or Trustees of an Issuers Order, provided however, that such cancellation and
reissuance of certificates shall be deemed not to represent a novation of the debt represented by such Notes, but rather such Notes
shall be deemed transferred to such Affiliate and such debt shall continue to remain outstanding on the same terms subject to such
modifications, if any, as may be agreed by the Issuers and such Affiliate in writing. Such Affiliate shall not be permitted to vote
such Notes in connection with any matter put before Holders for approval, unless 100% of the Notes of each Series of Notes entitled
to be voted in respect of such matter are held by the Issuers or their Affiliates. Should such Affiliate and the Issuers fail to
make full payment of the Purchase Price and accrued interest and premium, if any, on the Redemption Date or Stated Maturity, as
applicable, then such Notes shall become due and payable as otherwise provided for but for this Section 11.9. The Trustee or
Trustees may request, and the Issuers and their counsel shall provide upon such request, any additional supporting documentation in
connection with this Section 11.9, including but not limited to an Opinion of Counsel addressed to the Trustee or Trustees in
support of the Affiliate purchase herein described.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD>Definitions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All terms which are defined
in the Indenture and used but not defined in this Eleventh Supplemental Indenture shall have the meanings ascribed to them in the Indenture,
as such meanings may be amended by this Eleventh Supplemental Indenture. In the event of any inconsistency between the terms in the Indenture
and this Eleventh Supplemental Indenture, the terms in this Eleventh Supplemental Indenture shall prevail in respect of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>BAM</B>&#8221; means Brookfield Asset
Management Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Below Investment Grade Rating
Event</B>&#8221; shall be deemed to have occurred on any day within the 60 day period (which shall be extended during an Extension
Period (as defined below)) after the earlier of (i) the occurrence of a Change of Control and (ii) public notice of the occurrence
of a Change of Control or the intention by the Issuers or BIP to effect a Change of Control, if, in either case, the Notes are
downgraded to below an Investment Grade Rating by more than half, and, if there are fewer than three Rating Agencies, all of the
Rating Agencies that then rate the Notes. For the purpose of this definition, an &#8220;<B>Extension Period</B>&#8221; shall occur
and continue for so long as the aggregate of (a) the number of Rating Agencies that have placed the Notes on publicly announced
consideration for possible downgrade during the initial 60-day period and (b) the number of Rating Agencies that have downgraded the
Notes to below an Investment Grade Rating during either the initial 60-day period or the Extension Period is sufficient to result in
a Change of Control Triggering Event, should one or more of the Rating Agencies that have placed the Notes on publicly announced
consideration for possible downgrade subsequently downgrade the Notes to below an Investment Grade Rating. The Extension Period
shall terminate when two of the Rating Agencies (if there are three Rating Agencies) or one of the Rating Agencies (if there are
fewer than three Rating Agencies) have confirmed that the Notes are not undergoing consideration for a possible downgrade, and have
not downgraded the Notes, to below an Investment Grade Rating;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>BILP</B>&#8221; means Brookfield Infrastructure
L.P.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>BIP</B>&#8221; means Brookfield Infrastructure
Partners L.P.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>BIPC Holdings</B>&#8221; means BIPC
Holdings Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Borrowing Issuer(s)</B>&#8221; has the
meaning attributed to such term in Section&nbsp;6.6;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>BRM Holdco</B>&#8221; means, notwithstanding
anything in the Indenture to the contrary, BIP Bermuda Holdings I Limited;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Can Holdco</B>&#8221; means, notwithstanding
anything in the Indenture to the contrary, Brookfield Infrastructure Holdings (Canada) Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Canada Yield Price</B>&#8221; means
a price equal to the price of the Notes (or the portion thereof to be redeemed) calculated to provide a yield to October 14, 2027 equal
to the sum of the Government of Canada Yield calculated at 10:00 a.m. (Toronto time) on the third Business Day preceding the redemption
date plus 50.5 basis points;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Capital Lease Obligation</B>&#8221;
of any Person means the obligation to pay rent or other payment amounts under a lease of (or other Indebtedness arrangements conveying
the right to use) real or personal property of such Person which is required to be classified and accounted for as a capital lease or
a liability on the face of a balance sheet of such Person in accordance with GAAP from time to time and which has a term to stated maturity
of at least 18 months. The stated maturity of such obligation shall be the date of the last payment of rent or any other amount due under
such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Change of Control</B>&#8221; means (i)
the sale of all or substantially all of an Issuer&#8217;s or the Guarantors&#8217; assets, other than any such sale to any one or more
of the Issuers, Guarantors or BAM, and/or any Subsidiary of any of the Issuers, Guarantors or BAM, or any of their respective successors,
or (ii) the consummation of any transaction including, without limitation, any merger, amalgamation, arrangement or consolidation the
result of which is that any Person or group of Persons acting jointly and in concert, other than BAM and/or one or more Affiliates of
BAM (or any of their respective successors), becomes the owner (directly or indirectly) of more than 50% of all issued and outstanding
Voting Stock of an Issuer or the general partner of BIP, measured by voting power rather than number of shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Change of Control Offer</B>&#8221; has
the meaning attributed to such term in Section 4.1.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Change of Control Payment</B>&#8221;
has the meaning attributed to such term in Section 4.1.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Change of Control Payment Date</B>&#8221;
has the meaning attributed to such term in Section 4.1.2;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Change of Control Triggering Event</B>&#8221;
means the occurrence of both a Change of Control and a Below Investment Grade Rating Event;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Deposits</B>&#8221; means all intercompany
deposits, advances of funds and payables;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Financial Instrument Obligations</B>&#8221;
of any Person, means, at any time with respect to such Person, obligations for transactions arising under:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any interest swap agreement, forward rate agreement, floor, cap or collar agreement, futures or options,
insurance or other similar agreement or arrangement, or any combination thereof, entered into or guaranteed by such Person where the subject
matter of the same is interest rates or the price, value, or amount payable thereunder is dependent or based upon the interest rates or
fluctuations in interest rates in effect from time to time (but, for certainty, shall exclude conventional floating rate debt);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any currency swap agreement, cross-currency agreement, forward agreement, floor, cap or collar agreement,
futures or options, insurance or other similar agreement or arrangement, or any combination thereof, entered into or guaranteed by such
Person where the subject matter of the same is currency exchange rates or the price, value or amount payable thereunder is dependent or
based upon currency exchange rates or fluctuations in currency exchange rates in effect from time to time; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any agreement, whether financial or physical, for the purchase, sale, exchange, making or taking of any
commodity (including natural gas, oil, electricity, coal, emission credits or other energy products), any commodity swap agreement, floor,
cap or collar agreement or commodity future or option or other similar agreements or arrangements, or any combination thereof, entered
into or guaranteed by such Person where the subject matter of the same is any commodity or the price, value or amount payable thereunder
is dependent or based upon the price of any commodity or fluctuations in the price of any commodity in effect from time to time,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">to the extent of the net amount due or accruing
due thereunder at such time (determined by marking-to-market the same in accordance with their terms);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Funded Indebtedness</B>&#8221; means,
with respect to any Person, Indebtedness but excludes (i) any Indebtedness of such Person that, on the date of issue or assumption of
liability, has a term to maturity (including any right of extension or renewal) of 18 months or less, (ii) Inter-Company Indebtedness
of such Person, and (iii) Qualifying Subordinated Indebtedness of such Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Global Note</B>&#8221; means a Note
that evidences all or part of the Notes in the form set out in Schedule 1 hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Government of Canada Yield</B>&#8221;
means, on any date, with respect to any Notes, the yield to maturity on such date, compounded semi-annually, which an assumed new issue
of non-callable Government of Canada bonds denominated in Canadian dollars would carry if issued in Canada at 100% of its principal amount
on such date, with a term to maturity as nearly as possible equal to the remaining term to October 14, 2027. The Government of Canada
Yield will be the average (rounded to four decimal points) of the bid-side yields provided by the Investment Dealers in accordance with
the terms of this Eleventh Supplemental Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Guarantors</B>&#8221; means, notwithstanding
anything in the indenture dated as of October 10, 2012 to the contrary, collectively, BIP, BILP, BRM Holdco, Can Holdco, US Holdco and
BIPC Holdings, and each other material Subsidiary of BILP formed or acquired after the date hereof and which delivers a guarantee; and
 &#8220;<B>Guarantor</B>&#8221; means any of them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>IIROC</B>&#8221; means the Investment
Industry Regulatory Organization of Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Indebtedness</B>&#8221; of any Person
means (without duplication), whether recourse is to all or a portion of the assets of such Person and whether or not contingent, obligations
treated in accordance with GAAP from time to time as indebtedness, including: (i) every obligation of such Person for money borrowed;
(ii) every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments; (iii) every reimbursement obligation
of such Person with respect to letters of credit, bankers&#8217; acceptances or similar facilities issued for the account of such Person;
(iv) every obligation of such Person issued or assumed as the deferred purchase price of property or services (but excluding trade accounts
payable or accrued liabilities arising in the ordinary course of business which are not overdue or which are being contested in good faith);
(v) the Net Swap Exposure of such Person; (vi) every Capital Lease Obligation of such Person; (vii) the maximum fixed redemption or repurchase
price, as at the time of determination, of all Redeemable Stock of such Person that is not Qualifying Redeemable Stock; and (viii) every
obligation of the type referred to in clauses (i) through (vii) of another Person and all dividends of another Person the payment of which,
in either case, such Person has guaranteed or for which such Person is responsible or liable, directly or indirectly, as obligor, guarantor
or otherwise, excluding any obligation in respect of Qualifying Redeemable Stock and any obligation of another Person in relation to Net
Swap Exposure, the payment of which such Person has guaranteed and which guarantee is included above as indebtedness in accordance with
GAAP from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Indenture</B>&#8221; has the meaning
attributed to such term in the recitals hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Inter-Company Indebtedness</B>&#8221;
means, with respect to any of the Issuers, a Guarantor or any of their respective Subsidiaries, Indebtedness owing to any one or more
of the Issuers, Guarantors and/or any Subsidiary of the Issuers or Guarantors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Interest Rate</B>&#8221; means the interest
rate as specified in the applicable Pricing Supplement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Investment Dealers</B>&#8221; means
two investment dealers selected by the Issuers who are independent of the Issuers and are each members of IIROC (or if IIROC shall cease
to exist, such other independent investment dealer as the Issuers may select, with the approval of the Trustee, acting reasonably), which
Investment Dealers shall be retained by and at the cost of the Issuers to determine the Government of Canada Yield. The two investment
dealers shall be any two agents party to the Agency Agreement (as defined in the Prospectus Supplement dated November 9, 2022);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Investment Grade Rating</B>&#8221; means
a rating equal to or higher than (i) &#8220;BBB-&#8221; (or the equivalent) by S&amp;P, and (ii) in respect of any Rating Agency other
than S&amp;P, if applicable, a rating by such Rating Agency in one of its generic rating categories that signifies investment grade;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Loan</B>&#8221; means an obligation
for money borrowed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Limited Recourse
Indebtedness</B>&#8221; as applied to any Indebtedness of any Person means any Indebtedness that is or was incurred to finance a
specific facility or portfolio of facilities or the acquisition of financial assets, provided that if such Indebtedness is with
recourse to any of the Issuers or a Guarantor, such recourse is on an unsecured basis to such Issuer or Guarantor (except as
subsequently provided herein) and is limited to liabilities or obligations relating to the specific facility or portfolio of
facilities or financial assets, and provided further that such Indebtedness may be secured by a lien on only (i) the property and
assets that constitute such facility, portfolio of facilities or financial assets, as the case may be, (ii) the income from and
proceeds of such facility, portfolio of facilities or financial assets, as the case may be, (iii) the Capital Stock of any
Subsidiary of any of the Issuers or a Guarantor, or other entity, that owns an interest in such facility, portfolio of facilities or
financial assets, or any interest that any such Subsidiary, or other entity, holds of any other Person owning any interest in such
facility, portfolio of facilities or financial assets, and (iv) the contracts pertaining to such facility, portfolio of facilities
or financial assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Net Swap Exposure</B>&#8221; means the
net position of Financial Instrument Obligations of any Person that are: (i) in excess of 18 months from the time the relevant calculation
is made; and (ii) considered as indebtedness in accordance with GAAP from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Net Worth</B>&#8221; means an amount
equal to the sum of (i) the equity or capital of BIP (including the partners&#8217; capital, retained earnings or deficits, accumulated
other comprehensive income or loss, and contributed and revaluation surplus of BIP) and all preferred equity and equity components of
capital Securities of BIP, (ii) the principal amount of all Qualifying Subordinated Indebtedness of BIP, and (iii) the consolidated Qualifying
Redeemable Stock of BIP, determined in each case on a consolidated basis in accordance with GAAP as at the date of the most recent financial
statements of BIP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Non-Controlling Interests</B>&#8221;
means, at the time of any determination thereof, the amount that would be shown on a consolidated financial statement of BIP at such time,
prepared in accordance with GAAP at such time, of non-controlling interests owned by minority stakeholders in BIP&#8217;s consolidated
entities, and includes preferred shares, limited partnership interests and trust units;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Notes</B>&#8221; means any notes of
any tranche referred to in Article&nbsp;2 of this Eleventh Supplemental Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Original Issue Date</B>&#8221; means
November 14, 2022;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&#8220;Permitted Encumbrances&#8221;
</B>means any of the following, with respect to any of the Issuers or a Guarantor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any encumbrance on the assets of any one or more of the Issuers and/or Guarantors to secure Indebtedness
up to an aggregate principal amount outstanding at any time of the greater of 5% of Net Worth and $100 million;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any encumbrance to secure Indebtedness in excess of the principal amount referred to in clause (a); provided
that the obligations in respect of the Notes are secured equally and ratably with such Indebtedness and all other Indebtedness which is
required to be secured equally and ratably;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any encumbrance for collateral pledged (including parental guarantees) for Financial Instrument Obligations
and any encumbrance on or against cash or marketable debt securities pledged to secure Financial Instrument Obligations provided that
such encumbrances are not incurred for speculative purposes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">any encumbrance in existence as of the date of the issuance of Notes or arising thereafter pursuant to
contractual commitments entered into prior to such issuance;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">any encumbrance on property of any Person which exists at the
time such Person is merged into, or amalgamated or consolidated with any Issuer or Guarantor in compliance with this Indenture, or any
encumbrance on property that exists when such property is directly or indirectly acquired by any Issuer or Guarantor, which encumbrance
does not extend to any other property or assets of such Issuer or Guarantor, other than an encumbrance incurred in contemplation of such
merger, amalgamation, consolidation or acquisition;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">any encumbrance or right of distress reserved in or exercisable under any lease for rent to which any
Issuer or Guarantor is a party and for compliance with the terms of the lease;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">any encumbrance reserved in or exercisable under any subdivision, site plan control, development, reciprocal,
servicing, facility, facility cost sharing or similar agreement with a Governmental Authority currently existing or hereafter entered
into with a Governmental Authority, which does not or in aggregate do not materially interfere with the use of the property for the purposes
for which it is held or materially detract from the value thereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">encumbrances respecting encroachments by facilities on neighboring lands over any property owned by any
Issuer or Guarantor which do not materially interfere with the use thereof for the purposes for which the property is held or materially
detract from the value thereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">permits, licenses, agreements, easements (including, without limitation, heritage easements and agreements
relating thereto), restrictions, restrictive covenants, reciprocal rights, rights-of-way, public ways, rights in the nature of an easement
and other similar rights in land granted to or reserved by other Persons (including, without in any way limiting the generality of the
foregoing, permits, licenses, agreements, easements, rights-of-way, sidewalks, public ways, and rights in the nature of easements or servitudes
for sewers, drains, steam, gas and water mains or electric light and power or telephone and telegraph conduits, poles, wires and cables);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">liens incurred in the ordinary course of business, other than in connection with the incurrence of Indebtedness,
that do not individually or in the aggregate with all other Permitted Encumbrances materially detract from the value of the assets encumbered
or materially interfere with their use in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">cash deposited with any lender to cash collateralize (i) bankers acceptances or depository notes within
the meaning of the <I>Depository Bills and Notes Act</I> (Canada), (ii) bills of exchange within the meaning of the <I>Bills of Exchange
Act (Canada)</I> or (iii) letters of credit, in each case, pursuant to the terms of any credit facility permitted hereunder;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">any encumbrance for any Tax, (i) secured by a bond or other reasonable security, (ii) not yet due or (iii)
being contested in good faith and by appropriate proceedings so long as adequate reserves have been provided therefor in accordance with
GAAP;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">any encumbrance arising out of judgments or awards so long as enforcement of such encumbrance has been
stayed and an appeal or proceeding for review is being prosecuted in good faith and for the payment of which adequate reserves, bonds
or other reasonable security have been provided or are fully covered by insurance;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">encumbrances, deposits or pledges to secure statutory obligations of any Issuer or Guarantor arising in
the ordinary course of business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">any encumbrance imposed by law which were incurred in the ordinary course of business, including carriers&#8217;,
warehousemen&#8217;s and mechanics&#8217; liens and other similar liens arising in the ordinary course of business, and which (i) do not
individually or in the aggregate materially detract from the value of the assets subject thereto or materially impair the use thereof
in the operations of the business of such Person or (ii) are being contested in good faith by appropriate proceedings, which proceedings
have the effect of preventing the forfeiture or sale of the assets subject to such liens and for which adequate reserves have been provided
in accordance with GAAP;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">any encumbrance arising from leases or license agreements (other than Capital Lease Obligations) entered
into by any Issuer or Guarantor in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">any encumbrance created, incurred or assumed to secure any purchase money obligation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">any encumbrance created, incurred or assumed to secure any Limited Recourse Indebtedness;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">any encumbrance on or against cash or marketable debt securities in a sinking fund account established
in support of a Series of Notes issued pursuant to this Indenture; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">any extension, renewal, alteration or replacement (or successive extensions, renewals, alterations or
replacements) in whole or in part, of any encumbrance referred to in the foregoing clauses (a) through (s) inclusive, provided that the
extension, renewal, alteration or replacement of such encumbrance is limited to all or any part of the same assets that secured the encumbrance
extended, renewed, altered or replaced (plus improvements on such assets) and the principal amount of the Indebtedness secured thereby
is not increased;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Premium</B>&#8221; means, with respect
to any Note at a particular time, the excess, if any, of the then applicable Redemption Price of such Note over the principal amount of
such Note;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Pricing Supplement</B>&#8221; means
a pricing supplement to the Prospectus, in either or both of the English and French languages, incorporated by reference into the Prospectus
for the purpose of distributing the Notes, as contemplated by National Instrument 44-102 &#8722; <I>Shelf Distributions</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Program Amount</B>&#8221; means the
aggregate principal amount of Notes qualified for issuance from time to time under the Prospectus then in effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Prospectus</B>&#8221; means the short
form base shelf prospectus of the Issuers with respect to the continuous offering of debt securities filed with the securities regulatory
authority in each of the provinces and territories of Canada from time to time, including any amendments or supplements thereto (other
than any Pricing Supplement);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Qualifying Redeemable Stock</B>&#8221;
of any Person means any Redeemable Stock of such Person that can be satisfied or acquired, in the sole discretion of the Person who issued
such Redeemable Stock, BIP or a Subsidiary of BIP, with or in exchange for Capital Stock of such Person, or a Subsidiary of BIP that is
not itself Redeemable Stock;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Qualifying Subordinated
Indebtedness</B>&#8221; of any Person means Indebtedness of such Person (i) which by its terms provides that the payment of
principal of (and Premium, if any) and interest on and all other payment obligations in respect of such Indebtedness shall be
subordinate to the prior payment in full of the Notes to at least the extent that no payment of principal of (or Premium, if any) or
interest on or otherwise due in respect of such Indebtedness may be made for so long as there exists any default in the payment of
principal (or Premium, if any) or interest on the Notes or any other default that with the passing of time or the giving of notice,
or both, would constitute an Event of Default with respect to the Notes and (ii) which expressly by its terms gives such Person the
right to make payments of principal (and Premium, if any) and interest and all other payment obligations in respect of such
Indebtedness in equity of the Issuers, a Guarantor or any of their respective Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Rating Agencies</B>&#8221; means (i)
S&amp;P and any other nationally recognized statistical rating organization selected by the Issuers that then rates the Notes, and (ii)
if any of the Rating Agencies ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside the
Issuers&#8217; control, a nationally recognized statistical rating organization selected by the Issuers (as certified by a resolution
of the Board of each Issuer) as a replacement agency for such Rating Agency, or some or all of them, as the case may be, and &#8220;<B>Rating
Agency</B>&#8221; means any one of them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Redeemable Stock</B>&#8221; of any Person
means any Capital Stock of such Person which by its terms (or by the terms of any Note into which it is convertible or for which it is
exchangeable), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,
or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the final stated maturity of the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Redemption Price</B>&#8221; means, with
respect to a Note being redeemed either in whole at any time or in part from time to time, (a) if the Redemption Date occurs prior to
October 14, 2027 (being the date that is one month prior to the Stated Maturity), an amount equal to the greater of (i) the Canada Yield
Price, and (ii) par, or (b) if the Redemption Date occurs on or after October 14, 2027, a price equal to par, together in each case with
the accrued and unpaid interest thereon to, but excluding, the Redemption Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>S&amp;P</B>&#8221; means S&amp;P Global
Ratings;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Total Consolidated Capitalization</B>&#8221;
means (without duplication), in accordance with GAAP from time to time, on a consolidated basis, the sum of (i) Net Worth, (ii) the Non-Controlling
Interests, and (iii) all Funded Indebtedness of BIP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Trustee</B>&#8221; means Computershare
Trust Company of Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>US Holdco</B>&#8221; means, notwithstanding
anything in the Indenture to the contrary, Brookfield Infrastructure US Holdings I Corporation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>U.S. Securities Act</B>&#8221; means
the United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;2<BR>
ISSUE OF THE NOTES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD>Form, Terms and Certification and Delivery of the Notes</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
eleventh series of Notes authorized to be issued from time to time hereunder, as one or more tranches, shall be designated
 &#8220;<B>Medium Term Notes</B>&#8221; and are herein sometimes called the &#8220;<B>Notes</B>&#8221;. The Notes may be issued by
the Issuers in separate tranches from time to time in an unlimited aggregate principal amount and may only be validly issued when
the aggregate principal amount of the relevant tranche of Notes to be issued, when added to the aggregate principal amount of all
Notes previously or simultaneously issued under the Prospectus in effect on the date of issue, does not exceed the Program Amount.
