<SEC-DOCUMENT>0001104659-24-123923.txt : 20241129
<SEC-HEADER>0001104659-24-123923.hdr.sgml : 20241129
<ACCEPTANCE-DATETIME>20241129093035
ACCESSION NUMBER:		0001104659-24-123923
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20241129
FILED AS OF DATE:		20241129
DATE AS OF CHANGE:		20241129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brookfield Infrastructure Partners L.P.
		CENTRAL INDEX KEY:			0001406234
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		ORGANIZATION NAME:           	01 Energy & Transportation
		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:		241513495

	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>tm2428776d5_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 18pt"><B>UNITED
STATES</B></FONT></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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of November&nbsp;2024</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: center"><B>Commission file number&nbsp;001-33632</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>73&nbsp;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">&nbsp;</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&nbsp;20-F or Form&nbsp;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&nbsp;20-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</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; text-align: justify">The exhibits to this Form&nbsp;6-K are incorporated
by reference into the registrant&rsquo;s registration statement on Form&nbsp;F-3ASR filed with the Securities and Exchange Commission
(the &ldquo;<B>SEC</B>&rdquo;) on April&nbsp;5, 2024 (File No.&nbsp;333-278529).</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"></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&nbsp;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 STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 1%"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center; width: 94%"><B>Description</B></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt"><A HREF="tm2428776d5_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2428776d5_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-style: normal; font-weight: normal">Third Supplemental Indenture
    dated November&nbsp;29, 2024, by and among Brookfield Infrastructure Partners L.P., Brookfield Infrastructure L.P., BIP Bermuda Holdings
    I Limited, Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure LLC and BIPC Holdings Inc., as guarantors,
    Brookfield Infrastructure Finance ULC, as issuer, Computershare Trust Company of Canada, as Canadian trustee, and Computershare Trust
    Company N.A., as U.S. trustee.</FONT></A></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt"><A HREF="tm2428776d5_ex4-1.htm#aaa_001" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2428776d5_ex4-1.htm#aaa_001" STYLE="-sec-extract: exhibit"><FONT STYLE="font-style: normal; font-weight: normal">Form&nbsp;of 6.750% Subordinated Notes due
    2055 (included as Annex A to Exhibit&nbsp;4.1).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt; text-align: justify"><A HREF="tm2428776d5_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2428776d5_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-style: normal; font-weight: normal">Seventh Amendment, dated
    November&nbsp;29, 2024, to the Amended and Restated Limited Partnership Agreement, dated February&nbsp;16, 2018, of Brookfield Infrastructure
    Partners L.P.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt; text-align: justify"><A HREF="tm2428776d5_ex4-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2428776d5_ex4-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-style: normal; font-weight: normal">Tenth Amendment, dated
    November&nbsp;29, 2024, to the Amended and Restated Limited Partnership Agreement, dated February&nbsp;16, 2018, of Brookfield Infrastructure
    L.P.</FONT></A></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt"><A HREF="tm2428776d5_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2428776d5_ex5-1.htm"><FONT STYLE="font-style: normal; font-weight: normal">Opinion of Torys LLP as to matters of New
    York, Ontario and Alberta law, dated November&nbsp;29, 2024.</FONT></A></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt"><A HREF="tm2428776d5_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2428776d5_ex5-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-style: normal; font-weight: normal">Opinion of Appleby (Bermuda) Limited as to
    matters of Bermuda law, dated November&nbsp;29, 2024.</FONT></A></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt"><A HREF="tm2428776d5_ex5-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2428776d5_ex5-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-style: normal; font-weight: normal">Opinion of McMillan LLP as to matters of British
    Columbia law, dated November&nbsp;29, 2024.</FONT></A></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt"><A HREF="tm2428776d5_ex5-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">23.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2428776d5_ex5-1.htm"><FONT STYLE="font-style: normal; font-weight: normal">Consent of Torys LLP (included as part of
    Exhibit&nbsp;5.1).</FONT></A></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt"><A HREF="tm2428776d5_ex23-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">23.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2428776d5_ex23-2.htm"><FONT STYLE="font-style: normal; font-weight: normal">Consent of Goodmans LLP, dated November&nbsp;29,
    2024.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt"><A HREF="tm2428776d5_ex5-2.htm" STYLE="-sec-extract: exhibit">23.3</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2428776d5_ex5-2.htm" STYLE="-sec-extract: exhibit">Consent of Appleby (Bermuda) Limited (included as part of Exhibit 5.2)</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt"><A HREF="tm2428776d5_ex5-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">23.4</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2428776d5_ex5-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-style: normal; font-weight: normal">Consent of McMillan LLP (included as part
    of Exhibit&nbsp;5.3).</FONT></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">&nbsp;</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>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.45pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>BROOKFIELD INFRASTRUCTURE PARTNERS&nbsp;L.P.</B>,<BR>
 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>
    <TD STYLE="vertical-align: top">Date: November&nbsp;29, 2024</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">/s/ Jane Sheere</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.45pt">&nbsp;</TD>
    <TD STYLE="padding-left: 7.45pt">&nbsp;</TD>
    <TD>Name: Jane Sheere</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 7.45pt">&nbsp;</TD>
    <TD STYLE="padding-left: 7.45pt">&nbsp;</TD>
    <TD>Title: Secretary</TD></TR>
  </TABLE>

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

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<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>tm2428776d5_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 4.1</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: center">BROOKFIELD INFRASTRUCTURE FINANCE ULC, as Issuer</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">AND EACH OF</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">BROOKFIELD INFRASTRUCTURE PARTNERS L.P.</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">AND</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">BROOKFIELD INFRASTRUCTURE L.P.</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">AND</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">BIP BERMUDA HOLDINGS I LIMITED</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">AND</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">BROOKFIELD INFRASTRUCTURE HOLDINGS (CANADA) INC.</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">AND</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">BROOKFIELD INFRASTRUCTURE LLC</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">AND</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">BIPC HOLDINGS INC., as Guarantors</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">AND</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">COMPUTERSHARE TRUST COMPANY, N.A., as U.S. Trustee</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">AND</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">COMPUTERSHARE TRUST COMPANY OF CANADA, as Canadian
Trustee</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"></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"><B>Third Supplemental</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: center"><B>Indenture</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: center">Dated as of November&nbsp;29, 2024</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: justify; text-indent: 0.5in"><B>THIS THIRD SUPPLEMENTAL
INDENTURE</B>, dated as of November&nbsp;29, 2024 between Brookfield Infrastructure Finance ULC (the &ldquo;<B>Issuer</B>&rdquo;), an
unlimited liability company organized under the laws of Alberta, Canada, Brookfield Infrastructure Partners L.P. (the &ldquo;<B>Partnership</B>&rdquo;),
an exempted limited partnership organized under the laws of the Islands of Bermuda, Brookfield Infrastructure L.P., an exempted limited
partnership formed under the laws of Bermuda, BIP Bermuda Holdings I Limited, a Bermuda exempted company, Brookfield Infrastructure Holdings
(Canada) Inc. (&ldquo;<B>Can Holdco</B>&rdquo;), a corporation continued under the laws of British Columbia, Brookfield Infrastructure
LLC, a Delaware limited liability company (&ldquo;<B>BI LLC</B>&rdquo;), and BIPC Holdings Inc., a corporation organized under the laws
of Ontario, Canada (collectively, the &ldquo;<B>Guarantors</B>&rdquo;), Computershare Trust Company, N.A., a national association formed
under the laws of the State of Delaware, as U.S. trustee (the &ldquo;<B>U.S. Trustee</B>&rdquo;) and Computershare Trust Company of Canada,
a trust company organized under the laws of Canada, as Canadian trustee (the &ldquo;<B>Canadian Trustee</B>&rdquo;, and together with
the U.S. Trustee, the &ldquo;<B>Trustees</B>&rdquo;), to the Indenture, dated as of May&nbsp;24, 2021, by and among the Issuer, the Partnership
and the other guarantors party thereto and the Trustees (the &ldquo;<B>Original Indenture</B>&rdquo;, the Original Indenture, as amended
and supplemented hereby, being referred to herein as the &ldquo;<B>Indenture</B>&rdquo;).</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"><B>WITNESSETH</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; text-indent: 0.5in"><B>WHEREAS</B>, the Issuer
has duly authorized, as a separate series of Securities under the Indenture, its 6.750% Fixed-to-Fixed Reset Rate Subordinated Notes due
March&nbsp;15, 2055 (the &ldquo;<B>Notes</B>&rdquo;) and each of the Guarantors has consented to and approved the issuance of the Notes;</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"><B>WHEREAS</B>, the Issuer
and the Guarantors have duly authorized the execution and delivery of this Third Supplemental Indenture to establish the Notes as a separate
series of Securities under the Original Indenture and to provide for, among other things, the issuance by the Issuer of and the form and
terms of the Notes and additional covenants for purposes of the Notes and the Holders thereof;</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"><B>WHEREAS</B>, the Issuer
and the Guarantors understand and agree that Brookfield Infrastructure US Holdings I Corporation, a guarantor under the Original Indenture,
will not be a Guarantor in respect of the Notes, and BI LLC, which was not party to the Original Indenture, will be a Guarantor in respect
of the Notes, and further, none of the Issuer or the Guarantors (other than BI LLC) are in default under the Original Indenture;</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"><B>WHEREAS</B>, all things
necessary to make this Third Supplemental Indenture a valid agreement according to its terms have been done; and</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"><B>WHEREAS</B>, the foregoing
recitals are made as statements of fact by the Issuer and the Guarantors and not by the Trustees;</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"><B>NOW, THEREFORE, THIS THIRD
SUPPLEMENTAL INDENTURE WITNESSETH:</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; text-indent: 0.5in">For and in consideration of
the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all
Holders of the Notes, as follows:</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; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;1<BR>
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0%"></TD><TD STYLE="width: 1in"><B>1.1</B></TD><TD><B>Definitions.</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; text-indent: 0.5in">For all purposes of this Third
Supplemental Indenture and the Notes, except as otherwise expressly provided or unless the subject matter or context otherwise requires:</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">&ldquo;<B>2081 Notes</B>&rdquo;
means the series of 5.000% Subordinated Notes due 2081 issued by the Issuer.</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"><B>&ldquo;2084 Notes&rdquo;</B>
means the series of 7.250% Subordinated Notes due 2084 issued by the Issuer.</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">&ldquo;<B>Additional Amounts</B>&rdquo;
has the meaning specified in Section&nbsp;2.13 of this Third Supplemental Indenture.</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">&ldquo;<B>Automatic Exchange</B>&rdquo;
has the meaning specified in Section&nbsp;2.8 of this Third Supplemental Indenture.</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">&ldquo;<B>Automatic Exchange
Event</B>&rdquo; means an event giving rise to an Automatic Exchange, being the occurrence of any one of the following: (i)&nbsp;the making
by the Issuer of a general assignment for the benefit of its creditors or a proposal (or the filing of a notice of its intention to do
so) under the <I>Bankruptcy and Insolvency Act</I> (Canada); (ii)&nbsp;any proceeding instituted by the Issuer and/or the Partnership
seeking to adjudicate them as bankrupt (including any voluntary assignment in bankruptcy) or insolvent or, where the Issuer and/or the
Partnership are insolvent, seeking liquidation, winding up, dissolution, reorganization, arrangement, compromise, adjustment, protection,
relief or composition of their debts under any law relating to bankruptcy or insolvency in Canada or Bermuda (as applicable), or seeking
the entry of an order for the appointment of a receiver, interim receiver, trustee or other similar official for the Issuer and/or the
Partnership or in respect of all or any substantial part of their property and assets in circumstances where the Issuer and/or the Partnership
are adjudged as bankrupt (including any voluntary assignment in bankruptcy) or insolvent; (iii)&nbsp;a receiver, interim receiver, trustee
or other similar official is appointed over the Issuer and/or the Partnership or for all or substantially all of their property and assets
by a court of competent jurisdiction in circumstances where the Issuer and/or the Partnership are adjudged as bankrupt (including any
voluntary assignment in bankruptcy) or insolvent under any law relating to bankruptcy or insolvency in Canada or Bermuda (as applicable);
or (iv)&nbsp;any proceeding is instituted against the Issuer and/or the Partnership seeking to adjudicate them as bankrupt (including
any voluntary assignment in bankruptcy) or insolvent, or where the Issuer and/or the Partnership are insolvent, seeking liquidation, winding
up, dissolution, reorganization, arrangement, compromise, adjustment, protection, relief or composition of their debts under any law relating
to bankruptcy or insolvency in Canada or Bermuda (as applicable), or seeking the entry of an order for the appointment of a receiver,
interim receiver, trustee or other similar official for the Issuer and/or the Partnership or in respect of all or a substantial part of
their property and assets in circumstances where the Issuer and/or the Partnership are adjudged as bankrupt or insolvent under any law
relating to bankruptcy or insolvency in Canada or Bermuda (as applicable), and in any such case, such proceeding has not been stayed or
dismissed within 60 days of the institution of any such proceeding or the actions sought in such proceedings occur (including the entry
of an order for relief against the Issuer and/or the Partnership or the appointment of a receiver, interim receiver, trustee, or other
similar official for them or for all or substantially all of their property and assets).</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; text-align: justify; text-indent: 0.5in">&ldquo;<B>Automatic Exchange
Event Notice</B>&rdquo;<B>&nbsp;</B>has the meaning specified in Section&nbsp;2.8.2 of this Third Supplemental Indenture.</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">&ldquo;<B>BI LLC</B>&rdquo;
has the meaning ascribed to it in the recitals.</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">&ldquo;<B>BIPIC</B>&rdquo;
means BIP Investment Corporation, a corporation established under the <I>Business Corporations Act</I> (British Columbia) and a subsidiary
of Can Holdco.</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">&ldquo;<B>Business Day</B>&rdquo;
means a day other than (i)&nbsp;a Saturday or Sunday, or (ii)&nbsp;a day on which banks in New York, New York and where the corporate
trust offices of the Trustees are authorized or obligated by law or executive order to remain closed.</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">&ldquo;<B>Calculation Agent</B>&rdquo;
means the Issuer, an affiliate of the Issuer selected by the Issuer, or any other firm appointed by the Issuer, in each case, in the Issuer&rsquo;s
sole discretion, acting a calculation agent in respect of the Notes.</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">&ldquo;<B>Can Holdco</B>&rdquo;
has the meaning ascribed to it in the recitals.</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">&ldquo;<B>Clearing Agency</B>&rdquo;
has the meaning specified in Section&nbsp;2.8.3 of this Third Supplemental Indenture.</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">&ldquo;<B>Deferral Period</B>&rdquo;
has the meaning specified in Section&nbsp;2.9 of this Third Supplemental Indenture.</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">&ldquo;<B>Distribution Restricted
Securities</B>&rdquo; means the partnership units of the Partnership and all equity issued by the Issuer.</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">&ldquo;<B>Exchange Notice</B>&rdquo;
has the meaning specified in Section&nbsp;2.8.2 of this Third Supplemental Indenture.</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">&ldquo;<B>Exchange Preferred
Units</B>&rdquo; shall mean Class&nbsp;A Preferred Limited Partnership Units of the Partnership, being Class&nbsp;A Limited Partnership
Units, Series&nbsp;17, issued pursuant to that certain Seventh Amendment to the Amended and Restated Limited Partnership Agreement of
the Partnership, dated as of the date hereof.</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">&ldquo;<B>Exchange Time</B>&rdquo;
has the meaning specified in Section&nbsp;2.8.1 of this Third Supplemental Indenture.</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"><B>&ldquo;First Reset Date&rdquo;
</B>means March&nbsp;15, 2030.</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">&ldquo;<B>FATCA</B>&rdquo;
has the meaning specified in Section&nbsp;2.13 of this Third Supplemental Indenture.</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; text-align: justify; text-indent: 0.5in">&ldquo;<B>Five-Year Treasury
Rate</B>&rdquo; means, as of any Reset Interest Determination Date, (i)&nbsp;an interest rate (expressed as a decimal) determined to be
the per annum rate equal to the arithmetic mean of the yields to maturity for U.S. Treasury securities adjusted to constant maturity with
a maturity of five years from the next Interest Reset Date and trading in the public securities markets, for the five consecutive Business
Days immediately prior to the respective Reset Interest Determination Date as published (or, if fewer than five consecutive Business Days
are so published on the applicable Reset Interest Determination Date, for such number of Business Days published) in the most recent H.15,
or (ii)&nbsp;if there is no such published U.S. Treasury security with a maturity of five years from the next Interest Reset Date and
trading in the public securities markets, then the rate will be determined by interpolation between the arithmetic mean of the yields
to maturity for each of the two series of U.S. Treasury securities adjusted to constant maturity trading in the public securities markets,
(A)&nbsp;one maturing as close as possible to, but earlier than, the Interest Reset Date following the next succeeding Reset Interest
Determination Date, and (B)&nbsp;the other maturing as close as possible to, but later than, the Interest Reset Date following the next
succeeding Reset Interest Determination Date, in each case for the five consecutive Business Days immediately prior to the respective
Reset Interest Determination Date as published in the most recent H.15. If the Five-Year Treasury Rate cannot be determined pursuant to
the methods described in clause (i)&nbsp;or (ii)&nbsp;above, then the Five-Year Treasury Rate will be the same interest rate determined
for the prior Reset Interest Determination Date or, if the Five-Year Treasury Rate cannot be so determined as of the Reset Interest Determination
Date preceding the First Reset Date, then the interest rate applicable for the Interest Reset Period beginning on and including the First
Reset Date will be deemed to be 6.750% per annum, which is the same interest rate as in effect from and including the Original Issue Date
to, but excluding, the First Reset Date.</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">&ldquo;<B>Guarantee Obligations</B>&rdquo;
means the subordinate guarantee obligations of the Guarantors pursuant to Article&nbsp;5 of the Original Indenture but solely in respect
of the Notes.</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">&ldquo;<B>Guarantor Senior
Indebtedness</B>&rdquo; means, in respect of any Guarantor, all principal, interest, premium, fees and other amounts owing on, under or
in respect&nbsp;of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">all indebtedness, liabilities and obligations of such Guarantor, whether outstanding on the Original Issue
Date or thereafter created, incurred, assumed or guaranteed (including any such indebtedness, liabilities or obligations that are guaranteed
by each Guarantor (as applicable));&nbsp;and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">all renewals, extensions, restructurings, refinancings and refundings of any such indebtedness, liabilities
or obligations;</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; text-indent: 0.5in">except that Guarantor Senior
Indebtedness shall not include (i)&nbsp;the obligations of such Guarantor in respect of its guarantee of the Notes, the 2084 Notes, the
2081 Notes and the Perpetual Notes, (ii)&nbsp;the liabilities and obligations of such Guarantor in respect of any equity (including any
preferred equity) that has been issued by the Issuer, any Guarantor or BIPIC, and (iii)&nbsp;all indebtedness, liabilities and obligations
of such Guarantor that, pursuant to the terms of an instrument creating or evidencing such indebtedness, liabilities or obligations, are
stated to rank <I>pari passu</I> with or subordinate in right of payment to its guarantee of the Notes.</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; text-align: justify; text-indent: 0.5in">&ldquo;<B>H.15</B>&rdquo;
means the statistical release designated as such, or any successor publication published by the Board of Governors of the Federal Reserve
Board (or any successor thereto). The &ldquo;<B>most recent H.15</B>&rdquo; means the H.15 published closest in time but prior to the
close of business on the second Business Day prior to the applicable Reset Interest Determination Date.</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">&ldquo;<B>Ineligible Person</B>&rdquo;
means any Person whose address is in, or whom the Partnership or its transfer agent has reason to believe is a resident of, any jurisdiction
outside of the United States to the extent that: (i)&nbsp;the issuance or delivery by the Partnership to such Person, upon an Automatic
Exchange for Exchange Preferred Units, would require the Partnership to take any action to comply with securities or analogous laws of
such jurisdiction; or (ii)&nbsp;withholding tax would be applicable in connection with the delivery to such Person of Exchange Preferred
Units upon an Automatic Exchange.</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"><B>&ldquo;Interest Payment
Date</B>&rdquo; means March&nbsp;15 and September&nbsp;15 of each year.</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"><B>&ldquo;Interest Reset Date</B>&rdquo;
means the First Reset Date and each date falling on the five-year anniversary of the preceding Interest Reset Date.</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">&ldquo;<B>Interest Reset Period</B>&rdquo;
means the period from and including the First Reset Date to, but excluding, the next succeeding Interest Reset Date, the Maturity Date,
or Redemption Date, as the case may be, and thereafter each period from and including each Interest Reset Date to, but not including,
the next succeeding Interest Reset Date, the Maturity Date, or Redemption Date, as the case may be.</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">&ldquo;<B>Issuer Senior Indebtedness</B>&rdquo;
means all principal, interest, premium, fees and other amounts owing on, under or in respect&nbsp;of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">all indebtedness, liabilities and obligations of the Issuer, whether outstanding on the Original Issue
Date or thereafter created, incurred, assumed or guaranteed;&nbsp;and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">all renewals, extensions, restructurings, refinancings and refundings of any such indebtedness, liabilities
or&nbsp;obligations;</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">except that Issuer Senior Indebtedness shall not
include (i)&nbsp;the obligations of the Issuer in respect of the Notes, the 2084 Notes, the 2081 Notes and the Issuer&rsquo;s guarantee
obligations in respect of the Perpetual Notes, (ii)&nbsp;all liabilities and obligations of the Issuer in respect of any equity (including
any preferred equity) that has been issued by the Issuer, any Guarantor or BIPIC, and (iii)&nbsp;all indebtedness, liabilities and obligations
of the Issuer that, pursuant to the terms of the instrument creating or evidencing such indebtedness, liabilities or obligations, are
stated to rank <I>pari passu</I> with or subordinate in right of payment to the Notes.</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">&ldquo;<B>Maturity Date</B>&rdquo;
means March&nbsp;15, 2055.</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">&ldquo;<B>Notes</B>&rdquo;
has the meaning ascribed to it in the recitals.</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">&ldquo;<B>Original Indenture</B>&rdquo;
has the meaning ascribed to such term in the first recital to this Third Supplemental Indenture.</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; text-align: justify; text-indent: 0.5in">&ldquo;<B>Original Issue Date</B>&rdquo;
mean November&nbsp;29, 2024.</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">&ldquo;<B>Parity Indebtedness</B>&rdquo;
means the 2081 Notes, the 2084 Notes, the Issuer and Partnership&rsquo;s guarantee obligations in respect of the Perpetual Notes and any
other class or series of the Partnership&rsquo;s indebtedness currently outstanding or hereafter created which ranks on a parity with
the Partnership&rsquo;s guarantee of the Notes (prior to any Automatic Exchange) as to distributions upon liquidation, dissolution or
winding-up.</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">&ldquo;<B>Partnership Preferred
Units</B>&rdquo; means preferred limited partnership units in the Partnership, including the Partnership&rsquo;s Class&nbsp;A Preferred
Limited Partnership Units (which will include the Exchange Preferred Units if issued).</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">&ldquo;<B>Perpetual Notes</B>&rdquo;
means the series of 5.125% Perpetual Subordinated Notes issued by BIP Bermuda Holdings I Limited.</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">&ldquo;<B>Rating Agency</B>&rdquo;
means any nationally recognized statistical rating organization (within the meaning of Section&nbsp;3(a)(62) of the Securities Exchange
Act of 1934, as amended) that publishes a rating for the Notes.</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">&ldquo;<B>Rating Event</B>&rdquo;
means the occurrence of an event in which any Rating Agency, following the initial rating of the Notes by such Rating Agency, amends,
clarifies or changes the criteria it uses to assign equity credit to securities such as the Notes, which amendment, clarification or change
results in (a)&nbsp;the shortening of the length of time the Notes are assigned a particular level of equity credit by that Rating Agency
as compared to the length of time the Notes would have been assigned that level of equity credit by that Rating Agency or its predecessor
on the initial rating of the Notes by such Rating Agency; or (b)&nbsp;the lowering of the equity credit (including up to a lesser amount)
assigned to the Notes by that Rating Agency compared to the equity credit assigned by that Rating Agency or its predecessor on the initial
rating of the Notes by such Rating Agency.</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">&ldquo;<B>Relevant Taxing
Jurisdiction</B>&rdquo; has the meaning specified in Section&nbsp;2.13 of this Third Supplemental Indenture.</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"><B>&ldquo;Reset Interest Determination
Date&rdquo;</B> means, in respect of any Interest Reset Period, the day falling two Business Days prior to the applicable Interest Reset
Date.</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">&ldquo;<B>Tax Act</B>&rdquo;
has the meaning specified in Section&nbsp;2.13 of this Third Supplemental Indenture.</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">&ldquo;<B>Tax Event</B>&rdquo;
means the Issuer or any Guarantor (as applicable) has received an opinion of counsel of nationally recognized standing experienced in
such matters to the effect that, as a result of (i)&nbsp;any amendment or change to the laws (or any regulations or rulings thereunder)
of any Relevant Taxing Jurisdiction or any applicable tax treaty or (ii)&nbsp;any change in the application, administration or interpretation
of such laws, regulations, rulings or treaties (including any judicial decision rendered by a court of competent jurisdiction with respect
to such laws, regulations, rulings or treaties), in each case of (i)&nbsp;and (ii), by any legislative body, court, governmental authority
or agency, regulatory body or taxing authority, which amendment or change is effective on or after the Original Issue Date (or if the
Relevant Taxing Jurisdiction has changed since the Original Issue Date, the date on which the applicable jurisdiction became a Relevant
Taxing Jurisdiction) (including, for the avoidance of doubt, any such amendment or change made on or after the Original Issue Date (or
the date on which the applicable jurisdiction became a Relevant Taxing Jurisdiction, as applicable) that has retroactive effect to a date
prior to the Original Issue Date (or the date on which the applicable jurisdiction became a Relevant Taxing Jurisdiction, as applicable)),
either: (a)&nbsp;the Issuer or any Guarantor (as applicable) is, or may be, subject to more than a <I>de minimis</I> amount of additional
taxes, duties or other governmental charges or civil liabilities because the treatment of any of its items of income, taxable income,
expense, taxable capital or taxable paid-up capital with respect to the Notes, as or as would be reflected in any tax return or form filed,
to be filed, or that otherwise could have been filed, will not be respected by a taxing authority (excluding as a result of any limitation
on the deductibility of interest on the Notes as a result of any EBITDA, tax EBITDA, or other similar earnings or income-based limit on
interest deductibility) or (b)&nbsp;the Issuer or any Guarantor (as applicable) has been or will be on the next Interest Payment Date
obligated to pay Additional Amounts and neither the Issuer or Guarantor (as applicable) can avoid such obligation by taking commercially
reasonable measures to avoid it.</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; text-align: justify; text-indent: 0.5in">&ldquo;<B>Taxes</B>&rdquo;
has the meaning specified in Section&nbsp;2.13 of this Third Supplemental Indenture.</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">All other terms and expressions
used herein shall have the same meanings as corresponding expressions defined in the Original Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>1.2</B></TD><TD><B>To Be Read with Original Indenture</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; text-indent: 0.5in">The Third Supplemental Indenture
is a supplemental indenture within the meaning of the Original Indenture, and the Original Indenture and this Third Supplemental Indenture
shall be read together and shall have effect, so far as practicable, as though all the provisions of the Original Indenture and this Third
Supplemental Indenture were contained in one instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>1.3</B></TD><TD><B>Amendments to the Original Indenture</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; text-indent: 0.5in">The following definition in
Article&nbsp;1.1 of the Original Indenture, as such definition relates to the Notes, is hereby amended to read in its entirety as follows:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Guarantor</B>&rdquo;
means (i)&nbsp;the Partnership, (ii)&nbsp;BILP, (iii)&nbsp;Bermuda Holdco, (iv)&nbsp;Can Holdco, (v)&nbsp;BI LLC, (vi)&nbsp;BIPC Holdings,
and (vii)&nbsp;any other Person that provides a guarantee under Article&nbsp;5 of this Indenture in respect of one or more series of Securities,
as evidenced by one or more indentures supplemental hereto.</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">The first paragraph in Article&nbsp;11.4
of the Original Indenture is hereby amended to read in its entirety as follows:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">So long as any of
the Securities are Outstanding, each of the Issuer and the Partnership shall deliver to the Trustees, within 120 days after the end of
each fiscal year of the Issuer and the Partnership, a brief certificate from its principal executive, financial or accounting officer
as to his or her knowledge of the compliance of the Issuer and the Guarantors with all conditions and covenants under this Indenture (such
compliance to be determined without regard to any period of grace or requirement of notice provided under this Indenture) which certificate
shall comply with the requirements of TIA &sect; 314(a)(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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>1.4</B></TD><TD><B>Currency</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; text-indent: 0.5in">Except where expressly provided,
all amounts in this Third Supplemental Indenture are stated in United States currency.</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"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;2<BR>
THE NOTES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>2.1</B></TD><TD><B>Designation</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; text-indent: 0.5in">There is hereby authorized
to be issued under the Original Indenture a separate series of Securities designated as &ldquo;6.750% Fixed-to-Fixed Reset Rate Subordinated
Notes due March&nbsp;15, 2055&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>2.2</B></TD><TD><B>Limit of Aggregate Principal Amount</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; text-indent: 0.5in">The aggregate principal amount
of Notes that may be authenticated and delivered pursuant to the Third Supplemental Indenture (except for Notes authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section&nbsp;3.4, 3.5, 3.6, 10.6 or 12.7
of the Original Indenture and except for any Notes which, pursuant to the last sentence of Section&nbsp;3.3 of the Original Indenture,
are deemed never to have been authenticated and delivered) shall initially be limited to $300,000,000, of which $300,000,000 principal
amount has been issued hereunder as of the date hereof. The Issuer may from time to time, without the consent of the Holders of the Notes
but with the consent of the Guarantors, create and issue further notes having the same terms and conditions in all respects as the Notes
being offered hereby except for the issue date, the issue price and the first payment of interest thereon.&nbsp;Additional notes issued
in this manner will be consolidated with and will form a single series with the Notes, as the case may be, being offered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>2.3</B></TD><TD><B>Date of Payment of Principal</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; text-indent: 0.5in">The principal of the Notes
shall be payable on March&nbsp;15, 2055.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>2.4</B></TD><TD><B>Payments; Registration of Transfers</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; text-indent: 0.5in">All payments in respect of
the Notes shall be made in immediately available funds.&nbsp;The Issuer hereby appoints the U.S. Trustee to act as the initial Paying
Agent for the Notes. The &ldquo;<B>Place of Payment</B>&rdquo; for the Notes shall be at the address of the Paying Agent, currently located
at 1505 Energy Park Drive, St. Paul, Minnesota 55108.</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">For such Notes (if any) as
are not represented by a Global Security, payments of principal (and premium, if any) and interest on any Notes will be made at the Place
of Payment, except that, at the option and expense of the Issuer, payment of interest may be made by (a)&nbsp;cheque mailed to the address
of the Person entitled thereto as such address shall appear on the Security Register or (b)&nbsp;wire transfer to an account maintained
by the Person entitled thereto as specified in the Security Register.&nbsp;The registration of transfers and exchanges of Notes will be
made at the Corporate Trust Office of the U.S. Trustee currently located at 1505 Energy Park Drive, St. Paul, Minnesota 55108 and the
Place of Payment.</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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    <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">&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: 1in"><B>2.5</B></TD><TD><B>Interest</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">The Notes will be issued in initial denominations of $1,000 and multiples of $1,000 in excess thereof
and shall bear interest (i)&nbsp;from and including the Original Issue Date to but excluding the First Reset Date at an annual rate of
6.750% and thereafter (ii)&nbsp;from and including each Interest Reset Date with respect to each Interest Reset Period to but excluding
the next succeeding Interest Reset Date, the Maturity Date or Redemption Date, as the case may be, at an annual rate equal to the Five-Year
Treasury Rate as of the most recent Reset Interest Determination Date, plus a spread of 2.453%, to be reset on each Interest Reset Date;
<I>provided</I>, that the interest rate during any Interest Reset Period will not reset below 6.750% (which equals the interest rate on
the Notes on the Original Issue Date), subject to deferral as set forth in Section&nbsp;2.9.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">Interest in respect of the Notes shall accrue 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">The Interest Payment Dates on which interest shall be payable in respect of the Notes shall be March&nbsp;15
and September&nbsp;15 in each year, commencing on March&nbsp;15, 2025.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP></SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">The first interest payment on the Notes will be $19.875 per $1,000 principal amount of Notes representing
the period from the Original Issue Date to, but excluding March 15, 2025.</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">(e)</TD><TD STYLE="text-align: justify">The Regular Record Dates for interest in respect of the Notes shall be March 1 and September 1 (whether
or not a Business Day) in respect of the interest payable semi-annually in arrears on March 15 and September 15, respectively.</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">(f)</TD><TD STYLE="text-align: justify">In the event that any Interest Payment Date, Redemption Date, or the Maturity Date falls on a day that
is not a Business Day, payment will be made on the next succeeding day which is a Business Day (and without any interest or other payment
in respect of any such delay), with the same force and effect as if made on such date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&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: 1in"><B>2.6</B></TD><TD><B>Calculation of the Interest Rate of the Notes on the Reset Interest Determination Dates</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; text-indent: 0.5in">Unless all of the outstanding
Notes have been redeemed as of the First Reset Date, the Issuer shall appoint a Calculation Agent with respect to the Notes prior to the
Reset Interest Determination Date preceding the First Reset Date. The Issuer or any of its affiliates may assume the duties of the Calculation
Agent. The applicable interest rate for each Interest Reset Period will be determined by the Calculation Agent as of the applicable Reset
Interest Determination Date in accordance with Section&nbsp;2.5. If the Issuer or one of its affiliates is not the Calculation Agent,
the Calculation Agent will notify the Issuer of the interest rate for the relevant Interest Reset Period promptly upon such determination.
The Issuer will notify the U.S. Trustee of such interest rate, promptly upon making or being notified of such determination. The Calculation
Agent&rsquo;s determination of any interest rate and its calculation of the amount of interest for any Interest Reset Period beginning
on or after the First Reset Date, in each case, as determined in accordance with Section&nbsp;2.5, will be conclusive and binding absent
manifest error, will be made in the Calculation Agent&rsquo;s sole discretion and, notwithstanding anything to the contrary in the Indenture,
will become effective without consent from any other person or entity. Such determination of any interest rate and calculation of the
amount of interest will be on file at the Partnership&rsquo;s principal offices and shall be made available to any holder of the Notes
upon request.</P>

