<SEC-DOCUMENT>0001104659-25-050985.txt : 20250520
<SEC-HEADER>0001104659-25-050985.hdr.sgml : 20250520
<ACCEPTANCE-DATETIME>20250520160526
ACCESSION NUMBER:		0001104659-25-050985
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250516
FILED AS OF DATE:		20250520
DATE AS OF CHANGE:		20250520

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
		EIN:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33632
		FILM NUMBER:		25968696

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

	MAIL ADDRESS:	
		STREET 1:		73 FRONT STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM12
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2515355d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of May&nbsp;2025</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="text-align: center; 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">Form&nbsp;20-F&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exhibits to this Form&nbsp;6-K are incorporated
by reference into the registrant&rsquo;s registration statement on Form&nbsp;F-3ASR filed with the Securities and Exchange Commission
(the &ldquo;<B>SEC</B>&rdquo;) on April&nbsp;5, 2024 (File No.&nbsp;333-278529).</P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; width: 8%"><B>Exhibit</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-left: 7.45pt; text-align: center; width: 90%"><B>Description</B></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt"><A HREF="tm2515355d1_ex4-1.htm">4.1</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.65pt; text-align: justify"><A HREF="tm2515355d1_ex4-1.htm">Fourth Supplemental Indenture dated May&nbsp;16, 2025, by and among Brookfield
    Infrastructure Partners L.P., Brookfield Infrastructure L.P., BIP Bermuda Holdings I Limited, Brookfield Infrastructure Holdings
    (Canada) Inc., Brookfield Infrastructure LLC and BIPC Holdings Inc., as guarantors, Brookfield Infrastructure Finance ULC, as issuer,
    Computershare Trust Company of Canada, as Canadian trustee, and Computershare Trust Company N.A., as U.S. trustee.</A></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt"><A HREF="tm2515355d1_ex4-1.htm">4.2</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.65pt"><A HREF="tm2515355d1_ex4-1.htm">Form&nbsp;of 5.598% Subordinated Notes due 2055 (included as Annex A to Exhibit&nbsp;4.1).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.65pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt; text-align: justify"><A HREF="tm2515355d1_ex4-3.htm">4.3</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.65pt; text-align: justify"><A HREF="tm2515355d1_ex4-3.htm">Eighth Amendment, dated May&nbsp;16, 2025, to the Amended and Restated Limited
    Partnership Agreement, dated February&nbsp;16, 2018, of Brookfield Infrastructure Partners L.P.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.65pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-left: 7.45pt; text-align: justify"><A HREF="tm2515355d1_ex4-4.htm">4.4</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.65pt; text-align: justify"><A HREF="tm2515355d1_ex4-4.htm">Eleventh Amendment, dated May&nbsp;16, 2025, to the Amended and Restated Limited
    Partnership Agreement, dated February&nbsp;16, 2018, of Brookfield Infrastructure L.P.</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BROOKFIELD INFRASTRUCTURE PARTNERS&nbsp;L.P.</B>,</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">by its general partner, <B>BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED</B></P></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Date: May 20, 2025</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">/s/ Jane Sheere</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Jane Sheere</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Secretary</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>tm2515355d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BROOKFIELD INFRASTRUCTURE FINANCE ULC, as Issuer</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BROOKFIELD INFRASTRUCTURE PARTNERS L.P.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BIP BERMUDA HOLDINGS I LIMITED</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BROOKFIELD INFRASTRUCTURE HOLDINGS (CANADA) INC.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BIPC HOLDINGS INC., as Guarantors</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COMPUTERSHARE TRUST COMPANY, N.A., as U.S. Trustee</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of May&nbsp;16, 2025</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
FOURTH SUPPLEMENTAL INDENTURE</B></FONT>, dated as of May&nbsp;16, 2025 between Brookfield Infrastructure Finance ULC (the &ldquo;<B>Issuer</B>&rdquo;),
an unlimited liability company organized under the laws of Alberta, Canada, Brookfield Infrastructure Partners L.P. (the &ldquo;<B>Partnership</B>&rdquo;),
an exempted limited partnership organized under the laws of the Islands of Bermuda, Brookfield Infrastructure L.P., an exempted limited
partnership formed under the laws of Bermuda, BIP Bermuda Holdings I Limited, a Bermuda exempted company, Brookfield Infrastructure Holdings
(Canada) Inc. (&ldquo;<B>Can Holdco</B>&rdquo;), a corporation continued under the laws of British Columbia, Brookfield Infrastructure
LLC, a Delaware limited liability company (&ldquo;<B>BI LLC</B>&rdquo;), and BIPC Holdings Inc., a corporation organized under the laws
of Ontario, Canada (collectively, the &ldquo;<B>Guarantors</B>&rdquo;), Computershare Trust Company, N.A., a national association formed
under the laws of the State of Delaware, as U.S. trustee (the &ldquo;<B>U.S. Trustee</B>&rdquo;) and Computershare Trust Company of Canada,
a trust company organized under the laws of Canada, as Canadian trustee (the &ldquo;<B>Canadian Trustee</B>&rdquo;, and together with
the U.S. Trustee, the &ldquo;<B>Trustees</B>&rdquo;), to the Indenture, dated as of May&nbsp;24, 2021, by and among the Issuer, the Partnership
and the other guarantors party thereto and the Trustees (the &ldquo;<B>Original Indenture</B>&rdquo;, the Original Indenture, as amended
and supplemented hereby, being referred to herein as the &ldquo;<B>Indenture</B>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Issuer has duly authorized, as a separate series of Securities under the Indenture, its 5.598% Fixed-to-Fixed Reset Rate Subordinated
Notes due September&nbsp;1, 2055 (the &ldquo;<B>Notes</B>&rdquo;) and each of the Guarantors has consented to and approved the issuance
of the Notes;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Issuer and the Guarantors have duly authorized the execution and delivery of this Fourth Supplemental Indenture to establish the Notes
as a separate series of Securities under the Original Indenture and to provide for, among other things, the issuance by the Issuer of
and the form and terms of the Notes and additional covenants for purposes of the Notes and the Holders thereof;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
the Issuer and the Guarantors understand and agree that Brookfield Infrastructure US Holdings I Corporation, a guarantor under the Original
Indenture, will not be a Guarantor in respect of the Notes, and BI LLC, which was not party to the Original Indenture, will be a Guarantor
in respect of the Notes, and further, none of the Issuer or the Guarantors (other than BI LLC) are in default under the Original Indenture;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
all things necessary to make this Fourth Supplemental Indenture a valid agreement according to its terms have been done; and</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE, THIS FOURTH
SUPPLEMENTAL INDENTURE WITNESSETH:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For and in consideration of
the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all
Holders of the Notes, as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;1<BR>
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>1.1</B></TD><TD><B>Definitions.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For all purposes of this Fourth
Supplemental Indenture and the Notes, except as otherwise expressly provided or unless the subject matter or context otherwise requires:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;2055
Notes&rdquo;</B></FONT> means the series of 6.750% Fixed-to-Fixed Reset Rate Subordinated Notes due 2055 issued by the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;</FONT><B>2081
Notes</B>&rdquo; means the series of 5.000% Subordinated Notes due 2081 issued by the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;</FONT><B>2084
Notes</B>&rdquo; means the series of 7.250% Subordinated Notes due 2084 issued by the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Additional
Amounts</B>&rdquo;</FONT> has the meaning specified in Section&nbsp;2.13 of this Fourth Supplemental Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Administrative Action</B>&rdquo;
means any judicial decision, administrative pronouncement, published or private ruling, regulatory procedure, rule, notice, announcement,
assessment or reassessment (including without limitation any notice or announcement of intent to adopt or issue such decision, pronouncement,
ruling, procedure, rule, notice, announcement, assessment or reassessment).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Automatic
Exchange</B>&rdquo; has the meaning specified in Section&nbsp;2.8 of this </FONT>Fourth Supplemental Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Automatic Exchange
Event</B>&rdquo; means an event giving rise to an Automatic Exchange, being the occurrence of any one of the following: (i)&nbsp;the making
by the Issuer of a general assignment for the benefit of its creditors or a proposal (or the filing of a notice of its intention to do
so) under the <I>Bankruptcy and Insolvency Act</I> (Canada); (ii)&nbsp;any proceeding instituted by the Issuer and/or the Partnership
seeking to adjudicate them as bankrupt (including any voluntary assignment in bankruptcy) or insolvent or, where the Issuer and/or the
Partnership are insolvent, seeking liquidation, winding up, dissolution, reorganization, arrangement, compromise, adjustment, protection,
relief or composition of their debts under any law relating to bankruptcy or insolvency in Canada or Bermuda (as applicable), or seeking
the entry of an order for the appointment of a receiver, interim receiver, trustee or other similar official for the Issuer and/or the
Partnership or in respect of all or any substantial part of their property and assets in circumstances where the Issuer and/or the Partnership
are adjudged as bankrupt (including any voluntary assignment in bankruptcy) or insolvent; (iii)&nbsp;a receiver, interim receiver, trustee
or other similar official is appointed over the Issuer and/or the Partnership or for all or substantially all of their property and assets
by a court of competent jurisdiction in circumstances where the Issuer and/or the Partnership are adjudged as bankrupt (including any
voluntary assignment in bankruptcy) or insolvent under any law relating to bankruptcy or insolvency in Canada or Bermuda (as applicable);
or (iv)&nbsp;any proceeding is instituted against the Issuer and/or the Partnership seeking to adjudicate them as bankrupt (including
any voluntary assignment in bankruptcy) or insolvent, or where the Issuer and/or the Partnership are insolvent, seeking liquidation, winding
up, dissolution, reorganization, arrangement, compromise, adjustment, protection, relief or composition of their debts under any law relating
to bankruptcy or insolvency in Canada or Bermuda (as applicable), or seeking the entry of an order for the appointment of a receiver,
interim receiver, trustee or other similar official for the Issuer and/or the Partnership or in respect of all or a substantial part of
their property and assets in circumstances where the Issuer and/or the Partnership are adjudged as bankrupt or insolvent under any law
relating to bankruptcy or insolvency in Canada or Bermuda (as applicable), and in any such case, such proceeding has not been stayed or
dismissed within 60 days of the institution of any such proceeding or the actions sought in such proceedings occur (including the entry
of an order for relief against the Issuer and/or the Partnership or the appointment of a receiver, interim receiver, trustee, or other
similar official for them or for all or substantially all of their property and assets).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Automatic Exchange
Event Notice</B>&rdquo;<B>&nbsp;</B>has the meaning specified in Section&nbsp;2.8.2 of this Fourth Supplemental Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>BI LLC</B>&rdquo;
has the meaning ascribed to it in the recitals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Bloomberg Screen
GCAN5YR Page</B>&rdquo; means the display designated as page&nbsp;&ldquo;GCAN5YR&lt;INDEX&gt;&rdquo; on the Bloomberg Financial L.P. service
(or such other page&nbsp;as may replace the GCAN5YR page&nbsp;on that service for purposes of displaying Government of Canada bond yields).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Business Day</B>&rdquo;
means a day other than (i)&nbsp;a Saturday or Sunday, or (ii)&nbsp;a day on which banks in the Province of Alberta or the Province of
Ontario are authorized or obligated by law or executive order to remain closed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>C$</B>&rdquo; means
lawful money of Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Calculation Agent</B>&rdquo;
means the Issuer, an affiliate of the Issuer selected by the Issuer, or any other firm appointed by the Issuer, in each case, in the Issuer&rsquo;s
sole discretion, acting a calculation agent in respect of the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Can Holdco</B>&rdquo;
has the meaning ascribed to it in the recitals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>CDS</B>&rdquo; means
CDS Clearing And Depository Services Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Clearing Agency</B>&rdquo;
has the meaning specified in Section&nbsp;2.8.3 of this Fourth Supplemental Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Deferral Period</B>&rdquo;
has the meaning specified in Section&nbsp;2.9 of this Fourth Supplemental Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Distribution Restricted
Securities</B>&rdquo; means the partnership units of the Partnership and all equity issued by the Issuer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Exchange Notice</B>&rdquo;
has the meaning specified in Section&nbsp;2.8.2 of this Fourth Supplemental Indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Exchange
Preferred Units</B>&rdquo; shall mean </FONT>Class&nbsp;A Preferred Limited Partnership Units of the Partnership, being Class&nbsp;A Limited
Partnership Units, Series&nbsp;18, issued pursuant to that certain Eighth Amendment to the Amended and Restated Limited Partnership Agreement
of the Partnership, dated as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Exchange Time</B>&rdquo;
has the meaning specified in Section&nbsp;2.8.1 of this Fourth Supplemental Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>FATCA</B>&rdquo;
has the meaning specified in Section&nbsp;2.13 of this Fourth Supplemental Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;First
Reset Date&rdquo; </B></FONT>means September&nbsp;1, 2030.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Five Year Government
of Canada Yield</B>&rdquo; means, as at any Interest Reset Determination Date for an Interest Reset Period, the bid yield to maturity
on such date (assuming semi-annual compounding) of a Canadian dollar denominated non-callable Government of Canada bond with a term to
maturity of five years as quoted as of 10:00 a.m.&nbsp;(Toronto time) on such date and which appears on the Bloomberg Screen GCAN5YR Page&nbsp;on
such date; provided that, if such rate does not appear on the Bloomberg Screen GCAN5YR Page&nbsp;on such date, &ldquo;Five Year Government
of Canada Yield&rdquo; means the average of the yields determined by two registered Canadian investment dealers (each of which is a member
of the Canadian Investment Regulatory Organization), selected by the Issuer, as being the yield to maturity (assuming semi-annual compounding)
on such date at or about 10:00 a.m.&nbsp;(Toronto time) which a Canadian dollar denominated non-callable Government of Canada bond would
carry if issued in Canadian dollars at 100% of its principal amount on such date with a term to maturity of five years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Guarantee
Obligations</B></FONT>&rdquo; means the subordinate guarantee obligations of the Guarantors pursuant to Article&nbsp;5 of the Original
Indenture but solely in respect of the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Guarantor Senior
Indebtedness</B>&rdquo; means, in respect of any Guarantor, all principal, interest, premium, fees and other amounts owing on, under or
in respect&nbsp;of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all indebtedness, liabilities and obligations of such Guarantor, whether outstanding on the Original Issue
Date or thereafter created, incurred, assumed or guaranteed (including any such indebtedness, liabilities or obligations that are guaranteed
by each Guarantor (as applicable));&nbsp;and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">all renewals, extensions, restructurings, refinancings and refundings of any such indebtedness, liabilities
or obligations;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">except that Guarantor Senior
Indebtedness shall not include (i)&nbsp;the obligations of such Guarantor in respect of its guarantee of the Notes, the 2055 Notes, the
2084 Notes, the 2081 Notes and the Perpetual Notes, (ii)&nbsp;the liabilities and obligations of such Guarantor in respect of any equity
(including any preferred equity) that has been issued by the Issuer or any Guarantor, and (iii)&nbsp;all indebtedness, liabilities and
obligations of such Guarantor that, pursuant to the terms of an instrument creating or evidencing such indebtedness, liabilities or obligations,
are stated to rank <I>pari passu</I> with or subordinate in right of payment to its guarantee of the Notes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Ineligible Person</B>&rdquo;
means any Person whose address is in, or whom the Partnership or its transfer agent has reason to believe is a resident of, any jurisdiction
outside of Canada to the extent that: (i)&nbsp;the issuance or delivery by the Partnership to such Person, upon an Automatic Exchange
for Exchange Preferred Units, would require the Partnership to take any action to comply with securities or analogous laws of such jurisdiction;
or (ii)&nbsp;withholding tax would be applicable in connection with the delivery to such Person of Exchange Preferred Units upon an Automatic
Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Interest
Payment Date</B></FONT>&rdquo; means March&nbsp;1 and September&nbsp;1 of each year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Interest
Reset Date</B></FONT>&rdquo; means the First Reset Date and each date falling on the five-year anniversary of the preceding Interest Reset
Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Interest
Reset Determination Date&rdquo;</B></FONT> means, in respect of any Interest Reset Period, the day falling two Business Days prior to
the applicable Interest Reset Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Interest Reset Period</B>&rdquo;
means the period from and including the First Reset Date to, but excluding, the next succeeding Interest Reset Date, the Maturity Date,
or Redemption Date, as the case may be, and thereafter each period from and including each Interest Reset Date to, but not including,
the next succeeding Interest Reset Date, the Maturity Date, or Redemption Date, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Issuer Senior Indebtedness</B>&rdquo;
means all principal, interest, premium, fees and other amounts owing on, under or in respect of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">all indebtedness, liabilities and obligations of the Issuer, whether outstanding on the Original Issue
Date or thereafter created, incurred, assumed or guaranteed; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">all renewals, extensions, restructurings, refinancings and refundings of any such indebtedness, liabilities
