<SEC-DOCUMENT>0001104659-23-040260.txt : 20230907
<SEC-HEADER>0001104659-23-040260.hdr.sgml : 20230907
<ACCEPTANCE-DATETIME>20230331164945
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-040260
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230331

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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  <TD STYLE="width: 75%">&nbsp;</TD>
  <TD STYLE="width: 25%">March&nbsp;31, 2023</TD></TR>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIA EDGAR</B></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">Securities and Exchange Commission</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

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

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    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: left">Attention:</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">Michael Purcell, Staff Attorney</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif; text-align: left">Irene Barberena-Meissner, Staff Attorney</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Brookfield Infrastructure Partners L.P.<BR>
                                            Registration Statement on Form&nbsp;F-3 (File No.&nbsp;333-270363)</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ladies and Gentlemen:</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: 0.5in">We are submitting this letter
on behalf of Brookfield Infrastructure Partners L.P. (the &ldquo;<B>Registrant</B>&rdquo;) in response to a comment from the staff (the
 &ldquo;<B>Staff</B>&rdquo;) of the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) received by electronic mail
dated March&nbsp;24, 2023, relating to the Registration Statement on Form&nbsp;F-3 (File No.&nbsp;333-270363) of the Registrant originally
filed with the Commission on March&nbsp;8, 2023 (the &ldquo;<B>Registration Statement</B>&rdquo;). The numbered paragraph below corresponds
to the numbered comment in the Staff&rsquo;s letter and the Staff&rsquo;s comment is presented in bold italics. Unless otherwise indicated,
defined terms used herein have the meanings set forth in the Registration Statement.</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: 0.5in">In light of our response
to the Staff&rsquo;s comment as set forth below, the Registrant has not filed an amendment to the Registration Statement in connection
herewith.</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"><B><I><U>Registration Statement on Form&nbsp;F-3</U></I></B></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"><B><I><U>General</U></I></B></P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B><I>1.</I></B></TD><TD STYLE="text-align: justify"><B><I><U>We note you disclose
                                            in your explanatory note that the Partnership is paying a registration fee of $55,100 with
                                            the filing of the Registration Statement in respect of the additional 15,105,740 LP Units
                                            registered to provide additional capacity to cover the issuance or delivery of LP Units upon
                                            exchange, redemption or acquisition of future issuances of Exchangeable Shares. If the securities
                                            overlying these LP Units are to be deemed outstanding, please revise to explain whether such
                                            securities were issued in public or private offerings. If such securities were issued privately,
                                            please provide your analysis as to why you believe you are eligible to register the issuance
                                            of the underlying LP Units to private placement purchasers. For guidance, refer to Securities
                                            Act Sections Compliance and Disclosure Interpretations 239.15. If the securities overlying
                                            the LP Units are not deemed to be outstanding, please provide your analysis as to why believe
                                            you are eligible to register the LP Units for resale.</U></I></B></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; text-align: justify"><B><U>Response:</U></B></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">As described in the explanatory note to the Registration
Statement, the Registration Statement relates to the issuance from time to time of up to 15,105,740 additional LP Units (the &ldquo;<B>Additional
LP Units</B>&rdquo;) that may be issued in exchange for (i)&nbsp;Exchangeable Shares that may be issued in the future upon exchange of
outstanding BIPC Exchangeable LP Units and (ii)&nbsp;Exchangeable Shares that maybe issued in the future, including any Exchangeable
Shares that may be issued under BIPC&rsquo;s Canadian base shelf prospectus. The Registration Statement does not relate to the exchange
of any Exchangeable Shares issued in a private offering that would be deemed to be &ldquo;restricted securities&rdquo; under Rule&nbsp;144,
and it does not relate to any resales of securities. As discussed below, we respectfully submit that registration of the Additional LP
Units is permitted because all of the overlying securities either have been or will be issued under Regulation S (or another SEC registration
statement filed by BIPC), and the Registration Statement relates to the primary issuance of the Additional LP Units pursuant to General
Instruction I.B.1 of Form&nbsp;F-3 and Rule&nbsp;415(a)(1)(x)&nbsp;under the Securities Act.</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"></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">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</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">The first portion of the Additional LP Units