Upon any increase or decrease from time to time in the Program Amount, the Issuers shall forthwith deliver to the Trustee a copy of
a Board Resolution of each of the Issuers approving such change certified by any one of the Board members or officers, as the case
may be, of each of the Issuers, together with a copy of any amendment of or supplement to the Prospectus relating to such increase
or decrease. Notes shall be delivered to the Trustee and shall be certified by or on behalf of the Trustee and delivered by it to or
upon the receipt of a written order of each of the Issuers on the following terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Date and Interest. </I></B> Each Note of any tranche issued from time to time shall be dated as of the date of issue and
shall bear interest (if any) from, and including, the Original Issue Date or from, and including, the most recent Interest Payment Date
to which interest has been paid or duly provided for, whichever is later, at the rate (either fixed or floating and, if floating the manner
of calculation thereof) determined by the Issuers on the Original Issue Date. Interest, if any, shall be payable on the date determined
by the Issuers at the time of issue, at the interest rate and calculated in the manner so determined and as well after as before maturity
and after default with interest on overdue interest at the same rate, computed in the same manner as interest on the original principal
amount, from, and including, its due date until actual payment. If an Interest Payment Date is not a Business Day, then the payment will
be made on the next Business Day with no adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Maturity. </I></B> Each Note shall mature on the date determined by the Issuers at the time of issue, provided that such
date shall not be earlier than one year from the date of issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Pricing Supplements.</I></B> The Issuers shall prepare one or more Pricing Supplements which shall be acceptable to the Trustee,
acting reasonably, with respect to each issue of Notes which shall specify the terms and conditions of such Notes, including the provisions
of this Section 2.1, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Denominations. </I></B> Notes shall be issued in such denominations as may be determined by the Issuers at the time of issue.
The Notes are issuable in minimum denominations of $1,000.00 and integral multiples thereof, subject to Section 2.1.1.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Currency.</I></B> The Notes shall be issued and payable in such currency as is determined by the Issuers at the time of issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Form of Notes.</I></B> Each tranche of Notes and the certificate of the Trustee endorsed thereon shall each be issuable initially
as one or more Global Notes held by, or on behalf of, CDS, as depository, for its participants and registered in the name of CDS or its
nominee. Each Global Note will be substantially in the form set out in Schedule 1 hereto with such appropriate additions, deletions, substitutions
and variations as the Trustee may approve and shall bear such distinguishing letters and numbers as the Trustee may approve, with such
approval in each case to be conclusively deemed to have been given by the Trustee certifying such Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Place of Payment. </I></B> Payments of principal and interest on each registered interest bearing Note shall, subject to
Section 2.1.1.5, be made in lawful money of Canada at the head office of the Trustee in Toronto, Ontario.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <B><I>U.S. Securities Laws. </I></B> The Trustee acknowledges that the Notes have not been and will not be registered under the
U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold within the United States, except in certain transactions
exempt from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The written order of the Issuers for the certification and delivery of such Notes shall specify the place of delivery, denominations
and registration particulars (if any) for such Notes and shall also specify the following particulars relating to such Notes (unless such
particulars are contained in forms of Notes duly completed by the Issuers and delivered concurrently with such written order):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.1&nbsp;&nbsp;the
date of issue;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.2&nbsp;&nbsp;the
principal amount;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.3&nbsp;&nbsp;the
currency (if other than Canadian dollars);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.4&nbsp;&nbsp;the
interest rate (if any);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.5&nbsp;&nbsp;the
manner of calculation of interest (if any);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.6&nbsp;&nbsp;the
Interest Payment Dates (if any);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.7&nbsp;&nbsp;the
terms of any redemption rights; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.8&nbsp;&nbsp;the
terms of any other special provisions relating to such Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt by the Trustee of the documents and instruments required pursuant to this Section 2.1, the Trustee shall certify the Notes and
cause such Notes to be delivered in accordance with the written order of the Issuers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD>Execution of Notes</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Notes shall be
signed (either manually, by facsimile or other electronic signature) by any one of each of the Issuers&#8217; Board members or officers,
as the case may be. Each of the Notes may be executed on behalf of each Issuer in counterparts, each of which shall constitute an original
and all of which when taken together shall constitute one and the same instrument. A signature upon any of the Notes shall for all purposes
of this Eleventh Supplemental Indenture be deemed to be the signature of the individual whose signature it purports to be and to have
been signed at the time of such signature and notwithstanding that any individual whose signature may appear on the Notes is not, at the
date of this Eleventh Supplemental Indenture or at the date of the Note or at the date of the certification and delivery thereof, a Board
member or officer, as the case may be, of an Issuer, such Notes shall be valid and binding upon the Issuers and entitled to the benefits
of this Eleventh Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD>Certification</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>No
Note shall be issued or, if issued, shall be obligatory or shall entitle the Holder of such Note to the benefits of this Eleventh
Supplemental Indenture until it has been certified by or on behalf of the Trustee. Notwithstanding Section 3.3(h) of the Indenture,
the Trustee may certify a Note with a manual, facsimile or other electronic signature. Such certificate on any Note shall be
conclusive evidence that such Note is duly issued and is a valid obligation of the Issuers and that the Holder of such Note is
entitled to the benefits of this Eleventh Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The certificate of the Trustee on any Note shall not be construed as a representation or warranty by the Trustee as to the validity
of this Eleventh Supplemental Indenture or of the Notes (except the due certification thereof by the Trustee and any other warranties
implied by law) and the Trustee shall in no respect be liable or answerable for the use made of the Notes or the proceeds thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD>Additional Events of Default</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to the Events of Default contained in Article 5 of the Indenture, the following events will constitute an Event of
Default with respect to the Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.4.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the failure by the Issuers to comply with their obligations in the event of a Change of Control Triggering Event; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.4.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default by the Issuers or any Guarantor in payment of principal of, premium, if any, or interest on any obligation for borrowed
money (other than an obligation payable on demand or maturing less than 18 months from the creation or issue thereof) having an outstanding
principal amount in excess of 5% of consolidated Net Worth in the aggregate at the time of default or in the performance of any other
covenant of the Issuers or any Guarantor contained in any instrument under which such obligations are created or issued resulting in the
acceleration of the final maturity of such obligations; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.4.1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the rendering of a final judgment or judgments (not subject to appeal) against any of the Issuers or any Guarantor in an amount
in excess of 5% of the consolidated Net Worth which remains undischarged or unstayed for a period of 60 days after the date on which the
right to appeal has expired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due
and payable in the manner and with the effect provided in the Indenture. Notwithstanding the previous sentence, if an Event of Default
occurs as a result of the failure by the Issuers to comply with their obligations in the event of a Change of Control Triggering Event
as described above, the principal of, and any premium and accrued interest on the Notes will become immediately due and payable without
any declaration or other act on the part of the Trustee or any Holder of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;3<BR>
iNTEREST, PAYMENT OF PRINCIPAL<BR>
AND REDEMPTION AND REPURCHASE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD>Record Date</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Regular Record Date for
determining Holders entitled to receive interest on the Notes will be the close of business on the date that is two Business Days preceding
the relevant Interest Payment Date for the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD>Payment of Interest</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to an Interest Payment
Date, the Issuers will forward or cause to be forwarded to the Trustee (and the Trustee shall subsequently forward to each Holder at the
registered address of such Holder as of the Regular Record Date) the interest and Additional Amounts (if any), less any Taxes required
by law to be deducted or withheld. If the Issuers forward payment to the Trustee by cheque, the Issuers shall deliver to the Trustee certified
cheque(s) payable to the order of the Trustee on the day that is two Business Days before such Interest Payment Date, and the Trustee
will only forward such amounts to the Holders upon receipt of the full amount of interest and Additional Amounts (if any) being paid in
immediately available funds. The forwarding of such cheque(s) will satisfy and discharge the liability for interest upon and Additional
Amounts (if any) on such Note to the extent of the sum represented thereby (plus the amount of any Taxes deducted or withheld as aforesaid)
unless such cheque(s) are not paid on presentation. The Issuers, at their option, may cause any amount payable in respect of principal,
interest, Additional Amounts (if any) or premium (if any) to be paid to the Trustee by wire transfer(s) to an account specified by the
Trustee on the day that is one Business Day before such Interest Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD>Payment of Principal and Premium</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with Article
4 of the Indenture, the Issuers will deposit with the Trustee all amounts required to be paid to the order of Holders of Notes on maturity,
one Business Day before the maturity date of the Notes. The deposit of such funds will satisfy and discharge the liability for principal
of the Notes to the extent of the sum represented thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.4</TD><TD>Redemptions and Repurchases</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless otherwise specified in the applicable Pricing Supplement and subject to Article 11 of the Indenture, the Issuers may, at
their option, redeem the Notes at any time and from time to time, in whole or in part, upon payment of the applicable Redemption Price.
The Issuers will give notice of redemption not more than 60 days and not less than 10 days before the Redemption Date and such notice
shall contain any conditions of redemption. Less than all of the Notes may be redeemed in accordance with Article 11 of the Indenture.
Notes so redeemed will be cancelled and will not be re-issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless otherwise specified in the applicable Pricing Supplement, the Issuers will be entitled at any time and from time to time
to purchase for cancellation all or any of the Notes in the open market (which may include purchases from or through an investment dealer
or a firm holding membership on a recognized stock exchange), by tender or by private contract at any price at any time. Notes that are
so purchased will be cancelled and will not be re-issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless otherwise specified in the applicable Pricing Supplement, the Notes will not be subject to repurchase pursuant to any sinking
fund or any other required repayment provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.5</TD><TD>Location of Registers</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to the Notes,
initially the registers referred to in Section 3.5 of the Indenture shall be kept by and at the principal office of the Trustee in Toronto,
Ontario and may be kept in such other place or places, if any, by the Trustee or by such other registrar or registrars (if any) as the
Issuers, with the approval of the Trustee, may designate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.6</TD><TD>Additional Amounts</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.5 of the Indenture
shall apply to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.7</TD><TD>Trustee, etc.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee will be the indenture
trustee, authenticating agent, paying agent, transfer agent and registrar for the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;4<BR>
CHANGE OF CONTROL</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD>Redemption upon a Change of Control</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a Change of Control Triggering Event occurs, unless the Issuers have exercised their right to redeem any Notes as described
above, the Issuers will be required to make an offer to repurchase all, or any part (equal to $1,000.00 or an integral multiple thereof),
of each Holder&#8217;s Notes pursuant to the offer described below (the &#8220;<B>Change of Control Offer</B>&#8221;) on the terms set
forth herein. In the Change of Control Offer, the Issuers will be required to offer payment in cash equal to 101% of the aggregate principal
amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased, to the date of repurchase (the &#8220;<B>Change
of Control Payment</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within 30 days following any Change of Control Triggering Event, the Issuers will be required to mail a notice to Holders of Notes,
with a copy to the Trustee, describing the transaction or transactions that constitute the Change of Control Triggering Event and offering
to repurchase the Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from
the date such notice is mailed (the &#8220;<B>Change of Control Payment Date</B>&#8221;), pursuant to the procedures required herein and
described in such notice. The Issuers must comply with any securities laws and regulations that are applicable in connection with the
repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws
or regulations conflict with the Change of Control provisions herein, the Issuers will be required to comply with the applicable securities
laws and regulations and will not be deemed to have breached their obligations under the Change of Control provisions herein by virtue
of such conflicts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Change of Control Payment Date, the Issuers will be required, to the extent lawful, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control
Offer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">deposit with the Trustee an amount equal to the Change of Control Payment in respect of all Notes or portions
of Notes properly tendered; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer&#8217;s
Certificate of each of the Issuers stating the aggregate principal amount of Notes or portions of Notes being repurchased by the Issuers.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
Trustee will be required to promptly send a wire transfer comprising, or mail to each Holder of Notes who properly tendered Notes,
the purchase price for such Notes and the Trustee will be required to promptly authenticate and mail (or cause to be transferred by
book entry) to each such Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any;
provided that each new Note will be in a principal amount of $1,000.00 or an integral multiple thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Issuers will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if another Person
makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer that would be required
to be made by the Issuers in connection with a Change of Control Triggering Event, and such Person purchases all Notes properly tendered
and not withdrawn under its offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;5<BR>
COVENANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD>Limitations on Indebtedness</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Issuers will not, and
will not permit any of their Subsidiaries to, directly or indirectly, issue, incur, assume or otherwise become liable for or in respect
of any Funded Indebtedness unless, after giving effect thereto, the Funded Indebtedness of BIP, calculated on a consolidated basis, would
not exceed 75% of Total Consolidated Capitalization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD>Limitation on Liens</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No Issuer will create, incur,
assume or permit to exist any lien on any property or asset now owned or hereafter acquired by it, unless at the same time the Notes are
secured equally and ratably with such lien, provided that this will not apply to Permitted Encumbrances. Upon being advised by the Issuers
in writing in an Officer&#8217;s Certificate that security has been provided for the Notes on an equal and ratable basis in connection
with the grant to a third party of security and subsequently such security to the third party is released, the Trustee will forthwith
release the security granted for the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;6<BR>
MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.1</TD><TD>Acceptance of Trust</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee accepts the trusts
in this Eleventh Supplemental Indenture and agrees to carry out and discharge the same upon the terms and conditions set out in this Eleventh
Supplemental Indenture and in accordance with the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.2</TD><TD>Confirmation of Indenture</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture as amended and
supplemented by this Eleventh Supplemental Indenture is in all respects confirmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.3</TD><TD>Trust Indenture Act</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything to
the contrary contained in the Indenture, with respect to the Notes referred to in this Eleventh Supplemental Indenture, (i)&nbsp;the Issuers
shall not be required to comply with the provisions of the Trust Indenture Act and (ii)&nbsp;Sections 7.2 and 7.3 of the Indenture shall
not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.4</TD><TD>Counterparts</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Eleventh Supplemental
Indenture may be executed in several counterparts, each of which once executed shall be deemed to be an original and such counterparts
together shall constitute one and the same instrument. This Eleventh Supplemental Indenture may be executed and delivered by facsimile
or other electronic transmission of a counterpart hereof bearing a manual, facsimile or other electronic signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.5</TD><TD>Use of Proceeds</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Pricing Supplement shall
specify each Issuer that is primarily responsible for the repayment of the principal amount of the Notes and interest thereon, together
with the intended use of proceeds by such Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.6</TD><TD>Responsibility for Notes</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding that each
of the Issuers are co-obligors, jointly and severally liable under the Notes for the full principal amount, it is understood and agreed
as among the Issuers that only the Issuer(s) nominated as borrower(s) in the Pricing Supplement (the &#8220;<B>Borrowing Issuer(s)</B>&#8221;)
shall be primarily responsible for repayment of the total principal amount of the Notes, representing the amount of cash the Borrowing
Issuer(s) received from the proceeds of the Notes on the date of issue, plus all interest thereon. To the extent that the Borrowing Issuer(s)
actually repay(s) to the Holders more than the share of the indebtedness for which the Borrowing Issuer(s) is/are primarily responsible
pursuant to the preceding sentence, then the Borrowing Issuer(s) shall be deemed to have made a loan of such excess amount to, and only
to the extent the Borrowing Issuer(s) actually paid such amounts to the Holders and shall be treated as having a right to repayment from,
the other Issuers for the amounts such Borrowing Issuer(s) actually paid to the Holders (although such loan and right of repayment shall
be subordinated to the rights of the Holders), and the recipients of such deemed loan shall be treated as having repaid such excess amount
to the Holders of the Notes. The rights and remedies of the Issuers under this Section 6.6 shall not alter the joint and several obligations
of the Issuers to the Holders for the full principal amount of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, the
parties hereto have executed this Eleventh Supplemental Indenture as of the date first written above. Brookfield Infrastructure Finance
Pty Ltd executes this document as a deed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">BROOKFIELD INFRASTRUCTURE FINANCE ULC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify"><I>/s/ Keir Hunt</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 40%">Keir Hunt</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Title:</TD>
<TD>President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">BROOKFIELD INFRASTRUCTURE FINANCE LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify"><I>/s/ Ralph Klatzkin</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 40%">Ralph Klatzkin</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Title:</TD>
<TD>Vice President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">BROOKFIELD INFRASTRUCTURE FINANCE LIMITED</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify"><I>/s/ James Bodi</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 40%">James Bodi</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Title:</TD>
<TD>Director</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">BROOKFIELD INFRASTRUCTURE FINANCE PTY LTD</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ <I>Michael Ryan</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 40%">Michael Ryan</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Title:</TD>
<TD>Corporate Secretary</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Eleventh Supplemental
Indenture]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">COMPUTERSHARE TRUST COMPANY OF CANADA<FONT STYLE="font-weight: normal">, as Trustee</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify"><I>/s/ Yana Nedyalkova</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 40%">Yana Nedyalkova</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Title:</TD>
<TD>Corporate Trust Officer</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify"><I>/s/ Shelley McGarrity</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Name:</TD>
<TD>Shelley McGarrity</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Title:</TD>
<TD>Corporate Trust Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Eleventh Supplemental
Indenture]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><U>SCHEDULE 1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>FORM OF NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (&#8220;CDS&#8221;) TO BROOKFIELD INFRASTRUCTURE FINANCE ULC, BROOKFIELD INFRASTRUCTURE
FINANCE LLC, BROOKFIELD INFRASTRUCTURE FINANCE LIMITED, AND BROOKFIELD INFRASTRUCTURE FINANCE PTY LTD (THE &#8220;ISSUERS&#8221;) OR THEIR
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS
 &amp; CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS &amp; CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS &amp; CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>No. <FONT STYLE="font-family: Wingdings">n</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BROOKFIELD INFRASTRUCTURE FINANCE ULC</B>, an
unlimited liability company formed under the laws of Alberta</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BROOKFIELD INFRASTRUCTURE FINANCE LLC</B>, a
limited liability company formed under the laws of Delaware</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BROOKFIELD INFRASTRUCTURE FINANCE LIMITED</B>,
an exempted company incorporated under the laws of Bermuda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BROOKFIELD INFRASTRUCTURE FINANCE PTY LTD</B>,
a proprietary company limited by shares incorporated under the laws of Australia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MEDIUM TERM NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 47%; padding-bottom: 3pt">CUSIP / ISIN Nos. </TD>
  <TD STYLE="padding-bottom: 3pt; width: 53%"><FONT STYLE="font-family: Wingdings">n</FONT> / <FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Issue Date </TD>
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Stated Maturity </TD>
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Interest Rate</TD>
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Wingdings">n</FONT>%</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Interest Calculation</TD>
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Interest Payment Dates</TD>
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Principal Amount </TD>
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">$<FONT STYLE="font-family: Wingdings">n</FONT> (the &#8220;<B>Principal Amount&#8221;</B>)</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 3pt">Registered Holder</TD>
  <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Brookfield Infrastructure
Finance ULC, Brookfield Infrastructure Finance LLC, Brookfield Infrastructure Finance Limited, and Brookfield Infrastructure Finance Pty
Ltd (the &#8220;<B>Issuers</B>&#8221;) for value received hereby promise to pay to the registered Holder hereof on the Stated Maturity,
or on such earlier date as the Principal Amount may become due and payable in accordance with the provisions of the Indenture (as defined
below) and with the provisions of the pricing supplement dated <FONT STYLE="font-family: Wingdings">n</FONT> attached to this Note (the
 &#8220;<B>Pricing Supplement</B>&#8221;), on presentation and surrender of this Note, the Principal Amount in lawful money of Canada at
the Corporate Trust Office of the Trustee and to pay interest on the Principal Amount at the interest rate per annum set forth above from
the Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for, whichever
is later, at the Corporate Trust Office of the Trustee, calculated as set forth above, in like money, and if the Issuers at any time default
in the payment of any principal, premium or interest, to pay interest on the amount in default at the same rate, calculated as set forth
above, in like money, at the Corporate Trust Office of the Trustee, and on the same dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note is one of a series
of the Notes of the Issuers issued and to be issued under an indenture dated as of October 10, 2012 (the &#8220;<B>Base Indenture</B>&#8221;)