or obligations;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">except that Issuer Senior Indebtedness shall not
include (i)&nbsp;the obligations of the Issuer in respect of the Notes, the 2055 Notes, the 2084 Notes, the 2081 Notes and the Issuer&rsquo;s
guarantee obligations in respect of the Perpetual Notes, (ii)&nbsp;all liabilities and obligations of the Issuer in respect of any equity
(including any preferred equity) that has been issued by the Issuer or any Guarantor, and (iii)&nbsp;all indebtedness, liabilities and
obligations of the Issuer that, pursuant to the terms of the instrument creating or evidencing such indebtedness, liabilities or obligations,
are stated to rank <I>pari passu</I> with or subordinate in right of payment to the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Maturity
Date</B>&rdquo; means </FONT>September&nbsp;1, 2055.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Notes</B>&rdquo;
has the meaning ascribed to it in the recitals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Original Indenture</B>&rdquo;
has the meaning ascribed to such term in the first recital to this Fourth Supplemental Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Original Issue Date</B>&rdquo;
means May&nbsp;16, 2025.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Parity Indebtedness</B>&rdquo;
means the 2055 Notes, the 2081 Notes, the 2084 Notes, the Issuer and Partnership&rsquo;s guarantee obligations in respect of the Perpetual
Notes and any other class or series of the Partnership&rsquo;s indebtedness currently outstanding or hereafter created which ranks on
a parity with the Partnership&rsquo;s guarantee of the Notes (prior to any Automatic Exchange) as to distributions upon liquidation, dissolution
or winding-up.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Partnership Preferred
Units</B>&rdquo; means preferred limited partnership units in the Partnership, including the Partnership&rsquo;s Class&nbsp;A Preferred
Limited Partnership Units (which will include the Exchange Preferred Units if issued).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;</FONT><B>Perpetual
Notes</B>&rdquo; means the series of 5.125% Perpetual Subordinated Notes issued by BIP Bermuda Holdings I Limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Rating Agency</B>&rdquo;
means any designated rating organization (as defined in National Instrument 44-101 &ndash; <I>Short Form&nbsp;Prospectus Distributions</I>)
that publishes a rating for the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;</FONT><B>Rating
Event</B>&rdquo; means the occurrence of an event in which any Rating Agency, following the initial rating of the Notes by such Rating
Agency, amends, clarifies or changes the criteria, or the application or interpretation of such criteria, it uses to assign equity credit
to securities such as the Notes, which amendment, clarification or change results in (a)&nbsp;the shortening of the length of time the
Notes are assigned a particular level of equity credit by that Rating Agency as compared to the length of time the Notes would have been
assigned that level of equity credit by that Rating Agency or its predecessor on the initial rating of the Notes by such Rating Agency;
or (b)&nbsp;the lowering of the equity credit (including up to a lesser amount) assigned to the Notes by that Rating Agency compared to
the equity credit assigned by that Rating Agency or its predecessor on the initial rating of the Notes by such Rating Agency.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Relevant Taxing
Jurisdiction</B>&rdquo; has the meaning specified in Section&nbsp;2.13 of this Fourth Supplemental Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Tax Act</B>&rdquo;
has the meaning specified in Section&nbsp;2.13 of this Fourth Supplemental Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Tax Event</B>&rdquo;
means the Issuer or any Guarantor (as applicable) has received an opinion of counsel of nationally recognized standing experienced in
such matters to the effect that, as a result of (1)(i)&nbsp;any amendment or change (including any announced prospective change) to the
laws (or any regulations or rulings thereunder) of any Relevant Taxing Jurisdiction or any applicable tax treaty or (ii)&nbsp;any change
in the application, administration or interpretation of such laws, regulations, rulings or treaties (including any judicial decision rendered
by a court of competent jurisdiction with respect to such laws, regulations, rulings or treaties), or (2)&nbsp;any Administrative Action,
in each case of (1)&nbsp;and (2), by any legislative body, court, governmental authority or agency, regulatory body or taxing authority,
which amendment, change or Administrative Action is effective on or after the Original Issue Date (or if the Relevant Taxing Jurisdiction
has changed since the Original Issue Date, the date on which the applicable jurisdiction became a Relevant Taxing Jurisdiction) (including,
for the avoidance of doubt, any such amendment, change or Administrative Action made on or after the Original Issue Date (or the date
on which the applicable jurisdiction became a Relevant Taxing Jurisdiction, as applicable) that has retroactive effect to a date prior
to the Original Issue Date (or the date on which the applicable jurisdiction became a Relevant Taxing Jurisdiction, as applicable)), either:
(a)&nbsp;the Issuer or any Guarantor (as applicable) is, or may be, subject to more than a de minimis amount of additional taxes, duties
or other governmental charges or civil liabilities because the treatment of any of its items of income, taxable income, expense, taxable
capital or taxable paid-up capital with respect to the Notes, as or as would be reflected in any tax return or form filed, to be filed,
or that otherwise could have been filed, will not be respected by a taxing authority (excluding as a result of any limitation on the deductibility
of interest on the Notes as a result of any EBITDA, tax EBITDA, or other similar earnings or income-based limit on interest deductibility)
or (b)&nbsp;the Issuer or any Guarantor (as applicable) has been or will be on the next Interest Payment Date obligated to pay Additional
Amounts and neither the Issuer or Guarantor (as applicable) can avoid such obligation by taking commercially reasonable measures to avoid
it.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Taxes</B>&rdquo;
has the meaning specified in Section&nbsp;2.13 of this Fourth Supplemental Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All other terms and expressions
used herein shall have the same meanings as corresponding expressions defined in the Original Indenture.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>1.2</B></TD><TD><B>To Be Read with Original Indenture</B></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>1.3</B></TD><TD><B>Amendments to the Original Indenture</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following definition in
Article&nbsp;1.1 of the Original Indenture, as such definition relates to the Notes, is hereby amended to read in its entirety as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B>Guarantor</B>&rdquo;
means (i)&nbsp;the Partnership, (ii)&nbsp;BILP, (iii)&nbsp;Bermuda Holdco, (iv)&nbsp;Can Holdco, (v)&nbsp;BI LLC, (vi)&nbsp;BIPC Holdings,
and (vii)&nbsp;any other Person that provides a guarantee under Article&nbsp;5 of this Indenture in respect of one or more series of Securities,
as evidenced by one or more indentures supplemental hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The first paragraph in Article&nbsp;11.4
of the Original Indenture is hereby amended to read in its entirety as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">So long as any of
the Securities are Outstanding, each of the Issuer and the Partnership shall deliver to the Trustees, within 120 days after the end of
each fiscal year of the Issuer and the Partnership, a brief certificate from its principal executive, financial or accounting officer
as to his or her knowledge of the compliance of the Issuer and the Guarantors with all conditions and covenants under this Indenture (such
compliance to be determined without regard to any period of grace or requirement of notice provided under this Indenture) which certificate
shall comply with the requirements of TIA &sect; 314(a)(4).</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>1.4</B></TD><TD><B>Currency</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except where expressly provided,
all amounts in this Fourth Supplemental Indenture are stated in Canadian currency.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.1</B></TD><TD><B>Designation</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is hereby authorized
to be issued under the Original Indenture a separate series of Securities designated as &ldquo;5.598% Fixed-to-Fixed Reset Rate Subordinated
Notes due September&nbsp;1, 2055&rdquo;.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.2</B></TD><TD><B>Limit of Aggregate Principal Amount</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate principal amount
of Notes that may be authenticated and delivered pursuant to the Fourth Supplemental Indenture (except for Notes authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section&nbsp;3.4, 3.5, 3.6, 10.6 or 12.7
of the Original Indenture and except for any Notes which, pursuant to the last sentence of Section&nbsp;3.3 of the Original Indenture,
are deemed never to have been authenticated and delivered) shall initially be limited to C$250,000,000, of which C$250,000,000 principal
amount has been issued hereunder as of the date hereof. The Issuer may from time to time, without the consent of the Holders of the Notes
but with the consent of the Guarantors, create and issue further notes having the same terms and conditions in all respects as the Notes
being offered hereby except for the issue date, the issue price and the first payment of interest thereon.&nbsp;Additional notes issued
in this manner will be consolidated with and will form a single series with the Notes, as the case may be, being offered hereby.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.3</B></TD><TD><B>Date of Payment of Principal</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The principal of the Notes
shall be payable on September&nbsp;1, 2055.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.4</B></TD><TD><B>Payments; Registration of Transfers</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All payments in respect of
the Notes shall be made in immediately available funds.&nbsp;The Issuer hereby appoints the Canadian Trustee to act as the initial Paying
Agent for the Notes. The &ldquo;<B>Place of Payment</B>&rdquo; for the Notes shall be at the address of the Paying Agent, currently located
at 100 University Avenue, 8th Floor, Toronto, Ontario, Canada, M5J 2Y1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For such Notes (if any) as
are not represented by a Global Security, payments of principal (and premium, if any) and interest on any Notes will be made at the Place
of Payment, except that, at the option and expense of the Issuer, payment of interest may be made by (a)&nbsp;cheque mailed to the address
of the Person entitled thereto as such address shall appear on the Security Register or (b)&nbsp;wire transfer to an account maintained
by the Person entitled thereto as specified in the Security Register.&nbsp;The registration of transfers and exchanges of Notes will be
made at the Corporate Trust Office of the Canadian Trustee currently located at 100 University Avenue, 8th Floor, Toronto, Ontario, Canada,
M5J 2Y1.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.5</B></TD><TD><B>Interest</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Notes will be issued in initial denominations of C$1,000 and multiples of C$1,000 in excess thereof
and shall bear interest (i)&nbsp;from and including the Original Issue Date to but excluding the First Reset Date at an annual rate of
5.598% and thereafter (ii)&nbsp;from and including each Interest Reset Date with respect to each Interest Reset Period to but excluding
the next succeeding Interest Reset Date, the Maturity Date or Redemption Date, as the case may be, at an annual rate equal to the Five
Year Government of Canada Yield as of the most recent Interest Reset Determination Date, plus a spread of 2.713%, to be reset on each
Interest Reset Date; <I>provided</I>, that the interest rate during any Interest Reset Period will not reset below 5.598% (which equals
the interest rate on the Notes on the Original Issue Date), subject to deferral as set forth in Section&nbsp;2.9.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Interest in respect of the Notes shall accrue from and including the Original Issue Date or from and including
the most recent Interest Payment Date to which interest has been paid or duly provided for.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Section&nbsp;3.10 of the Original Indenture will not apply to the Notes. Interest for an interest period
that is longer or shorter than a full semi-annual interest period will be calculated on the basis of the actual number of days elapsed
and a 365 or 366 day year, as applicable. For the purposes of disclosure under the <I>Interest Act </I>(Canada), and without affecting
the interest payable on the Notes, whenever the interest rate on the Notes is to be calculated on the basis of a period of less than a
calendar year, the yearly interest rate equivalent for such interest rate will be calculated on the basis of a 365 or 366 day year (as
applicable) and the actual number of days in the relevant period.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The Interest Payment Dates on which interest shall be payable in respect of the Notes shall be March&nbsp;1
and September&nbsp;1 in each year, commencing on September&nbsp;1, 2025.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The first interest payment on the Notes will be C$16.5639452 per C$1,000 principal amount of Notes representing
the period from the Original Issue Date to, but excluding September&nbsp;1, 2025.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">The Regular Record Dates for interest in respect of the Notes shall be February&nbsp;15 and August&nbsp;15
(whether or not a Business Day) in respect of the interest payable semi-annually in arrears on March&nbsp;1 and September&nbsp;1, respectively.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">In the event that any Interest Payment Date, Redemption Date, or the Maturity Date falls on a day that
is not a Business Day, payment will be made on the next succeeding day which is a Business Day (and without any interest or other payment
in respect of any such delay), with the same force and effect as if made on such date.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.6</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calculation of the Interest Rate of the Notes on the
</B></FONT><B>Interest Reset Determination Dates</B></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.7</B></TD><TD><B>Redemption and Purchase for Cancellation of the Notes</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as provided in this
Section&nbsp;2.6 of this Fourth Supplemental Indenture, the Notes are not redeemable prior to maturity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.7.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Redemption
of Notes at the Option of the Issuer</U>. On giving not more than 60 nor less than 10 days&rsquo; notice to the Holders of the Notes redeem
the Notes, in whole or in part (i)&nbsp;on any day in the period commencing on and including the date that is 90 days prior to the First
Reset Date and ending on and including the First Reset Date and (ii)&nbsp;after the First Reset Date, on any Interest Payment Date, the
Issuer may, at its option, redeem the Notes in whole at any time or in part from time to time without the consent of the Holders, at a
Redemption Price equal to 100% of the principal amount thereof, plus an amount equal to all accrued and unpaid interest on the principal
amount of the Notes to be redeemed to, but excluding, the Redemption Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.7.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Early
Redemption upon a Tax Event</U>. At any time, after the occurrence of a Tax Event, subject to applicable laws, the Issuer may, at its
option, on giving not more than 60 days&rsquo; nor less than 10 days&rsquo; prior notice to the Holders thereof, redeem the Notes (in
whole but not in part) without the consent of the Holders. The Redemption Price shall be equal to 100% of the principal amount thereof
and shall be paid together with accrued and unpaid interest to, but excluding, the Redemption Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.7.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Early
Redemption upon a Rating Event</U>. At any time, following the occurrence of a Rating Event, the Issuer may, at its option, on giving
not more than 60 days&rsquo; nor less than 10 days&rsquo; prior notice to the Holders thereof, redeem the Notes (in whole but not in part)
without the consent of the Holders. The Redemption Price shall be equal to 102% of the principal amount thereof and shall be paid together
with accrued and unpaid interest to, but excluding, the Redemption Date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.7.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notice
of Redemption</U>. Notwithstanding the first paragraph of Section&nbsp;12.4 of the Original Indenture, notice of any redemption will be
delivered at least 10 days but not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed. All notices
of redemption shall state the information required by Section&nbsp;12.4 of the Original Indenture. On and after any Redemption Date, interest
will cease to accrue on the Notes or any portion thereof called for redemption. On or before any Redemption Date, the Issuer shall deposit
with the Paying Agent (or the Canadian Trustee) money sufficient to pay the Redemption Price of the Notes to be redeemed on such date.
If less than all the Notes are to be redeemed, the Notes to be redeemed shall be selected by the Canadian Trustee at the Issuer&rsquo;s
direction by such method as the Issuer and the Canadian Trustee shall designate.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.8</B></TD><TD><B>Automatic Exchange</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.8.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Automatic
Exchange</U>. Upon the occurrence of an Automatic Exchange Event (such time, the &ldquo;<B>Exchange Time</B>&rdquo;), the Notes, including
accrued and unpaid interest thereon, will be exchanged automatically (the&nbsp;&ldquo;<B>Automatic Exchange</B>&rdquo;), without the consent
of the Holders thereof, into Exchange Preferred Units. As of the Exchange Time, Holders will have the right to receive one Exchange Preferred
Unit for each C$1,000 principal amount of Notes held together with the number of Exchange Preferred Units (including fractional units,
if applicable) calculated by dividing the amount of accrued and unpaid interest, if any, on the Notes, by C$1,000. Such right will be
automatically exercised, and the Notes shall be automatically exchanged, without the consent of the Holders of the Notes, into Exchange
Preferred Units in accordance with such exchange procedures as shall be reasonably determined by the Issuer in consultation with the Canadian
Trustee. At such time, all outstanding Notes shall be deemed to be immediately and automatically surrendered without need for further
action by the Holders of the Notes, who shall thereupon automatically cease to be Holders thereof and all rights of each such Holder as
a debtholder of the Issuer and as a beneficiary of the subordinated guarantees of the Guarantors shall automatically cease.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.8.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Automatic
Exchange Event Notice</U>. The Issuer shall deliver to the Canadian Trustee a written notice of the occurrence of an Automatic Exchange
(the &ldquo;<B>Automatic Exchange Event Notice</B>&rdquo;) within 10 days after the occurrence of such event, which Automatic Exchange
Event Notice shall be signed by any director or officer (or equivalent) of the Issuer and shall be binding on the Holders of the Notes.