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

<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: 1in"><B>2.7</B></TD><TD><B>Redemption and Purchase for Cancellation of the Notes</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; text-indent: 0.5in">Except as provided in this
Section&nbsp;2.6 of this Third Supplemental Indenture, the Notes are not redeemable prior to maturity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.7.1<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><U>Redemption of Notes at the Option of the Issuer</U>. On giving not more than 60 nor less than 10 days&rsquo; notice to the Holders
of the Notes redeem the Notes, in whole or in part (i) on any day in the period commencing on and including the date that is 90 days prior
to the First Reset Date and ending on and including the First Reset Date and (ii) after the First Reset Date, on any Interest Payment
Date, the Issuer may, at its option, redeem the Notes in whole at any time or in part from time to time without the consent of the Holders,
at a Redemption Price equal to 100% of the principal amount thereof, plus an amount equal to all accrued and unpaid interest on the principal
amount of the Notes to be redeemed to, but excluding, the Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.4in; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Early
Redemption upon a Tax Event</U>. At any time, after the occurrence of a Tax Event, subject to applicable laws, the Issuer may, at its
option, on giving not more than 60 days&rsquo; nor less than 10 days&rsquo; prior notice to the Holders thereof, redeem the Notes (in
whole but not in part) without the consent of the Holders. The Redemption Price shall be equal to 100% of the principal amount thereof
and shall be paid together with accrued and unpaid interest to, but excluding, the Redemption Date.</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 0pt 0.5in; text-align: justify">2.7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Early
Redemption upon a Rating Event</U>. At any time, following the occurrence of a Rating Event, the Issuer may, at its option, on giving
not more than 60 days&rsquo; nor less than 10 days&rsquo; prior notice to the Holders thereof, redeem the Notes (in whole but not in part)
without the consent of the Holders. The Redemption Price shall be equal to 102% of the principal amount thereof and shall be paid together
with accrued and unpaid interest to, but excluding, the Redemption Date.</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 0pt 0.5in; text-align: justify">2.7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Redemption</U>. Notwithstanding the first paragraph of Section&nbsp;12.4 of the Original Indenture, notice of any redemption will be
delivered at least 10 days but not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed. All notices
of redemption shall state the information required by Section&nbsp;12.4 of the Original Indenture. On and after any Redemption Date, interest
will cease to accrue on the Notes or any portion thereof called for redemption. On or before any Redemption Date, the Issuer shall deposit
with the Paying Agent (or the U.S. Trustee) money sufficient to pay the Redemption Price of the Notes to be redeemed on such date. If
less than all the Notes are to be redeemed, the Notes to be redeemed shall be selected by the U.S. Trustee at the Issuer&rsquo;s direction
by such method as the Issuer and the U.S. Trustee shall designate.</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>

<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: 1in"><B>2.8</B></TD><TD><B>Automatic Exchange</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 0pt 0.5in; text-align: justify">2.8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Automatic
Exchange</U>. Upon the occurrence of an Automatic Exchange Event (such time, the &ldquo;<B>Exchange Time</B>&rdquo;), the Notes, including
accrued and unpaid interest thereon, will be exchanged automatically (the&nbsp;&ldquo;<B>Automatic Exchange</B>&rdquo;), without the consent
of the Holders thereof, into Exchange Preferred Units. As of the Exchange Time, Holders will have the right to receive one Exchange Preferred
Unit for each $1,000 principal amount of Notes held together with the number of Exchange Preferred Units (including fractional units,
if applicable) calculated by dividing the amount of accrued and unpaid interest, if any, on the Notes, by $1,000. Such right will be automatically
exercised, and the Notes shall be automatically exchanged, without the consent of the Holders of the Notes, into Exchange Preferred Units
in accordance with such exchange procedures as shall be reasonably determined by the Issuer in consultation with the U.S. Trustee. At
such time, all outstanding Notes shall be deemed to be immediately and automatically surrendered without need for further action by the
Holders of the Notes, who shall thereupon automatically cease to be Holders thereof and all rights of each such Holder as a debtholder
of the Issuer and as a beneficiary of the subordinated guarantees of the Guarantors shall automatically cease.</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 0pt 0.5in; text-align: justify">2.8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Automatic
Exchange Event Notice</U>. The Issuer shall deliver to the U.S. Trustee a written notice of the occurrence of an Automatic Exchange (the
 &ldquo;<B>Automatic Exchange Event Notice</B>&rdquo;) within 10 days after the occurrence of such event, which Automatic Exchange Event
Notice shall be signed by any director or officer (or equivalent) of the Issuer and shall be binding on the Holders of the Notes. As soon
as practicable following receipt by the U.S. Trustee from the Issuer of an Automatic Exchange Event Notice, the U.S. Trustee shall deliver
notice to the Holders of Notes of the occurrence of the Automatic Exchange; <I>provided, however</I>, that a failure to make such delivery
shall not affect, reduce or modify in any way the effectiveness of the Automatic Exchange with effect as of the Exchange Time.</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 0pt 0.5in; text-align: justify">Following the occurrence of an Automatic
Exchange, the Issuer shall, as soon as reasonably practicable, inform the Guarantors and the U.S. Trustee by notice in writing (the &ldquo;<B>Exchange
Notice</B>&rdquo;) as to the number of Notes exchanged and transferred hereby. Such Exchange Notice shall specify the number of Exchange
Preferred Units (including fractional units, if applicable) required in connection with the Automatic Exchange in accordance with this
Indenture and shall specify whether, to the knowledge of the Issuer, such Holders of Notes (or Persons beneficially owning Notes represented
by the Holders of such Notes) are Ineligible Persons.</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 0pt 0.5in; text-align: justify">2.8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
Not to Deliver the Exchange Preferred Units</U>. Upon an Automatic Exchange of the Notes, the Partnership reserves the right not to issue
some or all of the Exchange Preferred Units to Ineligible Persons. In such circumstances, the Partnership will hold all Exchange Preferred
Units that would otherwise be delivered to Ineligible Persons, as agent for such Ineligible Persons, and will attempt to facilitate the
sale of such units through a registered broker or dealer retained by the Partnership for the purpose of effecting the sale (to&nbsp;parties
other than the Partnership, its Affiliates or other Ineligible Persons) on behalf of such Ineligible Persons of such Exchange Preferred
Units. Such sales, if any, may be made at any time and any price. The Partnership will not be subject to any liability for failing to
sell Exchange Preferred Units on behalf of any such Ineligible Persons or at any particular price on any particular day. The net proceeds
received by the Partnership from the sale of any such Exchange Preferred Units will be divided among the Ineligible Persons in proportion
to the number of Exchange Preferred Units that would otherwise have been delivered to them, after deducting the costs of sale and any
applicable Taxes or withholding on account of Taxes, if any. The Partnership will pay the aggregate net proceeds that it receives for
such Exchange Preferred Units to The Depository Trust Company (the&nbsp;&ldquo;<B>Clearing Agency</B>&rdquo;) (if&nbsp;the Notes are then
held in the book-entry only system) or to the trustee, registrar and/or transfer agent, as applicable (in&nbsp;all other cases) for distribution
to such Ineligible Persons in accordance with the applicable procedures of the Clearing Agency or&nbsp;otherwise.</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 0pt 0.5in; text-align: justify">As a precondition to the delivery of
any certificate or other evidence of issuance representing any Exchange Preferred Units or related rights following an Automatic Exchange,
the Partnership may require a Holder of Notes (and&nbsp;Persons holding Notes represented by such Holder of Notes) to deliver a declaration,
in form and substance satisfactory to the Partnership, confirming compliance with any applicable regulatory requirements to establish
that such Holder of Notes is not, and does not represent, an Ineligible Person. The U.S. Trustee and the Partnership shall be entitled
to rely exclusively on the declarations of the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>2.9</B></TD><TD><B>Deferral Right</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; text-indent: 0.5in">So long as no Event of Default
has occurred and is continuing, the Issuer may elect, at its sole option, at any date other than an Interest Payment Date, to defer the
interest payable on the Notes on one or more occasions for up to five consecutive years (a&nbsp;&ldquo;<B>Deferral Period</B>&rdquo;).
During any Deferral Period, interest on the Notes will continue to accrue at the then-applicable interest rate on the Notes (as reset
from time to time on any Interest Reset Date occurring during such Deferral Period). In addition, during any Deferral Period, interest
on the deferred interest (&ldquo;compound interest&rdquo;) will accrue at the then-applicable interest rate on the Notes (as reset from
time to time on any Interest Reset Date occurring during such Deferral Period), compounded semi-annually, to the extent permitted by applicable
law. There is no limit on the number of Deferral Periods that may occur. Any such deferral will not constitute an Event of Default or
any other breach under the Indenture and the Notes. Deferred interest will accrue until paid (including, to the extent permitted by law,
any compound interest). A Deferral Period terminates on any Interest Payment Date on which the Issuer pays all accrued and unpaid interest
(including, to the extent permitted by law, any compound interest) on such date. No Deferral Period may extend beyond the Maturity Date.</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">The Issuer will give the Holders
of the Notes written notice of its election to commence or continue a Deferral Period at least 10 days and not more than 60&nbsp;days
before the next Interest Payment&nbsp;Date. After the commencement of a Deferral Period, the Issuer will give the Holders of the Notes
written notice of its election to continue or terminate, as applicable, such Deferral Period, at least 10 days and not more than 60 days
before each subsequent Interest Payment Date until the termination of such Deferral Period.</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; text-align: justify; text-indent: 0.5in">There shall be no limit on
the number of Deferral Periods that may occur pursuant to this Section&nbsp;2.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>2.10</B></TD><TD><B>Form</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; text-indent: 0.5in">The Notes and the certificate
of the U.S Trustee endorsed thereon shall each be issuable initially as one or more Global Securities in minimum denominations of $1,000
and integral multiples of $1,000 in excess thereof and shall be substantially in the form set forth in Annex A hereto. The Depositary
for Global Securities shall be The Depository Trust Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>2.11</B></TD><TD><B>Events of Default</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; text-indent: 0.5in">The Events of Default contained
in the Original Indenture shall not apply to the Notes.</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">Solely with respect to the
Notes (and not with respect to any other Securities issued or outstanding under the Indenture), for so long as any of the Notes remain
outstanding, &ldquo;Event of Default&rdquo; for purposes of the Indenture and the Notes will mean any one of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">default in the payment of any interest (including Additional Amounts thereon) when due and payable on
the Notes, and continuance of such default for a period of 30 days (subject to the Issuer&rsquo;s right, at its sole option, to defer
interest payments as provided in Section&nbsp;2.9 of this Third Supplemental Indenture); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">default in the payment of the principal of or any premium or Additional Amounts thereon, if any, when
due and payable on the Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>2.12</B></TD><TD><B>Additional Covenants</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; text-indent: 0.5in">In the event that any Successor
of the Issuer or a Guarantor is formed or organized outside of the United States, Canada or Bermuda, the applicable supplemental indenture
in respect of such Successor shall include a provision for (i)&nbsp;the payment of Additional Amounts in the form substantially similar
to that described in Section&nbsp;2.13, with such modifications (including to the definition of &ldquo;Relevant Taxing Jurisdiction&rdquo;)
as the Issuer, the Partnership and such Successor reasonably determine are customary and appropriate for U.S. noteholders to address then-applicable
(or potentially applicable future) taxes, duties, levies, imposts, assessments or other governmental charges imposed or levied by or on
behalf of the applicable governmental authority in respect of payments made by such Successor under or with respect to the Notes, including
any exceptions thereto as the Issuer, the Partnership and such Successor shall reasonably determine would be customary and appropriate
for U.S. noteholders and (ii)&nbsp;the right of the Issuer to redeem the Notes at 100% of the aggregate principal amount thereof plus
accrued interest thereon in the event that Additional Amounts become payable by such Successor in respect of the Notes as a result of
any change in law or official position regarding the application or interpretation of any law that is announced or becomes effective after
the date of such supplemental indenture.</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">The covenants contained in
Article&nbsp;3 of this Third Supplemental Indenture shall apply to the Notes in addition to the covenants contained in the Original Indenture.</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>