made among the Issuers and Computershare Trust Company of Canada (the &#8220;<B>Trustee</B>&#8221;), and an eleventh supplemental indenture
dated as of November 14, 2022 (the &#8220;<B>Eleventh Supplemental Indenture</B>&#8221; and together with the Base Indenture, the &#8220;<B>Indenture</B>&#8221;)
made among the Issuers and the Trustee. The Indenture and the Pricing Supplement specify the terms and conditions upon which the Notes
are issued or may be issued and held and the rights of the Holders of Notes, the Issuers and the Trustee, all of which are incorporated
by reference in this Note and to all of which the Holder of this Note, by acceptance hereof, agrees. Capitalized terms used but not defined
herein have the meanings attributed to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to an Interest Payment
Date, the Issuers (except in case of payment at maturity or on redemption at which time payment of interest and Additional Amounts (if
any) will be made only upon surrender of this Note) will forward or cause to be forwarded to the Trustee the interest and Additional Amounts
(if any), less any Taxes required by law to be deducted or withheld. The Trustee shall subsequently mail a cheque for such amount to the
registered Holder of this Note at the registered address of such Holder, or in the case of joint Holders to the registered address of
the joint Holder first named in the register, payable to the order of such Holder or Holders and negotiable at par at the Corporate Trust
Office of the Trustee. The mailing of such cheque will satisfy and discharge the liability for interest upon and Additional Amounts (if
any) on this Note to the extent of the sum represented thereby (plus the amount of any Taxes deducted or withheld as aforesaid) unless
such cheque is not paid on presentation. The Trustee may pay or cause to be paid, at its option, any amount payable in respect of principal,
interest, Additional Amounts (if any) or premium (if any) to the Holder of this Note, by wire transfer to an account maintained by such
Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes may be issued in
one or more tranches and without limitation as to aggregate principal amount, but only upon the terms and subject to the restrictions
set out in the Indenture. The aggregate principal amount of Notes of other series which may be issued under the Indenture is unlimited,
but such Notes may be issued only upon the terms and subject to the conditions provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes are direct obligations
of the Issuers but are not secured by any mortgage, pledge, hypothec or other charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon compliance with the provisions
of the Indenture, Notes of any denomination may be exchanged for an equal aggregate principal amount of Notes in any other authorized
denomination or denominations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">So long as none of the Issuers
is in default under the Indenture, the Issuers may purchase Notes in the open market, by tender or by private contract at any price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the occurrence of a Change
of Control Triggering Event (as defined in the Eleventh Supplemental Indenture), unless the Issuers have exercised any right to redeem
the Notes, the Issuers will be required to make an offer to repurchase the Notes on the terms and subject to the conditions set forth
in Section 4.1 of the Eleventh Supplemental Indenture except if another Person makes such an offer in the manner, at the times and otherwise
in compliance with the requirements for an offer that would be required to be made by the Issuers in connection with a Change of Control
Triggering Event, and such Person purchases all Notes properly tendered and not withdrawn under its offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Principal Amount may become
or be declared due before the Stated Maturity on the conditions, in the manner, with the effect and at the times set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture contains provisions
for the holding of meetings of Holders and making resolutions passed at such meetings and instruments in writing signed by the Holders
of a specified percentage of the Notes outstanding binding on all Holders, subject to the provisions of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note may be transferred
only upon compliance with the conditions prescribed in the Indenture on one of the registers kept at the principal offices of the Trustee
in Toronto, Ontario and at such other place or places, if any, and by such other registrar or registrars, if any, as the Issuers may designate,
by the registered Holder hereof or the Holder&#8217;s legal representative or attorney duly appointed by an instrument in writing in form
and execution satisfactory to the Trustee, and upon compliance with such reasonable requirements as the Trustee or other registrar may
prescribe, and such transfer shall be duly noted hereon by the Trustee or other registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;U.S. SECURITIES ACT&#8221;), OR
ANY U.S. STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE HOLDING THESE SECURITIES, AGREES FOR THE BENEFIT OF BROOKFIELD
INFRASTRUCTURE FINANCE ULC, BROOKFIELD INFRASTRUCTURE FINANCE LLC, BROOKFIELD INFRASTRUCTURE FINANCE LIMITED AND BROOKFIELD INFRASTRUCTURE
FINANCE PTY LTD (THE &#8220;ISSUERS&#8221;) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY,
ONLY: (A) TO THE ISSUERS, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT (&#8220;REGULATION
S&#8221;) AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES
ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN THE CASE OF (1) AND (2) ABOVE, IN COMPLIANCE WITH
ANY APPLICABLE U.S. STATE SECURITIES LAWS, (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, OR (E) IN
ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR APPLICABLE U.S. STATE SECURITIES LAWS; PROVIDED
THAT, IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (E) ABOVE, AN OPINION OF COUNSEL OF RECOGNIZED STANDING AND IN FORM AND SUBSTANCE
REASONABLY SATISFACTORY TO THE ISSUERS AND THE TRUSTEE MUST FIRST BE PROVIDED THAT THE SALE OF SUCH SECURITIES IS NOT REQUIRED TO BE REGISTERED
UNDER THE U.S. SECURITIES ACT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE &#8220;GOOD DELIVERY&#8221; IN SETTLEMENT OF TRANSACTIONS
ON STOCK EXCHANGES IN CANADA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iv<!-- Field: /Sequence --> -</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture and the Notes
shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note shall not become
obligatory for any purpose until it has been certified by the manual, facsimile or other electronic signature of the Trustee under the
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF </B>Brookfield
Infrastructure Finance ULC, Brookfield Infrastructure Finance LLC, Brookfield Infrastructure Finance Limited and Brookfield Infrastructure
Finance Pty Ltd have caused this Note to be signed by each of their respective representatives. Brookfield Infrastructure Finance Pty
Ltd executes this Note as a deed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD
    INFRASTRUCTURE FINANCE ULC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD
    INFRASTRUCTURE FINANCE LLC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD
    INFRASTRUCTURE FINANCE LIMITED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD
    INFRASTRUCTURE FINANCE PTY LTD</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director or Company Secretary</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(FORM OF TRUSTEE&#8217;S CERTIFICATE)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&#8217;S CERTIFICATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note is one of the Notes
referred to in the Indenture referred to above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%"><FONT STYLE="font-family: Wingdings">n</FONT>, as Canadian Trustee</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>By: Certifying Officer</TD></TR>
</TABLE>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(FORM OF REGISTRATION PANEL)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(NO WRITING HEREON EXCEPT BY THE TRUSTEE OR
OTHER REGISTRAR)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DATE OF</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">REGISTRY</P></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WHOSE NAME</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">REGISTERED</P></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SIGNATURE OF TRUSTEE</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OR OTHER REGISTRAR</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">- <!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->vii<!-- Field: /Sequence --> -</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(FORM OF CERTIFICATE OF TRANSFER)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATE OF TRANSFER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To assign this Note, fill in the form below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I or we assign and transfer this Note to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; width: 10%; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; padding-top: 2pt; border-bottom: Black 1pt solid; width: 80%; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; width: 10%; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; padding-top: 2pt; border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; padding-top: 2pt; border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">(Print or type assignee&#8217;s name, address and postal code)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; padding-top: 2pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; padding-top: 2pt; border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">(Insert assignee&#8217;s social insurance or security or tax identifying number)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and irrevocably appoint <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;</U> agent to transfer this Note on
the books of the Issuers. The agent may substitute another to act for him.</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 4%">Date:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 36%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="width: 11%">Your Signature:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="border-bottom: Black 1pt solid; font: 16pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sign exactly as your name appears on the other side of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 50%">* Signature Guarantee</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 220.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The signature must be guaranteed by an authorized officer of a Schedule
I Canadian chartered bank or by a medallion signature guarantee from a member of a recognized Medallion Signature Guarantee Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2230377d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BROOKFIELD INFRASTRUCTURE FINANCE ULC,<BR>
<BR>
BROOKFIELD INFRASTRUCTURE FINANCE LLC,<BR>
<BR>
BROOKFIELD INFRASTRUCTURE FINANCE LIMITED,<BR>
<BR>
</B>and<B><BR>
<BR>
BROOKFIELD INFRASTRUCTURE FINANCE PTY LTD</B><BR>
Issuers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B><BR>
Trustee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TWELFTH SUPPLEMENTAL INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">supplementing the Indenture dated as of October
10, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">-and-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">providing for the issue of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MEDIUM TERM NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.7pt; text-transform: uppercase; text-indent: -31.7pt">Article&nbsp;1</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">&nbsp;</TD>
  <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">INTERPRETATION</TD>
  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">2</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">1.1</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">To Be Read With Indenture&#9;</TD>
                                                                  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">2</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">1.2</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Twelfth Supplemental Indenture&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">2</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">1.3</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Amendments to Indenture&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">2</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">1.4</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Definitions&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">3</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
                                                                                                     </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.7pt; text-transform: uppercase; text-indent: -31.7pt">Article&nbsp;2</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">&nbsp;</TD>
  <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">ISSUE OF THE NOTES</TD>
  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">10</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">2.1</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Form, Terms and Certification and Delivery of the Notes&#9;</TD>
                                                                  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">10</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">2.2</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Execution of Notes&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">12</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">2.3</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Certification&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">12</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">2.4</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Additional Events of Default&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">13</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
                                                                                                      </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.7pt; text-transform: uppercase; text-indent: -31.7pt">Article&nbsp;3</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">&nbsp;</TD>
  <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">iNTEREST, PAYMENT OF PRINCIPAL AND REDEMPTION AND REPURCHASE</TD>
  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">13</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">3.1</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Record Date&#9;</TD>
                                                                  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">13</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">3.2</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Payment of Interest&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">13</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">3.3</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Payment of Principal and Premium&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">3.4</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Redemptions and Repurchases&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">3.5</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Location of Registers&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">3.6</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Additional Amounts&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">14</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">3.7</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Trustee, etc.&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">14</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
                                                                                                      </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.7pt; text-transform: uppercase; text-indent: -31.7pt">Article&nbsp;4</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">&nbsp;</TD>
  <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">CHANGE OF CONTROL</TD>
  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">15</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">4.1</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Redemption upon a Change of Control&#9;</TD>
                                                                  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">15</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
                                                                  <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
                                                                                                                                                              </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.7pt; text-transform: uppercase; text-indent: -31.7pt">Article&nbsp;5</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">&nbsp;</TD>
  <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">COVENANTS</TD>
  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">16</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">5.1</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Limitations on Indebtedness&#9;</TD>
                                                                  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">16</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">5.2</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Limitation on Liens&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">16</TD></TR><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
                                                                                                      </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 31.7pt; text-transform: uppercase; text-indent: -31.7pt">Article&nbsp;6</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">&nbsp;</TD>
  <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">MISCELLANEOUS</TD>
  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">16</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; width: 5%; padding-bottom: 1pt">6.1</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Acceptance of Trust&#9;</TD>
                                                                  <TD STYLE="padding-top: 1pt; text-align: right; width: 5%; padding-bottom: 1pt">16</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">6.2</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Confirmation of Indenture&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">16</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">6.3</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Trust Indenture Act&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right; padding-bottom: 1pt">16</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">6.4</TD><TD STYLE="padding-top: 1pt; padding-bottom: 1pt">Counterparts&#9;</TD>
                     <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>6.5</TD><TD>Use of Proceeds&#9;</TD>
                     <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 1pt"></TD><TD STYLE="padding-top: 1pt">6.6</TD><TD STYLE="padding-top: 1pt">Responsibility for Notes&#9;</TD>
                     <TD STYLE="padding-top: 1pt; text-align: right">17</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SCHEDULE I - FORM OF NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS TWELFTH SUPPLEMENTAL INDENTURE </B>dated
as of the 14<SUP>th</SUP> day of November, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BETWEEN:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify"><B>BROOKFIELD INFRASTRUCTURE FINANCE
ULC</B>, an unlimited liability company formed under the laws of Alberta</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify"><B>BROOKFIELD INFRASTRUCTURE FINANCE
LLC</B>, a limited liability company formed under the laws of Delaware</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify"><B>BROOKFIELD INFRASTRUCTURE FINANCE
LIMITED</B>, an exempted company incorporated under the laws of Bermuda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify"><B>BROOKFIELD INFRASTRUCTURE FINANCE
PTY LTD</B>, a proprietary company limited by shares incorporated under the laws of Australia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">(collectively, the &#8220;<B>Issuers</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify"><B>COMPUTERSHARE TRUST COMPANY OF
CANADA</B>, a trust company incorporated under the laws of Canada (the &#8220;<B>Trustee</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.65pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS </B>the Issuers
entered into an indenture (the &#8220;<B>Indenture</B>&#8221;) dated as of October 10, 2012 which provided for the issuance of one or
more Series of unsecured notes of the Issuers by way of Supplemental Indentures;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>AND WHEREAS</B> this Twelfth
Supplemental Indenture is entered into for the purpose of providing for the creation and issuance of a twelfth series of Notes to be designated
 &#8220;<B>Medium Term Notes</B>&#8221; (herein called the &#8220;<B>Notes</B>&#8221;) pursuant to the Indenture and establishing the terms,
provisions and conditions of the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>AND WHEREAS</B> this Twelfth
Supplemental Indenture is executed pursuant to all necessary authorizations and resolutions of the Issuers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>AND WHEREAS</B> the foregoing
recitals are made as representations and statements of fact by the Issuers and not by the Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW THEREFORE THIS TWELFTH
SUPPLEMENTAL INDENTURE WITNESSES</B> and it is hereby covenanted, agreed and declared as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">INTERPRETATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD>To Be Read With Indenture</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Twelfth Supplemental
Indenture is a Supplemental Indenture within the meaning of the Indenture. The Indenture and this Twelfth Supplemental Indenture shall
be read together and shall have effect so far as practicable as though all the provisions of both indentures were contained in one instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD>Twelfth Supplemental Indenture</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms &#8220;<B>this Twelfth
Supplemental Indenture</B>&#8221;, &#8220;<B>this indenture</B>&#8221;, &#8220;<B>herein</B>&#8221;, &#8220;<B>hereof</B>&#8221;, &#8220;<B>hereby</B>&#8221;,
 &#8220;<B>hereunder</B>&#8221;, and similar expressions, unless the context otherwise specifies or requires, refer to the Indenture as
supplemented by this Twelfth Supplemental Indenture and not to any particular Article, Section, subsection or clause or other portion
thereof, and include every instrument supplemental or ancillary to this Twelfth Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD>Amendments to Indenture</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of this Twelfth
Supplemental Indenture only,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">1.3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 1.1 of the Indenture is hereby amended by deleting the definition of &#8220;FATCA&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">1.3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 10.5(i) of the Indenture is hereby amended by sequentially inserting new clauses (M) and (N) after clause (L), deleting
clause (I) and re-numbering the Section accordingly:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&#8220;(M)&nbsp;&nbsp;&nbsp;&nbsp;any Taxes
that are required to be deducted or withheld from any payment under or in respect of the Notes as a consequence of the holder or beneficial
owner thereof being at any time a &#8220;specified non-resident shareholder&#8221; (within the meaning of subsection 18(5) of the <I>Income
Tax Act</I> (Canada) (&#8220;<B>Tax Act</B>&#8221;)) of an Issuer or at any time not dealing at arm&#8217;s length (within the meaning
of the Tax Act) with a &#8220;specified shareholder&#8221; (within the meaning of subsection 18(5) of the Tax Act) of an Issuer or as
a consequence of the payment being deemed to be a dividend under the Tax Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(N)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
(i) withholding or deduction imposed pursuant to Sections 1471 to 1474 of the Code, as amended (&#8220;<B>FATCA</B>&#8221;), or any successor
version thereof, or any similar legislation imposed by any other governmental authority, (ii) withholding or deduction imposed pursuant
to any agreement between an Issuer or Guarantor and the United States of America or any authority thereof implementing FATCA, or (iii)
Taxes or penalties arising from the holder&#8217;s or beneficial owner&#8217;s failure to comply with the holder&#8217;s or beneficial
owner&#8217;s obligations imposed under Part XVIII of the Tax Act, the <I>Canada-United States Enhanced Tax Information Exchange Agreement
Implementation Act</I> (Canada) or the similar provisions of legislation of any other jurisdiction that has entered into an agreement
with the United States of America to provide for the implementation of FATCA-based reporting;&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.3.3</TD><TD STYLE="text-align: justify">Section 11.9 of the Indenture is hereby amended and restated as follows:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&#8220;Notwithstanding
the other provisions of the Indenture, the Issuers may, by providing notice to the Trustee or Trustees at least two Business Days
prior to the Redemption Date or Stated Maturity, as applicable, elect to have one or more Affiliates of any Issuer (other than an
Offshore Associate, in respect of Brookfield Infrastructure Finance Pty Ltd) purchase all, but not less than all, of the Notes so to
be redeemed or repaid at a price equal to the Redemption Price (excluding accrued and unpaid interest), in the case of Notes called
for redemption, or at a price equal to the principal amount, in the case of Notes coming due at Stated Maturity (in each case, the
 &#8220;<B>Purchase Price</B>&#8221;); provided that any accrued and unpaid interest thereon will be paid by the Issuers. Upon
payment therefor of an amount equal to the Purchase Price, and payment by the Issuers of accrued interest and premium, if any, such
Notes shall be cancelled by the Trustee or Trustees and a new certificate in the name of such Affiliate will be issued by the
Trustee or Trustees upon receipt by the Trustee or Trustees of an Issuers Order, provided however, that such cancellation and
reissuance of certificates shall be deemed not to represent a novation of the debt represented by such Notes, but rather such Notes
shall be deemed transferred to such Affiliate and such debt shall continue to remain outstanding on the same terms subject to such
modifications, if any, as may be agreed by the Issuers and such Affiliate in writing. Such Affiliate shall not be permitted to vote
such Notes in connection with any matter put before Holders for approval, unless 100% of the Notes of each Series of Notes entitled
to be voted in respect of such matter are held by the Issuers or their Affiliates. Should such Affiliate and the Issuers fail to
make full payment of the Purchase Price and accrued interest and premium, if any, on the Redemption Date or Stated Maturity, as
applicable, then such Notes shall become due and payable as otherwise provided for but for this Section 11.9. The Trustee or
Trustees may request, and the Issuers and their counsel shall provide upon such request, any additional supporting documentation in
connection with this Section 11.9, including but not limited to an Opinion of Counsel addressed to the Trustee or Trustees in
support of the Affiliate purchase herein described.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD>Definitions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All terms which are defined
in the Indenture and used but not defined in this Twelfth Supplemental Indenture shall have the meanings ascribed to them in the Indenture,
as such meanings may be amended by this Twelfth Supplemental Indenture. In the event of any inconsistency between the terms in the Indenture