As soon as practicable following receipt by the Canadian Trustee from the Issuer of an Automatic Exchange Event Notice, the Canadian Trustee
shall deliver notice to the Holders of Notes of the occurrence of the Automatic Exchange; <I>provided, however</I>, that a failure to
make such delivery shall not affect, reduce or modify in any way the effectiveness of the Automatic Exchange with effect as of the Exchange
Time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Following the occurrence of an Automatic
Exchange, the Issuer shall, as soon as reasonably practicable, inform the Guarantors and the Canadian Trustee by notice in writing (the
 &ldquo;<B>Exchange Notice</B>&rdquo;) as to the number of Notes exchanged and transferred hereby. Such Exchange Notice shall specify the
number of Exchange Preferred Units (including fractional units, if applicable) required in connection with the Automatic Exchange in accordance
with this Indenture and shall specify whether, to the knowledge of the Issuer, such Holders of Notes (or Persons beneficially owning Notes
represented by the Holders of such Notes) are Ineligible Persons.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.8.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Right
Not to Deliver the Exchange Preferred Units</U>. Upon an Automatic Exchange of the Notes, the Partnership reserves the right not to issue
some or all of the Exchange Preferred Units to Ineligible Persons. In such circumstances, the Partnership will hold all Exchange Preferred
Units that would otherwise be delivered to Ineligible Persons, as agent for such Ineligible Persons, and will attempt to facilitate the
sale of such units through a registered broker or dealer retained by the Partnership for the purpose of effecting the sale (to&nbsp;parties
other than the Partnership, its Affiliates or other Ineligible Persons) on behalf of such Ineligible Persons of such Exchange Preferred
Units. Such sales, if any, may be made at any time and any price. The Partnership will not be subject to any liability for failing to
sell Exchange Preferred Units on behalf of any such Ineligible Persons or at any particular price on any particular day. The net proceeds
received by the Partnership from the sale of any such Exchange Preferred Units will be divided among the Ineligible Persons in proportion
to the number of Exchange Preferred Units that would otherwise have been delivered to them, after deducting the costs of sale and any
applicable Taxes or withholding on account of Taxes, if any. The Partnership will pay the aggregate net proceeds that it receives for
such Exchange Preferred Units to CDS (the&nbsp;&ldquo;<B>Clearing Agency</B>&rdquo;) (if&nbsp;the Notes are then held in the book-entry
only system) or to the trustee, registrar and/or transfer agent, as applicable (in&nbsp;all other cases) for distribution to such Ineligible
Persons in accordance with the applicable procedures of the Clearing Agency or&nbsp;otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As a precondition to the delivery of
any certificate or other evidence of issuance representing any Exchange Preferred Units or related rights following an Automatic Exchange,
the Partnership may require a Holder of Notes (and&nbsp;Persons holding Notes represented by such Holder of Notes) to deliver a declaration,
in form and substance satisfactory to the Partnership, confirming compliance with any applicable regulatory requirements to establish
that such Holder of Notes is not, and does not represent, an Ineligible Person. The Canadian Trustee and the Partnership shall be entitled
to rely exclusively on the declarations of the Holders.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.9</B></TD><TD><B>Deferral Right</B></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Issuer will give the Holders
of the Notes written notice of its election to commence or continue a Deferral Period at least 10 days and not more than 60&nbsp;days
before the next Interest Payment&nbsp;Date. After the commencement of a Deferral Period, the Issuer will give the Holders of the Notes
written notice of its election to continue or terminate, as applicable, such Deferral Period, at least 10 days and not more than 60 days
before each subsequent Interest Payment Date until the termination of such Deferral Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There shall be no limit on
the number of Deferral Periods that may occur pursuant to this Section&nbsp;2.9.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.10</B></TD><TD><B>Form</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The U.S. Trustee hereby appoints
the Canadian Trustee to act as Authenticating Agent for the Notes. The Notes and the certificate of the Canadian Trustee endorsed thereon
shall each be issuable initially as one or more Global Securities in minimum denominations of C$1,000 and integral multiples of C$1,000
in excess thereof and shall be substantially in the form set forth in Annex A hereto. The Depositary for Global Securities shall be CDS.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.11</B></TD><TD><B>Events of Default</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Events of Default contained
in the Original Indenture shall not apply to the Notes.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">default in the payment of any interest (including Additional Amounts thereon) when due and payable on
the Notes, and continuance of such default for a period of 30 days (subject to the Issuer&rsquo;s right, at its sole option, to defer
interest payments as provided in Section&nbsp;2.9 of this Fourth Supplemental Indenture); or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">default in the payment of the principal of or any premium or Additional Amounts thereon, if any, when
due and payable on the Notes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.12</B></TD><TD><B>Additional Covenants</B></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The covenants contained in
Article&nbsp;3 of this Fourth Supplemental Indenture shall apply to the Notes in addition to the covenants contained in the Original Indenture.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.13</B></TD><TD><B>Payment of Additional Amounts</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All payments made by the Issuer
or any Guarantor under or with respect to the Notes will be made free and clear of, and without withholding or deduction for or on account
of, any present or future tax, duty, levy, impost, assessment or other governmental charge (hereinafter, &ldquo;<B>Taxes</B>&rdquo;) imposed
or levied by or on behalf of the government of Canada, Bermuda or of any province, territory or jurisdiction thereof or therein or by
any authority or agency therein or thereof having power to tax (a &ldquo;<B>Relevant Taxing Jurisdiction</B>&rdquo;), unless the Issuer
or any Guarantor (as&nbsp;applicable) is required to withhold or deduct Taxes by law or by the interpretation or administration thereof.
If the Issuer or any Guarantor is so required to withhold or deduct any amount for or on account of Taxes from any payment made by it
under or with respect to the Notes, the Issuer or such Guarantor (as&nbsp;applicable) will pay such additional amounts (hereinafter &ldquo;<B>Additional
Amounts</B>&rdquo;) in respect of each such payment (excluding with respect to interest accrued since the last Interest Payment Date,
other than deferred interest, in connection with a redemption of the Notes in accordance with the provisions described under Section&nbsp;2.7.2
of this Fourth Supplemental Indenture) as may be necessary so that the net amount received (including Additional Amounts) by each Holder
(including, as applicable, the beneficial owners in respect of any such Holder) after such withholding or deduction will not be less than
the amount the Holder (including, as applicable, the beneficial owners in respect of any such Holder) would have received if such Taxes
had not been withheld or deducted; provided that no Additional Amounts will be payable with respect to: (a)&nbsp;any payment to a Holder
or beneficial owner who is liable for such Taxes in respect of such Note&nbsp;(i)&nbsp;by reason of such Holder or beneficial owner, or
any other Person entitled to payments on the Note, being a Person with whom the Issuer or a Guarantor does not deal at arm&rsquo;s length
(within the meaning of the <I>Income Tax&nbsp;Act</I> (Canada) (the&nbsp;&ldquo;<B>Tax&nbsp;Act</B>&rdquo;)), (ii)&nbsp;by reason of the
existence of any present or former connection between such Holder or beneficial owner (or&nbsp;between a fiduciary, settlor, beneficiary,
member or shareholder of, or possessor of power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate,
trust, partnership, limited liability company or corporation) and the Relevant Taxing Jurisdiction other than the mere ownership, or receiving
payments under or enforcing any rights in respect of such Note, (iii)&nbsp;by reason of such Holder or beneficial owner being a &ldquo;specified
shareholder&rdquo; of the Issuer or not dealing at arm&rsquo;s length with a &ldquo;specified shareholder&rdquo; of the Issuer as defined
in subsection&nbsp;18(5)&nbsp;of the Tax&nbsp;Act, or (iv)&nbsp;by reason of such holder or beneficial owner being a &ldquo;specified
entity&rdquo; in respect of the Issuer or any Guarantor as defined in subsection 18.4(1)&nbsp;of the Tax Act; (b)&nbsp;any Tax that is
levied or collected other than by withholding from payments on or in respect of the Notes; (c)&nbsp;any Note presented for payment (where
presentation is required) more than 30&nbsp;days after the later of (i)&nbsp;the date on which such payment first becomes due or (ii)&nbsp;if
the full amount of the monies payable has not been paid to the Holders of the Notes on or prior to such date, the date on which the full
amount of such monies has been paid to the Holders of the Notes, except to the extent that the Holder or beneficial owner of the Notes
would have been entitled to such Additional Amounts on presentation of the same for payment on the last day of such period of 30&nbsp;days;
(d)&nbsp;any estate, inheritance, gift, sales, transfer, excise or personal property tax or any similar Tax; (e)&nbsp;any Tax imposed
to the extent resulting from the failure of a Holder or beneficial owner to comply with certification, identification, declaration, filing
or similar reporting requirements concerning the nationality, residence, identity or connection with the Relevant Taxing Jurisdiction
of such Holder or beneficial owner, if such compliance is required by statute or by regulation, as a precondition to reduction of, or
exemption, from such Tax; (f)&nbsp;any (i)&nbsp;withholding or deduction imposed pursuant to Sections&nbsp;1471 to&nbsp;1474 of the U.S.&nbsp;Internal
Revenue Code of 1986, as amended (&ldquo;<B>FATCA</B>&rdquo;), or any successor version thereof, or any similar legislation imposed by
any other governmental authority, or (ii)&nbsp;Tax or penalty arising from the Holder&rsquo;s or beneficial owner&rsquo;s failure to properly
comply with the Holder&rsquo;s or beneficial owner&rsquo;s obligations imposed under the Canada-United&nbsp;States Enhanced Tax Information
Exchange Agreement Implementation Act (Canada) or any treaty, law or regulation or other official guidance enacted by Canada implementing
FATCA or an intergovernmental agreement with respect to FATCA or any similar legislation imposed by any other governmental authority,
including, for greater certainty, Part&nbsp;XVIII and Part&nbsp;XIX of the Tax&nbsp;Act; or (g)&nbsp;any combination of the foregoing
clauses&nbsp;(a)&nbsp;to&nbsp;(f).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Issuer or any Guarantor
(as&nbsp;applicable) will also (1)&nbsp;make such withholding or deduction and (2)&nbsp;remit the full amount deducted or withheld by
it to the relevant authority in accordance with applicable law. The Issuer or any Guarantor (as&nbsp;applicable) will furnish to the Holders
of the Notes, within 30&nbsp;days after the date the payment of any Taxes by it is due pursuant to applicable law, certified copies of
tax receipts evidencing such payment by it. The Issuer and the Guarantors will indemnify and hold harmless each Holder (including, as
applicable, the beneficial owners in respect of any such Holder) and, upon written request, will reimburse each such Holder (including,
as applicable, the beneficial owners in respect of any such Holder) for the amount of (i)&nbsp;any Taxes (other than any Taxes for which
Additional Amounts would not be payable pursuant to clauses&nbsp;(a)&nbsp;through&nbsp;(g)&nbsp;above) levied or imposed and paid by such
Holder (including, as applicable, the beneficial owners in respect of any such Holder) as a result of payments made under or with respect
to the Notes which have not been withheld or deducted and remitted by the Issuer or any Guarantor (as&nbsp;applicable) in accordance with
applicable law, (ii)&nbsp;any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, and (iii)&nbsp;any
Taxes (other than any Taxes for which Additional Amounts would not be payable pursuant to clauses&nbsp;(a)&nbsp;through&nbsp;(g)&nbsp;above)
imposed with respect to any reimbursement under clause&nbsp;(i)&nbsp;or&nbsp;(ii)&nbsp;above in this paragraph, but excluding any such
Taxes on such Holder&rsquo;s (including, as applicable, the beneficial owners in respect of any such Holder&rsquo;s) net&nbsp;income.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever in the Indenture
there is mentioned, in any context, the payment of principal (and premium, if any), redemption amount, purchase price, interest or any
other amount payable under or with respect to any Note, such mention shall be deemed to include mention of the payment of Additional Amounts
to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof (and express mention of the payment
of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions
hereof where such express mention is not made (if applicable)).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations of the Issuer
and the Guarantors under this Section&nbsp;2.13 shall survive the termination of this Indenture and the payment of all amounts under or
with respect to the Notes.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.14</B></TD><TD><B>Defeasance</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes shall be defeasible
pursuant to both of Section&nbsp;14.2 and Section&nbsp;14.3 of the Original Indenture.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.15</B></TD><TD><B>Subordination of the Notes</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.15.1&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notes
Subordinate</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The Issuer covenants
and agrees, and each Holder of Notes, by the acceptance thereof, covenants and agrees, that the Notes will be direct unsecured subordinated
obligations of the Issuer. The obligations of the Issuer under the Notes are hereby subordinated in right of payment to all present and
future Issuer Senior Indebtedness. The payment of all principal, premium (if any), interest and Additional Amounts on the Notes shall
rank senior to all obligations of the Issuer in respect of its own equity and in respect of equity (including preferred equity) that has
been issued by any Guarantor (including pursuant to any guarantee by the Issuer of the existing equity obligations of any such other Person),
and will rank <I>pari passu</I> with the 2055 Notes, the 2084 Notes, the 2081 Notes and the Issuer&rsquo;s guarantee obligations in respect
of the Perpetual Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The Notes and the
obligations of the Issuer under the Indenture will be fully and unconditionally guaranteed by each Guarantor pursuant to the Indenture,
on a subordinated and joint and several basis, as to payment of principal, premium, interest and Additional Amounts (if any) and all other
Obligations payable by the Issuer in respect of the Notes. All Guarantee Obligations are hereby subordinated in right of payment to all
present and future Guarantor Senior Indebtedness. The Guarantee Obligations of each Guarantor shall rank senior to all obligations of
such Guarantor in respect of its own equity and in respect of equity (including preferred equity) that has been issued by the Issuer or
any other Guarantor (including pursuant to any guarantee by such Guarantor of the existing equity obligations of any such Person).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In the event that,
notwithstanding the foregoing, any payment or distribution of any character, whether in cash, securities, or other property, shall be
received by any Trustee or any Holder in contravention of the subordination provisions set out in this Fourth Supplemental Indenture,
such payment or distribution shall be received in trust for the benefit of, and shall be paid over or delivered and transferred to, the
holders of the Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as applicable, at the time outstanding in accordance with
the priorities then existing among such holders for application to the payment of all Issuer Senior Indebtedness or Guarantor Senior Indebtedness,
as applicable, remaining unpaid to the extent necessary to pay all such Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as
applicable, in full. In the event of the failure of the Trustees or any Holder to endorse or assign any such payment, distribution, or
any security or property related thereto, each holder of Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as applicable, is
irrevocably authorized to endorse or assign the same.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The provisions of
this Section&nbsp;2.15.1 shall not impair any rights, interests, remedies, or powers of any holder of any Issuer Senior Indebtedness or
any Guarantor Senior Indebtedness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.15.2&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Payment When Issuer Senior Indebtedness or Guarantor Senior Indebtedness in Default</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In the event and
during the continuation of any default in the payment of any Issuer Senior Indebtedness or any Guarantor Senior Indebtedness, as applicable,
that is due and payable, or in the event that any event of default with respect to any Issuer Senior Indebtedness or Guarantor Senior
Indebtedness, as applicable, shall have occurred and be continuing permitting the holders of such Issuer Senior Indebtedness or Guarantor
Senior Indebtedness, as applicable (or the trustee on behalf of the holders of such Issuer Senior Indebtedness or Guarantor Senior Indebtedness,
as applicable) to declare such Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as applicable, due and payable prior to the
date on which it would otherwise have become due and payable, unless and until such default or event of default shall have been cured
or waived or shall have ceased to exist and any such declaration and its consequences shall have been rescinded or annulled, then no payment
shall be made by the Issuer or the applicable Guarantors on account of the principal of, premium (if any), interest or any other amounts
on the Notes or on account of the purchase or other acquisition of the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In the event that,
notwithstanding the foregoing, the Issuer or a Guarantor shall make any payment to any Trustee or Holder of any Note that is prohibited
by this Section&nbsp;2.15.2, and if such fact shall, at or prior to the time of such payment, have been made known to the Trustees, by
a written notice delivered to a Responsible Officer of the Canadian Trustee at the Corporate Trust Office of the Canadian Trustee, by
a holder of Issuer Senior Indebtedness or Guarantor Senior Indebtedness, the Issuer, a Guarantor or a Holder, as applicable, then and
in such event such payment shall be paid over and delivered to the Issuer or such Guarantor, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.15.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Payment
Permitted if No Default</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Nothing contained
in this Section&nbsp;2.15 (except in Section&nbsp;2.15.4) or elsewhere in this Fourth Supplemental Indenture, or in any of the Notes,
shall prevent the application by the Canadian Trustee or any Paying Agent of any moneys deposited with it under the Indenture to payments
of the principal of, premium (if any), interest or any other amounts on the Notes if, at the time of such deposit, a Responsible Officer
of the Canadian Trustee had not received at the Corporate Trust Office of the Canadian Trustee the Officers&rsquo; Certificate or written
notice provided for in Section&nbsp;2.15.2 of any event prohibiting the making of such payment or if, at the time of such deposit (whether
or not in trust) by the Issuer with the Canadian Trustee, such payment would not have been prohibited by the provisions of this Section&nbsp;2.15,
and the Canadian Trustee shall not be affected by any notice to the contrary received by it on or after such date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.15.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Trustee
Not Charged with Knowledge of Prohibition</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Anything in this
Section&nbsp;2.15 or elsewhere contained in the Indenture to the contrary notwithstanding, the Trustees shall not at any time be charged