<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: 1in"><B>2.13</B></TD><TD><B>Payment of Additional Amounts</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; text-indent: 0.5in">All payments made by the Issuer
or any Guarantor under or with respect to the Notes will be made free and clear of, and without withholding or deduction for or on account
of, any present or future tax, duty, levy, impost, assessment or other governmental charge (hereinafter, &ldquo;<B>Taxes</B>&rdquo;) imposed
or levied by or on behalf of the government of Canada, Bermuda or of any province, territory or jurisdiction thereof or therein or by
any authority or agency therein or thereof having power to tax (a &ldquo;<B>Relevant Taxing Jurisdiction</B>&rdquo;), unless the Issuer
or any Guarantor (as&nbsp;applicable) is required to withhold or deduct Taxes by law or by the interpretation or administration thereof.
If the Issuer or any Guarantor is so required to withhold or deduct any amount for or on account of Taxes from any payment made by it
under or with respect to the Notes, the Issuer or such Guarantor (as&nbsp;applicable) will pay such additional amounts (hereinafter &ldquo;<B>Additional
Amounts</B>&rdquo;) in respect of each such payment (excluding one payment of quarterly interest, other than deferred interest, in connection
with a redemption of the Notes in accordance with the provisions described under Section&nbsp;2.7.2 of this Third Supplemental Indenture)
as may be necessary so that the net amount received (including Additional Amounts) by each Holder (including, as applicable, the beneficial
owners in respect of any such Holder) after such withholding or deduction will not be less than the amount the Holder (including, as applicable,
the beneficial owners in respect of any such Holder) would have received if such Taxes had not been withheld or deducted; provided that
no Additional Amounts will be payable with respect to: (a)&nbsp;any payment to a Holder or beneficial owner who is liable for such Taxes
in respect of such Note&nbsp;(i)&nbsp;by reason of such Holder or beneficial owner, or any other Person entitled to payments on the Note,
being a Person with whom the Issuer or a Guarantor does not deal at arm&rsquo;s length (within the meaning of the Income Tax&nbsp;Act
(Canada) (the&nbsp;&ldquo;<B>Tax&nbsp;Act</B>&rdquo;)), (ii)&nbsp;by reason of the existence of any present or former connection between
such Holder or beneficial owner (or&nbsp;between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of power over,
such Holder or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership, limited liability company or corporation)
and the Relevant Taxing Jurisdiction other than the mere ownership, or receiving payments under or enforcing any rights in respect of
such Note, (iii)&nbsp;by reason of such Holder or beneficial owner being a &ldquo;specified shareholder&rdquo; of the Issuer or not dealing
at arm&rsquo;s length with a &ldquo;specified shareholder&rdquo; of the Issuer as defined in subsection&nbsp;18(5)&nbsp;of the Tax&nbsp;Act,
or (iv)&nbsp;by reason of such holder or beneficial owner being a &ldquo;specified entity&rdquo; in respect of the Issuer or any Guarantor
as defined in proposals to amend the Tax Act with respect to &ldquo;hybrid mismatch arrangements&rdquo; as defined in subsection 18.4(1)&nbsp;of
the Tax Act; (b)&nbsp;any Tax that is levied or collected other than by withholding from payments on or in respect of the Notes; (c)&nbsp;any
Note presented for payment (where presentation is required) more than 30&nbsp;days after the later of (i)&nbsp;the date on which such
payment first becomes due or (ii)&nbsp;if the full amount of the monies payable has not been paid to the Holders of the Notes on or prior
to such date, the date on which the full amount of such monies has been paid to the Holders of the Notes, except to the extent that the
Holder or beneficial owner of the Notes would have been entitled to such Additional Amounts on presentation of the same for payment on
the last day of such period of 30&nbsp;days; (d)&nbsp;any estate, inheritance, gift, sales, transfer, excise or personal property tax
or any similar Tax; (e)&nbsp;any Tax imposed to the extent resulting from the failure of a Holder or beneficial owner to comply with certification,
identification, declaration, filing or similar reporting requirements concerning the nationality, residence, identity or connection with
the Relevant Taxing Jurisdiction of such Holder or beneficial owner, if such compliance is required by statute or by regulation, as a
precondition to reduction of, or exemption, from such Tax; (f)&nbsp;any (i)&nbsp;withholding or deduction imposed pursuant to Sections&nbsp;1471
to&nbsp;1474 of the U.S.&nbsp;Internal Revenue Code of 1986, as amended (&ldquo;<B>FATCA</B>&rdquo;), or any successor version thereof,
or any similar legislation imposed by any other governmental authority, or (ii)&nbsp;Tax or penalty arising from the Holder&rsquo;s or
beneficial owner&rsquo;s failure to properly comply with the Holder&rsquo;s or beneficial owner&rsquo;s obligations imposed under the
Canada-United&nbsp;States Enhanced Tax Information Exchange Agreement Implementation Act (Canada) or any treaty, law or regulation or
other official guidance enacted by Canada implementing FATCA or an intergovernmental agreement with respect to FATCA or any similar legislation
imposed by any other governmental authority, including, for greater certainty, Part&nbsp;XVIII and Part&nbsp;XIX of the Tax&nbsp;Act;
or (g)&nbsp;any combination of the foregoing clauses&nbsp;(a)&nbsp;to&nbsp;(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"></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">The Issuer or any Guarantor
(as&nbsp;applicable) will also (1)&nbsp;make such withholding or deduction and (2)&nbsp;remit the full amount deducted or withheld by
it to the relevant authority in accordance with applicable law. The Issuer or any Guarantor (as&nbsp;applicable) will furnish to the Holders
of the Notes, within 30&nbsp;days after the date the payment of any Taxes by it is due pursuant to applicable law, certified copies of
tax receipts evidencing such payment by it. The Issuer and the Guarantors will indemnify and hold harmless each Holder (including, as
applicable, the beneficial owners in respect of any such Holder) and, upon written request, will reimburse each such Holder (including,
as applicable, the beneficial owners in respect of any such Holder) for the amount of (i)&nbsp;any Taxes (other than any Taxes for which
Additional Amounts would not be payable pursuant to clauses&nbsp;(a)&nbsp;through&nbsp;(g)&nbsp;above) levied or imposed and paid by such
Holder (including, as applicable, the beneficial owners in respect of any such Holder) as a result of payments made under or with respect
to the Notes which have not been withheld or deducted and remitted by the Issuer or any Guarantor (as&nbsp;applicable) in accordance with
applicable law, (ii)&nbsp;any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, and (iii)&nbsp;any
Taxes (other than any Taxes for which Additional Amounts would not be payable pursuant to clauses&nbsp;(a)&nbsp;through&nbsp;(g)&nbsp;above)
imposed with respect to any reimbursement under clause&nbsp;(i)&nbsp;or&nbsp;(ii)&nbsp;above in this paragraph, but excluding any such
Taxes on such Holder&rsquo;s (including, as applicable, the beneficial owners in respect of any such Holder&rsquo;s) net&nbsp;income.</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">Whenever in the Indenture
there is mentioned, in any context, the payment of principal (and premium, if any), redemption amount, purchase price, interest or any
other amount payable under or with respect to any Note, such mention shall be deemed to include mention of the payment of Additional Amounts
to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof (and express mention of the payment
of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions
hereof where such express mention is not made (if applicable)).</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">The obligations of the Issuer
and the Guarantors under this Section&nbsp;2.13 shall survive the termination of this Indenture and the payment of all amounts under or
with respect to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>2.14</B></TD><TD><B>Defeasance</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; text-indent: 0.5in">The Notes shall be defeasible
pursuant to both of Section&nbsp;14.2 and Section&nbsp;14.3 of the Original Indenture.</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; text-align: justify; text-indent: 0.5in">In the event the Issuer exercises
its defeasance option with respect to the Notes pursuant to Section&nbsp;14.2 of the Original Indenture, the Issuer&rsquo;s and the Guarantors&rsquo;
obligations with respect to the Notes under Section&nbsp;2.13 of this Third Supplemental Indenture shall survive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>2.15</B></TD><TD><B>Subordination of the Notes</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 0pt 0.5in; text-align: justify">2.15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notes
Subordinate</U>.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">The Issuer covenants
and agrees, and each Holder of Notes, by the acceptance thereof, covenants and agrees, that the Notes will be direct unsecured subordinated
obligations of the Issuer. The obligations of the Issuer under the Notes are hereby subordinated in right of payment to all present and
future Issuer Senior Indebtedness. The payment of all principal, premium (if any), interest and Additional Amounts on the Notes shall
rank senior to all obligations of the Issuer in respect of its own equity and in respect of equity (including preferred equity) that has
been issued by any Guarantor or BIPIC (including pursuant to any guarantee by the Issuer of the existing equity obligations of any such
other Person), and will rank <I>pari passu</I> with the 2084 Notes, the 2081 Notes and the Issuer&rsquo;s guarantee obligations in respect
of the Perpetual Notes.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">The Notes and the
obligations of the Issuer under the Indenture will be fully and unconditionally guaranteed by each Guarantor pursuant to the Indenture,
on a subordinated and joint and several basis, as to payment of principal, premium, interest and Additional Amounts (if any) and all other
Obligations payable by the Issuer in respect of the Notes. All Guarantee Obligations are hereby subordinated in right of payment to all
present and future Guarantor Senior Indebtedness. The Guarantee Obligations of each Guarantor shall rank senior to all obligations of
such Guarantor in respect of its own equity and in respect of equity (including preferred equity) that has been issued by the Issuer,
any other Guarantor or BIPIC (including pursuant to any guarantee by such Guarantor of the existing equity obligations of any such Person).</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">In the event that,
notwithstanding the foregoing, any payment or distribution of any character, whether in cash, securities, or other property, shall be
received by any Trustee or any Holder in contravention of the subordination provisions set out in this Third Supplemental Indenture, such
payment or distribution shall be received in trust for the benefit of, and shall be paid over or delivered and transferred to, the holders
of the Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as applicable, at the time outstanding in accordance with the priorities
then existing among such holders for application to the payment of all Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as
applicable, remaining unpaid to the extent necessary to pay all such Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as applicable,
in full. In the event of the failure of the Trustees or any Holder to endorse or assign any such payment, distribution, or any security
or property related thereto, each holder of Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as applicable, is irrevocably
authorized to endorse or assign the same.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">The provisions of
this Section&nbsp;2.15.1 shall not impair any rights, interests, remedies, or powers of any holder of any Issuer Senior Indebtedness or
any Guarantor Senior Indebtedness.</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 0pt 0.5in; text-align: justify">2.15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Payment When Issuer Senior Indebtedness or Guarantor Senior Indebtedness in Default</U>.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">In the event and
during the continuation of any default in the payment of any Issuer Senior Indebtedness or any Guarantor Senior Indebtedness, as applicable,
that is due and payable, or in the event that any event of default with respect to any Issuer Senior Indebtedness or Guarantor Senior
Indebtedness, as applicable, shall have occurred and be continuing permitting the holders of such Issuer Senior Indebtedness or Guarantor
Senior Indebtedness, as applicable (or the trustee on behalf of the holders of such Issuer Senior Indebtedness or Guarantor Senior Indebtedness,
as applicable) to declare such Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as applicable, due and payable prior to the
date on which it would otherwise have become due and payable, unless and until such default or event of default shall have been cured
or waived or shall have ceased to exist and any such declaration and its consequences shall have been rescinded or annulled, then no payment
shall be made by the Issuer or the applicable Guarantors on account of the principal of, premium (if any), interest or any other amounts
on the Notes or on account of the purchase or other acquisition of the Notes.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">In the event that,
notwithstanding the foregoing, the Issuer or a Guarantor shall make any payment to any Trustee or Holder of any Note that is prohibited
by this Section&nbsp;2.15.2, and if such fact shall, at or prior to the time of such payment, have been made known to the Trustees, by
a written notice delivered to a Responsible Officer of the U.S. Trustee at the Corporate Trust Office of the U.S. Trustee, by a holder
of Issuer Senior Indebtedness or Guarantor Senior Indebtedness, the Issuer, a Guarantor or a Holder, as applicable, then and in such event
such payment shall be paid over and delivered to the Issuer or such Guarantor, as applicable.</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 0pt 0.5in; text-align: justify">2.15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
Permitted if No Default</U>.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">Nothing contained
in this Section&nbsp;2.15 (except in Section&nbsp;2.15.4) or elsewhere in this Third Supplemental Indenture, or in any of the Notes, shall
prevent the application by the U.S. Trustee or any Paying Agent of any moneys deposited with it under the Indenture to payments of the
principal of, premium (if any), interest or any other amounts on the Notes if, at the time of such deposit, a Responsible Officer of the
U.S. Trustee had not received at the Corporate Trust Office of the U.S. Trustee the Officers&rsquo; Certificate or written notice provided
for in Section&nbsp;2.15.2 of any event prohibiting the making of such payment or if, at the time of such deposit (whether or not in trust)
by the Issuer with the U.S. Trustee, such payment would not have been prohibited by the provisions of this Section&nbsp;2.15, and the
U.S. Trustee shall not be affected by any notice to the contrary received by it on or after such date.</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 0pt 0.5in; text-align: justify">2.15.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trustee
Not Charged with Knowledge of Prohibition</U>.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">Anything in this
Section&nbsp;2.15 or elsewhere contained in the Indenture to the contrary notwithstanding, the Trustees shall not at any time be charged
with knowledge of the existence of any facts which would prohibit the making of any payment of moneys to or by the Trustees, and shall
be entitled conclusively to assume that no such facts exist and that no event specified in Section&nbsp;2.15.1 or Section&nbsp;2.15.2
has happened, unless and until a Responsible Officer of the U.S. Trustee shall have received at the Corporate Trust Office of the U.S.
Trustee (i)&nbsp;an Officers&rsquo; Certificate to that effect or (ii)&nbsp;notice in writing to that effect signed by or on behalf of
the holder or holders, or their representatives, of Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as applicable, who shall
have been certified by the Issuer or such Guarantor, as possible, or otherwise established to the reasonable satisfaction of the U.S.
Trustee to be such holder or holders or representatives or from any trustee under any indenture pursuant to which such Issuer Senior Indebtedness
or Guarantor Senior Indebtedness, as applicable, shall be outstanding; and before the receipt of any such Officers&rsquo; Certificate
or written notice, the U.S. Trustee shall be entitled in all respects to assume that no such facts exist; provided, however, that if the
U.S. Trustee shall not have received the Officers&rsquo; Certificate or the written notice provided for in this Section&nbsp;2.15 at least
three (3)&nbsp;Business Days prior to the date upon which by the terms hereof any money may become payable for any purpose (including,
without limitation, the payment of the principal of or interest on any Security) then, anything herein contained to the contrary notwithstanding,
the U.S. Trustee shall have all power and authority to receive such money and to apply the same to the purpose for which such money were
received and shall not be affected by any notice to the contrary which may be received by it during or after such three (3)&nbsp;Business
Day period.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">The Issuer shall
give prompt written notice to the U.S. Trustee and to the Paying Agent of any facts which would prohibit the payment of money or assets
to or by the U.S. Trustee or any Paying Agent.</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 0pt 0.5in; text-align: justify">2.15.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trustee
to Effectuate Subordination</U>.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each Holder of Notes
by such Holder&rsquo;s acceptance thereof authorizes and directs the U.S. Trustee on such Holder&rsquo;s behalf to take such action as
may be necessary or appropriate to effectuate the subordination as between such Holder and holders of Issuer Senior Indebtedness or Guarantor
Senior Indebtedness, as applicable, as provided in this Section&nbsp;2.15 and appoints the U.S. Trustee its attorney-in-fact for any and
all such purposes.</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 0pt 0.5in; text-align: justify">2.15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights
of Trustees as Holder of Issuer Senior Indebtedness</U>.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each Trustee shall
be entitled to all the rights set forth in this Section&nbsp;2.15 with respect to any Issuer Senior Indebtedness or Guarantor Senior Indebtedness,
as applicable, which may at the time be held by it, to the same extent as any other holder of Issuer Senior Indebtedness or Guarantor
Senior Indebtedness, as applicable. Nothing in this Section&nbsp;2.15 shall deprive the Trustees of any rights as such holders.</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 0pt 0.5in; text-align: justify">2.15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Article&nbsp;Applicable
to Paying Agents</U>.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">In case at any time
any Paying Agent other than the U.S. Trustee shall have been appointed by the Issuer and be then acting under this Indenture, the term
 &ldquo;U.S. Trustee&rdquo; as used in this Section&nbsp;2.15 shall in such case (unless the context shall otherwise require) be construed
as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if the Paying Agent were named
in this Section&nbsp;2.15 in addition to or in place of the U.S. Trustee, provided, however, that Sections 2.15.4 and 2.15.5 shall not
apply to the Issuer or any Affiliate of the Issuer if the Issuer or such Affiliate acts as Paying Agent.</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 0pt 0.5in; text-align: justify">2.15.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subordination
Rights Not Impaired by Acts or Omissions of the Issuer or Holders of Issuer Senior Indebtedness or Guarantor Senior Indebtedness</U>.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">No right of any
present or future holders of any Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as applicable, to enforce the subordination
that is provided for in this Third Supplemental Indenture shall at any time in any way be prejudiced or impaired by any act or failure
to act on the part of the Issuer or any Guarantor, or by any act or failure to act, in good faith, by any such holder, or by any noncompliance
by the Issuer or any Guarantor with the terms, provisions, and covenants of the Indenture, regardless of any knowledge which any such
holder may have or be otherwise charged with. The holders of Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as applicable,
may, at any time or from time to time and in their absolute discretion, change the manner, place, or terms of payment, change or extend
the time of payment of, or renew or alter, any Issuer Senior Indebtedness or Guarantor Senior Indebtedness, or amend or supplement any
instrument pursuant to which any Issuer Senior Indebtedness or Guarantor Senior Indebtedness is issued or by which it may be secured,
or release any security, or exercise or refrain from exercising any other of their rights under any Issuer Senior Indebtedness or Guarantor
Senior Indebtedness, including, without limitation, the waiver of default, all without notice to or assent from the Holders of the Notes
or the Trustees and without affecting the obligations of the Issuer, any Guarantor, the Trustees, or the Holders of the Notes under this
Section&nbsp;2.15.</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 0pt 0.5in; text-align: justify">2.15.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trustee&rsquo;s
Rights to Compensation, Reimbursement of Expenses and Indemnification</U>.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">Nothing in this
Section&nbsp;2.15 shall apply to claims of, or payments to, the Trustees under or pursuant to Sections 6.6 or 7.10 of the Original Indenture.</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 0pt 0.5in; text-align: justify">2.15.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification
of Subordination Provisions</U>.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">Anything in this
Section&nbsp;2.15 or elsewhere contained in the Indenture to the contrary notwithstanding, no modification or amendment and no supplemental
indenture shall modify the subordination provisions of this Section&nbsp;2.15 in a manner that would adversely affect the holders of Issuer
Senior Indebtedness or Guarantor Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>2.16</B></TD><TD><B>Consent and Acknowledgement of the Guarantors</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; text-indent: 0.5in">Pursuant to Section&nbsp;3.1
of the Original Indenture, the Partnership hereby consents to the issuance of the Notes by the Issuer and each Guarantor acknowledges
and confirms that its obligations with respect to the Notes constitute Guarantee Obligations.</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; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;3<BR>
COVENANTS OF THE PARTNERSHIP APPLICABLE TO THE NOTES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>3.1</B></TD><TD><B>Distribution Stopper Undertaking</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; text-indent: 0.5in">Unless the Issuer has paid
all interest that has been deferred or is then payable on the Notes, neither the Issuer nor the Partnership will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">declare any distributions or dividends on the Distribution Restricted Securities or pay any interest on
any Parity Indebtedness (other than dividends or distributions in the form of stock or units, respectively, on the Distribution Restricted
Securities);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">redeem, purchase or otherwise retire any Distribution Restricted Securities or Parity Indebtedness (except
(i)&nbsp;with respect to Distribution Restricted Securities or Parity Indebtedness, out of the net cash proceeds of a substantially concurrent
issue of Distribution Restricted Securities or Parity Indebtedness, respectively, or (ii)&nbsp;pursuant to any purchase obligation, sinking
fund, retraction privilege or mandatory redemption provisions attaching to any series of Distribution Restricted Securities);&nbsp;or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">make any payment to holders of any of the Distribution Restricted Securities or any Parity Indebtedness
in respect of distributions or dividends not declared or paid on such Distribution Restricted Securities or interest not paid on such
Parity Indebtedness, respectively.</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"><I>provided </I>that the foregoing clauses (a)&nbsp;and (c)&nbsp;shall
not apply in respect of any pro rata dividend or distribution or any other payment on any Parity Indebtedness which is made with a pro
rata payment of any accrued and payable interest with respect to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>3.2</B></TD><TD><B>Issuance of Partnership Preferred Units</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; text-indent: 0.5in">The Partnership covenants
for the benefit of Holders of Notes that, for so long as the Notes are Outstanding, the Partnership will not create or issue any Partnership
Preferred Units which, in the event of insolvency, liquidation, dissolution or winding-up of the Partnership, would rank in right of payment
in priority to the Exchange Preferred Units.</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"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;4<BR>
MISCELLANEOUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>4.1</B></TD><TD><B>Guarantors of the Notes</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; text-indent: 0.5in">Brookfield Infrastructure
US Holdings I Corporation, a guarantor under the Original Indenture, will not be a Guarantor in respect of the Notes, and BI LLC, which
was not party to the Original Indenture, will be a Guarantor in respect of the Notes and hereby agrees to be bound by the terms of the
Indenture, including Article&nbsp;5 of the Original Indenture.</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>

<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: 1in"><B>4.2</B></TD><TD><B>Ratification of Original Indenture</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; text-indent: 0.5in">The Original Indenture, as
amended and supplemented by this Third Supplemental Indenture, is in all respects ratified and confirmed, and this Third Supplemental
Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>4.3</B></TD><TD><B>Acceptance of Trust by Trustees</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; text-indent: 0.5in">The Trustees hereby accept
the trusts and duties declared and provided for in, and as otherwise contemplated by, this Third Supplemental Indenture and hereby agree
to perform the same upon the terms and conditions set forth herein and as contemplated hereby and in the Original Indenture, in each case
as supplemented and amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>4.4</B></TD><TD><B>Benefits of Indenture</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; text-indent: 0.5in">Nothing in this Third Supplemental
Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Authenticating Agent, any
Paying Agent, any Securities Registrar and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy
or claim under this Third Supplemental Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>4.5</B></TD><TD><B>Governing Law</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; text-indent: 0.5in">This Third Supplemental Indenture,
the Notes and the Guarantors&rsquo; Guarantee Obligations shall be governed by and construed in accordance with the laws of the State
of New York, without regard to conflicts of laws principles thereof. Notwithstanding the preceding sentence of this Section&nbsp;4.5,
the exercise, performance or discharge by the Canadian Trustee of any of its rights, powers, duties or responsibilities hereunder shall
be construed in accordance with the laws of the Province of Alberta and the federal laws of Canada applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>4.6</B></TD><TD><B>Separability</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; text-indent: 0.5in">In case any one or more of
the provisions contained in this Third Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Third Supplemental Indenture
or of the Notes, but this Third Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable
provision had never been contained herein or therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"><B>4.7</B></TD><TD><B>Counterparts</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; text-indent: 0.5in">This instrument may be executed
in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument. This instrument 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK]</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; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, the parties hereto have
caused this Third Supplemental Indenture to be duly executed as of the day and year first above written.</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="3"><B>BROOKFIELD INFRASTRUCTURE FINANCE ULC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ David Krant</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>David Krant</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">Title:</TD>
    <TD STYLE="width: 42%">Senior Vice President and Chief Financial Officer</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"><B>BROOKFIELD INFRASTRUCTURE PARTNERS L.P.</B>, by its general partner, <B>BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Jane Sheere</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">Name:</TD>
    <TD STYLE="width: 42%">Jane Sheere</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Secretary</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>&nbsp;</TD>
    <TD COLSPAN="3"><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></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Jane Sheere</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Jane Sheere</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Secretary</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>&nbsp;</TD>
    <TD COLSPAN="3"><B>BIP BERMUDA HOLDINGS I LIMITED</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Jane Sheere</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Jane Sheere</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Secretary</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>Signature page &ndash;
Third Supplemental Indenture</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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    <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"><B>BROOKFIELD INFRASTRUCTURE HOLDINGS (CANADA) INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ David Krant</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>David Krant</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">Title:</TD>
    <TD STYLE="width: 42%">Senior Vice President and Chief Financial 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>&nbsp;</TD>
    <TD COLSPAN="3"><B>BROOKFIELD INFRASTRUCTURE LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Ralph Klatzkin</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Ralph Klatzkin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD> Vice President</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>&nbsp;</TD>
    <TD COLSPAN="3"><B>BIPC HOLDINGS INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ David Krant</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>David Krant</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD> Senior Vice President</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>[<I>Signature
page&nbsp;&ndash; Third Supplemental Indenture</I>]</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"></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">&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"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B>, as Canadian Trustee</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>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Zhel Peters</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%">Name:</TD>
    <TD STYLE="width: 40%">Zhel Peters</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>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Ann Samuel</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Ann Samuel</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Associate Trust Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>[<I>Signature
page&nbsp;&ndash; Third Supplemental Indenture</I>]</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"></P>

<!-- Field: Page; Sequence: 25 -->
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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">&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"><B>COMPUTERSHARE TRUST COMPANY, N.A.</B>, as U.S. Trustee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">/s/ Corey J. Dahlstrand</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%">Name:</TD>
    <TD STYLE="width: 40%">Corey J. Dahlstrand</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: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>[<I>Signature
page&nbsp;&ndash; Third Supplemental Indenture</I>]</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"></P>

<!-- Field: Page; Sequence: 26 -->
    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="aaa_001"></A>ANNEX A</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: center">[Face of Note]</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">[Insert if the Security is a Global Security &mdash;
THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF.&nbsp;THIS SECURITY MAY&nbsp;NOT BE EXCHANGED IN WHOLE OR IN PART&nbsp;FOR A SECURITY REGISTERED, AND NO TRANSFER
OF THIS SECURITY IN WHOLE OR IN PART&nbsp;MAY&nbsp;BE REGISTERED,&nbsp;IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</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">Unless this certificate is presented by an authorized
representative of The Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;), a New York corporation, to Brookfield Infrastructure Finance
ULC or its agent for registration of transfer, exchange or payment, and any certificate issued in respect thereof is registered in the
name of Cede&nbsp;&amp; Co., or in such other name as is requested by an authorized representative of DTC (and any payment is made to
Cede&nbsp;&amp; Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede&nbsp;&amp; Co., has an interest
herein.]</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"><B>BROOKFIELD INFRASTRUCTURE FINANCE ULC</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: center">6.750% Fixed-to-Fixed Reset Rate Subordinated Notes
Due March&nbsp;15, 2055</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 STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: right">CUSIP: 11276B AA7</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">ISIN: US11276BAA70</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>No.&nbsp;&#9679;</TD>
    <TD STYLE="text-align: right">&nbsp;$&#9679;</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">Brookfield Infrastructure Finance ULC, an unlimited
liability company organized under the laws of Alberta, Canada (herein called the &ldquo;<B>Issuer</B>&rdquo;, which term includes any
successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to &#9679;, or registered assigns,
the principal sum of &#9679; United States Dollars on March&nbsp;15, 2055 and to pay interest thereon (i)&nbsp;from and including the
Original Issue Date to but excluding the First Reset Date at an annual rate of 6.750% and thereafter (ii)&nbsp;from and including each
Interest Reset Date with respect to each Interest Reset Period to but excluding the next succeeding Interest Reset Date, the Maturity
Date or Redemption Date, as the case may be, at an annual rate equal to the Five-Year Treasury Rate as of the most recent Reset Interest
Determination Date, plus a spread of 2.453%, to be reset on each Interest Reset Date; provided, that the interest rate during any Interest
Reset Period will not reset below 6.750% (which equals the interest rate on the Notes on the Original Issue Date), semi-annually in arrears
on March&nbsp;15 and September&nbsp;15 in each year, commencing on March&nbsp;15, 2025.As provided in the Original Indenture (as defined
on the reverse of this Note), interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest shall
accrue 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.</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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    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall
be each March&nbsp;1 or September&nbsp;1, as applicable, preceding such Interest Payment Date (whether or not a Business Day), <I>provided</I>
that interest payable on the Maturity Date or on a Redemption Date will be paid to the person to whom principal is payable.&nbsp;Any such
interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and
may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed by the U.S. Trustee, notice whereof shall be given to
Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in the Indenture.</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">So long as no Event of Default (as defined in
the Indenture) has occurred and is continuing, the Issuer may elect, at its sole option, at any date other than an Interest Payment Date,
to defer the interest payable on the Securities on one or more occasions for up to five consecutive years (a &ldquo;<B>Deferral Period</B>&rdquo;).
During any Deferral Period, interest on the Notes will continue to accrue at the then-applicable interest rate on the Notes (as reset
from time to time on any Interest Reset Date occurring during such Deferral Period). In addition, during any Deferral Period, interest
on the deferred interest (&ldquo;compound interest&rdquo;) will accrue at the then-applicable interest rate on the Notes (as reset from
time to time on any Interest Reset Date occurring during such Deferral Period), compounded semi-annually, to the extent permitted by applicable
law. There shall be no limit on the number of Deferral Periods that may occur. Any such deferral will not constitute an Event of Default
or any other breach under the Indenture and the Securities. Deferred interest will accrue until paid (including, to the extent permitted
by law, any compound interest). A Deferral Period terminates on any Interest Payment Date on which the Issuer pays all accrued and unpaid
interest on such date (including, to the extent permitted by law, any compound interest). No Deferral Period may extend beyond the Maturity
Date.</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">This Security will be automatically exchanged
into Exchange Preferred Units (as defined in the Indenture) upon an Automatic Exchange Event, in the manner, with the effect and as of
the effective time contemplated in the Indenture.</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 indebtedness evidenced by this Security and
by all other Securities now or hereafter certified and delivered under the Indenture is subordinated and subject in right of payment,
to the extent and in the manner provided in the Indenture, to the prior payment in full of all present and future Issuer Senior Indebtedness,
whether outstanding at the date of the Indenture or thereafter created, incurred, assumed or guaranteed. The Guarantors&rsquo; Guarantee
Obligations rank subordinate in rank and priority of payment in full of all Guarantor Senior Indebtedness on the same basis as this Security
and the obligations of the Issuer hereunder are subordinated to all Issuer Senior Indebtedness.</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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    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payment of the principal of (and premium, if any)
and interest on this Security will be made at the Place of Payment in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debt; provided, however, that, at the option and expense of the Issuer,
payment of interest may be made by (i)&nbsp;cheque mailed to the address of the Person entitled thereto as such address shall appear in
the Security Register or (ii)&nbsp;by wire transfer to an account maintained by the Person entitled thereto as specified in the Security
Register.</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">Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall, for all purposes, have the same effect as if set forth
at this place.</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">Unless the certificate of authentication hereon
has been executed by the U.S. Trustee referred to on the reverse hereof by manual, facsimile or other electronic signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>[The balance of this page&nbsp;is
intentionally left blank; signature page&nbsp;follows]</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"></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Issuer has caused this
instrument to be duly executed under its corporate seal.</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">Dated:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2024</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 COLSPAN="3" STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>BROOKFIELD INFRASTRUCTURE FINANCE ULC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: David Krant</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Senior Vice President and Chief Financial Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-left: 10pt; text-indent: -10pt">Attest:</TD>
    <TD STYLE="width: 43%; border-bottom: black 1pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>Name: Keir Hunt</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>Title: President</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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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    <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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM&nbsp;OF U.S. TRUSTEE&rsquo;S CERTIFICATE
OF AUTHENTICATION]</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: center"><B>U.S. TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</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-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">&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="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><B>COMPUTERSHARE TRUST COMPANY N.A., as U.S. Trustee</B></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: Authorized Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Dated:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  </TABLE>
<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>(FORM&nbsp;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 U.S. 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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border-bottom: black 1pt solid"><B>DATE&nbsp;OF<BR>
REGISTRY</B></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><B>IN&nbsp;WHOSE&nbsp;NAME<BR>
REGISTERED</B></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><B>SIGNATURE&nbsp;OF&nbsp;U.S. TRUSTEE<BR>
OR&nbsp;OTHER&nbsp;REGISTRAR</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</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: center">[Reverse of Note]</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; text-align: justify; text-indent: 0.5in">This Security is one of a
duly authorized issue of securities of the Issuer (herein called the &ldquo;<B>Securities</B>&rdquo;), issued and to be issued in one
or more series under an Indenture, dated as of May&nbsp;24, 2021 (the &ldquo;<B>Original Indenture</B>&rdquo;), as supplemented by the
Third Supplemental Indenture, dated as of November&nbsp;29, 2024 (the &ldquo;<B>Third Supplemental Indenture</B>&rdquo;) (the Original
Indenture and the Third Supplemental Indenture together herein called the &ldquo;<B>Indenture</B>&rdquo;, which term shall have the meaning
assigned to it in such instrument), by and among the Issuer, Brookfield Infrastructure Partners L.P., Brookfield Infrastructure L.P.,
BIP Bermuda Holdings I Limited, Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure LLC and BIPC Holdings Inc.
(the &ldquo;<B>Guarantors</B>&rdquo;), as guarantors, and Computershare Trust Company N.A., as U.S. trustee (the &ldquo;<B>U.S. Trustee</B>&rdquo;)
and Computershare Trust Company of Canada, as Canadian trustee (the &ldquo;<B>Canadian Trustee</B>&rdquo;, and together with the U.S.
Trustee, the &ldquo;<B>Trustees</B>&rdquo;, which term includes any successor trustees&nbsp;under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer,
the Guarantors, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered. This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $300,000,000,
of which $300,000,000 principal amount has been issued as of the date hereof. The Issuer may from time to time, without the consent of
the holders of the Securities, create and issue further securities having the same terms and conditions in all respects as the Securities
issued on the date hereof, except for the issue date, the issue price and the first payment of interest thereon.&nbsp;Additional securities
issued in this manner will be consolidated with and will form a single series with the Securities; provided that if any additional securities
issued after the date hereof are not fungible with the Securities issued on the date hereof for U.S. federal income tax purposes, then
such additional securities shall be issued with a separate CUSIP or ISIN number so that they are distinguishable from the 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; text-indent: 0.5in">The Issuer or a Guarantor
(as applicable) will pay to each relevant Holder or beneficial owner certain Additional Amounts in the event of the withholding or deduction
of certain Canadian or Bermudian taxes as described in the Third Supplemental Indenture. In addition, certain Other Additional Amounts
may be payable as contemplated in Section&nbsp;2.13 of the Third Supplemental Indenture and as described in the applicable supplemental
indenture.</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">The Securities are redeemable
at the Redemption Prices as described in the Third Supplemental Indenture and in any applicable supplemental indenture as contemplated
in Section&nbsp;2.07 of the Third Supplemental Indenture.</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">If an Event of Default with
respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.</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 the event of purchase of
this Security in part only, a new Security or Securities of this series and of like tenor for the unpurchased portion hereof will be issued
in the name of the Holder hereof upon the cancellation hereof.</P>