and this Twelfth Supplemental Indenture, the terms in this Twelfth Supplemental Indenture shall prevail in respect of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>BAM</B>&#8221; means Brookfield Asset
Management Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Below Investment Grade Rating
Event</B>&#8221; shall be deemed to have occurred on any day within the 60 day period (which shall be extended during an Extension
Period (as defined below)) after the earlier of (i) the occurrence of a Change of Control and (ii) public notice of the occurrence
of a Change of Control or the intention by the Issuers or BIP to effect a Change of Control, if, in either case, the Notes are
downgraded to below an Investment Grade Rating by more than half, and, if there are fewer than three Rating Agencies, all of the
Rating Agencies that then rate the Notes. For the purpose of this definition, an &#8220;<B>Extension Period</B>&#8221; shall occur
and continue for so long as the aggregate of (a) the number of Rating Agencies that have placed the Notes on publicly announced
consideration for possible downgrade during the initial 60-day period and (b) the number of Rating Agencies that have downgraded the
Notes to below an Investment Grade Rating during either the initial 60-day period or the Extension Period is sufficient to result in
a Change of Control Triggering Event, should one or more of the Rating Agencies that have placed the Notes on publicly announced
consideration for possible downgrade subsequently downgrade the Notes to below an Investment Grade Rating. The Extension Period
shall terminate when two of the Rating Agencies (if there are three Rating Agencies) or one of the Rating Agencies (if there are
fewer than three Rating Agencies) have confirmed that the Notes are not undergoing consideration for a possible downgrade, and have
not downgraded the Notes, to below an Investment Grade Rating;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>BILP</B>&#8221; means Brookfield Infrastructure
L.P.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>BIP</B>&#8221; means Brookfield Infrastructure
Partners L.P.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>BIPC Holdings</B>&#8221; means BIPC
Holdings Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Borrowing Issuer(s)</B>&#8221; has the
meaning attributed to such term in Section&nbsp;6.6;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>BRM Holdco</B>&#8221; means, notwithstanding
anything in the Indenture to the contrary, BIP Bermuda Holdings I Limited;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Can Holdco</B>&#8221; means, notwithstanding
anything in the Indenture to the contrary, Brookfield Infrastructure Holdings (Canada) Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Canada Yield Price</B>&#8221; means
a price equal to the price of the Notes (or the portion thereof to be redeemed) calculated to provide a yield to November 14, 2032 equal
to the sum of the Government of Canada Yield calculated at 10:00 a.m. (Toronto time) on the third Business Day preceding the redemption
date plus 63 basis points;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Capital Lease Obligation</B>&#8221;
of any Person means the obligation to pay rent or other payment amounts under a lease of (or other Indebtedness arrangements conveying
the right to use) real or personal property of such Person which is required to be classified and accounted for as a capital lease or
a liability on the face of a balance sheet of such Person in accordance with GAAP from time to time and which has a term to stated maturity
of at least 18 months. The stated maturity of such obligation shall be the date of the last payment of rent or any other amount due under
such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Change of Control</B>&#8221; means (i)
the sale of all or substantially all of an Issuer&#8217;s or the Guarantors&#8217; assets, other than any such sale to any one or more
of the Issuers, Guarantors or BAM, and/or any Subsidiary of any of the Issuers, Guarantors or BAM, or any of their respective successors,
or (ii) the consummation of any transaction including, without limitation, any merger, amalgamation, arrangement or consolidation the
result of which is that any Person or group of Persons acting jointly and in concert, other than BAM and/or one or more Affiliates of
BAM (or any of their respective successors), becomes the owner (directly or indirectly) of more than 50% of all issued and outstanding
Voting Stock of an Issuer or the general partner of BIP, measured by voting power rather than number of shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Change of Control Offer</B>&#8221; has
the meaning attributed to such term in Section 4.1.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Change of Control Payment</B>&#8221;
has the meaning attributed to such term in Section 4.1.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Change of Control Payment Date</B>&#8221;
has the meaning attributed to such term in Section 4.1.2;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Change of Control Triggering Event</B>&#8221;
means the occurrence of both a Change of Control and a Below Investment Grade Rating Event;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Deposits</B>&#8221; means all intercompany
deposits, advances of funds and payables;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Financial Instrument Obligations</B>&#8221;
of any Person, means, at any time with respect to such Person, obligations for transactions arising under:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any interest swap agreement, forward rate agreement, floor, cap or collar agreement, futures or options,
insurance or other similar agreement or arrangement, or any combination thereof, entered into or guaranteed by such Person where the subject
matter of the same is interest rates or the price, value, or amount payable thereunder is dependent or based upon the interest rates or
fluctuations in interest rates in effect from time to time (but, for certainty, shall exclude conventional floating rate debt);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any currency swap agreement, cross-currency agreement, forward agreement, floor, cap or collar agreement,
futures or options, insurance or other similar agreement or arrangement, or any combination thereof, entered into or guaranteed by such
Person where the subject matter of the same is currency exchange rates or the price, value or amount payable thereunder is dependent or
based upon currency exchange rates or fluctuations in currency exchange rates in effect from time to time; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any agreement, whether financial or physical, for the purchase, sale, exchange, making or taking of any
commodity (including natural gas, oil, electricity, coal, emission credits or other energy products), any commodity swap agreement, floor,
cap or collar agreement or commodity future or option or other similar agreements or arrangements, or any combination thereof, entered
into or guaranteed by such Person where the subject matter of the same is any commodity or the price, value or amount payable thereunder
is dependent or based upon the price of any commodity or fluctuations in the price of any commodity in effect from time to time,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">to the extent of the net amount due or accruing
due thereunder at such time (determined by marking-to-market the same in accordance with their terms);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Funded Indebtedness</B>&#8221; means,
with respect to any Person, Indebtedness but excludes (i) any Indebtedness of such Person that, on the date of issue or assumption of
liability, has a term to maturity (including any right of extension or renewal) of 18 months or less, (ii) Inter-Company Indebtedness
of such Person, and (iii) Qualifying Subordinated Indebtedness of such Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Global Note</B>&#8221; means a Note
that evidences all or part of the Notes in the form set out in Schedule 1 hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Government of Canada Yield</B>&#8221;
means, on any date, with respect to any Notes, the yield to maturity on such date, compounded semi-annually, which an assumed new issue
of non-callable Government of Canada bonds denominated in Canadian dollars would carry if issued in Canada at 100% of its principal amount
on such date, with a term to maturity as nearly as possible equal to the remaining term to November 14, 2032. The Government of Canada
Yield will be the average (rounded to four decimal points) of the bid-side yields provided by the Investment Dealers in accordance with
the terms of this Twelfth Supplemental Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Guarantors</B>&#8221; means, notwithstanding
anything in the indenture dated as of October 10, 2012 to the contrary, collectively, BIP, BILP, BRM Holdco, Can Holdco, US Holdco and
BIPC Holdings, and each other material Subsidiary of BILP formed or acquired after the date hereof and which delivers a guarantee; and
 &#8220;<B>Guarantor</B>&#8221; means any of them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>IIROC</B>&#8221; means the Investment
Industry Regulatory Organization of Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Indebtedness</B>&#8221; of any Person
means (without duplication), whether recourse is to all or a portion of the assets of such Person and whether or not contingent, obligations
treated in accordance with GAAP from time to time as indebtedness, including: (i) every obligation of such Person for money borrowed;
(ii) every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments; (iii) every reimbursement obligation
of such Person with respect to letters of credit, bankers&#8217; acceptances or similar facilities issued for the account of such Person;
(iv) every obligation of such Person issued or assumed as the deferred purchase price of property or services (but excluding trade accounts
payable or accrued liabilities arising in the ordinary course of business which are not overdue or which are being contested in good faith);
(v) the Net Swap Exposure of such Person; (vi) every Capital Lease Obligation of such Person; (vii) the maximum fixed redemption or repurchase
price, as at the time of determination, of all Redeemable Stock of such Person that is not Qualifying Redeemable Stock; and (viii) every
obligation of the type referred to in clauses (i) through (vii) of another Person and all dividends of another Person the payment of which,
in either case, such Person has guaranteed or for which such Person is responsible or liable, directly or indirectly, as obligor, guarantor
or otherwise, excluding any obligation in respect of Qualifying Redeemable Stock and any obligation of another Person in relation to Net
Swap Exposure, the payment of which such Person has guaranteed and which guarantee is included above as indebtedness in accordance with
GAAP from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Indenture</B>&#8221; has the meaning
attributed to such term in the recitals hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Inter-Company Indebtedness</B>&#8221;
means, with respect to any of the Issuers, a Guarantor or any of their respective Subsidiaries, Indebtedness owing to any one or more
of the Issuers, Guarantors and/or any Subsidiary of the Issuers or Guarantors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Interest Rate</B>&#8221; means the interest
rate as specified in the applicable Pricing Supplement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Investment Dealers</B>&#8221; means
two investment dealers selected by the Issuers who are independent of the Issuers and are each members of IIROC (or if IIROC shall cease
to exist, such other independent investment dealer as the Issuers may select, with the approval of the Trustee, acting reasonably), which
Investment Dealers shall be retained by and at the cost of the Issuers to determine the Government of Canada Yield. The two investment
dealers shall be any two agents party to the Agency Agreement (as defined in the Prospectus Supplement dated November 9, 2022);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Investment Grade Rating</B>&#8221; means
a rating equal to or higher than (i) &#8220;BBB-&#8221; (or the equivalent) by S&amp;P, and (ii) in respect of any Rating Agency other
than S&amp;P, if applicable, a rating by such Rating Agency in one of its generic rating categories that signifies investment grade;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Loan</B>&#8221; means an obligation
for money borrowed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Limited Recourse
Indebtedness</B>&#8221; as applied to any Indebtedness of any Person means any Indebtedness that is or was incurred to finance a
specific facility or portfolio of facilities or the acquisition of financial assets, provided that if such Indebtedness is with
recourse to any of the Issuers or a Guarantor, such recourse is on an unsecured basis to such Issuer or Guarantor (except as
subsequently provided herein) and is limited to liabilities or obligations relating to the specific facility or portfolio of
facilities or financial assets, and provided further that such Indebtedness may be secured by a lien on only (i) the property and
assets that constitute such facility, portfolio of facilities or financial assets, as the case may be, (ii) the income from and
proceeds of such facility, portfolio of facilities or financial assets, as the case may be, (iii) the Capital Stock of any
Subsidiary of any of the Issuers or a Guarantor, or other entity, that owns an interest in such facility, portfolio of facilities or
financial assets, or any interest that any such Subsidiary, or other entity, holds of any other Person owning any interest in such
facility, portfolio of facilities or financial assets, and (iv) the contracts pertaining to such facility, portfolio of facilities
or financial assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Net Swap Exposure</B>&#8221; means the
net position of Financial Instrument Obligations of any Person that are: (i) in excess of 18 months from the time the relevant calculation
is made; and (ii) considered as indebtedness in accordance with GAAP from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Net Worth</B>&#8221; means an amount
equal to the sum of (i) the equity or capital of BIP (including the partners&#8217; capital, retained earnings or deficits, accumulated
other comprehensive income or loss, and contributed and revaluation surplus of BIP) and all preferred equity and equity components of
capital Securities of BIP, (ii) the principal amount of all Qualifying Subordinated Indebtedness of BIP, and (iii) the consolidated Qualifying
Redeemable Stock of BIP, determined in each case on a consolidated basis in accordance with GAAP as at the date of the most recent financial
statements of BIP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Non-Controlling Interests</B>&#8221;
means, at the time of any determination thereof, the amount that would be shown on a consolidated financial statement of BIP at such time,
prepared in accordance with GAAP at such time, of non-controlling interests owned by minority stakeholders in BIP&#8217;s consolidated
entities, and includes preferred shares, limited partnership interests and trust units;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Notes</B>&#8221; means any notes of
any tranche referred to in Article&nbsp;2 of this Twelfth Supplemental Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Original Issue Date</B>&#8221; means
November 14, 2022;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&#8220;Permitted Encumbrances&#8221;
</B>means any of the following, with respect to any of the Issuers or a Guarantor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">any encumbrance on the assets of any one or more of the Issuers and/or Guarantors to secure Indebtedness
up to an aggregate principal amount outstanding at any time of the greater of 5% of Net Worth and $100 million;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">any encumbrance to secure Indebtedness in excess of the principal amount referred to in clause (a); provided
that the obligations in respect of the Notes are secured equally and ratably with such Indebtedness and all other Indebtedness which is
required to be secured equally and ratably;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any encumbrance for collateral pledged (including parental guarantees) for Financial Instrument Obligations
and any encumbrance on or against cash or marketable debt securities pledged to secure Financial Instrument Obligations provided that
such encumbrances are not incurred for speculative purposes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">any encumbrance in existence as of the date of the issuance of Notes or arising thereafter pursuant to
contractual commitments entered into prior to such issuance;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(e)</TD><TD STYLE="text-align: justify">any encumbrance on property of any Person which exists at the
time such Person is merged into, or amalgamated or consolidated with any Issuer or Guarantor in compliance with this Indenture, or any
encumbrance on property that exists when such property is directly or indirectly acquired by any Issuer or Guarantor, which encumbrance
does not extend to any other property or assets of such Issuer or Guarantor, other than an encumbrance incurred in contemplation of such
merger, amalgamation, consolidation or acquisition;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">any encumbrance or right of distress reserved in or exercisable under any lease for rent to which any
Issuer or Guarantor is a party and for compliance with the terms of the lease;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">any encumbrance reserved in or exercisable under any subdivision, site plan control, development, reciprocal,
servicing, facility, facility cost sharing or similar agreement with a Governmental Authority currently existing or hereafter entered
into with a Governmental Authority, which does not or in aggregate do not materially interfere with the use of the property for the purposes
for which it is held or materially detract from the value thereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">encumbrances respecting encroachments by facilities on neighboring lands over any property owned by any
Issuer or Guarantor which do not materially interfere with the use thereof for the purposes for which the property is held or materially
detract from the value thereof;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">permits, licenses, agreements, easements (including, without limitation, heritage easements and agreements
relating thereto), restrictions, restrictive covenants, reciprocal rights, rights-of-way, public ways, rights in the nature of an easement
and other similar rights in land granted to or reserved by other Persons (including, without in any way limiting the generality of the
foregoing, permits, licenses, agreements, easements, rights-of-way, sidewalks, public ways, and rights in the nature of easements or servitudes
for sewers, drains, steam, gas and water mains or electric light and power or telephone and telegraph conduits, poles, wires and cables);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">liens incurred in the ordinary course of business, other than in connection with the incurrence of Indebtedness,
that do not individually or in the aggregate with all other Permitted Encumbrances materially detract from the value of the assets encumbered
or materially interfere with their use in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">cash deposited with any lender to cash collateralize (i) bankers acceptances or depository notes within
the meaning of the <I>Depository Bills and Notes Act</I> (Canada), (ii) bills of exchange within the meaning of the <I>Bills of Exchange
Act (Canada)</I> or (iii) letters of credit, in each case, pursuant to the terms of any credit facility permitted hereunder;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">any encumbrance for any Tax, (i) secured by a bond or other reasonable security, (ii) not yet due or (iii)
being contested in good faith and by appropriate proceedings so long as adequate reserves have been provided therefor in accordance with
GAAP;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">any encumbrance arising out of judgments or awards so long as enforcement of such encumbrance has been
stayed and an appeal or proceeding for review is being prosecuted in good faith and for the payment of which adequate reserves, bonds
or other reasonable security have been provided or are fully covered by insurance;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">encumbrances, deposits or pledges to secure statutory obligations of any Issuer or Guarantor arising in
the ordinary course of business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">any encumbrance imposed by law which were incurred in the ordinary course of business, including carriers&#8217;,
warehousemen&#8217;s and mechanics&#8217; liens and other similar liens arising in the ordinary course of business, and which (i) do not
individually or in the aggregate materially detract from the value of the assets subject thereto or materially impair the use thereof
in the operations of the business of such Person or (ii) are being contested in good faith by appropriate proceedings, which proceedings
have the effect of preventing the forfeiture or sale of the assets subject to such liens and for which adequate reserves have been provided
in accordance with GAAP;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify">any encumbrance arising from leases or license agreements (other than Capital Lease Obligations) entered
into by any Issuer or Guarantor in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">any encumbrance created, incurred or assumed to secure any purchase money obligation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">any encumbrance created, incurred or assumed to secure any Limited Recourse Indebtedness;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">any encumbrance on or against cash or marketable debt securities in a sinking fund account established
in support of a Series of Notes issued pursuant to this Indenture; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">any extension, renewal, alteration or replacement (or successive extensions, renewals, alterations or
replacements) in whole or in part, of any encumbrance referred to in the foregoing clauses (a) through (s) inclusive, provided that the
extension, renewal, alteration or replacement of such encumbrance is limited to all or any part of the same assets that secured the encumbrance
extended, renewed, altered or replaced (plus improvements on such assets) and the principal amount of the Indebtedness secured thereby
is not increased;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Premium</B>&#8221; means, with respect
to any Note at a particular time, the excess, if any, of the then applicable Redemption Price of such Note over the principal amount of
such Note;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Pricing Supplement</B>&#8221; means
a pricing supplement to the Prospectus, in either or both of the English and French languages, incorporated by reference into the Prospectus
for the purpose of distributing the Notes, as contemplated by National Instrument 44-102 &#8722; <I>Shelf Distributions</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Program Amount</B>&#8221; means the
aggregate principal amount of Notes qualified for issuance from time to time under the Prospectus then in effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Prospectus</B>&#8221; means the short
form base shelf prospectus of the Issuers with respect to the continuous offering of debt securities filed with the securities regulatory
authority in each of the provinces and territories of Canada from time to time, including any amendments or supplements thereto (other
than any Pricing Supplement);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Qualifying Redeemable Stock</B>&#8221;
of any Person means any Redeemable Stock of such Person that can be satisfied or acquired, in the sole discretion of the Person who issued
such Redeemable Stock, BIP or a Subsidiary of BIP, with or in exchange for Capital Stock of such Person, or a Subsidiary of BIP that is
not itself Redeemable Stock;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Qualifying Subordinated
Indebtedness</B>&#8221; of any Person means Indebtedness of such Person (i) which by its terms provides that the payment of
principal of (and Premium, if any) and interest on and all other payment obligations in respect of such Indebtedness shall be
subordinate to the prior payment in full of the Notes to at least the extent that no payment of principal of (or Premium, if any) or
interest on or otherwise due in respect of such Indebtedness may be made for so long as there exists any default in the payment of
principal (or Premium, if any) or interest on the Notes or any other default that with the passing of time or the giving of notice,
or both, would constitute an Event of Default with respect to the Notes and (ii) which expressly by its terms gives such Person the
right to make payments of principal (and Premium, if any) and interest and all other payment obligations in respect of such
Indebtedness in equity of the Issuers, a Guarantor or any of their respective Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Rating Agencies</B>&#8221; means (i)
S&amp;P and any other nationally recognized statistical rating organization selected by the Issuers that then rates the Notes, and (ii)
if any of the Rating Agencies ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside the
Issuers&#8217; control, a nationally recognized statistical rating organization selected by the Issuers (as certified by a resolution
of the Board of each Issuer) as a replacement agency for such Rating Agency, or some or all of them, as the case may be, and &#8220;<B>Rating
Agency</B>&#8221; means any one of them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Redeemable Stock</B>&#8221; of any Person
means any Capital Stock of such Person which by its terms (or by the terms of any Note into which it is convertible or for which it is
exchangeable), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise,
or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the final stated maturity of the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Redemption Price</B>&#8221; means, with
respect to a Note being redeemed either in whole at any time or in part from time to time, (a) if the Redemption Date occurs prior to
November 14, 2032 (being the date that is three months prior to the Stated Maturity), an amount equal to the greater of (i) the Canada
Yield Price, and (ii) par, or (b) if the Redemption Date occurs on or after November 14, 2032 a price equal to par, together in each case
with the accrued and unpaid interest thereon to, but excluding, the Redemption Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>S&amp;P</B>&#8221; means S&amp;P Global
Ratings;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Total Consolidated Capitalization</B>&#8221;
means (without duplication), in accordance with GAAP from time to time, on a consolidated basis, the sum of (i) Net Worth, (ii) the Non-Controlling
Interests, and (iii) all Funded Indebtedness of BIP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>Trustee</B>&#8221; means Computershare
Trust Company of Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>US Holdco</B>&#8221; means, notwithstanding
anything in the Indenture to the contrary, Brookfield Infrastructure US Holdings I Corporation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;<B>U.S. Securities Act</B>&#8221; means
the United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;2<BR>
ISSUE OF THE NOTES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD>Form, Terms and Certification and Delivery of the Notes</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
twelfth series of Notes authorized to be issued from time to time hereunder, as one or more tranches, shall be designated
 &#8220;<B>Medium Term Notes</B>&#8221; and are herein sometimes called the &#8220;<B>Notes</B>&#8221;. The Notes may be issued by
the Issuers in separate tranches from time to time in an unlimited aggregate principal amount and may only be validly issued when
the aggregate principal amount of the relevant tranche of Notes to be issued, when added to the aggregate principal amount of all
Notes previously or simultaneously issued under the Prospectus in effect on the date of issue, does not exceed the Program Amount.