with knowledge of the existence of any facts which would prohibit the making of any payment of moneys to or by the Trustees, and shall
be entitled conclusively to assume that no such facts exist and that no event specified in Section&nbsp;2.15.1 or Section&nbsp;2.15.2
has happened, unless and until a Responsible Officer of the Canadian Trustee shall have received at the Corporate Trust Office of the
Canadian Trustee (i)&nbsp;an Officers&rsquo; Certificate to that effect or (ii)&nbsp;notice in writing to that effect signed by or on
behalf of the holder or holders, or their representatives, of Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as applicable,
who shall have been certified by the Issuer or such Guarantor, as possible, or otherwise established to the reasonable satisfaction of
the Canadian Trustee to be such holder or holders or representatives or from any trustee under any indenture pursuant to which such Issuer
Senior Indebtedness or Guarantor Senior Indebtedness, as applicable, shall be outstanding; and before the receipt of any such Officers&rsquo;
Certificate or written notice, the Canadian Trustee shall be entitled in all respects to assume that no such facts exist; provided, however,
that if the Canadian Trustee shall not have received the Officers&rsquo; Certificate or the written notice provided for in this Section&nbsp;2.15
at least three (3)&nbsp;Business Days prior to the date upon which by the terms hereof any money may become payable for any purpose (including,
without limitation, the payment of the principal of or interest on any Security) then, anything herein contained to the contrary notwithstanding,
the Canadian Trustee shall have all power and authority to receive such money and to apply the same to the purpose for which such money
were received and shall not be affected by any notice to the contrary which may be received by it during or after such three (3)&nbsp;Business
Day period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The Issuer shall
give prompt written notice to the Canadian Trustee and to the Paying Agent of any facts which would prohibit the payment of money or assets
to or by the Canadian Trustee or any Paying Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.15.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Trustee
to Effectuate Subordination</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each Holder of Notes
by such Holder&rsquo;s acceptance thereof authorizes and directs the Canadian Trustee on such Holder&rsquo;s behalf to take such action
as may be necessary or appropriate to effectuate the subordination as between such Holder and holders of Issuer Senior Indebtedness or
Guarantor Senior Indebtedness, as applicable, as provided in this Section&nbsp;2.15 and appoints the Canadian Trustee its attorney-in-fact
for any and all such purposes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.15.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Rights
of Trustees as Holder of Issuer Senior Indebtedness</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each Trustee shall
be entitled to all the rights set forth in this Section&nbsp;2.15 with respect to any Issuer Senior Indebtedness or Guarantor Senior Indebtedness,
as applicable, which may at the time be held by it, to the same extent as any other holder of Issuer Senior Indebtedness or Guarantor
Senior Indebtedness, as applicable. Nothing in this Section&nbsp;2.15 shall deprive the Trustees of any rights as such holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.15.7&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Article&nbsp;Applicable
to Paying Agents</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In case at any time
any Paying Agent other than the Canadian Trustee shall have been appointed by the Issuer and be then acting under this Indenture, the
term &ldquo;Canadian Trustee&rdquo; as used in this Section&nbsp;2.15 shall in such case (unless the context shall otherwise require)
be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if the Paying
Agent were named in this Section&nbsp;2.15 in addition to or in place of the Canadian Trustee, provided, however, that Sections 2.15.4
and 2.15.5 shall not apply to the Issuer or any Affiliate of the Issuer if the Issuer or such Affiliate acts as Paying Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.15.8&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Subordination
Rights Not Impaired by Acts or Omissions of the Issuer or Holders of Issuer Senior Indebtedness or Guarantor Senior Indebtedness</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">No right of any
present or future holders of any Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as applicable, to enforce the subordination
that is provided for in this Fourth Supplemental Indenture shall at any time in any way be prejudiced or impaired by any act or failure
to act on the part of the Issuer or any Guarantor, or by any act or failure to act, in good faith, by any such holder, or by any noncompliance
by the Issuer or any Guarantor with the terms, provisions, and covenants of the Indenture, regardless of any knowledge which any such
holder may have or be otherwise charged with. The holders of Issuer Senior Indebtedness or Guarantor Senior Indebtedness, as applicable,
may, at any time or from time to time and in their absolute discretion, change the manner, place, or terms of payment, change or extend
the time of payment of, or renew or alter, any Issuer Senior Indebtedness or Guarantor Senior Indebtedness, or amend or supplement any
instrument pursuant to which any Issuer Senior Indebtedness or Guarantor Senior Indebtedness is issued or by which it may be secured,
or release any security, or exercise or refrain from exercising any other of their rights under any Issuer Senior Indebtedness or Guarantor
Senior Indebtedness, including, without limitation, the waiver of default, all without notice to or assent from the Holders of the Notes
or the Trustees and without affecting the obligations of the Issuer, any Guarantor, the Trustees, or the Holders of the Notes under this
Section&nbsp;2.15.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.15.9&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Trustee&rsquo;s
Rights to Compensation, Reimbursement of Expenses and Indemnification</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Nothing in this
Section&nbsp;2.15 shall apply to claims of, or payments to, the Trustees under or pursuant to Sections 6.6 or 7.10 of the Original Indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">2.15.10&#8239;&#8239;&#8239;&#8239;<U>Modification
of Subordination Provisions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Anything in this
Section&nbsp;2.15 or elsewhere contained in the Indenture to the contrary notwithstanding, no modification or amendment and no supplemental
indenture shall modify the subordination provisions of this Section&nbsp;2.15 in a manner that would adversely affect the holders of Issuer
Senior Indebtedness or Guarantor Senior Indebtedness.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>2.16</B></TD><TD><B>Consent and Acknowledgement of the Guarantors</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Section&nbsp;3.1
of the Original Indenture, the Partnership hereby consents to the issuance of the Notes by the Issuer and each Guarantor acknowledges
and confirms that its obligations with respect to the Notes constitute Guarantee Obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;3<BR>
COVENANTS OF THE PARTNERSHIP APPLICABLE TO THE NOTES</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>3.1</B></TD><TD><B>Distribution Stopper Undertaking</B></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">declare any distributions or dividends on the Distribution Restricted Securities or pay any interest on
any Parity Indebtedness (other than dividends or distributions in the form of stock or units, respectively, on the Distribution Restricted
Securities);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">redeem, purchase or otherwise retire any Distribution Restricted Securities or Parity Indebtedness (except
(i)&nbsp;with respect to Distribution Restricted Securities or Parity Indebtedness, out of the net cash proceeds of a substantially concurrent
issue of Distribution Restricted Securities or Parity Indebtedness, respectively, or (ii)&nbsp;pursuant to any purchase obligation, sinking
fund, retraction privilege or mandatory redemption provisions attaching to any series of Distribution Restricted Securities);&nbsp;or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">make any payment to holders of any of the Distribution Restricted Securities or any Parity Indebtedness
in respect of distributions or dividends not declared or paid on such Distribution Restricted Securities or interest not paid on such
Parity Indebtedness, respectively.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided
</I></FONT>that the foregoing clauses (a)&nbsp;and (c)&nbsp;shall not apply in respect of any <I>pro rata</I> payment on any Parity Indebtedness
which is made with a pro rata payment of any accrued and payable interest with respect to the Notes.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>3.2</B></TD><TD><B>Issuance of Partnership Preferred Units</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Partnership covenants
for the benefit of Holders of Notes that, for so long as the Notes are Outstanding, the Partnership will not create or issue any Partnership
Preferred Units which, in the event of insolvency, liquidation, dissolution or winding-up of the Partnership, would rank in right of payment
in priority to the Exchange Preferred Units.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;4<BR>
MISCELLANEOUS</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>4.1</B></TD><TD><B>Guarantors of the Notes</B></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>4.2</B></TD><TD><B>Ratification of Original Indenture</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Original Indenture, as
amended and supplemented by this Fourth Supplemental Indenture, is in all respects ratified and confirmed, and this Fourth Supplemental
Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>4.3</B></TD><TD><B>Acceptance of Trust by Trustees</B></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>4.4</B></TD><TD><B>Benefits of Indenture</B></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>4.5</B></TD><TD><B>Governing Law</B></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>4.6</B></TD><TD><B>Separability</B></TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>4.7</B></TD><TD><B>Counterparts</B></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK]</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B></FONT>, the parties hereto have caused this Fourth Supplemental Indenture to be duly executed as of the day and year
first above written.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD INFRASTRUCTURE FINANCE ULC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    David Krant</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    Krant</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President and Chief Financial Officer</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD INFRASTRUCTURE PARTNERS L.P.</B>,
    by its general partner, <B>BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jane Sheere</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jane
    Sheere</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD INFRASTRUCTURE L.P.</B>,
    by its managing general partner, <B>BROOKFIELD INFRASTRUCTURE PARTNERS L.P.</B>, by its general partner, <B>BROOKFIELD INFRASTRUCTURE
    PARTNERS LIMITED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jane Sheere</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jane
    Sheere</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BIP BERMUDA HOLDINGS I LIMITED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jane Sheere</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jane
    Sheere</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</FONT></TD></TR>
  </TABLE>

<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-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>Signature page&nbsp;&ndash; Second Supplemental
Indenture</I>]</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD INFRASTRUCTURE HOLDINGS (CANADA)
    INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    David Krant</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    Krant</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President and Chief Financial Officer </FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD INFRASTRUCTURE LLC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Ralph Klatzkin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ralph
    Klatzkin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BIPC HOLDINGS INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    David Krant</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    Krant</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President</FONT></TD></TR>
  </TABLE>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPUTERSHARE TRUST COMPANY OF CANADA</B></FONT>, as Canadian Trustee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/ Yana Nedyalkova</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yana Nedyalkova</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Trust Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/ Raji Sivalingam</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raji Sivalingam</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Associate Trust Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPUTERSHARE TRUST COMPANY, N.A.</B>,
    as U.S. Trustee</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Scott Little</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">Scott Little</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD>Vice President</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>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Face of Note]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Insert if the Security is a Global Security &mdash;
THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF.&nbsp;THIS SECURITY MAY&nbsp;NOT BE EXCHANGED IN WHOLE OR IN PART&nbsp;FOR A SECURITY REGISTERED, AND NO TRANSFER
OF THIS SECURITY IN WHOLE OR IN PART&nbsp;MAY&nbsp;BE REGISTERED,&nbsp;IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5.598% Fixed-to-Fixed Reset Rate Subordinated Notes
Due September&nbsp;1, 2055</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP: 11276BAB5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ISIN: CA11276BAB59</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.&nbsp;&#9679;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$&#9679;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brookfield Infrastructure Finance ULC, an unlimited
liability company organized under the laws of Alberta, Canada (herein called the &ldquo;<B>Issuer</B>&rdquo;, which term includes any
successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to &#9679;, or registered assigns,
the principal sum of &#9679; Canadian Dollars on September&nbsp;1, 2055 and to pay interest thereon (i)&nbsp;from and including the Original
Issue Date to but excluding the First Reset Date at an annual rate of 5.598% and thereafter (ii)&nbsp;from and including each Interest
Reset Date with respect to each Interest Reset Period to but excluding the next succeeding Interest Reset Date, the Maturity Date or Redemption
Date, as the case may be, at an annual rate equal to the Five Year Government of Canada Yield as of the most recent Interest Reset Determination
Date, plus a spread of 2.713%, to be reset on each Interest Reset Date; provided, that the interest rate during any Interest Reset Period
will not reset below 5.598% (which equals the interest rate on the Notes on the Original Issue Date), semi-annually in arrears on March&nbsp;1
and September&nbsp;1 in each year, commencing on September&nbsp;1, 2025. Interest for an interest period that is longer or shorter than
a full semi-annual interest period will be calculated on the basis of the actual number of days elapsed and a 365 or 366 day year, as
applicable. Interest shall accrue from and including the Original Issue Date or from and including the most recent Interest Payment Date
to which interest has been paid or duly provided for.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall
be each February&nbsp;15 or August&nbsp;15, as applicable, preceding such Interest Payment Date (whether or not a Business Day), <I>provided</I>
that interest payable on the Maturity Date or on a Redemption Date will be paid to the person to whom principal is payable.&nbsp;Any such
interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and
may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Canadian Trustee, notice whereof shall be given
to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in the Indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Security will be automatically exchanged
into Exchange Preferred Units (as defined in the Indenture) upon an Automatic Exchange Event, in the manner, with the effect and as of
the effective time contemplated in the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indebtedness evidenced by this Security and
by all other Securities now or hereafter certified and delivered under the Indenture is subordinated and subject in right of payment,
to the extent and in the manner provided in the Indenture, to the prior payment in full of all present and future Issuer Senior Indebtedness,
whether outstanding at the date of the Indenture or thereafter created, incurred, assumed or guaranteed. The Guarantors&rsquo; Guarantee
Obligations rank subordinate in rank and priority of payment in full of all Guarantor Senior Indebtedness on the same basis as this Security
and the obligations of the Issuer hereunder are subordinated to all Issuer Senior Indebtedness.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payment of the principal of (and premium, if any)
and interest on this Security will be made at the Place of Payment in such coin or currency of Canada as at the time of payment is legal
tender for payment of public and private debt; provided, however, that, at the option and expense of the Issuer, payment of interest may
be made by (i)&nbsp;cheque mailed to the address of the Person entitled thereto as such address shall appear in the Security Register
or (ii)&nbsp;by wire transfer to an account maintained by the Person entitled thereto as specified in the Security Register.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall, for all purposes, have the same effect as if set forth
at this place.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the certificate of authentication hereon
has been executed by the Canadian Trustee referred to on the reverse hereof by manual, facsimile or other electronic signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>[The balance of this page&nbsp;is
intentionally left blank; signature page&nbsp;follows]</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Issuer has caused this
instrument to be duly executed under its corporate seal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2025</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BROOKFIELD INFRASTRUCTURE FINANCE ULC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: David Krant</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Senior Vice President and Chief Financial Officer</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attest:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 45%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>Name: Keir Hunt</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>Title: President</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM&nbsp;OF CANADIAN TRUSTEE&rsquo;S CERTIFICATE
OF AUTHENTICATION]</B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPUTERSHARE TRUST COMPANY OF CANADA, as Canadian Trustee </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: Authorized Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DATE&nbsp;OF<BR>
REGISTRY</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN&nbsp;WHOSE&nbsp;NAME<BR>
REGISTERED</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURE&nbsp;OF&nbsp;<BR>
CANADIAN TRUSTEE <BR>
OR&nbsp;OTHER&nbsp;REGISTRAR</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Reverse of Note]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Security is one of a
duly authorized issue of securities of the Issuer (herein called the &ldquo;<B>Securities</B>&rdquo;), issued and to be issued in one
or more series under an Indenture, dated as of May&nbsp;24, 2021 (the &ldquo;<B>Original Indenture</B>&rdquo;), as supplemented by the
Fourth Supplemental Indenture, dated as of May&nbsp;16, 2025<B>&nbsp;</B>(the &ldquo;<B>Fourth Supplemental Indenture</B>&rdquo;) (the
Original Indenture and the Fourth Supplemental Indenture together herein called the &ldquo;<B>Indenture</B>&rdquo;, which term shall have
the meaning assigned to it in such instrument), by and among the Issuer, Brookfield Infrastructure Partners L.P., Brookfield Infrastructure
L.P., BIP Bermuda Holdings I Limited, Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure LLC and BIPC Holdings
Inc. (the &ldquo;<B>Guarantors</B>&rdquo;), as guarantors, and Computershare Trust Company N.A., as U.S. trustee (the &ldquo;<B>U.S. Trustee</B>&rdquo;)
and Computershare Trust Company of Canada, as Canadian trustee (the &ldquo;<B>Canadian Trustee</B>&rdquo;, and together with the U.S.