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

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Indenture contains provisions
for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect
to this Security, in each case upon compliance with certain conditions set forth in the Indenture.</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; text-align: justify; text-indent: 0.5in">The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer, the Guarantors and
the Trustees with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series
to be affected.&nbsp;The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the
Issuer or the Guarantors with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and of any Security issued upon the registration of transfer hereof or in exchange hereafter or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.</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">As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the Corporate Trust Office of the U.S. Trustee or the Place of Payment, duly endorsed
by, or accompanied by a written instrument of transfer, in form satisfactory to the Issuer and the Security Registrar, duly executed by
the Holder hereof or attorney duly authorized in writing, and, thereupon, one or more new Securities of this series and of like tenor,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.</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">The Securities of this series
are issuable only in registered form without coupons in initial denominations of $1,000.00 and multiples of $1,000.00 in excess thereof.</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">No service charge shall be
made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.</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">Prior to due presentment of
this Security for registration of transfer, the Issuer, the Trustees and any agent of the Issuer or the Trustee may treat the Person in
whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Issuer, the Trustee nor any such agent shall be affected by notice to the contrary.</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">THE LAWS OF THE STATE OF NEW
YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THE SECURITIES, <FONT STYLE="text-transform: uppercase">without regard to
conflicts of laws principles thereof</FONT>. Notwithstanding the preceding sentence, the exercise, performance or discharge by the Canadian
Trustee of any of its rights, powers, duties or responsibilities hereunder shall be construed in accordance with the laws of the Province
of Alberta and the federal laws of Canada applicable thereto.</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">The following resale restriction
is only applicable to residents of Canada who purchased this Security pursuant to a prospectus exemption under applicable Canadian securities
laws: Unless permitted under securities legislation, the Holder must not trade this Security before March&nbsp;30, 2025.</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">All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture.</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>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>tm2428776d5_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<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 4.3</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 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; text-align: center"><B>SEVENTH AMENDMENT TO THE<BR>
AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT</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; text-indent: 1in"><B>THIS AMENDMENT </B>(the &ldquo;<B>Amendment</B>&rdquo;)
to the Amended and Restated Limited Partnership Agreement dated as of February&nbsp;16, 2018 (the &ldquo;<B>Agreement</B>&rdquo;) of Brookfield
Infrastructure Partners L.P. (the &ldquo;<B>Partnership</B>&rdquo;) is made as of November&nbsp;29, 2024 (the &ldquo;<B>Effective Date</B>&rdquo;),
by the undersigned. Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.</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: 1in"><B>WHEREAS</B>, on March&nbsp;12,
2015, the limited partnership agreement of the Partnership was amended to allow for preferred limited partnership interests in the Partnership
and to create the Class&nbsp;A Preferred Limited Partnership Units;</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: 1in"><B>AND WHEREAS</B>, the General
Partner desires to amend the Agreement to create an additional series of Class&nbsp;A Preferred Limited Partnership Units having the rights
and restrictions set out in Part&nbsp;XVIII of Schedule A to this Amendment;</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: 1in"><B>AND WHEREAS</B>, pursuant
to Section&nbsp;14.1 of the Agreement, subject to compliance with the requirements of the Limited Partnership Act and the Exempted Partnerships
Act, the General Partner (pursuant to its power of attorney from the Limited Partners), without the approval of any Limited Partner, may
amend any provision of the Agreement to reflect certain changes, including, as provided for in Section&nbsp;14.1.6 of the Agreement, an
amendment that the General Partner determines in its sole discretion to be necessary or appropriate for the creation, authorization or
issuance of any class or series of Partnership Interests;</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: 1in"><B>AND WHEREAS</B>, the General
Partner desires to amend the Agreement as set out herein;</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: 1in"><B>NOW THEREFORE</B>,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Section&nbsp;1.1.2 of the Agreement is hereby deleted in its entirety and replaced with the following:</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 0pt 1.25in; text-align: justify">&ldquo;<B>Agreement</B>&rdquo; means
this Amended and Restated Limited Partnership Agreement of Brookfield Infrastructure Partners L.P., as amended by the First Amendment
to the Amended and Restated Limited Partnership Agreement of the Partnership dated as of September&nbsp;12, 2018, the Second Amendment
to the Amended and Restated Limited Partnership Agreement of the Partnership dated as of February&nbsp;27, 2020, the Third Amendment to
the Amended and Restated Limited Partnership Agreement of the Partnership dated as of September&nbsp;21, 2020, the Fourth Amendment to
the Amended and Restated Limited Partnership Agreement of the Partnership dated as of January&nbsp;21, 2021, the Fifth Amendment to the
Amended and Restated Limited Partnership Agreement of the Partnership dated as of May&nbsp;24, 2021, the Sixth Amendment to the Amended
and Restated Limited Partnership Agreement of the Partnership dated as of May&nbsp;31, 2024 and the Seventh Amendment to the Amended and
Restated Limited Partnership Agreement of the Partnership dated as of November&nbsp;29, 2024;</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>

<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: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Schedule A of the Agreement is hereby amended by adding Part&nbsp;XVIII of Schedule A to this Amendment
as Part&nbsp;XVIII of Schedule A of the Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">This Amendment shall be effective as of the Effective Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">This Amendment shall be governed by and construed in accordance with the laws of Bermuda.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">Except as modified herein, all terms and conditions of the Agreement shall remain in full force and effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original
and all of which shall be construed together as one agreement.</TD></TR></TABLE>

<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: justify; text-indent: 1in"><B>IN WITNESS WHEREOF</B>, the
General Partner has executed this Amendment as of the Effective Date.</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: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GENERAL PARTNER:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: justify">/s/ James Bodi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">James Bodi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">Title: </TD>
    <TD STYLE="width: 42%; text-align: justify">Vice President</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: center"><I>[Seventh Amendment to BIP A&amp;R LPA]</I></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE&nbsp;A</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: center"><B>PART&nbsp;XVIII</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: center"><B>Number and Designation of and Rights, Privileges,
Restrictions and Conditions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Attaching to the Class&nbsp;A Preferred Limited
Partnership Units, Series&nbsp;17</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; text-indent: 0.5in">The seventeenth series of
Class&nbsp;A Preferred Limited Partnership Units of the Partnership shall consist of preferred limited partnership interests designated
as Class&nbsp;A Preferred Limited Partnership Units, Series&nbsp;17 (the &ldquo;<B>Series&nbsp;17 Preferred Units</B>&rdquo;) and, in
addition to the rights, privileges, restrictions and conditions attaching to the Class&nbsp;A Preferred Limited Partnership Units as a
class, shall have attached thereto the following rights, privileges, restrictions and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Definitions</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 0pt 0.25in; text-align: justify">For the purposes hereof, the following
capitalized terms shall have the following meanings, unless the context otherwise requires:</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 0pt 0.25in; text-align: justify">&ldquo;<B>Additional Amounts</B>&rdquo;
has the meaning specified in Section&nbsp;2(C)(e)(i)&nbsp;to this Part&nbsp;XVIII of Schedule A.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Arrears</B>&rdquo; means,
with respect to the Series&nbsp;17 Distributions, the full cumulative Series&nbsp;17 Distributions through the most recent Series&nbsp;17
Distribution Payment Date that have not been paid on all Outstanding Series&nbsp;17 Preferred Units.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Assignee</B>&rdquo; means
a Person to whom one or more Partnership Interests have been transferred in a manner permitted under this Agreement.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Automatic Exchange Event</B>&rdquo;
means the occurrence of any of: (i)&nbsp;the making by the Issuer of a general assignment for the benefit of its creditors or a proposal
(or the filing of a notice of its intention to do so) under the <I>Bankruptcy and Insolvency Act</I> (Canada); (ii)&nbsp;any proceeding
instituted by the Issuer and/or the Partnership seeking to adjudicate them as bankrupt (including any voluntary assignment in bankruptcy)
or insolvent or, where the Issuer and/or the Partnership are insolvent, seeking liquidation, winding up, dissolution, reorganization,
arrangement, compromise, adjustment, protection, relief or composition of their debts under any law relating to bankruptcy or insolvency
in Canada or Bermuda (as applicable), or seeking the entry of an order for the appointment of a receiver, interim receiver, trustee or
other similar official for the Issuer and/or the Partnership or in respect of all or any substantial part of their property and assets
in circumstances where the Issuer and/or the Partnership are adjudged as bankrupt (including any voluntary assignment in bankruptcy) or
insolvent; (iii)&nbsp;a receiver, interim receiver, trustee or other similar official is appointed over the Issuer and/or the Partnership
or for all or substantially all of their property and assets by a court of competent jurisdiction in circumstances where the Issuer and/or
the Partnership are adjudged as bankrupt (including any voluntary assignment in bankruptcy) or insolvent under any law relating to bankruptcy
or insolvency in Canada or Bermuda (as applicable); or (iv)&nbsp;any proceeding is instituted against the Issuer and/or the Partnership
seeking to adjudicate them as bankrupt (including any voluntary assignment in bankruptcy) or insolvent, or where the Issuer and/or the
Partnership are insolvent, seeking liquidation, winding up, dissolution, reorganization, arrangement, compromise, adjustment, protection,
relief or composition of their debts under any law relating to bankruptcy or insolvency in Canada or Bermuda (as applicable), or seeking
the entry of an order for the appointment of a receiver, interim receiver, trustee or other similar official for the Issuer and/or the
Partnership or in respect of all or any substantial part of their property and assets in circumstances where the Issuer and/or the Partnership
are adjudged as bankrupt or insolvent under any law relating to bankruptcy or insolvency in Canada or Bermuda (as applicable), and in
any such case, such proceeding has not been stayed or dismissed within 60 days of the institution of any such proceeding or the actions
sought in such proceedings occur (including the entry of an order for relief against the Issuer and/or the Partnership or the appointment
of a receiver, interim receiver, trustee, or other similar official for them or for all or substantially all of their property and assets).</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 0pt 0.25in; text-align: justify">&ldquo;<B>Change in Tax Law</B>&rdquo;
means (i)&nbsp;a change in or amendment to laws, regulations or rulings of any Relevant Taxing Jurisdiction, (ii)&nbsp;a change in the
official application or interpretation of those laws, regulations or rulings, (iii)&nbsp;any execution of or amendment to any treaty affecting
taxation to which any Relevant Taxing Jurisdiction is party or (iv)&nbsp;a decision rendered by a court of competent jurisdiction in any
Relevant Taxing Jurisdiction, whether or not such decision was rendered with respect to the Partnership, in each case described in (i)-(iv)&nbsp;above
occurring after November&nbsp;29, 2024; provided that in the case of a Relevant Taxing Jurisdiction other than Bermuda in which a Successor
Entity is organized, such Change in Tax Law must occur after the date on which the Partnership consolidates, merges or amalgamates (or
engages in a similar transaction) with the Successor Entity, or conveys, transfers or leases substantially all of the Partnership&rsquo;s
properties and assets to the Successor Entity, as applicable.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Depositary</B>&rdquo; means,
with respect to any Series&nbsp;17 Preferred Units issued in global form, The Depository Trust Company and its successors and permitted
assigns.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Issuer</B>&rdquo; means Brookfield
Infrastructure Finance ULC, an unlimited liability company organized under the laws of the Province of Alberta, Canada.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Notes</B>&rdquo; means the
6.750% fixed-to-fixed reset rate subordinated notes due March&nbsp;15, 2055 issued by the Issuer and guaranteed, on a subordinated basis,
by the Partnership, Brookfield Infrastructure L.P., BIP Bermuda Holdings I Limited, Brookfield Infrastructure Holdings (Canada) Inc.,
Brookfield Infrastructure LLC and BIPC Holdings Inc.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Paying Agent</B>&rdquo; means
the Series&nbsp;17 Transfer Agent, acting in its capacity as paying agent for the Series&nbsp;17 Preferred Units, and its respective successors
and assigns or any other paying agent appointed by the General Partner; provided, however, that if no Paying Agent is specifically designated
for the Series&nbsp;17 Preferred Units, the General Partner shall act in such capacity.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Relevant Date</B>&rdquo;
has the meaning specified in Section&nbsp;2(C)(e)(ii)&nbsp;to this Part&nbsp;XVIII of Schedule A.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Relevant Taxing Jurisdiction</B>&rdquo;
means (i)&nbsp;Bermuda or any political subdivision or governmental authority of or in Bermuda with the power to tax, (ii)&nbsp;any jurisdiction
from or through which the Partnership or the Paying Agent is making payments on the Series&nbsp;17 Preferred Units or any political subdivision
or governmental authority of or in that jurisdiction with the power to tax or (iii)&nbsp;any other jurisdiction in which the Partnership
or a Successor Entity is organized or generally subject to taxation or any political subdivision or governmental authority of or in that
jurisdiction with the power to tax.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Distribution
Payment Date</B>&rdquo; means each March&nbsp;15 and September&nbsp;15 following the Series&nbsp;17 Original Issue Date; provided however,
that if any Series&nbsp;17 Distribution Payment Date would otherwise occur on a day that is not a Business Day, such Series&nbsp;17 Distribution
Payment Date shall instead be on the immediately succeeding Business Day without the accrual of additional distributions.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Distribution
Period</B>&rdquo; means a period of time from and including the preceding Series&nbsp;17 Distribution Payment Date to, but excluding,
the next Series&nbsp;17 Distribution Payment Date for such Series&nbsp;17 Distribution Period (other than the initial Series&nbsp;17 Distribution
Period, which means a period of time from and including the Series&nbsp;17 Original Issue Date to, but excluding, the first Series&nbsp;17
Distribution Payment Date thereafter).</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Distribution
Rate</B>&rdquo; means the distribution rate payable on the Series&nbsp;17 Preferred Units from time to time, being the same rate as the
interest rate which would have accrued on the Notes at any such time if such Notes had not been automatically converted into Series&nbsp;17
Preferred Units upon an Automatic Exchange Event, and had remained 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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Distribution
Record Date</B>&rdquo; has the meaning given to such term in Section&nbsp;2(C)(b)(iii)&nbsp;to this Part&nbsp;XVIII of Schedule A.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Distributions</B>&rdquo;
means distributions with respect to Series&nbsp;17 Preferred Units pursuant to Section&nbsp;2(C)(b)&nbsp;to this Part&nbsp;XVIII of Schedule
A.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Holder</B>&rdquo;
means a Record Holder of Series&nbsp;17 Preferred Units.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Junior Securities</B>&rdquo;
means any class or series of Partnership Interests that, with respect to distributions on such Partnership Interests and distributions
upon dissolution, liquidation or winding-up of the Partnership, whether voluntary or involuntary, pursuant to Article&nbsp;13 of the Agreement,
ranks junior to the Series&nbsp;17 Preferred Units, including Equity Units and the General Partner Units, but excluding any Series&nbsp;17
Parity Securities and Series&nbsp;17 Senior 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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Liquidation
Preference</B>&rdquo; means a liquidation preference for each Series&nbsp;17 Preferred Unit equal to $1,000 per unit (subject to adjustment
for any splits, combinations or similar adjustments to the Series&nbsp;17 Preferred Units).</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Original Issue
Date</B>&rdquo; means the day upon which the Series&nbsp;17 Preferred Units are issued upon the occurrence of an Automatic Exchange Event
in accordance with this Part&nbsp;XVIII of Schedule A.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Parity Securities</B>&rdquo;
means (i)&nbsp;every class or series of the Class&nbsp;A Preferred Units and Series&nbsp;17 Preferred Units and (ii)&nbsp;any class or
series of Partnership Interests established after the Series&nbsp;17 Original Issue Date by the General Partner, the terms of which class
or series pursuant to written agreement expressly provide that it ranks on parity in right of payment with the Series&nbsp;17 Preferred
Units as to distributions and amounts payable upon dissolution, liquidation or winding-up of the Partnership, whether voluntary or involuntary,
pursuant to Article&nbsp;13 of the Agreement.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Preferred
Units</B>&rdquo; has the meaning given to such term in the preamble to this Part&nbsp;XVIII of Schedule A.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Redemption
Date</B>&rdquo; has the meaning given such term in Section&nbsp;2(C)(d)(i)&nbsp;to this Part&nbsp;XVIII of Schedule A.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Redemption
Notice</B>&rdquo; has the meaning given such term in Section&nbsp;2(C)(d)(ii)&nbsp;to this Part&nbsp;XVIII of Schedule A.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Redemption
Payments</B>&rdquo; means payments to be made to the Series&nbsp;17 Holders to redeem Series&nbsp;17 Preferred Units in accordance with
Section&nbsp;2(C)(d)&nbsp;to this Part&nbsp;XVIII of Schedule A.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Redemption
Price</B>&rdquo; has the meaning given such term in Section&nbsp;2(C)(d)(i)&nbsp;to this Part&nbsp;XVIII of Schedule A.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Senior Securities</B>&rdquo;
means any class or series of Partnership Interests established after the Series&nbsp;17 Original Issue Date by the General Partner, the
terms of which class or series pursuant to written agreement expressly provide that it ranks senior to the Series&nbsp;17 Preferred Units
as to distributions and amounts payable upon dissolution, liquidation or winding-up of the Partnership, whether voluntary or involuntary,
pursuant to Article&nbsp;13 of the Agreement.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Transfer Agent</B>&rdquo;
means Computershare Inc., and its successors and assigns, or any other transfer agent and registrar appointed by the General Partner for
the Series&nbsp;17 Preferred Units.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Successor Entity</B>&rdquo;
means an entity formed by a consolidation, merger, amalgamation or other similar transaction involving the Partnership or an entity to
which the Partnership conveys, transfers or leases substantially all its properties and assets.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Tax Event</B>&rdquo; has
the meaning specified in Section&nbsp;2(C)(d)(i)&nbsp;to this Part&nbsp;XVIII of Schedule A.</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>

<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: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Terms of Series&nbsp;17 Preferred Units</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>General</U>. Each Series&nbsp;17 Preferred Unit shall be identical in all respects to every other Series&nbsp;17
Preferred Unit, except as to the respective dates from which the Series&nbsp;17 Liquidation Preference shall increase or from which Series&nbsp;17
Distributions may begin accruing, to the extent such dates may differ. The Series&nbsp;17 Preferred Units represent perpetual interests
in the Partnership and shall not give rise to a claim by the Partnership or a Series&nbsp;17 Holder for conversion or, except as set forth
in Section&nbsp;2(C)(d)&nbsp;to this Part&nbsp;XVIII of Schedule A, redemption thereof at a particular date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Issuance</U>. The issue price of each Series&nbsp;17 Preferred Unit shall be $1,000 principal amount
of Notes or $1,000 of accrued and unpaid interest on the Notes, if any.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>Rights of Series&nbsp;17 Preferred Units</U>. The Series&nbsp;17 Preferred Units shall have the following
rights, preferences and privileges and shall be subject to the following duties and obligations:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify"><U>Series&nbsp;17 Preferred Units.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">The authorized number of Series&nbsp;17 Preferred Units shall be unlimited. Series&nbsp;17 Preferred Units
that are purchased or otherwise acquired by the Partnership shall be cancelled.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">The Series&nbsp;17 Preferred Units shall be represented by one or more global Certificates registered
in the name of the Depositary or its nominee, and no Series&nbsp;17 Holder shall be entitled to receive a definitive Certificate evidencing
its Series&nbsp;17 Preferred Units, unless otherwise required by law or the Depositary gives notice of its intention to resign or is no
longer eligible to act as such with respect to the Series&nbsp;17 Preferred Units and the General Partner shall have not selected a substitute
Depositary within sixty (60) calendar days thereafter. So long as the Depositary shall have been appointed and is serving with respect
to the Series&nbsp;17 Preferred Units, payments and communications made by the Partnership to Series&nbsp;17 Holders shall be made by
making payments to, and communicating with, the Depositary.</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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<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: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify"><U>Distributions</U>.</TD></TR></TABLE>

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<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: 1.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">Distributions on each Outstanding Series&nbsp;17 Preferred Unit shall be cumulative and shall accrue at
the applicable Series&nbsp;17 Distribution Rate from and including the Series&nbsp;17 Original Issue Date (or, for any subsequently issued
and newly Outstanding Series&nbsp;17 Preferred Units, from and including the Series&nbsp;17 Distribution Payment Date immediately preceding
the issue date of such Series&nbsp;17 Preferred Units) until such time as the Partnership pays the Series&nbsp;17 Distribution or redeems
such Series&nbsp;17 Preferred Unit in accordance with Section&nbsp;2(C)(d)&nbsp;to this Part&nbsp;XVIII of Schedule A, whether or not
such Series&nbsp;17 Distributions shall have been declared. Series&nbsp;17 Holders shall be entitled to receive Series&nbsp;17 Distributions
from time to time out of any assets of the Partnership legally available for the payment of distributions at the Series&nbsp;17 Distribution
Rate per Series&nbsp;17 Preferred Unit when, as, and, if declared by the General Partner. Series&nbsp;17 Distributions, to the extent
declared by the General Partner to be paid by the Partnership in accordance with this Section&nbsp;2(C)(b)&nbsp;to this Part&nbsp;XVIII
of Schedule A, shall be paid, in Arrears, on each Series&nbsp;17 Distribution Payment Date. Series&nbsp;17 Distributions shall accrue
in each Series&nbsp;17 Distribution Period, provided that distributions shall accrue on accrued but unpaid Series&nbsp;17 Distributions
at the Series&nbsp;17 Distribution Rate. If any Series&nbsp;17 Distribution Payment Date otherwise would occur on a date that is not a
Business Day, declared Series&nbsp;17 Distributions shall be paid on the immediately succeeding Business Day without the accrual of additional
distributions. Series&nbsp;17 Distributions shall be payable based on a 360-day year consisting of twelve 30-day months. All Series&nbsp;17
Distributions that are (1)&nbsp;accrued and unpaid or (2)&nbsp;payable by the Partnership pursuant to this Section&nbsp;2(C)(b)&nbsp;or
2(C)(e)(i)&nbsp;to this Part&nbsp;XVIII of Schedule A shall be payable without regard to the income of the Partnership and shall be treated
for U.S. federal income tax purposes as guaranteed payments for the use of capital under Section&nbsp;707(c)&nbsp;of the Code, including
for the purpose of determining income, gain, loss, and expense of the Partnership and maintaining capital accounts, unless there is a
change in Tax law or administrative practice that requires treatment other than as guaranteed payments for U.S. federal income tax purposes,
as determined in the sole discretion of the General Partner. For U.S. federal income tax purposes, the deduction attributable to any amount
treated as a guaranteed payment shall be specially allocated to the Partners in a manner determined by the General Partner in its sole
discretion that is not inconsistent with the applicable provisions of the Code and Treasury Regulations. Such guaranteed payments with
respect to any Series&nbsp;17 Distribution Period shall be for the account of Series&nbsp;17 Holders as of the applicable Series&nbsp;17
Distribution Record Date, or as otherwise reasonably determined by the General Partner.</TD></TR></TABLE>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">[Intentionally Omitted]</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">Not later than 5:00 p.m., New York City time, on each Series&nbsp;17 Distribution Payment Date, the Partnership
shall pay those Series&nbsp;17 Distributions, if any, that shall have been declared by the General Partner to Series&nbsp;17 Holders on
the Record Date for the applicable Series&nbsp;17 Distribution. The Record Date (the &ldquo;<B>Series&nbsp;17 Distribution Record Date</B>&rdquo;)
for the payment of any Series&nbsp;17 Distributions shall be the last business day of the calendar month prior to the applicable Series&nbsp;17
Distribution Payment Date, or such other record date as may be fixed by the General Partner in accordance with this Section&nbsp;2 to
this Part&nbsp;XVIII of Schedule A. So long as any Series&nbsp;17 Preferred Units are Outstanding, no distribution shall be declared or
paid or set aside for payment on any Series&nbsp;17 Junior Securities (other than a distribution payable solely in Series&nbsp;17 Junior
Securities) unless all accrued and unpaid Series&nbsp;17 Distributions up to and including such distributions payable for the last completed
Series&nbsp;17 Distribution Period, and all accrued and unpaid distributions up to and including the distribution payable for the last
completed period for which distributions were payable on all Series&nbsp;17 Preferred Units and Series&nbsp;17 Parity Securities, have
been declared and paid or set apart for payment; provided, however, notwithstanding anything to the contrary in this Section&nbsp;2(C)(b)(iii)&nbsp;to
this Part&nbsp;XVIII of Schedule A, if a distribution period with respect to a class of Series&nbsp;17 Junior Securities or Series&nbsp;17
Parity Securities is shorter than the Series&nbsp;17 Distribution Period, the General Partner may declare and pay regular distributions
with respect to such Series&nbsp;17 Junior Securities or Series&nbsp;17 Parity Securities, so long as, at the time of declaration of such
distribution, (i)&nbsp;there are no Series&nbsp;17 Distributions in Arrears, and (ii)&nbsp;the General Partner expects to have sufficient
funds to pay the full distribution in respect of the Series&nbsp;17 Preferred Units on the next successive Series&nbsp;17 Distribution
Payment Date. Accrued Series&nbsp;17 Distributions in Arrears for any past Series&nbsp;17 Distribution Period may be declared by the General
Partner and paid on any date fixed by the General Partner, whether or not a Series&nbsp;17 Distribution Payment Date, to Series&nbsp;17
Holders on the Record Date for such payment, which may not be less than 10 days before such payment date. Subject to the next succeeding
sentence, if all accrued Series&nbsp;17 Distributions in Arrears on all Outstanding Series&nbsp;17 Preferred Units and all accrued distributions
in arrears on any Series&nbsp;17 Preferred Units and any Series&nbsp;17 Parity Securities shall not have been declared and paid, or if
sufficient funds for the payment thereof shall not have been set apart, payment of accrued distributions in Arrears on the Series&nbsp;17
Preferred Units and accrued distributions in arrears on any such Series&nbsp;17 Parity Securities shall be made in order of their respective
distribution payment dates, commencing with the earliest distribution payment date. If less than all distributions payable with respect
to all Series&nbsp;17 Preferred Units and any other Series&nbsp;17 Parity Securities are to be paid for any distribution period, any partial
payment shall be made pro rata with respect to the Series&nbsp;17 Preferred Units and any such other Series&nbsp;17 Parity Securities
entitled to a distribution payment at such time in proportion to the aggregate distribution amounts remaining due in respect of such Series&nbsp;17
Preferred Units and such other Series&nbsp;17 Parity Securities, if any, at such time and apportioned equally among them in accordance
with the relative amount to be paid or allocated to each group. For purposes of the preceding sentence, each distribution period for any
Series&nbsp;17 Parity Securities that ends on a date other than March&nbsp;15 or September&nbsp;15 of any year shall be deemed the same
distribution period as the distribution period for Series&nbsp;17 Parity Securities that ends on March&nbsp;15 or September&nbsp;15, respectively,
of such year. Subject to Sections 13.3 of the Agreement and Section&nbsp;2(C)(g)&nbsp;to this Part&nbsp;XVIII of Schedule A, Series&nbsp;17
Holders shall not be entitled to any distribution, whether payable in cash, property or Partnership Interests, in excess of full cumulative
Series&nbsp;17 Distributions. Except insofar as distributions accrue on the amount of any accrued and unpaid Series&nbsp;17 Distributions
as described in Section&nbsp;2(C)(b)(i)&nbsp;to this Part&nbsp;XVIII of Schedule A, no interest or sum of money in lieu of interest shall
be payable in respect of any distribution payment which may be in Arrears on the Series&nbsp;17 Preferred Units. So long as the Series&nbsp;17
Preferred Units are held of record by the Depositary or its nominee, declared Series&nbsp;17 Distributions shall be paid to the Depositary
in same-day funds on each Series&nbsp;17 Distribution Payment Date or other distribution payment date in the case of payments for Series&nbsp;17
Distributions in Arrears. If on any Series&nbsp;17 Distribution Payment Date, the Series&nbsp;17 Distributions accrued to such date are
not paid in full on all of the Series&nbsp;17 Preferred Units then Outstanding, such Series&nbsp;17 Distributions, or the unpaid part
thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient
monies legally available for such Series&nbsp;17 Distributions under Bermuda law.</TD></TR></TABLE>