is allotted for the issuance or delivery of LP Units upon exchange, redemption or acquisition of future issuances of Exchangeable Shares
upon exchange of BIPC Exchangeable LP Units. As of December&nbsp;31, 2022, there were 5,128,196 BIPC Exchangeable LP Units issued and
outstanding, which are exchangeable for Exchangeable Shares on a one-for-one basis. As described on page&nbsp;2 of the Registration Statement,
the BIPC Exchangeable LP Units were issued by Brookfield Infrastructure Corporation Exchange Limited Partnership (&ldquo;<B>BIPC Exchange
LP</B>&rdquo;) in connection with the Registrant&rsquo;s acquisition of all of the outstanding common shares of Inter Pipeline Ltd. (&ldquo;<B>IPL</B>&rdquo;)
in 2021.</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">The issuance of the BIPC Exchangeable LP Units
was made solely to IPL shareholders in Canada pursuant to Rule&nbsp;903 of Regulation S and therefore such BIPC Exchangeable LP Units
are not restricted securities (as Rule&nbsp;144 and Rule&nbsp;905 of Regulation S provide that only equity securities of a domestic issuer
issued under Regulation S will be deemed to be restricted securities). Similarly, because the BIPC Exchangeable LP Units are not transferable,
exchanges of BIPC Exchangeable LP Units for Exchangeable Shares would likewise only be made outside the United States pursuant to Rule&nbsp;903
of Regulation S. Therefore, the Exchangeable Shares issuable upon exchange of the BIPC Exchangeable LP Units pursuant to Rule&nbsp;903
of Regulation S likewise would not be restricted securities.</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">The remaining portion of the Additional LP Units
is allotted for the issuance or delivery of LP Units upon exchange, redemption or acquisition of future issuances of Exchangeable Shares,
including under BIPC&rsquo;s Canadian base shelf prospectus (the &ldquo;<B>BIPC Canadian Shelf</B>&rdquo;). Any such future issuance
of Exchangeable Shares under the BIPC Canadian Shelf would be done either in an &ldquo;offshore transaction&rdquo; pursuant to Regulation
S or pursuant to an effective registration statement filed by BIPC<SUP>1</SUP>. This would include future issuances of Exchangeable
Shares under the BIPC Canadian Shelf, which qualifies the public offering in Canada, from time to time, of up to CAD$2 billion of securities,
which may include Exchangeable Shares. Any such Exchangeable Shares issued under the BIPC Canadian Shelf would be issued under Regulation
S (or another SEC registration statement filed by BIPC) and therefore would not be restricted securities. We acknowledge that the Registration
Statement could not be used to register the exchange of Exchangeable Shares that had been issued in a transaction that had resulted in
such Exchangeable Shares being deemed &ldquo;restricted securities&rdquo; within the meaning of Rule&nbsp;144.</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"></P>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">We note for the Staff that BIPC and BIP currently have a separate
joint Form F-3 registration statement (File Nos. 333-255051 and 333-255051-01) that contemplates the issuance of Exchangeable Shares
on a registered basis in the United States. Such registration statement contemplates the registration of Exchangeable Shares as well
as the underlying LP Units. Any registered offering of Exchangeable Shares would be made under such registration statement (or a replacement
registration statement thereto).</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">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</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">As indicated above, all of the Additional LP
Units relate to Exchangeable Shares issuable in the future that would not be restricted securities under Rule&nbsp;144 because such Exchangeable
Shares would only be issued under Rule&nbsp;903 of Regulation S or under a registration statement filed by BIPC. Therefore, the concerns
raised by CD&amp;I 239.15 (where there is an attempt to convert a private placement into a public offering) are not present. To the extent
BIPC issues any Exchangeable Shares in the future that would be deemed restricted securities under Rule&nbsp;144, we agree that the Registrant
and BIPC would need to file a separate resale registration statement governing the Exchangeable Shares so issued as well as the underlying
LP Units issuable upon exchange, and that such registration statement could not be filed unless and until such Exchangeable Shares are
issued and outstanding.</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">In May&nbsp;2022, we had informal discussions
with members of the Staff regarding a similar issue presented for an issuer with the same exchangeable share structure as BIPC and the
Registrant. In that discussion, the Staff agreed that so long as the exchangeable shares would not be issued in a transaction that would
cause the exchangeable shares to be restricted securities under Rule&nbsp;144, that a shelf registration statement on Form&nbsp;F-3 could
be filed to register the exchange of exchangeable shares issued in the future.</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">In addition, we respectfully submit that the
Registrant may register the offer of Additional LP Units as primary issuances under General Instruction I.B.1 of Form&nbsp;F-3 and Rule&nbsp;415(a)(1)(x),
neither of which requires the securities to be outstanding prior to their issuance, rather than as registration of the resale of the