Trustee, the &ldquo;<B>Trustees</B>&rdquo;, which term includes any successor trustees&nbsp;under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer,
the Guarantors, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered. This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to C$250,000,000,
of which C$250,000,000 principal amount has been issued as of the date hereof. The Issuer may from time to time, without the consent of
the holders of the Securities, create and issue further securities having the same terms and conditions in all respects as the Securities
issued on the date hereof, except for the issue date, the issue price and the first payment of interest thereon.&nbsp;Additional securities
issued in this manner will be consolidated with and will form a single series with the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Issuer or a Guarantor
(as applicable) will pay to each relevant Holder or beneficial owner certain Additional Amounts in the event of the withholding or deduction
of certain Canadian or Bermudian taxes as described in the Fourth Supplemental Indenture. In addition, certain Other Additional Amounts
may be payable as contemplated in Section&nbsp;2.13 of the Fourth Supplemental Indenture and as described in the applicable supplemental
indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Securities are redeemable
at the Redemption Prices as described in the Fourth Supplemental Indenture and in any applicable supplemental indenture as contemplated
in Section&nbsp;2.07 of the Fourth Supplemental Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an Event of Default with
respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of purchase of
this Security in part only, a new Security or Securities of this series and of like tenor for the unpurchased portion hereof will be issued
in the name of the Holder hereof upon the cancellation hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture contains provisions
for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect
to this Security, in each case upon compliance with certain conditions set forth in the Indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer, the Guarantors and
the Trustees with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series
to be affected.&nbsp;The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the
Issuer or the Guarantors with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and of any Security issued upon the registration of transfer hereof or in exchange hereafter or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the Corporate Trust Office of the Canadian Trustee or the Place of Payment, duly endorsed
by, or accompanied by a written instrument of transfer, in form satisfactory to the Issuer and the Security Registrar, duly executed by
the Holder hereof or attorney duly authorized in writing, and, thereupon, one or more new Securities of this series and of like tenor,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Securities of this series
are issuable only in registered form without coupons in initial denominations of C$1,000.00 and multiples of C$1,000.00 in excess thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No service charge shall be
made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to due presentment of
this Security for registration of transfer, the Issuer, the Trustees and any agent of the Issuer or the Trustee may treat the Person in
whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Issuer, the Trustee nor any such agent shall be affected by notice to the contrary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THE LAWS OF THE STATE OF NEW
YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THE SECURITIES, <FONT STYLE="text-transform: uppercase">without regard to
conflicts of laws principles thereof</FONT>. Notwithstanding the preceding sentence, the exercise, performance or discharge by the Canadian
Trustee of any of its rights, powers, duties or responsibilities hereunder shall be construed in accordance with the laws of the Province
of Alberta and the federal laws of Canada applicable thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture.</P>

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>tm2515355d1_ex4-3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.3</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EIGHTH AMENDMENT TO THE<BR>
AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>THIS AMENDMENT </B>(the &ldquo;<B>Amendment</B>&rdquo;)
to the Amended and Restated Limited Partnership Agreement dated as of February&nbsp;16, 2018 (the &ldquo;<B>Agreement</B>&rdquo;) of Brookfield
Infrastructure Partners L.P. (the &ldquo;<B>Partnership</B>&rdquo;) is made as of May<B>&nbsp;</B>16, 2025 (the &ldquo;<B>Effective Date</B>&rdquo;),
by the undersigned. Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, on March&nbsp;12,
2015, the limited partnership agreement of the Partnership was amended to allow for preferred limited partnership interests in the Partnership
and to create the Class&nbsp;A Preferred Limited Partnership Units;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>AND WHEREAS</B>, the General
Partner desires to amend the Agreement to create an additional series of Class&nbsp;A Preferred Limited Partnership Units having the rights
and restrictions set out in Part&nbsp;XIX of Schedule A to this Amendment;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>AND WHEREAS</B>, pursuant
to Section&nbsp;14.1 of the Agreement, subject to compliance with the requirements of the Limited Partnership Act and the Exempted Partnerships
Act, the General Partner (pursuant to its power of attorney from the Limited Partners), without the approval of any Limited Partner, may
amend any provision of the Agreement to reflect certain changes, including, as provided for in Section&nbsp;14.1.6 of the Agreement, an
amendment that the General Partner determines in its sole discretion to be necessary or appropriate for the creation, authorization or
issuance of any class or series of Partnership Interests;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>AND WHEREAS</B>, the General
Partner desires to amend the Agreement as set out herein;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Section&nbsp;1.1.2 of the Agreement is hereby deleted in its entirety and replaced with the following:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&ldquo;<B>Agreement</B>&rdquo; means
this Amended and Restated Limited Partnership Agreement of Brookfield Infrastructure Partners L.P., as amended by the First Amendment
to the Amended and Restated Limited Partnership Agreement of the Partnership dated as of September&nbsp;12, 2018, the Second Amendment
to the Amended and Restated Limited Partnership Agreement of the Partnership dated as of February&nbsp;27, 2020, the Third Amendment to
the Amended and Restated Limited Partnership Agreement of the Partnership dated as of September&nbsp;21, 2020, the Fourth Amendment to
the Amended and Restated Limited Partnership Agreement of the Partnership dated as of January&nbsp;21, 2021, the Fifth Amendment to the
Amended and Restated Limited Partnership Agreement of the Partnership dated as of May&nbsp;24, 2021, the Sixth Amendment to the Amended
and Restated Limited Partnership Agreement of the Partnership dated as of May&nbsp;31, 2024, the Seventh Amendment to the Amended and
Restated Limited Partnership Agreement of the Partnership dated as of November&nbsp;29, 2024 and the Eighth Amendment to the Amended and
Restated Limited Partnership Agreement of the Partnership dated as of May&nbsp;16, 2025;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Schedule A of the Agreement is hereby amended by adding Part&nbsp;XIX of Schedule A to this Amendment
as Part&nbsp;XIX of Schedule A of the Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">This Amendment shall be effective as of the Effective Date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">This Amendment shall be governed by and construed in accordance with the laws of Bermuda.</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">Except as modified herein, all terms and conditions of the Agreement shall remain in full force and effect.</TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original
and all of which shall be construed together as one agreement.</TD></TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>IN WITNESS WHEREOF</B>, the
General Partner has executed this Amendment as of the Effective Date.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Eighth Amendment to BIP
A&amp;R LPA]</I></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number and Designation of and Rights, Privileges,
Restrictions and Conditions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Attaching to the Class&nbsp;A Preferred Limited
Partnership Units, Series&nbsp;18</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The eighteenth series of Class&nbsp;A
Preferred Limited Partnership Units of the Partnership shall consist of preferred limited partnership interests designated as Class&nbsp;A
Preferred Limited Partnership Units, Series&nbsp;18 (the &ldquo;<B>Series&nbsp;18 Preferred Units</B>&rdquo;) and, in addition to the
rights, privileges, restrictions and conditions attaching to the Class&nbsp;A Preferred Limited Partnership Units as a class, shall have
attached thereto the following rights, privileges, restrictions and conditions:</P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For the purposes hereof, the following
capitalized terms shall have the following meanings, unless the context otherwise requires:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Additional Amounts</B>&rdquo;
has the meaning specified in Section&nbsp;2(C)(e)(i)&nbsp;to this Part&nbsp;XIX of Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Arrears</B>&rdquo; means,
with respect to the Series&nbsp;18 Distributions, the full cumulative Series&nbsp;18 Distributions through the most recent Series&nbsp;18
Distribution Payment Date that have not been paid on all Outstanding Series&nbsp;18 Preferred Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Assignee</B>&rdquo; means
a Person to whom one or more Partnership Interests have been transferred in a manner permitted under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Automatic Exchange Event</B>&rdquo;
means the occurrence of any of: (i)&nbsp;the making by the Issuer of a general assignment for the benefit of its creditors or a proposal
(or the filing of a notice of its intention to do so) under the <I>Bankruptcy and Insolvency Act</I> (Canada); (ii)&nbsp;any proceeding
instituted by the Issuer and/or the Partnership seeking to adjudicate them as bankrupt (including any voluntary assignment in bankruptcy)
or insolvent or, where the Issuer and/or the Partnership are insolvent, seeking liquidation, winding up, dissolution, reorganization,
arrangement, compromise, adjustment, protection, relief or composition of their debts under any law relating to bankruptcy or insolvency
in Canada or Bermuda (as applicable), or seeking the entry of an order for the appointment of a receiver, interim receiver, trustee or
other similar official for the Issuer and/or the Partnership or in respect of all or any substantial part of their property and assets
in circumstances where the Issuer and/or the Partnership are adjudged as bankrupt (including any voluntary assignment in bankruptcy) or
insolvent; (iii)&nbsp;a receiver, interim receiver, trustee or other similar official is appointed over the Issuer and/or the Partnership
or for all or substantially all of their property and assets by a court of competent jurisdiction in circumstances where the Issuer and/or
the Partnership are adjudged as bankrupt (including any voluntary assignment in bankruptcy) or insolvent under any law relating to bankruptcy
or insolvency in Canada or Bermuda (as applicable); or (iv)&nbsp;any proceeding is instituted against the Issuer and/or the Partnership
seeking to adjudicate them as bankrupt (including any voluntary assignment in bankruptcy) or insolvent, or where the Issuer and/or the
Partnership are insolvent, seeking liquidation, winding up, dissolution, reorganization, arrangement, compromise, adjustment, protection,
relief or composition of their debts under any law relating to bankruptcy or insolvency in Canada or Bermuda (as applicable), or seeking
the entry of an order for the appointment of a receiver, interim receiver, trustee or other similar official for the Issuer and/or the
Partnership or in respect of all or any substantial part of their property and assets in circumstances where the Issuer and/or the Partnership
are adjudged as bankrupt or insolvent under any law relating to bankruptcy or insolvency in Canada or Bermuda (as applicable), and in
any such case, such proceeding has not been stayed or dismissed within 60 days of the institution of any such proceeding or the actions
sought in such proceedings occur (including the entry of an order for relief against the Issuer and/or the Partnership or the appointment
of a receiver, interim receiver, trustee, or other similar official for them or for all or substantially all of their property and assets).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means
a day other than (i)&nbsp;a Saturday or Sunday, or (ii)&nbsp;a day on which banks in the Province of Alberta or the Province of Ontario
are authorized or obligated by law or executive order to remain closed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Change in Tax Law</B>&rdquo;
means (i)&nbsp;a change in or amendment to laws, regulations or rulings of any Relevant Taxing Jurisdiction, (ii)&nbsp;a change in the
official application or interpretation of those laws, regulations or rulings, (iii)&nbsp;any execution of or amendment to any treaty affecting
taxation to which any Relevant Taxing Jurisdiction is party or (iv)&nbsp;a decision rendered by a court of competent jurisdiction in any
Relevant Taxing Jurisdiction, whether or not such decision was rendered with respect to the Partnership, in each case described in (i)-(iv)&nbsp;above
occurring after May&nbsp;16, 2025; provided that in the case of a Relevant Taxing Jurisdiction other than Bermuda in which a Successor
Entity is organized, such Change in Tax Law must occur after the date on which the Partnership consolidates, merges or amalgamates (or
engages in a similar transaction) with the Successor Entity, or conveys, transfers or leases substantially all of the Partnership&rsquo;s
properties and assets to the Successor Entity, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Depositary</B>&rdquo; means,
with respect to any Series&nbsp;18 Preferred Units issued in global form, CDS Clearing And Depository Services Inc. and its successors
and permitted assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Issuer</B>&rdquo; means Brookfield
Infrastructure Finance ULC, an unlimited liability company organized under the laws of the Province of Alberta, Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Notes</B>&rdquo; means the
5.598% fixed-to-fixed reset rate subordinated notes due September&nbsp;1, 2055 issued by the Issuer and guaranteed, on a subordinated
basis, by the Partnership, Brookfield Infrastructure L.P., BIP Bermuda Holdings I Limited, Brookfield Infrastructure Holdings (Canada)
Inc., Brookfield Infrastructure LLC and BIPC Holdings Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Paying Agent</B>&rdquo; means
the Series&nbsp;18 Transfer Agent, acting in its capacity as paying agent for the Series&nbsp;18 Preferred Units, and its respective successors
and assigns or any other paying agent appointed by the General Partner; provided, however, that if no Paying Agent is specifically designated
for the Series&nbsp;18 Preferred Units, the General Partner shall act in such capacity.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Relevant Date</B>&rdquo;
has the meaning specified in Section&nbsp;2(C)(e)(ii)&nbsp;to this Part&nbsp;XIX of Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Relevant Taxing Jurisdiction</B>&rdquo;
means (i)&nbsp;Bermuda or any political subdivision or governmental authority of or in Bermuda with the power to tax, (ii)&nbsp;any jurisdiction
from or through which the Partnership or the Paying Agent is making payments on the Series&nbsp;18 Preferred Units or any political subdivision
or governmental authority of or in that jurisdiction with the power to tax or (iii)&nbsp;any other jurisdiction in which the Partnership
or a Successor Entity is organized or generally subject to taxation or any political subdivision or governmental authority of or in that
jurisdiction with the power to tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Distribution
Payment Date</B>&rdquo; means each March&nbsp;1 and September&nbsp;1 following the Series&nbsp;18 Original Issue Date; provided however,
that if any Series&nbsp;18 Distribution Payment Date would otherwise occur on a day that is not a Business Day, such Series&nbsp;18 Distribution
Payment Date shall instead be on the immediately succeeding Business Day without the accrual of additional distributions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Distribution
Period</B>&rdquo; means a period of time from and including the preceding Series&nbsp;18 Distribution Payment Date to, but excluding,
the next Series&nbsp;18 Distribution Payment Date for such Series&nbsp;18 Distribution Period (other than the initial Series&nbsp;18 Distribution
Period, which means a period of time from and including the Series&nbsp;18 Original Issue Date to, but excluding, the first Series&nbsp;18
Distribution Payment Date thereafter).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Distribution
Rate</B>&rdquo; means the distribution rate payable on the Series&nbsp;18 Preferred Units from time to time, being the same rate as the
interest rate which would have accrued on the Notes at any such time if such Notes had not been automatically converted into Series&nbsp;18
Preferred Units upon an Automatic Exchange Event, and had remained outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Distribution
Record Date</B>&rdquo; has the meaning given to such term in Section&nbsp;2(C)(b)(iii)&nbsp;to this Part&nbsp;XIX of Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Distributions</B>&rdquo;
means distributions with respect to Series&nbsp;18 Preferred Units pursuant to Section&nbsp;2(C)(b)&nbsp;to this Part&nbsp;XIX of Schedule
A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Holder</B>&rdquo;
means a Record Holder of Series&nbsp;18 Preferred Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Junior Securities</B>&rdquo;
means any class or series of Partnership Interests that, with respect to distributions on such Partnership Interests and distributions
upon dissolution, liquidation or winding-up of the Partnership, whether voluntary or involuntary, pursuant to Article&nbsp;13 of the Agreement,
ranks junior to the Series&nbsp;18 Preferred Units, including Equity Units and the General Partner Units, but excluding any Series&nbsp;18
Parity Securities and Series&nbsp;18 Senior Securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Liquidation
Preference</B>&rdquo; means a liquidation preference for each Series&nbsp;18 Preferred Unit equal to C$1,000 per unit (subject to adjustment
for any splits, combinations or similar adjustments to the Series&nbsp;18 Preferred Units).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Original Issue
Date</B>&rdquo; means the day upon which the Series&nbsp;18 Preferred Units are issued upon the occurrence of an Automatic Exchange Event
in accordance with this Part&nbsp;XIX of Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Parity Securities</B>&rdquo;
means (i)&nbsp;every class or series of the Class&nbsp;A Preferred Units and Series&nbsp;18 Preferred Units and (ii)&nbsp;any class or
series of Partnership Interests established after the Series&nbsp;18 Original Issue Date by the General Partner, the terms of which class
or series pursuant to written agreement expressly provide that it ranks on parity in right of payment with the Series&nbsp;18 Preferred
Units as to distributions and amounts payable upon dissolution, liquidation or winding-up of the Partnership, whether voluntary or involuntary,
pursuant to Article&nbsp;13 of the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Preferred
Units</B>&rdquo; has the meaning given to such term in the preamble to this Part&nbsp;XIX of Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Redemption
