<SEC-DOCUMENT>0001104659-24-047855.txt : 20240416
<SEC-HEADER>0001104659-24-047855.hdr.sgml : 20240416
<ACCEPTANCE-DATETIME>20240416170256
ACCESSION NUMBER:		0001104659-24-047855
CONFORMED SUBMISSION TYPE:	F-3
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20240416
DATE AS OF CHANGE:		20240416

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:		F-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-278737
		FILM NUMBER:		24848576

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

	MAIL ADDRESS:	
		STREET 1:		73 FRONT STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM12
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-3
<SEQUENCE>1
<FILENAME>tm2411715-1_f3.htm
<DESCRIPTION>F-3
<TEXT>
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    <title>tm2411715-1_f3 - none - 4.9375373s</title>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="text-align:center; width:540pt; line-height:10.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.19pt;">AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL&#160;16, 2024</font><font style="font-weight:normal;letter-spacing:0.19pt;"> </font>
        </div>
        <div style="margin-left:20pt; margin-top:1pt; text-align:right; width:520pt; line-height:10.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.19pt;">REGISTRATION NO. 333-&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;</font>&#8203;</div>
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          <div style="margin-left: 0pt; width: 540pt; margin-top: 3.66666666666667pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
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          <div style="margin-left: 0pt; width: 540pt; margin-top: 2pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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          <font style="letter-spacing:-0.32pt;">UNITED STATES</font>
          <br >
          <font style="letter-spacing:-0.32pt;">SECURITIES AND EXCHANGE COMMISSION</font><font style="font-weight:normal;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:1.2pt; text-align:center; width:540pt; line-height:10.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.19pt;">WASHINGTON, D.C. 20549</font><font style="font-weight:normal;letter-spacing:0.19pt;"> </font>
        </div>
        <div style="margin-top:3pt; text-align:center; width:540pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:-0.32pt;">FORM F-3</font>
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        <div style="margin-top:4.3pt; text-align:center; width:540pt; line-height:10.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.19pt;">REGISTRATION STATEMENT</font>
        </div>
        <div style="margin-top:4.4pt; text-align:center; width:540pt; line-height:10.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.19pt;">UNDER</font>
          <br >
          <font style="letter-spacing:-0.19pt;">THE SECURITIES ACT OF 1933</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.19pt;"> </font>
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        <div style="margin-top:3pt; text-align:center; width:540pt; line-height:17pt;font-weight:bold;font-size:16pt;">
          <font style="letter-spacing:-0.32pt;">BROOKFIELD INFRASTRUCTURE</font>
          <br >
          <font style="letter-spacing:-0.32pt;">PARTNERS&#160;L.P.</font><font style="font-weight:normal;letter-spacing:0.32pt;"> </font>
        </div>
        <div style="margin-top:-1.8pt; text-align:center; width:540pt; line-height:8.5pt;font-size:7.5pt;">
          <font style="letter-spacing:0.15pt;">(Exact name of registrant as specified in its charter)</font><font style=" position:relative; bottom:3pt;font-size:5.5pt;letter-spacing:0.11pt;">&#8224;</font><font style="font-size:9.5pt;">&#8203;<font style="letter-spacing:0.19pt;"> </font></font>
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            <td style="padding:0pt; width:0pt;">&#8203;</td>
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              <div style="text-align:center;">
                <font style="letter-spacing:-0.19pt;">Bermuda</font>
              </div>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
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                <font style="letter-spacing:-0.19pt;">Not applicable</font>
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                <font style="letter-spacing:0.15pt;">(State or Other Jurisdiction of </font>
                <br >
                <font style="letter-spacing:0.15pt;">Incorporation or Organization) </font>
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            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
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                <font style="letter-spacing:0.15pt;">(I.R.S. Employer</font>
                <br >
                <font style="letter-spacing:0.15pt;">Identification Number)</font>
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            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
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        <div style="margin-top:5.8pt; text-align:center; width:540pt; line-height:10.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.19pt;">73 Front Street, 5th Floor</font>
          <br >
          <font style="letter-spacing:-0.19pt;">Hamilton, HM 12, Bermuda</font>
          <br >
          <font style="letter-spacing:-0.19pt;">+1 (441) 294-3304</font>
          <br >
          <font style="font-weight:normal;font-size:7.5pt;letter-spacing:0.15pt;">(Address and telephone number of Registrant&#8217;s principal executive offices)</font><font style="font-weight:normal;font-size:10pt;">&#8203;<font style="letter-spacing:0.2pt;"> </font></font>
        </div>
        <div style="margin-top:6pt; text-align:center; width:540pt; line-height:9pt;font-weight:bold;">
          <font style="letter-spacing:-0.19pt;">Ralph Klatzkin</font>
          <br >
          <font style="letter-spacing:-0.19pt;">Brookfield Infrastructure LLC</font>
          <br >
          <font style="letter-spacing:-0.19pt;">250 Vesey Street, 15th Floor</font>
          <br >
          <font style="letter-spacing:-0.19pt;">New York, New York 10281</font>
          <br >
          <font style="letter-spacing:-0.19pt;">(212) 417-7000</font>
        </div>
        <div style="margin-top:-0.19pt; text-align:center; width:540pt; line-height:7.5pt;font-size:7.5pt;">
          <font style="letter-spacing:0.15pt;">(Name, address and telephone number of agent for service)</font><font style="font-size:9.5pt;">&#8203;<font style="letter-spacing:0.19pt;"> </font></font>
        </div>
        <div style="margin-top:6pt; text-align:center; width:540pt; line-height:10.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.19pt;">Copies to:</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.19pt;"> </font>
        </div>
        <div style="margin-top:0.01pt; text-align:center; width:540pt; line-height:9pt;font-weight:bold;">
          <font style="letter-spacing:-0.19pt;">Mile T. Kurta, Esq.</font>
          <br >
          <font style="letter-spacing:-0.19pt;">Christopher R. Bornhorst, Esq.</font>
          <br >
          <font style="letter-spacing:-0.19pt;">Torys&#160;LLP</font>
          <br >
          <font style="letter-spacing:-0.19pt;">1114 Avenue of the Americas, 23rd Floor</font>
          <br >
          <font style="letter-spacing:-0.19pt;">New York, NY 10036</font>
          <br >
          <font style="letter-spacing:-0.19pt;">(212) 880-6000</font><font style="font-weight:normal;font-size:10pt;">&#8203;<font style="letter-spacing:0.2pt;"> </font></font>
        </div>
        <div style="text-indent:20pt; margin-top:2.5pt; text-align:justify; width:540pt; line-height:10.5pt;">
          <font style="font-weight:bold;letter-spacing:-0.19pt;">Approximate date of commencement of proposed sale to the public:</font><font style="letter-spacing:0.19pt;"> From time to time on or after the effective date of this Registration Statement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:2.5pt; text-align:justify; width:540pt; line-height:10.5pt;">
          <font style="letter-spacing:0.19pt;">If only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:2.5pt; text-align:justify; width:540pt; line-height:10.5pt;">
          <font style="letter-spacing:0.19pt;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule&#160;415 under the Securities Act of 1933, check the following box. &#9746; </font>
        </div>
        <div style="text-indent:20pt; margin-top:2.5pt; text-align:justify; width:540pt; line-height:10.5pt;">
          <font style="letter-spacing:0.19pt;">If this Form is filed to register additional securities for an offering pursuant to Rule&#160;462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:2.5pt; text-align:justify; width:540pt; line-height:10.5pt;">
          <font style="letter-spacing:0.19pt;">If this Form is a post-effective amendment filed pursuant to Rule&#160;462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:2.5pt; text-align:justify; width:540pt; line-height:10.5pt;">
          <font style="letter-spacing:0.19pt;">If this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule&#160;462(e) under the Securities Act, check the following box. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:2.5pt; text-align:justify; width:540pt; line-height:10.5pt;">
          <font style="letter-spacing:0.19pt;">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule&#160;413(b) under the Securities Act, check the following box. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:2.5pt; text-align:justify; width:540pt; line-height:10.5pt;">
          <font style="letter-spacing:0.19pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933. </font>
        </div>
        <div style="margin-left:20pt; margin-top:2.5pt; text-align:justify; width:520pt; line-height:10.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.19pt;">Emerging growth company &#9744;</font><font style="font-weight:normal;letter-spacing:0.19pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:2.5pt; text-align:justify; width:540pt; line-height:10.5pt;">
          <font style="letter-spacing:0.19pt;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section&#160;7(a)(2)(B) of the Securities Act. &#9744; </font>
        </div>
        <div style="text-indent:20pt; margin-top:2.5pt; text-align:justify; width:540pt; line-height:10.5pt;font-weight:bold;">
          <font style="letter-spacing:-0.19pt;">The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment that specifically states that this Registration Statement shall thereafter become effective in accordance with Section&#160;8(a) of the Securities Act, or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section&#160;8(a), may determine.</font><font style="font-weight:normal;letter-spacing:0.19pt;"> </font>
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        <div style="margin-top:7.767pt; width:540pt;">
          <div style="margin-left: 0pt; width: 60pt; margin-top: 7.76666666666665pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style=" float:left; margin-top:7.9pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">&#8224;</font>
          <br >
        </div>
        <div style=" margin-top:7.9pt; margin-bottom:0pt; line-height:10pt; text-align:justify; margin-left:20pt;font-size:8pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April&#160;5, 2012. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
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          <div style="margin-left: 0pt; width: 540pt; margin-top: 4.39999999999998pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
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        <div style="margin-top:2.1pt; width:540pt;">
          <div style="margin-left: 0pt; width: 540pt; margin-top: 2.10000000000002pt; font-size: 2pt; line-height: 0pt; border-bottom: 2pt solid #000000; ">&#8203;</div>
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    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;min-height:660pt;margin-bottom:55.71pt;margin-left:69pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">EXPLANATORY NOTE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This registration statement on Form&#160;F-3 (this &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Registration Statement</font><font style="letter-spacing:0.2pt;">&#8221;) registers up to 170,000,000 non-voting limited partnership&#160;units (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">LP Units</font><font style="letter-spacing:0.2pt;">&#8221;) of Brookfield Infrastructure Partners&#160;L.P. (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Partnership</font><font style="letter-spacing:0.2pt;">&#8221;) that may be issued by the Partnership or delivered by Brookfield Infrastructure Corporation (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">BIPC</font><font style="letter-spacing:0.2pt;">&#8221;) to satisfy any exchange, redemption or acquisition of class&#160;A exchangeable subordinate voting shares (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Exchangeable Shares</font><font style="letter-spacing:0.2pt;">&#8221;) of BIPC (including, if applicable, in connection with liquidation, dissolution or winding up of BIPC). </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to Rule&#160;415(a)(6) under the Securities Act (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Rule&#160;415(a)(6)</font><font style="letter-spacing:0.2pt;">&#8221;), the securities being registered hereunder include 167,039,030&#160;LP Units previously registered by the Partnership&#8217;s registration statement on Form&#160;F-3 (File&#160;Nos.&#160;333-270363), which was declared effective by the Securities and Exchange Commission on August&#160;9, 2023, under the Securities Act (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Prior Registration Statement</font><font style="letter-spacing:0.2pt;">&#8221;), but were not issued or delivered to satisfy exchanges, redemptions or acquisitions of Exchangeable Shares, and accordingly such&#160;LP Units constitute &#8220;unsold securities&#8221; &#8203;(within the meaning of Rule&#160;415(a)(6)) as of the date hereof (collectively, the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Unsold Securities</font><font style="letter-spacing:0.2pt;">&#8221;). The aggregate filing fee paid in connection with such Unsold Securities was $692,108.90. Pursuant to Rule&#160;415(a)(6), (i)&#160;the registration fee applicable to the Unsold Securities is being carried forward to this Registration Statement and will continue to be applied to the Unsold Securities, and (ii)&#160;the offering of the Unsold Securities registered on the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this Registration Statement. If the Partnership issues or delivers any of the Unsold Securities pursuant to the Prior Registration Statement after the date of the initial filing, and prior to the date of effectiveness, of this Registration Statement, the Partnership will file a pre-effective amendment to this Registration Statement, which will reduce the number of Unsold Securities included on this Registration Statement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In connection with this Registration Statement, the Partnership is paying an additional registration fee of $11,599.02 in respect of 2,960,970 additional&#160;LP Units (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Additional Securities</font><font style="letter-spacing:0.2pt;">&#8221;) that are registered hereby to provide additional capacity to cover the issuance or delivery of&#160;LP Units upon exchange, redemption or acquisition of Exchangeable Shares that may be issued from time to time in the future under BIPC&#8217;s Canadian base shelf prospectus and/or other U.S. registration statements filed by BIPC. Any such future issuances of Exchangeable Shares exchangeable into the&#160;LP Units issuable or deliverable under this Registration Statement will have been made pursuant to either Regulation&#160;S under the Securities Act or another effective registration statement under the Securities Act.</font>
        </div>
      </div>
      <hr >
    </div>
    <div style="position:relative;overflow:hidden;min-height:775.71pt;page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="position:absolute;top:740.98pt;left:48pt;height:30.02pt;width:714pt;transform-origin:0pt -0pt;transform:rotate(-90deg) translate(0%, 0%);">
        <div style="text-align:justify; width:714pt; line-height:9.5pt;font-weight:bold;color:#EA5B4E;font-family:Helvetica, Arial, sans-serif;font-size:8pt;">
          <font style="letter-spacing:-0.08pt;">The information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</font>
          <br >
        </div>
      </div>
      <div style="margin-top:22pt;margin-bottom:19.71pt;margin-left:87pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;color:#FC0014;">
          <font style="letter-spacing:-0.2pt;">Subject to Completion Dated April&#160;16, 2024.</font><font style="font-weight:normal;color:#000000;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="position:relative;margin-top:14pt; text-align:center; width:456pt;">
          <img src="lg_brookfield-4c.jpg" alt="[MISSING IMAGE: lg_brookfield-4c.jpg]" height="35" width="225" >
        </div>
        <div style="margin-top:17pt; text-align:center; width:456pt; line-height:20pt;font-weight:bold;font-size:18pt;">
          <font style="letter-spacing:-0.36pt;">BROOKFIELD INFRASTRUCTURE PARTNERS&#160;L.P.</font><font style="font-weight:normal;letter-spacing:0.36pt;"> </font>
        </div>
        <div style="margin-top:8pt; text-align:center; width:456pt; line-height:16pt;font-weight:bold;font-size:14pt;">
          <font style="letter-spacing:-0.28pt;">170,000,000 Limited Partnership Units</font><font style="font-weight:normal;letter-spacing:0.28pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus relates to up to 170,000,000 non-voting limited partnership&#160;units (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">LP Units</font><font style="letter-spacing:0.2pt;">&#8221;) of Brookfield Infrastructure Partners&#160;L.P. (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Partnership</font><font style="letter-spacing:0.2pt;">,&#8221; or &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">we</font><font style="letter-spacing:0.2pt;">&#8221;, &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">us</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">our</font><font style="letter-spacing:0.2pt;">&#8221;) that may be issued by the Partnership or delivered by Brookfield Infrastructure Corporation (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">BIPC</font><font style="letter-spacing:0.2pt;">&#8221;) or the selling unitholder named below to satisfy any exchange, redemption or acquisition of class&#160;A exchangeable subordinate voting shares (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Exchangeable Shares</font><font style="letter-spacing:0.2pt;">&#8221;) of BIPC (including, if applicable, in connection with liquidation, dissolution or winding up of BIPC). This amount includes (i)&#160;131,913,597&#160;LP Units issuable or deliverable upon exchange, redemption or acquisition of Exchangeable Shares that are outstanding as of April 15, 2024; and (ii)&#160;up to 38,086,403&#160;LP Units that may be issued by the Partnership or delivered by BIPC to satisfy any exchange, redemption or acquisition of Exchangeable Shares (including, if applicable, in connection with liquidation, dissolution or winding up of BIPC) that may be issued from time to time in the future by BIPC (1)&#160;in connection with exchanges of outstanding BIPC Exchangeable&#160;LP Units (as defined below); (2)&#160;pursuant to Regulation&#160;S under the Securities Act of 1933, as amended (including under BIPC&#8217;s Canadian base shelf prospectus); and (3)&#160;pursuant to one or more U.S. registration statements filed by BIPC. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Brookfield Corporation (collectively with its affiliates, other than our group (as defined below), &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Brookfield</font><font style="letter-spacing:0.2pt;">&#8221; or the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">selling unitholder</font><font style="letter-spacing:0.2pt;">&#8221;) has also agreed that, in the event that neither BIPC nor the Partnership has satisfied an exchange request by a holder of Exchangeable Shares, then Brookfield, as selling unitholder, will satisfy until March&#160;31, 2025 such exchange requests by paying such cash amount or delivering such&#160;LP Units pursuant to this prospectus (up to the maximum number of&#160;LP Units that may be offered hereby). </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each Exchangeable Share is exchangeable at the option of the holder thereof for one&#160;LP Unit (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of BIPC), as more fully described in this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">None of the Partnership, BIPC or Brookfield will receive any cash proceeds from the issuance or delivery of any&#160;LP Units upon exchange, redemption or acquisition, as applicable, of Exchangeable Shares pursuant to this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The&#160;LP Units are listed on the New York Stock Exchange (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">NYSE</font><font style="letter-spacing:0.2pt;">&#8221;) under the trading symbol &#8220;BIP&#8221; and the Toronto Stock Exchange (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">TSX</font><font style="letter-spacing:0.2pt;">&#8221;) under the symbol &#8220;BIP.UN.&#8221; </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Investing in the&#160;LP Units involves risks. Please see &#8220;Risk Factors&#8221; beginning on page <a href="#tRIFA">[3]</a> of this prospectus, and in similarly-captioned sections in the documents incorporated by reference herein, for a discussion of risk factors you should consider before investing in the&#160;LP Units.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Neither the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:144pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The date of this prospectus is &#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199; &#8199;&#8199;, 2024.</font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="TOC">&#8203;</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">TABLE OF CONTENTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <table style="width:456pt;height:350.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;min-height:11.25pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt; width:427.33pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 4.5pt 0pt;text-align:center;" colspan="4">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Page </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19.25pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.25pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tATP"><font style="letter-spacing:0.2pt;">ABOUT THIS PROSPECTUS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.25pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.25pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tATP">ii</a></font> <a href="#tATP"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tCNRF"><font style="letter-spacing:0.2pt;">CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tCNRF">iii</a></font> <a href="#tCNRF"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tSUM"><font style="letter-spacing:0.2pt;">SUMMARY </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tSUM">1</a></font> <a href="#tSUM"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tRIFA"><font style="letter-spacing:0.2pt;">RISK FACTORS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tRIFA">3</a></font> <a href="#tRIFA"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tUOP"><font style="letter-spacing:0.2pt;">USE OF PROCEEDS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tUOP">7</a></font> <a href="#tUOP"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tCAP"><font style="letter-spacing:0.2pt;">CAPITALIZATION </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tCAP">7</a></font> <a href="#tCAP"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tEOES"><font style="letter-spacing:0.2pt;">EXCHANGES OF EXCHANGEABLE SHARES FOR&#160;LP UNITS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tEOES">7</a></font> <a href="#tEOES"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDOTP"><font style="letter-spacing:0.2pt;">DESCRIPTION OF THE PARTNERSHIP&#8217;S CAPITAL STRUCTURE </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tDOTP">15</a></font> <a href="#tDOTP"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tSEUN"><font style="letter-spacing:0.2pt;">SELLING UNITHOLDER </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tSEUN">16</a></font> <a href="#tSEUN"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tPOD"><font style="letter-spacing:0.2pt;">PLAN OF DISTRIBUTION </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tPOD">17</a></font> <a href="#tPOD"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tMUSF"><font style="letter-spacing:0.2pt;">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tMUSF">18</a></font> <a href="#tMUSF"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tMCFI"><font style="letter-spacing:0.2pt;">MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tMCFI">25</a></font> <a href="#tMCFI"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tLEMA"><font style="letter-spacing:0.2pt;">LEGAL MATTERS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tLEMA">28</a></font> <a href="#tLEMA"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tEXP"><font style="letter-spacing:0.2pt;">EXPERTS </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tEXP">28</a></font> <a href="#tEXP"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tWYCF"><font style="letter-spacing:0.2pt;">WHERE YOU CAN FIND MORE INFORMATION </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tWYCF">28</a></font> <a href="#tWYCF"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tDIBR"><font style="letter-spacing:0.2pt;">INCORPORATION BY REFERENCE </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tDIBR">29</a></font> <a href="#tDIBR"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:19pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tSOPA"><font style="letter-spacing:0.2pt;">SERVICE OF PROCESS AND ENFORCEABILITY OF CIVIL LIABILITIES </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tSOPA">30</a></font> <a href="#tSOPA"></a></td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;min-height:21pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:5.5pt 0pt 3.5pt 0pt; width:427.33pt;text-align:left;">
              <div style="white-space:nowrap;">
                <a href="#tEXP1"><font style="letter-spacing:0.2pt;">EXPENSES </font></a>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:5.5pt 0pt 3.5pt 0pt; min-width:10.5pt; text-align:right; white-space:nowrap;">
              <font style="letter-spacing:0.2pt;"><a href="#tEXP1">31</a></font>
            </td>
            <td style="padding:0pt;padding-left:3.335pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">i</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tATP">&#8203;</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">ABOUT THIS PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus is part of a registration statement on Form&#160;F-3 (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Registration Statement</font><font style="letter-spacing:0.2pt;">&#8221;) that we have filed with the SEC under the Securities Act of 1933, as amended (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Securities Act</font><font style="letter-spacing:0.2pt;">&#8221;), with respect to&#160;LP Units to be issued or delivered, from time to time, in connection with the exchange, redemption or acquisition, if any, of Exchangeable Shares (including in connection with liquidation, dissolution or winding up of BIPC). We, BIPC or the selling unitholder may issue or deliver, as the case may be, to holders of Exchangeable Shares, at any time and from time to time,&#160;LP Units in exchange for Exchangeable Shares under circumstances that are more fully described in this prospectus. As allowed by the SEC rules, this prospectus does not contain all the information included in the Registration Statement. For further information, you are referred to the Registration Statement, including its exhibits, as well as any prospectus supplement and any documents incorporated by reference herein or therein. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">You should read this prospectus together with any applicable prospectus supplement thereto, and in any free writing prospectus that we may provide to you, and any documents incorporated by reference herein or therein and any additional information you may need to make your investment decision. You should also read and carefully consider the information in the documents we have referred you to in &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Where You Can Find More Information</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Incorporation by Reference</font><font style="letter-spacing:0.2pt;">&#8221; below. Information incorporated by reference after the date of this prospectus is considered a part of this prospectus and may add, update or change information contained in this prospectus. The information in this prospectus or any document incorporated by reference herein by reference is accurate only as of the date contained on the cover of such documents. Neither the delivery of this prospectus nor any delivery of&#160;LP Units made under this prospectus will, under any circumstances, imply that the information in this prospectus is correct as of any date after this prospectus. Our business, financial condition and results of operations may have changed since that date. Any information in such subsequent filings that is inconsistent with this prospectus will supersede the information in this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">You should rely only on the information incorporated by reference or provided in this prospectus and any accompanying prospectus supplement, and in any free writing prospectus that we may provide to you. We and the selling unitholder have not authorized anyone else to provide you with other information. We and the selling unitholder are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless the context requires otherwise, when used in this prospectus, the term &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Partnership</font><font style="letter-spacing:0.2pt;">&#8221; refers to Brookfield Infrastructure Partners&#160;L.P. alone; the terms &#8220;Brookfield Infrastructure,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to, collectively, the Partnership, Brookfield Infrastructure&#160;L.P. (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Holding&#160;LP</font><font style="letter-spacing:0.2pt;">&#8221;), the Holding Entities and the operating entities but excluding BIPC; the term &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Holding Entities</font><font style="letter-spacing:0.2pt;">&#8221; refers to certain holding subsidiaries of Holding&#160;LP, through which we hold all of our interests in our operating entities; the term &#8220;operating entities&#8221; refers to the entities which directly or indirectly hold our current operations and assets that we may acquire in the future, including any assets held through joint ventures, partnerships and consortium arrangements; the term &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">general partner</font><font style="letter-spacing:0.2pt;">&#8221; refers to Brookfield Infrastructure Partners Limited, the Partnership&#8217;s general partner. References to &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">our group</font><font style="letter-spacing:0.2pt;">&#8221; mean, collectively, the Partnership and BIPC and, unless the context otherwise requires, references to Brookfield include Brookfield Asset Management Ltd. In addition, the term &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Limited Partnership Agreement</font><font style="letter-spacing:0.2pt;">&#8221; refers to the amended and restated limited partnership agreement of the Partnership, as amended from time to time. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Your ability to enforce civil liabilities under the United States federal securities laws may be affected adversely because the Partnership is formed under the laws of Bermuda, certain of the directors of our general partner as well as certain of the experts named in this prospectus are residents of Canada or another non-U.S. jurisdiction and a substantial portion of the Partnership&#8217;s assets and the assets of those directors and experts may be located outside the United States.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Unless otherwise specified, all dollar amounts and financial information contained in this prospectus are expressed in U.S. dollars and references to &#8220;dollars&#8221;, &#8220;$&#8221; or &#8220;US$&#8221; are to U.S. dollars and all references to &#8220;C$&#8221; are to Canadian dollars and, unless otherwise indicated, the financial information has been prepared in accordance with International Financial Reporting Standards (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">IFRS</font><font style="letter-spacing:0.2pt;">&#8221;) as issued by the International Accounting Standards Board (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">IASB</font><font style="letter-spacing:0.2pt;">&#8221;). </font>
        </div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">ii</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tCNRF">&#8203;</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This prospectus and the documents incorporated by reference in this prospectus contain certain &#8220;forward-looking statements&#8221; and &#8220;forward-looking information&#8221; within the meaning of applicable U.S. and Canadian securities laws concerning our business and operations. The forward-looking statements and information also relate to, among other things, our business, operations, objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates and anticipated events or trends. In some cases, you can identify forward-looking statements and information by terms such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;likely,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;continue,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;objective,&#8221; &#8220;tend,&#8221; &#8220;seek,&#8221; &#8220;target,&#8221; &#8220;foresee,&#8221; &#8220;aim to,&#8221; &#8220;outlook,&#8221; &#8220;endeavor,&#8221; &#8220;will,&#8221; &#8220;would&#8221; and &#8220;should&#8221; or the negative of those terms or other comparable terminology. These forward-looking statements and information are not historical facts but reflect our current expectations regarding future results or events and are based on information currently available to us and on assumptions we believe are reasonable. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Although we believe that our anticipated future results, performance or achievements expressed or implied by these forward-looking statements and information are based on reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and information in this prospectus and the documents incorporated by reference in this prospectus. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Factors that could cause our actual results to differ materially from those contemplated or implied by our forward-looking statements and information in this prospectus and the documents incorporated by reference in this prospectus include, without limitation: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">commodity risks; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">alternative technologies could impact the demand for, or use of, the businesses and assets that we own and operate and could impair or eliminate the competitive advantage of our businesses and assets; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">acquisitions may subject us to additional risks and the expected benefits of our acquisitions may not materialize; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the competitive market for acquisition opportunities and the inability to identify and complete acquisitions as planned; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">pending acquisitions, dispositions and other transactions may not be completed on the timeframe or in the manner contemplated, or at all; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">our ability to renew existing contracts and win additional contracts with existing or potential customers; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">deployment of capital for our committed backlog and other projects we are pursuing may be delayed, curtailed or redirected altogether; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">timing and price for the completion of unfinished projects; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">infrastructure operations may require substantial capital expenditures; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">exposure to environmental risks, including increasing environmental legislation and the broader impacts of climate change; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">exposure to increased economic regulation and adverse regulatory decisions; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">First Nations claims to land, adverse claims or governmental claims may adversely affect our infrastructure operations; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">some of our current operations are held in the form of joint ventures or partnerships or through consortium arrangements; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">iii</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69pt;width:456pt;">