Upon any increase or decrease from time to time in the Program Amount, the Issuers shall forthwith deliver to the Trustee a copy of
a Board Resolution of each of the Issuers approving such change certified by any one of the Board members or officers, as the case
may be, of each of the Issuers, together with a copy of any amendment of or supplement to the Prospectus relating to such increase
or decrease. Notes shall be delivered to the Trustee and shall be certified by or on behalf of the Trustee and delivered by it to or
upon the receipt of a written order of each of the Issuers on the following terms:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Date and Interest. </I></B> Each Note of any tranche issued from time to time shall be dated as of the date of issue and
shall bear interest (if any) from, and including, the Original Issue Date or from, and including, the most recent Interest Payment Date
to which interest has been paid or duly provided for, whichever is later, at the rate (either fixed or floating and, if floating the manner
of calculation thereof) determined by the Issuers on the Original Issue Date. Interest, if any, shall be payable on the date determined
by the Issuers at the time of issue, at the interest rate and calculated in the manner so determined and as well after as before maturity
and after default with interest on overdue interest at the same rate, computed in the same manner as interest on the original principal
amount, from, and including, its due date until actual payment. If an Interest Payment Date is not a Business Day, then the payment will
be made on the next Business Day with no adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Maturity. </I></B> Each Note shall mature on the date determined by the Issuers at the time of issue, provided that such
date shall not be earlier than one year from the date of issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Pricing Supplements.</I></B> The Issuers shall prepare one or more Pricing Supplements which shall be acceptable to the Trustee,
acting reasonably, with respect to each issue of Notes which shall specify the terms and conditions of such Notes, including the provisions
of this Section 2.1, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Denominations. </I></B> Notes shall be issued in such denominations as may be determined by the Issuers at the time of issue.
The Notes are issuable in minimum denominations of $1,000.00 and integral multiples thereof, subject to Section 2.1.1.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Currency.</I></B> The Notes shall be issued and payable in such currency as is determined by the Issuers at the time of issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>Form of Notes.</I></B> Each tranche of Notes and the certificate of the Trustee endorsed thereon shall each be issuable initially
as one or more Global Notes held by, or on behalf of, CDS, as depository, for its participants and registered in the name of CDS or its
nominee. Each Global Note will be substantially in the form set out in Schedule 1 hereto with such appropriate additions, deletions, substitutions
and variations as the Trustee may approve and shall bear such distinguishing letters and numbers as the Trustee may approve, with such
approval in each case to be conclusively deemed to have been given by the Trustee certifying such Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <B><I>Place of Payment. </I></B> Payments of principal and interest on each registered interest bearing Note shall, subject to
Section 2.1.1.5, be made in lawful money of Canada at the head office of the Trustee in Toronto, Ontario.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.1.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><I>U.S. Securities Laws. </I></B> The Trustee acknowledges that the Notes have not been and will not be registered under the
U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold within the United States, except in certain transactions
exempt from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The written order of the Issuers for the certification and delivery of such Notes shall specify the place of delivery, denominations
and registration particulars (if any) for such Notes and shall also specify the following particulars relating to such Notes (unless such
particulars are contained in forms of Notes duly completed by the Issuers and delivered concurrently with such written order):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.1&nbsp;&nbsp;the
date of issue;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.2&nbsp;&nbsp;the
principal amount;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.3&nbsp;&nbsp;the
currency (if other than Canadian dollars);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.4&nbsp;&nbsp;the
interest rate (if any);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.5&nbsp;&nbsp;the
manner of calculation of interest (if any);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.6&nbsp;&nbsp;the
Interest Payment Dates (if any);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.7&nbsp;&nbsp;the
terms of any redemption rights; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.1.2.8&nbsp;&nbsp;the
terms of any other special provisions relating to such Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt by the Trustee of the documents and instruments required pursuant to this Section 2.1, the Trustee shall certify the Notes and
cause such Notes to be delivered in accordance with the written order of the Issuers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD>Execution of Notes</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Notes shall be
signed (either manually, by facsimile or other electronic signature) by any one of each of the Issuers&#8217; Board members or officers,
as the case may be. Each of the Notes may be executed on behalf of each Issuer in counterparts, each of which shall constitute an original
and all of which when taken together shall constitute one and the same instrument. A signature upon any of the Notes shall for all purposes
of this Twelfth Supplemental Indenture be deemed to be the signature of the individual whose signature it purports to be and to have been
signed at the time of such signature and notwithstanding that any individual whose signature may appear on the Notes is not, at the date
of this Twelfth Supplemental Indenture or at the date of the Note or at the date of the certification and delivery thereof, a Board member
or officer, as the case may be, of an Issuer, such Notes shall be valid and binding upon the Issuers and entitled to the benefits of this
Twelfth Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD>Certification</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Note shall be issued or, if issued, shall be obligatory or shall entitle the Holder of such Note to the benefits of this Twelfth
Supplemental Indenture until it has been certified by or on behalf of the Trustee. Notwithstanding Section 3.3(h) of the Indenture, the
Trustee may certify a Note with a manual, facsimile or other electronic signature. Such certificate on any Note shall be conclusive evidence
that such Note is duly issued and is a valid obligation of the Issuers and that the Holder of such Note is entitled to the benefits of
this Twelfth Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The certificate of the Trustee on any Note shall not be construed as a representation or warranty by the Trustee as to the validity
of this Twelfth Supplemental Indenture or of the Notes (except the due certification thereof by the Trustee and any other warranties implied
by law) and the Trustee shall in no respect be liable or answerable for the use made of the Notes or the proceeds thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD>Additional Events of Default</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to the Events of Default contained in Article 5 of the Indenture, the following events will constitute an Event of
Default with respect to the Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.4.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the failure by the Issuers to comply with their obligations in the event of a Change of Control Triggering Event; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.4.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default by the Issuers or any Guarantor in payment of principal of, premium, if any, or interest on any obligation for borrowed
money (other than an obligation payable on demand or maturing less than 18 months from the creation or issue thereof) having an outstanding
principal amount in excess of 5% of consolidated Net Worth in the aggregate at the time of default or in the performance of any other
covenant of the Issuers or any Guarantor contained in any instrument under which such obligations are created or issued resulting in the
acceleration of the final maturity of such obligations; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">2.4.1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the rendering of a final judgment or judgments (not subject to appeal) against any of the Issuers or any Guarantor in an amount
in excess of 5% of the consolidated Net Worth which remains undischarged or unstayed for a period of 60 days after the date on which the
right to appeal has expired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">2.4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due
and payable in the manner and with the effect provided in the Indenture. Notwithstanding the previous sentence, if an Event of Default
occurs as a result of the failure by the Issuers to comply with their obligations in the event of a Change of Control Triggering Event
as described above, the principal of, and any premium and accrued interest on the Notes will become immediately due and payable without
any declaration or other act on the part of the Trustee or any Holder of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;3<BR>
iNTEREST, PAYMENT OF PRINCIPAL<BR>
AND REDEMPTION AND REPURCHASE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD>Record Date</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Regular Record Date for
determining Holders entitled to receive interest on the Notes will be the close of business on the date that is two Business Days preceding
the relevant Interest Payment Date for the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD>Payment of Interest</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to an Interest Payment
Date, the Issuers will forward or cause to be forwarded to the Trustee (and the Trustee shall subsequently forward to each Holder at the
registered address of such Holder as of the Regular Record Date) the interest and Additional Amounts (if any), less any Taxes required
by law to be deducted or withheld. If the Issuers forward payment to the Trustee by cheque, the Issuers shall deliver to the Trustee certified
cheque(s) payable to the order of the Trustee on the day that is two Business Days before such Interest Payment Date, and the Trustee
will only forward such amounts to the Holders upon receipt of the full amount of interest and Additional Amounts (if any) being paid in
immediately available funds. The forwarding of such cheque(s) will satisfy and discharge the liability for interest upon and Additional
Amounts (if any) on such Note to the extent of the sum represented thereby (plus the amount of any Taxes deducted or withheld as aforesaid)
unless such cheque(s) are not paid on presentation. The Issuers, at their option, may cause any amount payable in respect of principal,
interest, Additional Amounts (if any) or premium (if any) to be paid to the Trustee by wire transfer(s) to an account specified by the
Trustee on the day that is one Business Day before such Interest Payment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD>Payment of Principal and Premium</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with Article
4 of the Indenture, the Issuers will deposit with the Trustee all amounts required to be paid to the order of Holders of Notes on maturity,
one Business Day before the maturity date of the Notes. The deposit of such funds will satisfy and discharge the liability for principal
of the Notes to the extent of the sum represented thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.4</TD><TD>Redemptions and Repurchases</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless otherwise specified in the applicable Pricing Supplement and subject to Article 11 of the Indenture, the Issuers may, at
their option, redeem the Notes at any time and from time to time, in whole or in part, upon payment of the applicable Redemption Price.
The Issuers will give notice of redemption not more than 60 days and not less than 10 days before the Redemption Date and such notice
shall contain any conditions of redemption. Less than all of the Notes may be redeemed in accordance with Article 11 of the Indenture.