Date</B>&rdquo; has the meaning given such term in Section&nbsp;2(C)(d)(i)&nbsp;to this Part&nbsp;XIX of Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Redemption
Notice</B>&rdquo; has the meaning given such term in Section&nbsp;2(C)(d)(ii)&nbsp;to this Part&nbsp;XIX of Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Redemption
Payments</B>&rdquo; means payments to be made to the Series&nbsp;18 Holders to redeem Series&nbsp;18 Preferred Units in accordance with
Section&nbsp;2(C)(d)&nbsp;to this Part&nbsp;XIX of Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Redemption
Price</B>&rdquo; has the meaning given such term in Section&nbsp;2(C)(d)(i)&nbsp;to this Part&nbsp;XIX of Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Senior Securities</B>&rdquo;
means any class or series of Partnership Interests established after the Series&nbsp;18 Original Issue Date by the General Partner, the
terms of which class or series pursuant to written agreement expressly provide that it ranks senior to the Series&nbsp;18 Preferred Units
as to distributions and amounts payable upon dissolution, liquidation or winding-up of the Partnership, whether voluntary or involuntary,
pursuant to Article&nbsp;13 of the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Transfer Agent</B>&rdquo;
means Computershare Inc., and its successors and assigns, or any other transfer agent and registrar appointed by the General Partner for
the Series&nbsp;18 Preferred Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Successor Entity</B>&rdquo;
means an entity formed by a consolidation, merger, amalgamation or other similar transaction involving the Partnership or an entity to
which the Partnership conveys, transfers or leases substantially all its properties and assets.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Tax Event</B>&rdquo; has
the meaning specified in Section&nbsp;2(C)(d)(i)&nbsp;to this Part&nbsp;XIX of Schedule A.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Terms of Series&nbsp;18 Preferred Units</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>General</U>. Each Series&nbsp;18 Preferred Unit shall be identical in all respects to every other Series&nbsp;18
Preferred Unit, except as to the respective dates from which the Series&nbsp;18 Liquidation Preference shall increase or from which Series&nbsp;18
Distributions may begin accruing, to the extent such dates may differ. The Series&nbsp;18 Preferred Units represent perpetual interests
in the Partnership and shall not give rise to a claim by the Partnership or a Series&nbsp;18 Holder for conversion or, except as set forth
in Section&nbsp;2(C)(d)&nbsp;to this Part&nbsp;XIX of Schedule A, redemption thereof at a particular date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Issuance</U>. The issue price of each Series&nbsp;18 Preferred Unit shall be C$1,000 principal amount
of Notes or C$1,000 of accrued and unpaid interest on the Notes, if any.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">C.</TD><TD STYLE="text-align: justify"><U>Rights of Series&nbsp;18 Preferred Units</U>. The Series&nbsp;18 Preferred Units shall have the following
rights, preferences and privileges and shall be subject to the following duties and obligations:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify"><U>Series&nbsp;18 Preferred Units.</U></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">The authorized number of Series&nbsp;18 Preferred Units shall be unlimited. Series&nbsp;18 Preferred Units
that are purchased or otherwise acquired by the Partnership shall be cancelled.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">The Series&nbsp;18 Preferred Units shall be represented by one or more global Certificates registered
in the name of the Depositary or its nominee, and no Series&nbsp;18 Holder shall be entitled to receive a definitive Certificate evidencing
its Series&nbsp;18 Preferred Units, unless otherwise required by law or the Depositary gives notice of its intention to resign or is no
longer eligible to act as such with respect to the Series&nbsp;18 Preferred Units and the General Partner shall have not selected a substitute
Depositary within sixty (60) calendar days thereafter. So long as the Depositary shall have been appointed and is serving with respect
to the Series&nbsp;18 Preferred Units, payments and communications made by the Partnership to Series&nbsp;18 Holders shall be made by
making payments to, and communicating with, the Depositary.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify"><U>Distributions</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">Distributions on each Outstanding Series&nbsp;18 Preferred Unit shall be cumulative and shall accrue at
the applicable Series&nbsp;18 Distribution Rate from and including the Series&nbsp;18 Original Issue Date (or, for any subsequently issued
and newly Outstanding Series&nbsp;18 Preferred Units, from and including the Series&nbsp;18 Distribution Payment Date immediately preceding
the issue date of such Series&nbsp;18 Preferred Units) until such time as the Partnership pays the Series&nbsp;18 Distribution or redeems
such Series&nbsp;18 Preferred Unit in accordance with Section&nbsp;2(C)(d)&nbsp;to this Part&nbsp;XIX of Schedule A, whether or not such
Series&nbsp;18 Distributions shall have been declared. Series&nbsp;18 Holders shall be entitled to receive Series&nbsp;18 Distributions
from time to time out of any assets of the Partnership legally available for the payment of distributions at the Series&nbsp;18 Distribution
Rate per Series&nbsp;18 Preferred Unit when, as, and, if declared by the General Partner. Series&nbsp;18 Distributions, to the extent
declared by the General Partner to be paid by the Partnership in accordance with this Section&nbsp;2(C)(b)&nbsp;to this Part&nbsp;XIX
of Schedule A, shall be paid, in Arrears, on each Series&nbsp;18 Distribution Payment Date. Series&nbsp;18 Distributions shall accrue
in each Series&nbsp;18 Distribution Period, provided that distributions shall accrue on accrued but unpaid Series&nbsp;18 Distributions
at the Series&nbsp;18 Distribution Rate. If any Series&nbsp;18 Distribution Payment Date otherwise would occur on a date that is not a
Business Day, declared Series&nbsp;18 Distributions shall be paid on the immediately succeeding Business Day without the accrual of additional
distributions. Series&nbsp;18 Distributions for any Series&nbsp;18 Distribution Period that is longer or shorter than a full semi-annual
period shall be calculated based on the actual number of days elapsed in the applicable Series&nbsp;18 Distribution Period and a 365 or
366 day year, as applicable. All Series&nbsp;18 Distributions that are (1)&nbsp;accrued and unpaid or (2)&nbsp;payable by the Partnership
pursuant to this Section&nbsp;2(C)(b)&nbsp;or 2(C)(e)(i)&nbsp;to this Part&nbsp;XIX of Schedule A shall be payable without regard to the
income of the Partnership and shall be treated for U.S. federal income tax purposes as guaranteed payments for the use of capital under
Section&nbsp;707(c)&nbsp;of the Code, including for the purpose of determining income, gain, loss, and expense of the Partnership and
maintaining capital accounts, unless there is a change in Tax law or administrative practice that requires treatment other than as guaranteed
payments for U.S. federal income tax purposes, as determined in the sole discretion of the General Partner. For U.S. federal income tax
purposes, the deduction attributable to any amount treated as a guaranteed payment shall be specially allocated to the Partners in a manner
determined by the General Partner in its sole discretion that is not inconsistent with the applicable provisions of the Code and Treasury
Regulations. Such guaranteed payments with respect to any Series&nbsp;18 Distribution Period shall be for the account of Series&nbsp;18
Holders as of the applicable Series&nbsp;18 Distribution Record Date, or as otherwise reasonably determined by the General Partner.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">[Intentionally Omitted]</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">Not later than 5:00 p.m., Toronto time, on each Series&nbsp;18 Distribution Payment Date, the Partnership
shall pay those Series&nbsp;18 Distributions, if any, that shall have been declared by the General Partner to Series&nbsp;18 Holders on
the Record Date for the applicable Series&nbsp;18 Distribution. The Record Date (the &ldquo;<B>Series&nbsp;18 Distribution Record Date</B>&rdquo;)
for the payment of any Series&nbsp;18 Distributions shall be the last business day of the calendar month prior to the applicable Series&nbsp;18
Distribution Payment Date, or such other record date as may be fixed by the General Partner in accordance with this Section&nbsp;2 to
this Part&nbsp;XIX of Schedule A. So long as any Series&nbsp;18 Preferred Units are Outstanding, no distribution shall be declared or
paid or set aside for payment on any Series&nbsp;18 Junior Securities (other than a distribution payable solely in Series&nbsp;18 Junior
Securities) unless all accrued and unpaid Series&nbsp;18 Distributions up to and including such distributions payable for the last completed
Series&nbsp;18 Distribution Period, and all accrued and unpaid distributions up to and including the distribution payable for the last
completed period for which distributions were payable on all Series&nbsp;18 Preferred Units and Series&nbsp;18 Parity Securities, have
been declared and paid or set apart for payment; provided, however, notwithstanding anything to the contrary in this Section&nbsp;2(C)(b)(iii)&nbsp;to
this Part&nbsp;XIX of Schedule A, if a distribution period with respect to a class of Series&nbsp;18 Junior Securities or Series&nbsp;18
Parity Securities is shorter than the Series&nbsp;18 Distribution Period, the General Partner may declare and pay regular distributions
with respect to such Series&nbsp;18 Junior Securities or Series&nbsp;18 Parity Securities, so long as, at the time of declaration of such
distribution, (i)&nbsp;there are no Series&nbsp;18 Distributions in Arrears, and (ii)&nbsp;the General Partner expects to have sufficient
funds to pay the full distribution in respect of the Series&nbsp;18 Preferred Units on the next successive Series&nbsp;18 Distribution
Payment Date. Accrued Series&nbsp;18 Distributions in Arrears for any past Series&nbsp;18 Distribution Period may be declared by the General
Partner and paid on any date fixed by the General Partner, whether or not a Series&nbsp;18 Distribution Payment Date, to Series&nbsp;18
Holders on the Record Date for such payment, which may not be less than 10 days before such payment date. Subject to the next succeeding
sentence, if all accrued Series&nbsp;18 Distributions in Arrears on all Outstanding Series&nbsp;18 Preferred Units and all accrued distributions
in arrears on any Series&nbsp;18 Preferred Units and any Series&nbsp;18 Parity Securities shall not have been declared and paid, or if
sufficient funds for the payment thereof shall not have been set apart, payment of accrued distributions in Arrears on the Series&nbsp;18
Preferred Units and accrued distributions in arrears on any such Series&nbsp;18 Parity Securities shall be made in order of their respective
distribution payment dates, commencing with the earliest distribution payment date. If less than all distributions payable with respect
to all Series&nbsp;18 Preferred Units and any other Series&nbsp;18 Parity Securities are to be paid for any distribution period, any partial
payment shall be made pro rata with respect to the Series&nbsp;18 Preferred Units and any such other Series&nbsp;18 Parity Securities
entitled to a distribution payment at such time in proportion to the aggregate distribution amounts remaining due in respect of such Series&nbsp;18
Preferred Units and such other Series&nbsp;18 Parity Securities, if any, at such time and apportioned equally among them in accordance
with the relative amount to be paid or allocated to each group. For purposes of the preceding sentence, each distribution period for any
Series&nbsp;18 Parity Securities that ends on a date other than March&nbsp;1 or September&nbsp;1 of any year shall be deemed the same
distribution period as the distribution period for Series&nbsp;18 Parity Securities that ends on March&nbsp;1 or September&nbsp;1, respectively,
of such year. Subject to Sections 13.3 of the Agreement and Section&nbsp;2(C)(g)&nbsp;to this Part&nbsp;XIX of Schedule A, Series&nbsp;18
Holders shall not be entitled to any distribution, whether payable in cash, property or Partnership Interests, in excess of full cumulative
Series&nbsp;18 Distributions. Except insofar as distributions accrue on the amount of any accrued and unpaid Series&nbsp;18 Distributions
as described in Section&nbsp;2(C)(b)(i)&nbsp;to this Part&nbsp;XIX of Schedule A, no interest or sum of money in lieu of interest shall
be payable in respect of any distribution payment which may be in Arrears on the Series&nbsp;18 Preferred Units. So long as the Series&nbsp;18
Preferred Units are held of record by the Depositary or its nominee, declared Series&nbsp;18 Distributions shall be paid to the Depositary
in same-day funds on each Series&nbsp;18 Distribution Payment Date or other distribution payment date in the case of payments for Series&nbsp;18
Distributions in Arrears. If on any Series&nbsp;18 Distribution Payment Date, the Series&nbsp;18 Distributions accrued to such date are
not paid in full on all of the Series&nbsp;18 Preferred Units then Outstanding, such Series&nbsp;18 Distributions, or the unpaid part
thereof, shall be paid on a subsequent date or dates determined by the General Partner on which the Partnership shall have sufficient
monies legally available for such Series&nbsp;18 Distributions under Bermuda law.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify"><U>Voting Rights</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Agreement, the Series&nbsp;18 Preferred Units shall not
have any voting rights or rights to consent or approve any action or matter, except as set forth in clause (ii)&nbsp;below and in Section&nbsp;5.4
of Part&nbsp;I of Schedule A to this Agreement, this Section&nbsp;2(C)(c)&nbsp;to this Part&nbsp;XIX of Schedule A or as otherwise required
by Bermuda law.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">The Series&nbsp;18 Holders shall not have any right or authority to act for or bind the Partnership or
to take part or in any way to interfere in the conduct or management of the Partnership or (except as otherwise provided by law and except
for meetings of the holders of Class&nbsp;A Preferred Limited Partnership Units as a class and meetings of the Series&nbsp;18 Holders
as a series, in each case in respect of matters which limited partners may properly vote under Bermuda law) be entitled to receive notice
of, attend, or vote at any meeting of unitholders of the Partnership unless and until the Partnership shall have failed to pay four semi-annual
Series&nbsp;18 Distributions, whether or not consecutive and whether or not such distributions have been declared and whether or not there
are any monies of the Partnership legally available for distributions under Bermuda law. In the event of such non-payment, and for only
so long as any such distributions remain in Arrears, the Holders will be entitled to receive notice of and to attend each meeting of unitholders
of the Partnership (other than any meetings at which only holders of another specified class or series are entitled to vote) and such
Holders shall have the right, at any such meeting, to one vote for each Series&nbsp;18 Preferred Unit held. No other voting rights shall
attach to the Series&nbsp;18 Preferred Units in any circumstances. Upon payment of the entire amount of all cumulative preferential cash
distributions in Arrears, the voting rights of the Series&nbsp;18 Holders shall forthwith cease (unless and until the same default shall
again arise under the provisions of this Section&nbsp;2(C)(c)(ii)&nbsp;to this Part&nbsp;XIX of Schedule A).</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Agreement or as otherwise required by Bermuda law, the
General Partner shall not adopt any amendment to the Partnership Agreement that has a material adverse effect on the powers, preferences,
duties or special rights of the Series&nbsp;18 Preferred Units unless such amendment (i)&nbsp;is approved by a resolution signed by Series&nbsp;18
Holders owning not less than the percentage of the Series&nbsp;18 Preferred Units that would be necessary to authorize such action at
a meeting of Series&nbsp;18 Holders at which all Series&nbsp;18 Holders were present and voted or were represented by proxy or (ii)&nbsp;is
passed by an affirmative vote of at least 66 2/3% of the votes cast at a meeting of Series&nbsp;18 Holders duly called for that purpose
and at which the holders of at least 25% of the outstanding Series&nbsp;18 Preferred Units are present or represented by proxy; provided,
however, that (x)&nbsp;subject to Section&nbsp;5.4 of Part&nbsp;I of Schedule A to this Agreement, the issuance of additional Partnership
Interests (and any amendment to this Agreement in connection therewith) shall not be deemed to constitute such a material adverse effect
for purposes of this Section&nbsp;2(C)(c)(ii)&nbsp;to this Part&nbsp;XIX of Schedule A and (y)&nbsp;for purposes of this Section&nbsp;2(C)(c)(ii)&nbsp;to
this Part&nbsp;XIX of Schedule A, no amendment of this Agreement in connection with a merger or other transaction in which the Partnership
is the surviving entity and the Series&nbsp;18 Preferred Units remain Outstanding with the terms thereof materially unchanged in any respect
adverse to the Series&nbsp;18 Holders shall be deemed to materially and adversely affect the powers, preferences, duties, or special rights
of the Series&nbsp;18 Preferred Units. If at any such meeting the holders of Series&nbsp;18 Preferred Units of at least 25% of the then
Outstanding Series&nbsp;18 Preferred Units are not present or represented by proxy within one-half hour after the time appointed for such
meeting, then the meeting shall be adjourned to such date not less than five (5)&nbsp;days thereafter and to such time and place as may
be designated by the chairman of such meeting. At such adjourned meeting, the Series&nbsp;18 Holders present or represented by proxy may
transact the business for which the meeting was originally called and the Series&nbsp;18 Holders then present or represented by proxy
shall form the necessary quorum.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">For any matter described in this Section&nbsp;2(C)(c)&nbsp;to this Part&nbsp;XIX of Schedule A in which
the Series&nbsp;18 Holders are entitled to vote as a series (whether separately or together with the holders of any Series&nbsp;18 Parity
Securities), such Series&nbsp;18 Holders shall be entitled to one vote per Series&nbsp;18 Preferred Unit. The proxy rules&nbsp;applicable
to, the formalities to be observed in respect of the giving notice of, and the formalities to be observed in respect of the conduct of,
any meeting or any adjourned meeting of Series&nbsp;18 Holders shall be those from time to time prescribed by the Agreement with respect
to meetings of unitholders or, if not so prescribed, as required by law. Any Series&nbsp;18 Preferred Units held by the Partnership or
any of its Subsidiaries or their Affiliates shall not be entitled to vote.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">Notwithstanding Section&nbsp;2(C)(c)(ii)&nbsp;to this Part&nbsp;XIX of Schedule A and Section&nbsp;5.4
of Part&nbsp;I of Schedule A to this Agreement, no vote of the Series&nbsp;18 Holders shall be required if, at or prior to the time when
such action is to take effect, provision is made for the redemption of all Series&nbsp;18 Preferred Units at the time Outstanding.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify"><U>Optional Redemption; Change in Tax Law</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">The Partnership shall have the right (i)&nbsp;at any time from June&nbsp;3, 2030 and ending on and including
September&nbsp;1, 2030, in whole or in part, (ii)&nbsp;after September&nbsp;1, 2030, on any Series&nbsp;18 Distribution Payment Date,
in whole or in part, or (iii)&nbsp;if as a result of a Change in Tax Law there is, in the Partnership&rsquo;s reasonable determination,
a substantial probability that the Partnership or any Successor Entity would become obligated to pay any Additional Amounts on the next
succeeding Series&nbsp;18 Distribution Payment Date and the payment of those Additional Amounts cannot be avoided by the use of any reasonable