        <div style=" float:left; margin-left:20pt; line-height:12pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">some of our businesses operate in jurisdictions with less developed legal systems and could experience difficulties in obtaining effective legal redress, which creates uncertainties; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">actions taken by national, state, or provincial governments, including nationalization, or the imposition of new taxes, could materially impact the financial performance or value of our assets; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">equipment that we need, including spare parts and components required for project development, may become unavailable or difficult to procure; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">reliance on technology and exposure to cyber-security attacks; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">customers may default on their obligations; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">reliance on tolling and revenue collection systems; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Brookfield&#8217;s influence over the Partnership and the Partnership&#8217;s dependence on Brookfield as our service provider; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the lack of an obligation of Brookfield to source acquisition opportunities for us; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">our dependence on Brookfield and its professionals; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the role and ownership of Brookfield in the Partnership and in Holding&#160;LP may change and interests in our general partner may be transferred to a third party without unitholder or preferred unitholder consent; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Brookfield may increase its ownership of the Partnership; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">our master services agreement (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Master Services Agreement</font><font style="letter-spacing:0.2pt;">&#8221;) as described in Item&#160;6.A &#8220;Directors and Senior Management&#8201;&#8212;&#8201;Our Master Services Agreement&#8221; of the Annual Report (as defined below) and our other arrangements with Brookfield do not impose on Brookfield any fiduciary duties to act in the best interests of unitholders or preferred unitholders; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">conflicts of interest between the Partnership, our preferred unitholders and our unitholders, on the one hand, and Brookfield, on the other hand; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">our arrangements with Brookfield may contain terms that are less favorable than those which otherwise might have been obtained from unrelated parties; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">our general partner may be unable or unwilling to terminate our Master Services Agreement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the limited liability of, and our indemnification of, our service provider; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">our assets are or may become highly leveraged and we intend to incur indebtedness above the asset level; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">some of our acquisitions may be of distressed companies, which may subject us to increased risks, including the incurrence of legal or other expenses; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.31pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.31pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Partnership is a holding entity that relies on its subsidiaries to provide the funds necessary to pay our distributions and meet our financial obligations; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.3pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.3pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">future sales and issuances of the&#160;LP Units, preferred&#160;units or securities exchangeable for the&#160;LP Units (including the Exchangeable Shares), or the perception of such sales or issuances, could depress the trading price of the&#160;LP Units or preferred&#160;units; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.31pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.31pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">the Partnership may become regulated as an investment company under the U.S. Investment Company Act of 1940, as amended; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.3pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.3pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">we are exempt from certain requirements of Canadian securities laws and we are not subject to the same disclosure requirements as a U.S. domestic issuer; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.31pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.31pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">we may be subject to the risks commonly associated with a separation of economic interest from control or the incurrence of debt at multiple levels within an organizational structure; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.3pt; margin-bottom:0pt; text-align:left; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.3pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">effectiveness of our internal controls over financial reporting; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.31pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.31pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">our unitholders and preferred unitholders do not have a right to vote on Partnership matters or to take part in the management of the Partnership; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">iv</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
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          <font style="letter-spacing:0.2pt;">market price of the&#160;LP Units and preferred&#160;units may be volatile; </font>
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          <font style="letter-spacing:0.2pt;">dilution of existing unitholders; </font>
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          <font style="letter-spacing:0.2pt;">investors may find it difficult to enforce service of process and enforcement of judgments against us; </font>
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          <font style="letter-spacing:0.2pt;">we may not be able to continue paying comparable or growing cash distributions to unitholders in the future; </font>
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          <font style="letter-spacing:0.2pt;">general economic conditions and risks relating to the economy, including geopolitical concerns such as trade conflict and civil unrest, unfavorable changes in interest rates, political and economic policies, inflation and volatility in financial markets, as well as variable economic conditions in the markets where we operate; </font>
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          <font style="letter-spacing:0.2pt;">increasing political uncertainty, which may impact our ability to expand in certain markets; </font>
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          <font style="letter-spacing:0.2pt;">potential unavailability of credit on favorable terms, or at all; </font>
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          <font style="letter-spacing:0.2pt;">federal, state and foreign anti-corruption and trade sanctions laws and restrictions on foreign direct investment applicable to us and our operating businesses create the potential for significant liabilities and penalties, the inability to complete transactions, imposition of significant costs and burdens, and reputational harm; </font>
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          <font style="letter-spacing:0.2pt;">labor disruptions and economically unfavorable collective bargaining agreements; </font>
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          <font style="letter-spacing:0.2pt;">exposure to occupational health and safety related accidents; </font>
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          <font style="letter-spacing:0.2pt;">high levels of government regulation upon many of our operating entities, including with respect to rates set for our regulated businesses; </font>
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          <font style="letter-spacing:0.2pt;">our infrastructure business is at risk of becoming involved in disputes, possible litigation and governmental investigations; </font>
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          <font style="letter-spacing:0.2pt;">our ability to finance our operations due to the status of the capital markets; </font>
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          <font style="letter-spacing:0.2pt;">our operations may suffer a loss from fraud, bribery, corruption, sanctions violations, or other illegal acts; </font>
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          <font style="letter-spacing:0.2pt;">new regulatory initiatives related to Environmental, Social and Governance and/or sustainability; </font>
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          <font style="letter-spacing:0.2pt;">potential human rights impacts of our business activities; and </font>
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          <font style="letter-spacing:0.2pt;">other factors described in the Annual Report and in other documents incorporated by reference herein, including, but not limited to, those described under Item&#160;3.D &#8220;Risk Factors&#8221; and elsewhere in the Annual Report, as well as risk factors described in this prospectus under &#8220;Risk Factors&#8221;. </font>
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          <font style="letter-spacing:0.2pt;">We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information to make decisions with respect to an investment in the&#160;LP Units, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. In light of these risks, uncertainties and assumptions, the events described by our forward-looking statements and information might not occur. These risks could cause our actual results and our plans and strategies to vary from our forward-looking statements and information. We qualify any and all of our forward-looking statements and information by these cautionary factors. Please keep this cautionary note in mind as you read this prospectus. We disclaim any obligation to update or revise publicly any forward-looking statements or information, whether written or oral, as a result of new information, future events or otherwise, except as required by applicable law.</font>
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          <font style="letter-spacing:0.2pt;">v</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSUM">&#8203;</a>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="margin-top:11.5pt;margin-bottom:12pt; margin-left:12pt;width:456pt;">
          <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">SUMMARY</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;font-style:italic;">
            <font style="letter-spacing:0.2pt;">This summary highlights information contained elsewhere in this prospectus. This summary may not contain all of the information that you should consider before deciding to invest in&#160;LP Units. You should read this entire prospectus carefully, including the &#8220;Risk Factors&#8221; section and the documents incorporated by reference herein.</font><font style="font-style:normal;letter-spacing:0.2pt;"> </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Brookfield Infrastructure Partners&#160;L.P.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Partnership is a Bermuda exempted limited partnership that was formed on May&#160;21, 2007, under the provisions of the Exempted Partnerships Act 1992 of Bermuda, as amended, and the Limited Partnership Act&#160;1883 of Bermuda, as amended. The Partnership&#8217;s head and registered office is located at 73 Front Street, 5th&#160;Floor, Hamilton HM 12, Bermuda and its telephone number at that address is +1&#8201;441&#8201;294-3304. The Partnership was spun-off from Brookfield Asset Management&#160;Inc (now Brookfield Corporation) and certain of its affiliates on January&#160;31, 2008. The LP Units are listed on the NYSE under the symbol &#8220;BIP&#8221; and the TSX under the symbol &#8220;BIP.UN&#8221;. </font>
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          <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Partnership is a leading global infrastructure company that owns and operates high quality, long-life assets in the utilities, transport, midstream and data sectors across the Americas, Asia Pacific and Europe. We are focused on assets that have contracted and regulated revenues that generate predictable and stable cash flows. For additional information, please refer to the Annual Report and the other documents that are incorporated by reference into this prospectus from time to time. </font>
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          <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">The Partnership&#8217;s sole material assets are its managing general partnership interest and preferred limited partnership interest in the Holding&#160;LP. The Partnership serves as the Holding&#160;LP&#8217;s managing general partner and has sole authority for the management and control of the Holding&#160;LP. </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Brookfield Infrastructure Corporation</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">BIPC was incorporated under the </font><font style="font-style:italic;letter-spacing:0.2pt;">Business Corporations Act</font><font style="letter-spacing:0.2pt;"> (British Columbia) on August&#160;30, 2019. Our head office is located at 250 Vesey Street, 15th Floor, New York, New York 10281 and our registered office is located at 1055 West Georgia Street, Suite 1500, P.O. Box 11117, Vancouver, British Columbia V6E 4N7. The Exchangeable Shares were distributed to existing unitholders of the Partnership pursuant to a special distribution on March&#160;31, 2020. The Exchangeable Shares are listed on both the NYSE and the TSX under the symbol &#8220;BIPC&#8221;. </font>
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          <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">BIPC was established by the Partnership as a vehicle to own and operate certain infrastructure assets on a global basis. Specifically, BIPC&#8217;s current operations consist principally of the ownership and operation of regulated gas transmission systems in Brazil, of regulated distribution operations in the United Kingdom, and a global intermodal logistics operation, but upon Brookfield&#8217;s recommendation and allocation of opportunities to BIPC, BIPC intends to seek acquisition opportunities in other sectors with similar attributes and in which BIPC can deploy our operations-oriented approach to create value. </font>
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          <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Each Exchangeable Share will receive identical dividends to the distributions paid on each&#160;LP Unit and is exchangeable at the option of the holder for one&#160;LP Unit (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of our group), as more fully described in this prospectus. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Exchanges of Exchangeable Shares for&#160;LP Units&#8201;&#8212;&#8201;Primary Exchange Rights&#8201;&#8212;&#8201;Adjustments to Reflect Certain Capital Events</font><font style="letter-spacing:0.2pt;">.&#8221; </font>
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          <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
            <font style="letter-spacing:0.2pt;">Brookfield is party to a rights agreement (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Rights Agreement</font><font style="letter-spacing:0.2pt;">&#8221;) pursuant to which it has agreed that, until March&#160;31, 2025, in the event that, on the applicable specified exchange date with respect to any subject Exchangeable Shares, (i)&#160;BIPC has not satisfied its obligation under its articles and notice of articles (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">BIPC&#8217;s articles</font><font style="letter-spacing:0.2pt;">&#8221;) of delivering the&#160;LP Units amount or its cash equivalent amount and (ii)&#160;we have not, upon our election in our sole and absolute discretion, acquired such subject Exchangeable Shares from the holder thereof and delivered the&#160;LP Units amount or its cash equivalent, Brookfield will satisfy, or cause to be satisfied, the obligations pursuant to BIPC&#8217;s articles to exchange such subject Exchangeable Shares for the&#160;LP Units amount or its cash equivalent. The holders of Exchangeable Shares have a right to receive the&#160;LP Units amount or its cash equivalent in such circumstances. </font>
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            <font style="letter-spacing:0.2pt;">The Partnership will pay all expenses of effecting the exchanges pursuant to this prospectus. </font>
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      <div style="margin-top:12pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">1</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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      <div style="margin-top:10pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <div style="margin-left:20pt; text-align:justify; width:436pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Exchange Rights of Exchangeable Shares for&#160;LP Units</font><font style="letter-spacing:0.2pt;">&#8221; for more information. </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">LP Units and Exchangeable Shares</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">As of December&#160;31, 2023, there were 461,343,972&#160;LP Units, 190,299,956 redeemable partnership&#160;units (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">RPUs</font><font style="letter-spacing:0.2pt;">&#8221;) of Holding&#160;LP and 131,872,066 Exchangeable Shares outstanding. The RPUs are subject to a redemption-exchange mechanism pursuant to which&#160;LP Units may be issued in exchange for RPUs on a one for one basis. All of the RPUs are currently owned by Brookfield. </font>
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            <font style="letter-spacing:0.2pt;">On October&#160;16, 2018, Brookfield Infrastructure Partners Exchange&#160;LP (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Exchange&#160;LP</font><font style="letter-spacing:0.2pt;">&#8221;), one of our subsidiaries, issued exchangeable limited partnership&#160;units of Exchange&#160;LP (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Exchangeable&#160;LP Units</font><font style="letter-spacing:0.2pt;">&#8221;) in connection with the privatization of Enercare&#160;Inc. Each Exchangeable&#160;LP Unit is exchangeable for one&#160;LP Unit. As of December&#160;31, 2023, there were 1,178,786 Exchangeable&#160;LP Units outstanding. </font>
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          <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">In connection with the acquisition of all of the outstanding common shares of Inter Pipeline&#160;Ltd. in the third and fourth quarter of 2021, Brookfield Infrastructure Corporation Exchange Limited Partnership issued class&#160;B exchangeable limited partnership&#160;units (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">BIPC Exchangeable&#160;LP Units</font><font style="letter-spacing:0.2pt;">&#8221;), which are exchangeable for Exchangeable Shares on a one-for-one basis. As of December&#160;31, 2023, there were 4,907,240 BIPC Exchangeable&#160;LP Units outstanding. </font>
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          <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">For more information regarding the LP Units and securities directly or indirectly exchangeable for LP Units, see &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Description of the Partnership&#8217;s Capital Structure</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Exchange of Exchangeable Shares for LP Units.</font><font style="letter-spacing:0.2pt;">&#8221; </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Exchanges Pursuant to This Prospectus</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">This prospectus relates to the issuance by the Partnership or delivery by BIPC or the selling unitholder named herein of up to 170,000,000 LP Units to satisfy any exchange, redemption or acquisition of Exchangeable Shares (including, if applicable, in connection with liquidation, dissolution or winding up of BIPC). As of April 15, 2024, there were 131,913,597 Exchangeable Shares outstanding and which may be exchanged for LP Units pursuant to this prospectus. In addition, from time to time, BIPC may issue additional Exchangeable Shares that may be exchanged for LP Units pursuant to this prospectus, including (1)&#160;upon exchange of BIPC Exchangeable&#160;LP Units; (2)&#160;pursuant to Regulation&#160;S under the Securities Act (including under BIPC&#8217;s Canadian base shelf prospectus) or (3)&#160;pursuant to one or more U.S. registration statements filed by BIPC. This prospectus relates to&#160;up to 38,086,403 LP Units that may be issued by the Partnership or delivered by BIPC or the selling unitholder named herein in connection with any exchange, redemption or acquisition of such additional Exchangeable Shares (including, if applicable, in connection with liquidation, dissolution or winding up of BIPC), as set forth on the cover of this prospectus. Any such future issuances of Exchangeable Shares exchangeable into the&#160;LP Units issuable or deliverable under this prospectus will have been made pursuant to either Regulation&#160;S under the Securities Act or another effective registration statement under the Securities Act. </font>
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          <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
            <font style="letter-spacing:-0.2pt;">Tax Consequences of Exchanges and Ownership of&#160;LP Units</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
            <font style="letter-spacing:0.2pt;">Please see &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Material Canadian Federal Income Tax Considerations</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Material United States Federal Income Tax Considerations&#8221;</font><font style="letter-spacing:0.2pt;"> for a summary of material Canadian and U.S. federal income tax considerations that may be relevant to holders of Exchangeable Shares if such holders exchange their Exchangeable Shares for&#160;LP Units. Because the specific tax consequences to such holders will depend upon each of their specific circumstances, holders are strongly urged to consult their own tax advisor(s) regarding any Canadian and/or U.S. federal, state and local tax consequences specific to such holders.</font>
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          <font style="letter-spacing:0.2pt;">2</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tRIFA">&#8203;</a>
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      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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          <font style="letter-spacing:-0.2pt;">RISK FACTORS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">An investment in the&#160;LP Units involves a high degree of risk. Before making an investment decision, you should carefully consider the risks incorporated by reference from the Annual Report and the other information incorporated by reference in this prospectus, as updated by our subsequent filings with the SEC, pursuant to Sections&#160;13(a), 14 or 15(d) of the Exchange Act of 1934, as amended (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Exchange Act</font><font style="letter-spacing:0.2pt;">&#8221;), and securities regulatory authorities in Canada, which are incorporated in this prospectus. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Where You Can Find More Information</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Incorporation by Reference</font><font style="letter-spacing:0.2pt;">.&#8221; The risks and uncertainties described therein and herein are not the only risks and uncertainties we face. In addition, please consider the following risks before making an investment decision: </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Risks Related to Exchanging Exchangeable Shares for&#160;LP Units</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The exchange of Exchangeable Shares for&#160;LP Units may result in the U.S. federal income taxation of any gain realized by a U.S. Holder.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Depending on the facts and circumstances, the exchange of Exchangeable Shares for&#160;LP Units by a U.S. Holder (as defined below) may result in the U.S. federal income taxation of any gain realized by such U.S. Holder. In general, a U.S. Holder exchanging Exchangeable Shares for&#160;LP Units pursuant to the exercise of the exchange right will recognize capital gain or loss (i)&#160;if the exchange request is satisfied by the delivery of&#160;LP Units by Brookfield pursuant to the Rights Agreement or (ii)&#160;if the exchange request is satisfied by the delivery of&#160;LP Units by BIPC and the exchange is, within the meaning of Section&#160;302(b) of the U.S. Internal Revenue Code (as defined below), in &#8220;complete redemption&#8221; of the U.S. Holder&#8217;s equity interest in BIPC, a &#8220;substantially disproportionate&#8221; redemption of stock, or &#8220;not essentially equivalent to a dividend&#8221;, applying certain constructive ownership rules that take into account not only the Exchangeable Shares and other equity interests in BIPC actually owned but also other equity interests in BIPC treated as constructively owned by such U.S. Holder for U.S. federal income tax purposes. If an exchange request satisfied by the delivery of&#160;LP Units by BIPC is not treated as a sale or exchange under the foregoing rules, then it will be treated as a distribution equal to the amount of cash and the fair market value of the&#160;LP Units received, taxable under the rules generally applicable to distributions on stock of a corporation. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In general, if the Partnership satisfies an exchange request by delivering&#160;LP Units to a U.S. Holder pursuant to the Partnership&#8217;s exercise of the Partnership Call Right (as defined below), then the U.S. Holder&#8217;s exchange of Exchangeable Shares for&#160;LP Units will qualify as tax-free under Section&#160;721(a) of the U.S. Internal Revenue Code, unless, at the time of such exchange, the Partnership (i)&#160;is a publicly traded partnership treated as a corporation for U.S. federal income tax purposes or (ii)&#160;would be an &#8220;investment company&#8221; if it were incorporated for purposes of Section&#160;721(b) of the U.S. Internal Revenue Code. In the case described in (i)&#160;or (ii)&#160;of the preceding sentence, a U.S. Holder may recognize gain upon the exchange. Our general partner believes that the Partnership will be treated as a partnership and not as a corporation for U.S. federal income tax purposes. In addition, based on the shareholders&#8217; rights in the event of the liquidation or dissolution of BIPC (or the Partnership) and the terms of the Exchangeable Shares, which are intended to provide an economic return equivalent to the economic return on the&#160;LP Units (including identical distributions), and taking into account the expected relative values of the Partnership&#8217;s assets and its ratable share of the assets of its subsidiaries for the foreseeable future, our general partner currently expects that a U.S. Holder&#8217;s exchange of Exchangeable Shares for&#160;LP Units pursuant to the exercise of the Partnership Call Right will not be treated as a transfer to an investment company for purposes of Section&#160;721(b) of the U.S. Internal Revenue Code. Accordingly, our general partner currently expects a U.S. Holder&#8217;s exchange of Exchangeable Shares for&#160;LP Units pursuant to the Partnership&#8217;s exercise of the Partnership Call Right to qualify as tax-free under Section&#160;721(a) of the U.S. Internal Revenue Code. However, no definitive determination can be made as to whether any such future exchange will qualify as tax-free under Section&#160;721(a) of the U.S. Internal Revenue Code, as this will depend on the facts and circumstances at the time of the exchange. Many of these facts and circumstances are not within the control of the Partnership, and no assurance can be provided as to the position, if any, taken by our general partner with regard to the U.S. federal income tax treatment of any such exchange. Nor can any assurance be given that the IRS will not assert, or that a court would not sustain, a position contrary to any future position taken by the Partnership. If Section&#160;721(a) of the U.S. Internal Revenue Code does not apply, then a U.S. Holder who exchanges Exchangeable Shares for&#160;LP Units pursuant </font>
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          <font style="letter-spacing:0.2pt;">3</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">to the Partnership&#8217;s exercise of the Partnership Call Right will be treated as if such holder had sold its Exchangeable Shares to the Partnership in a taxable transaction for cash in an amount equal to the value of the&#160;LP Units received. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Even if a U.S. Holder&#8217;s transfer of Exchangeable Shares in exchange for&#160;LP Units pursuant to the Partnership&#8217;s exercise of the Partnership Call Right qualifies as tax-free under Section&#160;721(a) of the U.S. Internal Revenue Code, our general partner currently expects for the Partnership and the Holding&#160;LP to immediately undertake subsequent transfers of such Exchangeable Shares that would result in the allocation to such U.S. Holder of any gain realized under Section&#160;704(c)(1) of the U.S. Internal Revenue Code. Under this provision, if appreciated property is contributed to a partnership, the contributing partner must recognize any gain that was realized but not recognized for U.S. federal income tax purposes with respect to the property at the time of the contribution (referred to as &#8220;built-in gain&#8221;), if the partnership sells such property (or otherwise transfers such property in a taxable exchange) at any time thereafter or distributes such property to another partner within seven&#160;years of the contribution in a transaction that does not otherwise result in the recognition of &#8220;built-in gain&#8221; by the partnership. If, contrary to the current expectations of our general partner, Section&#160;704(c)(1) does not apply as a result of any such subsequent transfers by the Partnership or the Holding&#160;LP of Exchangeable Shares transferred by a U.S. Holder for&#160;LP Units in an exchange qualifying as tax-free under Section&#160;721(a) of the U.S. Internal Revenue Code, then such U.S. Holder could, nonetheless, be required under Section&#160;737 or Section&#160;707(a) of the U.S. Internal Revenue Code to recognize part or all of the built-in gain in its Exchangeable Shares deferred as a result of such exchange, depending on whether the Partnership or the Holding&#160;LP were to make certain types of distributions to such U.S. Holder following the exchange. </font>
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          <font style="letter-spacing:0.2pt;">For a more complete discussion of the U.S. federal income tax consequences of the exchange of Exchangeable Shares for&#160;LP Units, see &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Material United States Federal Income Tax Considerations</font><font style="letter-spacing:0.2pt;">&#8221; below. The U.S. federal income tax consequences of exchanging Exchangeable Shares for&#160;LP Units are complex, and each U.S. Holder should consult its own tax advisor regarding such consequences in light of such holder&#8217;s particular circumstances. </font>
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        <div style="margin-top:12pt; text-align:justify; width:456pt; line-height:11.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Canadian federal income tax considerations described herein may be materially and adversely impacted by certain events.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If BIPC ceases to qualify as a &#8220;mutual fund corporation&#8221; under the Tax Act (as defined below), the income tax considerations described under the heading &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Material Canadian Federal Income Tax Considerations</font><font style="letter-spacing:0.2pt;">&#8221; would be materially and adversely different in certain respects. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In general, there can be no assurance that Canadian federal income tax laws respecting the treatment of mutual fund corporations or otherwise respecting the treatment of BIPC, the Partnership and the exchange of Exchangeable Shares for&#160;LP Units as described in this prospectus will not be changed in a manner that adversely affects shareholders or unitholders, or that such tax laws will not be administered in a way that is less advantageous to BIPC, the Partnership, shareholders or unitholders. </font>
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          <font style="letter-spacing:-0.2pt;">Your investment may change upon an exchange of Exchangeable Shares for&#160;LP Units.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">If you exchange Exchangeable Shares pursuant to the terms set forth in BIPC&#8217;s articles or the Rights Agreement, you may receive&#160;LP Units or cash in exchange for such Exchangeable Shares. To the extent that you receive&#160;LP Units in any such exchange, you will become a holder of limited partnership&#160;units of a Bermuda limited partnership rather than a holder of a security of a British Columbia corporation. We are organized as an exempted limited partnership under the laws of Bermuda, whereas BIPC is organized as a British Columbia corporation. Therefore, recipients of&#160;LP Units following an exchange of Exchangeable Shares for&#160;LP Units will have different rights and obligations, including voting rights, from those that they had prior to the consummation of the exchange as a holder of Exchangeable Shares. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Comparison of Rights of Holders of our Exchangeable Shares and the Partnership&#8217;s Units</font><font style="letter-spacing:0.2pt;">&#8221; in BIPC&#8217;s annual report on Form&#160;20-F for the year ended December&#160;31, 2023, filed with the SEC on March&#160;18, 2024. </font>
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        <div style="margin-top:12pt; text-align:justify; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The&#160;LP Units may not trade at the same price as the Exchangeable Shares.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Although the Exchangeable Shares are intended to provide an economic return that is equivalent to the&#160;LP Units, there can be no assurance that the market price of&#160;LP Units will be equal to the market price of </font>
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          <font style="letter-spacing:0.2pt;">4</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">Exchangeable Shares at any time. For example, as of the close of trading on April&#160;15, 2024, the closing price of the&#160;LP Units was $25.39 per unit and C$34.96 per unit on the NYSE and TSX, respectively, and the closing price of the Exchangeable Shares was $29.37 per share and C$40.49 per share on the NYSE and TSX, respectively. If BIPC redeems the Exchangeable Shares (which can be done without the consent of the holders) at a time when the trading price of the Exchangeable Shares is greater than the trading price of the&#160;LP Units, holders will receive&#160;LP Units (or its cash equivalent) with a lower trading price. Factors that could cause differences in such market prices may include: </font>
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          <font style="letter-spacing:0.2pt;">perception and/or recommendations by analysts, investors and/or other third parties that these securities should be priced differently; </font>