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<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: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify"><U>Voting Rights</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Agreement, the Series&nbsp;17 Preferred Units shall not
have any voting rights or rights to consent or approve any action or matter, except as set forth in clause (ii)&nbsp;below and in Section&nbsp;5.4
of Part&nbsp;I of Schedule A to this Agreement, this Section&nbsp;2(C)(c)&nbsp;to this Part&nbsp;XVIII of Schedule A or as otherwise required
by Bermuda law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">The Series&nbsp;17 Holders shall not have any right or authority to act for or bind the Partnership or
to take part or in any way to interfere in the conduct or management of the Partnership or (except as otherwise provided by law and except
for meetings of the holders of Class&nbsp;A Preferred Limited Partnership Units as a class and meetings of the Series&nbsp;17 Holders
as a series, in each case in respect of matters which limited partners may properly vote under Bermuda law) be entitled to receive notice
of, attend, or vote at any meeting of unitholders of the Partnership unless and until the Partnership shall have failed to pay four semi-annual
Series&nbsp;17 Distributions, whether or not consecutive and whether or not such distributions have been declared and whether or not there
are any monies of the Partnership legally available for distributions under Bermuda law. In the event of such non-payment, and for only
so long as any such distributions remain in Arrears, the Holders will be entitled to receive notice of and to attend each meeting of unitholders
of the Partnership (other than any meetings at which only holders of another specified class or series are entitled to vote) and such
Holders shall have the right, at any such meeting, to one vote for each Series&nbsp;17 Preferred Unit held. No other voting rights shall
attach to the Series&nbsp;17 Preferred Units in any circumstances. Upon payment of the entire amount of all cumulative preferential cash
distributions in Arrears, the voting rights of the Series&nbsp;17 Holders shall forthwith cease (unless and until the same default shall
again arise under the provisions of this Section&nbsp;2(C)(c)(ii)&nbsp;to this Part&nbsp;XVIII of Schedule A).</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Agreement or as otherwise required by Bermuda law, the
General Partner shall not adopt any amendment to the Partnership Agreement that has a material adverse effect on the powers, preferences,
duties or special rights of the Series&nbsp;17 Preferred Units unless such amendment (i)&nbsp;is approved by a resolution signed by Series&nbsp;17
Holders owning not less than the percentage of the Series&nbsp;17 Preferred Units that would be necessary to authorize such action at
a meeting of Series&nbsp;17 Holders at which all Series&nbsp;17 Holders were present and voted or were represented by proxy or (ii)&nbsp;is
passed by an affirmative vote of at least 66 2/3% of the votes cast at a meeting of Series&nbsp;17 Holders duly called for that purpose
and at which the holders of at least 25% of the outstanding Series&nbsp;17 Preferred Units are present or represented by proxy; provided,
however, that (x)&nbsp;subject to Section&nbsp;5.4 of Part&nbsp;I of Schedule A to this Agreement, the issuance of additional Partnership
Interests (and any amendment to this Agreement in connection therewith) shall not be deemed to constitute such a material adverse effect
for purposes of this Section&nbsp;2(C)(c)(ii)&nbsp;to this Part&nbsp;XVIII of Schedule A and (y)&nbsp;for purposes of this Section&nbsp;2(C)(c)(ii)&nbsp;to
this Part&nbsp;XVIII of Schedule A, no amendment of this Agreement in connection with a merger or other transaction in which the Partnership
is the surviving entity and the Series&nbsp;17 Preferred Units remain Outstanding with the terms thereof materially unchanged in any respect
adverse to the Series&nbsp;17 Holders shall be deemed to materially and adversely affect the powers, preferences, duties, or special rights
of the Series&nbsp;17 Preferred Units. If at any such meeting the holders of Series&nbsp;17 Preferred Units of at least 25% of the then
Outstanding Series&nbsp;17 Preferred Units are not present or represented by proxy within one-half hour after the time appointed for such
meeting, then the meeting shall be adjourned to such date not less than five (5)&nbsp;days thereafter and to such time and place as may
be designated by the chairman of such meeting. At such adjourned meeting, the Series&nbsp;17 Holders present or represented by proxy may
transact the business for which the meeting was originally called and the Series&nbsp;17 Holders then present or represented by proxy
shall form the necessary quorum.</TD></TR></TABLE>

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<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: 1.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">For any matter described in this Section&nbsp;2(C)(c)&nbsp;to this Part&nbsp;XVIII of Schedule A in which
the Series&nbsp;17 Holders are entitled to vote as a series (whether separately or together with the holders of any Series&nbsp;17 Parity
Securities), such Series&nbsp;17 Holders shall be entitled to one vote per Series&nbsp;17 Preferred Unit. The proxy rules&nbsp;applicable
to, the formalities to be observed in respect of the giving notice of, and the formalities to be observed in respect of the conduct of,
any meeting or any adjourned meeting of Series&nbsp;17 Holders shall be those from time to time prescribed by the Agreement with respect
to meetings of unitholders or, if not so prescribed, as required by law. Any Series&nbsp;17 Preferred Units held by the Partnership or
any of its Subsidiaries or their Affiliates shall not be entitled to vote.</TD></TR></TABLE>

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

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<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: 1.5in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">Notwithstanding Section&nbsp;2(C)(c)(ii)&nbsp;to this Part&nbsp;XVIII of Schedule A and Section&nbsp;5.4
of Part&nbsp;I of Schedule A to this Agreement, no vote of the Series&nbsp;17 Holders shall be required if, at or prior to the time when
such action is to take effect, provision is made for the redemption of all Series&nbsp;17 Preferred Units at the time Outstanding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify"><U>Optional Redemption; Change in Tax Law</U>.</TD></TR></TABLE>

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<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: 1.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">The Partnership shall have the right (i)&nbsp;at any time from December&nbsp;15, 2029 and ending on and
including March&nbsp;15, 2030, in whole or in part, (ii)&nbsp;after March&nbsp;15, 2030, on any Series&nbsp;17 Distribution Payment Date,
in whole or in part, or (iii)&nbsp;if as a result of a Change in Tax Law there is, in the Partnership&rsquo;s reasonable determination,
a substantial probability that the Partnership or any Successor Entity would become obligated to pay any Additional Amounts on the next
succeeding Series&nbsp;17 Distribution Payment Date and the payment of those Additional Amounts cannot be avoided by the use of any reasonable
measures available to the Partnership or any Successor Entity (a &ldquo;<B>Tax Event</B>&rdquo;), in whole but not in part, to redeem
the Series&nbsp;17 Preferred Units, using any source of funds legally available for such purpose. Any such redemption shall occur on a
date set by the General Partner (the &ldquo;<B>Series&nbsp;17 Redemption Date</B>&rdquo;). The Partnership shall effect any such redemption
by paying cash for each Series&nbsp;17 Preferred Unit to be redeemed equal to 100%, of the Series&nbsp;17 Liquidation Preference for such
Series&nbsp;17 Preferred Unit on such Series&nbsp;17 Redemption Date plus an amount equal to all unpaid Series&nbsp;17 Distributions thereon
from the Series&nbsp;17 Original Issue Date to, but excluding, the Series&nbsp;17 Redemption Date (whether or not such distributions shall
have been declared) (the &ldquo;<B>Series&nbsp;17 Redemption Price</B>&rdquo;). So long as the Series&nbsp;17 Preferred Units to be redeemed
are held of record by the Depositary or the nominee of the Depositary, the Series&nbsp;17 Redemption Price shall be paid by the Paying
Agent to the Depositary on the Series&nbsp;17 Redemption Date.</TD></TR></TABLE>

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<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: 1.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">The Partnership shall give notice of any redemption by mail, postage prepaid, not less than 30 days and
not more than 60 days before the scheduled Series&nbsp;17 Redemption Date to the Series&nbsp;17 Holders (as of 5:00 p.m.&nbsp;New York
City time on the Business Day next preceding the day on which notice is given) of any Series&nbsp;17 Preferred Units to be redeemed as
such Series&nbsp;17 Holders&rsquo; names appear on the books of the Series&nbsp;17 Transfer Agent and at the address of such Series&nbsp;17
Holders shown therein. Such notice (the &ldquo;<B>Series&nbsp;17 Redemption Notice</B>&rdquo;) shall state, as applicable: (1)&nbsp;the
Series&nbsp;17 Redemption Date, (2)&nbsp;the number of Series&nbsp;17 Preferred Units to be redeemed and, if less than all Outstanding
Series&nbsp;17 Preferred Units are to be redeemed, the number (and in the case of Series&nbsp;17 Preferred Units in certificated form,
the identification) of Series&nbsp;17 Preferred Units to be redeemed from such Series&nbsp;17 Holder, (3)&nbsp;the Series&nbsp;17 Redemption
Price, (4)&nbsp;the place where any Series&nbsp;17 Preferred Units in certificated form are to be redeemed and shall be presented and
surrendered for payment of the Series&nbsp;17 Redemption Price therefor (which shall occur automatically if the Certificate representing
such Series&nbsp;17 Preferred Units is issued in the name of the Depositary or its nominee), (5)&nbsp;that distributions on the Series&nbsp;17
Preferred Units to be redeemed shall cease to accrue from and after such Series&nbsp;17 Redemption Date. So long as the Series&nbsp;17
Preferred Units are held of record by the Depositary or its nominee, the Partnership shall give notice, or cause notice to be given, to
the Depositary, and (6)&nbsp;any conditions precedent to redemption; in addition, if such redemption or notice of redemption is subject
to satisfaction of one or more conditions precedent, such notice of redemption shall state that, in the Partnership&rsquo;s discretion,
the Series&nbsp;17 Redemption Date may be delayed until such time as any or all such conditions precedent shall be satisfied or waived,
and a new Series&nbsp;17 Redemption Date will be set by the Partnership in accordance with applicable depositary or trustee procedures,
or such redemption may not occur and such notice of redemption may be rescinded in the event that any or all such conditions precedent
shall not have been satisfied or waived by the Series&nbsp;17 Redemption Date, or by the Series&nbsp;17 Redemption Date as so delayed,
or such notice may be rescinded at any time if in the good faith judgement of the Partnership any or all of such conditions will not be
satisfied or waived.</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>

<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: 1.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">If less than all of the then Outstanding Series&nbsp;17 Preferred Units are at any time to be redeemed,
then the particular Series&nbsp;17 Preferred Units to be redeemed shall be selected on a pro rata basis disregarding fractions or in such
manner as the General Partner in its sole discretion may, by resolution determine. The aggregate Series&nbsp;17 Redemption Price for any
such partial redemption of the Outstanding Series&nbsp;17 Preferred Units shall be allocated correspondingly among the redeemed Series&nbsp;17
Preferred Units. The Series&nbsp;17 Preferred Units not redeemed shall remain Outstanding and entitled to all the rights, preferences
and duties provided in this Section&nbsp;2 to this Part&nbsp;XVIII of Schedule A.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">If the Partnership gives or causes to be given a Series&nbsp;17 Redemption Notice, the Partnership shall
deposit with the Paying Agent funds sufficient to redeem the Series&nbsp;17 Preferred Units as to which such Series&nbsp;17 Redemption
Notice shall have been given, no later than 10:00 a.m.&nbsp;New York City time on the Series&nbsp;17 Redemption Date, and shall give the
Paying Agent irrevocable instructions and authority to pay the Series&nbsp;17 Redemption Price to each Series&nbsp;17 Holder whose Series&nbsp;17
Preferred Units are to be redeemed upon surrender or deemed surrender (which shall occur automatically if the Certificate representing
such Series&nbsp;17 Preferred Units is issued in the name of the Depositary or its nominee) of the Certificates therefor as set forth
in the Series&nbsp;17 Redemption Notice. If a Series&nbsp;17 Redemption Notice shall have been given, from and after the Series&nbsp;17
Redemption Date, unless the Partnership defaults in providing funds sufficient for such redemption at the time and place specified for
payment pursuant to the Series&nbsp;17 Redemption Notice, all Series&nbsp;17 Distributions on such Series&nbsp;17 Preferred Units to be
redeemed shall cease to accrue and all rights of holders of such Series&nbsp;17 Preferred Units as Limited Partners with respect to such
Series&nbsp;17 Preferred Units to be redeemed shall cease, except the right to receive the Series&nbsp;17 Redemption Price, and such Series&nbsp;17
Preferred Units shall not thereafter be transferred on the books of the Series&nbsp;17 Transfer Agent or be deemed to be Outstanding for
any purpose whatsoever. The Series&nbsp;17 Holders shall have no claim to the interest income, if any, earned on funds deposited with
the Paying Agent. Any funds deposited with the Paying Agent hereunder by the Partnership for any reason, including redemption of Series&nbsp;17
Preferred Units, that remain unclaimed or unpaid after one year after the applicable Series&nbsp;17 Redemption Date or other payment date,
as applicable, shall be, to the extent permitted by law, repaid to the Partnership upon its written request, after which repayment the
Series&nbsp;17 Holders entitled to such redemption or other payment shall have recourse only to the Partnership. Notwithstanding any Series&nbsp;17
Redemption Notice, there shall be no redemption of any Series&nbsp;17 Preferred Units called for redemption until funds sufficient to
pay the full Series&nbsp;17 Redemption Price of such Series&nbsp;17 Preferred Units shall have been deposited by the Partnership with
the Paying Agent.</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>

<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: 1.5in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">Any Series&nbsp;17 Preferred Units that are redeemed or otherwise acquired by the Partnership shall be
cancelled. If only a portion of the Series&nbsp;17 Preferred Units represented by a Certificate shall have been called for redemption,
upon surrender of the Certificate to the Paying Agent (which shall occur automatically if the Certificate representing such Series&nbsp;17
Preferred Units is registered in the name of the Depositary or its nominee), the Partnership shall issue and the Paying Agent shall deliver
to the Series&nbsp;17 Holders a new Certificate (or adjust the applicable book-entry account) representing the number of Series&nbsp;17
Preferred Units represented by the surrendered Certificate that have not been called for redemption.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">vi.</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Section&nbsp;2 to this Part&nbsp;XVIII of Schedule A,
unless all accrued and unpaid Series&nbsp;17 Distributions up to and including the distribution payable for the last completed Series&nbsp;17
Distribution Period, and all accrued and unpaid distributions up to and including the distribution payable for the last completed period
for which distributions were payable on all Series&nbsp;17 Preferred Units and Series&nbsp;17 Parity Securities, have been declared and
paid or set apart for payment, the Partnership shall not be permitted to repurchase, redeem or otherwise acquire, in whole or in part,
any Series&nbsp;17 Preferred Units or Series&nbsp;17 Parity Securities, except pursuant to a purchase or exchange offer made on the same
relative terms to all Series&nbsp;17 Holders and holders of any Series&nbsp;17 Parity Securities. So long as any Series&nbsp;17 Preferred
Units are Outstanding, except out of the net cash proceeds of a substantially concurrent issue of Series&nbsp;17 Junior Securities, unless
all accrued and unpaid Series&nbsp;17 Distributions up to and including the distribution payable for the last completed Series&nbsp;17
Distribution Period, and all accrued and unpaid distributions up to and including the distribution payable for the last completed period
for which distributions were payable on all Series&nbsp;17 Preferred Units and Series&nbsp;17 Parity Securities, have been declared and
paid or set apart for payment, the Partnership shall not be permitted to redeem, repurchase or otherwise acquire any Equity Units or any
other Series&nbsp;17 Junior Securities.</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>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify"><U>Payment of Additional Amounts</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">The Partnership shall make all payments on the Series&nbsp;17 Preferred Units free and clear of and without
withholding or deduction at source for, or on account of, any present or future taxes, fees, duties, assessments or governmental charges
of whatever nature imposed or levied by or on behalf of any Relevant Taxing Jurisdiction, unless such taxes, fees, duties, assessments
or governmental charges are required to be withheld or deducted by (i)&nbsp;the laws (or any regulations or rulings promulgated thereunder)
of any Relevant Taxing Jurisdiction for the Series&nbsp;17 Preferred Units or (ii)&nbsp;an official position regarding the application,
administration, interpretation or enforcement of any such laws, regulations or rulings (including a holding by a court of competent jurisdiction
or by a taxing authority in any Relevant Taxing Jurisdiction). If a withholding or deduction at source is required, the Partnership shall,
subject to the limitations and exceptions set forth in this Section&nbsp;2(C)(e)&nbsp;and Section&nbsp;2(C)(f)&nbsp;to this Part&nbsp;XVIII
of Schedule A, pay to the Series&nbsp;17 Holders such additional amounts (the &ldquo;<B>Additional Amounts</B>&rdquo;) as distributions
as may be necessary so that every net payment made to such holders, after such withholding or deduction (including any such withholding
or deduction from such Additional Amounts), shall be equal to the amounts the Partnership would otherwise have been required to pay had
no such withholding or deduction been required.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">The Partnership shall not be required to pay any Additional Amounts for or on account of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.75in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">any tax, fee, duty, assessment or governmental charge of whatever nature that would not have been imposed
but for the fact that such holder was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment
or was physically present in, the Relevant Taxing Jurisdiction or any political subdivision thereof or otherwise had some connection with
the Relevant Taxing Jurisdiction other than by reason of the mere ownership of, or receipt of payment under, the Series&nbsp;17 Preferred
Units or any Series&nbsp;17 Preferred Units presented for payment (where presentation is required for payment) more than 30 days after
the Relevant Date (except to the extent that the holder would have been entitled to such amounts if it had presented such units for payment
on any day within such 30 day period). The &ldquo;<B>Relevant Date</B>&rdquo; means, in respect of any payment, the date on which such
payment first becomes due and payable, but if the full amount of the moneys payable has not been received by the Paying Agent on or prior
to such due date, it means the first date on which the full amount of such moneys having been so received and being available for payment
to holders and notice to that effect shall have been duly given to the Series&nbsp;17 Holders;</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>

<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: 1.75in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental
charge or any tax, assessment or other governmental charge that is payable otherwise than by withholding or deduction from payment of
the liquidation preference or of any distributions on the Series&nbsp;17 Preferred Units;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.75in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">any tax, fee, duty, assessment or other governmental charge that is imposed or withheld by reason of the
failure by the holder of such Series&nbsp;17 Preferred Units to comply with any reasonable request by the Partnership addressed to the
holder within 90 days of such request (i)&nbsp;to provide information concerning the nationality, residence or identity of the holder
or (ii)&nbsp;to make any declaration or other similar claim or satisfy any information or reporting requirement that is required or imposed
by statute, treaty, regulation or administrative practice of the Relevant Taxing Jurisdiction as a precondition to exemption from all
or part of such tax, fee, duty, assessment or other governmental charge;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.75in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">any tax, fee, duty, assessment or governmental charge imposed under the Code; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.75in"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">any combination of the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">In addition, the Partnership shall not pay Additional Amounts with respect to any payment on any such
Series&nbsp;17 Preferred Units to any holder that is a fiduciary, partnership, limited liability company or other pass-through entity
other than the sole beneficial owner of such Series&nbsp;17 Preferred Units if such payment would be required by the laws of the Relevant
Taxing Jurisdiction to be included in the income for tax purposes of a beneficiary or partner or settlor with respect to such fiduciary
or a member of such partnership, limited liability company or other pass-through entity or a beneficial owner to the extent such beneficiary,
partner or settlor would not have been entitled to such Additional Amounts had it been the holder of the Series&nbsp;17 Preferred Units.</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>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">f.</TD><TD STYLE="text-align: justify"><U>Variation</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">At any time following a Change in Tax Law, the Partnership may, without the consent of any Series&nbsp;17
Holder, vary the terms of the Series&nbsp;17 Preferred Units such that they remain securities which would eliminate the substantial probability
that the Partnership or any Successor Entity would be required to pay any Additional Amounts with respect to the Series&nbsp;17 Preferred
Units as a result of a Change in Tax Law. The terms of the varied securities considered in the aggregate cannot be less favorable to holders
than the terms of the Series&nbsp;17 Preferred Units prior to being varied; provided that no such variation of terms shall change the
specified denominations of, distribution payable on, the redemption dates (other than any extension of the period during which an optional
redemption may not be exercised by the Partnership) or currency of, the Series&nbsp;17 Preferred Units, reduce the liquidation preference
thereof, lower the ranking in right of payment with respect to the payment of distributions or the distribution of assets upon liquidation,
dissolution or winding-up of the Series&nbsp;17 Preferred Units, or change the foregoing list of items that may not be so amended as part
of such variation. Further, no such variation of terms shall impair the right of a holder of the securities to institute suit for the
payment of any amounts due, but unpaid with respect to such holder&rsquo;s securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">Prior to any variation, the Partnership shall be required to receive an opinion of independent legal advisers
to the effect that holders and beneficial owners of the Series&nbsp;17 Preferred Units (including as holders and beneficial owners of
the varied securities) will not recognize income, gain or loss for United States federal income tax purposes as a result of such variation
and will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as would have been
the case had such variation not occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">Any variation of the Series&nbsp;17 Preferred Units described above shall be made after notice is given
to the Series&nbsp;17 Holders not less than 30 days nor more than 60 days prior to the date fixed for variation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">g.</TD><TD STYLE="text-align: justify"><U>Liquidation Rights</U>. In the event of the liquidation, dissolution or winding-up of the Partnership,
whether voluntary or involuntary, unless the Partnership is continued under the election to reconstitute and continue the Partnership
pursuant to Section&nbsp;13.2 of the Agreement, the Series&nbsp;17 Holders shall be entitled to receive the Series&nbsp;17 Liquidation
Preference per Series&nbsp;17 Preferred Unit held by them, together with all accrued (whether or not declared) and unpaid Series&nbsp;17
Distributions up to but excluding the date of payment or distribution (less any tax required to be deducted and withheld by the Partnership),
before any amounts shall be paid or any assets of the Partnership distributed to the holders of any Series&nbsp;17 Junior Securities.
Upon payment of the amounts set forth in the immediately preceding sentence, the Series&nbsp;17 Holders shall not be entitled to share
in any further distribution of the assets of the Partnership.</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>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">h.</TD><TD STYLE="text-align: justify"><U>Rank</U>. The Series&nbsp;17 Preferred Units shall each be deemed to rank as to payment of distributions
on such Partnership Interests and distributions upon liquidation, dissolution or winding-up of the Partnership, whether voluntary or involuntary:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">senior to any Series&nbsp;17 Junior Securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">on parity in right of payment with any Series&nbsp;17 Parity Securities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">junior to all existing and future indebtedness of the Partnership with respect to assets available to
satisfy claims against the Partnership and any other Series&nbsp;17 Senior Securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify"><U>No Sinking Fund</U>. The Series&nbsp;17 Preferred Units shall not have the benefit of any sinking fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">j.</TD><TD STYLE="text-align: justify"><U>Record Holders</U>. To the fullest extent permitted by applicable law, the General Partner, the Partnership,
the Series&nbsp;17 Transfer Agent, and the Paying Agent may deem and treat any Series&nbsp;17 Holder as the true, lawful, and absolute
owner of the applicable Series&nbsp;17 Preferred Units for all purposes, and neither the General Partner, the Partnership, the Series&nbsp;17
Transfer Agent nor the Paying Agent shall be affected by any notice to the contrary, except as otherwise provided by law or any applicable
rule, regulation, guideline or requirement of any Securities Exchange on which the Series&nbsp;17 Preferred Units may be listed or admitted
to trading, if any.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">k.</TD><TD STYLE="text-align: justify"><U>Fractional Units</U>. The Series&nbsp;17 Preferred Units may be issued in whole or in fractional units.
Each fractional Series&nbsp;17 Preferred Unit shall carry and be subject to the rights, privileges, restrictions and conditions (including
voting rights and distribution rights) of the Series&nbsp;17 Preferred Units in proportion to the applicable fractions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">l.</TD><TD STYLE="text-align: justify"><U>Other Rights; Fiduciary Duties</U>. The Series&nbsp;17 Preferred Units and the Series&nbsp;17 Holders
shall not have any designations, preferences, rights, powers, guarantees or duties, other than as set forth in this Agreement or as provided
by applicable law. Notwithstanding anything to the contrary in this Agreement or any duty existing at law, in equity or otherwise, to
the fullest extent permitted by applicable law, neither the General Partner nor any other Indemnified Party shall owe any duties, including
fiduciary duties, or have any liabilities to Series&nbsp;17 Holders, other than the General Partner&rsquo;s duty to act at all times in
good faith.</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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<TYPE>EX-4.4
<SEQUENCE>4
<FILENAME>tm2428776d5_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.4</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 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; text-align: center"><B>TENTH AMENDMENT TO THE<BR>
AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT</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; text-indent: 1in"><B>THIS AMENDMENT </B>(the &ldquo;<B>Amendment</B>&rdquo;)
to the Amended and Restated Limited Partnership Agreement dated as of February&nbsp;16, 2018 (the &ldquo;<B>Agreement</B>&rdquo;) of Brookfield
Infrastructure L.P. (the &ldquo;<B>Partnership</B>&rdquo;) is made as of November&nbsp;29, 2024 (the &ldquo;<B>Effective Date</B>&rdquo;),
by the undersigned. Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.</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: 1in"><B>WHEREAS</B>, on March&nbsp;12,
2015, the limited partnership agreement of the Partnership was amended to allow for preferred limited partnership interests in the Partnership
and to create the Class&nbsp;A Preferred Limited Partnership Units;</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: 1in"><B>AND WHEREAS</B>, the Managing
General Partner desires to amend the Agreement to create an additional series of Class&nbsp;A Preferred Limited Partnership Units having
the rights and restrictions set out in Part&nbsp;XVIII of Schedule A to this Amendment;</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: 1in"><B>AND WHEREAS</B>, pursuant
to Section&nbsp;18.1 of the Agreement, subject to compliance with the requirements of the Limited Partnership Act and the Exempted Partnerships
Act, the Managing General Partner (pursuant to its powers of attorney from the Special General Partner or any Partner and the Limited
Partners), without the approval of any Limited Partner, may amend any provision of the Agreement to reflect certain changes, including,
as provided for in Section&nbsp;18.1.6 of the Agreement, an amendment that the Managing General Partner determines in its sole discretion
to be necessary or appropriate for the creation, authorization or issuance of any class or series of Partnership Interests;</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: 1in"><B>AND WHEREAS</B>, the Managing
General Partner desires to amend the Agreement as set out herein;</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: 1in"><B>NOW THEREFORE</B>,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">1.</TD><TD STYLE="text-align: justify">Section&nbsp;1.1.3 of the Agreement is hereby deleted in its entirety and replaced with the following:</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 0pt 1.5in; text-align: justify">&ldquo;<B>Agreement</B>&rdquo; means
this Amended and Restated Limited Partnership Agreement of the Partnership, as amended by the First Amendment to the Amended and Restated
Limited Partnership Agreement of the Partnership dated as of September&nbsp;12, 2018, the Second Amendment to the Amended and Restated
Limited Partnership Agreement of the Partnership dated as of August&nbsp;1, 2019, the Third Amendment to the Amended and Restated Limited
Partnership Agreement of the Partnership dated as of February&nbsp;27, 2020, the Fourth Amendment to the Amended and Restated Limited
Partnership Agreement of the Partnership dated as of March&nbsp;31, 2020, the Fifth Amendment to the Amended and Restated Limited Partnership
Agreement of the Partnership dated as of September&nbsp;21, 2020, the Sixth Amendment to the Amended and Restated Limited Partnership
Agreement of the Partnership dated as of January&nbsp;21, 2021, the Seventh Amendment to the Amended and Restated Limited Partnership
Agreement dated as of May&nbsp;24, 2021, the Eighth Amendment to the Amended and Restated Limited Partnership Agreement dated as of June&nbsp;10,
2022, the Ninth Amendment to the Amended and Restated Limited Partnership Agreement dated as of May&nbsp;31, 2024 and the Tenth Amendment
to the Amended and Restated Limited Partnership Agreement dated as of November&nbsp;29, 2024;</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>