measures available to the Partnership or any Successor Entity (a &ldquo;<B>Tax Event</B>&rdquo;), in whole but not in part, to redeem
the Series&nbsp;18 Preferred Units, using any source of funds legally available for such purpose. Any such redemption shall occur on a
date set by the General Partner (the &ldquo;<B>Series&nbsp;18 Redemption Date</B>&rdquo;). The Partnership shall effect any such redemption
by paying cash for each Series&nbsp;18 Preferred Unit to be redeemed equal to 100%, of the Series&nbsp;18 Liquidation Preference for such
Series&nbsp;18 Preferred Unit on such Series&nbsp;18 Redemption Date plus an amount equal to all unpaid Series&nbsp;18 Distributions thereon
from the Series&nbsp;18 Original Issue Date to, but excluding, the Series&nbsp;18 Redemption Date (whether or not such distributions shall
have been declared) (the &ldquo;<B>Series&nbsp;18 Redemption Price</B>&rdquo;). So long as the Series&nbsp;18 Preferred Units to be redeemed
are held of record by the Depositary or the nominee of the Depositary, the Series&nbsp;18 Redemption Price shall be paid by the Paying
Agent to the Depositary on the Series&nbsp;18 Redemption Date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">The Partnership shall give notice of any redemption by mail, postage prepaid, not less than 30 days and
not more than 60 days before the scheduled Series&nbsp;18 Redemption Date to the Series&nbsp;18 Holders (as of 5:00 p.m.&nbsp;Toronto
time on the Business Day next preceding the day on which notice is given) of any Series&nbsp;18 Preferred Units to be redeemed as such
Series&nbsp;18 Holders&rsquo; names appear on the books of the Series&nbsp;18 Transfer Agent and at the address of such Series&nbsp;18
Holders shown therein. Such notice (the &ldquo;<B>Series&nbsp;18 Redemption Notice</B>&rdquo;) shall state, as applicable: (1)&nbsp;the
Series&nbsp;18 Redemption Date, (2)&nbsp;the number of Series&nbsp;18 Preferred Units to be redeemed and, if less than all Outstanding
Series&nbsp;18 Preferred Units are to be redeemed, the number (and in the case of Series&nbsp;18 Preferred Units in certificated form,
the identification) of Series&nbsp;18 Preferred Units to be redeemed from such Series&nbsp;18 Holder, (3)&nbsp;the Series&nbsp;18 Redemption
Price, (4)&nbsp;the place where any Series&nbsp;18 Preferred Units in certificated form are to be redeemed and shall be presented and
surrendered for payment of the Series&nbsp;18 Redemption Price therefor (which shall occur automatically if the Certificate representing
such Series&nbsp;18 Preferred Units is issued in the name of the Depositary or its nominee), (5)&nbsp;that distributions on the Series&nbsp;18
Preferred Units to be redeemed shall cease to accrue from and after such Series&nbsp;18 Redemption Date. So long as the Series&nbsp;18
Preferred Units are held of record by the Depositary or its nominee, the Partnership shall give notice, or cause notice to be given, to
the Depositary, and (6)&nbsp;any conditions precedent to redemption; in addition, if such redemption or notice of redemption is subject
to satisfaction of one or more conditions precedent, such notice of redemption shall state that, in the Partnership&rsquo;s discretion,
the Series&nbsp;18 Redemption Date may be delayed until such time as any or all such conditions precedent shall be satisfied or waived,
and a new Series&nbsp;18 Redemption Date will be set by the Partnership in accordance with applicable depositary or trustee procedures,
or such redemption may not occur and such notice of redemption may be rescinded in the event that any or all such conditions precedent
shall not have been satisfied or waived by the Series&nbsp;18 Redemption Date, or by the Series&nbsp;18 Redemption Date as so delayed,
or such notice may be rescinded at any time if in the good faith judgement of the Partnership any or all of such conditions will not be
satisfied or waived.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">If less than all of the then Outstanding Series&nbsp;18 Preferred Units are at any time to be redeemed,
then the particular Series&nbsp;18 Preferred Units to be redeemed shall be selected on a pro rata basis disregarding fractions or in such
manner as the General Partner in its sole discretion may, by resolution determine. The aggregate Series&nbsp;18 Redemption Price for any
such partial redemption of the Outstanding Series&nbsp;18 Preferred Units shall be allocated correspondingly among the redeemed Series&nbsp;18
Preferred Units. The Series&nbsp;18 Preferred Units not redeemed shall remain Outstanding and entitled to all the rights, preferences
and duties provided in this Section&nbsp;2 to this Part&nbsp;XIX of Schedule A.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">If the Partnership gives or causes to be given a Series&nbsp;18 Redemption Notice, the Partnership shall
deposit with the Paying Agent funds sufficient to redeem the Series&nbsp;18 Preferred Units as to which such Series&nbsp;18 Redemption
Notice shall have been given, no later than 10:00 a.m.&nbsp;Toronto time on the Series&nbsp;18 Redemption Date, and shall give the Paying
Agent irrevocable instructions and authority to pay the Series&nbsp;18 Redemption Price to each Series&nbsp;18 Holder whose Series&nbsp;18
Preferred Units are to be redeemed upon surrender or deemed surrender (which shall occur automatically if the Certificate representing
such Series&nbsp;18 Preferred Units is issued in the name of the Depositary or its nominee) of the Certificates therefor as set forth
in the Series&nbsp;18 Redemption Notice. If a Series&nbsp;18 Redemption Notice shall have been given, from and after the Series&nbsp;18
Redemption Date, unless the Partnership defaults in providing funds sufficient for such redemption at the time and place specified for
payment pursuant to the Series&nbsp;18 Redemption Notice, all Series&nbsp;18 Distributions on such Series&nbsp;18 Preferred Units to be
redeemed shall cease to accrue and all rights of holders of such Series&nbsp;18 Preferred Units as Limited Partners with respect to such
Series&nbsp;18 Preferred Units to be redeemed shall cease, except the right to receive the Series&nbsp;18 Redemption Price, and such Series&nbsp;18
Preferred Units shall not thereafter be transferred on the books of the Series&nbsp;18 Transfer Agent or be deemed to be Outstanding for
any purpose whatsoever. The Series&nbsp;18 Holders shall have no claim to the interest income, if any, earned on funds deposited with
the Paying Agent. Any funds deposited with the Paying Agent hereunder by the Partnership for any reason, including redemption of Series&nbsp;18
Preferred Units, that remain unclaimed or unpaid after one year after the applicable Series&nbsp;18 Redemption Date or other payment date,
as applicable, shall be, to the extent permitted by law, repaid to the Partnership upon its written request, after which repayment the
Series&nbsp;18 Holders entitled to such redemption or other payment shall have recourse only to the Partnership. Notwithstanding any Series&nbsp;18
Redemption Notice, there shall be no redemption of any Series&nbsp;18 Preferred Units called for redemption until funds sufficient to
pay the full Series&nbsp;18 Redemption Price of such Series&nbsp;18 Preferred Units shall have been deposited by the Partnership with
the Paying Agent.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">Any Series&nbsp;18 Preferred Units that are redeemed or otherwise acquired by the Partnership shall be
cancelled. If only a portion of the Series&nbsp;18 Preferred Units represented by a Certificate shall have been called for redemption,
upon surrender of the Certificate to the Paying Agent (which shall occur automatically if the Certificate representing such Series&nbsp;18
Preferred Units is registered in the name of the Depositary or its nominee), the Partnership shall issue and the Paying Agent shall deliver
to the Series&nbsp;18 Holders a new Certificate (or adjust the applicable book-entry account) representing the number of Series&nbsp;18
Preferred Units represented by the surrendered Certificate that have not been called for redemption.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">vi.</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Section&nbsp;2 to this Part&nbsp;XIX of Schedule A, unless
all accrued and unpaid Series&nbsp;18 Distributions up to and including the distribution payable for the last completed Series&nbsp;18
Distribution Period, and all accrued and unpaid distributions up to and including the distribution payable for the last completed period
for which distributions were payable on all Series&nbsp;18 Preferred Units and Series&nbsp;18 Parity Securities, have been declared and
paid or set apart for payment, the Partnership shall not be permitted to repurchase, redeem or otherwise acquire, in whole or in part,
any Series&nbsp;18 Preferred Units or Series&nbsp;18 Parity Securities, except pursuant to a purchase or exchange offer made on the same
relative terms to all Series&nbsp;18 Holders and holders of any Series&nbsp;18 Parity Securities. So long as any Series&nbsp;18 Preferred
Units are Outstanding, except out of the net cash proceeds of a substantially concurrent issue of Series&nbsp;18 Junior Securities, unless
all accrued and unpaid Series&nbsp;18 Distributions up to and including the distribution payable for the last completed Series&nbsp;18
Distribution Period, and all accrued and unpaid distributions up to and including the distribution payable for the last completed period
for which distributions were payable on all Series&nbsp;18 Preferred Units and Series&nbsp;18 Parity Securities, have been declared and
paid or set apart for payment, the Partnership shall not be permitted to redeem, repurchase or otherwise acquire any Equity Units or any
other Series&nbsp;18 Junior Securities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify"><U>Payment of Additional Amounts</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">The Partnership shall make all payments on the Series&nbsp;18 Preferred Units free and clear of and without
withholding or deduction at source for, or on account of, any present or future taxes, fees, duties, assessments or governmental charges
of whatever nature imposed or levied by or on behalf of any Relevant Taxing Jurisdiction, unless such taxes, fees, duties, assessments
or governmental charges are required to be withheld or deducted by (i)&nbsp;the laws (or any regulations or rulings promulgated thereunder)
of any Relevant Taxing Jurisdiction for the Series&nbsp;18 Preferred Units or (ii)&nbsp;an official position regarding the application,
administration, interpretation or enforcement of any such laws, regulations or rulings (including a holding by a court of competent jurisdiction
or by a taxing authority in any Relevant Taxing Jurisdiction). If a withholding or deduction at source is required, the Partnership shall,
subject to the limitations and exceptions set forth in this Section&nbsp;2(C)(e)&nbsp;and Section&nbsp;2(C)(f)&nbsp;to this Part&nbsp;XIX
of Schedule A, pay to the Series&nbsp;18 Holders such additional amounts (the &ldquo;<B>Additional Amounts</B>&rdquo;) as distributions
as may be necessary so that every net payment made to such holders, after such withholding or deduction (including any such withholding
or deduction from such Additional Amounts), shall be equal to the amounts the Partnership would otherwise have been required to pay had
no such withholding or deduction been required.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">The Partnership shall not be required to pay any Additional Amounts for or on account of:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">any tax, fee, duty, assessment or governmental charge of whatever nature that would not have been imposed
but for the fact that such holder was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment
or was physically present in, the Relevant Taxing Jurisdiction or any political subdivision thereof or otherwise had some connection with
the Relevant Taxing Jurisdiction other than by reason of the mere ownership of, or receipt of payment under, the Series&nbsp;18 Preferred
Units or any Series&nbsp;18 Preferred Units presented for payment (where presentation is required for payment) more than 30 days after
the Relevant Date (except to the extent that the holder would have been entitled to such amounts if it had presented such units for payment
on any day within such 30 day period). The &ldquo;<B>Relevant Date</B>&rdquo; means, in respect of any payment, the date on which such
payment first becomes due and payable, but if the full amount of the moneys payable has not been received by the Paying Agent on or prior
to such due date, it means the first date on which the full amount of such moneys having been so received and being available for payment
to holders and notice to that effect shall have been duly given to the Series&nbsp;18 Holders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental
charge or any tax, assessment or other governmental charge that is payable otherwise than by withholding or deduction from payment of
the liquidation preference or of any distributions on the Series&nbsp;18 Preferred Units;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">any tax, fee, duty, assessment or other governmental charge that is imposed or withheld by reason of the
failure by the holder of such Series&nbsp;18 Preferred Units to comply with any reasonable request by the Partnership addressed to the
holder within 90 days of such request (i)&nbsp;to provide information concerning the nationality, residence or identity of the holder
or (ii)&nbsp;to make any declaration or other similar claim or satisfy any information or reporting requirement that is required or imposed
by statute, treaty, regulation or administrative practice of the Relevant Taxing Jurisdiction as a precondition to exemption from all
or part of such tax, fee, duty, assessment or other governmental charge;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">d)</TD><TD STYLE="text-align: justify">any tax, fee, duty, assessment or governmental charge imposed under the Code; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.75in"></TD><TD STYLE="width: 0.25in">e)</TD><TD STYLE="text-align: justify">any combination of the foregoing.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">In addition, the Partnership shall not pay Additional Amounts with respect to any payment on any such
Series&nbsp;18 Preferred Units to any holder that is a fiduciary, partnership, limited liability company or other pass-through entity
other than the sole beneficial owner of such Series&nbsp;18 Preferred Units if such payment would be required by the laws of the Relevant
Taxing Jurisdiction to be included in the income for tax purposes of a beneficiary or partner or settlor with respect to such fiduciary
or a member of such partnership, limited liability company or other pass-through entity or a beneficial owner to the extent such beneficiary,
partner or settlor would not have been entitled to such Additional Amounts had it been the holder of the Series&nbsp;18 Preferred Units.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">f.</TD><TD STYLE="text-align: justify"><U>Variation</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">At any time following a Change in Tax Law, the Partnership may, without the consent of any Series&nbsp;18
Holder, vary the terms of the Series&nbsp;18 Preferred Units such that they remain securities which would eliminate the substantial probability
that the Partnership or any Successor Entity would be required to pay any Additional Amounts with respect to the Series&nbsp;18 Preferred
Units as a result of a Change in Tax Law. The terms of the varied securities considered in the aggregate cannot be less favorable to holders
than the terms of the Series&nbsp;18 Preferred Units prior to being varied; provided that no such variation of terms shall change the
specified denominations of, distribution payable on, the redemption dates (other than any extension of the period during which an optional
redemption may not be exercised by the Partnership) or currency of, the Series&nbsp;18 Preferred Units, reduce the liquidation preference
thereof, lower the ranking in right of payment with respect to the payment of distributions or the distribution of assets upon liquidation,
dissolution or winding-up of the Series&nbsp;18 Preferred Units, or change the foregoing list of items that may not be so amended as part
of such variation. Further, no such variation of terms shall impair the right of a holder of the securities to institute suit for the
payment of any amounts due, but unpaid with respect to such holder&rsquo;s securities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">Prior to any variation, the Partnership shall be required to receive an opinion of independent legal advisers
to the effect that holders and beneficial owners of the Series&nbsp;18 Preferred Units (including as holders and beneficial owners of
the varied securities) will not recognize income, gain or loss for Canadian federal income tax purposes as a result of such variation
and will be subject to Canadian federal income tax on the same amounts, in the same manner and at the same times as would have been the
case had such variation not occurred.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">Any variation of the Series&nbsp;18 Preferred Units described above shall be made after notice is given
to the Series&nbsp;18 Holders not less than 30 days nor more than 60 days prior to the date fixed for variation.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">g.</TD><TD STYLE="text-align: justify"><U>Liquidation Rights</U>. In the event of the liquidation, dissolution or winding-up of the Partnership,
whether voluntary or involuntary, unless the Partnership is continued under the election to reconstitute and continue the Partnership
pursuant to Section&nbsp;13.2 of the Agreement, the Series&nbsp;18 Holders shall be entitled to receive the Series&nbsp;18 Liquidation
Preference per Series&nbsp;18 Preferred Unit held by them, together with all accrued (whether or not declared) and unpaid Series&nbsp;18
Distributions up to but excluding the date of payment or distribution (less any tax required to be deducted and withheld by the Partnership),
before any amounts shall be paid or any assets of the Partnership distributed to the holders of any Series&nbsp;18 Junior Securities.
Upon payment of the amounts set forth in the immediately preceding sentence, the Series&nbsp;18 Holders shall not be entitled to share
in any further distribution of the assets of the Partnership.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">h.</TD><TD STYLE="text-align: justify"><U>Rank</U>. The Series&nbsp;18 Preferred Units shall each be deemed to rank as to payment of distributions
on such Partnership Interests and distributions upon liquidation, dissolution or winding-up of the Partnership, whether voluntary or involuntary:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">senior to any Series&nbsp;18 Junior Securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">on parity in right of payment with any Series&nbsp;18 Parity Securities; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">junior to all existing and future indebtedness of the Partnership with respect to assets available to
satisfy claims against the Partnership and any other Series&nbsp;18 Senior Securities.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify"><U>No Sinking Fund</U>. The Series&nbsp;18 Preferred Units shall not have the benefit of any sinking fund.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">j.</TD><TD STYLE="text-align: justify"><U>Record Holders</U>. To the fullest extent permitted by applicable law, the General Partner, the Partnership,
the Series&nbsp;18 Transfer Agent, and the Paying Agent may deem and treat any Series&nbsp;18 Holder as the true, lawful, and absolute
owner of the applicable Series&nbsp;18 Preferred Units for all purposes, and neither the General Partner, the Partnership, the Series&nbsp;18
Transfer Agent nor the Paying Agent shall be affected by any notice to the contrary, except as otherwise provided by law or any applicable
rule, regulation, guideline or requirement of any Securities Exchange on which the Series&nbsp;18 Preferred Units may be listed or admitted
to trading, if any.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">k.</TD><TD STYLE="text-align: justify"><U>Fractional Units</U>. The Series&nbsp;18 Preferred Units may be issued in whole or in fractional units.