Notes so redeemed will be cancelled and will not be re-issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless otherwise specified in the applicable Pricing Supplement, the Issuers will be entitled at any time and from time to time
to purchase for cancellation all or any of the Notes in the open market (which may include purchases from or through an investment dealer
or a firm holding membership on a recognized stock exchange), by tender or by private contract at any price at any time. Notes that are
so purchased will be cancelled and will not be re-issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">3.4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Unless otherwise specified in the applicable Pricing Supplement, the Notes will not be subject to repurchase pursuant to any sinking
fund or any other required repayment provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.5</TD><TD>Location of Registers</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to the Notes,
initially the registers referred to in Section 3.5 of the Indenture shall be kept by and at the principal office of the Trustee in Toronto,
Ontario and may be kept in such other place or places, if any, by the Trustee or by such other registrar or registrars (if any) as the
Issuers, with the approval of the Trustee, may designate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.6</TD><TD>Additional Amounts</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.5 of the Indenture
shall apply to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.7</TD><TD>Trustee, etc.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee will be the indenture
trustee, authenticating agent, paying agent, transfer agent and registrar for the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;4<BR>
CHANGE OF CONTROL</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD>Redemption upon a Change of Control</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a Change of Control Triggering Event occurs, unless the Issuers have exercised their right to redeem any Notes as described
above, the Issuers will be required to make an offer to repurchase all, or any part (equal to $1,000.00 or an integral multiple thereof),
of each Holder&#8217;s Notes pursuant to the offer described below (the &#8220;<B>Change of Control Offer</B>&#8221;) on the terms set
forth herein. In the Change of Control Offer, the Issuers will be required to offer payment in cash equal to 101% of the aggregate principal
amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased, to the date of repurchase (the &#8220;<B>Change
of Control Payment</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within 30 days following any Change of Control Triggering Event, the Issuers will be required to mail a notice to Holders of Notes,
with a copy to the Trustee, describing the transaction or transactions that constitute the Change of Control Triggering Event and offering
to repurchase the Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from
the date such notice is mailed (the &#8220;<B>Change of Control Payment Date</B>&#8221;), pursuant to the procedures required herein and
described in such notice. The Issuers must comply with any securities laws and regulations that are applicable in connection with the
repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws
or regulations conflict with the Change of Control provisions herein, the Issuers will be required to comply with the applicable securities
laws and regulations and will not be deemed to have breached their obligations under the Change of Control provisions herein by virtue
of such conflicts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Change of Control Payment Date, the Issuers will be required, to the extent lawful, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control
Offer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">deposit with the Trustee an amount equal to the Change of Control Payment in respect of all Notes or portions
of Notes properly tendered; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer&#8217;s
Certificate of each of the Issuers stating the aggregate principal amount of Notes or portions of Notes being repurchased by the Issuers.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee will be required to promptly send a wire transfer comprising, or mail to each Holder of Notes who properly tendered
Notes, the purchase price for such Notes and the Trustee will be required to promptly authenticate and mail (or cause to be transferred
by book entry) to each such Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided
that each new Note will be in a principal amount of $1,000.00 or an integral multiple thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">4.1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Issuers will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if another Person
makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer that would be required
to be made by the Issuers in connection with a Change of Control Triggering Event, and such Person purchases all Notes properly tendered
and not withdrawn under its offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;5<BR>
COVENANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD>Limitations on Indebtedness</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Issuers will not, and
will not permit any of their Subsidiaries to, directly or indirectly, issue, incur, assume or otherwise become liable for or in respect
of any Funded Indebtedness unless, after giving effect thereto, the Funded Indebtedness of BIP, calculated on a consolidated basis, would
not exceed 75% of Total Consolidated Capitalization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD>Limitation on Liens</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No Issuer will create, incur,
assume or permit to exist any lien on any property or asset now owned or hereafter acquired by it, unless at the same time the Notes are
secured equally and ratably with such lien, provided that this will not apply to Permitted Encumbrances. Upon being advised by the Issuers
in writing in an Officer&#8217;s Certificate that security has been provided for the Notes on an equal and ratable basis in connection
with the grant to a third party of security and subsequently such security to the third party is released, the Trustee will forthwith
release the security granted for the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;6</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.1</TD><TD>Acceptance of Trust</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustee accepts the trusts
in this Twelfth Supplemental Indenture and agrees to carry out and discharge the same upon the terms and conditions set out in this Twelfth
Supplemental Indenture and in accordance with the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.2</TD><TD>Confirmation of Indenture</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture as amended and
supplemented by this Twelfth Supplemental Indenture is in all respects confirmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.3</TD><TD>Trust Indenture Act</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything to
the contrary contained in the Indenture, with respect to the Notes referred to in this Twelfth Supplemental Indenture, (i)&nbsp;the Issuers
shall not be required to comply with the provisions of the Trust Indenture Act and (ii)&nbsp;Sections 7.2 and 7.3 of the Indenture shall
not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.4</TD><TD>Counterparts</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Twelfth Supplemental
Indenture may be executed in several counterparts, each of which once executed shall be deemed to be an original and such counterparts
together shall constitute one and the same instrument. This Twelfth Supplemental Indenture may be executed and delivered by facsimile
or other electronic transmission of a counterpart hereof bearing a manual, facsimile or other electronic signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.5</TD><TD>Use of Proceeds</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Pricing Supplement shall
specify each Issuer that is primarily responsible for the repayment of the principal amount of the Notes and interest thereon, together
with the intended use of proceeds by such Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.6</TD><TD>Responsibility for Notes</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding that each
of the Issuers are co-obligors, jointly and severally liable under the Notes for the full principal amount, it is understood and agreed
as among the Issuers that only the Issuer(s) nominated as borrower(s) in the Pricing Supplement (the &#8220;<B>Borrowing Issuer(s)</B>&#8221;)
shall be primarily responsible for repayment of the total principal amount of the Notes, representing the amount of cash the Borrowing
Issuer(s) received from the proceeds of the Notes on the date of issue, plus all interest thereon. To the extent that the Borrowing Issuer(s)
actually repay(s) to the Holders more than the share of the indebtedness for which the Borrowing Issuer(s) is/are primarily responsible
pursuant to the preceding sentence, then the Borrowing Issuer(s) shall be deemed to have made a loan of such excess amount to, and only
to the extent the Borrowing Issuer(s) actually paid such amounts to the Holders and shall be treated as having a right to repayment from,
the other Issuers for the amounts such Borrowing Issuer(s) actually paid to the Holders (although such loan and right of repayment shall
be subordinated to the rights of the Holders), and the recipients of such deemed loan shall be treated as having repaid such excess amount
to the Holders of the Notes. The rights and remedies of the Issuers under this Section 6.6 shall not alter the joint and several obligations
of the Issuers to the Holders for the full principal amount of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, the
parties hereto have executed this Twelfth Supplemental Indenture as of the date first written above. Brookfield Infrastructure Finance
Pty Ltd executes this document as a deed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">BROOKFIELD INFRASTRUCTURE FINANCE ULC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify"><I>/s/ Keir Hunt</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 40%">Keir Hunt</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Title:</TD>
<TD>President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">BROOKFIELD INFRASTRUCTURE FINANCE LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify"><I>/s/ Ralph Klatzkin</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 40%">Ralph Klatzkin</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Title:</TD>
<TD>Vice President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">BROOKFIELD INFRASTRUCTURE FINANCE LIMITED</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify"><I>/s/ James Bodi</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 40%">James Bodi</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Title:</TD>
<TD>Director</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">BROOKFIELD INFRASTRUCTURE FINANCE PTY LTD</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ <I>Michael Ryan</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 40%">Michael Ryan</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Title:</TD>
<TD>Corporate Secretary</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Twelfth
Supplemental Indenture]&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 10pt">COMPUTERSHARE TRUST COMPANY OF CANADA<FONT STYLE="font-weight: normal">, as Trustee</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-weight: bold">&nbsp;</TD>
<TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify"><I>/s/ Yana Nedyalkova</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 40%">Yana Nedyalkova</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Title:</TD>
<TD>Corporate Trust Officer</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify"><I>/s/ Shelley McGarrity</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Name:</TD>
<TD>Shelley McGarrity</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Title:</TD>
<TD>Corporate Trust Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Twelfth
Supplemental Indenture]&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>&nbsp;</B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 215.3pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><U>SCHEDULE 1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>FORM OF NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (&#8220;CDS&#8221;) TO BROOKFIELD INFRASTRUCTURE FINANCE ULC, BROOKFIELD INFRASTRUCTURE
FINANCE LLC, BROOKFIELD INFRASTRUCTURE FINANCE LIMITED, AND BROOKFIELD INFRASTRUCTURE FINANCE PTY LTD (THE &#8220;ISSUERS&#8221;) OR THEIR
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS
 &amp; CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS &amp; CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS &amp; CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>No. <FONT STYLE="font-family: Wingdings">n</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BROOKFIELD INFRASTRUCTURE FINANCE ULC</B>, an
unlimited liability company formed under the laws of Alberta</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BROOKFIELD INFRASTRUCTURE FINANCE LLC</B>, a
limited liability company formed under the laws of Delaware</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BROOKFIELD INFRASTRUCTURE FINANCE LIMITED</B>,
an exempted company incorporated under the laws of Bermuda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BROOKFIELD INFRASTRUCTURE FINANCE PTY LTD</B>,
a proprietary company limited by shares incorporated under the laws of Australia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MEDIUM TERM NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 47%; padding-bottom: 3pt">CUSIP / ISIN Nos. </TD>
  <TD STYLE="width: 53%; padding-bottom: 3pt"><FONT STYLE="font-family: Wingdings">n</FONT> / <FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Issue Date </TD>
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Stated Maturity </TD>
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Interest Rate</TD>
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Wingdings">n</FONT>%</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Interest Calculation</TD>
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Interest Payment Dates</TD>
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">Principal Amount </TD>
  <TD STYLE="padding-top: 3pt; padding-bottom: 3pt">$<FONT STYLE="font-family: Wingdings">n</FONT> (the &#8220;<B>Principal Amount&#8221;</B>)</TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="padding-top: 3pt">Registered Holder</TD>
  <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Wingdings">n</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Brookfield Infrastructure
Finance ULC, Brookfield Infrastructure Finance LLC, Brookfield Infrastructure Finance Limited, and Brookfield Infrastructure Finance Pty
Ltd (the &#8220;<B>Issuers</B>&#8221;) for value received hereby promise to pay to the registered Holder hereof on the Stated Maturity,
or on such earlier date as the Principal Amount may become due and payable in accordance with the provisions of the Indenture (as defined
below) and with the provisions of the pricing supplement dated <FONT STYLE="font-family: Wingdings">n</FONT> attached to this Note (the
 &#8220;<B>Pricing Supplement</B>&#8221;), on presentation and surrender of this Note, the Principal Amount in lawful money of Canada at
the Corporate Trust Office of the Trustee and to pay interest on the Principal Amount at the interest rate per annum set forth above from
the Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for, whichever
is later, at the Corporate Trust Office of the Trustee, calculated as set forth above, in like money, and if the Issuers at any time default
in the payment of any principal, premium or interest, to pay interest on the amount in default at the same rate, calculated as set forth
above, in like money, at the Corporate Trust Office of the Trustee, and on the same dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note is one of a series
of the Notes of the Issuers issued and to be issued under an indenture dated as of October 10, 2012 (the &#8220;<B>Base Indenture</B>&#8221;)
made among the Issuers and Computershare Trust Company of Canada (the &#8220;<B>Trustee</B>&#8221;), and a twelfth supplemental indenture
dated as of November 14, 2022 (the &#8220;<B>Twelfth Supplemental Indenture</B>&#8221; and together with the Base Indenture, the &#8220;<B>Indenture</B>&#8221;)
made among the Issuers and the Trustee. The Indenture and the Pricing Supplement specify the terms and conditions upon which the Notes
are issued or may be issued and held and the rights of the Holders of Notes, the Issuers and the Trustee, all of which are incorporated
by reference in this Note and to all of which the Holder of this Note, by acceptance hereof, agrees. Capitalized terms used but not defined
herein have the meanings attributed to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to an Interest Payment
Date, the Issuers (except in case of payment at maturity or on redemption at which time payment of interest and Additional Amounts (if
any) will be made only upon surrender of this Note) will forward or cause to be forwarded to the Trustee the interest and Additional Amounts
(if any), less any Taxes required by law to be deducted or withheld. The Trustee shall subsequently mail a cheque for such amount to the
registered Holder of this Note at the registered address of such Holder, or in the case of joint Holders to the registered address of
the joint Holder first named in the register, payable to the order of such Holder or Holders and negotiable at par at the Corporate Trust
Office of the Trustee. The mailing of such cheque will satisfy and discharge the liability for interest upon and Additional Amounts (if
any) on this Note to the extent of the sum represented thereby (plus the amount of any Taxes deducted or withheld as aforesaid) unless
such cheque is not paid on presentation. The Trustee may pay or cause to be paid, at its option, any amount payable in respect of principal,
interest, Additional Amounts (if any) or premium (if any) to the Holder of this Note, by wire transfer to an account maintained by such
Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes may be issued in
one or more tranches and without limitation as to aggregate principal amount, but only upon the terms and subject to the restrictions
set out in the Indenture. The aggregate principal amount of Notes of other series which may be issued under the Indenture is unlimited,
but such Notes may be issued only upon the terms and subject to the conditions provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes are direct obligations
of the Issuers but are not secured by any mortgage, pledge, hypothec or other charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon compliance with the provisions
of the Indenture, Notes of any denomination may be exchanged for an equal aggregate principal amount of Notes in any other authorized
denomination or denominations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">So long as none of the Issuers
is in default under the Indenture, the Issuers may purchase Notes in the open market, by tender or by private contract at any price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the occurrence of a Change
of Control Triggering Event (as defined in the Twelfth Supplemental Indenture), unless the Issuers have exercised any right to redeem
the Notes, the Issuers will be required to make an offer to repurchase the Notes on the terms and subject to the conditions set forth
in Section 4.1 of the Twelfth Supplemental Indenture except if another Person makes such an offer in the manner, at the times and otherwise
in compliance with the requirements for an offer that would be required to be made by the Issuers in connection with a Change of Control
Triggering Event, and such Person purchases all Notes properly tendered and not withdrawn under its offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Principal Amount may become
or be declared due before the Stated Maturity on the conditions, in the manner, with the effect and at the times set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture contains provisions
for the holding of meetings of Holders and making resolutions passed at such meetings and instruments in writing signed by the Holders
of a specified percentage of the Notes outstanding binding on all Holders, subject to the provisions of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note may be transferred
only upon compliance with the conditions prescribed in the Indenture on one of the registers kept at the principal offices of the Trustee
in Toronto, Ontario and at such other place or places, if any, and by such other registrar or registrars, if any, as the Issuers may designate,
by the registered Holder hereof or the Holder&#8217;s legal representative or attorney duly appointed by an instrument in writing in form
and execution satisfactory to the Trustee, and upon compliance with such reasonable requirements as the Trustee or other registrar may
prescribe, and such transfer shall be duly noted hereon by the Trustee or other registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;U.S. SECURITIES ACT&#8221;), OR
ANY U.S. STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE HOLDING THESE SECURITIES, AGREES FOR THE BENEFIT OF BROOKFIELD
INFRASTRUCTURE FINANCE ULC, BROOKFIELD INFRASTRUCTURE FINANCE LLC, BROOKFIELD INFRASTRUCTURE FINANCE LIMITED AND BROOKFIELD INFRASTRUCTURE
FINANCE PTY LTD (THE &#8220;ISSUERS&#8221;) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY,
ONLY: (A) TO THE ISSUERS, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT (&#8220;REGULATION
S&#8221;) AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) IN ACCORDANCE WITH (1) RULE 144A UNDER THE U.S. SECURITIES
ACT, IF AVAILABLE, OR (2) RULE 144 UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, AND, IN THE CASE OF (1) AND (2) ABOVE, IN COMPLIANCE WITH
ANY APPLICABLE U.S. STATE SECURITIES LAWS, (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, OR (E) IN
ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR APPLICABLE U.S. STATE SECURITIES LAWS; PROVIDED
THAT, IN THE CASE OF TRANSFERS PURSUANT TO (C)(2) OR (E) ABOVE, AN OPINION OF COUNSEL OF RECOGNIZED STANDING AND IN FORM AND SUBSTANCE
REASONABLY SATISFACTORY TO THE ISSUERS AND THE TRUSTEE MUST FIRST BE PROVIDED THAT THE SALE OF SUCH SECURITIES IS NOT REQUIRED TO BE REGISTERED
UNDER THE U.S. SECURITIES ACT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE &#8220;GOOD DELIVERY&#8221; IN SETTLEMENT OF TRANSACTIONS
ON STOCK EXCHANGES IN CANADA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture and the Notes
shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note shall not become
obligatory for any purpose until it has been certified by the manual, facsimile or other electronic signature of the Trustee under the
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF </B>Brookfield
Infrastructure Finance ULC, Brookfield Infrastructure Finance LLC, Brookfield Infrastructure Finance Limited and Brookfield Infrastructure
Finance Pty Ltd have caused this Note to be signed by each of their respective representatives. Brookfield Infrastructure Finance Pty
Ltd executes this Note as a deed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD
    INFRASTRUCTURE FINANCE ULC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD
    INFRASTRUCTURE FINANCE LLC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD
    INFRASTRUCTURE FINANCE LIMITED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD
    INFRASTRUCTURE FINANCE PTY LTD</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="text-align: justify; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director or Company Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 215.05pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(FORM OF TRUSTEE&#8217;S CERTIFICATE)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&#8217;S CERTIFICATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note is one of the Notes
referred to in the Indenture referred to above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%"><FONT STYLE="font-family: Wingdings">n</FONT>, as Canadian Trustee</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>By: Certifying Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(FORM OF REGISTRATION PANEL)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(NO WRITING HEREON EXCEPT BY THE TRUSTEE OR
OTHER REGISTRAR)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DATE OF</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">REGISTRY</P></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WHOSE NAME</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">REGISTERED</P></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SIGNATURE OF TRUSTEE</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OR OTHER REGISTRAR</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(FORM OF CERTIFICATE OF TRANSFER)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATE OF TRANSFER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To assign this Note, fill in the form below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I or we assign and transfer this Note to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; width: 10%; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; padding-top: 2pt; border-bottom: Black 1pt solid; width: 80%; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; width: 10%; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; padding-top: 2pt; border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; padding-top: 2pt; border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">(Print or type assignee&#8217;s name, address and postal code)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; padding-top: 2pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; padding-top: 2pt; border-bottom: Black 1pt solid; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; text-align: justify; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 5pt; padding-top: 2pt; text-align: justify; padding-bottom: 2pt"><FONT STYLE="font-size: 10pt">(Insert assignee&#8217;s social insurance or security or tax identifying number)</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and irrevocably appoint <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;</U> agent to transfer this Note on
the books of the Issuers. The agent may substitute another to act for him.</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 4%">Date:</TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 36%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="width: 11%">Your Signature:</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="border-bottom: Black 1pt solid; font: 16pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sign exactly as your name appears on the other side of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 50%">* Signature Guarantee</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 220.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* The signature must be guaranteed by an authorized officer of a Schedule
I Canadian chartered bank or by a medallion signature guarantee from a member of a recognized Medallion Signature Guarantee Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tm2230377d1_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GUARANTEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>THIS GUARANTEE</B> is made
as of the 14<SUP>th</SUP> day of November, 2022,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 2.5in"><B>BY:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>BROOKFIELD INFRASTRUCTURE PARTNERS L.P.</B></FONT>, an exempted
limited partnership formed under the laws of Bermuda (&#8220;<B>BIP</B>&#8221;)</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>BROOKFIELD
INFRASTRUCTURE L.P.</B></FONT>, an exempted limited partnership formed under the laws of Bermuda (&#8220;<B>Holding LP</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>BIP
Bermuda holdings i limited</B></FONT>, an exempted company incorporated under the laws of Bermuda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">(&#8220;<B>BRM Holdco</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>BROOKFIELD
INFRASTRUCTURE holdings (canada) inc.</B></FONT>, a corporation incorporated under the laws of Ontario</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">(&#8220;<B>Can Holdco</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>BROOKFIELD
INFRASTRUCTURE US HOLDINGS I corporation</B></FONT>, a corporation incorporated under the laws of Delaware</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">(&#8220;<B>US Holdco</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">(each, a &#8220;<B>Guarantor</B>&#8221;
and, collectively, the &#8220;<B>Guarantors</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; width: 2.5in"><B>IN FAVOUR OF:</B></TD>
  <TD STYLE="text-align: justify"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B>, a trust company existing under the laws of Canada</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left; text-indent: -181.45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left">(the &#8220;<B>Trustee</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RECITALS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">A.</TD><TD STYLE="text-align: justify">The Issuers (as defined below) and the Trustee have entered
into an eleventh supplemental indenture dated as of the date hereof to the indenture dated as of October 10, 2012, as supplemented (but
excluding, for greater certainty, the first supplemental indenture dated as of October 10, 2012, the second supplemental indenture dated
as of March 11, 2015, the third supplemental indenture dated as of October 30, 2015, the fourth supplemental indenture dated as of October
30, 2015, the fifth supplemental indenture dated as of February 22, 2017, the sixth supplemental indenture dated as of September 10,
2018, the seventh supplemental indenture dated as of October 7, 2019, the eighth supplemental indenture dated as of September 1, 2020,
the ninth supplemental indenture dated as of April 25, 2022, the tenth supplemental indenture dated as of April 25, 2022 and the twelfth
supplemental indenture dated as of November 14, 2022) (as the same may be further amended, extended, restated, supplemented or otherwise
modified from time to time, the &#8220;<B>Indenture</B>&#8221;), providing for the issuance of the Notes (as defined below).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">Each Issuer is either a Subsidiary or an Affiliate of each Guarantor.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">Each Guarantor will, directly or indirectly, benefit from the issuance of the Notes under the Indenture