<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">2.</TD><TD STYLE="text-align: justify">Schedule A of the Agreement is hereby amended by adding Part&nbsp;XVIII of Schedule A to this Amendment
as Part&nbsp;XVIII of Schedule A of the Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">3.</TD><TD STYLE="text-align: justify">This Amendment shall be effective as of the Effective Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">4.</TD><TD STYLE="text-align: justify">This Amendment shall be governed by and construed in accordance with the laws of Bermuda.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">5.</TD><TD STYLE="text-align: justify">Except as modified herein, all terms and conditions of the Agreement shall remain in full force and effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">6.</TD><TD STYLE="text-align: justify">This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original
and all of which shall be construed together as one agreement.</TD></TR></TABLE>

<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: justify; text-indent: 1in"><B>IN WITNESS WHEREOF</B>, the
Managing General Partner has executed this Amendment as of the Effective Date.</P>

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

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  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MANAGING GENERAL PARTNER:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BROOKFIELD INFRASTRUCTURE PARTNERS L.P., </B>by its general
    partner, <B>BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED</B></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 47%">/s/ James Bodi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Name:&#8239;&#8239;James Bodi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:&#8239;&#8239;&#8239;&#8239;Vice President</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>[Tenth Amendment to BILP A&amp;R LPA]</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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<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>SCHEDULE A</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: center"><B>PART&nbsp;XVIII</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: center"><B>Number and Designation of and Rights, Privileges,
Restrictions and Conditions<BR>
Attaching to the Class&nbsp;A Preferred Limited Partnership Units, Series&nbsp;17</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; text-indent: 0.5in">The seventeenth series of
Class&nbsp;A Preferred Limited Partnership Units of the Partnership shall consist of preferred limited partnership interests designated
as Class&nbsp;A Preferred Limited Partnership Units, Series&nbsp;17 (the &ldquo;<B>Series&nbsp;17 Units</B>&rdquo;) and, in addition to
the rights, privileges, restrictions and conditions attaching to the Class&nbsp;A Preferred Limited Partnership Units as a class, shall
have attached thereto the following rights, privileges, restrictions and conditions:</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>1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Definitions</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; text-indent: 0.5in">For the purposes hereof, the
following capitalized terms shall have the following meanings, unless the context otherwise requires:</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 0pt 0.25in; text-align: justify">&ldquo;<B>Arrears</B>&rdquo; means,
with respect to the Series&nbsp;17 Distributions, the full cumulative Series&nbsp;17 Distributions through the most recent Series&nbsp;17
Distribution Payment Date that have not been paid on all Outstanding Series&nbsp;17 Units.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Assignee</B>&rdquo; means
a Person to whom one or more Partnership Interests have been transferred in a manner permitted under this Agreement.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Automatic Exchange Event</B>&rdquo;
means the occurrence of any of: (i)&nbsp;the making by the Note Issuer of a general assignment for the benefit of its creditors or a proposal
(or the filing of a notice of its intention to do so) under the <I>Bankruptcy and Insolvency Act</I> (Canada); (ii)&nbsp;any proceeding
instituted by the Note Issuer and/or BIP seeking to adjudicate them as bankrupt (including any voluntary assignment in bankruptcy) or
insolvent or, where the Note Issuer and/or BIP are insolvent, seeking liquidation, winding up, dissolution, reorganization, arrangement,
compromise, adjustment, protection, relief or composition of their debts under any law relating to bankruptcy or insolvency in Canada
or Bermuda (as applicable), or seeking the entry of an order for the appointment of a receiver, interim receiver, trustee or other similar
official for the Note Issuer and/or BIP or in respect of all or any substantial part of their property and assets in circumstances where
the Note Issuer and/or BIP are adjudged as bankrupt (including any voluntary assignment in bankruptcy) or insolvent; (iii)&nbsp;a receiver,
interim receiver, trustee or other similar official is appointed over the Note Issuer and/or BIP or for all or substantially all of their
property and assets by a court of competent jurisdiction in circumstances where the Note Issuer and/or BIP are adjudged as bankrupt (including
any voluntary assignment in bankruptcy) or insolvent under any law relating to bankruptcy or insolvency in Canada or Bermuda (as applicable);
or (iv)&nbsp;any proceeding is instituted against the Note Issuer and/or BIP seeking to adjudicate them as bankrupt (including any voluntary
assignment in bankruptcy) or insolvent, or where the Note Issuer and/or BIP are insolvent, seeking liquidation, winding up, dissolution,
reorganization, arrangement, compromise, adjustment, protection, relief or composition of their debts under any law relating to bankruptcy
or insolvency in Canada or Bermuda (as applicable), or seeking the entry of an order for the appointment of a receiver, interim receiver,
trustee or other similar official for the Note Issuer and/or BIP or in respect of all or any substantial part of their property and assets
in circumstances where the Note Issuer and/or BIP are adjudged as bankrupt or insolvent under any law relating to bankruptcy or insolvency
in Canada or Bermuda (as applicable), and in any such case, such proceeding has not been stayed or dismissed within 60 days of the institution
of any such proceeding or the actions sought in such proceedings occur (including the entry of an order for relief against the Note Issuer
and/or BIP or the appointment of a receiver, interim receiver, trustee, or other similar official for them or for all or substantially
all of their property and assets).</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 0pt 0.25in; text-align: justify">&ldquo;<B>BIP</B>&rdquo; means Brookfield
Infrastructure Partners L.P.</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 0pt 0.25in; text-align: justify">&ldquo;<B>BIP Series&nbsp;17 Additional
Amounts</B>&rdquo; means &ldquo;Additional Amounts&rdquo; as defined in the BIP Partnership Agreement.</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 0pt 0.25in; text-align: justify">&ldquo;<B>BIP Series&nbsp;17 Change
in Tax Law</B>&rdquo; shall have the meaning given to it in Schedule A to Part&nbsp;XVIII of that certain Sixth Amendment to the Amended
and Restated Limited Partnership Agreement of BIP, dated as of the date hereof.</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 0pt 0.25in; text-align: justify">&ldquo;<B>BIP General Partner</B>&rdquo;
means Brookfield Infrastructure Partners Limited.</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 0pt 0.25in; text-align: justify">&ldquo;<B>BIP Series&nbsp;17 Units</B>&rdquo;
means BIP&rsquo;s Class&nbsp;A Preferred Limited Partnership Units, Series&nbsp;17.</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 0pt 0.25in; text-align: justify">&ldquo;<B>BIP Series&nbsp;17 Successor
Entity</B>&rdquo; means a &ldquo;Successor Entity&rdquo; as defined in the BIP Partnership Agreement.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Note Issuer</B>&rdquo; means
Brookfield Infrastructure Finance ULC, an unlimited liability company organized under the laws of the Province of Alberta, Canada.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Notes</B>&rdquo; means the
6.750% fixed-to-fixed reset rate subordinated notes due March 15, 2055 issued by the Note Issuer and guaranteed, on a subordinated
basis, by BIP, the Partnership, BIP Bermuda Holdings I Limited, Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure
LLC and BIPC Holdings Inc.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Distribution
Payment Date</B>&rdquo; means each March&nbsp;15 and September&nbsp;15 following the Series&nbsp;17 Original Issue Date; provided however,
that if any Series&nbsp;17 Distribution Payment Date would otherwise occur on a day that is not a Business Day, such Series&nbsp;17 Distribution
Payment Date shall instead be on the immediately succeeding Business Day without the accrual of additional distributions.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Distribution
Period</B>&rdquo; means a period of time from and including the preceding Series&nbsp;17 Distribution Payment Date to, but excluding,
the next Series&nbsp;17 Distribution Payment Date for such Series&nbsp;17 Distribution Period (other than the initial Series&nbsp;17 Distribution
Period, which means a period of time from and including the Series&nbsp;17 Original Issue Date to, but excluding, the first Series&nbsp;17
Distribution Payment Date thereafter).</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Distribution
Rate</B>&rdquo; means the distribution rate payable on the Series&nbsp;17 Units from time to time, being the same rate as the interest
rate which would have accrued on the Notes at any such time if such Notes had not been automatically converted into Series&nbsp;17 Units
upon an Automatic Exchange Event, and had remained 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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Distribution
Record Date</B>&rdquo; has the meaning given to such term in Section&nbsp;2(B)(b)(iii)&nbsp;to this Part&nbsp;XVIII of Schedule A.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Distributions</B>&rdquo;
means distributions with respect to Series&nbsp;17 Units pursuant to Section&nbsp;2(B)(b)&nbsp;to this Part&nbsp;XVIII of Schedule A.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Holder</B>&rdquo;
means a Record Holder of Series&nbsp;17 Units.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Liquidation
Preference</B>&rdquo; means a liquidation preference for each Series&nbsp;17 Unit equal to $1,000 per unit (subject to adjustment for
any splits, combinations or similar adjustments to the Series&nbsp;17 Units).</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Original Issue
Date</B>&rdquo; means the day upon which the BIP Series&nbsp;17 Units are issued.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Units</B>&rdquo;
has the meaning given to such term in the preamble to this Part&nbsp;XVIII of Schedule A.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Redemption
Date</B>&rdquo; has the meaning given such term in Section&nbsp;2(B)(d)(i)&nbsp;to this Part&nbsp;XVIII of Schedule A.</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 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;17 Redemption
Price</B>&rdquo; has the meaning given such term in Section&nbsp;2(B)(d)(i)&nbsp;to this Part&nbsp;XVIII of Schedule A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Terms of Series&nbsp;17 Units</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>General</U>. Each Series&nbsp;17 Unit shall be identical in all respects to every other Series&nbsp;17
Unit, except as to the respective dates from which the Series&nbsp;17 Liquidation Preference shall increase or from which Series&nbsp;17
Distributions may begin accruing, to the extent such dates may differ. The Series&nbsp;17 Units represent perpetual interests in the Partnership
and shall not give rise to a claim by the Partnership or a Series&nbsp;17 Holder for conversion or, except as set forth in Section&nbsp;2(B)(d)&nbsp;to
this Part&nbsp;XVIII of Schedule A, redemption thereof at a particular date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Rights of Series&nbsp;17 Units</U>. The Series&nbsp;17 Units shall have the following rights, preferences
and privileges and shall be subject to the following duties and obligations:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in">a.</TD><TD STYLE="text-align: justify"><U>Series&nbsp;17 Units</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">The authorized number of Series&nbsp;17 Units shall be unlimited. Series&nbsp;17 Units that are purchased
or otherwise acquired by the Partnership shall be cancelled.</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>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">The Series&nbsp;17 Units shall be represented by one or more Certificates (or in book entry) on the books
and records of the Partnership in the name of the Series&nbsp;17 Holder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in">b.</TD><TD STYLE="text-align: justify"><U>Distributions</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">Distributions on each Outstanding Series&nbsp;17 Unit shall be cumulative and shall accrue at the applicable
Series&nbsp;17 Distribution Rate from and including the Series&nbsp;17 Original Issue Date (or, for any subsequently issued and newly
Outstanding Series&nbsp;17 Units, from and including the Series&nbsp;17 Distribution Payment Date immediately preceding the issue date
of such Series&nbsp;17 Units) until such time as the Partnership pays the Series&nbsp;17 Distribution or redeems such Series&nbsp;17 Unit
in accordance with Section&nbsp;2(B)(d)&nbsp;to this Part&nbsp;XVIII of Schedule A, whether or not such Series&nbsp;17 Distributions shall
have been declared. Series&nbsp;17 Holders shall be entitled to receive Series&nbsp;17 Distributions from time to time out of any assets
of the Partnership legally available for the payment of distributions at the Series&nbsp;17 Distribution Rate per Series&nbsp;17 Unit
when, as, and, if declared by the Managing General Partner. Series&nbsp;17 Distributions, to the extent declared by the Managing General
Partner to be paid by the Partnership in accordance with this Section&nbsp;2(B)(b)&nbsp;to this Part&nbsp;XVIII of Schedule A, shall be
paid, in Arrears, on each Series&nbsp;17 Distribution Payment Date. Series&nbsp;17 Distributions shall accrue in each Series&nbsp;17 Distribution
Period, provided that distributions shall accrue on accrued but unpaid Series&nbsp;17 Distributions at the Series&nbsp;17 Distribution
Rate. If any Series&nbsp;17 Distribution Payment Date otherwise would occur on a date that is not a Business Day, declared Series&nbsp;17
Distributions shall be paid on the immediately succeeding Business Day without the accrual of additional distributions. Series&nbsp;17
Distributions shall be payable based on a 360-day year consisting of twelve 30-day months. All Series&nbsp;17 Distributions that are (1)&nbsp;accrued
and unpaid or (2)&nbsp;payable by the Partnership pursuant to this Section&nbsp;2(B)(b)&nbsp;or 2(B)(e)&nbsp;to this Part&nbsp;XVIII of
Schedule A shall be payable without regard to the income of the Partnership and shall be treated for U.S. federal income tax purposes
as guaranteed payments for the use of capital under Section&nbsp;707(c)&nbsp;of the Code, including for the purpose of determining Net
Income and Net Loss and otherwise maintaining Capital Accounts, unless there is a change in Tax law or administrative practice that requires
treatment other than as guaranteed payments for U.S. federal income tax purposes, as determined in the sole discretion of the Managing
General Partner. For U.S. federal income tax purposes, the deduction attributable to any amount treated as a guaranteed payment shall
be specially allocated to the Partners in a manner determined by the Managing General Partner in its sole discretion that is not inconsistent
with the applicable provisions of the Code and Treasury Regulations. Such guaranteed payments with respect to any Series&nbsp;17 Distribution
Period shall be for the account of Series&nbsp;17 Holders as of the applicable Series&nbsp;17 Distribution Record Date, or as otherwise
reasonably determined by the Managing General Partner.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">[Intentionally Omitted]</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>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">Not later than 5:00 p.m., New York City time, on each Series&nbsp;17 Distribution Payment Date, the Partnership
shall pay those Series&nbsp;17 Distributions, if any, that shall have been declared by the Managing General Partner to Series&nbsp;17
Holders on the Record Date for the applicable Series&nbsp;17 Distribution. The Record Date (the &ldquo;<B>Series&nbsp;17 Distribution
Record Date</B>&rdquo;) for the payment of any Series&nbsp;17 Distributions shall be the last business day of the calendar month prior
to the applicable Series&nbsp;17 Distribution Payment Date, or such other record date as may be fixed by the Managing General Partner
in accordance with this Section&nbsp;2 to this Part&nbsp;XVIII of Schedule A. So long as any Series&nbsp;17 Units are Outstanding, no
distribution shall be declared or paid or set aside for payment on any Junior Securities (other than a distribution payable solely in
Junior Securities) unless all accrued and unpaid Series&nbsp;17 Distributions up to and including such distributions payable for the last
completed Series&nbsp;17 Distribution Period, and all accrued and unpaid distributions up to and including the distribution payable for
the last completed period for which distributions were payable on all Parity Securities, have been declared and paid or set apart for
payment; provided, however, notwithstanding anything to the contrary in this Section&nbsp;2(B)(b)(iii)&nbsp;to this Part&nbsp;XVIII of
Schedule A, if a distribution period with respect to a class of Junior Securities or Parity Securities is shorter than the Series&nbsp;17
Distribution Period, the Managing General Partner may declare and pay regular distributions with respect to such Junior Securities or
Parity Securities, so long as, at the time of declaration of such distribution, (i)&nbsp;there are no Series&nbsp;17 Distributions in
Arrears, and (ii)&nbsp;the Managing General Partner expects to have sufficient funds to pay the full distribution in respect of the Series&nbsp;17
Units on the next successive Series&nbsp;17 Distribution Payment Date. Accrued Series&nbsp;17 Distributions in Arrears for any past Series&nbsp;17
Distribution Period may be declared by the Managing General Partner and paid on any date fixed by the Managing General Partner, whether
or not a Series&nbsp;17 Distribution Payment Date, to Series&nbsp;17 Holders on the Record Date for such payment, which may not be less
than 10 days before such payment date. Subject to the next succeeding sentence, if all accrued Series&nbsp;17 Distributions in Arrears
on all Outstanding Series&nbsp;17 Units and all accrued distributions in arrears on any Parity Securities shall not have been declared
and paid, or if sufficient funds for the payment thereof shall not have been set apart, payment of accrued distributions in Arrears on
the Series&nbsp;17 Units and accrued distributions in arrears on any such Parity Securities shall be made in order of their respective
distribution payment dates, commencing with the earliest distribution payment date. If less than all distributions payable with respect
to all Series&nbsp;17 Units and any other Parity Securities are to be paid for any distribution period, any partial payment shall be made
pro rata with respect to the Series&nbsp;17 Units and any such other Parity Securities entitled to a distribution payment at such time
in proportion to the aggregate distribution amounts remaining due in respect of such Series&nbsp;17 Units and such other Parity Securities,
if any, at such time and apportioned equally among them in accordance with the relative amount to be paid or allocated to each group.
For purposes of the preceding sentence, each distribution period for any series of Parity Securities that ends on a date other than March&nbsp;15
or September&nbsp;15 of any year shall be deemed the same distribution period as the distribution period for Parity Securities that ends
on March&nbsp;15 or September&nbsp;15, respectively, of such year. Subject to Sections 17.4 of this Agreement and Section&nbsp;2(B)(f)&nbsp;to
this Part&nbsp;XVIII of Schedule A, Series&nbsp;17 Holders shall not be entitled to any distribution, whether payable in cash, property
or Partnership Interests, in excess of full cumulative Series&nbsp;17 Distributions. Except insofar as distributions accrue on the amount
of any accrued and unpaid Series&nbsp;17 Distributions as described in Section&nbsp;2(B)(b)(i)&nbsp;to this Part&nbsp;XVIII of Schedule
A, no interest or sum of money in lieu of interest shall be payable in respect of any distribution payment which may be in Arrears on
the Series&nbsp;17 Units. Declared Series&nbsp;17 Distributions shall be paid to the Series&nbsp;17 Holders in same-day funds on each
Series&nbsp;17 Distribution Payment Date or other distribution payment date in the case of payments for Series&nbsp;17 Distributions in
Arrears.</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>

<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: 0.25in">c.</TD><TD STYLE="text-align: justify"><U>Voting Rights</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Agreement, the Series&nbsp;17 Units shall not have any
voting rights or rights to consent or approve any action or matter, except as set forth in Sections 5.4 and 6 of Part&nbsp;I of Schedule
A to this Agreement, this Section&nbsp;2(B)(c)&nbsp;to this Part&nbsp;XVIII of Schedule A or as otherwise required by Bermuda law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">The rights, privileges, restrictions and conditions attached to the Series&nbsp;17 Units may be added
to, changed or removed but only with the approval of the holders of a majority of the Outstanding Series&nbsp;17 Units, given as hereinafter
specified.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">The approval of the holders of the Series&nbsp;17 Units as a series in respect of any matter requiring
the consent of the holders of the Series&nbsp;17 Units as a series may be given in such manner as may then be required by Law, subject
to a minimum requirement that such approval be passed by the requisite affirmative vote of the votes cast at a meeting of the holders
of Series&nbsp;17 Units as a series duly called and held for that purpose in accordance with Article&nbsp;18 of this Agreement or given
by resolution signed by holders of Series&nbsp;17 Units as a series in accordance with Article&nbsp;18 of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">Each Series&nbsp;17 Unit shall entitle the holder thereof to one vote for the purposes of any approval
at a meeting of the holders of the Series&nbsp;17 Units or by written consent.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in">d.</TD><TD STYLE="text-align: justify"><U>Optional Redemption</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">The Partnership shall have the right to redeem the Series&nbsp;17 Units (i)&nbsp;at any time from December&nbsp;15,
2029 and ending on and including March&nbsp;15, 2030, in whole or in part, (ii)&nbsp;after March&nbsp;15, 2030, on any Series&nbsp;17
Distribution Payment Date, in whole or in part, or (iii)&nbsp;if BIP redeems the BIP Series&nbsp;17 Units following a BIP Series&nbsp;17
Change in Tax Law where, in BIP&rsquo;s reasonable determination, a substantial probability that BIP or any BIP Series&nbsp;17 Successor
Entity would become obligated to pay any BIP Series&nbsp;17 Additional Amounts on the next succeeding distribution payment date with respect
to the BIP Series&nbsp;17 Units and the payment of those BIP Series&nbsp;17 Additional Amounts cannot be avoided by the use of any reasonable
measures available to BIP or any BIP Series&nbsp;17 Successor Entity, in whole but not in part, using any source of funds legally available
for such purpose. Any such redemption shall occur on a date set by the Managing General Partner (the &ldquo;<B>Series&nbsp;17 Redemption
Date</B>&rdquo;). The Partnership shall effect any such redemption by paying cash for each Series&nbsp;17 Unit to be redeemed equal to
100%, of the Series&nbsp;17 Liquidation Preference for such Series&nbsp;17 Unit on such Series&nbsp;17 Redemption Date plus an amount
equal to all unpaid Series&nbsp;17 Distributions thereon from the Series&nbsp;17 Original Issue Date to, but excluding, the Series&nbsp;17
Redemption Date (whether or not such distributions shall have been declared) (the &ldquo;<B>Series&nbsp;17 Redemption Price</B>&rdquo;).
The Series&nbsp;17 Redemption Price shall be paid by the Partnership to the Series&nbsp;17 Holders on the Series&nbsp;17 Redemption Date.</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>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">The Partnership shall give notice of any redemption not less than 30 days and not more than 60 days before
the scheduled Series&nbsp;17 Redemption Date to the Series&nbsp;17 Holders (as of 5:00 p.m.&nbsp;New York City time on the Business Day
next preceding the day on which notice is given) of any Series&nbsp;17 Units to be redeemed as such Series&nbsp;17 Holders&rsquo; names
appear on the books of the Partnership and at the address of such Series&nbsp;17 Holders shown therein. Such notice shall state any conditions
precedent to redemption; in addition, if such redemption or notice of redemption is subject to satisfaction of one or more conditions
precedent, such notice of redemption shall state that, in the Partnership&rsquo;s discretion, the Series&nbsp;17 Redemption Date may be
delayed until such time as any or all such conditions precedent shall be satisfied or waived, and a new Series&nbsp;17 Redemption Date
will be set by the Partnership in accordance with applicable depositary or trustee procedures, or such redemption may not occur and such
notice of redemption may be rescinded in the event that any or all such conditions precedent shall not have been satisfied or waived by
the Series&nbsp;17 Redemption Date, or by the Series&nbsp;17 Redemption Date as so delayed, or such notice may be rescinded at any time
if in the good faith judgement of the Partnership any or all of such conditions will not be satisfied or waived.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">If the Partnership elects to redeem less than all of the Outstanding Series&nbsp;17 Units in the event
of an optional redemption on or after December 15, 2029, the number of Series&nbsp;17 Units to be redeemed shall be determined by
the Managing General Partner, and such Series&nbsp;17 Units shall be redeemed by such method of selection as the Managing General Partner
shall determine, either apportioned equally among all Series&nbsp;17 Holders in accordance with the relative number or percentage of Series&nbsp;17
Units held by each such Series&nbsp;17 Holder or by lot, with adjustments to avoid redemption of fractional Series&nbsp;17 Units. The
aggregate Series&nbsp;17 Redemption Price for any such partial redemption of the Outstanding Series&nbsp;17 Units shall be allocated correspondingly
among the redeemed Series&nbsp;17 Units. The Series&nbsp;17 Units not redeemed shall remain Outstanding and entitled to all the rights,
preferences and duties provided in this Section&nbsp;2 to this Part&nbsp;XVIII of Schedule 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>