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          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">actual or perceived differences in dividends to holders of Exchangeable Shares versus distributions to holders of&#160;LP Units, including as a result of any legal prohibitions; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">business developments or financial performance or other events or conditions that may be specific to only Brookfield Infrastructure or BIPC; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:5.4pt; margin-bottom:0pt; text-align:justify; width:10pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">&#8226;</font>
          <br >
        </div>
        <div style=" margin-top:5.4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:30pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">difficulty in the exchange mechanics between Exchangeable Shares and&#160;LP Units, including any delays or difficulties experienced by the transfer agent in processing the exchange requests. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; text-align:justify; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Any holder requesting an exchange of their Exchangeable Shares for which BIPC or the Partnership elects to provide&#160;LP Units in satisfaction of the exchange amount may experience a delay in receiving such&#160;LP Units, which may affect the value of the&#160;LP Units the holder receives in an exchange.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Each Exchangeable Share is exchangeable at the option of the holder for one&#160;LP Unit (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of BIPC or the Partnership). See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Exchanges of Exchangeable Shares for&#160;LP Units&#8201;&#8212;&#8201;Primary Exchange Rights&#8201;&#8212;&#8201;Adjustments to Reflect Certain Capital Events</font><font style="letter-spacing:0.2pt;">.&#8221; In the event cash is used to satisfy an exchange request, the amount payable per Exchangeable Share will be equal to the NYSE closing price of one&#160;LP Unit on the date that the request for exchange is received by the transfer agent. As a result, any decrease in the value of the&#160;LP Units after that date will not affect the amount of cash received. However, any holder whose Exchangeable Shares are subsequently exchanged for&#160;LP Units will not receive such&#160;LP Units for up to ten (10) business days after the applicable request is received. During this period, the market price of&#160;LP Units may decrease. Any such decrease would affect the value of the consideration to be received by the holder of Exchangeable Shares on the effective date of the exchange. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Further, the Partnership is required to maintain an effective registration statement in the United States in order to exchange any Exchangeable Shares for&#160;LP Units. If a registration statement with respect to the&#160;LP Units issuable upon any exchange, redemption or purchase of Exchangeable Shares (including in connection with any liquidation, dissolution or winding up of BIPC) is not current or is suspended for use by the SEC, no exchange or redemption of Exchangeable shares for&#160;LP Units may be effected during such period. </font>
        </div>
        <div style="margin-top:12pt; text-align:justify; width:456pt; line-height:11pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Exchanges of Exchangeable Shares for&#160;LP Units may negatively affect the market price of the&#160;LP Units, and additional issuances of Exchangeable Shares would be dilutive to the&#160;LP Units.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">Each Exchangeable Share is exchangeable by the holder thereof for one&#160;LP Unit (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of our group). See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Exchanges of Exchangeable Shares for&#160;LP Units&#8201;&#8212;&#8201;Primary Exchange Rights&#8201;&#8212;&#8201;Adjustments to Reflect Certain Capital Events</font><font style="letter-spacing:0.2pt;">.&#8221; If our group elects to deliver&#160;LP Units in satisfaction of any such exchange request, a significant number of additional&#160;LP Units may be issued from time to time which could have a negative impact on the market price for&#160;LP Units. Additionally, any Exchangeable Shares issued by BIPC in the future (including upon exchange of BIPC Exchangeable&#160;LP Units or in primary offerings under BIPC&#8217;s Canadian base shelf prospectus) will be exchangeable for&#160;LP Units, and, accordingly, any future exchanges satisfied by the delivery of&#160;LP Units would dilute the&#160;percentage interest of existing holders of the&#160;LP Units and may reduce the market price of the&#160;LP Units. </font>
        </div>
        <div style="margin-top:12pt; text-align:justify; width:456pt; line-height:11.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Our group has the right to elect whether holders of Exchangeable Shares to receive cash or&#160;LP Units upon a liquidation, exchange or redemption event.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In the event that (i)&#160;there is a liquidation, dissolution or winding up of BIPC or the Partnership, (ii)&#160;BIPC or the Partnership exercises its right to redeem (or cause the redemption of) all of the then outstanding </font>
        </div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">5</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69pt;width:456pt;">
        <div style="text-align:justify; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Exchangeable Shares, or (iii)&#160;a holder of Exchangeable Shares requests an exchange of Exchangeable Shares, holders of Exchangeable Shares shall be entitled to receive one&#160;LP Unit per Exchangeable Share held (subject to adjustment to reflect certain capital events as described in elsewhere in this prospectus and certain other payment obligations in the case of a liquidation, dissolution or winding up of BIPC or the Partnership) or its cash equivalent. The form of payment will be determined at the election of our group so holders of&#160;LP Units and Exchangeable Shares will not know whether cash or&#160;LP Units will be delivered in connection with any of the events described above. BIPC and the Partnership currently intend to satisfy any exchange requests on the Exchangeable Shares through the delivery of&#160;LP Units rather than cash. </font>
        </div>
        <div style="margin-top:12pt; text-align:justify; width:456pt; line-height:12.5pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">BIPC or the Partnership may issue additional Exchangeable Shares or&#160;LP Units, respectively, in the future, including in lieu of incurring indebtedness, which may dilute holders of our group&#8217;s equity securities. BIPC or the Partnership may also issue securities that have rights and privileges that are more favorable than the rights and privileges accorded to our group&#8217;s equity holders.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Subject to the terms of any of BIPC securities then outstanding, BIPC may issue additional securities, including Exchangeable Shares, class&#160;B shares, class&#160;C shares, preference shares, options, rights and warrants for any purpose and for such consideration and on such terms and conditions as BIPC&#8217;s board may determine. Subject to the terms of any of BIPC securities then outstanding, BIPC&#8217;s board will be able to determine the class, designations, preferences, rights, powers and duties of any additional securities, including any rights to share in BIPC&#8217;s profits, losses and dividends, any rights to receive BIPC&#8217;s assets upon its dissolution or liquidation and any redemption, conversion and exchange rights. Subject to the terms of any of BIPC securities then outstanding, BIPC&#8217;s board may use such authority to issue such additional securities, which would dilute holders of such securities, or to issue securities with rights and privileges that are more favorable than those of the Exchangeable Shares. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12.5pt;">
          <font style="letter-spacing:0.2pt;">Similarly, under the Limited Partnership Agreement, subject to the terms of any preferred&#160;units then outstanding, our general partner may issue additional partnership securities, including&#160;LP Units, preferred&#160;units, options, rights, warrants and appreciation rights relating to partnership securities for any purpose and for such consideration and on such terms and conditions as the board of our general partner may determine. Subject to the terms of any of the Partnership securities then outstanding, the board of our general partner will be able to determine the class, designations, preferences, rights, powers and duties of any additional partnership securities, including any rights to share in the Partnership&#8217;s profits, losses and dividends, any rights to receive the Partnership&#8217;s assets upon its dissolution or liquidation and any redemption, conversion and exchange rights. Subject to the terms of any of the Partnership securities then outstanding, the board of our general partner may use such authority to issue such additional partnership securities, which would dilute holders of such securities, or to issue securities with rights and privileges that are more favorable than those of the&#160;LP Units. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The sale or issuance of a substantial number of Exchangeable Shares, the&#160;LP Units or other equity securities of BIPC or the Partnership in the public markets, or the perception that such sales or issuances could occur, could depress the market price of&#160;LP Units and impair the Partnership&#8217;s ability to raise capital through the sale of additional&#160;LP Units. We cannot predict the effect that future sales or issuances of Exchangeable Shares,&#160;LP Units or other equity securities would have on the market price of the&#160;LP Units. Subject to the terms of any of our securities then outstanding, holders of&#160;LP Units will not have any pre-emptive right or any right to consent to or otherwise approve the issuance of any securities or the terms on which any such securities may be issued. </font>
        </div>
        <div style="margin-top:12pt; text-align:justify; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">The Rights Agreement will terminate on March&#160;31, 2025.</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Rights Agreement will terminate on March&#160;31, 2025, unless otherwise terminated earlier pursuant to its terms. After such date, holders of Exchangeable Shares will no longer have the benefit of protections provided for by the Rights Agreement and will be reliant on the rights provided for in BIPC&#8217;s articles. In the event that BIPC or the Partnership fails to satisfy a request for exchange after the expiry of the Rights Agreement, a tendering holder will not be entitled to rely on the secondary exchange rights. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Exchanges of Exchangeable Shares for&#160;LP Units&#8201;&#8212;&#8201;Primary Exchange Rights</font><font style="letter-spacing:0.2pt;">&#8221;. </font>
        </div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">6</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tUOP">&#8203;</a><a name="tCAP">&#8203;</a><a name="tEOES">&#8203;</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">USE OF PROCEEDS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">None of the Partnership, BIPC or Brookfield will receive any cash proceeds from the issuance or delivery of any&#160;LP Units upon exchange, redemption or acquisition, as applicable, of Exchangeable Shares pursuant to this prospectus. See &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Exchange of Exchangeable Shares for&#160;LP Units</font><font style="letter-spacing:0.2pt;">&#8221; below. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">CAPITALIZATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The table below sets forth our capitalization as at December&#160;31, 2023. Our capitalization set forth below does not reflect transactions occurring after December&#160;31, 2023. You should read this table in conjunction with the financial statements and pro&#160;forma financial information that are incorporated by reference in this prospectus. </font>
        </div>
        <table style="width:456pt;height:243pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 2.167pt 0pt; width:378.35pt;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:-0.16pt;">($ Millions)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;text-align:center;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">As of December&#160;31,</font>
                <br >
                <font style="letter-spacing:-0.16pt;">2023</font><font style=" position:relative; bottom:3.25pt;line-height:5pt;font-size:5pt;letter-spacing:-0.12pt;">(4)</font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 1.5pt 0pt; width:378.35pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Corporate borrowings</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.15pt;">(1)(2)</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 1.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">4,911</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:378.35pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Non-recourse borrowings </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">40,904</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:378.35pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Other current and non-current liabilities</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.15pt;">(3)</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">20,933</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:378.35pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Preferred Shares </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">20</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:378.35pt;text-align:left;">
              <font style="letter-spacing:0.2pt;">Partnership Capital </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:378.35pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.2pt;">Limited Partners </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">5,321</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:378.35pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.2pt;">General Partner </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">28</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:378.35pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.2pt;">Non-controlling interest </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:0pt 0pt 0.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:378.35pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.2pt;">RPUs </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">2,190</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:378.35pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.2pt;">Exchangeable Shares </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">1,533</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:378.35pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.2pt;">Exchangeable&#160;LP Units </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">72</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:378.35pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.2pt;">Perpetual subordinated notes </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">293</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:378.35pt;text-align:left;">
              <div style="margin-left:20pt;">
                <font style="letter-spacing:0.2pt;">Interest of others in operating subsidiaries </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">23,661</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="border-bottom:1px solid #FFFFFF;padding:3.5pt 0pt 2.5pt 0pt; width:378.35pt;text-align:left;">
              <div style="margin-left:10pt;">
                <font style="letter-spacing:0.2pt;">Preferred Unitholders </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:24.75pt; text-align:right; white-space:nowrap;">918</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;border-bottom:1px solid #FFFFFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 2.5pt 0pt; width:378.35pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Total capitalization </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt; min-width:24.75pt; text-align:right; white-space:nowrap;">100,784</td>
            <td style="padding:0pt;padding-left:13.97pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:10.3pt; width:456pt;">
          <div style="margin-left: 0pt; width: 60pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:7pt; margin-bottom:0pt; line-height:10pt; text-align:left; margin-left:20pt;font-size:8pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">These amounts are guaranteed by certain subsidiaries of the Partnership, and/or BIPC Holdings&#160;Inc. and the Partnership. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:10pt; margin-top:3.01pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:3.01pt; margin-bottom:0pt; line-height:10pt; text-align:left; margin-left:20pt;font-size:8pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">Excludes any indebtedness incurred by the Partnership since December&#160;31, 2023. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:10pt; margin-top:3.01pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:3.01pt; margin-bottom:0pt; line-height:10pt; text-align:left; margin-left:20pt;font-size:8pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">Includes the deferred income tax liability of the Partnership as of December&#160;31, 2023. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:10pt; margin-top:3pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">(4)</font>
          <br >
        </div>
        <div style=" margin-top:3pt; margin-bottom:0pt; line-height:10pt; text-align:justify; margin-left:20pt;font-size:8pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">This does not reflect any transactions that have occurred since December&#160;31, 2023. See &#8220;</font><font style="font-style:italic;letter-spacing:0.16pt;">Where You Can Find More Information</font><font style="letter-spacing:0.16pt;">&#8221; and &#8220;</font><font style="font-style:italic;letter-spacing:0.16pt;">Documents Incorporated by Reference</font><font style="letter-spacing:0.16pt;">&#8221;. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:11.12pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">EXCHANGES OF EXCHANGEABLE SHARES FOR&#160;LP UNITS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The exchange rights relating to the Exchangeable Shares are set forth in BIPC&#8217;s articles and the Rights Agreement, which are filed as exhibits to the Registration Statement of which this prospectus forms a part. Upon exchange, holders of Exchangeable Shares will receive, with respect to each exchanged share, either (i)&#160;one&#160;LP Unit or (ii)&#160;cash in an amount equivalent to the market value of one&#160;LP Unit, in each case as described in further detail below. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Primary Exchange Right</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Holders of Exchangeable Shares have the right to exchange all or a portion of their Exchangeable Shares for one&#160;LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership as described below in &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Adjustments to Reflect Certain Capital Events</font><font style="letter-spacing:0.2pt;">&#8221;) or its cash equivalent based on the NYSE closing price of one&#160;LP Unit on the date that the request for exchange is received by BIPC&#8217;s transfer agent (or if not a trading day, the next trading day thereafter) plus all unpaid dividends, if any (the form of payment to be determined at the sole election of our group). Holders of Exchangeable Shares that hold such shares through a broker must contact their brokers to request an </font>
        </div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">7</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69pt;width:456pt;">
        <div style="text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">exchange on their behalf. Holders of Exchangeable Shares that are registered holders must contact BIPC&#8217;s transfer agent and follow the process described below. BIPC and the Partnership currently intend to satisfy any exchange, redemption or acquisition of Exchangeable Shares through the delivery of&#160;LP Units rather than cash. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Each holder of Exchangeable Shares who wishes to exchange one or more of his or her Exchangeable Shares for&#160;LP Units or its cash equivalent is required to complete and deliver a notice of exchange in the form available from BIPC&#8217;s transfer agent. Upon receipt of a notice of exchange, BIPC shall be obligated, within ten (10) business days after the date that the notice of exchange is received by BIPC&#8217;s transfer agent, to deliver to the tendering holder of Exchangeable Shares, in accordance with instructions set forth in the notice of exchange, one&#160;LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership as described below in &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Adjustments to Reflect Certain Capital Events</font><font style="letter-spacing:0.2pt;">&#8221;) or its cash equivalent based on the NYSE closing price of one&#160;LP Unit on the date that the request for exchange is received by BIPC&#8217;s transfer agent (or if not a trading day, the next trading day thereafter) plus all unpaid dividends, if any (the form of payment to be determined at the sole election of our group). The&#160;LP Units that BIPC would be obligated to deliver following an exchange request as set forth in the preceding sentence will be issued by the Partnership to BIPC, and BIPC in turn will deliver such&#160;LP Units to such holder. As described in the next paragraph, the Partnership may also elect to satisfy such exchange request by issuing&#160;LP Units directly to the tendering holder of Exchangeable Shares. Upon completion of the exchange of any Exchangeable Shares as described herein, the holder of Exchangeable Shares who has exchanged their Exchangeable Shares will have no further right, with respect to any Exchangeable Shares so exchanged, to receive any dividends on Exchangeable Shares with a record date on or after the date on which such Exchangeable Shares are exchanged. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the paragraph above, when a notice of exchange has been delivered to each of BIPC and the Partnership and, until such time as the Rights Agreement is terminated, Brookfield, by the transfer agent on behalf of a tendering holder of Exchangeable Shares, BIPC will promptly, and in any event, within one (1)&#160;business day after receipt thereof, deliver to each of Brookfield and the Partnership a written notification of BIPC&#8217;s receipt of such notice of exchange setting forth the identity of the holder of Exchangeable Shares who wishes to exchange such Exchangeable Shares and the number of Exchangeable Shares to be exchanged. The Partnership may elect to satisfy BIPC&#8217;s exchange obligation by acquiring all of the tendered Exchangeable Shares in exchange for issuing to such tendering holder one&#160;LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by our group as described below in &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Adjustments to Reflect Certain Capital Events</font><font style="letter-spacing:0.2pt;">&#8221;) or delivering its cash equivalent based on the NYSE closing price of one&#160;LP Unit on the date that the request for exchange is received by BIPC&#8217;s transfer agent (or if not a trading day, the next trading day thereafter) plus all unpaid dividends, if any (the form of payment to be determined at the sole election of our group). If the Partnership elects to satisfy BIPC&#8217;s exchange obligation, it shall, within three (3)&#160;days from the receipt of the holder&#8217;s notice of exchange, provide written notice to BIPC and BIPC&#8217;s transfer agent of its intention to satisfy the exchange obligation and shall satisfy such obligation within ten (10) business days from the date that the notice of exchange is received by BIPC&#8217;s transfer agent by issuing to such holder of Exchangeable Shares the&#160;LP Units or delivering the cash equivalent. The Partnership&#8217;s unitholders are not entitled to vote on the Partnership&#8217;s exercise of the overriding call right described in the preceding sentences. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In the event that a tendering holder of Exchangeable Shares has not received the number of&#160;LP Units or its cash equivalent (the form of payment to be determined by BIPC or the Partnership in each of their sole discretion) in satisfaction of the tendered Exchangeable Shares, then such tendering holder of Exchangeable Shares will be entitled to receive the equivalent of such cash amount or&#160;LP Units amount from Brookfield pursuant to the Rights Agreement until March&#160;31, 2025. In this scenario, the tendered Exchangeable Shares will be delivered to the rights agent (as defined below) in exchange for the delivery of the equivalent of the cash amount or&#160;LP Units amount from a collateral account of Brookfield administered by the rights agent. See the section entitled &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Secondary Exchange Rights</font><font style="letter-spacing:0.2pt;">&#8221; below for a further description of the Rights Agreement. The Partnership has agreed to indemnify Brookfield, in its capacity as selling unitholder, for certain liabilities under applicable securities laws concerning selling unitholders, in connection with any&#160;LP Units delivered by Brookfield pursuant to the Rights Agreement. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">No Fractional&#160;LP Units</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;No fractional&#160;LP Units will be issued or delivered upon exchange of Exchangeable Shares. In lieu of any fractional&#160;LP Units to which the tendering holder of Exchangeable Shares </font>
        </div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">8</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69pt;width:456pt;">
        <div style="text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">would otherwise be entitled at our group&#8217;s election, our group, will pay an amount in cash equal to the&#160;LP Unit value on the trading day immediately preceding the exchange date multiplied by such fraction of a&#160;LP Unit. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Conversion of Tendered Exchangeable Shares</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The Partnership is entitled at any time to have any or all exchangeable shares acquired by the Partnership converted into class C shares on a one-for-one basis. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Adjustments to Reflect Certain Capital Events.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The conversion factor (which is currently one) is subject to adjustment in accordance with BIPC&#8217;s articles to reflect certain capital events, including (i)&#160;if the Partnership and/or BIPC declares or pays a distribution to its unitholders consisting wholly or partly of&#160;LP Units or a dividend to its shareholders consisting wholly or partly of Exchangeable Shares, as applicable, without a corresponding distribution or dividend, as applicable, being declared or paid by the other entity; (ii)&#160;if the Partnership or BIPC splits, subdivides, reverse-splits or combines its outstanding&#160;LP Units or Exchangeable Shares, as applicable, without a corresponding event occurring at the other entity; (iii)&#160;if the Partnership and/or BIPC distributes any rights, options or warrants to all or substantially all holders of its&#160;LP Units or Exchangeable Shares to convert into, exchange for or subscribe for or to purchase or to otherwise acquire&#160;LP Units or Exchangeable Shares (or other securities or rights convertible into, exchangeable for or exercisable for&#160;LP Units or Exchangeable Shares), as applicable, without a corresponding distribution of rights, options or warrants by the other entity; (iv)&#160;if the Partnership distributes to all or substantially all holders of&#160;LP Units evidences of its indebtedness or assets (including securities), or rights, options or warrants to convert into, exchange for or subscribe for or to purchase or to otherwise acquire such securities but excluding all distributions where a comparable distribution (or the cash equivalent) is made by BIPC; or (v)&#160;if the Partnership or one of its subsidiaries makes a payment in respect of a tender or exchange offer for the&#160;LP Units (but excluding for all purposes any exchange or tender offer to exchange&#160;LP Units for Exchangeable Shares or any other security economically equivalent to&#160;LP Units), to the extent that the cash and value of any other consideration included in the payment per&#160;LP Unit exceeds certain thresholds. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Secondary Exchange Rights</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Brookfield is party to the Rights Agreement with Wilmington Trust, National Association (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">rights agent</font><font style="letter-spacing:0.2pt;">&#8221;), pursuant to which Brookfield has agreed that, until March&#160;31, 2025, upon an exchange of Exchangeable Shares, if BIPC has not satisfied its obligation under BIPC&#8217;s articles by delivering the&#160;LP Units amount or its cash equivalent amount (or the Partnership has not exercised its call right), Brookfield will satisfy, or cause to be satisfied, the obligations pursuant to BIPC&#8217;s articles to exchange such Exchangeable Shares for the&#160;LP Units amount or its cash equivalent. Brookfield currently intends to satisfy any exchange requests on the Exchangeable Shares through the delivery of&#160;LP Units rather than cash. The Master Services Agreement also provides that, so long as Brookfield is a party to the Rights Agreement, Brookfield shall have a consent right prior to the issuance by BIPC of any Exchangeable Shares, subject to certain exceptions. After the expiry of the Rights Agreement, holders of Exchangeable Shares will continue to have all of the rights provided for in BIPC&#8217;s articles but will no longer be entitled to rely on the secondary exchange rights. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Appointment of Rights Agent; Term</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;The rights agent has agreed to act as the rights agent for the holders, as a class and not individually, of Exchangeable Shares. Pursuant to and subject to the terms and conditions set forth in BIPC&#8217;s articles, a holder of Exchangeable Shares may request to exchange each Exchangeable Share (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">subject Exchangeable Share</font><font style="letter-spacing:0.2pt;">&#8221;) for one&#160;LP Unit per Exchangeable Share held (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of our group). See &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Primary Exchange Rights&#8201;&#8212;&#8201;Adjustments to Reflect Certain Capital Events</font><font style="letter-spacing:0.2pt;">&#8221; above. Upon receipt of a notice of exchange, BIPC shall, within ten (10) business days after the date that the notice of exchange is received by BIPC&#8217;s transfer agent (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">specified exchange date</font><font style="letter-spacing:0.2pt;">&#8221;), deliver to the tendering holder of Exchangeable Shares, such&#160;LP Unit or cash amount. See above under &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Primary Exchange Rights</font><font style="letter-spacing:0.2pt;">&#8221;. Pursuant to the Rights Agreement, Brookfield has agreed that, in the event that, on the applicable specified exchange date with respect to any subject Exchangeable Shares, (i)&#160;BIPC has not satisfied its obligation under its articles by delivering the applicable&#160;LP Unit or cash amount and (ii)&#160;the Partnership has not, upon its election in its sole and absolute discretion, acquired such subject Exchangeable Share from the holder thereof and delivered the applicable&#160;LP Unit or cash amount, Brookfield will satisfy, or cause to be satisfied, the obligations pursuant to BIPC&#8217;s articles to exchange such subject Exchangeable Shares for the&#160;LP Unit or the cash amount. The holders of Exchangeable Shares have a right to receive the&#160;LP Units amount or the cash amount in such circumstances (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Secondary Exchange Rights</font><font style="letter-spacing:0.2pt;">&#8221;). </font>
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        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">9</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
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        <div style="text-indent:20pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Secondary Exchange Rights are a part of the terms of the Exchangeable Shares and may not be evidenced, transferred or assigned separate or apart from the Exchangeable Shares. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The Rights Agreement will terminate on March&#160;31, 2025, unless otherwise terminated pursuant to its terms as described below. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Satisfaction of Secondary Exchange Rights</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;In accordance with the Rights Agreement, Brookfield has agreed to satisfy, or cause to be satisfied, the obligations with respect to the Secondary Exchange Rights contained in BIPC&#8217;s articles. The rights agent has agreed to establish a collateral account, and Brookfield has contributed an amount of cash or securities in accordance with the Rights Agreement (as further described below) in order to enable the rights agent to exchange subject Exchangeable Shares for the cash amount or the&#160;LP Units amount in accordance with the Rights Agreement. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In accordance with BIPC&#8217;s articles, BIPC is required to deliver a notice (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">company notice</font><font style="letter-spacing:0.2pt;">&#8221;) to the rights agent and Brookfield on the specified exchange date if the conditions to the exercise of the Secondary Exchange Rights with respect to any subject Exchangeable Shares have been satisfied. The company notice must set forth the&#160;LP Units amount and the cash amount for such subject Exchangeable Shares and any necessary wire transfer or other delivery instructions. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Brookfield may provide notice to the rights agent by the business day immediately following receipt of the company notice, providing that Brookfield has elected, in Brookfield&#8217;s sole discretion, to fund the cash amount. If the rights agent has not received such notice from Brookfield, the rights agent must exchange the subject Exchangeable Shares for a number of&#160;LP Units held in the collateral account equal to the&#160;LP Units amount and promptly, and in any event within two (2)&#160;business days, deliver such&#160;LP Units from the collateral account to the holder of the subject Exchangeable Shares. If there are not enough&#160;LP Units in the collateral account to satisfy the&#160;LP Units amount with respect to one or more of such subject Exchangeable Shares, the rights agent will exchange such subject Exchangeable Shares for an amount of cash from the collateral account equal to the cash amount and promptly, and in any event within two (2)&#160;business days, deliver the cash amount to the holder of the subject Exchangeable Shares. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If the holder of the subject Exchangeable Shares has not received the&#160;LP Units amount or the cash amount by the specified exchange date, the holder of the subject Exchangeable Shares may deliver, or cause to be delivered, a notice (an &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Exchanging Shareholder notice</font><font style="letter-spacing:0.2pt;">&#8221;) to the rights agent and Brookfield. The Exchanging Shareholder notice must set forth the number of such subject Exchangeable Shares and any necessary wire transfer or other delivery instructions and be in a format that is acceptable to the rights agent. On the next business day following receipt of the Exchanging Shareholder notice, Brookfield will provide notice to the rights agent (i)&#160;setting forth the&#160;LP Units amount and the cash amount for such subject Exchangeable Shares and (ii)&#160;either (a)&#160;providing that Brookfield has elected, in Brookfield&#8217;s sole discretion, to fund the cash amount or (b)&#160;instructing the rights agent to exchange each subject Exchangeable Share. Brookfield is not obligated to deliver such notice if it has determined in good faith that the conditions to the exercise of the Secondary Exchange Right have not been satisfied. On or prior to the second business day following receipt by the rights agent of such instruction by Brookfield, the Exchanging Shareholder notice and the subject Exchangeable Shares, the rights agent will exchange such subject Exchangeable Shares for the&#160;LP Units amount from the collateral account or, if there are not enough&#160;LP Units in the collateral account, for the cash amount from the collateral account. With respect to any exchange of subject Exchangeable Shares, Brookfield may elect to instruct the rights agent to exchange the subject Exchangeable Shares for the cash amount. If Brookfield makes such an election and there is not a sufficient amount of cash in the collateral account, Brookfield must deposit the required amount into the collateral account simultaneously with such election. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In connection with the exercise by a holder of the Secondary Exchange Rights with respect to any subject Exchangeable Shares held through the Depository Trust Company (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">DTC</font><font style="letter-spacing:0.2pt;">&#8221;), such holder will deliver to the rights agent such subject Exchangeable Shares pursuant to DTC&#8217;s applicable procedures. In addition, such holder will deliver to the rights agent via e-mail on the business day prior to delivery of such subject Exchangeable Shares a copy of the exchanging Exchangeable Shareholder notice, if applicable. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Receipt of Subject Exchangeable Shares; Withholding</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Holders of subject Exchangeable Shares will deliver such shares free and clear of all liens, claims and encumbrances, and should any such liens, claims and encumbrances exist with respect to such subject Exchangeable Shares, the holder of such subject Exchangeable </font>