securities. General Instruction I.B.1 of Form&nbsp;F-3 permits primary registration of securities &ldquo;for cash&rdquo;. In our scenario,
the Additional LP Units would be issued for Exchangeable Shares rather than cash; however, C&amp;DI 116.09 makes it clear that the &ldquo;for
cash&rdquo; requirement in General Instruction I.B.1 of Form&nbsp;S-3/F-3 was only intended to make clear that Form&nbsp;S-3/F-3 is not
available for exchange offers or business combination transactions, and that other forms of consideration for exchanges are permitted
to be registered as primary offerings. We acknowledge that the Registrant and BIPC are separate issuers but both entities are party to
the exchangeable share structure and thus the concerns of using Form&nbsp;F-3 to register securities of an unrelated third-party acquirer
are absent.</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"></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">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;4</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">We also note that this is similar to the issue
addressed in the comment letter issued by the Staff to Lazard Group LLC on June&nbsp;22, 2011 and the response letter thereto filed by
Lazard Group LLC on June&nbsp;27, 2011. Lazard Group LLC had filed a Form&nbsp;S-3 to register debt securities, and the terms of such
debt securities contemplated that such debt securities could be exchangeable for Class&nbsp;A common stock of Lazard Ltd, the parent
company of Lazard Group LLC. The Staff did not object that if Lazard Group LLC were to issue debt securities exchangeable for Lazard
Ltd&rsquo;s Class&nbsp;A common stock, the sale and any subsequent exchange of such debt securities for Lazard Ltd Class&nbsp;A common
stock would be simultaneously registered under an existing registration statement filed by Lazard Ltd prior to the issuance of the applicable
Lazard Group LLC exchangeable debt securities. Likewise, in our case, we respectfully submit that the Registrant should be permitted
to register the Additional LP Units prior to the issuance of the overlying Exchangeable Shares from time to time by BIPC, given the existence
of the exchangeable share structure established by the Registrant and BIPC. Further, we note that while in the case of the Lazard example,
the Lazard Group LLC debt would be registered, there should be no difference in the case of BIPC if the Exchangeable Shares are issued
under a registration statement or issued under Regulation S as the securities in either case would not be restricted.</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">We further note that any Exchangeable Shares
issued in the future would be identical to, and of the same class as, Exchangeable Shares currently outstanding. Therefore, the Registration
Statement would only be used to register the exchange of Exchangeable Shares and not by BIP to register LP Units under other transactions
or in respect of transactions involving third-party issuers. The filing of this Registration Statement, moreover, is being done to minimize
the necessity of having multiple registration statements on file registering the exchange of fungible Exchangeable Shares issued at different
times. By having the Registration Statement register the exchange of Exchangeable Shares issued in the future (that are identical to
the Exchangeable Shares currently outstanding) it avoids the necessary delays of having to file a registration statement each time BIPC
makes an offer of Exchangeable Shares offshore under Regulation S.</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">For the reasons discussed above, we respectfully
submit that the Registration Statement is available to register Additional LP Units that may be issued or delivered upon exchange, redemption
or acquisition of Exchangeable Shares because (1)&nbsp;the original issuance of the Additional LP Units was or will be made, and exchanges
of such securities into Exchangeable Shares will be made, pursuant to Regulation S or a separate SEC registration statement filed by
BIPC (and therefore, in each such case, are not &ldquo;restricted securities&rdquo; under the Securities Act), and accordingly, the principles
set forth in C&amp;DI 239.15 are not applicable; and (2)&nbsp;the Additional LP Units are being registered as primary issuances by the
Registrant under General Instruction I.B.1 of Form&nbsp;F-3 and Rule&nbsp;415(a)(1)(x), and not as secondary resales.</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">*************************</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"></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">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March&nbsp;31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;5</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">Should the Staff have additional questions or comments regarding the
foregoing, please do not hesitate to contact the undersigned at (212) 880-6363.</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">Sincerely,</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"><B>TORYS LLP</B></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">/s/ Mile T. Kurta,&nbsp;Esq.</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">cc:</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">David Krant, Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Brookfield Infrastructure Partners L.P.</B></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">Christopher R. Bornhorst,&nbsp;Esq.</P>

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

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

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

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