and, accordingly, desires to execute this Guarantee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>NOW THEREFORE</B> in consideration
of the foregoing and other benefits accruing to each Guarantor, the receipt and sufficiency of which are hereby acknowledged, each Guarantor
hereby covenants and agrees with the Trustee as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;1<BR>
INTERPRETATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.1</TD><TD>Definitions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In this Agreement, all capitalized
terms used and not defined in this Agreement will have the meanings given to such terms in the Indenture. In addition, the following terms
will have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Additional Guarantor</B>&#8221; means a &#8220;Guarantor&#8221; as that term is defined in the Indenture, other than
the Guarantors under this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>this Agreement</B>&#8221;, &#8220;<B>this Guarantee</B>&#8221;, &#8220;<B>herein</B>&#8221;, &#8220;<B>hereof</B>&#8221;,
 &#8220;<B>hereby</B>&#8221;, &#8220;<B>hereunder</B>&#8221; and any similar expressions refer to this Guarantee as it may be supplemented,
amended or restated from time to time, and not to any particular Article, section or other portion hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>BIPC Holdings</B>&#8221; means BIPC Holdings Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Event of Default</B>&#8221; means the occurrence of any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any Event of Default under the Indenture;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">failure on the part of any Guarantor to perform or comply with Section 5.3
of this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">failure on the part of any Guarantor to perform any other covenant or agreement
of the Guarantors under this Agreement, which failure continues for a period of 60 consecutive days after a written notice specifying
such failure to perform has been given, by registered or certified mail, to the Guarantors by the Trustee or Trustees or to the Guarantors
and the Trustee or Trustees by the Holders of at least 25% in principal amount of Outstanding Notes; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">failure on the part of any Guarantor to make payment of any amounts payable
by it under this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Guaranteed Obligations</B>&#8221; means the principal of, premium, if any, Additional Amounts, if any, and interest on
all Notes issued by the Issuers under the Indenture from time to time when and as the same shall become due and payable, whether at maturity,
upon redemption, acceleration or otherwise, and all other obligations and liabilities owing by the Issuers to the Trustee or Trustees
under the Indenture, whether present or future, absolute or contingent, liquidated or unliquidated, as principal or as surety, alone or
with others, of whatsoever nature or kind, in any currency, under or in respect of the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Guarantors</B>&#8221; means, notwithstanding anything in the indenture dated as of October 10, 2012 to the contrary,
collectively, BIP, Holding LP, BRM Holdco, Can Holdco and US Holdco, and each other material Subsidiary of Holding LP formed or acquired
after the date hereof and which delivers a guarantee; and &#8220;<B>Guarantor</B>&#8221; means any of them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Guarantors&#8217; Counsel</B>&#8221; means legal counsel retained by the Guarantors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Holder</B>&#8221; means the Person in whose name a Note is registered in the Note Register;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Issuers</B>&#8221; means Brookfield Infrastructure Finance ULC, a corporation incorporated under the laws of Alberta,
Brookfield Infrastructure Finance LLC, a company formed under the laws of Delaware, Brookfield Infrastructure Finance Limited, a company
incorporated under the laws of Bermuda, and Brookfield Infrastructure Finance Pty Ltd, a company incorporated under the laws of Australia,
and each of their respective successors; &#8220;<B>Issuer</B>&#8221; means any one of them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Notes</B>&#8221; means the 5.616% medium term notes, Series 11, due November 14, 2027;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Officer&#8217;s Certificate</B>&#8221; means a certificate of a Guarantor or the general partner of a Guarantor, as applicable,
signed by any one Board member or officer of such Guarantor or the general partner of such Guarantor, as applicable, in his capacity as
an officer and not in his personal capacity; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Proceedings</B>&#8221; means any receivership, insolvency, proposal, bankruptcy, compromise, arrangement, winding-up,
dissolution or other similar judicial proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.2</TD><TD>Headings</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The inclusion of headings in
this Agreement is for convenience of reference only and shall not affect the construction or interpretation hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.3</TD><TD>References to Articles and Sections</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Whenever in this Agreement a
particular Article, section or other portion thereof is referred to, such reference pertains to the Article, section or portion thereof
contained herein unless otherwise indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.4</TD><TD>Currency</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All amounts in this Agreement
are stated and shall be paid in Canadian Currency, provided that if Guaranteed Obligations are outstanding in a Currency other than Canadian
Currency, a Guarantor, at its option, may pay such amounts in such other Currency, to the extent that the Guaranteed Obligations are outstanding
in such other Currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.5</TD><TD>Gender and Number</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In this Agreement, unless the
context otherwise requires, words importing the singular include the plural and vice versa, words importing gender include all genders
or the neuter, and words importing the neuter include all genders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.6</TD><TD>Invalidity of Provisions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">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 shall 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.7</TD><TD>Entire Agreement</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement constitutes the
entire agreement between the parties pertaining to the subject matter of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.8</TD><TD>Governing Law, Attornment</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement shall be governed
by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein and each Guarantor hereby
irrevocably attorns to the jurisdiction of the courts of Ontario.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.9</TD><TD>Counterparts</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement may be executed
in several counterparts, each of which once executed shall be deemed to be an original and such counterparts together shall constitute
one and the same instrument. This Agreement may be executed and delivered by facsimile or other electronic transmission of a counterpart
hereof bearing a manual, facsimile or other electronic signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;2<BR>
GUARANTEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">2.1</TD><TD>Guarantee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Guarantor unconditionally,
jointly and severally with each other and BIPC Holdings, guarantees the due payment of all Guaranteed Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">2.2</TD><TD>Continuing Guarantee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The guarantee herein shall be
a continuing guarantee of the payment of all the Guaranteed Obligations and shall apply to and secure any ultimate balance thereof due
or remaining unpaid. The guarantee herein shall not be considered as wholly or partially satisfied by the intermediate payment or satisfaction
at any time of all or any part of the Guaranteed Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;3<BR>
ENFORCEMENT of GUARANTEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.1</TD><TD>Demand</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Upon the occurrence of an Event
of Default, the Guarantors shall, on demand by the Trustee or Trustees, forthwith pay to the Trustee or Trustees all Guaranteed Obligations
for which such demand was made. Each Guarantor shall be jointly and severally liable with each other and BIPC Holdings for all obligations
of the Guarantors hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.2</TD><TD>Right to Immediate Payment or Performance</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Trustee or Trustees shall
not be bound to make any demand on or to seek or exhaust their recourse against the Issuers or any other Person before being entitled
to demand payment from the Guarantors or any one of them and enforce their rights under this Agreement, and each Guarantor hereby renounces
all benefits of discussion and division.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.3</TD><TD>Trustee&#8217;s Statement</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The statement in writing of
the Trustee or Trustees as to the amount payable hereunder shall be binding upon the Guarantors and conclusive against them in the absence
of manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;4<BR>
PROTECTION OF TRUSTEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">4.1</TD><TD>Liability Absolute</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The liability of the Guarantors
hereunder shall be absolute and unconditional and shall not be discharged, diminished or in any way affected by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any amalgamation, merger, consolidation or reorganization of an Issuer, a Guarantor or a Trustee, or any continuation of an Issuer,
a Guarantor or a Trustee from the statute under which it now or hereafter exists to another statute, whether under the laws of the same
jurisdiction or another jurisdiction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any change in the name, business, objects, capital structure, ownership, constating documents, by-laws or resolutions of an Issuer,
a Guarantor or a Trustee, including without limitation any transaction (whether by way of transfer, sale or otherwise) whereby all or
any part of the undertaking, property and assets of an Issuer, a Guarantor or a Trustee becomes the property of any other Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Proceedings of or affecting an Issuer, a Guarantor, a Trustee or any other Person, and any court orders made or action taken
by an Issuer, a Guarantor, a Trustee or any other Person under or in connection with those Proceedings, whether or not those Proceedings
or orders or that action results in any of the matters described in Section&nbsp;4.2 occurring with or without the consent of the Trustee
or Trustees;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any defence, counterclaim or right of set-off available to an Issuer; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other circumstance which might otherwise constitute in whole or in part a defence available to, or a discharge of, a Guarantor,
an Issuer or any other Person in respect of the Guaranteed Obligations or the liability of a Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">4.2</TD><TD>Dealings by Trustee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Trustee or Trustees may
from time to time in their absolute discretion, without discharging, diminishing or in any way affecting the liability of the Guarantors
hereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>enforce or take action under or abstain from enforcing or taking action under the Indenture, any other guarantee or any other agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>renew all or any part of the Guaranteed Obligations or grant extensions of time or any other indulgences to an Issuer or to any
other guarantor or other Person liable directly or as surety for all or any part of the Guaranteed Obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>accept or make any compositions or arrangements with or release, discharge or otherwise deal with or abstain from dealing with
an Issuer or any other guarantor or other Person liable directly or as surety for all or any part of the Guaranteed Obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> apply all money at any time received from any Issuer in respect of the Guaranteed Obligations upon such part of the Guaranteed
Obligations as the Trustee or Trustees may see fit or change any such application in whole or in part from time to time as each of them
may see fit;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in whole or in part prove or abstain from proving a claim of the Trustee or Trustees in any Proceedings of or affecting an Issuer
or any other Person; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>agree with an Issuer, any other guarantor or any other Person to do anything described in Sections&nbsp;4.2.1 to&nbsp;4.2.5,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">whether or not any of the matters described above
occur alone or in connection with one or more other such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;5<BR>
covenants of the GUARANTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">5.1</TD><TD>Limitations on Indebtedness</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Guarantors will not, and
will not permit any of their Subsidiaries to, directly or indirectly, issue, incur, assume or otherwise become liable for or in respect
of any Funded Indebtedness unless, after giving effect thereto, the Funded Indebtedness of BIP, calculated on a consolidated basis, would
not exceed 75% of Total Consolidated Capitalization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 71.5pt">5.2</TD><TD STYLE="text-align: justify">Limitations on Liens</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No Guarantor will create, incur,
assume or permit to exist any lien on any property or asset now owned or hereafter acquired by it, unless at the same time the Notes are
secured equally and ratably with such lien, provided that this will not apply to Permitted Encumbrances. Upon being advised by the Guarantors
in writing in an Officer&#8217;s Certificate that security has been provided for the Guaranteed Obligations on an equal and ratable basis
in connection with the grant to a third party of security and subsequently such security to the third party is released, the Trustee will
forthwith release the security granted for the Guaranteed Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 71.5pt">5.3</TD><TD STYLE="text-align: justify">Limitations Concerning Merger, Consolidations and Certain Asset Sales</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No Guarantor shall enter into
any transaction or series of transactions whereby all or substantially all of its undertaking, property and assets would become the property
of any other Person (herein called a &#8220;<B>Successor</B>&#8221;), whether by way of conveyance, transfer, lease, reorganization, consolidation,
amalgamation, arrangement, merger, transfer, sale or otherwise (herein a &#8220;<B>Successor Transaction</B>&#8221;), unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Successor shall have executed,
prior to or contemporaneously with the consummation of any such transaction, an assumption of the obligations of the applicable Guarantor
under this Agreement, including the due and punctual payment of all amounts payable hereunder, and such other instruments as in the opinion
of the</FONT> Guarantors&#8217; Counsel are necessary or advisable to evidence the agreement of the Successor to observe and perform
all the covenants and obligations of the applicable Guarantor under this Agreement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">immediately after giving effect to such transaction, no Event of Default,
and event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">such Guarantor or such Successor shall have delivered to the Trustee or
Trustees an opinion of Guarantors&#8217; Counsel (for which the provider of such opinion may rely on an Officer&#8217;s Certificate for
factual matters), to the effect that such Successor Transaction complies with this Section 5.3 and that all conditions precedent herein
provided for relating to such Successor Transaction have been complied with.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">provided, however, the provisions
of this Section 5.3 shall not be applicable to any transaction between or among any one or more of any Issuer, any Guarantor, BIPC Holdings,
an Additional Guarantor and/or any Subsidiary of any of them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Upon any Successor Transaction
in accordance with this Section 5.3, the Successor shall succeed to, and be substituted for, and may exercise every right and power of,
the applicable Guarantor under this Guarantee with the same effect as if such Successor had been named as such Guarantor herein, and in
the event of any such conveyance or transfer, such Guarantor (which term shall for this purpose mean the Person named as such &#8220;Guarantor&#8221;
in the first paragraph of this Guarantee or any successor Person which shall theretofore become such in the manner described in this Section
5.3), shall be discharged of all obligations and covenants under this Guarantee and may be dissolved and liquidated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;6<BR>
REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">6.1</TD><TD>Representations and Warranties</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Guarantor represents and
warrants to the Trustee or Trustees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">6.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is duly created and existing under the laws of its jurisdiction of formation or incorporation, as applicable, and has the power
and capacity to own its properties and assets and to carry on its business as presently carried on by it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">6.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it has the power and capacity to enter into this Agreement and to do all acts and things as are required or contemplated hereunder
to be done, observed and performed by it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">6.1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it has taken all necessary corporate and, if applicable, partnership action to authorize the execution, delivery and performance
of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">6.1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> if applicable, there is no unanimous shareholder agreement which restricts, in whole or in part, the powers of the directors of
such Guarantor to manage or supervise the business and affairs of such Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">6.1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the entering into of this Agreement and the performance by such Guarantor of its obligations hereunder does not and will not contravene,
breach or result in any default under the constating documents of such Guarantor or under any material mortgage, lease, agreement or other
legally binding instrument, license, permit or law to which such Guarantor is a party or by which such Guarantor or any of its properties
or assets may be bound and will not result in or permit the acceleration of the maturity of any indebtedness, liability or obligation
of such Guarantor under any material mortgage, lease, agreement or other legally binding instrument of or affecting such Guarantor; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">6.1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no authorization, consent or approval of, of filing with or notice to, any Person or governmental body is required in connection
with the execution, delivery or performance of this Agreement by such Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;7<BR>
DEFAULT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">7.1</TD><TD>Judgment Against the Guarantor</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In case of any judicial or other
proceedings to enforce the rights of the Holders, judgment may be rendered against a Guarantor in favour of the Holders or in favour of
the Trustee or Trustees, as trustee(s) for the Holders, for any amount which may remain due in respect of the Notes and the interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">7.2</TD><TD>Immunity of Shareholders, Directors and Officers</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Trustee or Trustees and
the Holders by their acceptance of the Notes hereby waive and release any right, cause of action or remedy now or hereafter existing in
any jurisdiction against any past, present or future incorporator, shareholder, director, officer or partner of a Guarantor or the general
partner of a Guarantor, as applicable, or of any successor thereof for the payment of the principal of or premium or interest on any of
the Notes or on any covenant, agreement, representation or warranty by a Guarantor herein or in the Notes contained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">7.3</TD><TD>Recourse Against BIP and Holding LP</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything contained
in this Guarantee or the Indenture to the contrary, the obligations of BIP and Holding LP hereunder will be performed, satisfied and paid
only out of, and enforced only against, and recourse will only be had against, the assets of BIP and Holding LP, respectively. This Agreement
and the obligations of BIP and Holding LP hereunder will not be personally binding upon, and resort will not be had to, nor will recourse
or satisfaction be sought from the private property of any of the limited partners of BIP and Holding LP, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;8<BR>
MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.1</TD><TD>Incorporation by Reference</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The provisions of Sections 1.5
(Notices, etc. to Trustee and Issuers) and 1.6 (Notice to Holders; Waiver), and Articles 6 (The Trustees), 9 (Supplemental Indentures)
and 15 (Meetings of Holders of Notes) of the Indenture shall apply <I>mutatis mutandis</I> to this Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.2</TD><TD>Payment of Costs and Expenses</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Guarantors shall pay to
the Trustee or Trustees on demand all reasonable costs and expenses of the Trustee or Trustees, their officers, employees and agents and
any receiver or receiver-manager appointed by them or by a court in connection with this Agreement, including, without limitation, in
connection with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">8.2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any actual or proposed amendment or modification hereof or any waiver hereunder and all instruments supplemental or ancillary thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">8.2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>obtaining advice as to the Trustee&#8217;s or Trustees&#8217; rights and responsibilities under this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">8.2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the defence, establishment, protection or enforcement of any of the rights or remedies of the Trustee or Trustees under this Agreement
including, without limitation, all costs and expenses of establishing the validity and enforceability of, or of collection of amounts
owing under, this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and further including, without limitation, all
of the reasonable fees, expenses and disbursements of the Trustee&#8217;s or Trustees&#8217; lawyers, on a substantial indemnity basis,
incurred in connection therewith and all sales or value-added taxes payable by the Trustee or Trustees (whether refundable or not) on
all such costs and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.3</TD><TD>No Waiver</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No delay on the part of the
Trustee or Trustees in the exercise of any right, power or remedy hereunder or otherwise shall operate as a waiver thereof, and no single
or partial exercise by the Trustee or Trustees of any right, power or remedy shall preclude other or further exercise thereof or the exercise
of any other right, power or remedy. No action of the Trustee or Trustees permitted hereunder shall in any way impair or affect their
rights, powers or remedies under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.4</TD><TD>Termination</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">For greater certainty,
this Guarantee shall terminate and be of no further force and effect at the earlier of the date that: (i) the Guaranteed Obligations
have been indefeasibly paid or performed in full; and (ii) all of the Notes have been purchased by an Affiliate of any Issuer in
accordance with the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.5</TD><TD>Successors and Assigns</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement shall be binding
upon each Guarantor and its successors and enure to the benefit of the Trustee or Trustees and their successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.6</TD><TD>Copy Received</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Guarantor acknowledges
receipt of a copy of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><I>[Remainder of page intentionally
left blank]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>IN WITNESS WHEREOF</B> each
Guarantor has executed this Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt"><B>BROOKFIELD INFRASTRUCTURE PARTNERS L.P.</B>, by its general partner, <B>BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">by:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify; layout-grid-mode: char"><I>/s/ James
    Bodi</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 41%"><FONT STYLE="font-size: 10pt">James Bodi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt"><B>BROOKFIELD INFRASTRUCTURE L.P.</B>, by its managing general partner, <B>BROOKFIELD INFRASTRUCTURE PARTNERS L.P.</B>, by its general partner, <B>BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">by:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify; layout-grid-mode: char">/s/ <I>James
    Bodi</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 41%"><FONT STYLE="font-size: 10pt">James Bodi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt"><B>BIP BERMUDA HOLDINGS I LIMITED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">by:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify; layout-grid-mode: char"><I>/s/ James
    Bodi</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 41%"><FONT STYLE="font-size: 10pt">James Bodi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Guarantee of the Series
11 Notes]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt"><B>BROOKFIELD INFRASTRUCTURE HOLDINGS (CANADA) INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">by:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify; layout-grid-mode: char"><I>/s/ Keir
    Hunt</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 41%"><FONT STYLE="font-size: 10pt">Keir Hunt</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt"><B>BROOKFIELD INFRASTRUCTURE US HOLDINGS I CORPORATION</B></FONT> <FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">by:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify; layout-grid-mode: char"><I>/s/ Hadley Peer
Marshall</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="text-align: justify; layout-grid-mode: char; width: 4%">&nbsp;</TD>
<TD STYLE="text-align: justify; layout-grid-mode: char; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
<TD STYLE="text-align: justify; layout-grid-mode: char; width: 41%"><FONT STYLE="font-size: 10pt">Hadley Peer Marshall</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify; layout-grid-mode: char">&nbsp;</TD>
<TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
<TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Guarantee of the Series
11 Notes]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>tm2230377d1_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.4</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GUARANTEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>THIS GUARANTEE</B> is made
as of the 14<SUP>th</SUP> day of November, 2022,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 180pt"><B>BY:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>BROOKFIELD INFRASTRUCTURE PARTNERS L.P.</B></FONT>, an exempted
limited partnership formed under the laws of Bermuda (&#8220;<B>BIP</B>&#8221;)</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>BROOKFIELD
INFRASTRUCTURE L.P.</B></FONT>, an exempted limited partnership formed under the laws of Bermuda (&#8220;<B>Holding LP</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>BIP
Bermuda holdings i limited</B></FONT>, an exempted company incorporated under the laws of Bermuda</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">(&#8220;<B>BRM Holdco</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>BROOKFIELD
INFRASTRUCTURE holdings (canada) inc.</B></FONT>, a corporation incorporated under the laws of Ontario</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">(&#8220;<B>Can Holdco</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">- and -</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>BROOKFIELD
INFRASTRUCTURE US HOLDINGS I corporation</B></FONT>, a corporation incorporated under the laws of Delaware</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">(&#8220;<B>US Holdco</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">(each, a &#8220;<B>Guarantor</B>&#8221;
and, collectively, the &#8220;<B>Guarantors</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 2.5in"><B>IN FAVOUR OF:</B></TD>
  <TD STYLE="text-align: justify"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B>, a trust company existing under the laws of Canada</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left; text-indent: -181.45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left">(the &#8220;<B>Trustee</B>&#8221;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RECITALS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">A.</TD><TD STYLE="text-align: justify">The Issuers (as defined below) and the Trustee have entered