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      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">10</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">&#160;</font>
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      <div style="margin-top:6pt;margin-left:69pt;width:456pt;">
        <div style="text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Shares will not be entitled to exercise its Secondary Exchange Rights with respect to such shares. Each holder of subject Exchangeable Shares will pay to Brookfield the amount of any tax withholding due upon the exchange of such shares and, in the event Brookfield elects to acquire some or all of the subject Exchangeable Shares in exchange for the cash amount, will authorize Brookfield to retain a portion of the cash amount to satisfy tax withholding obligations. If Brookfield elects to acquire some or all of the subject Exchangeable Shares in exchange for the&#160;LP Units amount, Brookfield may elect to either satisfy the amount of any tax withholding by retaining&#160;LP Units with a fair market value equal to the amount of such obligation, or satisfy such tax withholding obligation using amounts paid by Brookfield, which amounts will be treated as a loan by Brookfield to the holder of the subject Exchangeable Shares, in each case, unless the holder, at the holder&#8217;s election, has made arrangements to pay the amount of any such tax withholding. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">LP Units Record Date</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Each former holder of subject Exchangeable Shares who receives the&#160;LP Units amount will be deemed to have become the owner of the&#160;LP Units as of the date upon which such subject Exchangeable Shares are duly surrendered in accordance with the Rights Agreement. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Collateral Account</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Brookfield or its affiliates have established a non-interest-bearing trust account administered by the rights agent (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">collateral account</font><font style="letter-spacing:0.2pt;">&#8221;). In accordance with the terms of the Rights Agreement, Brookfield will ensure that the aggregate of (i)&#160;the&#160;LP Units in or issuable pursuant to any convertible securities in the collateral account (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">collateral account&#160;LP Unit balance</font><font style="letter-spacing:0.2pt;">&#8221;), and (ii)&#160;the number of&#160;LP Units equal to the aggregate amount of cash in the collateral account divided by the value of a&#160;LP Unit (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">collateral cash balance</font><font style="letter-spacing:0.2pt;">&#8221; and, together with the collateral account&#160;LP Unit balance, the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">collateral account balance</font><font style="letter-spacing:0.2pt;">&#8221;) will at all times be equal to or exceed the number of&#160;LP Units that is equal to the product of the total number of Exchangeable Shares outstanding (excluding those owned by Brookfield or its affiliates) multiplied by the conversion factor in accordance with BIPC&#8217;s articles, (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">required collateral account balance</font><font style="letter-spacing:0.2pt;">&#8221;). </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If the collateral account balance is at any time less than the required collateral account balance, Brookfield will, within two (2)&#160;business days, deposit or cause to be deposited into the collateral account either (i)&#160;a number of&#160;LP Units or any security convertible into or redeemable for&#160;LP Units (other than Exchangeable Shares) (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">LP Unit convertibles</font><font style="letter-spacing:0.2pt;">&#8221;), or (ii)&#160;an amount of cash or cash equivalents, in each case in an amount necessary to cause the collateral account balance to be at least equal to the required collateral account balance. To the extent that conversion or redemption of a&#160;LP Unit convertible results in the imposition of any fees, payments, premiums or penalties, such fees, payments, premiums or penalties will be borne by Brookfield or its affiliates, and must either be satisfied directly by Brookfield or such affiliates or will be deemed to reduce the collateral account balance. Brookfield must keep the rights agent informed of the collateral account balance and the required collateral account balance in writing on a regular basis, and must inform the rights agent in writing within two (2)&#160;business days of any change in the collateral account balance or the required collateral account balance for any reason, including as a result of an adjustment to the conversion factor pursuant to BIPC&#8217;s articles. </font>
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          <font style="letter-spacing:0.2pt;">Brookfield and its affiliates will not be entitled to withdraw any&#160;LP Unit or&#160;LP Unit convertible from the collateral account, except (i)&#160;if the collateral account balance exceeds the required collateral account balance, either as a result of a change in the conversion factor pursuant to BIPC&#8217;s articles or a decrease in the number of Exchangeable Shares outstanding (excluding Exchangeable Shares held by Brookfield or its affiliates) or (ii)&#160;upon the deposit by Brookfield or its affiliates in the collateral account of an amount in cash or cash equivalents equal to one hundred and fifty&#160;percent (150%) of the value of the&#160;LP Units withdrawn or the value of the number of&#160;LP Units into which such LP Unit convertibles may be converted or redeemed. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If the collateral account contains any amount of cash in lieu of&#160;LP Units, such cash amount is required to be no less than the product of the required collateral account balance minus the collateral account&#160;LP Unit balance, multiplied by one hundred and twenty-five&#160;percent (125%) of the value of a&#160;LP Unit (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">required collateral account cash balance</font><font style="letter-spacing:0.2pt;">&#8221;). If at any time the collateral account cash balance is less than the required collateral account cash balance, Brookfield will within two (2)&#160;business days deposit or cause to be deposited cash or cash equivalents in the collateral account in an amount sufficient to cause the collateral account cash balance to be at least equal to the required collateral account cash balance. </font>
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          <font style="letter-spacing:0.2pt;">Brookfield and its affiliates will not be entitled to withdraw any cash or cash equivalents from the collateral account, except (i)&#160;to the extent the collateral account cash balance is greater than one hundred and </font>
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          <font style="letter-spacing:0.2pt;">11</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
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          <font style="letter-spacing:0.2pt;">twenty&#160;percent (120%) of the required collateral account cash balance or (ii)&#160;upon the deposit in the collateral account of a corresponding number of&#160;LP Units or&#160;LP Unit convertibles. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Registration of&#160;LP Units</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;Brookfield has agreed that if a shelf registration statement has not been effective for five (5)&#160;consecutive business days with respect to all of the&#160;LP Units in the collateral account, including&#160;LP Units issuable from time to time upon conversion of or redemption for&#160;LP Unit convertibles, and the transfer of such&#160;LP Units from the collateral account to a holder of subject Exchangeable Shares, Brookfield will deposit or cause to be deposited into the collateral account an amount of cash or cash equivalents equal to one hundred and fifty&#160;percent (150%) of the value of all&#160;LP Units (including&#160;LP Units issuable from time to time upon conversion of or redemption for&#160;LP Unit convertibles) held in the collateral account at such time; provided, however, no such deposit is required to the extent all of the&#160;LP Units in the collateral account, including&#160;LP Units issuable from time to time upon conversion of or redemption for&#160;LP Unit convertibles, and the transfer of such&#160;LP Units from the collateral account to a holder of subject Exchangeable Shares, are registered under an effective shelf registration statement. </font>
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          <font style="font-style:italic;letter-spacing:0.2pt;">Termination or Amendment</font><font style="letter-spacing:0.2pt;">.&nbsp;&nbsp;&nbsp;This Rights Agreement will terminate automatically on the earliest of (i)&#160;the date on which there are no Exchangeable Shares outstanding, other than Exchangeable Shares owned by Brookfield or its affiliates and (ii)&#160;March&#160;31, 2025. Brookfield may not, without the affirmative vote of holders of at least two-thirds (2/3rds) of the outstanding Exchangeable Shares not held by Brookfield, voting as a class, and the approval of a majority of the independent directors of BIPC, materially amend, modify, or alter the Rights Agreement or repeal, terminate or waive any rights under the Rights Agreement. After the expiry of the Rights Agreement, holders of Exchangeable Shares will continue to have all of the rights provided for in BIPC&#8217;s articles but will no longer be entitled to rely on the secondary exchange rights. </font>
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          <font style="letter-spacing:-0.2pt;">Redemption</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">BIPC&#8217;s board has the right upon sixty (60) days&#8217; prior written notice to holders of Exchangeable Shares to redeem all of the then outstanding Exchangeable Shares at any time and for any reason, in its sole discretion and subject to applicable law, including without limitation following the occurrence of any of the following redemption events: (i)&#160;the total number of Exchangeable Shares outstanding decreases by 50% or more over any twelve-month period; (ii)&#160;a person acquires 90% of the&#160;LP Units in a take-over bid (as defined by applicable securities law); (iii)&#160;unitholders of the Partnership approve an acquisition of the Partnership by way of arrangement or amalgamation; (iv)&#160;unitholders of the Partnership approve a restructuring or other reorganization of the Partnership; (v)&#160;there is a sale of all or substantially all of the Partnership&#8217;s assets; (vi)&#160;there is a change of law (whether by legislative, governmental or judicial action), administrative practice or interpretation, or a change in circumstances of BIPC and its shareholders, that may result in adverse tax consequences for BIPC or its shareholders; or (vii)&#160;BIPC&#8217;s board, in its sole discretion, concludes that the unitholders of the Partnership or holders of Exchangeable Shares are adversely impacted by a fact, change or other circumstance relating to BIPC. For greater certainty, unitholders of the Partnership do not have the ability to vote on such redemption and the BIPC&#8217;s board&#8217;s decision to redeem all of the then outstanding Exchangeable Shares will be final. In addition, the holders of class&#160;B shares of BIPC may deliver a notice to BIPC specifying a redemption date upon which BIPC shall redeem all of the then outstanding Exchangeable Shares, and upon sixty (60) days&#8217; prior written notice from BIPC to the holders of Exchangeable Shares and without the consent of holders of Exchangeable Shares, BIPC shall be required to redeem all of the then outstanding Exchangeable Shares on such redemption date, subject to applicable law. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Upon any such redemption event, the holders of Exchangeable Shares shall be entitled to receive pursuant to such redemption one&#160;LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership) or its cash equivalent based on the NYSE closing price of one&#160;LP Unit on the trading day immediately preceding the announcement of such redemption plus all unpaid dividends, if any (the form of payment to be determined at the election of BIPC). See &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Primary Exchange Rights&#8201;&#8212;&#8201;Adjustments to Reflect Certain Capital Events</font><font style="letter-spacing:0.2pt;">&#8221; above. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the foregoing, upon any redemption event, the Partnership may elect to acquire all of the outstanding Exchangeable Shares in exchange for one&#160;LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership as described above in &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Primary Exchange Rights&#8201;&#8212;&#8201;Adjustments to Reflect Certain Capital Events</font><font style="letter-spacing:0.2pt;">&#8221;) or its cash equivalent based on the NYSE closing price of one&#160;LP Unit on the trading day immediately preceding the announcement </font>
        </div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">12</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69pt;width:456pt;">
        <div style="text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">of such redemption plus all unpaid dividends, if any (the form of payment to be determined at the election of the Partnership).&#160;LP Unitholders are not entitled to vote on the Partnership&#8217;s exercise of the overriding call right described in the preceding sentences. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Liquidation</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Upon any liquidation, dissolution or winding up of BIPC, and subject to the prior rights of holders of all classes and series of preferred shares and any other class of shares of BIPC ranking in priority or ratably with the Exchangeable Shares and after the payment in full (i)&#160;to any holder of Exchangeable Shares or class&#160;C shares of BIPC that has submitted a notice of the exercise of the exchange rights described above at least ten&#160;(10) days prior to the date of the liquidation, dissolution or winding up (or in the case of the class&#160;B shares of BIPC, thirty (30) days prior to the date of the liquidation, dissolution or winding up) and (ii)&#160;any unpaid dividends, the holders of Exchangeable Shares shall be entitled to one&#160;LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership as described above in &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Primary Exchange Rights&#8201;&#8212;&#8201;Adjustments to Reflect Certain Capital Events</font><font style="letter-spacing:0.2pt;">&#8221;) or its cash equivalent based on the NYSE closing price of one&#160;LP Unit on the trading day immediately preceding announcement of such liquidation, dissolution or winding up (the form of payment to be determined at the election of BIPC). If, upon any such liquidation, dissolution or winding up, the assets of BIPC are insufficient to make such payment in full, then the assets of BIPC will be distributed among the holders of Exchangeable Shares ratably in proportion to the full amounts to which they would otherwise be respectively entitled to receive. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the foregoing, upon any liquidation, dissolution or winding up of BIPC, the Partnership may elect to acquire all of the outstanding Exchangeable Shares for one&#160;LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership) plus all unpaid dividends, if any. See &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Primary Exchange Rights&#8201;&#8212;&#8201;Adjustments to Reflect Certain Capital Events</font><font style="letter-spacing:0.2pt;">&#8221; above. The acquisition by the Partnership of all the outstanding Exchangeable Shares will occur on the day prior to the effective date of the liquidation, dissolution or winding up of BIPC.&#160;LP Unitholders are not entitled to vote on the Partnership&#8217;s exercise of the overriding call right described in the preceding sentences. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Automatic Redemption upon Liquidation of the Partnership</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Upon any liquidation, dissolution or winding up of the Partnership, including where substantially concurrent with a liquidation, dissolution or winding up of BIPC, all of the then outstanding Exchangeable Shares will be automatically redeemed by BIPC on the day prior to the liquidation, dissolution or winding up of the Partnership. Each holder of Exchangeable Shares shall be entitled to one&#160;LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership as described above in &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Primary Exchange Rights&#8201;&#8212;&#8201;Adjustments to Reflect Certain Capital Events</font><font style="letter-spacing:0.2pt;">&#8221;) or its cash equivalent based on the NYSE closing price of one&#160;LP Unit on the trading day immediately preceding the announcement of such redemption plus all unpaid dividends, if any (the form of payment to be determined at the election of BIPC). </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the foregoing, upon any such redemption, the Partnership may elect to acquire all of the outstanding Exchangeable Shares in exchange for one&#160;LP Unit per Exchangeable Share held (subject to adjustment in the event of certain dilutive or other capital events by BIPC or the Partnership) plus all unpaid dividends, if any. See &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Primary Exchange Rights&#8201;&#8212;&#8201;Adjustments to Reflect Certain Capital Events</font><font style="letter-spacing:0.2pt;">.&#8221; The acquisition by the Partnership of all the outstanding Exchangeable Shares will occur on the day prior to the effective date of the liquidation, dissolution or winding up of BIPC. Unitholders of the Partnership are not entitled to vote on the Partnership&#8217;s exercise of the overriding call right described in the preceding sentences. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Registration Rights Agreement</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">BIPC, the Partnership and Brookfield have entered into a registration rights agreement (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Registration Rights Agreement</font><font style="letter-spacing:0.2pt;">&#8221;) comparable to the registration rights agreement existing between Brookfield and the Partnership. Under the Registration Rights Agreement, BIPC has agreed that, upon the request of Brookfield, BIPC will file one or more registration statements or prospectuses to register for sale and qualify for distribution under applicable securities laws any of the Exchangeable Shares held by Brookfield. In the </font>
        </div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">13</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Helvetica, Arial, sans-serif;font-size:9pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69pt;width:456pt;">
        <div style="text-align:justify; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">Registration Rights Agreement, BIPC has also agreed to pay expenses in connection with such registration and sales and will indemnify Brookfield for material misstatements or omissions in the registration statement. This prospectus constitutes a prospectus of the Partnership with respect to the delivery of&#160;LP Units to holders of Exchangeable Shares upon exchange, redemption or acquisition of the Exchangeable Shares as contemplated by the Registration Rights Agreement.</font>
        </div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">14</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tDOTP">&#8203;</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">DESCRIPTION OF THE PARTNERSHIP&#8217;S CAPITAL STRUCTURE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following is a description of the material terms of the&#160;LP Units and a summary of certain terms of the Limited Partnership Agreement, which is incorporated herein by reference. For more information on the Limited Partnership Agreement, see Item&#160;10.B, &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Additional Information&#8201;&#8212;&#8201;Memorandum and Articles of Association&#8201;&#8212;&#8201;Description of Our Units, Preferred Units and Our Limited Partnership Agreement</font><font style="letter-spacing:0.2pt;">&#8221; in the Annual Report, which is incorporated by reference herein. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">As of December&#160;31, 2023, there were 461,343,972&#160;LP Units outstanding (651,643,928&#160;LP Units assuming the exchange of all of Brookfield&#8217;s RPUs and 652,822,714&#160;LP Units assuming the exchange of all of Brookfield&#8217;s RPUs and Exchangeable&#160;LP Units), 4,989,265 Class&#160;A Preferred Units, Series&#160;1, 4,989,262 Class&#160;A Preferred Units, Series&#160;3, 7,986,595 Class&#160;A Preferred Units, Series&#160;9, 9,936,190 Class&#160;A Preferred Units, Series&#160;11, 8,000,000 Class&#160;A Preferred Units, Series&#160;13 and 8,000,000 Class&#160;A Preferred Units, Series&#160;14 outstanding and no Class&#160;A Preferred Units, Series&#160;2, Class&#160;A Preferred Units, Series&#160;4, Class&#160;A Preferred Units, Series&#160;10 and Class&#160;A Preferred Units, Series&#160;12 outstanding. The RPUs are subject to a redemption-exchange mechanism pursuant to which&#160;LP Units may be issued in exchange for RPUs on a one for one basis. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">As of December&#160;31, 2023, there were 131,872,066 Exchangeable Shares outstanding. Additionally, as of December&#160;31, 2023, there were 4,907,240 BIPC Exchangeable&#160;LP Units outstanding. Each BIPC Exchangeable&#160;LP Unit is exchangeable for one Exchangeable Share. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">On October&#160;16, 2018, Exchange&#160;LP issued Exchangeable&#160;LP Units in connection with the privatization of Enercare&#160;Inc. Each Exchangeable&#160;LP Unit is exchangeable for one&#160;LP Unit. As of December&#160;31, 2023, there were 1,178,786 Exchangeable&#160;LP Units outstanding. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The&#160;LP Units are non-voting limited partnership interests in the Partnership. Holders of&#160;LP Units are not entitled to the withdrawal or return of capital contributions in respect of the&#160;LP Units, except to the extent, if any, that distributions are made to such holders pursuant to the Limited Partnership Agreement or upon the liquidation of the Partnership as described in the Annual Report or as otherwise required by applicable law. Except to the extent expressly provided in the Limited Partnership Agreement, a holder of&#160;LP Units will not have priority over any other holder of&#160;LP Units, either as to the return of capital contributions or as to profits, losses or distributions. The&#160;LP Units rank junior to the preferred limited partnership&#160;units (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Preferred&#160;LP Units&#8221;</font><font style="letter-spacing:0.2pt;">) with respect to priority in the payment of distributions and in the distribution of the assets of the Partnership in the event of the liquidation, dissolution or winding-up of the Partnership, whether voluntary or involuntary, as further described in the Annual Report. Holders of&#160;LP Units will not be granted any preemptive or other similar right to acquire additional interests in the Partnership. In addition, holders of&#160;LP Units do not have any right to have their&#160;LP Units redeemed by the Partnership. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Further, subject to the terms of any Preferred&#160;LP Units then outstanding, our Limited Partnership Agreement authorizes us to establish one or more classes, or one or more series of any such classes of Preferred&#160;LP Units with such designations, preferences, rights, powers and duties (which may be senior to existing classes and series of our Preferred&#160;LP Units, such as the Class&#160;A Preferred Units), as shall be determined by our general partner in its sole discretion, including: (i)&#160;the right to share in our profits and losses or items thereof; (ii)&#160;the right to share in our distributions; (iii)&#160;the rights upon our dissolution and liquidation; (iv)&#160;whether, and the terms and conditions upon which, we may or shall be required to redeem our Preferred&#160;LP Units (including sinking fund provisions); (v)&#160;whether such Preferred&#160;LP Unit is issued with the privilege of conversion or exchange and, if so, the terms and conditions of such conversion or exchange; (vi)&#160;the terms and conditions upon which each Preferred&#160;LP Unit will be issued, evidenced by certificates and assigned or transferred; and (vii)&#160;the requirement, if any, of each such Preferred&#160;LP Unit to consent to certain Partnership matters. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">For a more detailed description of the&#160;LP Units, the Preferred&#160;LP Units and the Partnership&#8217;s capital structure, please refer to the Annual Report, as updated by our subsequent filings with the SEC that are incorporated herein by reference. </font>
        </div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">15</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSEUN">&#8203;</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;font-size:10pt;">
          <font style="letter-spacing:-0.2pt;">SELLING UNITHOLDER</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">The table below sets forth information regarding beneficial ownership of&#160;LP Units by the selling unitholder as of April 15, 2024. The&#160;percentage of beneficial ownership for the following table is based on 461,489,749&#160;LP Units outstanding as of April 15, 2024. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to Rule&#160;13d-4 under the Exchange Act, the statements concerning voting and dispositive power concerning the&#160;LP Units included in the footnotes to this table shall not be construed as admissions that such persons are the beneficial owners of such&#160;LP Units. </font>
        </div>
        <table style="width:456pt;height:113.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt 0pt 2.167pt 0pt; width:219.88pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="border-bottom:1px solid #000000;padding-bottom:2.16666666666667pt;padding-right:1pt;letter-spacing:-0.16pt;">Selling Unitholder </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">LP Units</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Beneficially</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Owned</font><font style=" position:relative; bottom:3.25pt;line-height:5pt;font-size:5pt;letter-spacing:-0.12pt;">(1)</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Percentage</font>
                <br >
                <font style="letter-spacing:-0.16pt;">of&#160;LP Units</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Outstanding </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Maximum</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Number of</font>
                <br >
                <font style="letter-spacing:-0.16pt;">LP Units That</font>
                <br >
                <font style="letter-spacing:-0.16pt;">May</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Be Delivered</font>
                <br >
                <font style="letter-spacing:-0.16pt;">by Brookfield</font>
                <br >
                <font style="letter-spacing:-0.16pt;">upon</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Exchange of</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Exchangeable</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Shares </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.167pt 0pt;" colspan="4">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">Percentage</font>
                <br >
                <font style="letter-spacing:-0.16pt;">after</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Maximum</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Number of</font>
                <br >
                <font style="letter-spacing:-0.16pt;">LP Units are</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Delivered by</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Brookfield</font>
                <br >
                <font style="letter-spacing:-0.16pt;">upon</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Exchange of</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Exchangeable</font>
                <br >
                <font style="letter-spacing:-0.16pt;">Shares </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:3.25pt 0pt 2.167pt 0pt; width:219.88pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Brookfield Corporation</font><font style=" position:relative; bottom:4.25pt;font-size:6.5pt;letter-spacing:0.15pt;">(2)</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:38.25pt; text-align:right; white-space:nowrap;">207,999,242</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:11.72pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:13.5pt; text-align:right; white-space:nowrap;">31.3<font style="position:absolute;">%<font style=" position:relative; bottom:4.25pt;font-size:6.5pt;">(3)</font> </font></td>
            <td style="padding:0pt;padding-left:11.72pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:38.25pt; text-align:right; white-space:nowrap;">170,000,000</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:16.715pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:0pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.167pt 0pt; min-width:9.75pt; text-align:right; white-space:nowrap;">6.6<font style="position:absolute;">%<font style=" position:relative; bottom:4.25pt;font-size:6.5pt;">(4)</font></font></td>
            <td style="padding:0pt;padding-left:16.715pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:10.5pt; width:456pt;">
          <div style="margin-left: 0pt; width: 60pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:8pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.16pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:10pt; text-align:justify; margin-left:20pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">Beneficial ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities.&#160;LP Units relating to securities currently exercisable or exercisable within sixty (60) days of the date of this table are deemed outstanding for computing the&#160;percentage of the person holding such securities but are not deemed outstanding for computing the&#160;percentage of any other person. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:10pt; margin-top:4pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.16pt;">(2)</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:10pt; text-align:justify; margin-left:20pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">Brookfield Corporation may be deemed to be the beneficial owner of 207,999,242&#160;LP Units that it holds through wholly owned subsidiaries and including&#160;units held by Brookfield Reinsurance&#160;Ltd. (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.16pt;">Brookfield Reinsurance</font><font style="letter-spacing:0.16pt;">&#8221;), constituting approximately 31.3% of the issued and outstanding&#160;units, assuming that all of the RPUs and Exchangeable Shares beneficially owned by Brookfield Corporation are exchanged for&#160;LP Units. This amount includes 1,399,230 LP Units beneficially held directly or indirectly by Brookfield Corporation and 3,287,267&#160;LP Units held by Brookfield Reinsurance. Brookfield Corporation and Brookfield Reinsurance have agreed that all decisions to be made by Brookfield Reinsurance with respect to the voting of the&#160;units held by Brookfield Reinsurance will be made jointly by mutual agreement of the applicable Brookfield Reinsurance subsidiary and Brookfield Corporation. Brookfield Reinsurance may acquire additional&#160;units or other securities exchangeable for&#160;LP Units. It is expected that any&#160;LP Units or other securities exchangeable for&#160;LP Units held by Brookfield Reinsurance will be subject to the foregoing voting arrangements. In addition, BAM Partners Trust (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.16pt;">BN Partnership</font><font style="letter-spacing:0.16pt;">&#8221;) may be deemed a beneficial owner of such&#160;LP Units. BN Partnership is a trust established under the laws of Ontario and is the sole owner of the Class&#160;B limited voting shares of Brookfield Corporation. The BN Partnership has the ability to appoint one half of the board of directors of Brookfield Corporation and approve all other matters requiring shareholder approval of Brookfield Corporation with no single individual or entity controlling the BN Partnership. As such, the BN Partnership may be deemed to have indirect beneficial ownership of 207,999,242&#160;LP Units. The business address of Brookfield Corporation and the BN Partnership is Brookfield Place, 181 Bay Street, Suite 100, P.O. Box&#160;762, Toronto, Ontario, Canada, M5J 2T3. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:10pt; margin-top:4pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.16pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:10pt; text-align:justify; margin-left:20pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">The&#160;percentage shown assumes the exchange of the 190,299,956 RPUs beneficially owned by Brookfield Corporation and 13,012,789 Exchangeable Shares beneficially owned by Brookfield Corporation. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; line-height:10pt; margin-top:4pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.16pt;">(4)</font>
          <br >
        </div>
        <div style=" margin-top:4pt; margin-bottom:0pt; line-height:10pt; text-align:justify; margin-left:20pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">Assuming that all of the RPUs, Exchangeable&#160;LP Units and Exchangeable Shares beneficially owned by Brookfield Corporation are exchanged for&#160;LP Units. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">For a description of our relationship with Brookfield as well as potential conflicts of interest (and the methods for resolving them) and other material considerations arising from our relationship with Brookfield, please see Item&#160;7.B, &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Related Party Transactions&#8201;&#8212;&#8201;Relationship with Brookfield</font><font style="letter-spacing:0.2pt;">&#8221; in the Annual Report, which is incorporated by reference in this prospectus. </font>
        </div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;font-size:10pt;">
          <font style="letter-spacing:0.2pt;">16</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tPOD">&#8203;</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PLAN OF DISTRIBUTION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This prospectus relates to the issuance by the Partnership or delivery by BIPC or the selling unitholder named herein of up to an aggregate of 170,000,000&#160;LP Units, in each case in connection with the satisfaction of exchange requests by a holder of Exchangeable Shares of BIPC, which shares are currently outstanding or may be offered and sold from time to time. No broker, dealer or underwriter has been engaged in connection with any such exchange. We will pay all expenses of effecting the exchanges pursuant to this prospectus. </font>