<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: 0.75in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">No later than 10:00 a.m.&nbsp;New York City time on the Series&nbsp;17 Redemption Date, the Partnership
shall pay or cause to be paid to the Series&nbsp;17 Holders immediately available funds sufficient to pay the Series&nbsp;17 Redemption
Price to each Series&nbsp;17 Holder whose Series&nbsp;17 Units are to be redeemed upon surrender or deemed surrender of the Certificates
(or book entry position) therefor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">Any Series&nbsp;17 Units that are redeemed or otherwise acquired by the Partnership shall be cancelled.
If only a portion of the Series&nbsp;17 Units represented by a Certificate shall have been called for redemption, upon surrender of the
Certificate to the Partnership, the Partnership shall issue and deliver to the Series&nbsp;17 Holders a new Certificate (or adjust the
applicable book-entry account) representing the number of Series&nbsp;17 Units represented by the surrendered Certificate that have not
been called for redemption.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.75in"></TD><TD STYLE="width: 0.25in">vi.</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Section&nbsp;2 to this Part&nbsp;XVIII of Schedule A,
unless all accrued and unpaid Series&nbsp;17 Distributions up to and including the distribution payable for the last completed Series&nbsp;17
Distribution Period, and all accrued and unpaid distributions up to and including the distribution payable for the last completed period
for which distributions were payable on all Parity Securities, have been declared and paid or set apart for payment, the Partnership shall
not be permitted to repurchase, redeem or otherwise acquire, in whole or in part, any Series&nbsp;17 Units or Parity Securities, except
pursuant to a purchase or exchange offer made on the same relative terms to all Series&nbsp;17 Holders and holders of any Parity Securities.
So long as any Series&nbsp;17 Units are Outstanding, except out of the net cash proceeds of a substantially concurrent issue of Junior
Securities, unless all accrued and unpaid Series&nbsp;17 Distributions up to and including the distribution payable for the last completed
Series&nbsp;17 Distribution Period, and all accrued and unpaid distributions up to and including the distribution payable for the last
completed period for which distributions were payable on all Parity Securities, have been declared and paid or set apart for payment,
the Partnership shall not be permitted to redeem, repurchase or otherwise acquire any Equity Units or any other Junior Securities.</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; text-indent: 0.5in">e.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Payment
of Additional Amounts</U>. If BIP shall be required, pursuant to Section&nbsp;2(C)(e)&nbsp;of Part&nbsp;XVIII of Schedule A of the BIP
Partnership Agreement to pay additional amounts to holders of the BIP Series&nbsp;17 Units, the Partnership shall pay to the Series&nbsp;17
Holders such additional amounts as distributions on the Series&nbsp;17 Units as may be necessary such that the additional amounts paid
as distributions by the Partnership shall equal the additional amounts paid by BIP pursuant to 2(C)(e)&nbsp;of Part&nbsp;XVIII of Schedule
A of the BIP Partnership Agreement.</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">f.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Liquidation
Rights</U>. In the event of the liquidation, dissolution or winding-up of the Partnership, whether voluntary or involuntary, unless the
Partnership is continued under the election to reconstitute and continue the Partnership pursuant to Section&nbsp;17.3 of the Agreement,
the Series&nbsp;17 Holders shall be entitled to receive the Series&nbsp;17 Liquidation Preference per Series&nbsp;17 Unit held by them,
together with all accrued (whether or not declared) and unpaid Series&nbsp;17 Distributions up to but excluding the date of payment or
distribution (less any tax required to be deducted and withheld by the Partnership), before any amounts shall be paid or any assets of
the Partnership distributed to the holders of any Junior Securities. Upon payment of such amounts, the Series&nbsp;17 Holders shall not
be entitled to share in any further distribution of the assets of the Partnership.</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; text-align: justify; text-indent: 0.5in">g.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Sinking Fund</U>. The Series&nbsp;17 Units shall not have the benefit of any sinking fund.</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">h.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Record
Holders</U>. To the fullest extent permitted by applicable law, the Managing General Partner and the Partnership may deem and treat any
Series&nbsp;17 Holder as the true, lawful, and absolute owner of the applicable Series&nbsp;17 Units for all purposes, and neither the
Managing General Partner nor the Partnership shall be affected by any notice to the contrary, except as otherwise provided by law.</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">i.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Fractional
Units</U>. The Series&nbsp;17 Units may be issued in whole or in fractional units. Each fractional Series&nbsp;17 Unit shall carry and
be subject to the rights, privileges, restrictions and conditions (including voting rights and distribution rights) of the Series&nbsp;17
Units in proportion to the applicable fractions.</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">j.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Other
Rights; Fiduciary Duties</U>. The Series&nbsp;17 Units and the Series&nbsp;17 Holders shall not have any designations, preferences, rights,
powers, guarantees or duties, other than as set forth in this Agreement or as provided by applicable law. Notwithstanding anything to
the contrary in this Agreement or any duty existing at law, in equity or otherwise, to the fullest extent permitted by applicable law,
neither the Managing General Partner nor any other Indemnified Party shall owe any duties, including fiduciary duties, or have any liabilities
to Series&nbsp;17 Holders, other than the Managing General Partner&rsquo;s duty to act at all times in good faith.</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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<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>tm2428776d5_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2428776d5_ex5-1img01.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1114
    Avenue of the Americas<BR>
    23rd Floor<BR>
    New York, New York<BR>
    10036.7703 USA<BR>
    Tel&#9;212.880.6000<BR>
    Fax&#9;212.682.0200</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79
    Wellington St. W., 30th Floor<BR>
    Box 270, TD South Tower<BR>
    Toronto, Ontario&nbsp;&nbsp;M5K 1N2<BR>
    Canada<BR>
    P. 416.865.0040<BR>
    F. 416.865.7380</FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">525
    &ndash; 8th Avenue S.W.,<BR>
    46th Floor Eighth Avenue Place East<BR>
    Calgary, Alberta&nbsp;&nbsp;T2P 1G1<BR>
    Canada<BR>
    P. 403.776.3700<BR>
    F. 403.776.3800</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.torys.com</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">November&nbsp;</FONT>29,
2024</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 0pt 0.5in; text-align: justify; text-indent: -0.5in">Brookfield Infrastructure
Partners L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">73 Front Street,
5th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Hamilton, HM 12,
Bermuda</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 0pt 0.5in; text-align: justify; text-indent: -0.5in">Brookfield Infrastructure
Finance ULC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">4600-525 8th Avenue
S.W.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Calgary, Alberta,
Canada T2P 1G1</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 0pt 0.5in; text-align: justify; text-indent: -0.5in">Brookfield Infrastructure
L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">73 Front Street,
5th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Hamilton, HM 12,
Bermuda</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 0pt 0.5in; text-align: justify; text-indent: -0.5in">BIP Bermuda Holdings
I Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">73 Front Street,
5th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Hamilton, HM 12,
Bermuda</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 0pt 0.5in; text-align: justify; text-indent: -0.5in">Brookfield Infrastructure
Holdings (Canada) Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Suite&nbsp;100, 181 Bay Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Toronto, Ontario,
Canada M5J 2T3</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 0pt 0.5in; text-align: justify; text-indent: -0.5in">Brookfield Infrastructure
LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">250 Vesey Street,
15th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">New York, New York,
United States 10281-1023</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 0pt 0.5in; text-align: justify; text-indent: -0.5in">BIPC Holdings
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Suite&nbsp;100,
181 Bay Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Toronto, Ontario,
Canada M5J 2T3</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 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>RE:
Brookfield Infrastructure Finance ULC &ndash; </B></FONT><B>6.750% Fixed-to-Fixed Reset Rate Subordinated Notes due 2055 Guaranteed by
Brookfield Infrastructure Partners L.P. and the other Guarantors (as defined below)</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 0pt 0.5in; text-align: justify">Automatic Shelf Registration Statement
on Form&nbsp;F-3ASR (File Nos. 333-278529, 333-278529-01, 333-278529-02, 333-278529-03, 333-278529-04, 333-278529-05 and 333-278529-06)</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">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"><FONT STYLE="font-size: 10pt">We
have acted as special New York, Ontario and Alberta counsel for Brookfield Infrastructure Partners L.P., an exempted limited partnership
organized under the laws of Bermuda (&ldquo;<B>BIP&rdquo;</B>), Brookfield Infrastructure Finance ULC, an unlimited liability company
organized under the laws of Alberta, Canada (&ldquo;<B>Finco</B>&rdquo;), Brookfield Infrastructure L.P., an exempted limited partnership
organized under the laws of Bermuda (&ldquo;<B>BILP</B>&rdquo;), BIP Bermuda Holdings I Limited, a Bermuda exempted company (&ldquo;<B>Bermuda
Holdco</B>&rdquo;), Brookfield Infrastructure Holdings (Canada) Inc., a corporation organized under the laws of British Columbia, Canada
(&ldquo;<B>Can Holdco</B>&rdquo;), Brookfield Infrastructure LLC, a Delaware limited liability company (&ldquo;<B>BI LLC</B>&rdquo;) and
BIPC Holdings Inc., a corporation organized under the laws of Ontario, Canada (&ldquo;<B>BIPC Holdings</B>&rdquo;, and together with BIP,
BILP, Bermuda Holdco, Can Holdco and BI LLC, the &ldquo;<B>Guarantors</B>&rdquo; and together with Finco, the &ldquo;<B>Registrants</B>&rdquo;)
in connection with the offering by Finco of US$</FONT>300,000,000 aggregate principal amount of its 6.750% Fixed-to-Fixed Reset Rate Subordinated
Notes due 2055 (the &ldquo;<B>Notes</B>&rdquo;), guaranteed, on a subordinated basis, by the Guarantors (the &ldquo;<B>Guarantees</B>&rdquo;
and together with the Notes, the &ldquo;<B>Securities</B>&rdquo;), pursuant to a prospectus supplement, dated as of November&nbsp;21,
2024 (the &ldquo;<B>Prospectus Supplement</B>&rdquo;) filed with the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
pursuant to Rule&nbsp;424(b)(5)&nbsp;under the U.S. Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;) to the
Registration Statement on Form&nbsp;F-3ASR (File Nos. 333-278529, 333-278529-01, 333-278529-02, 333-278529-03, 333-278529-04, 333-278529-05
and 333-278529-06) (the &ldquo;<B>Registration Statement</B>&rdquo;). The Securities are to be sold pursuant to the underwriting agreement,
dated as of November&nbsp;21, 2024 (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) among Finco, the Guarantors and the underwriters
named therein (the &ldquo;<B>Underwriters</B>&rdquo;), and issued pursuant to the provisions of the indenture, dated as of May&nbsp;24,
2021 (the &ldquo;<B>Base Indenture</B>&rdquo;) among Finco as the issuer, BIP and the other guarantors party thereto, as guarantors, Computershare
Trust Company of Canada (the &ldquo;<B>Canadian Trustee</B>&rdquo;) and Computershare Trust Company, N.A. (the &ldquo;<B>U.S. Trustee</B>&rdquo;
and together with the Canadian Trustee, the &ldquo;<B>Trustees</B>&rdquo;), and the Third Supplemental Indenture thereto, dated as of
November&nbsp;29, 2024 (the &ldquo;<B>Supplemental Indenture</B>&rdquo; and together with the Base Indenture, the &ldquo;<B>Indenture</B>&rdquo;)
among Finco, the Guarantors and the Trustees.</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; text-align: justify; text-indent: 0.5in">We, as your counsel, have
examined originals or copies of such documents, corporate records, certificates of public officials and other instruments as we have deemed
necessary or advisable for the purpose of rendering this opinion.</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 rendering the opinions
expressed herein, we have, without independent inquiry or investigation, assumed that (i)&nbsp;all documents submitted to us as originals
are authentic and complete, (ii)&nbsp;all documents submitted to us as copies conform to authentic, complete originals, (iii)&nbsp;all
signatures on all documents that we reviewed are genuine, (iv)&nbsp;all natural persons executing documents had and have the legal capacity
to do so, (v)&nbsp;all statements in certificates of public officials and directors, as the case may be, and officers of the Registrants
(including the general partner of BIP) that we reviewed were and are accurate, (vi)&nbsp;all representations made by the Registrants as
to matters of fact in the documents that we reviewed were and are accurate, and (vii)&nbsp;the Indenture has been duly authorized, executed
and delivered by, and represents a legal, valid and binding obligation of, the Trustees. We have also assumed that (x)&nbsp;each of BIP,
BILP and Bermuda Holdco (i)&nbsp;is validly existing, (ii)&nbsp;has the requisite power to enter into the Indenture, (iii)&nbsp;has duly
authorized entering into the Indenture and (iv)&nbsp;has duly executed and delivered the Indenture, in each case, under the laws of Bermuda,
and (y)&nbsp;Can Holdco (i)&nbsp;is validly existing, (ii)&nbsp;has the requisite power to enter into the Supplemental Indenture, (iii)&nbsp;has
duly authorized entering into the Supplemental Indenture and (iv)&nbsp;has duly executed and delivered the Supplemental Indenture, in
each case, under the laws of the Province of British Columbia.</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">Based upon the foregoing,
and subject to the additional assumptions and qualifications set forth below, we advise you that, in our opinion, when the Notes have
been duly executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters
pursuant to the Underwriting Agreement, the Notes will constitute valid and binding obligations of Finco, and the Guarantees thereof will
constitute valid and binding obligations of the Guarantors, enforceable in accordance with their terms, subject to applicable bankruptcy,
insolvency and similar laws affecting creditors&rsquo; rights generally, concepts of reasonableness and equitable principles of general
applicability, provided that we express no opinion as to (x)&nbsp;the enforceability of any waiver of rights under any usury or stay law
or (y)&nbsp;the effect of fraudulent conveyance, fraudulent transfer or similar provisions of applicable law on the conclusions expressed
above.</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 connection with the opinion
expressed above, we have assumed that at or prior to the time of the delivery of any Securities, (i)&nbsp;the effectiveness of the Registration
Statement under the Securities Act has not been terminated or rescinded; (ii)&nbsp;the Indenture remains qualified under the Trust Indenture
Act of 1939, as amended (the &ldquo;<B>Trust Indenture Act</B>&rdquo;); (iii)&nbsp;all corporate or other action required to be taken
to duly authorize each proposed issuance of the Securities and any related documentation shall have been duly completed by the Guarantors
(other than BI LLC and BIPC Holdings), and shall remain in full force and effect; (iv)&nbsp;the Indenture and the Securities are each
valid, binding and enforceable agreements of each party thereto (other than as expressly covered above in respect of Finco and the Guarantors);
and (v)&nbsp;there shall not have occurred any change in law affecting the validity or enforceability of the Securities. We have also
assumed that the execution, delivery and performance by Finco and the Guarantors of any Securities (a)&nbsp;require no action by or in
respect of, or filing with, any governmental body, agency or official, except as has been obtained under the Securities Act and the Trust
Indenture Act; and (b)&nbsp;do not contravene, or constitute a default under, any provision of applicable law or regulation (although,
for greater certainty, we have not made any such assumptions with respect to the Applicable Laws (as defined below)) or any judgment,
injunction, order or decree or any agreement or other instrument binding upon Finco and the Guarantors.</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; text-align: justify; text-indent: 0.5in">We are qualified to practice
law in the Province of Alberta, the Province of Ontario and the State of New York, and we do not express any opinion with respect to the
laws of any jurisdiction other than (a)&nbsp;the laws of the Province of Alberta, (b)&nbsp;the laws of the Province of Ontario, (c)&nbsp;the
laws of the State of New York and (d)&nbsp;the Delaware Limited Liability Company Act (the &ldquo;<B>DLLCA</B>&rdquo;), in each case,
in force at the date of this opinion letter (collectively, the &ldquo;<B>Applicable Laws</B>&rdquo;). Notwithstanding the foregoing and
our opinions above, we express no opinion with respect to the compliance or non-compliance with applicable privacy laws in connection
with the Indenture or the 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; text-indent: 0.5in">All opinions expressed in
this letter concerning the laws of the Province of Ontario have been given by members of the Law Society of Ontario. For purposes of the
above-mentioned opinions concerning the laws of the Province of Alberta, such opinions have been given by members of The Law Society of
Alberta. For purposes of the above-mentioned opinions concerning the laws of the State of New York and the DLLCA, such opinions have been
given by members of the New York State Bar.</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 hereby consent to the reference
to our name under the caption &ldquo;Certain Canadian Federal Income Tax Considerations&rdquo; in the Prospectus Supplement, which is
a part of 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">We also hereby consent to
the filing of this opinion letter as an exhibit to a report on Form&nbsp;6-K to be filed by BIP on the date hereof and its incorporation
by reference into the Registration Statement as an exhibit thereto and further consent to the reference to our name under the caption
 &ldquo;Legal Matters&rdquo; in the Prospectus Supplement, which is a part of the Registration Statement. In giving this consent, we do
not admit that we are in the category of persons whose consent is required under Section&nbsp;7 of 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; text-align: justify; text-indent: 0.5in">Very truly yours,</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">/s/ Torys LLP</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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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>6
<FILENAME>tm2428776d5_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.2</B></P>

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="tm2428776d5_ex5-1img001.jpg" ALT=""></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3in; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Brookfield Infrastructure
    Partners L.P.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>Email</B> CLangley@applebyglobal.com</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>Brookfield Infrastructure
    L.P.</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>BIP Bermuda Holdings I Limited</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>Direct Dial</B> +1 441 298
    3202</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">73 Front Street</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Hamilton Bermuda</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">HM 11</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Appleby Ref</B> 136873.0057/CL/CM</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">29 November&nbsp;2024</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: left"><B>Bermuda Office</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Canon's Court</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>22 Victoria Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>PO Box HM 1179</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Tel +1 441 295 2244</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Fax +1 441 292 8666</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>applebyglobal.com</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Ladies and Gentlemen</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Prospectus Supplements relating
    to Registration Statement on Form&nbsp;F-3ASR</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">We have acted as legal advisers
    as to matters of Bermuda law to Brookfield Infrastructure Partners L.P., an exempted limited partnership formed under the laws of
    Bermuda (<B>BIP</B>), acting by its general partner, Brookfield Infrastructure Partners Limited, a Bermuda exempted company (<B>BIPL</B>),
    and Brookfield Infrastructure L.P., an exempted limited partnership formed under the laws of Bermuda (<B>BILP</B>), acting by its
    managing general partner, BIP, itself acting by its general partner, BIPL, and BIP Bermuda Holdings I Limited (<B>Holdings</B>).
    We have been requested to render this opinion in connection with the joint filing by, inter alios, BIP, BILP and Holdings, of the
    Prospectus Supplements (as defined below) relating to the Offering (as defined below). In connection therewith, we have reviewed:</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">1.</TD><TD STYLE="text-align: justify">an automatic shelf registration statement on Form&nbsp;F-3ASR (<B>Registration Statement</B>) for the
purpose of registering under the U.S. Securities Act of 1933, as amended (<B>Securities Act</B>), among other securities, (a)&nbsp;debt
securities (<B>Debt Securities</B>) which may be issued by Brookfield Infrastructure Finance ULC, a Canadian indirect consolidated subsidiary
of BIP (<B>Issuer</B>), and guarantees of such Debt Securities which may be issued by, inter alios, BIP, BILP and Holdings, such Debt
Securities and guarantees thereof to be issued pursuant to the indenture dated as of 24 May&nbsp;2021, by and among the Issuer, as issuer,
BIP, BILP, Holdings and the other guarantors party thereto, as guarantors, and Computershare Trust Company, N.A. (<B>U.S. Trustee</B>)
and Computershare Trust Company of Canada (<B>Canadian Trustee, </B>and together with the U.S. Trustee,&nbsp;<B>Trustees</B>), as trustees,
as supplemented from time to time (<B>Base Indenture</B>); and (b)&nbsp;Class&nbsp;A preferred limited partnership units of BIP;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">2.</TD><TD STYLE="text-align: justify">the base prospectus, dated as of 5 April&nbsp;2024, contained in the Registration Statement (<B>Prospectus</B>);</TD></TR></TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Bermuda <FONT STYLE="font-family: Wingdings">&#110;</FONT>
British Virgin Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT> Cayman Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Guernsey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Hong Kong <FONT STYLE="font-family: Wingdings">&#110;</FONT> Isle of Man <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Jersey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Mauritius <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Seychelles</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>

<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: 0.5in">3.</TD><TD STYLE="text-align: justify">a preliminary prospectus supplement filed on 19 November&nbsp;2024 (<B>Preliminary Prospectus Supplement</B>)
and a final prospectus supplement dated 21 November&nbsp;2024 and filed on 25 November&nbsp;2024 (<B>Final Prospectus Supplement</B>,
and together with the Prospectus and the Preliminary Prospectus Supplement, the <B>Prospectus Supplements</B>), to the Prospectus used
in connection with the offering (<B>Offering</B>) of (a)&nbsp;unsecured fixed-to-fixed reset rate subordinated notes due 2055 of the Issuer
(<B>Notes</B>), as described in the Prospectus Supplements and as established in a third supplemental indenture to the Base Indenture
entered into by and among the Issuer, as issuer, BIP, BILP, Bermuda and the other guarantors party thereto, as guarantors, and Trustees,
as trustees (<B>Supplemental Indenture,</B>&nbsp;and together with the Base Indenture,&nbsp;<B>Indenture</B>); (b)&nbsp;guarantees of
the Notes by BIP, BILP, Holdings and the other guarantors as described in the Prospectus Supplements and as provided in the Indenture
(<B>Guarantees</B>); and (c)&nbsp;Class&nbsp;A preferred limited partnership units, Series<B>&nbsp;</B>17, of BIP to be issued upon automatic
exchange of the Notes upon occurrence of certain events as described in the Prospectus Supplements (<B>Preferred Units</B>, and together
with the Notes and the Guarantees, <B>Securities</B>), which series will be established by the Seventh Amendment to BIP&rsquo;s Amended
and Restated Limited Partnership Agreement dated 29 November&nbsp;2024 (<B>LPA Amendment</B>); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">4.</TD><TD STYLE="text-align: justify">a term sheet relating to the Securities dated 21 November&nbsp;2024 (<B>Term Sheet</B>) which has been
filed as a &ldquo;free writing prospectus&rdquo; within the meaning of Rule&nbsp;405 under the U.S. Securities Act of 1933, as amended
(<B>Securities Act</B>), relating to the Offering,</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 0pt 0in; text-align: justify">each of which has been filed with the Securities
and Exchange Commission (<B>SEC</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 0pt 0in; text-align: justify">Note that BIPL acting as general partner of BIP
and BIP acting as the managing general partner of BILP may be referred to as the <B>General Partner(s)</B>&nbsp;and BIP and BILP may be
referred to as the <B>Partnership(s)</B>&nbsp;in this opinion. Note that the General Partners, the Partnerships and Holdings may be referred
to as the <B>Bermuda Entities</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 0pt 0in; text-align: justify">For the purposes of this opinion we have examined
and relied upon the documents listed (which in some cases, are also defined) in the Schedule to this opinion (<B>Documents</B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="text-align: justify"><B>ASSUMPTIONS</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 0pt 0.5in; text-align: justify">In stating our opinion we have assumed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">1.</TD><TD STYLE="text-align: justify">the authenticity, accuracy and completeness of all Documents submitted to us as originals and the conformity
to authentic original Documents of all Documents submitted to us as certified, conformed, notarised or photostatic copies;</TD></TR></TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Bermuda <FONT STYLE="font-family: Wingdings">&#110;</FONT>
British Virgin Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT> Cayman Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Guernsey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Hong Kong <FONT STYLE="font-family: Wingdings">&#110;</FONT> Isle of Man <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Jersey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Mauritius <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Seychelles</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>

<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: 0.5in">2.</TD><TD STYLE="text-align: justify">the genuineness of all signatures on the Documents, as applicable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">3.</TD><TD STYLE="text-align: justify">the authority, capacity and power of persons signing the Documents, as applicable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">4.</TD><TD STYLE="text-align: justify">that any representation, warranty or statement of fact or law, other than the laws of Bermuda made in
any of the Documents, is true, accurate and complete;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">5.</TD><TD STYLE="text-align: justify">that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would
have any implication in relation to the opinions expressed herein;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">6.</TD><TD STYLE="text-align: justify">that where incomplete documents, drafts or signature pages&nbsp;only have been supplied to us for the
purposes of issuing this opinion, the original documents have been or will be duly completed and correspond in all material respects with
the last version of the relevant documents examined by us prior to giving our opinion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">7.</TD><TD STYLE="text-align: justify">that the Documents do not differ in any material respects from any forms or drafts of the same which we
have examined and upon which this opinion is based;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">8.</TD><TD STYLE="text-align: justify">that the Documents are in the form of the documents approved in the Resolutions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">9.</TD><TD STYLE="text-align: justify">that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would
be contravened by any actions taken by the Bermuda Entities in connection with the Registration Statement, the Securities, the Indenture,
the Prospectus Supplements or the Term Sheet, or which would have any implication in relation to the opinion expressed herein and that,
in so far as any obligation under, or action to be taken under, the Registration Statement, the Securities, the Indenture, the Prospectus
Supplements or the Term Sheet is required to be performed or taken in any jurisdiction outside Bermuda, the performance of such obligation
or the taking of such action will constitute a valid and binding obligation of each of the parties thereto under the laws of that jurisdiction
and will not be illegal by virtue of the laws of that jurisdiction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">10.</TD><TD STYLE="text-align: justify">the accuracy, completeness and currency of the records and filing systems maintained at the public offices
where we have searched or enquired or have caused searches or enquiries to be conducted, that such search and enquiry did not fail to
disclose any information which had been filed with or delivered to the relevant body but had not been processed at the time when the search
was conducted and the enquiries were made, and that the information disclosed by the Company and Partnership Searches, Registry General
Searches and the Litigation Search is accurate and complete in all respects and such information has not been materially altered since
the date and time of the Company and Partnership Searches, Registry General Searches and the Litigation Search; and</TD></TR></TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Bermuda <FONT STYLE="font-family: Wingdings">&#110;</FONT>
British Virgin Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT> Cayman Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Guernsey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Hong Kong <FONT STYLE="font-family: Wingdings">&#110;</FONT> Isle of Man <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Jersey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Mauritius <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Seychelles</P>

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

<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: 0.5in">11.</TD><TD STYLE="text-align: justify">the terms and transactions contemplated by the Prospectus Supplements or the Indenture adopted are not
inconsistent with the applicable Resolutions and the terms and transactions contemplated by the Prospectus and the Registration Statement.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>OPINION</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 0pt 0.5in; text-align: justify">Based upon and subject to the foregoing
and subject to the reservations set out below and to any matters not disclosed to us, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">1.</TD><TD STYLE="text-align: justify">Each Partnership is an exempted limited partnership formed and existing under the laws of Bermuda. Each
Partnership possesses the capacity to sue and be sued in its own name and is in good standing under the laws of Bermuda. All suits in
respect of the business of each Partnership shall be prosecuted by and against its respective general partner(s).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">2.</TD><TD STYLE="text-align: justify">Each of BIPL and Holdings is an exempted company limited by shares and duly incorporated in Bermuda under
the Companies Act 1981, each possessing the capacity to sue and be sued in its own name, and is validly existing and in good standing
under the laws of Bermuda.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">3.</TD><TD STYLE="text-align: justify">The execution, delivery and performance of the Supplemental Indenture, the Notes and the LPA Amendment,
and the performance of the Indenture, as applicable, by each General Partner on behalf of the applicable Partnership, and the transactions
contemplated thereby (including the Offering), have been duly authorised by all necessary corporate action by each General Partner on
behalf of the applicable Partnership, as applicable.</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>RESERVATIONS</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 0pt 0.5in; text-align: justify">We have the following reservations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">1.</TD><TD STYLE="text-align: justify">In opinion paragraphs 1. and 2. above, the term &quot;good standing&quot; means only that the Bermuda
Entities have each received a Certificate of Compliance from the Registrar of Companies in Hamilton Bermuda which confirms that they have
neither failed to make any filing with any Bermuda governmental authority nor to pay any Bermuda government fee or tax, which might make
it liable to be struck off the Register of Companies and thereby cease to exist under the laws of Bermuda.</TD></TR></TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Bermuda <FONT STYLE="font-family: Wingdings">&#110;</FONT>
British Virgin Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT> Cayman Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Guernsey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Hong Kong <FONT STYLE="font-family: Wingdings">&#110;</FONT> Isle of Man <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Jersey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Mauritius <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Seychelles</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>