into a twelfth supplemental indenture dated as of the date hereof to the indenture dated as of October 10, 2012, as supplemented (but
excluding, for greater certainty, the first supplemental indenture dated as of October 10, 2012, the second supplemental indenture dated
as of March 11, 2015, the third supplemental indenture dated as of October 30, 2015, the fourth supplemental indenture dated as of October
30, 2015, the fifth supplemental indenture dated as of February 22, 2017, the sixth supplemental indenture dated as of September 10,
2018, the seventh supplemental indenture dated as of October 7, 2019, the eighth supplemental indenture dated as of September 1, 2020,
the ninth supplemental indenture dated as of April 25, 2022, the tenth supplemental indenture dated as of April 25, 2022 and the eleventh
supplemental indenture dated as of November <FONT STYLE="font-size: 10pt">14</FONT>, 2022) (as the same may be further amended, extended,
restated, supplemented or otherwise modified from time to time, the &#8220;<B>Indenture</B>&#8221;), providing for the issuance of the
Notes (as defined below).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: justify">Each Issuer is either a Subsidiary or an Affiliate of each Guarantor.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: justify">Each Guarantor will, directly or indirectly, benefit from the issuance of the Notes under the Indenture
and, accordingly, desires to execute this Guarantee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>NOW THEREFORE</B> in consideration
of the foregoing and other benefits accruing to each Guarantor, the receipt and sufficiency of which are hereby acknowledged, each Guarantor
hereby covenants and agrees with the Trustee as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;1<BR>
INTERPRETATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.1</TD><TD>Definitions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In this Agreement, all capitalized
terms used and not defined in this Agreement will have the meanings given to such terms in the Indenture. In addition, the following terms
will have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Additional Guarantor</B>&#8221; means a &#8220;Guarantor&#8221; as that term is defined in the Indenture, other than
the Guarantors under this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>this Agreement</B>&#8221;, &#8220;<B>this Guarantee</B>&#8221;, &#8220;<B>herein</B>&#8221;, &#8220;<B>hereof</B>&#8221;,
 &#8220;<B>hereby</B>&#8221;, &#8220;<B>hereunder</B>&#8221; and any similar expressions refer to this Guarantee as it may be supplemented,
amended or restated from time to time, and not to any particular Article, section or other portion hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>BIPC Holdings</B>&#8221; means BIPC Holdings Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Event of Default</B>&#8221; means the occurrence of any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any Event of Default under the Indenture;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">failure on the part of any Guarantor to perform or comply with Section 5.3
of this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">failure on the part of any Guarantor to perform any other covenant or agreement
of the Guarantors under this Agreement, which failure continues for a period of 60 consecutive days after a written notice specifying
such failure to perform has been given, by registered or certified mail, to the Guarantors by the Trustee or Trustees or to the Guarantors
and the Trustee or Trustees by the Holders of at least 25% in principal amount of Outstanding Notes; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">failure on the part of any Guarantor to make payment of any amounts payable
by it under this Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Guaranteed Obligations</B>&#8221; means the principal of, premium, if any, Additional Amounts, if any, and interest on
all Notes issued by the Issuers under the Indenture from time to time when and as the same shall become due and payable, whether at maturity,
upon redemption, acceleration or otherwise, and all other obligations and liabilities owing by the Issuers to the Trustee or Trustees
under the Indenture, whether present or future, absolute or contingent, liquidated or unliquidated, as principal or as surety, alone or
with others, of whatsoever nature or kind, in any currency, under or in respect of the Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Guarantors</B>&#8221; means, notwithstanding anything in the indenture dated as of October 10, 2012 to the contrary,
collectively, BIP, Holding LP, BRM Holdco, Can Holdco and US Holdco, and each other material Subsidiary of Holding LP formed or acquired
after the date hereof and which delivers a guarantee; and &#8220;<B>Guarantor</B>&#8221; means any of them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Guarantors&#8217; Counsel</B>&#8221; means legal counsel retained by the Guarantors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Holder</B>&#8221; means the Person in whose name a Note is registered in the Note Register;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Issuers</B>&#8221; means Brookfield Infrastructure Finance ULC, a corporation incorporated under the laws of Alberta,
Brookfield Infrastructure Finance LLC, a company formed under the laws of Delaware, Brookfield Infrastructure Finance Limited, a company
incorporated under the laws of Bermuda, and Brookfield Infrastructure Finance Pty Ltd, a company incorporated under the laws of Australia,
and each of their respective successors; &#8220;<B>Issuer</B>&#8221; means any one of them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Notes</B>&#8221; means the 5.980% medium term notes, Series 12, due February 14, 2033;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Officer&#8217;s Certificate</B>&#8221; means a certificate of a Guarantor or the general partner of a Guarantor, as applicable,
signed by any one Board member or officer of such Guarantor or the general partner of such Guarantor, as applicable, in his capacity as
an officer and not in his personal capacity; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">1.1.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>Proceedings</B>&#8221; means any receivership, insolvency, proposal, bankruptcy, compromise, arrangement, winding-up,
dissolution or other similar judicial proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.2</TD><TD>Headings</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The inclusion of headings in
this Agreement is for convenience of reference only and shall not affect the construction or interpretation hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.3</TD><TD>References to Articles and Sections</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Whenever in this Agreement a
particular Article, section or other portion thereof is referred to, such reference pertains to the Article, section or portion thereof
contained herein unless otherwise indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.4</TD><TD>Currency</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All amounts in this Agreement
are stated and shall be paid in Canadian Currency, provided that if Guaranteed Obligations are outstanding in a Currency other than Canadian
Currency, a Guarantor, at its option, may pay such amounts in such other Currency, to the extent that the Guaranteed Obligations are outstanding
in such other Currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.5</TD><TD>Gender and Number</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In this Agreement, unless the
context otherwise requires, words importing the singular include the plural and vice versa, words importing gender include all genders
or the neuter, and words importing the neuter include all genders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.6</TD><TD>Invalidity of Provisions</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">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 shall 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.7</TD><TD>Entire Agreement</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement constitutes the
entire agreement between the parties pertaining to the subject matter of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.8</TD><TD>Governing Law, Attornment</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement shall be governed
by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein and each Guarantor hereby
irrevocably attorns to the jurisdiction of the courts of Ontario.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">1.9</TD><TD>Counterparts</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement may be executed
in several counterparts, each of which once executed shall be deemed to be an original and such counterparts together shall constitute
one and the same instrument. This Agreement may be executed and delivered by facsimile or other electronic transmission of a counterpart
hereof bearing a manual, facsimile or other electronic signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;2<BR>
GUARANTEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">2.1</TD><TD>Guarantee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Guarantor unconditionally,
jointly and severally with each other and BIPC Holdings, guarantees the due payment of all Guaranteed Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">2.2</TD><TD>Continuing Guarantee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The guarantee herein shall be
a continuing guarantee of the payment of all the Guaranteed Obligations and shall apply to and secure any ultimate balance thereof due
or remaining unpaid. The guarantee herein shall not be considered as wholly or partially satisfied by the intermediate payment or satisfaction
at any time of all or any part of the Guaranteed Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;3<BR>
ENFORCEMENT of GUARANTEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.1</TD><TD>Demand</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Upon the occurrence of an Event
of Default, the Guarantors shall, on demand by the Trustee or Trustees, forthwith pay to the Trustee or Trustees all Guaranteed Obligations
for which such demand was made. Each Guarantor shall be jointly and severally liable with each other and BIPC Holdings for all obligations
of the Guarantors hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.2</TD><TD>Right to Immediate Payment or Performance</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Trustee or Trustees shall
not be bound to make any demand on or to seek or exhaust their recourse against the Issuers or any other Person before being entitled
to demand payment from the Guarantors or any one of them and enforce their rights under this Agreement, and each Guarantor hereby renounces
all benefits of discussion and division.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">3.3</TD><TD>Trustee&#8217;s Statement</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The statement in writing of
the Trustee or Trustees as to the amount payable hereunder shall be binding upon the Guarantors and conclusive against them in the absence
of manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;4<BR>
PROTECTION OF TRUSTEE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">4.1</TD><TD>Liability Absolute</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The liability of the Guarantors
hereunder shall be absolute and unconditional and shall not be discharged, diminished or in any way affected by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any amalgamation, merger, consolidation or reorganization of an Issuer, a Guarantor or a Trustee, or any continuation of an Issuer,
a Guarantor or a Trustee from the statute under which it now or hereafter exists to another statute, whether under the laws of the same
jurisdiction or another jurisdiction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any change in the name, business, objects, capital structure, ownership, constating documents, by-laws or resolutions of an Issuer,
a Guarantor or a Trustee, including without limitation any transaction (whether by way of transfer, sale or otherwise) whereby all or
any part of the undertaking, property and assets of an Issuer, a Guarantor or a Trustee becomes the property of any other Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Proceedings of or affecting an Issuer, a Guarantor, a Trustee or any other Person, and any court orders made or action taken
by an Issuer, a Guarantor, a Trustee or any other Person under or in connection with those Proceedings, whether or not those Proceedings
or orders or that action results in any of the matters described in Section&nbsp;4.2 occurring with or without the consent of the Trustee
or Trustees;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any defence, counterclaim or right of set-off available to an Issuer; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other circumstance which might otherwise constitute in whole or in part a defence available to, or a discharge of, a Guarantor,
an Issuer or any other Person in respect of the Guaranteed Obligations or the liability of a Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">4.2</TD><TD>Dealings by Trustee</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Trustee or Trustees may
from time to time in their absolute discretion, without discharging, diminishing or in any way affecting the liability of the Guarantors
hereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>enforce or take action under or abstain from enforcing or taking action under the Indenture, any other guarantee or any other agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>renew all or any part of the Guaranteed Obligations or grant extensions of time or any other indulgences to an Issuer or to any
other guarantor or other Person liable directly or as surety for all or any part of the Guaranteed Obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>accept or make any compositions or arrangements with or release, discharge or otherwise deal with or abstain from dealing with
an Issuer or any other guarantor or other Person liable directly or as surety for all or any part of the Guaranteed Obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> apply all money at any time received from any Issuer in respect of the Guaranteed Obligations upon such part of the Guaranteed
Obligations as the Trustee or Trustees may see fit or change any such application in whole or in part from time to time as each of them
may see fit;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in whole or in part prove or abstain from proving a claim of the Trustee or Trustees in any Proceedings of or affecting an Issuer
or any other Person; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">4.2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>agree with an Issuer, any other guarantor or any other Person to do anything described in Sections&nbsp;4.2.1 to&nbsp;4.2.5,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">whether or not any of the matters described above
occur alone or in connection with one or more other such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;5<BR>
covenants of the GUARANTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">5.1</TD><TD>Limitations on Indebtedness</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Guarantors will not, and
will not permit any of their Subsidiaries to, directly or indirectly, issue, incur, assume or otherwise become liable for or in respect
of any Funded Indebtedness unless, after giving effect thereto, the Funded Indebtedness of BIP, calculated on a consolidated basis, would
not exceed 75% of Total Consolidated Capitalization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 71.5pt">5.2</TD><TD STYLE="text-align: justify">Limitations on Liens</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No Guarantor will create, incur,
assume or permit to exist any lien on any property or asset now owned or hereafter acquired by it, unless at the same time the Notes are
secured equally and ratably with such lien, provided that this will not apply to Permitted Encumbrances. Upon being advised by the Guarantors
in writing in an Officer&#8217;s Certificate that security has been provided for the Guaranteed Obligations on an equal and ratable basis
in connection with the grant to a third party of security and subsequently such security to the third party is released, the Trustee will
forthwith release the security granted for the Guaranteed Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 71.5pt">5.3</TD><TD STYLE="text-align: justify">Limitations Concerning Merger, Consolidations and Certain Asset Sales</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No Guarantor shall enter into
any transaction or series of transactions whereby all or substantially all of its undertaking, property and assets would become the property
of any other Person (herein called a &#8220;<B>Successor</B>&#8221;), whether by way of conveyance, transfer, lease, reorganization, consolidation,
amalgamation, arrangement, merger, transfer, sale or otherwise (herein a &#8220;<B>Successor Transaction</B>&#8221;), unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the Successor shall have executed,
prior to or contemporaneously with the consummation of any such transaction, an assumption of the obligations of the applicable Guarantor
under this Agreement, including the due and punctual payment of all amounts payable hereunder, and such other instruments as in the opinion
of the</FONT> Guarantors&#8217; Counsel are necessary or advisable to evidence the agreement of the Successor to observe and perform
all the covenants and obligations of the applicable Guarantor under this Agreement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">immediately after giving effect to such transaction, no Event of Default,
and event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">such Guarantor or such Successor shall have delivered to the Trustee or
Trustees an opinion of Guarantors&#8217; Counsel (for which the provider of such opinion may rely on an Officer&#8217;s Certificate for
factual matters), to the effect that such Successor Transaction complies with this Section 5.3 and that all conditions precedent herein
provided for relating to such Successor Transaction have been complied with.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">provided, however, the provisions
of this Section 5.3 shall not be applicable to any transaction between or among any one or more of any Issuer, any Guarantor, BIPC Holdings,
an Additional Guarantor and/or any Subsidiary of any of them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Upon any Successor Transaction
in accordance with this Section 5.3, the Successor shall succeed to, and be substituted for, and may exercise every right and power of,
the applicable Guarantor under this Guarantee with the same effect as if such Successor had been named as such Guarantor herein, and in
the event of any such conveyance or transfer, such Guarantor (which term shall for this purpose mean the Person named as such &#8220;Guarantor&#8221;
in the first paragraph of this Guarantee or any successor Person which shall theretofore become such in the manner described in this Section
5.3), shall be discharged of all obligations and covenants under this Guarantee and may be dissolved and liquidated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;6<BR>
REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">6.1</TD><TD>Representations and Warranties</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Guarantor represents and
warrants to the Trustee or Trustees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">6.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is duly created and existing under the laws of its jurisdiction of formation or incorporation, as applicable, and has the power
and capacity to own its properties and assets and to carry on its business as presently carried on by it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">6.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it has the power and capacity to enter into this Agreement and to do all acts and things as are required or contemplated hereunder
to be done, observed and performed by it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">6.1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it has taken all necessary corporate and, if applicable, partnership action to authorize the execution, delivery and performance
of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">6.1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> if applicable, there is no unanimous shareholder agreement which restricts, in whole or in part, the powers of the directors of
such Guarantor to manage or supervise the business and affairs of such Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">6.1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the entering into of this Agreement and the performance by such Guarantor of its obligations hereunder does not and will not contravene,
breach or result in any default under the constating documents of such Guarantor or under any material mortgage, lease, agreement or other
legally binding instrument, license, permit or law to which such Guarantor is a party or by which such Guarantor or any of its properties
or assets may be bound and will not result in or permit the acceleration of the maturity of any indebtedness, liability or obligation
of such Guarantor under any material mortgage, lease, agreement or other legally binding instrument of or affecting such Guarantor; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">6.1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no authorization, consent or approval of, of filing with or notice to, any Person or governmental body is required in connection
with the execution, delivery or performance of this Agreement by such Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;7<BR>
DEFAULT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">7.1</TD><TD>Judgment Against the Guarantor</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In case of any judicial or other
proceedings to enforce the rights of the Holders, judgment may be rendered against a Guarantor in favour of the Holders or in favour of
the Trustee or Trustees, as trustee(s) for the Holders, for any amount which may remain due in respect of the Notes and the interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">7.2</TD><TD>Immunity of Shareholders, Directors and Officers</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Trustee or Trustees and
the Holders by their acceptance of the Notes hereby waive and release any right, cause of action or remedy now or hereafter existing in
any jurisdiction against any past, present or future incorporator, shareholder, director, officer or partner of a Guarantor or the general
partner of a Guarantor, as applicable, or of any successor thereof for the payment of the principal of or premium or interest on any of
the Notes or on any covenant, agreement, representation or warranty by a Guarantor herein or in the Notes contained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">7.3</TD><TD>Recourse Against BIP and Holding LP</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything contained
in this Guarantee or the Indenture to the contrary, the obligations of BIP and Holding LP hereunder will be performed, satisfied and paid
only out of, and enforced only against, and recourse will only be had against, the assets of BIP and Holding LP, respectively. This Agreement
and the obligations of BIP and Holding LP hereunder will not be personally binding upon, and resort will not be had to, nor will recourse
or satisfaction be sought from the private property of any of the limited partners of BIP and Holding LP, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article&nbsp;8</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.1</TD><TD>Incorporation by Reference</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The provisions of Sections 1.5
(Notices, etc. to Trustee and Issuers) and 1.6 (Notice to Holders; Waiver), and Articles 6 (The Trustees), 9 (Supplemental Indentures)
and 15 (Meetings of Holders of Notes) of the Indenture shall apply <I>mutatis mutandis</I> to this Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.2</TD><TD>Payment of Costs and Expenses</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Guarantors shall pay to
the Trustee or Trustees on demand all reasonable costs and expenses of the Trustee or Trustees, their officers, employees and agents and
any receiver or receiver-manager appointed by them or by a court in connection with this Agreement, including, without limitation, in
connection with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">8.2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any actual or proposed amendment or modification hereof or any waiver hereunder and all instruments supplemental or ancillary thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">8.2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>obtaining advice as to the Trustee&#8217;s or Trustees&#8217; rights and responsibilities under this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">8.2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the defence, establishment, protection or enforcement of any of the rights or remedies of the Trustee or Trustees under this Agreement
including, without limitation, all costs and expenses of establishing the validity and enforceability of, or of collection of amounts
owing under, this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and further including, without limitation, all
of the reasonable fees, expenses and disbursements of the Trustee&#8217;s or Trustees&#8217; lawyers, on a substantial indemnity basis,
incurred in connection therewith and all sales or value-added taxes payable by the Trustee or Trustees (whether refundable or not) on
all such costs and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.3</TD><TD>No Waiver</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No delay on the part of the
Trustee or Trustees in the exercise of any right, power or remedy hereunder or otherwise shall operate as a waiver thereof, and no single
or partial exercise by the Trustee or Trustees of any right, power or remedy shall preclude other or further exercise thereof or the exercise
of any other right, power or remedy. No action of the Trustee or Trustees permitted hereunder shall in any way impair or affect their
rights, powers or remedies under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.4</TD><TD>Termination</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">For greater certainty,
this Guarantee shall terminate and be of no further force and effect at the earlier of the date that: (i) the Guaranteed Obligations
have been indefeasibly paid or performed in full; and (ii) all of the Notes have been purchased by an Affiliate of any Issuer in
accordance with the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.5</TD><TD>Successors and Assigns</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement shall be binding
upon each Guarantor and its successors and enure to the benefit of the Trustee or Trustees and their successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">8.6</TD><TD>Copy Received</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Guarantor acknowledges
receipt of a copy of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><I>[Remainder of page intentionally
left blank]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>IN WITNESS WHEREOF</B> each
Guarantor has executed this Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt"><B>BROOKFIELD INFRASTRUCTURE PARTNERS L.P.</B>, by its general partner, <B>BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">by:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify; layout-grid-mode: char"><I>/s/ James
    Bodi</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 41%"><FONT STYLE="font-size: 10pt">James Bodi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt"><B>BROOKFIELD INFRASTRUCTURE L.P.</B>, by its managing general partner, <B>BROOKFIELD INFRASTRUCTURE PARTNERS L.P.</B>, by its general partner, <B>BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">by:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify; layout-grid-mode: char">/s/ <I>James
    Bodi</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 41%"><FONT STYLE="font-size: 10pt">James Bodi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt"><B>BIP BERMUDA HOLDINGS I LIMITED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">by:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify; layout-grid-mode: char"><I>/s/ James
    Bodi</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 41%"><FONT STYLE="font-size: 10pt">James Bodi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Guarantee of the Series
12 Notes]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt"><B>BROOKFIELD INFRASTRUCTURE HOLDINGS (CANADA) INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">by:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify; layout-grid-mode: char"><I>/s/ Keir
    Hunt</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char; width: 41%"><FONT STYLE="font-size: 10pt">Keir Hunt</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: char">&nbsp;</TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt"><B>BROOKFIELD INFRASTRUCTURE US HOLDINGS I CORPORATION</B></FONT> <FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="3" STYLE="text-align: left; layout-grid-mode: char">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">by:</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify; layout-grid-mode: char"><I>/s/ Hadley Peer
Marshall</I></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="text-align: justify; layout-grid-mode: char; width: 4%">&nbsp;</TD>
<TD STYLE="text-align: justify; layout-grid-mode: char; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
<TD STYLE="text-align: justify; layout-grid-mode: char; width: 41%"><FONT STYLE="font-size: 10pt">Hadley Peer Marshall</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="text-align: justify; layout-grid-mode: char">&nbsp;</TD>
<TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
<TD STYLE="text-align: left; layout-grid-mode: char"><FONT STYLE="font-size: 10pt">Managing Director</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Guarantee of the Series
12 Notes]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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