        </div>
        <div style="margin-left:20pt; margin-top:8pt; text-align:justify; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">For more information, see &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Exchange of Exchangeable Shares for&#160;LP Units</font><font style="letter-spacing:0.2pt;">&#8221;. </font>
        </div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">17</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tMUSF">&#8203;</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The following is a summary of certain material United States federal income tax considerations for holders relating to the exchange of Exchangeable Shares for&#160;LP Units as described in this prospectus as of the date hereof. This summary is based on provisions of the U.S. Internal Revenue Code of 1986, as amended (the </font><font style="font-weight:bold;letter-spacing:-0.2pt;">&#8220;U.S. Internal Revenue Code&#8221;</font><font style="letter-spacing:0.2pt;">), on the regulations promulgated thereunder (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Treasury Regulations</font><font style="letter-spacing:0.2pt;">&#8221;), and on published administrative rulings, judicial decisions, and other applicable authorities, all as in effect on the date hereof and all of which are subject to change at any time, possibly with retroactive effect. This summary should be read in conjunction with the discussion of the principal U.S. federal income tax considerations associated with the operations of the Partnership and the purchase, ownership, and disposition of&#160;LP Units set forth in Item&#160;10.E &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Taxation&#8201;&#8212;&#8201;Certain Material U.S. Federal Income Tax Considerations</font><font style="letter-spacing:0.2pt;">&#8221; and Item&#160;3.D &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Related to Taxation</font><font style="letter-spacing:0.2pt;">&#8221; in the Annual Report. The following discussion is limited as described in Item&#160;10.E &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Taxation&#8201;&#8212;&#8201;Certain Material U.S. Federal Income Tax Considerations</font><font style="letter-spacing:0.2pt;">&#8221; in the Annual Report and as described herein. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">This summary is necessarily general and may not apply to all categories of investors, some of whom may be subject to special rules, including, without limitation, persons that own or will own (directly, indirectly or constructively, applying certain attribution rules) 5% or more of the&#160;LP Units or (directly, indirectly or constructively, applying certain attribution rules) 10% or more of the equity interests (by vote or value) of BIPC, dealers in securities or currencies, financial institutions or financial services entities, mutual funds, life insurance companies, persons that hold Exchangeable Shares as part of a straddle, hedge, constructive sale or conversion transaction with other investments, persons whose&#160;LP Units are loaned to a short seller to cover a short sale of&#160;LP Units, U.S. Holders (as defined below) whose functional currency is not the U.S. dollar, persons who have elected mark-to-market accounting, persons who hold Exchangeable Shares through a partnership or other entity classified as a partnership for U.S. federal income tax purposes, persons for whom the Exchangeable Shares are not a capital asset, persons who are liable for the alternative minimum tax, certain U.S. expatriates or former long-term residents of the United States, and persons who are subject to special tax accounting rules under Section&#160;451(b) of the U.S. Internal Revenue Code. Except as otherwise specifically provided herein, this summary does not address any tax consequences to holders of preferred&#160;units of the Partnership. The actual tax consequences of the exchange of Exchangeable Shares for&#160;LP Units may vary depending on your individual circumstances. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">For purposes of this summary, a &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">U.S. Holder</font><font style="letter-spacing:0.2pt;">&#8221; is a beneficial owner of Exchangeable Shares that is for U.S. federal tax purposes: (i)&#160;an individual citizen or resident of the United States; (ii)&#160;a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia; (iii)&#160;an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (iv)&#160;a trust (a)&#160;that is subject to the primary supervision of a court within the United States and all substantial decisions of which one or more U.S. persons have the authority to control or (b)&#160;that has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">A &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Non-U.S. Holder</font><font style="letter-spacing:0.2pt;">&#8221; is a beneficial owner of Exchangeable Shares, other than a U.S. Holder or an entity or arrangement classified as a partnership or other fiscally transparent entity for U.S. federal tax purposes. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">If a partnership (or other entity or arrangement classified as a partnership for U.S. federal income tax purposes) holds Exchangeable Shares, the tax treatment of a partner of such partnership generally will depend upon the status of the partner and the activities of the partnership. Partners of partnerships that hold Exchangeable Shares should consult their own tax advisors. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">This discussion does not constitute tax advice and is not intended to be a substitute for tax planning. You should consult your own tax advisor concerning the U.S. federal, state and local income tax consequences of exchanging Exchangeable Shares for&#160;LP Units, as well as any tax consequences under the laws of any other taxing jurisdiction.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Partnership Status of the Partnership and the Holding&#160;LP</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Each of the Partnership and the Holding&#160;LP has made a protective election to be classified as a partnership for U.S. federal tax purposes. An entity that is treated as a partnership for U.S. federal tax purposes </font>
        </div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">18</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69pt;width:456pt;">
        <div style="text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">generally incurs no U.S. federal income tax liability. Instead, each partner is generally required to take into account its allocable share of items of income, gain, loss, deduction, or credit of the partnership in computing its U.S. federal income tax liability, regardless of whether cash distributions are made. Distributions of cash by a partnership to a partner generally are not taxable unless the amount of cash distributed to a partner is in excess of the partner&#8217;s adjusted basis in its partnership interest. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">An entity that would otherwise be classified as a partnership for U.S. federal income tax purposes may nonetheless be taxable as a corporation if it is a &#8220;publicly traded partnership&#8221;, unless an exception applies. The&#160;LP Units are publicly traded. However, an exception, referred to as the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Qualifying Income Exception</font><font style="letter-spacing:0.2pt;">&#8221;, exists with respect to a publicly traded partnership if (i)&#160;at least 90% of such partnership&#8217;s gross income for every taxable year consists of &#8220;qualifying income&#8221; and (ii)&#160;the partnership would not be required to register under the Investment Company Act of 1940 if it were a U.S. corporation. Qualifying income includes certain interest income, dividends, real property rents, gains from the sale or other disposition of real property, and any gain from the sale or disposition of a capital asset or other property held for the production of income that otherwise constitutes qualifying income. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Our general partner intends to manage the affairs of the Partnership and the Holding&#160;LP so that the Partnership will meet the Qualifying Income Exception in each taxable year. Accordingly, our general partner believes that the Partnership will be treated as a partnership and not as a corporation for U.S. federal income tax purposes. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The remainder of this summary assumes that the Partnership and the Holding&#160;LP will be treated as partnerships for U.S. federal tax purposes. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-style:italic;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Characterization of the Exchangeable Shares</font><font style="font-style:normal;font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">The U.S. federal income tax consequences for holders of Exchangeable Shares relating to the exchange of Exchangeable Shares for&#160;LP Units will depend, in part, on whether the Exchangeable Shares are, for U.S. federal income tax purposes, treated as stock of BIPC and not as interests in the Partnership. Our general partner intends to take the position and believes that the Exchangeable Shares are properly characterized as stock of BIPC for U.S. federal income tax purposes. However, the treatment of the Exchangeable Shares as stock of BIPC is not free from doubt, as there is no direct authority regarding the proper U.S. federal income tax treatment of securities similar to the Exchangeable Shares. If the Exchangeable Shares are not treated as stock of BIPC and are instead treated as&#160;LP Units, then a holder of Exchangeable Shares generally would be expected to be taxed in the same manner as a holder of&#160;LP Units, in which case the exchange of Exchangeable Shares for&#160;LP Units may qualify as a tax-free exchange. The remainder of this summary assumes that the Exchangeable Shares will be treated as stock of BIPC for U.S. federal income tax purposes. </font>
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          <font style="letter-spacing:-0.2pt;">Consequences to U.S. Holders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Exchange of Exchangeable Shares.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Subject to the discussion below under the headings &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Exercise of the Partnership Call Right</font><font style="letter-spacing:0.2pt;">&#8221; and &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Passive Foreign Investment Company Considerations</font><font style="letter-spacing:0.2pt;">&#8221;, a U.S. Holder generally will recognize capital gain or loss upon an exchange at the request of the holder (other than an exchange that is treated as a distribution, as discussed below) of the Exchangeable Shares for&#160;LP Units, equal to the difference between the amount realized upon the exchange and the holder&#8217;s adjusted tax basis in the Exchangeable Shares so exchanged. The amount realized will equal the amount of cash, if any, plus the fair market value of the&#160;LP Units received. Any such capital gain or loss will be long-term capital gain or loss if such holder&#8217;s holding period for the Exchangeable Shares exceeds one year at the time of the exchange. Gain or loss recognized by a U.S. Holder generally will be treated as U.S.-source gain or loss for foreign tax credit limitation purposes. Long-term capital gains of non-corporate U.S. Holders generally are taxed at preferential rates. The deductibility of capital losses is subject to limitations. </font>
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          <font style="letter-spacing:0.2pt;">The U.S. federal income tax consequences described in the preceding paragraph should also apply to a U.S. Holder (i)&#160;whose exchange request is satisfied by the delivery of cash or&#160;LP Units by Brookfield pursuant to the Rights Agreement, or (ii)&#160;whose exchange request is satisfied by the delivery of cash by the Partnership pursuant to the exercise of the Partnership Call Right. For the U.S. federal income tax consequences to a U.S. Holder whose exchange request is satisfied by the delivery of&#160;LP Units pursuant to the Partnership&#8217;s exercise of the Partnership Call Right, see the discussion below under the heading &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Exercise of the Partnership Call Right</font><font style="letter-spacing:0.2pt;">&#8221;. </font>
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          <font style="letter-spacing:0.2pt;">19</font>
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          <font style="letter-spacing:0.2pt;">The U.S. federal income tax consequences to a U.S. Holder whose exchange request is satisfied by the delivery of&#160;LP Units by BIPC are described in the following paragraph. </font>
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          <font style="letter-spacing:0.2pt;">An exchange of Exchangeable Shares satisfied by BIPC will result in the recognition of gain or loss by a U.S. Holder as described above if such exchange is (i)&#160;in &#8220;complete redemption&#8221; of the U.S. Holder&#8217;s equity interest in BIPC (within the meaning of Section&#160;302(b)(3) of the U.S. Internal Revenue Code), (ii)&#160;a &#8220;substantially disproportionate&#8221; redemption of stock (within the meaning of Section&#160;302(b)(2) of the U.S. Internal Revenue Code), or (iii)&#160;&#8220;not essentially equivalent to a dividend&#8221; &#8203;(within the meaning of Section&#160;302(b)(1) of the U.S. Internal Revenue Code). In determining whether any of these tests has been met with respect to the exchange of the Exchangeable Shares, you may be required to take into account not only the Exchangeable Shares and other equity interests in BIPC that you actually own but also other equity interests in BIPC that you constructively own within the meaning of Section&#160;318 of the U.S. Internal Revenue Code. If you own (actually or constructively) only an insubstantial&#160;percentage of the total equity interests in BIPC and exercise no control over BIPC&#8217;s corporate affairs, you may be entitled to sale or exchange treatment on an exchange of the Exchangeable Shares if you experience a reduction in your equity interest in BIPC (taking into account any constructively owned equity interests) as a result of the exchange. </font>
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          <font style="letter-spacing:0.2pt;">If you meet none of the alternative tests of Section&#160;302(b) of the U.S. Internal Revenue Code, the exchange would be treated as a distribution with respect to Exchangeable Shares. Subject to the discussion below under the heading &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Passive Foreign Investment Company Considerations</font><font style="letter-spacing:0.2pt;">&#8221;, the gross amount of a distribution paid to a U.S. Holder with respect to Exchangeable Shares (including any amounts withheld to pay Canadian withholding taxes) would be included in such holder&#8217;s gross income as a dividend to the extent paid out of BIPC&#8217;s current or accumulated earnings and profits (as determined under U.S. federal income tax principles). To the extent that the amount of such distribution exceeds BIPC&#8217;s current and accumulated earnings and profits, it would be treated first as a tax-free return of a U.S. Holder&#8217;s tax basis in its Exchangeable Shares, and to the extent the amount of such distribution exceeds such U.S. Holder&#8217;s tax basis, the excess would be taxed as capital gain. In the event that the exchange is properly treated as a distribution, the amount of the distribution would be equal to the amount of cash, if any, and the fair market value of the&#160;LP Units received. Dividends received by individuals and other non-corporate U.S. Holders may be subject to tax at preferential rates applicable to long-term capital gains, provided certain conditions are met. </font>
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          <font style="letter-spacing:0.2pt;">Because the determination as to whether any of the alternative tests of Section&#160;302(b) of the U.S. Internal Revenue Code is satisfied with respect to any particular U.S. Holder will depend upon the facts and circumstances at the time of the exchange, each U.S. Holder should consult its own tax advisor regarding the tax treatment of the exchange of Exchangeable Shares for&#160;LP Units, including the calculation of such holder&#8217;s tax basis in any remaining Exchangeable Shares in the event the exchange of Exchangeable Shares for&#160;LP Units is treated as a distribution. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Exercise of the Partnership Call Right.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;The Partnership has the right to acquire Exchangeable Shares directly from a shareholder under certain circumstances in exchange for&#160;LP Units or cash (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Partnership Call Right</font><font style="letter-spacing:0.2pt;">&#8221;). For the U.S. federal income tax consequences to a U.S. Holder of the exchange of Exchangeable Shares for cash pursuant to the exercise of the Partnership Call Right, see the discussion above under &#8220;&#8212;&#160;</font><font style="font-style:italic;letter-spacing:0.2pt;">Exchange of Exchangeable Shares</font><font style="letter-spacing:0.2pt;">&#8221;. The U.S. federal income tax consequences to a U.S. Holder of the exchange of Exchangeable Shares for&#160;LP Units pursuant to the exercise of the Partnership Call Right will depend in part on whether the exchange qualifies as tax-free under Section&#160;721(a) of the U.S. Internal Revenue Code. For the exchange to so qualify, the Partnership (i)&#160;must be classified as a partnership and not as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes and (ii)&#160;must not be treated as an investment company for purposes of Section&#160;721(b) of the U.S. Internal Revenue Code. With respect to the classification of the Partnership as a partnership for U.S. federal income tax purposes, see the discussion above under &#8220;&#8212; </font><font style="font-style:italic;letter-spacing:0.2pt;">Partnership Status of the Partnership and the Holding&#160;LP</font><font style="letter-spacing:0.2pt;">&#8221;. </font>
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          <font style="letter-spacing:0.2pt;">Section&#160;721(b) of the U.S. Internal Revenue Code provides that Section&#160;721(a) of the U.S. Internal Revenue Code will not apply to gain realized on a transfer of property to a partnership that would be treated as an investment company (within the meaning of Section&#160;351 of the U.S. Internal Revenue Code) if the partnership were incorporated. Under Section&#160;351 of the U.S. Internal Revenue Code and the Treasury Regulations thereunder, a transfer of property will be considered a transfer to an investment company only if (i)&#160;the transfer results, directly or indirectly, in &#8220;diversification&#8221; of the transferor&#8217;s interests, and (ii)&#160;the transferee is a regulated investment company, a real estate investment trust, or a corporation more than 80% </font>
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          <font style="letter-spacing:0.2pt;">of the value of whose assets are held for investment and (subject to certain exclusions) are stock or securities, as defined in Section&#160;351(e) of the U.S. Internal Revenue Code. For purposes of this determination, the stock and securities of a corporate subsidiary are disregarded and the parent corporation is treated as owning its ratable share of the subsidiary&#8217;s assets if the parent corporation owns 50% or more of the subsidiary corporation&#8217;s stock by voting power or value. The Treasury Regulations also provide that whether an entity is an investment company ordinarily will be determined by reference to the circumstances in existence immediately after the transfer in question. However, where circumstances change thereafter pursuant to a plan in existence at the time of the transfer, this determination will be made by reference to the later circumstances. </font>
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          <font style="letter-spacing:0.2pt;">Based on the shareholders&#8217; rights in the event of the liquidation or dissolution of BIPC (or the Partnership) and the terms of the Exchangeable Shares, which are intended to provide an economic return equivalent to the economic return on the&#160;LP Units (including identical distributions), and taking into account the expected relative values of the Partnership&#8217;s assets and its ratable share of the assets of its subsidiaries for the foreseeable future, our general partner currently does not expect a U.S. Holder&#8217;s exchange of Exchangeable Shares for&#160;LP Units pursuant to the Partnership&#8217;s exercise of the Partnership Call Right to be treated as a transfer of property to an investment company within the meaning of Section&#160;721(b) of the U.S. Internal Revenue Code. Thus, our general partner currently expects such exchange to qualify as tax-free under Section&#160;721(a) of the U.S. Internal Revenue Code. However, no definitive determination can be made as to whether any such future exchange will qualify as tax-free under Section&#160;721(a) of the U.S. Internal Revenue Code, as this will depend on the facts and circumstances at the time of the exchange. Many of these facts and circumstances are not within the control of the Partnership, and no assurance can be provided as to the position, if any, taken by our general partner with regard to the U.S. federal income tax treatment of any such exchange. Nor can any assurance be given that the IRS will not assert, or that a court would not sustain, a position contrary to any future position taken by the Partnership. If the Partnership were an investment company immediately following the exchange of Exchangeable Shares for&#160;LP Units by a U.S. Holder pursuant to the exercise of the Partnership Call Right, and such exchange were to result in diversification of interests with respect to such U.S. Holder, then Section&#160;721(a) of the U.S. Internal Revenue Code would not apply with respect to such holder, and such holder would be treated as if such holder had sold its Exchangeable Shares to the Partnership in a taxable transaction for cash in an amount equal to the value of the&#160;LP Units received. </font>
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          <font style="letter-spacing:0.2pt;">Even if a U.S. Holder&#8217;s transfer of Exchangeable Shares in exchange for&#160;LP Units pursuant to the Partnership&#8217;s exercise of the Partnership Call Right qualifies as tax-free under Section&#160;721(a) of the U.S. Internal Revenue Code, our general partner currently expects for the Partnership and Holding&#160;LP to immediately undertake subsequent transfers of such Exchangeable Shares that would result in the allocation to such U.S. Holder of any gain realized under Section&#160;704(c)(1) of the U.S. Internal Revenue Code. Under this provision, if appreciated property is contributed to a partnership, the contributing partner must recognize any gain that was realized but not recognized for U.S. federal income tax purposes with respect to the property at the time of the contribution (referred to as &#8220;built-in gain&#8221;) if the partnership sells such property (or otherwise transfers such property in a taxable exchange) at any time thereafter or distributes such property to another partner within seven&#160;years of the contribution in a transaction that does not otherwise result in the recognition of &#8220;built-in gain&#8221; by the partnership. If Section&#160;704(c)(1) of the U.S. Internal Revenue Code applies with respect to a U.S. Holder, and such holder fails to disclose to the Partnership its basis in Exchangeable Shares exchanged for&#160;LP Units pursuant to the exercise of the Partnership Call Right, then, solely for the purpose of allocating items of income, gain, loss, or deduction under Section&#160;704(c) of the U.S. Internal Revenue Code, our general partner intends to use a reasonable method to estimate such holder&#8217;s basis in the Exchangeable Shares exchanged for&#160;LP Units pursuant to the exercise of the Partnership Call Right. To ensure compliance with Section&#160;704(c) of the U.S. Internal Revenue Code, such estimated basis could be lower than a U.S. Holder&#8217;s actual basis in its Exchangeable Shares. As a result, the amount of gain reported by the Partnership to the IRS with respect to such U.S. Holder in connection with such subsequent transfers could be greater than the correct amount. </font>
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          <font style="letter-spacing:0.2pt;">If, contrary to the current expectations of our general partner, Section&#160;704(c)(1) does not apply as a result of any such subsequent transfers by the Partnership or the Holding&#160;LP of Exchangeable Shares transferred by a U.S. Holder for&#160;LP Units in an exchange qualifying as tax-free under Section&#160;721(a) of the U.S. Internal Revenue Code, then such U.S. Holder could, nonetheless, be required to recognize part or all of the built-in gain in its Exchangeable Shares deferred as a result of such exchange under other provisions of the U.S. </font>
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          <font style="letter-spacing:0.2pt;">21</font>
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          <font style="letter-spacing:0.2pt;">Internal Revenue Code. Under Section&#160;737 of the U.S. Internal Revenue Code, such U.S. Holder could be required to recognize built-in gain if the Partnership were to distribute any property of the Partnership other than money (or, in certain circumstances, Exchangeable Shares) to such former holder of Exchangeable Shares within seven&#160;years of exercise of the Partnership Call Right. Under Section&#160;707(a) of the U.S. Internal Revenue Code, such U.S. Holder could be required to recognize built-in gain if the Partnership were to make distributions (other than &#8220;operating cash flow distributions&#8221;, unless another exception were to apply) to such U.S. Holder within two&#160;years of exercise of the Partnership Call Right. </font>
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          <font style="letter-spacing:0.2pt;">If Section&#160;721(a) of the U.S. Internal Revenue Code applies to a U.S. Holder&#8217;s exchange of Exchangeable Shares for&#160;LP Units pursuant to the exercise of the Partnership Call Right by the Partnership and, contrary to the current expectations of our general partner, none of the special provisions (including Section&#160;704(c)(1) of the U.S. Internal Revenue Code) described in the two preceding paragraphs applies, then such U.S. Holder generally should not recognize gain or loss with respect to Exchangeable Shares treated as contributed to the Partnership in exchange for&#160;LP Units, except as described below under the heading &#8220;&#8212;&#160;</font><font style="font-style:italic;letter-spacing:0.2pt;">Passive Foreign Investment Company Considerations</font><font style="letter-spacing:0.2pt;">&#8221;. The aggregate tax basis of the&#160;LP Units received by such U.S. Holder pursuant to the Partnership Call Right would be the same as the aggregate tax basis of the Exchangeable Shares (or single undivided portion thereof) exchanged therefor, increased by such holder&#8217;s share of the Partnership&#8217;s liabilities, if any. The holding period of the&#160;LP Units received in exchange for Exchangeable Shares would include the holding period of the Exchangeable Shares surrendered in exchange therefor. A U.S. Holder who acquired different blocks of Exchangeable Shares at different times or different prices should consult its own tax advisor regarding the manner in which gain or loss should be determined in such holder&#8217;s particular circumstances and such holder&#8217;s holding period in&#160;LP Units received in exchange for Exchangeable Shares. </font>
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          <font style="letter-spacing:0.2pt;">For a general discussion of the U.S. federal income tax consequences to a U.S. Holder of owning and disposing of&#160;LP Units received in exchange for Exchangeable Shares, see the discussion in Item&#160;10.E &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Taxation&#8201;&#8212;&#8201;Certain Material U.S. Federal Income Tax Considerations</font><font style="letter-spacing:0.2pt;">&#8221; in the Annual Report. The U.S. federal income tax consequences of exchanging Exchangeable Shares for&#160;LP Units are complex, and each U.S. Holder should consult its own tax advisor regarding such consequences in light of such holder&#8217;s particular circumstances. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Passive Foreign Investment Company Considerations.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Certain adverse U.S. federal income tax consequences could apply to a U.S. Holder if BIPC is treated as a passive foreign investment company (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">PFIC</font><font style="letter-spacing:0.2pt;">&#8221;) for any taxable year during which the U.S. Holder holds Exchangeable Shares. A non-U.S. corporation, such as BIPC, will be classified as a PFIC for U.S. federal income tax purposes for any taxable year in which, after applying certain look-through rules, either (i)&#160;75% or more of its gross income for such year consists of certain types of &#8220;passive&#8221; income or (ii)&#160;50% or more of the value of its assets during such year produce or are held for the production of passive income. Passive income generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing such income, and net foreign currency gains. </font>
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          <font style="letter-spacing:0.2pt;">Based on its expected income, assets, and activities, BIPC does not expect to be classified as a PFIC for the current taxable year, nor does it expect to become a PFIC in the foreseeable future. However, the determination of whether BIPC is or will be a PFIC for any taxable year is based on the application of complex U.S. federal income tax rules that are subject to differing interpretations. Because the PFIC status determination depends upon the composition of BIPC&#8217;s income and assets and the nature of its activities from time to time, and must be made annually as of the close of each taxable year, there can be no assurance that BIPC will not be classified as a PFIC for any taxable year, or that the IRS or a court will agree with BIPC&#8217;s determination as to its PFIC status. </font>
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          <font style="letter-spacing:0.2pt;">Subject to certain elections described below, if BIPC were a PFIC for any taxable year during which a U.S. Holder held Exchangeable Shares, then gain recognized by such U.S. Holder upon the sale or other taxable disposition of the Exchangeable Shares (such as gain from a taxable exchange of Exchangeable Shares for&#160;LP Units) generally would be allocated ratably over the U.S. Holder&#8217;s holding period for the Exchangeable Shares. The amounts allocated to the taxable year of the sale or other taxable disposition and to any year before BIPC became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed on the tax on such amount. Further, to the extent that </font>
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          <font style="letter-spacing:0.2pt;">any distribution received by a U.S. Holder on its Exchangeable Shares were to exceed 125% of the average of the annual distributions on the Exchangeable Shares received during the preceding three&#160;years or the U.S. Holder&#8217;s holding period, whichever is shorter, that distribution would be subject to taxation in the same manner as gain, described immediately above. Similar rules would apply with respect to any lower-tier PFICs treated as owned indirectly by a U.S. Holder through such holder&#8217;s ownership of Exchangeable Shares. </font>
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          <font style="letter-spacing:0.2pt;">Certain elections may be available to U.S. Holders to mitigate some of the adverse tax consequences resulting from PFIC treatment. If you were to make an election to treat your interest in BIPC as a &#8220;qualified electing fund&#8221; &#8203;(&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">QEF election</font><font style="letter-spacing:0.2pt;">&#8221;) for the first year you were treated as holding such interest, then in lieu of the tax consequences described in the paragraph immediately above, you would be required to include in income each year a portion of the ordinary earnings and net capital gains of our company, even if not distributed to you. A QEF election must be made by you on an entity-by-entity basis. To make a QEF election, you must, among other things, (i)&#160;obtain a PFIC annual information statement from BIPC and (ii)&#160;prepare and submit IRS Form&#160;8621 with your annual income tax return. To the extent reasonably practicable, BIPC intends to make available information related to its PFIC status and any other subsidiary that it is able to identify as a PFIC with respect to U.S. Holders, including information necessary to make a QEF election with respect to each such entity. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">In the case of a PFIC that is a publicly traded foreign company, and in lieu of making a QEF election, an election may be made to &#8220;mark to market&#8221; the stock of such publicly traded foreign company on an annual basis (a &#8220;mark-to-market election&#8221;). Pursuant to such an election, you would include in each year as ordinary income the excess, if any, of the fair market value of such stock over its adjusted basis at the end of the taxable year. No assurance can be provided that BIPC or any of its subsidiaries will qualify as PFICs that are publicly traded or that a mark-to-market election will be available for any such entity. </font>
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          <font style="letter-spacing:0.2pt;">Subject to certain exceptions, a U.S. person who directly or indirectly owns an interest in a PFIC generally is required to file an annual report with the IRS, and the failure to file such report could result in the imposition of penalties on such U.S. person and in the extension of the statute of limitations with respect to federal income tax returns filed by such U.S. person. The application of the PFIC rules to U.S. Holders is uncertain in certain respects. Each U.S. Holder should consult its own tax advisor regarding the application of the PFIC rules, including the foregoing filing requirements and the advisability of making any available election under the PFIC rules, with regard to such holder&#8217;s exchange of Exchangeable Shares for&#160;LP Units. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Additional Tax on Net Investment Income.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Certain U.S. Holders that are individuals, estates or trusts are subject to a 3.8% tax on all or a portion of their &#8220;net investment income&#8221;, which may include all or a portion of their dividend income and net gains from the disposition of Exchangeable Shares. Each U.S. Holder that is an individual, estate or trust should consult its tax advisors regarding the applicability of this tax to its income and gains in respect of Exchangeable Shares. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Foreign Financial Asset Reporting.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Certain U.S. Holders are required to report information relating to an interest in the Exchangeable Shares, subject to certain exceptions (including an exception for shares held in accounts maintained by certain financial institutions) by filing IRS Form&#160;8938 (Statement of Specified Foreign Financial Assets) with their U.S. federal income tax returns. Significant penalties may apply for the failure to satisfy these reporting obligations. U.S. Holders are urged to consult their own tax advisors regarding their information reporting obligations, if any, with respect to their exchange of Exchangeable Shares for&#160;LP Units. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Information Reporting and Backup Withholding.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;Distributions on Exchangeable Shares made to a U.S. Holder and proceeds from the sale or other disposition of Exchangeable Shares may, under certain circumstances, be subject to information reporting and backup withholding, unless the holder provides proof of an applicable exemption or, in the case of backup withholding, furnishes its taxpayer identification number and otherwise complies with all applicable requirements of the backup withholding rules. Backup withholding is not an additional tax and generally will be allowed as a refund or credit against the holder&#8217;s U.S. federal income tax liability, provided that the required information is timely furnished to the IRS. </font>