<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: 0.5in">2.</TD><TD STYLE="text-align: justify">We express no opinion as to any law other than Bermuda law and none of the opinions expressed herein relates
to compliance with or matters governed by the laws of any jurisdiction except Bermuda. This opinion is limited to Bermuda law as applied
by the courts of Bermuda at the date hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">3.</TD><TD STYLE="text-align: justify">Where an obligation is to be performed in a jurisdiction other than Bermuda, the courts of Bermuda may
refuse to enforce it to the extent that such performance would be illegal under the laws of, or contrary to public policy of such other
jurisdiction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">4.</TD><TD STYLE="text-align: justify">Where a person is vested with a discretion or may determine a matter in his or its opinion, such discretion
may have to be exercised reasonably or such an opinion may have to be based on reasonable grounds.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">5.</TD><TD STYLE="text-align: justify">Any provision in any Indenture that certain calculations or certificates will be conclusive and binding
will not be effective if such calculations or certificates are fraudulent or erroneous on their face and will not necessarily prevent
juridical enquiries into the merits of any claim by an aggrieved party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">6.</TD><TD STYLE="text-align: justify">Any reference in this opinion to Units being &quot;non-assessable&quot; shall mean, in relation to fully-paid
Units of BIP and subject to any contrary provision in any agreement in writing between BIP and the holder of Units, that: no holder shall
be obliged to contribute further amounts to the capital of BIP, either in order to complete payment for their Units, to satisfy claims
of creditors of BIP, or otherwise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 32.6pt">7.</TD><TD STYLE="text-align: justify">Subject to certain exemptions, the Limited Partnership Act 1883 (the <B>Act</B>) provides that a limited
partner shall be liable as a general partner if such limited partner takes part in the management of the partnership.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&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: 0.5in">8.</TD><TD STYLE="text-align: justify">A limited partner is liable to a Partnership, or to its creditors, for any amount in respect of such limited
partner&rsquo;s contribution to such Partnership to the extent such contribution has not been contributed in full, or to the extent such
contribution is either released or returned to the limited partner contrary to the restrictions on reductions of capital contained in
the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">9.</TD><TD STYLE="text-align: justify">A limited partner is liable for damages on account of misrepresentation in respect of false statements
contained in the certificate of limited partnership, any supplementary certificates or certificate of cancellation in respect of the Partnership,
to the extent a limited partner signed such certificate, or caused another to sign it on his/her behalf, and knew such statement to be
false at the time of signature.</TD></TR></TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Bermuda <FONT STYLE="font-family: Wingdings">&#110;</FONT>
British Virgin Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT> Cayman Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Guernsey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Hong Kong <FONT STYLE="font-family: Wingdings">&#110;</FONT> Isle of Man <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Jersey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Mauritius <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Seychelles</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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    <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">&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: 0.5in">10.</TD><TD STYLE="text-align: justify">Every partner of the Partnership who is guilty of any fraud in the affairs of the Partnership shall be
liable civilly to the party injured to the extent of his damage and shall be liable for penalties applicable to offences committed against
the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">11.</TD><TD STYLE="text-align: justify">With respect to opinion 3, we have relied upon statements and representations made to us in the Officers&rsquo;
Certificates provided to us by an authorised officer of each of BIPL and Holdings for the purposes of this opinion. We have made no independent
verification of the matters referred to in the Officers&rsquo; Certificates, and we qualify such opinion to the extent that the statements
or representations made in the Officers&rsquo; Certificates are not accurate in any respect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">12.</TD><TD STYLE="text-align: justify">In order to issue this opinion we have carried out the Company and Partnership Searches as referred to
in the Schedule and have not enquired as to whether there has been any change since the date of such searches.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">13.</TD><TD STYLE="text-align: justify">In order to issue this opinion we have carried out the Litigation Search as referred to in the Schedule
and have not enquired as to whether there has been any change since the date of such search.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">14.</TD><TD STYLE="text-align: justify">Searches of the Register of Companies at the office of the Registrar of Companies and of the Supreme Court
Causes Book at the Registry of the Supreme Court and of the Register of Mortgages maintained at the office of the Registry General are
not conclusive and it should be noted that the Register of Companies and the Supreme Court Causes Book do not reveal:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">14.1</TD><TD STYLE="text-align: justify">Details of matters which have been lodged for filing or registration which as a matter of best practice
of the Registrar of Companies or the Registry of the Supreme Court or the Registry General would have or should have been disclosed on
the public file, the Causes Book or the Judgment Book or the Register of Mortgages, as the case may be, but for whatever reason have not
actually been filed or registered or are not disclosed or which, notwithstanding filing or registration, at the date and time the search
is concluded are for whatever reason not disclosed or do not appear on the public file, the Causes Book, Judgment Book or the Register
of Mortgages;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">14.2</TD><TD STYLE="text-align: justify">Details of matters which should have been lodged for filing or registration at the Registrar of Companies,
the Registry of the Supreme Court or the Registry General but have not been lodged for filing or registration at the date the search is
concluded;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">14.3</TD><TD STYLE="text-align: justify">Whether an application to the Supreme Court for a winding-up petition or for the appointment of a receiver
or manager has been prepared but not yet been presented or has been presented but does not appear in the Causes Book at the date and time
the search is concluded;</TD></TR></TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Bermuda <FONT STYLE="font-family: Wingdings">&#110;</FONT>
British Virgin Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT> Cayman Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Guernsey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Hong Kong <FONT STYLE="font-family: Wingdings">&#110;</FONT> Isle of Man <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Jersey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Mauritius <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Seychelles</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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    <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">&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: 0.5in">14.4</TD><TD STYLE="text-align: justify">Whether any arbitration or administrative proceedings are pending or whether any proceedings are threatened,
or whether any arbitrator has been appointed; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">14.5</TD><TD STYLE="text-align: justify">Whether a receiver or manager has been appointed privately pursuant to the provisions of a debenture or
other security, unless notice of the fact has been entered in the Register of Charges in accordance with the provisions of the Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"><B>DISCLOSURE</B></TD><TD STYLE="text-align: justify"></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 0pt 0in; text-align: justify">This opinion is addressed to you in connection
with the registration of the Units with the SEC and is not to be used, quoted or relied upon for any other purpose. We consent to the
filing of this opinion as an exhibit to the Registration Statement of the Partnership.</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 0pt 0in; text-align: justify">This opinion is governed by and is to be construed
in accordance with Bermuda law. Further, this opinion speaks as of its date and is strictly limited to the matters stated in it and we
assume no obligation to review or update this opinion if applicable law or the existing acts or circumstances should change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Yours faithfully</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">/s/ Appleby (Bermuda) Limited</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Appleby (Bermuda) Limited</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Bermuda <FONT STYLE="font-family: Wingdings">&#110;</FONT>
British Virgin Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT> Cayman Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Guernsey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Hong Kong <FONT STYLE="font-family: Wingdings">&#110;</FONT> Isle of Man <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Jersey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Mauritius <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Seychelles</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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    <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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 32.6pt">1.</TD><TD STYLE="text-align: justify">The electronic extract provided in respect of each Bermuda Entity by the office of the Registrar of Companies
on 28 November 2024 (<B>Company and Partnership Searches</B>).</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: 32.6pt">2.</TD><TD STYLE="text-align: justify">The response provided in respect of General Partners and/or each Partnership by the office of the Registry
General on 28 November 2024 (<B>Registry General Searches</B>).</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: 32.6pt">3.</TD><TD STYLE="text-align: justify">The entries and filings shown and available for inspection in respect of the Bermuda Entities in the Cause
and Judgment Books of the Supreme Court Causes Book maintained at the Registry of the Supreme Court in Hamilton, Bermuda, as revealed
by searches conducted on 28 November 2024 (<B>Litigation Search</B>).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&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: 0.5in">4.</TD><TD STYLE="text-align: justify">Certified copies of the following documents in respect of BIP: the Certificate of Registration of an Exempted
and Limited Partnership effective 13 June&nbsp;2007 and supplements thereto; the Amended and Restated Limited Partnership Agreement of
BIP dated 16 February&nbsp;2018, the First Amendment to the Amended and Restated Limited Partnership Agreement dated 12 September&nbsp;2018,
the Second Amendment to the Amended and Restated Limited Partnership Agreement dated 27 February&nbsp;2020, the Third Amendment to the
Amended and Restated Limited Partnership Agreement dated 21 September&nbsp;2020, the Fourth Amendment to the Amended and Restated Limited
Partnership Agreement dated 21 January&nbsp;2021, the Fifth Amendment to the Amended and Restated Limited Partnership Agreement dated
24 May&nbsp;2021, the Sixth Amendment to the Amended and Restated Limited Partnership Agreement dated 31 May&nbsp;2024 and the Seventh
Amendment to the Amended and Restated Limited Partnership Agreement dated 29 November&nbsp;2024 (collectively, <B>BIP Partnership Documents</B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">5.</TD><TD STYLE="text-align: justify">Certified copies of the following documents in respect of BILP: a copy of the Certificate of Registration
of an Exempted and Limited Partnership effective 28 August&nbsp;2007 and supplements thereto; and a copy of the Amended and Restated Limited
Partnership Agreement of BILP dated 16 February&nbsp;2018, the First Amendment to the Amended and Restated Limited Partnership Agreement
dated 12 September&nbsp;2018, the Second Amendment to the Amended and Restated Limited Partnership Agreement dated 1 August&nbsp;2019
(effective 30 November&nbsp;2018), the Third Amendment to the Amended and Restated Limited Partnership Agreement dated 27 February&nbsp;2020,
the Fourth Amendment to the Amended and Restated Limited Partnership Agreement dated 31 March&nbsp;2020, the Fifth Amendment to the Amended
and Restated Limited Partnership Agreement dated 21 September&nbsp;2020, the Sixth Amendment to the Amended and Restated Limited Partnership
Agreement dated 21 January&nbsp;2021, the Seventh Amendment to the Amended and Restated Limited Partnership Agreement dated 24 May&nbsp;2021,
the Eighth Amendment to the Amended and Restated Limited Partnership Agreement dated 10 June&nbsp;2022, the Ninth Amendment to the Amended
and Restated Limited Partnership Agreement dated 31 May&nbsp;2024 and the Tenth Amendment to the Amended and Restated Limited Partnership
Agreement dated 29 November&nbsp;2024 (<B>BILP Partnership Documents</B>, together with the BIP Partnership Documents, <B>Limited Partnership
Documents</B>).</TD></TR></TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Bermuda <FONT STYLE="font-family: Wingdings">&#110;</FONT>
British Virgin Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT> Cayman Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Guernsey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Hong Kong <FONT STYLE="font-family: Wingdings">&#110;</FONT> Isle of Man <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Jersey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Mauritius <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Seychelles</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>

<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: 0.5in">6.</TD><TD STYLE="text-align: justify">Certified copies of the following documents in respect of each of BIPL: Certificate of Incorporation,
memorandum of association and Bye-laws (<B>GP Documents</B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">7.</TD><TD STYLE="text-align: justify">Certified copies of the following documents in respect of each of Holdings: Certificate of Incorporation,
memorandum of association and Bye-laws (<B>Holdings Documents</B>, and collectively with the Limited Partnership Documents and the GP
Documents, <B>Constitutional Documents</B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">8.</TD><TD STYLE="text-align: justify">Copies of the Minutes of the Meeting of the Board of Directors of BIPL held on 5 November&nbsp;2024 and
of the unanimous written resolutions of the Board of Directors of Holdings effective as of 13 November&nbsp;2024 (<B>Resolutions</B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">9.</TD><TD STYLE="text-align: justify">An officer&rsquo;s certificate signed by an officer of each of BIPL and Holdings dated 29 November&nbsp;2024
(collectively, <B>Officers&rsquo; Certificates</B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">10.</TD><TD STYLE="text-align: justify">Certificates of Compliance each dated 28 November&nbsp;2024 issued by the Registrar of Companies in respect
of each Bermuda Entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">11.</TD><TD STYLE="text-align: justify">The Registration Statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">12.</TD><TD STYLE="text-align: justify">The Prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">13.</TD><TD STYLE="text-align: justify">The Prospectus Supplements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">14.</TD><TD STYLE="text-align: justify">The Term Sheet.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">15.</TD><TD STYLE="text-align: justify">The Base Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">16.</TD><TD STYLE="text-align: justify">The Supplemental Indenture.</TD></TR></TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Bermuda <FONT STYLE="font-family: Wingdings">&#110;</FONT>
British Virgin Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT> Cayman Islands <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Guernsey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Hong Kong <FONT STYLE="font-family: Wingdings">&#110;</FONT> Isle of Man <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Jersey <FONT STYLE="font-family: Wingdings">&#110;</FONT> Mauritius <FONT STYLE="font-family: Wingdings">&#110;</FONT>
Seychelles</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"></P>

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<TYPE>EX-5.3
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<DESCRIPTION>EXHIBIT 5.3
<TEXT>
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<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0"><B>Exhibit 5.3</B></P>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

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  </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">November&nbsp;29, 2024</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">Brookfield Infrastructure Finance ULC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4600-525 8th Avenue S.W.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calgary, Alberta, Canada T2P 1G1</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">Brookfield Infrastructure Holdings (Canada) Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&nbsp;100, 181 Bay Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Toronto, Ontario, Canada M5J 2T3</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 0pt 0.5in; text-align: justify"><B>RE: Brookfield Infrastructure Finance
ULC &ndash; Fixed-to-Fixed Reset Rate Subordinated Notes due 2055 Guaranteed by Brookfield Infrastructure Holdings (Canada) Inc. and
the other Guarantors (as defined below)</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">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">We have acted as special British Columbia counsel
to Brookfield Infrastructure Holdings (Canada) Inc. (the &ldquo;<B>BC Guarantor</B>&rdquo;) and Brookfield Infrastructure Finance ULC
(the &ldquo;<B>Issuer</B>&rdquo;) in connection with the issue and sale by the Issuer and the purchase by a syndicate of underwriters
named in Schedule 1 to the Underwriting Agreement (as defined below) (collectively, the &ldquo;<B>Underwriters</B>&rdquo;) of US$300,000,000
aggregate principal amount of the Issuer&rsquo;s 6.750% fixed-to-fixed reset rate subordinated notes due 2055 (the &ldquo;<B>Notes</B>&rdquo;)
pursuant to the underwriting agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;), dated November&nbsp;21, 2024, among the Issuer,
the BC Guarantor, Brookfield Infrastructure Partners L.P. (the &ldquo;<B>Partnership</B>&rdquo;), Brookfield Infrastructure L.P. (&ldquo;<B>BILP</B>&rdquo;),
BIP Bermuda Holdings I Limited (&ldquo;<B>Bermuda Holdco</B>&rdquo;), Brookfield Infrastructure LLC (&ldquo;<B>BI LLC</B>&rdquo;) and
BIPC Holdings Inc. (&ldquo;<B>BIPC Holdings</B>&rdquo;, and together with the BC Guarantor, the Partnership, BILP, Bermuda Holdco, and
BI LLC, the &ldquo;<B>Guarantors</B>&rdquo;) and BofA Securities,&nbsp;Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC, and
Santander US Capital Markets LLC, as representatives of the Underwriters. The Notes will be guaranteed (all guarantees together, the
 &ldquo;<B>Guarantees</B>&rdquo;, and together with the Notes, the &ldquo;<B>Securities</B>&rdquo;), on a subordinated basis, by the Guarantors
on the terms provided in the indenture (the &ldquo;<B>Base Indenture</B>&rdquo;), dated as of May&nbsp;24, 2021, by and among the Issuer,
as the issuer, the guarantors party thereto (including the Guarantors) and Computershare Trust Company, N.A. (the &ldquo;<B>U.S. Trustee</B>&rdquo;)
and Computershare Trust Company of Canada (the &ldquo;<B>Canadian Trustee</B>&rdquo;), as trustees (together, the &ldquo;<B>Trustees</B>&rdquo;),
as amended and supplemented by the third supplemental indenture thereto (the &ldquo;<B>Third Supplemental Indenture</B>&rdquo;), dated
as of November&nbsp;29, 2024, by and among the Issuer, the Guarantors and the Trustees. The Base Indenture, as so amended and supplemented
by the Third Supplemental Indenture, is herein referred to as the &ldquo;<B>Indenture</B>&rdquo;.</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 are providing this opinion in connection with the filing by the Issuer of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">(a)</TD><TD STYLE="font-size: 10pt; text-align: justify">the joint registration statement of
                                            the Issuer and the Guarantors (together, the &ldquo;<B>Registrants</B>&rdquo;) on Form&nbsp;F-3ASR
                                            (File Nos. 333-278529, 333-278529-01, 333-278529-02, 333-278529-03, 333-278529-04, 333-278529-05
                                            and 333-278529-06) covering the registration of the Securities and the other securities described
                                            therein under the United States Securities Act of 1933, as amended (the &ldquo;<B>1933 Act</B>&rdquo;),
                                            including the base prospectus contained therein (the &ldquo;<B>Base Prospectus</B>&rdquo;)
                                            and the documents incorporated by reference therein, filed with the Securities and Exchange
                                            Commission on April&nbsp;5, 2024 (the &ldquo;<B>Registration Statement</B>&rdquo;); and</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="font-size: 10pt; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">McMillan
                                            LLP | Royal Centre, 1055 W. Georgia St., Suite&nbsp;1500, Vancouver, BC, Canada V6E 4N7 |
                                            t 604.689.9111 | f 604.685.7084</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lawyers | Patent&nbsp;&amp; Trademark Agents | Avocats | Agents
    de brevets et de marques de commerce</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vancouver | Calgary | Toronto | Ottawa | Montr&eacute;al | Hong
    Kong | mcmillan.ca</P></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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 56%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2428776d5_ex5-3img001.jpg" ALT="" STYLE="height: 27pt; width: 108.75pt"></FONT></TD>
    <TD STYLE="width: 44%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page&nbsp;
    2</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">(b)</TD><TD STYLE="font-size: 10pt; text-align: justify">the prospectus supplement to the Base
                                            Prospectus of the Issuer and the Guarantors, dated November&nbsp;21, 2024, in respect of
                                            the sale of the Securities (including the Base Prospectus and the documents incorporated
                                            by reference therein) (the&nbsp;&ldquo;<B>Prospectus</B>&rdquo;).</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; text-indent: 0.5in">We are qualified to practice
law in the Province of British Columbia and we do not purport to be experts on the law of any other jurisdiction other than the Province
of British Columbia and the federal laws of Canada applicable therein (&ldquo;<B>British Columbia Law</B>&rdquo;). We do not express
any opinion herein concerning any law other than the laws of the Province of British Columbia and the federal laws of Canada applicable
therein. We express no opinion and make no representation with respect to the law of any other jurisdiction.</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"><FONT STYLE="background-color: white">We,
as your counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and other instruments
as we have deemed necessary or advisable for the purpose of rendering this opinion.</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; text-align: justify; text-indent: 0.5in">In rendering the opinions
expressed herein, we have, without independent inquiry or investigation, assumed that (i)&nbsp;all documents submitted to us as originals
are authentic and complete, (ii)&nbsp;all documents submitted to us as copies conform to authentic, complete originals, (iii)&nbsp;all
signatures on all documents that we reviewed are genuine, (iv)&nbsp;all natural persons executing documents had and have the legal capacity
to do so, (v)&nbsp;all representations made by the Registrants as to matters of fact in the documents that we reviewed were and are accurate,
and (vii)&nbsp;the Indenture has been duly authorized, executed and delivered by, and represents a legal, valid and binding obligation
of, the Trustees. We have also assumed that (i)&nbsp;each party to the Indenture (other than the BC Guarantor) is validly existing under
the laws of its jurisdiction of organization, has the requisite power to enter into the Indenture, has duly authorized entering into
the Indenture, has duly executed and delivered the Indenture and that the execution, delivery and performance of the Indenture will not
violate, conflict with or cause a default under the constating documents of such party, (ii)&nbsp;the BC Guarantor was validly existing
when it entered into the Base Indenture, had the requisite power to enter into the Base Indenture, had duly authorized entering into
the Base Indenture and had duly executed and delivered the Base Indenture, in each case, under the laws of the Province of Ontario, (iii)&nbsp;the
Indenture constitutes a legal, valid, binding and enforceable obligation of each party thereto (other than as expressly covered by our
opinion below with respect to the BC Guarantor, subject to the exceptions, qualifications and limitations set forth herein). We have
further assumed that (i)&nbsp;all consents, approvals, licenses and authorizations of, and filings and registrations with, any governmental
authority required under the laws of each applicable jurisdiction (other than the Province of British Columbia) with respect to the execution
and delivery of the Indenture by the BC Guarantor and the performance of its obligations thereunder, have been obtained or effected and
are in full force and effect, (ii)&nbsp;the provisions of the Indenture would be interpreted and understood under New York Law to have
the same meaning and content as they would have under British Columbia Law (as defined below), and (iii)&nbsp;insofar as any obligation
under the Indenture is to be performed in any jurisdiction other than the Province of British Columbia, its performance will not be illegal
or unenforceable by virtue of the laws of that other jurisdiction.</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 56%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2428776d5_ex5-3img001.jpg" ALT="" STYLE="height: 27pt; width: 108.75pt"></FONT></TD>
    <TD STYLE="width: 44%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page&nbsp;
    3</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; text-align: justify; text-indent: 0.5in">Based upon the foregoing<FONT STYLE="background-color: white">,
and subject to the additional assumptions and qualifications set forth below, </FONT>we are of the opinion that when the Notes have been
duly executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters
pursuant to the Underwriting Agreement, the Guarantees thereof as they apply to the BC Guarantor will constitute valid and binding obligations
of the BC Guarantor, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting
creditors&rsquo; rights generally, concepts of reasonableness and equitable principles of general applicability, provided that we express
no opinion as to (x)&nbsp;the enforceability of any waiver of rights under any usury or stay law or (y)&nbsp;the effect of fraudulent
conveyance, fraudulent transfer or similar provisions of applicable law on the conclusions expressed above.</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">The opinions expressed herein
are subject in all respects to the following additional assumptions, qualifications, limitations, conditions and exclusions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">1.</TD><TD STYLE="font-size: 10pt; text-align: justify">We express no opinion as to any agreement
                                            other than the Indenture. With respect to the Indenture, excluding the Guarantee made by
                                            the BC Guarantor contained therein, we express no opinion as to enforceability.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in">2.</TD><TD STYLE="text-align: justify">We have assumed that at or prior to the time of the delivery of any Securities: (i) the effectiveness
of the Registration Statement under the Securities Act has not been terminated or rescinded; (ii) the Indenture remains qualified under
the Trust Indenture Act of 1939, as amended (the &ldquo;<B>Trust Indenture Act</B>&rdquo;); (iii) all corporate or other action required
to be taken to duly authorize each proposed issuance of the Securities and any related documentation shall have been duly completed by
the Guarantors and shall remain in full force and effect (other than by the BC Guarantor in respect of the Guarantees as they apply to
the BC Guarantor); and (iv) there shall not have occurred any change in law affecting the validity or enforceability of the Securities.
We have also assumed that the execution, delivery and performance by the Issuer and the Guarantors of any Securities (a) require no action
by or in respect of, or filing with, any governmental body, agency or official, except as has been obtained under all applicable laws,
except that no such assumption is being made as to British Columbia Law; and (b) do not contravene, or constitute a default under, any
provision of applicable law or regulation (except that no such assumption is being made as to British Columbia Law) or any judgment, injunction,
order or decree or any agreement or other instrument binding upon the Issuer and the Guarantors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">3.</TD><TD STYLE="font-size: 10pt; text-align: justify">We express no opinion with respect to
                                            the compliance or non-compliance with applicable privacy laws in connection with the Indenture,
                                            the Guarantees or the Securities.</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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    <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"> </P></DIV>
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<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="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 56%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2428776d5_ex5-3img001.jpg" ALT="" STYLE="height: 27pt; width: 108.75pt"></FONT></TD>
    <TD STYLE="width: 44%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page&nbsp;
    4</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; text-align: justify; text-indent: 0.5in">Furthermore, the enforceability
of the Guarantee against the BC Guarantor by a court in British Columbia is subject to the parties&rsquo; choice of the last of the State
of New York (&ldquo;<B>New York Law</B>&rdquo;) being bona fide and legal, as such criteria would be applied by the courts in the Province
of British Columbia, and is further subject to the following additional qualifications, limitations, conditions and exclusions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">(a)</TD><TD STYLE="font-size: 10pt; text-align: justify">in any proceeding in a court in British
                                            Columbia, and notwithstanding the parties&rsquo; choice of law, such court:</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 0pt 1.5in; text-align: justify">(i)&nbsp;will not take judicial notice
of the provisions of New York Law but will only apply such provisions if they are pleaded and proven by expert testimony;</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 0pt 1.5in; text-align: justify">(ii)&nbsp;will apply British Columbia
Law that, under such laws, would be characterized as procedural and will not apply New York Law that, under British Columbia Law, would
be characterized as procedural;</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 0pt 1.5in; text-align: justify">(iii)&nbsp;will apply provisions of
British Columbia Law that have overriding effect;</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 0pt 1.5in; text-align: justify">(iv)&nbsp;will not apply any New York
Law if its application would be contrary to public policy, as such term is interpreted under British Columbia Law;</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 0pt 1.5in; text-align: justify">(v)&nbsp;will not apply any New York
Law if such application would be characterized under British Columbia Law as the direct or indirect enforcement of a foreign revenue,
expropriatory, penal or other public law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">(b)</TD><TD STYLE="font-size: 10pt; text-align: justify">the enforceability of any provision
                                            that purports to sever from the Guarantee any provision that is prohibited or unenforceable
                                            under applicable law without affecting the enforceability of the remainder of such Guarantee
                                            would be determined only in the discretion of a court;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">(c)</TD><TD STYLE="font-size: 10pt; text-align: justify">the provisions of the <I>Limitation
                                            Act</I> (British Columbia);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">(d)</TD><TD STYLE="font-size: 10pt; text-align: justify">Courts in Canada are precluded from
                                            giving a judgment in any currency other than the lawful money of Canada; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in">(e)</TD><TD STYLE="font-size: 10pt; text-align: justify">the provisions for the payment of &ldquo;interest&rdquo;
                                            may be unenforceable if the payment is to be received at a &ldquo;criminal rate&rdquo; within
                                            the meaning of section 347 of the <I>Criminal Code</I> (Canada).</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; text-indent: 0.5in">This opinion is expressed
as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes of the
facts stated or assumed herein or any subsequent changes in applicable law.</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"></P>

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  <TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="width: 56%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2428776d5_ex5-3img001.jpg" ALT="" STYLE="height: 27pt; width: 108.75pt"></FONT></TD>
    <TD STYLE="width: 44%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page&nbsp;
    5</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; text-align: justify; text-indent: 0.5in">We hereby consent to the filing
of this opinion as an exhibit to the Registration Statement and to the reference to our firm under the caption &ldquo;Legal Matters&rdquo;
in the Prospectus constituting part of the Registration Statement. <FONT STYLE="background-color: white">In addition, we consent to Torys
LLP&rsquo;s reliance as to matters of British Columbia law upon this opinion letter in connection with the rendering of its opinion of
even date herewith concerning the validity of the Securities. </FONT>In giving this consent, we do not admit that we are an &ldquo;expert&rdquo;
within the meaning of Section 11 of the Act or within the category of persons whose consent is required by Section 7 of the Act.</P>

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

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

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

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>8
<FILENAME>tm2428776d5_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 23.2</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
<TD ROWSPAN="8" STYLE="border-top: Black 1pt solid; width: 71%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt">Goodmans </FONT>LLP</TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; font-size: 10pt">&nbsp;</TD></TR>
  <TR>

    <TD STYLE="vertical-align: top; width: 29%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bay Adelaide Centre - West Tower</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333 Bay Street, Suite&nbsp;3400</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Toronto, Ontario M5H 2S7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone: 416.979.2211</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile:&nbsp;&nbsp;&nbsp;416.979.1234</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">goodmans.ca</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; text-align: justify">November&nbsp;29, 2024</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">To: The United States Securities and Exchange
Commission (the &ldquo;<B>Commission</B>&rdquo;)</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"><B>Brookfield Infrastructure Finance ULC (the &ldquo;Company&rdquo;)</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">We refer to the registration statement on Form&nbsp;F-3ASR,
filed by the Company, Brookfield Infrastructure Partners L.P., Brookfield Infrastructure L.P., BIP Bermuda Holdings I Limited, Brookfield
Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure LLC and BIPC Holdings Inc. (File Nos. 333-278529, 333-278529-01, 333-278529-02,
333-278529-03, 333-278529-04, 333-278529-05 and 333-278529-06), which became automatically effective upon filing with the Commission on
April&nbsp;5, 2024.</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 connection with the prospectus supplement of
the Company dated November&nbsp;21, 2024, we consent to the reference to our firm&rsquo;s name under the heading &ldquo;Legal Matters&rdquo;,
and consent to the use of our firm&rsquo;s name and reference to our opinion under the heading &ldquo;Certain Canadian Federal Income
Tax Considerations&rdquo;.</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">Yours truly,</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">/s/ Goodmans LLP</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>

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<SEQUENCE>9
<FILENAME>tm2428776d5_ex5-1img001.jpg
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