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          <font style="letter-spacing:-0.2pt;">Consequences to Non-U.S. Holders</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The exchange of Exchangeable Shares for&#160;LP Units by a Non-U.S. Holder generally will not be subject to U.S. federal income tax. Special rules may apply to any Non-U.S. Holder (i)&#160;that has an office or fixed place of </font>
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          <font style="letter-spacing:0.2pt;">23</font>
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          <font style="letter-spacing:0.2pt;">business in the United States; (ii)&#160;that is present in the United States for 183&#160;days or more in a taxable year; or (iii)&#160;that is (a)&#160;a former citizen or long-term resident of the United States, (b)&#160;a foreign insurance company that is treated as holding a partnership interest in the Partnership in connection with its U.S. business, (c)&#160;a PFIC, (d)&#160;a &#8220;controlled foreign corporation&#8221; for U.S. federal income tax purposes, or (e)&#160;a corporation that accumulates earnings to avoid U.S. federal income tax. Non-U.S. Holders should consult their own tax advisors regarding the application of these special rules. </font>
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          <font style="letter-spacing:0.2pt;">THE FOREGOING DISCUSSION IS NOT INTENDED AS A SUBSTITUTE FOR CAREFUL TAX PLANNING. THE TAX MATTERS RELATING TO THE PARTNERSHIP,&#160;LP UNITHOLDERS, BIPC, AND BIPC SHAREHOLDERS ARE COMPLEX AND ARE SUBJECT TO VARYING INTERPRETATIONS. MOREOVER, THE EFFECT OF EXISTING INCOME TAX LAWS, THE MEANING AND IMPACT OF WHICH IS UNCERTAIN, AND OF PROPOSED CHANGES IN INCOME TAX LAWS WILL VARY WITH THE PARTICULAR CIRCUMSTANCES OF EACH HOLDER, AND IN REVIEWING THIS PROSPECTUS THESE MATTERS SHOULD BE CONSIDERED. EACH HOLDER SHOULD CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE U.S. FEDERAL, STATE, LOCAL, AND OTHER TAX CONSEQUENCES OF THE EXCHANGE OF EXCHANGEABLE SHARES FOR&#160;LP UNITS.</font>
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          <font style="letter-spacing:0.2pt;">24</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tMCFI">&#8203;</a>
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          <font style="letter-spacing:-0.2pt;">MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The following describes certain material Canadian federal income tax consequences with respect to the exchange of Exchangeable Shares for&#160;LP Units as described in this prospectus as of the date hereof by a holder who is the beneficial owner of such Exchangeable Shares and who, at all relevant times, for the purposes of the </font><font style="font-style:italic;letter-spacing:0.2pt;">Income Tax Act</font><font style="letter-spacing:0.2pt;"> (Canada) (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Tax Act</font><font style="letter-spacing:0.2pt;">&#8221;), (i)&#160;deals at arm&#8217;s length and is not affiliated with BIPC and the Partnership and (ii)&#160;holds the Exchangeable Shares as capital property (a &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Holder</font><font style="letter-spacing:0.2pt;">&#8221;). Generally, the Exchangeable Shares will be considered to be capital property to a Holder provided the Holder does not hold such shares in the course of carrying on a business of trading or dealing in securities and has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade. </font>
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          <font style="letter-spacing:0.2pt;">This summary is based upon the facts as set out in this prospectus, the current provisions of the Tax Act and the regulations thereunder, and BIPC&#8217;s understanding of the current administrative policies and assessing practices of the Canada Revenue Agency (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">CRA</font><font style="letter-spacing:0.2pt;">&#8221;) published in writing prior to the date hereof. This summary takes into account all specific proposals to amend the Tax Act and the regulations thereunder publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the&#160;&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Proposed Amendments</font><font style="letter-spacing:0.2pt;">&#8221;), and assumes that all Proposed Amendments will be enacted in the form proposed. However, no assurances can be given that the Proposed Amendments will be enacted as proposed, or at all. This summary does not otherwise take into account or anticipate any changes in law or administrative policy or assessing practice whether by legislative, administrative or judicial action or decision, nor does it take into account tax legislation or considerations of any province, territory or foreign jurisdiction, which may differ from those discussed herein. </font>
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          <font style="font-style:normal;letter-spacing:0.2pt;">This summary should be read in conjunction with the discussion of the material Canadian federal income tax considerations associated with the holding and disposition of&#160;LP Units set forth in Item&#160;10.E &#8220;</font><font style="letter-spacing:0.2pt;">Taxation&#8201;&#8212;&#8201;Certain Material Canadian Federal Income Tax Considerations</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; and Item&#160;3.D &#8220;</font><font style="letter-spacing:0.2pt;">Risk Factors&#8201;&#8212;&#8201;Risks Related to Taxation</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in the Partnership&#8217;s most recent Annual Report. The following discussion is limited as described in Item&#160;10.E &#8220;</font><font style="letter-spacing:0.2pt;">Taxation&#8201;&#8212;&#8201;Certain Material Canadian Federal Income Tax Considerations</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; in the Partnership&#8217;s most recent Annual Report and as described herein. </font>
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          <font style="letter-spacing:0.2pt;">This summary assumes that at all relevant times (i)&#160;the Exchangeable Shares will be listed on a &#8220;designated stock exchange&#8221; in Canada for the purposes of the Tax Act (which currently includes the TSX), (ii)&#160;not more than 50% of the fair market value of an Exchangeable Share or&#160;LP Unit is attributable to one or more properties each of which is real property in Canada, a &#8220;Canadian resource property&#8221; or a &#8220;timber resource property&#8221;, and (iii)&#160;all or substantially all of the property of BIPC and the&#160;LP Units will not be &#8220;taxable Canadian property&#8221; &#8203;(each as defined in the Tax Act). This summary also assumes that neither the Partnership nor BIPC is a &#8220;tax shelter&#8221; or a &#8220;tax shelter investment&#8221;, each as defined in the Tax Act. However, no assurance can be given in this regard. </font>
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          <font style="letter-spacing:0.2pt;">Management of BIPC believes that BIPC currently qualifies as a &#8220;mutual fund corporation&#8221; for purposes of the Tax Act. To maintain its &#8220;mutual fund corporation&#8221; status, BIPC is required to comply with specific restrictions under the Tax Act regarding its activities and the investments held by it. BIPC intends to continue to qualify as a &#8220;mutual fund corporation&#8221; throughout each taxation year in which Exchangeable Shares are outstanding and this summary assumes that will be the case. If BIPC was to cease to qualify as a &#8220;mutual fund corporation&#8221;, material, adverse tax consequences to BIPC and the holders may arise. </font>
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          <font style="letter-spacing:0.2pt;">This summary is not applicable to a holder: (i)&#160;an interest in which would be a &#8220;tax shelter investment&#8221; or who holds or acquires Exchangeable Shares or&#160;LP Units as a &#8220;tax shelter investment&#8221;, (ii)&#160;that is a &#8220;financial institution&#8221; for purposes of the &#8220;mark-to-market property&#8221; rules, (iii)&#160;that reports its &#8220;Canadian tax results&#8221; in a currency other than Canadian currency, (iv)&#160;that has entered or will enter into a &#8220;derivative forward agreement&#8221; in respect of the Exchangeable Shares or the&#160;LP Units (each as defined in the Tax Act), or (v)&#160;that is a corporation resident in Canada and is, or becomes (or does not deal at arm&#8217;s length for purposes of the Tax Act with a corporation that is or becomes) as part of a transaction or event or series of transactions or events that includes the acquisition of the Exchangeable Shares, controlled by a non-resident person or a group of non-resident persons not dealing with each other at arm&#8217;s length for purposes of section&#160;212.3 of the Tax Act. Furthermore, this summary is not applicable to a holder that is a &#8220;controlling corporation&#8221; of BIPC (for purposes of subsection 191(1) of the Tax Act), a person with whom the controlling corporation does not deal at arm&#8217;s length or a partnership or trust of which the controlling corporation or person with whom the </font>
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          <font style="letter-spacing:0.2pt;">25</font>
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          <font style="letter-spacing:0.2pt;">controlling corporation does not deal at arm&#8217;s length is a member or beneficiary for purposes of the Tax Act. Such holders should consult their own tax advisors. This summary does not address the deductibility of interest on money borrowed to acquire the Exchangeable Shares. </font>
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          <font style="letter-spacing:-0.2pt;">This summary is of a general nature only and is not, and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Holder, and no representation concerning the tax consequences to any particular Holder or prospective Holder are made. This summary is not exhaustive of all Canadian federal income tax considerations. Accordingly, prospective Holders should consult their own tax advisors with respect to the exchange of Exchangeable Shares for&#160;LP Units having regard to their particular circumstances.</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">Generally, for purposes of the Tax Act, all amounts relating to the disposition of Exchangeable Shares (including on an exchange for&#160;LP Units at the request of a Holder) must be expressed in Canadian currency. Amounts denominated in another currency must be converted into Canadian currency using the applicable rate of exchange (pursuant to the Tax Act) quoted by the Bank of Canada on the date such amounts arose, or such other rate of exchange as is acceptable to the CRA. </font>
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          <font style="letter-spacing:-0.2pt;">Taxation of Holders Resident in Canada</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The following portion of the summary is generally applicable to a Holder who, at all relevant times, is resident or is deemed to be resident in Canada under the Tax Act (a &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Resident Holder</font><font style="letter-spacing:0.2pt;">&#8221;). Certain Resident Holders may be entitled to make, or may have already made, the irrevocable election permitted by subsection&#160;39(4) of the Tax Act the effect of which may be to deem any Exchangeable Shares (and all other &#8220;Canadian securities&#8221;, as defined in the Tax Act) owned by such Resident Holder to be capital property in the taxation year in which the election is made and in all subsequent taxation&#160;years. Resident Holders whose Exchangeable Shares might not otherwise be considered to be capital property should consult their own tax advisors concerning this election. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Exchange of Exchangeable Shares.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;A Resident Holder who disposes of Exchangeable Shares on an exchange for&#160;LP Units at the request of the Resident Holder will realize a capital gain (or sustain a capital loss) equal to the amount by which the proceeds of disposition exceed (or are exceeded by) the aggregate of the Resident Holder&#8217;s adjusted cost base of such shares and any reasonable costs of disposition. </font>
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          <font style="letter-spacing:0.2pt;">In general, one-half of a capital gain realized by a Resident Holder in a taxation year must be included in income as a &#8220;taxable capital gain&#8221;. One-half of a capital loss realized by a Resident Holder in a taxation year generally must be deducted as an &#8220;allowable capital loss&#8221; against taxable capital gains realized in the year. Allowable capital losses in excess of taxable capital gains realized in a taxation year may be carried back and deducted in any of the three preceding taxation&#160;years or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized in such&#160;years in accordance with the provisions of the Tax Act. </font>
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          <font style="letter-spacing:0.2pt;">The amount of any capital loss realized by a Resident Holder that is a corporation on the disposition of Exchangeable Shares may be reduced by the amount of any deductible dividends received or deemed to be received by the Resident Holder on such Exchangeable Shares to the extent and under the circumstances described in the Tax Act. Similar rules may apply where Exchangeable Shares are owned by a partnership or trust of which a corporation, partnership or trust is a member or beneficiary. Such Resident Holders should consult their own advisors. </font>
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          <font style="letter-spacing:0.2pt;">A taxable capital gain realized by a Resident Holder that is an individual (other than certain trusts) may give rise to a liability for alternative minimum tax. </font>
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          <font style="letter-spacing:0.2pt;">The cost to a Resident Holder of an&#160;LP Unit received on the exchange of an Exchangeable Share will equal the fair market value of the Exchangeable Share for which it was exchanged at the time of the exchange. </font>
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          <font style="letter-spacing:0.2pt;">For a description of the Canadian federal income tax considerations of holding and disposing of LP&#160;Units, please see Item&#160;10.E &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Taxation&#8201;&#8212;&#8201;Certain Material Canadian Federal Income Tax Considerations</font><font style="letter-spacing:0.2pt;">&#8221; in the Partnership&#8217;s Annual Report. </font>
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          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Additional Refundable Tax.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;A Resident Holder that is throughout its taxation year a &#8220;Canadian-controlled private corporation&#8221; &#8203;(as defined in the Tax Act) will be liable to pay an additional tax (refundable in </font>
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          <font style="letter-spacing:0.2pt;">certain circumstances) on its &#8220;aggregate investment income&#8221;, which includes an amount in respect of net taxable capital gains. This additional tax and refund mechanism in respect of &#8220;aggregate investment income&#8221; would also apply to &#8220;substantive CCPCs&#8221;, as defined in the Proposed Amendments (including pursuant to anti-avoidance rules in the Proposed Amendments). Resident Holders are advised to consult their own tax advisors in this regard. </font>
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        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Taxation of Holders Not Resident in Canada</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following portion of the summary is generally applicable to a Holder who, at all relevant times, for the purposes of the Tax Act, is not, and is not deemed to be, resident in Canada and does not use or hold the Exchangeable Shares in a business carried on in Canada (a &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Non-Resident Holder</font><font style="letter-spacing:0.2pt;">&#8221;). Special rules, which are not discussed in this summary, may apply to a Non-Resident Holder that is an insurer that carries on an insurance business in Canada and elsewhere. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="font-style:italic;font-weight:bold;letter-spacing:-0.2pt;">Exchange of Exchangeable Shares.</font><font style="letter-spacing:0.2pt;">&nbsp;&nbsp;&nbsp;A Non-Resident Holder will not be subject to tax under the Tax Act on a disposition of Exchangeable Shares on an exchange for&#160;LP Units at the request of the Non-Resident Holder unless the Exchangeable Shares are &#8220;taxable Canadian property&#8221; of the Non-Resident Holder for purposes of the Tax Act at the time of the disposition and the Non-Resident Holder is not entitled to relief under an applicable income tax convention between Canada and the country in which the Non-Resident Holder is resident. </font>
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          <font style="letter-spacing:0.2pt;">Generally, the Exchangeable Shares will not constitute &#8220;taxable Canadian property&#8221; of a Non-Resident Holder at a particular time provided that BIPC is a mutual fund corporation unless, at any particular time during the 60-month period that ends at that time, both of the following conditions are met concurrently: (a)&#160;25% or more of the issued shares of any class of the capital stock of BIPC were owned by or belonged to one or any combination of (i)&#160;the Non-Resident Holder, (ii)&#160;persons with whom the Non-Resident Holder did not deal at arm&#8217;s length for purposes of the Tax Act, and (iii)&#160;partnerships in which the Non-Resident Holder or a person described in (ii)&#160;holds a membership interest directly or indirectly through one or more partnerships; and (b)&#160;more than 50% of the fair market value of the Exchangeable Shares was derived, directly or indirectly, from one or any combination of: (i)&#160;real or immovable property situated in Canada, (ii)&#160;&#8220;Canadian resource properties&#8221; &#8203;(as defined in the Tax Act), (iii)&#160;&#8220;timber resource properties&#8221; &#8203;(as defined in the Tax Act), and (iv)&#160;options in respect of, or interests in, or for civil law rights in, property described in any of (b)(i) to (iii), whether or not the property exists. A Non-Resident Holder of Exchangeable Shares that also holds one or more&#160;LP Units will generally meet the condition in (a)&#160;above; however, BIPC does not expect that the condition in (b)&#160;will be met. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the foregoing, in certain circumstances set out in the Tax Act, the Exchangeable Shares may be deemed to be &#8220;taxable Canadian property.&#8221; Non-Resident Holders for whom Exchangeable Shares may constitute &#8220;taxable Canadian property&#8221; should consult their own tax advisors. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The cost to a Non-Resident Holder of an&#160;LP Unit received on the exchange of an Exchangeable Share will equal the fair market value of the Exchangeable Share for which it was exchanged at the time of the exchange. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">For a description of the Canadian federal income tax considerations of holding and disposing of&#160;LP Units, please see Item&#160;10.E &#8220;</font><font style="font-style:italic;letter-spacing:0.2pt;">Taxation&#8201;&#8212;&#8201;Certain Material Canadian Federal Income Tax Considerations</font><font style="letter-spacing:0.2pt;">&#8221; in the Partnership&#8217;s Annual Report. </font>
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          <font style="letter-spacing:0.2pt;">27</font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tLEMA">&#8203;</a><a name="tEXP">&#8203;</a><a name="tWYCF">&#8203;</a>
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          <font style="letter-spacing:-0.2pt;">LEGAL MATTERS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The validity of the securities offered hereby and certain other legal matters with respect to the laws of Bermuda will be passed upon for us by Appleby (Bermuda) Limited. </font>
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          <font style="letter-spacing:-0.2pt;">EXPERTS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The financial statements of the Partnership as of December&#160;31, 2023, and 2022, and for each of the three&#160;years in the period ended December&#160;31, 2023, incorporated by reference in this Prospectus, and the effectiveness of the Partnership&#8217;s internal control over financial reporting have been audited by Deloitte&#160;LLP, an independent registered public accounting firm, as stated in their reports. Such financial statements are incorporated by reference in reliance upon the reports of such firm given their authority as experts in accounting and auditing. </font>
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          <font style="letter-spacing:0.2pt;">The consolidated financial statements of Triton International Limited as of December&#160;31, 2022 and 2021, and for each of the&#160;years in the three-year period ended December&#160;31, 2022, and management&#8217;s assessment of the effectiveness of internal control over financial reporting as of December&#160;31, 2022 have been incorporated by reference herein and in the registration statement in reliance upon the reports of KPMG&#160;LLP (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">KPMG</font><font style="letter-spacing:0.2pt;">&#8221;), independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. Triton International Limited has agreed to indemnify and hold KPMG harmless against and from any and all legal costs and expenses incurred by KPMG in successful defense of any legal action or proceeding that arises as a result of KPMG&#8217;s consent to the incorporation by reference of its audit report on the Company&#8217;s past financial statements incorporated by reference in this prospectus and the registration statement of which it forms a part. </font>
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          <font style="letter-spacing:-0.2pt;">WHERE YOU CAN FIND MORE INFORMATION</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">We are subject to the information and periodic reporting requirements of the Exchange Act applicable to &#8220;foreign private issuers&#8221; &#8203;(as such term is defined in Rule&#160;405 under the Securities Act) and will fulfill its obligations with respect to those requirements by filing or furnishing reports with the SEC. In addition, we are required to file documents filed with the SEC with the securities regulatory authority in each of the provinces and territories of Canada. The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding us and other issuers that file electronically with the SEC. The address of the SEC Internet site is www.sec.gov. You are invited to read and copy any reports, statements or other information, other than confidential filings, that we file with the Canadian securities regulatory authorities. These filings are electronically available from the Canadian System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.ca, the Canadian equivalent of the SEC electronic document gathering and retrieval system. This information is also available on our website at https://bip.brookfield.com. The information on our website is not incorporated by reference into this prospectus and should not be considered a part of this prospectus, and the reference to our website in this prospectus is an inactive textual reference only. Throughout the period of distribution, copies of these materials will also be available for inspection during normal business hours at the offices of our service provider at Brookfield Place, 250 Vesey Street, 15th Floor, New York, New York, United States 10281. </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">As a foreign private issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors and principal unitholders are exempt from the reporting and short-swing profit recovery provisions contained in Section&#160;16 of the Exchange Act relating to their purchases and sales of&#160;LP Units. In addition, we are not required under the Exchange Act to file annual, quarterly and current reports and financial statements with the SEC as frequently or as promptly as U.S.&#160;companies whose securities are registered under the Exchange Act. However, we intend to file with the SEC, as soon as practicable, and in any event within 120&#160;days after the end of each fiscal year, an annual report on Form&#160;20-F containing financial statements audited by an independent public accounting firm. We also intend to furnish quarterly reports on Form&#160;6-K containing unaudited interim financial information for each of the first three quarters of each fiscal year. </font>
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          <font style="letter-spacing:-0.2pt;">DOCUMENTS INCORPORATED BY REFERENCE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The SEC allows us to &#8220;incorporate by reference&#8221; into this prospectus certain documents that we file with or furnish to the SEC. This means that we can disclose important information to you by referring to those documents. The information incorporated by reference is considered to be an important part of this prospectus, and later information that we file with the SEC will automatically update and supersede that information. The following documents, which have been filed with the securities regulatory authorities in Canada and filed with, or furnished to, the SEC, are specifically incorporated by reference into, and form an integral part of, this prospectus: </font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1406234/000162828024011576/bip-20231231.htm">our Annual Report on Form&#160;20-F for the fiscal year ended December&#160;31, 2023, filed with the SEC on March&#160;18, 2024</a> (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Annual Report</font><font style="letter-spacing:0.2pt;">&#8221;), including a description of the Units in Exhibit&#160;2.1 thereto and any amendment or report filed for purposes of updating such description, is hereby incorporated by reference in the prospectus; </font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1406234/000110465923085518/tm2322077d1_6k.htm">our Report on Form&#160;6-K, filed with the SEC on July&#160;31, 2023 (Exhibit&#160;99.1 only)</a>; and </font>
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          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;"><a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1406234/000110465924044256/tm2410238d3_6k.htm">our Report on Form&#160;6-K, filed with the SEC on April&#160;5, 2024. </a></font>
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          <font style="letter-spacing:0.2pt;">In addition, all subsequent annual reports filed by us with the SEC on Form&#160;20-F and any current reports on Form&#160;6-K filed or furnished by us that is identified in such form as being incorporated by reference into the Registration Statement of which this prospectus forms a part, in each case subsequent to the date of this prospectus and prior to the termination of this offering, shall be deemed to be incorporated by reference into this prospectus as of the date of the filing or furnishing of such documents. We shall undertake to provide without charge to each person to whom a copy of this prospectus has been delivered, upon the written or oral request of any such person to us, a copy of any or all of the documents referred to above that have been or may be incorporated into this prospectus by reference, including exhibits to such documents. Requests for such copies should be directed to: </font>
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        <div style="margin-top:8pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Brookfield Infrastructure Partners&#160;L.P.</font>
          <br >
          <font style="letter-spacing:0.2pt;">Investor Relations</font>
          <br >
          <font style="letter-spacing:0.2pt;">73 Front Street</font>
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          <font style="letter-spacing:0.2pt;">5th Floor</font>
          <br >
          <font style="letter-spacing:0.2pt;">Hamilton HM 12</font>
          <br >
          <font style="letter-spacing:0.2pt;">Bermuda</font>
          <br >
          <font style="letter-spacing:0.2pt;">Attn: Investor Relations and Communications</font>
          <br >
          <font style="letter-spacing:0.2pt;">E-mail: bip.enquiries@brookfield.com</font>
          <br >
          <font style="letter-spacing:0.2pt;">Tel: +1&#8201;441&#8201;294&#8201;3304 </font>
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        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Any statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference in this prospectus shall be deemed to be modified or superseded, for the purposes of this prospectus, to the extent that a statement contained in this prospectus or in any other subsequently filed or furnished document which also is or is deemed to be incorporated by reference in this prospectus, modifies or supersedes that statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed to be an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus. </font>
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          <font style="letter-spacing:0.2pt;">29</font>
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          <font style="letter-spacing:-0.2pt;">SERVICE OF PROCESS AND ENFORCEABILITY OF CIVIL LIABILITIES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
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          <font style="letter-spacing:0.2pt;">The Partnership is formed under the laws of Bermuda. A substantial portion of the Partnership&#8217;s assets are located outside of Canada and the United States and certain of the directors of our general partner, as well as certain of the experts named in this prospectus, may be residents of jurisdictions outside of Canada and the United States. The Partnership has appointed an agent for service of process in Ontario and in the United States. However, it may be difficult for investors to effect service within Ontario or elsewhere in Canada or the United States upon those directors and experts who are not residents of Canada or the United States, as applicable. Investors are advised that it may also not be possible for investors to enforce judgments obtained in Canada or the United States against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada or the United States, even if the party has appointed an agent for service of process. Furthermore, it may be difficult to realize upon or enforce in Canada or the United States any judgment of a court of Canada or the United States against the Partnership, the directors of our general partner or the experts named in this prospectus who reside outside of Canada or the United States since a substantial portion of the Partnership&#8217;s assets and the assets of such persons may be located outside of Canada and the United States. The Partnership has been advised by counsel that there is no treaty in force between Canada and Bermuda or the United States and Bermuda providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters. As a result, whether a Canadian or U.S. judgment would be capable of being the subject of enforcement proceedings in Bermuda against the Partnership, the directors of our general partner or the experts named in this prospectus depends on whether the Canadian or U.S. court that entered the judgment is recognized by a Bermuda court as having jurisdiction over the Partnership, the directors of our general partner or the experts named in this prospectus, as determined by reference to Bermuda conflict of law rules. The courts of Bermuda would likely recognize as a valid, final and conclusive judgment </font><font style="font-style:italic;letter-spacing:0.2pt;">in personam</font><font style="letter-spacing:0.2pt;"> in respect of a judgment obtained in a Canadian or U.S. court pursuant to which a debt or definitive sum of money is payable (other than a sum of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) as long as: (i)&#160;the Canadian or U.S. court issuing the judgment had proper jurisdiction over the parties subject to the judgment and had jurisdiction to give the judgment as a matter of Bermuda law; (ii)&#160;the Canadian or U.S. court issuing the judgment did not contravene the rules of natural justice of Bermuda; (iii)&#160;the judgment was not obtained by fraud; (iv)&#160;the enforcement of the judgment would not be contrary to the public policy of Bermuda (this would likely be the case if, for example, there is a Bermuda judgment which conflicts with the judgment of the foreign court in respect of which the enforcement is sought or if the judgment creditor has unsettled judgment debts in Bermuda); (v)&#160;no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment by the courts of Bermuda; and (vi)&#160;the Canadian or U.S. judgment (being a foreign judgment) does not conflict with a prior Bermuda judgment. </font>
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          <font style="letter-spacing:0.2pt;">In addition to and irrespective of jurisdictional issues, Bermuda courts will not enforce a provision of Canadian or U.S. federal securities laws that is either penal in nature or contrary to public policy. It is the advice of the Partnership&#8217;s Bermuda counsel that an action brought pursuant to a public or penal law, the purpose of which is the enforcement of a sanction, power or right at the instance of the state in its sovereign capacity, is unlikely to be enforced by a Bermuda court. Specified remedies available under the laws of Canadian or U.S. jurisdictions, including specified remedies under Canadian securities laws or U.S. federal securities laws, would not likely be available under Bermuda law or enforceable in a Bermuda court, as they may be contrary to Bermuda public policy. Further, no claim may be brought in Bermuda against the Partnership, the directors of our general partner or the experts named in this prospectus who reside outside of Canada or the United States in the first instance for a violation of Canadian securities laws or U.S. federal securities laws because these laws have no extraterritorial application under Bermuda law and do not have force of law in Bermuda. </font>
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        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tEXP1">&#8203;</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">EXPENSES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following are the expenses incurred or expected to be incurred in connection with the exchanges of Exchangeable Shares for&#160;LP Units being registered under the Registration Statement of which this prospectus forms a part, all of which will be paid by us. All amounts, other than the SEC registration fee, are estimates. </font>
        </div>
        <table style="width:456pt;height:85.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; width:393.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">SEC registration fee* </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:0pt 0pt 1pt 0pt; min-width:34.5pt; text-align:right; white-space:nowrap;"> 11,599.02</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:393.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Transfer agent fees </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:34.5pt; text-align:right; white-space:nowrap;">10,000.00</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:393.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Legal fees and expenses </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:34.5pt; text-align:right; white-space:nowrap;">50,000.00 </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:393.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Printing fees </font> </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; min-width:34.5pt; text-align:right; white-space:nowrap;">25,000.00 </td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #CCEEFF;padding:3.5pt 0pt 2.5pt 0pt; width:393.59pt;text-align:left;">
              <div style="white-space:nowrap;">
                <font style="letter-spacing:0.2pt;">Accounting fees and expenses </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:3.75pt; text-align:right; ">&#8203;</td>
            <td style="padding:3.5pt 0pt 2.5pt 0pt;border-bottom:1px solid #000000; min-width:34.5pt; text-align:right; white-space:nowrap;">50,000.00</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;border-bottom:1px solid #CCEEFF;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #CCEEFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt; width:393.59pt;text-align:left;">
              <div style="font-weight:bold;">
                <font style="letter-spacing:-0.2pt;">Total</font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt; min-width:3.75pt; text-align:right; ">$</td>
            <td style="padding:3.25pt 0pt 2.5pt 0pt; min-width:34.5pt; text-align:right; white-space:nowrap;">146,599.02</td>
            <td style="padding:0pt;padding-left:0pt;width:0pt;">&#8203;</td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:10.5pt; width:456pt;">
          <div style="margin-left: 0pt; width: 60pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:8pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">*</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:10pt; text-align:justify; margin-left:20pt;font-size:8pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">Excludes the registration fee of $692,108.90 carried over from a prior registration statement in connection with unsold securities pursuant to Rule&#160;415(a)(6).</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">31</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">PART II </font>
        </div>
        <div style="margin-top:6pt; text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">INFORMATION NOT REQUIRED IN PROSPECTUS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-top:8pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;8.&nbsp;&nbsp;&nbsp;INDEMNIFICATION OF DIRECTORS AND OFFICERS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;font-style:italic;">
          <font style="font-style:normal;letter-spacing:0.2pt;">The sections of the Registrant&#8217;s Annual Report on Form&#160;20-F for the year ended December&#160;31, 2023 entitled &#8220;</font><font style="letter-spacing:0.2pt;">Item&#160;6.A. Directors and Senior Management&#8201;-&#8201;&#8201;Indemnification and Limitations on Liability</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221;, &#8220;</font><font style="letter-spacing:0.2pt;">Item&#160;6.C. Board Practices&#8201;&#8212;&#8201;Indemnification and Limitations on Liability</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221;, &#8220;</font><font style="letter-spacing:0.2pt;">Item&#160;7.B. Related Party Transactions &#8212; Indemnification Arrangement</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221;, &#8220;</font><font style="letter-spacing:0.2pt;">Item&#160;10.B. Memorandum and Articles of Association &#8212; Description of Our Units, Preferred Units and Our Limited Partnership Agreement &#8212; Indemnification; Limitations on Liability</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221;, and &#8220;</font><font style="letter-spacing:0.2pt;">Item&#160;10.B. Memorandum and Articles of Association &#8212; Description of the Holding&#160;LP&#8217;s Limited Partnership Agreement&#8201;&#8212;&#8201;Indemnification; Limitations on Liability</font><font style="font-style:normal;letter-spacing:0.2pt;">&#8221; include disclosure relating to the indemnification of certain of the Registrant&#8217;s affiliates and the directors and officers of the Registrant&#8217;s general partner and the Registrant&#8217;s service provider and are incorporated by reference herein. </font>
        </div>
        <div style="margin-top:8pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">*** </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. </font>
        </div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;9.&nbsp;&nbsp;&nbsp;EXHIBITS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The following exhibits have been filed or incorporated by reference as part of this Registration Statement: </font>
        </div>
        <table style="width:456pt;height:368.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0pt 0pt 2.167pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">EXHIBIT</font>
                <br >
                <font style="border-bottom:1px solid #000000;padding-bottom:1pt;padding-left:1pt;padding-right:1pt;letter-spacing:-0.16pt;">NUMBER </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt 0pt 2.167pt 0pt; width:408pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="border-bottom:1px solid #000000;padding-bottom:1pt;padding-left:175pt;padding-right:175pt;letter-spacing:-0.16pt;">DESCRIPTION </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="margin-left:5pt;letter-spacing:0.2pt;">4.1 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.5pt 0pt; width:408pt;white-space:normal;text-align:justify;">
              <div style="text-align:justify;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1406234/000090956707000970/o36695exv1w1.htm">Certificate of Registration of Brookfield Infrastructure Partners&#160;L.P. registered as of May&#160;29, 2007&#8201;&#8212;&#8201;incorporated by reference to Exhibit&#160;1.1 to the Registrant&#8217;s Registration Statement on Form&#160;20-F filed July&#160;31, 2007</a><font style="letter-spacing:0.2pt;">.</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="margin-left:5pt;letter-spacing:0.2pt;">4.2 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:408pt;white-space:normal;text-align:justify;">
              <div style="text-align:justify;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1406234/000110465918010371/a18-6249_1ex99d1.htm">Amended and Restated Limited Partnership Agreement of Brookfield Infrastructure Partners&#160;L.P., dated February&#160;16, 2018&#8201;&#8212;&#8201;incorporated by reference to Exhibit&#160;99.1 to the Registrant&#8217;s Form&#160;6-K filed February&#160;16, 2018.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="margin-left:5pt;letter-spacing:0.2pt;">4.3 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:408pt;white-space:normal;text-align:justify;">
              <div style="text-align:justify;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1406234/000110465918056441/a18-28138_1ex99d1.htm">First Amendment to the Amended and Restated Limited Partnership Agreement of Brookfield Infrastructure Partners&#160;L.P., dated September&#160;12, 2018&#8201;&#8212;&#8201;incorporated by reference to Exhibit&#160;99.1 to the Registrant&#8217;s Form&#160;6-K filed September&#160;12, 2018.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="margin-left:5pt;letter-spacing:0.2pt;">4.4 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:408pt;white-space:normal;text-align:justify;">
              <div style="text-align:justify;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1406234/000110465920025745/a20-11121_1ex99d1.htm">Second Amendment to the Amended and Restated Limited Partnership Agreement of Brookfield Infrastructure Partners&#160;L.P., dated February&#160;27, 2020&#8201;&#8212;&#8201;incorporated by reference to Exhibit&#160;99.1 to the Registrant&#8217;s Form&#160;6-K filed February&#160;27, 2020.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="margin-left:5pt;letter-spacing:0.2pt;">4.5 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:408pt;white-space:normal;text-align:justify;">
              <div style="text-align:justify;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1406234/000110465920106779/tm2022703d4_ex3-1.htm">Third Amendment to the Amended and Restated Limited Partnership Agreement of Brookfield Infrastructure Partners&#160;L.P., dated September&#160;21, 2020&#8201;&#8212;&#8201;incorporated by reference to Exhibit&#160;3.1 to the Registrant&#8217;s Form&#160;6-K filed September&#160;21, 2020.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="margin-left:5pt;letter-spacing:0.2pt;">4.6 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:408pt;white-space:normal;text-align:justify;">
              <div style="text-align:justify;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1406234/000110465921006084/tm212785d3_ex3-1.htm">Fourth Amendment to the Amended and Restated Limited Partnership Agreement of Brookfield Infrastructure Partners&#160;L.P., dated January&#160;21, 2021&#8201;&#8212;&#8201;incorporated by reference to Exhibit&#160;3.1 to the Registrant&#8217;s Form&#160;6-K filed January&#160;21, 2021.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="margin-left:5pt;letter-spacing:0.2pt;">4.7 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:408pt;white-space:normal;text-align:justify;">
              <div style="text-align:justify;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1406234/000119312521177381/d191050dex41.htm">Fifth Amendment to the Amended and Restated Limited Partnership Agreement of Brookfield Infrastructure Partners&#160;L.P., dated May&#160;24, 2021&#8201;&#8212;&#8201;incorporated by reference to Exhibit&#160;4.1 to the Registrant&#8217;s Form&#160;6-K filed June&#160;1, 2021.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="margin-left:5pt;letter-spacing:0.2pt;">4.8 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:408pt;white-space:normal;text-align:justify;">
              <div style="text-align:justify;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1406234/000119312520094887/d887599dex994.htm">Articles of Incorporation of Brookfield Infrastructure Corporation&#8201;&#8212;&#8201;incorporated by reference to Exhibit&#160;99.4 to the Registrant&#8217;s Form&#160;6-K filed April&#160;2, 2020.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="margin-left:5pt;letter-spacing:0.2pt;">4.9 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.5pt 0pt; width:408pt;white-space:normal;text-align:justify;">
              <div style="text-align:justify;">
                <a style="-sec-extract:exhibit" href="https://www.sec.gov/Archives/edgar/data/1788348/000119312520094886/d899718dex102.htm">Registration Rights Agreement by and between Brookfield Infrastructure Corporation, Brookfield Infrastructure Partners L.P. and Brookfield Asset Management Inc. (now known as Brookfield Corporation), dated March 31, 2020&#8201;&#8212;&#8201;incorporated by reference to Exhibit 10.2 to Brookfield Infrastructure Corporation&#8217;s Form 6-K filed April 2, 2020.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-1</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69pt;width:456pt;">
        <table style="width:456pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:0.167pt 0pt 2.167pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:-0.16pt;">EXHIBIT</font>
                <br >
                <font style="border-bottom:1px solid #000000;padding-bottom:1pt;padding-left:1pt;padding-right:1pt;letter-spacing:-0.16pt;">NUMBER </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0.167pt 0pt 2.167pt 0pt; width:408pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="border-bottom:1px solid #000000;padding-bottom:1pt;padding-left:175pt;padding-right:175pt;letter-spacing:-0.16pt;">DESCRIPTION </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="margin-left:5pt;letter-spacing:0.2pt;">4.10 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:1.917pt 0pt 0.833pt 0pt; width:408pt;white-space:normal;text-align:justify;">
              <div style="text-align:justify;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1788348/000119312520094886/d899718dex102.htm">Registration Rights Agreement by and between Brookfield Infrastructure Corporation, Brookfield Infrastructure Partners&#160;L.P. and Brookfield Asset Management&#160;Inc. (now known as Brookfield Corporation), dated March&#160;31, 2021&#8201;&#8212;&#8201;incorporated by reference to Exhibit&#160;10.2 to Brookfield Infrastructure Corporation&#8217;s Form&#160;6-K filed April&#160;2, 2020.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="margin-left:5pt;letter-spacing:0.2pt;">4.11 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:408pt;white-space:normal;text-align:justify;">
              <div style="text-align:justify;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1406234/000162828022005592/bip2021ex430.htm">Support Agreement dated August&#160;20, 2021, by and among Brookfield Infrastructure Corporation, Brookfield Infrastructure Partners&#160;L.P., Brookfield Infrastructure Corporation Exchange Limited Partnership, Brookfield Infrastructure Corporation Exchange&#160;GP&#160;Inc. and Brookfield Infrastructure Holdings (Canada)&#160;Inc.&#8201;&#8212;&#8201;incorporated by reference to Exhibit&#160;4.30 to the Registrant&#8217;s Form&#160;20-F filed March&#160;9, 2022.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="margin-left:5pt;letter-spacing:0.2pt;">5.1+ </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:408pt;text-align:left;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2411715d2_ex5-1.htm">Opinion of Appleby (Bermuda) Limited.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">23.1+ </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:408pt;text-align:left;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2411715d2_ex23-1.htm">Consent of Deloitte&#160;LLP.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">23.2+ </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:408pt;text-align:left;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2411715d2_ex23-2.htm">Consent of KPMG&#160;LLP.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">23.3 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:408pt;text-align:left;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2411715d2_ex5-1.htm">Consent of Appleby (Bermuda) Limited (included in the opinion filed as Exhibit&#160;5.1 hereto).</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">24.1 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 1.5pt 0pt; width:408pt;text-align:left;">
              <div style="letter-spacing:0.2pt;">
                <a href="#tSIG">Power of Attorney (included in the signature page to this Registration Statement).</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;white-space:nowrap;text-align:center;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;letter-spacing:0.2pt;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:36pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">99.1 </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:2.167pt 0pt 0.833pt 0pt; width:408pt;white-space:normal;text-align:justify;">
              <div style="text-align:justify;">
                <a style="-sec-extract:exhibit" href="http://www.sec.gov/Archives/edgar/data/1406234/000119312520094887/d887599dex994.htm">Form of Notice of Exchange&#8201;&#8212;&#8201;incorporated by reference to Exhibit&#160;99.4 to the Registrant&#8217;s Form&#160;6-K filed April&#160;2, 2020.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:10pt;white-space:nowrap;text-align:left;vertical-align:top;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.833pt 0pt; width:36pt;">
              <font style="letter-spacing:0.2pt;">107+ </font>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:3.5pt 0pt 0.833pt 0pt; width:408pt;">
              <div style="letter-spacing:0.2pt;">
                <a style="-sec-extract:exhibit" href="tm2411715d2_ex-filingfees.htm">Filing Fee Table.</a>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
        <div style="margin-top:9.9pt; width:456pt;">
          <div style="margin-left: 0pt; width: 60pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-top:7.31pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;font-size:8pt;">
          <font style="letter-spacing:0.16pt;">+</font>
          <br >
        </div>
        <div style=" margin-top:7.31pt; margin-bottom:0pt; line-height:10pt; text-align:left; margin-left:20pt;font-size:8pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.16pt;">Filed herewith. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-top:12pt; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">Item&#160;10.&nbsp;&nbsp;&nbsp;UNDERTAKINGS</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(a)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The undersigned Registrant hereby undertakes: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:7.41pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(1)</font>
          <br >
        </div>
        <div style=" margin-top:7.41pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:7.4pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(i)</font>
          <br >
        </div>
        <div style=" margin-top:7.4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:80pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">To include any prospectus required by Section&#160;10(a)(3) of the Securities Act of 1933, as amended (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Securities Act</font><font style="letter-spacing:0.2pt;">&#8221;); </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:7.4pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(ii)</font>
          <br >
        </div>
        <div style=" margin-top:7.4pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:80pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission (&#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">SEC</font><font style="letter-spacing:0.2pt;">&#8221;), pursuant to Rule&#160;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20&#160;percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:7.51pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(iii)</font>
          <br >
        </div>
        <div style=" margin-top:7.51pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:80pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:60pt; margin-top:8pt; text-align:justify; width:396pt; line-height:12pt;">
          <font style="font-style:italic;letter-spacing:0.2pt;">Provided</font><font style="letter-spacing:0.2pt;">, however, that: </font>
        </div>
        <div style="margin-left:60pt; margin-top:8pt; text-align:justify; width:396pt; line-height:11.5pt;">
          <font style="letter-spacing:0.2pt;">Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by or on behalf of the Registrant pursuant to Section&#160;13 or Section&#160;15(d) of the U.S. Securities Exchange Act of 1934, as amended (the &#8220;</font><font style="font-weight:bold;letter-spacing:-0.2pt;">Exchange Act</font><font style="letter-spacing:0.2pt;">&#8221;), that are incorporated by reference in this Registration Statement, or is contained in a form of prospectus filed pursuant to Rule&#160;424(b) that is part of this Registration Statement. </font>
        </div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-2</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;margin-left:69pt;width:456pt;">
        <div style=" float:left; margin-left:40pt; line-height:12pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(2)</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:justify; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><font style="font-style:italic;letter-spacing:0.2pt;">bona fide</font><font style="letter-spacing:0.2pt;"> offering thereof. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:8.2pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(3)</font>
          <br >
        </div>
        <div style=" margin-top:8.2pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:8.2pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(4)</font>
          <br >
        </div>
        <div style=" margin-top:8.2pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">To file a post-effective amendment to this Registration Statement to include any financial statements required by Item&#160;8.A of Form&#160;20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section&#160;10(a)(3) of the Securities Act need not be furnished, provided that the Registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, a post-effective amendment need not be filed to include financial statements and information required by Section&#160;10(a)(3) of the Securities Act or Item&#160;8.A of Form&#160;20-F if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section&#160;13 or Section&#160;15(d) of the Exchange Act that are incorporated by reference herein. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:8.2pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(5)</font>
          <br >
        </div>
        <div style=" margin-top:8.2pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">That, for the purpose of determining liability under the Securities Act, as amended, to any purchaser: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8.2pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(i)</font>
          <br >
        </div>
        <div style=" margin-top:8.2pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:80pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Each prospectus filed by the Registrant pursuant to Rule&#160;424(b)(3) shall be deemed to be part of this Registration Statement as of the date the filed prospectus was deemed part of and included in this Registration Statement; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8.19pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(ii)</font>
          <br >
        </div>
        <div style=" margin-top:8.19pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:80pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Each prospectus required to be filed pursuant to Rule&#160;424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule&#160;430B relating to an offering made pursuant to Rule&#160;415(a)(1)(i), (vii), or (x)&#160;for the purpose of providing the information required by Section&#160;10(a) of the Securities Act shall be deemed to be part of and included in this Registration Statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule&#160;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of this Registration Statement or made in a document incorporated or deemed incorporated by reference into this Registration Statement or prospectus that is part of this Registration Statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of this Registration Statement or made in any such document immediately prior to such effective date. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:40pt; line-height:12pt; margin-top:8.1pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(6)</font>
          <br >
        </div>
        <div style=" margin-top:8.1pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:60pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">That, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of the securities: the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8.2pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(i)</font>
          <br >
        </div>
        <div style=" margin-top:8.2pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:80pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule&#160;424; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-3</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69pt;width:456pt;">
        <div style=" float:left; margin-left:60pt; line-height:12pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(ii)</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:justify; margin-left:80pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant; </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(iii)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:80pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:60pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(iv)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:80pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(b)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of an annual report pursuant to Section&#160;13(a) or Section&#160;15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section&#160;15(d) of the Exchange Act) by or on behalf of the Registrant that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><font style="font-style:italic;letter-spacing:0.2pt;">bona fide</font><font style="letter-spacing:0.2pt;"> offering thereof. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8pt; margin-bottom:0pt; text-align:justify; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(c)</font>
          <br >
        </div>
        <div style=" margin-top:8pt; margin-bottom:0pt; line-height:12pt; text-align:justify; margin-left:40pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, such Registrant has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-4</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a><a name="tSIG">&#8203;</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">SIGNATURES</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form&#160;F-3 and has duly caused this Registration Statement on Form&#160;F-3 to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Hamilton, Bermuda on April&#160;16, 2024. </font>
        </div>
        <div style="margin-left:220pt; margin-top:12pt; width:236pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">BROOKFIELD INFRASTRUCTURE PARTNERS </font>
          <br >
          <font style="letter-spacing:-0.2pt;">L.P.</font><font style="font-weight:normal;letter-spacing:0.2pt;">, by its general partner, </font>
          <br >
          <font style="letter-spacing:-0.2pt;">BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:220pt; line-height:12pt; margin-top:18pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">By:</font>
          <br >
        </div>
        <div style=" margin-top:18pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:240pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">/s/ Jane Sheere</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:240pt; margin-top:2.5pt; width:216pt;">
          <div style="margin-left: 0pt; width: 216pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-left:240pt; margin-top:2pt; margin-bottom:0pt; text-align:left; width:36pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">Name:</font>
          <br >
        </div>
        <div style=" margin-top:2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:276pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Jane Sheere </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:240pt; line-height:12pt; margin-top:0pt; margin-bottom:0pt; text-align:left; width:36pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">Title:</font>
          <br >
        </div>
        <div style=" margin-top:0pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:276pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Secretary</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Jane Sheere, Gregory Morrison, Gregory McConnie and James Bodi, his or her true and lawful attorney-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to the Registration Statement, and to sign any related registration statement filed pursuant to Rule&#160;429 or Rule&#160;462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granted unto said attorney-in-fact and agents, full power and authority to do and to perform each and every act and thing required and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agents, or any of them or their substitutes or substitutes, could lawfully do or cause to be done by virtue hereof. </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities indicated on April&#160;16, 2024. </font>
        </div>
        <table style="width:456pt;height:264.5pt;margin-top:10pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;min-height:9.25pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:222pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Signature </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:222pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Title </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:56.25pt; white-space:normal;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 5.833pt 0pt; width:222pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">/s/ Samuel Pollock</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 222pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">
                <font style="letter-spacing:0.2pt;">Samuel Pollock </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 5.833pt 0pt; width:222pt;white-space:nowrap;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Chief Executive Officer of Brookfield</font>
                <br >
                <font style="letter-spacing:0.2pt;">Infrastructure Group&#160;L.P.</font>
                <br >
                <font style="letter-spacing:0.2pt;">(Principal Executive Officer) </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:49pt; white-space:normal;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style=" width:222pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">/s/ David Krant</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 222pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">
                <font style="letter-spacing:0.2pt;">David Krant </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style=" width:222pt;white-space:nowrap;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Chief Financial Officer of Brookfield </font>
                <br >
                <font style="letter-spacing:0.2pt;">Infrastructure Group&#160;L.P.</font>
                <br >
                <font style="letter-spacing:0.2pt;">(Principal Financial and Accounting Officer) </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:39pt; white-space:normal;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style=" width:222pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">/s/ Anne Schaumburg </font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 222pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">
                <font style="letter-spacing:0.2pt;">Anne Schaumburg </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style=" width:222pt;white-space:nowrap;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Chair of the Board of Directors </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:39pt; white-space:normal;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style=" width:222pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">/s/ Jeffrey Blidner</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 222pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">
                <font style="letter-spacing:0.2pt;">Jeffrey Blidner </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style=" width:222pt;white-space:nowrap;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:39pt; white-space:normal;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style=" width:222pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">/s/ William Cox</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 222pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">
                <font style="letter-spacing:0.2pt;">William Cox </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style=" width:222pt;white-space:nowrap;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:38pt;white-space:normal;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style=" width:222pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">/s/ Roslyn Kelly</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 222pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">
                <font style="letter-spacing:0.2pt;">Roslyn Kelly </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style=" width:222pt;white-space:nowrap;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:19.5pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-5</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69pt;width:456pt;">
        <table style="width:456pt;height:127.5pt;margin-top:0pt;border-collapse: collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
          <tr style="line-height:8pt;min-height:9.25pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:8pt;">
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:222pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Signature </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:6pt;">&#8203;</td>
            <td style="border-bottom:1px solid #000000;padding:0pt 0pt 2.5pt 0pt; width:222pt;">
              <div style="white-space:nowrap; text-align:center;">
                <font style="letter-spacing:-0.16pt;">Title </font>
              </div>
            </td>
            <td style="padding:0pt;border-bottom:1px solid #FFFFFF; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:46.25pt; white-space:normal;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:222pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">/s/ Daniel Mu&#241;iz Quintanilla</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 222pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">
                <font style="letter-spacing:0.2pt;">Daniel Mu&#241;iz Quintanilla </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:13.917pt 0pt 0.5pt 0pt; width:222pt;white-space:nowrap;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:39pt; white-space:normal;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style=" width:222pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">/s/ Suzanne Nimocks</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 222pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">
                <font style="letter-spacing:0.2pt;">Suzanne Nimocks </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style=" width:222pt;white-space:nowrap;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director </font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
          <tr style="line-height:12pt;height:38pt;white-space:normal;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
            <td style="padding:0pt; width:0pt;">&#8203;</td>
            <td style=" width:222pt;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">/s/ Rajeev Vasudeva</font>
              </div>
              <div style="margin-top:2.5pt; text-align:justify;">
                <div style="margin-left: 0pt; width: 222pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
              </div>
              <div style="margin-top:2pt; text-align:center;">
                <font style="letter-spacing:0.2pt;">Rajeev Vasudeva </font>
              </div>
            </td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style="padding:0pt; width:6pt;">&#8203;</td>
            <td style=" width:222pt;white-space:nowrap;">
              <div style="text-align:center;">
                <font style="letter-spacing:0.2pt;">Director</font>
              </div>
            </td>
            <td style="padding:0pt; width:0pt;">&#8203;</td>
          </tr>
        </table>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-6</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
    <div style=" width:595.3pt;margin-left:auto;margin-right:auto;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">
        <a style="text-decoration:none;color:#003366;" href="#TOC">TABLE OF CONTENTS</a>
      </div>
      <div style="margin-top:22pt;height:12pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">&#160;</font>
          <br >
        </div>
      </div>
      <div style="margin-top:6pt;height:660pt;margin-left:69pt;width:456pt;">
        <div style="text-align:center; width:456pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">AUTHORIZED UNITED STATES REPRESENTATIVE</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:8pt; text-align:justify; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Pursuant to the requirements of Section&#160;6(a) of the Securities Act of 1933, as amended, the undersigned has signed this Registration Statement, solely in the capacity of the duly authorized representative of Brookfield Infrastructure Partners&#160;L.P. in the United States, on this 16</font><font style=" position:relative; bottom:4.25pt;font-size:7.5pt;letter-spacing:0.15pt;">th</font><font style="letter-spacing:0.2pt;"> day of April&#160;2024. </font>
        </div>
        <div style="margin-left:220pt; margin-top:12pt; width:236pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">BROOKFIELD INFRASTRUCTURE LLC</font><font style="font-weight:normal;letter-spacing:0.2pt;"> </font>
        </div>
        <div style=" float:left; margin-left:220pt; line-height:12pt; margin-top:18pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">By:</font>
          <br >
        </div>
        <div style=" margin-top:18pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:240pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">/s/ Ralph Klatzkin</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:240pt; margin-top:2.5pt; width:216pt;">
          <div style="margin-left: 0pt; width: 216pt; margin-top: 0pt; font-size: 1pt; line-height: 0pt; border-bottom: 1pt solid #000000; ">&#8203;</div>
        </div>
        <div style=" float:left; margin-left:240pt; margin-top:2pt; margin-bottom:0pt; text-align:left; width:36pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">Name:</font>
          <br >
        </div>
        <div style=" margin-top:2pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:276pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Ralph Klatzkin </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:240pt; line-height:12pt; margin-top:0pt; margin-bottom:0pt; text-align:left; width:36pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">Title:</font>
          <br >
        </div>
        <div style=" margin-top:0pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:276pt;">
          <!--blacklining:none;-->
          <font style="letter-spacing:0.2pt;">Vice President</font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
      </div>
      <div style="margin-top:24pt;margin-bottom:19.71pt;margin-left:69pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">II-7</font>
          <br >
        </div>
      </div>
      <hr >
    </div>
  </body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2411715d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<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 5.1</B></P>

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

<P STYLE="text-align: right; margin: 0"><IMG SRC="tm2411715d2_img001.jpg" ALT=""></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fax +1 441 292 8666</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">applebyglobal.com</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: 50%; text-align: justify"><B>Brookfield Infrastructure Partners L.P.</B> <BR>
    73 Front Street<BR>
    Hamilton Bermuda <BR>
    HM 11</TD>
    <TD STYLE="width: 50%; text-align: right"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Email</B> clangley@applebyglobal.com</P>
                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                              <P STYLE="margin-top: 0; margin-bottom: 0"><B>Direct Dial</B> +1 441 298 3202</P>
                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                              <P STYLE="margin-top: 0; margin-bottom: 0"><B>Appleby Ref</B> <BR>
                                            136873.0052</P>
                                              <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                              <P STYLE="margin-top: 0; margin-bottom: 0"><B>By Email and Courier</B><BR>
                                            April 16, 2024</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; text-align: right"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies and Gentlemen</FONT></P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>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: justify">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>Partnership</B>).
We have been requested to render this opinion in connection with the filing by the Partnership 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: 0pt"></TD><TD STYLE="width: 32.6pt">1.</TD><TD STYLE="text-align: justify">a shelf registration statement on Form&nbsp;F-3 dated as of April 16, 2024 (as may be amended, the
<B>Registration Statement</B>) filed with the Securities and Exchange Commission (<B>SEC</B>) pursuant to the U.S. Securities Act of 1933,
as amended (<B>Securities Act</B>), relating to the issuance by the Partnership or the delivery by the selling unitholder named therein
from time to time (<B>Selling Unit Holder</B>) of up to 170,000,000 of the Partnership&rsquo;s limited partnership units (<B>Units</B>),
in each case, in connection with the exchange, redemption or acquisition, as applicable, from time to time of class A exchangeable subordinate
voting shares (<B>Class&nbsp;A Shares</B>) of Brookfield Infrastructure Corporation; 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: 0pt"></TD><TD STYLE="width: 32.6pt">2.</TD><TD STYLE="text-align: justify">the prospectus, dated as of April 16, 2024,
                                            contained in the Registration Statement (as may be amended, the <B>Prospectus</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">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Appleby (Bermuda) Limited (the Legal Practice) is a limited liability company incorporated in Bermuda and approved and recognised under the Bermuda Bar (Professional Companies) Rules&nbsp;2009. &quot;Partner&quot; is a title referring to a director, shareholder or an employee of the Legal Practice. A list of such persons can be obtained from your relationship partner.</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">Bermuda &#9632; British Virgin Islands
 &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; Mauritius
 &#9632; 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>

<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-top: 0pt; margin-bottom: 0pt"> <B>ASSUMPTIONS</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">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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">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"></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: 0pt"></TD><TD STYLE="width: 32.6pt">2.</TD><TD STYLE="text-align: justify">the genuineness of all signatures on the Documents;</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: 0pt"></TD><TD STYLE="width: 32.6pt">3.</TD><TD STYLE="text-align: justify">the authority, capacity and power of persons signing the Documents;</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: 0pt"></TD><TD STYLE="width: 32.6pt">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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">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 Partnership in connection with the Registration Statement, the Prospectus, the Units 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 Prospectus or the Units 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">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 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 and the Litigation Search;</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">Bermuda &#9632; British Virgin Islands
 &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; London &#9632; Mauritius
 &#9632; Seychelles &#9632; Shanghai &#9632; Zurich</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 32.6pt">11.</TD><TD STYLE="text-align: justify">any amendment to the Registration Statement and the Prospectus is properly authorized by the Partnership
and the terms and transactions contemplated by any such amendment adopted would not be inconsistent with the Resolutions and the terms
and transactions contemplated by the Prospectus and the Registration Statement as of the date hereof;</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: 0pt"></TD><TD STYLE="width: 32.6pt">12.</TD><TD STYLE="text-align: justify">that there are no matters of fact or law (other than matters of Bermuda law) affecting the enforceability
of the Partnership Constitutional Documents that have arisen since the execution of the Partnership Constitutional Documents, as applicable,
which would affect 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">13.</TD><TD STYLE="text-align: justify">the terms and transactions contemplated by any prospectus supplement adopted would not be inconsistent
with the Resolutions and the terms and transactions contemplated by the Prospectus and the Registration Statement; 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: 0pt"></TD><TD STYLE="width: 32.6pt">14.</TD><TD STYLE="text-align: justify">that none of the parties to the Documents carries on investment business in or from Bermuda (as defined
in section 4 of the Investment Business Act 2003).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>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; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">1.</TD><TD STYLE="text-align: justify">The Partnership is an exempted limited partnership established and existing under the laws of Bermuda.
The Partnership possesses the capacity to sue and be sued in its own name and is in good standing under the laws of Bermuda. All suits
in respect of the business of the Partnership shall be prosecuted by and against the general partner(s)&nbsp;of the Partnership.</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: 0pt"></TD><TD STYLE="width: 32.6pt">2.</TD><TD STYLE="text-align: justify">When duly authorized, allotted, issued and fully paid for pursuant to the terms of the Resolutions and
in accordance with the terms and conditions referred to or summarized in the Prospectus, the Registration Statement (including any documents
incorporated by reference therein) and the Constitutional Documents, the Units to be issued by the Partnership or delivered by the Selling
Unit Holder upon exchange, redemption or acquisition, as applicable, of Class&nbsp;A Shares will be validly issued, fully paid and non-assessable
units 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">Bermuda &#9632; British Virgin Islands
 &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; London &#9632; Mauritius
 &#9632; Seychelles &#9632; Shanghai &#9632; Zurich</P>

<P STYLE="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"><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; 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">1.</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">2.</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">3.</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 the Partnership and subject to any contrary provision in any agreement in writing between the Partnership and the holder of Units,
that: no holder shall be obliged to contribute further amounts to the capital of the Partnership, either in order to complete payment
for their Units, to satisfy claims of creditors of the Partnership, or otherwise.</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: 0pt"></TD><TD STYLE="width: 32.6pt">4.</TD><TD STYLE="text-align: justify">The Limited Partnership Act 1883 (the <B>Act</B>) provides that a limited partner shall be liable as a
general partner if he takes part in the management of the partnership.</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: 0pt"></TD><TD STYLE="width: 32.6pt">5.</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">6.</TD><TD STYLE="text-align: justify">Any provision in the Registration Statement or the Prospectus 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">7.</TD><TD STYLE="text-align: justify">A limited partner is liable to the Partnership, or to its creditors, for any amount in respect of such
limited partner&rsquo;s contribution to the Partnership to the extent such contribution has not been contributed in full, or to the extent
such contribution is either released or returned to the limited partner contrary to the restrictions on reductions of capital contained
in the Act.</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: 0pt"></TD><TD STYLE="width: 32.6pt">8.</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bermuda &#9632; British Virgin Islands
 &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; London &#9632; Mauritius
 &#9632; Seychelles &#9632; Shanghai &#9632; Zurich</P>

<P STYLE="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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">9.</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">10.</TD><TD STYLE="text-align: justify">In opinion paragraph 1, the term &lsquo;good standing&rsquo; means only that the Partnership has received
a Certificate of Compliance from the Registrar of Companies in Hamilton, Bermuda which confirms that it has neither failed to make any
filing with any Bermuda governmental authority nor to pay any Bermuda government fee or tax.</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: 0pt"></TD><TD STYLE="width: 32.6pt">11.</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">11.1</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">11.2</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">11.3</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">11.4</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">11.5</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bermuda &#9632; British Virgin Islands
 &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; London &#9632; Mauritius
 &#9632; Seychelles &#9632; Shanghai &#9632; Zurich</P>

<P STYLE="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: 0pt"></TD><TD STYLE="width: 32.6pt">12.</TD><TD STYLE="text-align: justify">In order to issue this opinion we have received 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DISCLOSURE</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">This opinion is addressed to you in connection
with the registration of the Units with the SEC and is not to be used, quoted or relied upon for any other purpose. We consent to the
filing of this opinion as an exhibit to the Registration Statement of the Partnership and further consent to the reference to our firm
under the caption &ldquo;Legal Matters&rdquo; in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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: 0pt 0; text-align: justify">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: 0pt 0; text-align: justify">/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: 0pt 0; text-align: justify"><B>Appleby (Bermuda) Limited</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">Bermuda &#9632; British Virgin Islands
 &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; Mauritius
 &#9632; 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>

<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: 0pt"></TD><TD STYLE="width: 32.6pt">1.</TD><TD STYLE="text-align: justify">The respective electronic extracts provided to us by the office of the Registrar of Companies each dated
April 16, 2024 in respect of Brookfield Infrastructure Partners Limited, the general partner of the Partnership (<B>BIPL</B>), and
the Partnership on their files maintained at office of the Registrar of Companies (collectively, the <B>Company and Partnership Searches</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: 0pt"></TD><TD STYLE="width: 32.6pt">2.</TD><TD STYLE="text-align: justify">The entries and filings shown in respect of BIPL and the Partnership in the Supreme Court Causes Book
maintained at the Registry of the Supreme Court in Hamilton, Bermuda, as revealed by searches conducted on April 16, 2024 (<B>Litigation
Search</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: 0pt"></TD><TD STYLE="width: 32.6pt">3.</TD><TD STYLE="text-align: justify">Certified copies of the following documents in respect of the Partnership: Certificate of Registration
for a Partnership to be Registered as an Exempted Partnership and Limited Partnership dated 13 June&nbsp;2007, Certificate of Deposit
of Supplementary Certificate (Change of Name) dated 10 July&nbsp;2007, Certificate of Deposit of Supplementary Certificate (Change of
Registered Office) dated 8 December&nbsp;2011, Amended and Restated Limited Partnership Agreement dated 16 February&nbsp;2018, First Amendment
to the Amended and Restated Limited Partnership Agreement dated 12 September&nbsp;2018, Second Amendment to the Amended and Restated Limited
Partnership Agreement dated 27 February&nbsp;2020, Third Amendment to the Amended and Restated Limited Partnership Agreement dated 21
September&nbsp;2020, Fourth Amendment to the Amended and Restated Limited Partnership Agreement dated 21 January&nbsp;2021 and Fifth Amendment
to the Amended and Restated Limited Partnership Agreement dated 24 May&nbsp;2021 (collectively, <B>Partnership 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">4.</TD><TD STYLE="text-align: justify">Certified copies of the Certificate of Incorporation, Memorandum of Association and Bye-Laws of BIPL (<B>GP
Constitutional Documents</B>, together with the Partnership Constitutional 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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">5.</TD><TD STYLE="text-align: justify">Copies of the minutes of a meeting of the board of Directors of BIPL held on 31 January&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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 32.6pt">6.</TD><TD STYLE="text-align: justify">Certificates of Compliance each dated April 16, 2024 issued by the Registrar of Companies in respect
of BIPL and the Partnership (each a, <B>Certificate of Compliance</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"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">A secretary&rsquo;s certificate signed by the secretary of BIPL dated April 16, 2024, in its capacity
as general partner of the Partnership (<B>Secretary&rsquo;s Certificate</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"></TD><TD STYLE="width: 0.5in">8.</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" 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">9.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bermuda &#9632; British Virgin Islands
 &#9632; Cayman Islands &#9632; Guernsey &#9632; Hong Kong &#9632; Isle of Man &#9632; Jersey &#9632; London &#9632; Mauritius
 &#9632; Seychelles &#9632; Shanghai &#9632; Zurich</P>

<P STYLE="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-23.1
<SEQUENCE>3
<FILENAME>tm2411715d2_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<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-top: 0; margin-right: 0; margin-bottom: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin-top: 0; margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">We consent to the incorporation by reference in this Registration
Statement on Form&nbsp;F-3 of our reports dated March&nbsp;18, 2024 relating to the financial statements of Brookfield Infrastructure
Partners L.P. (the &ldquo;Partnership&rdquo;) and the effectiveness of the Partnership&rsquo;s internal control over financial reporting,
appearing in the Annual Report on Form&nbsp;20-F of the Partnership for the year ended December&nbsp;31, 2023. We also consent to the
reference to us under the heading &quot;Experts&quot; in such Registration Statement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Chartered Professional Accountants<BR>
Licensed Public Accountants<BR>
Toronto, Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">April 16, 2024</P>

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

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

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

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>tm2411715d2_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public Accounting
Firm</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">We consent to the use of our report dated February&nbsp;14,&nbsp;2023,
with respect to the consolidated financial statements of Triton International Limited, and the effectiveness of internal control over
financial reporting, incorporated herein by reference on Form&nbsp;F-3, filed by Brookfield Infrastructure Partners L.P., and to the reference
to our firm under the heading &quot;Experts&quot; in the prospectus.</P>

<P STYLE="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">/s/ KPMG 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">New York, New York<BR>
April&nbsp;15,&nbsp;2024</P>

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

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

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

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>tm2411715d2_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 107 </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; text-align: right"><B>EX-FILING FEES</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Form F-3</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Brookfield Infrastructure Partners L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Table 1: Newly Registered Securities</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: black 1pt solid; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Security Type</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Security<BR>
Class Title</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Fee<BR>
Calculation<BR>
Rule or<BR>
Instruction</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Amount<BR>
Registered</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Proposed<BR>
Maximum<BR>
Offering<BR>
Price Per<BR>
Unit</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Maximum<BR>
Aggregate<BR>
Offering Price</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Fee Rate</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Amount of<BR>
Registration<BR>
Fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Carry Forward<BR>
Form Type</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Carry Forward<BR>
File Number</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Carry Forward<BR>
Initial Effective<BR>
Date</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; white-space: nowrap; vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Filing Fee<BR>
Previously Paid<BR>
In Connection<BR>
with Unsold<BR>
Securities to be<BR>
Carried Forward</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="12" STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Newly Registered Securities</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Fees to Be Paid</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Limited Partnership Interests </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Non-Voting Limited Partnership Units</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">457(c)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">2,960,970<FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;26.54<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">$78,584,143.80</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;0.00014760</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;<FONT STYLE="font-size: 10pt">$11,599.02</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Fees Previously Paid</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Limited Partnership Interests </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">&#8211;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">&#8211;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&#8211;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&#8211;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&#8211;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;<FONT STYLE="font-size: 10pt">&#8211;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;<FONT STYLE="font-size: 10pt">&#8211;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="12" STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Carry Forward Securities</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Carry Forward Securities</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Limited Partnership Interests</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Non-Voting Limited Partnership Unit</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">415(a)(6)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">167,039,030<SUP>(2)(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">$5,632,292,696.31 <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">F-3</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">333-270363</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">August 9, 2023</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">$692,108.90 &nbsp;</FONT><SUP>(4)</SUP></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Total Offering Amounts</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">$5,710,876,840.1
1<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">$11,599.02<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Total Fees Previously Paid</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">&#8211;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Total Fee Offsets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">&#8211;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">Net Fee Due</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center"><FONT STYLE="font-size: 10pt">$11,599.02</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-top: 3.25pt; text-align: center">&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">(1) Estimated solely for the purpose of calculating the registration
fee in accordance with Rule 457(c) under the U.S. Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), based upon the
average high and low prices of the registrant&#8217;s limited partnership units (&#8220;LP Units&#8221;) on the New York Stock Exchange
on April 12, 2024, of $27.27 and $25.81.</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">(2) Pursuant to Rule 416 under the Securities Act, this Registration
Statement also covers an indeterminate number of additional securities that may be offered or issued by the registrant in connection with
any stock split, stock dividend or any similar transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3) Pursuant to Rule 415(a)(6) under the Securities Act (&#8220;Rule
415(a)(6)&#8221;), the securities being registered include 167,039,030 LP Units, equivalent to $5,632,292,696.31, which are being carried
forward due to the previously registered by the registrant&#8217;s registration statement on Form F-3 (File No. 333-270363), which was
declared effective by the Securities and Exchange Commission on August 9, 2023 (the &#8220;Prior Registration Statement&#8221;), but were
not issued or delivered to satisfy exchanges, redemptions or acquisitions of exchangeable shares, and accordingly such LP Units constitute
 &#8220;unsold securities&#8221; (within the meaning of Rule 415(a)(6)) as of the date hereof (collectively, the &#8220;Unsold Securities&#8221;).
The Unsold Securities represent approximately 99.9% of the LP Units registered under the Prior Registration Statement, and accordingly,
the registration fees for these LP Units are being carried forward for this 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">(4) The aggregate filing fee paid in connection with the Unsold Securities
under the Prior Registration Statement was $692,110.53, representing 99.9% of the registration fees for the LP Units registered under
the Prior Registration Statement (see footnote 3 above). Pursuant to Rule 415(a)(6), (i) the registration fee applicable to the Unsold
Securities is being carried forward to this Registration Statement and will continue to be applied to the Unsold Securities, and (ii)
the offering of the Unsold Securities registered on the Prior Registration Statements will be deemed terminated as of the date of effectiveness
of this Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0">(5) Reflects application of the carry forward registration
fee from the Unsold Securities.</P>

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