Each fractional Series&nbsp;18 Preferred Unit shall carry and be subject to the rights, privileges, restrictions and conditions (including
voting rights and distribution rights) of the Series&nbsp;18 Preferred Units in proportion to the applicable fractions.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">l.</TD><TD STYLE="text-align: justify"><U>Other Rights; Fiduciary Duties</U>. The Series&nbsp;18 Preferred Units and the Series&nbsp;18 Holders
shall not have any designations, preferences, rights, powers, guarantees or duties, other than as set forth in this Agreement or as provided
by applicable law. Notwithstanding anything to the contrary in this Agreement or any duty existing at law, in equity or otherwise, to
the fullest extent permitted by applicable law, neither the General Partner nor any other Indemnified Party shall owe any duties, including
fiduciary duties, or have any liabilities to Series&nbsp;18 Holders, other than the General Partner&rsquo;s duty to act at all times in
good faith.</TD></TR></TABLE>

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

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<TYPE>EX-4.4
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<FILENAME>tm2515355d1_ex4-4.htm
<DESCRIPTION>EXHIBIT 4.4
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.4</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ELEVENTH AMENDMENT TO THE<BR>
AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
AMENDMENT </B></FONT>(the &ldquo;<B>Amendment</B>&rdquo;) to the Amended and Restated Limited Partnership Agreement dated as of February&nbsp;16,
2018 (the &ldquo;<B>Agreement</B>&rdquo;) of Brookfield Infrastructure L.P. (the &ldquo;<B>Partnership</B>&rdquo;) is made as of May&nbsp;16,
2025 (the &ldquo;<B>Effective Date</B>&rdquo;), by the undersigned. Capitalized terms used but not defined herein shall have the meanings
set forth in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B></FONT>,
on March&nbsp;12, 2015, the limited partnership agreement of the Partnership was amended to allow for preferred limited partnership interests
in the Partnership and to create the Class&nbsp;A Preferred Limited Partnership Units;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AND
WHEREAS</B></FONT>, the Managing General Partner desires to amend the Agreement to create an additional series of Class&nbsp;A Preferred
Limited Partnership Units having the rights and restrictions set out in Part&nbsp;XIX of Schedule A to this Amendment;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AND
WHEREAS</B></FONT>, pursuant to Section&nbsp;18.1 of the Agreement, subject to compliance with the requirements of the Limited Partnership
Act and the Exempted Partnerships Act, the Managing General Partner (pursuant to its powers of attorney from the Special General Partner
or any Partner and the Limited Partners), without the approval of any Limited Partner, may amend any provision of the Agreement to reflect
certain changes, including, as provided for in Section&nbsp;18.1.6 of the Agreement, an amendment that the Managing General Partner determines
in its sole discretion to be necessary or appropriate for the creation, authorization or issuance of any class or series of Partnership
Interests;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AND
WHEREAS</B></FONT>, the Managing General Partner desires to amend the Agreement as set out herein;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Section&nbsp;1.1.3 of the Agreement is hereby deleted in its entirety and replaced with the following:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&ldquo;<B>Agreement</B>&rdquo; means
this Amended and Restated Limited Partnership Agreement of the Partnership, as amended by the First Amendment to the Amended and Restated
Limited Partnership Agreement of the Partnership dated as of September&nbsp;12, 2018, the Second Amendment to the Amended and Restated
Limited Partnership Agreement of the Partnership dated as of August&nbsp;1, 2019, the Third Amendment to the Amended and Restated Limited
Partnership Agreement of the Partnership dated as of February&nbsp;27, 2020, the Fourth Amendment to the Amended and Restated Limited
Partnership Agreement of the Partnership dated as of March&nbsp;31, 2020, the Fifth Amendment to the Amended and Restated Limited Partnership
Agreement of the Partnership dated as of September&nbsp;21, 2020, the Sixth Amendment to the Amended and Restated Limited Partnership
Agreement of the Partnership dated as of January&nbsp;21, 2021, the Seventh Amendment to the Amended and Restated Limited Partnership
Agreement dated as of May&nbsp;24, 2021, the Eighth Amendment to the Amended and Restated Limited Partnership Agreement dated as of June&nbsp;10,
2022, the Ninth Amendment to the Amended and Restated Limited Partnership Agreement dated as of May&nbsp;31, 2024, the Tenth Amendment
to the Amended and Restated Limited Partnership Agreement dated as of November&nbsp;29, 2024 and the Eleventh Amendment to the Amended
and Restated Limited Partnership Agreement dated as of May&nbsp;16, 2025;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Schedule A of the Agreement is hereby amended by adding Part&nbsp;XIX of Schedule A to this Amendment
as Part&nbsp;XIX of Schedule A of the Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">This Amendment shall be effective as of the Effective Date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify">This Amendment shall be governed by and construed in accordance with the laws of Bermuda.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">Except as modified herein, all terms and conditions of the Agreement shall remain in full force and effect.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original
and all of which shall be construed together as one agreement.</TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B></FONT>, the Managing General Partner has executed this Amendment as of the Effective Date.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MANAGING GENERAL PARTNER:</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BROOKFIELD INFRASTRUCTURE PARTNERS L.P., by its general partner,
    BROOKFIELD INFRASTRUCTURE PARTNERS LIMITED</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: justify">/s/ James Bodi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD>
    <TD STYLE="text-align: justify">James Bodi</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify">Title: </TD>
    <TD STYLE="width: 42%; text-align: justify">Vice President</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[Eleventh Amendment to BILP A&amp;R LPA]</I></P>

<P STYLE="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 A</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number and Designation of and Rights, Privileges,
Restrictions and Conditions<BR>
Attaching to the Class&nbsp;A Preferred Limited Partnership Units, Series&nbsp;18</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The eighteenth series of Class&nbsp;A
Preferred Limited Partnership Units of the Partnership shall consist of preferred limited partnership interests designated as Class&nbsp;A
Preferred Limited Partnership Units, Series&nbsp;18 (the &ldquo;<B>Series&nbsp;18 Units</B>&rdquo;) and, in addition to the rights, privileges,
restrictions and conditions attaching to the Class&nbsp;A Preferred Limited Partnership Units as a class, shall have attached thereto
the following rights, privileges, restrictions and conditions:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes hereof, the
following capitalized terms shall have the following meanings, unless the context otherwise requires:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Arrears</B>&rdquo; means,
with respect to the Series&nbsp;18 Distributions, the full cumulative Series&nbsp;18 Distributions through the most recent Series&nbsp;18
Distribution Payment Date that have not been paid on all Outstanding Series&nbsp;18 Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Assignee</B>&rdquo; means
a Person to whom one or more Partnership Interests have been transferred in a manner permitted under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Automatic Exchange Event</B>&rdquo;
means the occurrence of any of: (i)&nbsp;the making by the Note Issuer of a general assignment for the benefit of its creditors or a proposal
(or the filing of a notice of its intention to do so) under the <I>Bankruptcy and Insolvency Act</I> (Canada); (ii)&nbsp;any proceeding
instituted by the Note Issuer and/or BIP seeking to adjudicate them as bankrupt (including any voluntary assignment in bankruptcy) or
insolvent or, where the Note Issuer and/or BIP are insolvent, seeking liquidation, winding up, dissolution, reorganization, arrangement,
compromise, adjustment, protection, relief or composition of their debts under any law relating to bankruptcy or insolvency in Canada
or Bermuda (as applicable), or seeking the entry of an order for the appointment of a receiver, interim receiver, trustee or other similar
official for the Note Issuer and/or BIP or in respect of all or any substantial part of their property and assets in circumstances where
the Note Issuer and/or BIP are adjudged as bankrupt (including any voluntary assignment in bankruptcy) or insolvent; (iii)&nbsp;a receiver,
interim receiver, trustee or other similar official is appointed over the Note Issuer and/or BIP or for all or substantially all of their
property and assets by a court of competent jurisdiction in circumstances where the Note Issuer and/or BIP are adjudged as bankrupt (including
any voluntary assignment in bankruptcy) or insolvent under any law relating to bankruptcy or insolvency in Canada or Bermuda (as applicable);
or (iv)&nbsp;any proceeding is instituted against the Note Issuer and/or BIP seeking to adjudicate them as bankrupt (including any voluntary
assignment in bankruptcy) or insolvent, or where the Note Issuer and/or BIP are insolvent, seeking liquidation, winding up, dissolution,
reorganization, arrangement, compromise, adjustment, protection, relief or composition of their debts under any law relating to bankruptcy
or insolvency in Canada or Bermuda (as applicable), or seeking the entry of an order for the appointment of a receiver, interim receiver,
trustee or other similar official for the Note Issuer and/or BIP or in respect of all or any substantial part of their property and assets
in circumstances where the Note Issuer and/or BIP are adjudged as bankrupt or insolvent under any law relating to bankruptcy or insolvency
in Canada or Bermuda (as applicable), and in any such case, such proceeding has not been stayed or dismissed within 60 days of the institution
of any such proceeding or the actions sought in such proceedings occur (including the entry of an order for relief against the Note Issuer
and/or BIP or the appointment of a receiver, interim receiver, trustee, or other similar official for them or for all or substantially
all of their property and assets).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>BIP</B>&rdquo; means Brookfield
Infrastructure Partners L.P.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>BIP Series&nbsp;18 Additional
Amounts</B>&rdquo; means &ldquo;Additional Amounts&rdquo; as defined in the BIP Partnership Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>BIP Series&nbsp;18 Change
in Tax Law</B>&rdquo; shall have the meaning given to it in Schedule A to Part&nbsp;XIX of that certain Eighth Amendment to the Amended
and Restated Limited Partnership Agreement of BIP, dated as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>BIP General Partner</B>&rdquo;
means Brookfield Infrastructure Partners Limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>BIP Series&nbsp;18 Units</B>&rdquo;
means BIP&rsquo;s Class&nbsp;A Preferred Limited Partnership Units, Series&nbsp;18.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>BIP Series&nbsp;18 Successor
Entity</B>&rdquo; means a &ldquo;Successor Entity&rdquo; as defined in the BIP Partnership Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means
a day other than (i)&nbsp;a Saturday or Sunday, or (ii)&nbsp;a day on which banks in the Province of Alberta or the Province of Ontario
are authorized or obligated by law or executive order to remain closed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Note Issuer</B>&rdquo; means
Brookfield Infrastructure Finance ULC, an unlimited liability company organized under the laws of the Province of Alberta, Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Notes</B>&rdquo; means the
5.598% fixed-to-fixed reset rate subordinated notes due September&nbsp;1, 2055 issued by the Note Issuer and guaranteed, on a subordinated
basis, by BIP, the Partnership, BIP Bermuda Holdings I Limited, Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure
LLC and BIPC Holdings Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Distribution
Payment Date</B>&rdquo; means each March&nbsp;1 and September&nbsp;1 following the Series&nbsp;18 Original Issue Date; provided however,
that if any Series&nbsp;18 Distribution Payment Date would otherwise occur on a day that is not a Business Day, such Series&nbsp;18 Distribution
Payment Date shall instead be on the immediately succeeding Business Day without the accrual of additional distributions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Distribution
Period</B>&rdquo; means a period of time from and including the preceding Series&nbsp;18 Distribution Payment Date to, but excluding,
the next Series&nbsp;18 Distribution Payment Date for such Series&nbsp;18 Distribution Period (other than the initial Series&nbsp;18 Distribution
Period, which means a period of time from and including the Series&nbsp;18 Original Issue Date to, but excluding, the first Series&nbsp;18
Distribution Payment Date thereafter).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Distribution
Rate</B>&rdquo; means the distribution rate payable on the Series&nbsp;18 Units from time to time, being the same rate as the interest
rate which would have accrued on the Notes at any such time if such Notes had not been automatically converted into Series&nbsp;18 Units
upon an Automatic Exchange Event, and had remained outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Distribution
Record Date</B>&rdquo; has the meaning given to such term in Section&nbsp;2(B)(b)(iii)&nbsp;to this Part&nbsp;XIX of Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Distributions</B>&rdquo;
means distributions with respect to Series&nbsp;18 Units pursuant to Section&nbsp;2(B)(b)&nbsp;to this Part&nbsp;XIX of Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Holder</B>&rdquo;
means a Record Holder of Series&nbsp;18 Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Liquidation
Preference</B>&rdquo; means a liquidation preference for each Series&nbsp;18 Unit equal to C$1,000 per unit (subject to adjustment for
any splits, combinations or similar adjustments to the Series&nbsp;18 Units).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Original Issue
Date</B>&rdquo; means the day upon which the BIP Series&nbsp;18 Units are issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Units</B>&rdquo;
has the meaning given to such term in the preamble to this Part&nbsp;XIX of Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Redemption
Date</B>&rdquo; has the meaning given such term in Section&nbsp;2(B)(d)(i)&nbsp;to this Part&nbsp;XIX of Schedule A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;<B>Series&nbsp;18 Redemption
Price</B>&rdquo; has the meaning given such term in Section&nbsp;2(B)(d)(i)&nbsp;to this Part&nbsp;XIX of Schedule A.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of Series&nbsp;18 Units</B></FONT>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify"><U>General</U>. Each Series&nbsp;18 Unit shall be identical in all respects to every other Series&nbsp;18
Unit, except as to the respective dates from which the Series&nbsp;18 Liquidation Preference shall increase or from which Series&nbsp;18
Distributions may begin accruing, to the extent such dates may differ. The Series&nbsp;18 Units represent perpetual interests in the Partnership
and shall not give rise to a claim by the Partnership or a Series&nbsp;18 Holder for conversion or, except as set forth in Section&nbsp;2(B)(d)&nbsp;to
this Part&nbsp;XIX of Schedule A, redemption thereof at a particular date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify"><U>Rights of Series&nbsp;18 Units</U>. The Series&nbsp;18 Units shall have the following rights, preferences
and privileges and shall be subject to the following duties and obligations:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify"><U>Series&nbsp;18 Units</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">The authorized number of Series&nbsp;18 Units shall be unlimited. Series&nbsp;18 Units that are purchased
or otherwise acquired by the Partnership shall be cancelled.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">The Series&nbsp;18 Units shall be represented by one or more Certificates (or in book entry) on the books
and records of the Partnership in the name of the Series&nbsp;18 Holder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify"><U>Distributions</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">Distributions on each Outstanding Series&nbsp;18 Unit shall be cumulative and shall accrue at the applicable
Series&nbsp;18 Distribution Rate from and including the Series&nbsp;18 Original Issue Date (or, for any subsequently issued and newly
Outstanding Series&nbsp;18 Units, from and including the Series&nbsp;18 Distribution Payment Date immediately preceding the issue date
of such Series&nbsp;18 Units) until such time as the Partnership pays the Series&nbsp;18 Distribution or redeems such Series&nbsp;18 Unit
in accordance with Section&nbsp;2(B)(d)&nbsp;to this Part&nbsp;XIX of Schedule A, whether or not such Series&nbsp;18 Distributions shall
have been declared. Series&nbsp;18 Holders shall be entitled to receive Series&nbsp;18 Distributions from time to time out of any assets
of the Partnership legally available for the payment of distributions at the Series&nbsp;18 Distribution Rate per Series&nbsp;18 Unit
when, as, and, if declared by the Managing General Partner. Series&nbsp;18 Distributions, to the extent declared by the Managing General
Partner to be paid by the Partnership in accordance with this Section&nbsp;2(B)(b)&nbsp;to this Part&nbsp;XIX of Schedule A, shall be
paid, in Arrears, on each Series&nbsp;18 Distribution Payment Date. Series&nbsp;18 Distributions shall accrue in each Series&nbsp;18 Distribution
Period, provided that distributions shall accrue on accrued but unpaid Series&nbsp;18 Distributions at the Series&nbsp;18 Distribution
Rate. If any Series&nbsp;18 Distribution Payment Date otherwise would occur on a date that is not a Business Day, declared Series&nbsp;18
Distributions shall be paid on the immediately succeeding Business Day without the accrual of additional distributions. Series&nbsp;18
Distributions for any Series&nbsp;18 Distribution Period that is longer or shorter than a full semi-annual period shall be calculated
based on the actual number of days elapsed in the applicable Series&nbsp;18 Distribution Period and a 365 or 366 day year, as applicable.
All Series&nbsp;18 Distributions that are (1)&nbsp;accrued and unpaid or (2)&nbsp;payable by the Partnership pursuant to this Section&nbsp;2(B)(b)&nbsp;or
2(B)(e)&nbsp;to this Part&nbsp;XIX of Schedule A shall be payable without regard to the income of the Partnership and shall be treated
for U.S. federal income tax purposes as guaranteed payments for the use of capital under Section&nbsp;707(c)&nbsp;of the Code, including
for the purpose of determining Net Income and Net Loss and otherwise maintaining Capital Accounts, unless there is a change in Tax law
or administrative practice that requires treatment other than as guaranteed payments for U.S. federal income tax purposes, as determined
in the sole discretion of the Managing General Partner. For U.S. federal income tax purposes, the deduction attributable to any amount
treated as a guaranteed payment shall be specially allocated to the Partners in a manner determined by the Managing General Partner in
its sole discretion that is not inconsistent with the applicable provisions of the Code and Treasury Regulations. Such guaranteed payments
with respect to any Series&nbsp;18 Distribution Period shall be for the account of Series&nbsp;18 Holders as of the applicable Series&nbsp;18
Distribution Record Date, or as otherwise reasonably determined by the Managing General Partner.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">[Intentionally Omitted]</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">Not later than 5:00 p.m., Toronto time, on each Series&nbsp;18 Distribution Payment Date, the Partnership
shall pay those Series&nbsp;18 Distributions, if any, that shall have been declared by the Managing General Partner to Series&nbsp;18
Holders on the Record Date for the applicable Series&nbsp;18 Distribution. The Record Date (the &ldquo;<B>Series&nbsp;18 Distribution
Record Date</B>&rdquo;) for the payment of any Series&nbsp;18 Distributions shall be the last business day of the calendar month prior
to the applicable Series&nbsp;18 Distribution Payment Date, or such other record date as may be fixed by the Managing General Partner
in accordance with this Section&nbsp;2 to this Part&nbsp;XIX of Schedule A. So long as any Series&nbsp;18 Units are Outstanding, no distribution
shall be declared or paid or set aside for payment on any Junior Securities (other than a distribution payable solely in Junior Securities)
unless all accrued and unpaid Series&nbsp;18 Distributions up to and including such distributions payable for the last completed Series&nbsp;18
Distribution Period, and all accrued and unpaid distributions up to and including the distribution payable for the last completed period
for which distributions were payable on all Parity Securities, have been declared and paid or set apart for payment; provided, however,
notwithstanding anything to the contrary in this Section&nbsp;2(B)(b)(iii)&nbsp;to this Part&nbsp;XIX of Schedule A, if a distribution
period with respect to a class of Junior Securities or Parity Securities is shorter than the Series&nbsp;18 Distribution Period, the Managing
General Partner may declare and pay regular distributions with respect to such Junior Securities or Parity Securities, so long as, at
the time of declaration of such distribution, (i)&nbsp;there are no Series&nbsp;18 Distributions in Arrears, and (ii)&nbsp;the Managing
General Partner expects to have sufficient funds to pay the full distribution in respect of the Series&nbsp;18 Units on the next successive
Series&nbsp;18 Distribution Payment Date. Accrued Series&nbsp;18 Distributions in Arrears for any past Series&nbsp;18 Distribution Period
may be declared by the Managing General Partner and paid on any date fixed by the Managing General Partner, whether or not a Series&nbsp;18
Distribution Payment Date, to Series&nbsp;18 Holders on the Record Date for such payment, which may not be less than 10 days before such
payment date. Subject to the next succeeding sentence, if all accrued Series&nbsp;18 Distributions in Arrears on all Outstanding Series&nbsp;18
Units and all accrued distributions in arrears on any Parity Securities shall not have been declared and paid, or if sufficient funds
for the payment thereof shall not have been set apart, payment of accrued distributions in Arrears on the Series&nbsp;18 Units and accrued
distributions in arrears on any such Parity Securities shall be made in order of their respective distribution payment dates, commencing
with the earliest distribution payment date. If less than all distributions payable with respect to all Series&nbsp;18 Units and any other
Parity Securities are to be paid for any distribution period, any partial payment shall be made pro rata with respect to the Series&nbsp;18
Units and any such other Parity Securities entitled to a distribution payment at such time in proportion to the aggregate distribution
amounts remaining due in respect of such Series&nbsp;18 Units and such other Parity Securities, if any, at such time and apportioned equally
among them in accordance with the relative amount to be paid or allocated to each group. For purposes of the preceding sentence, each
distribution period for any series of Parity Securities that ends on a date other than March&nbsp;1 or September&nbsp;1 of any year shall
be deemed the same distribution period as the distribution period for Parity Securities that ends on March&nbsp;1 or September&nbsp;1,
respectively, of such year. Subject to Sections 17.4 of this Agreement and Section&nbsp;2(B)(f)&nbsp;to this Part&nbsp;XIX of Schedule
A, Series&nbsp;18 Holders shall not be entitled to any distribution, whether payable in cash, property or Partnership Interests, in excess
of full cumulative Series&nbsp;18 Distributions. Except insofar as distributions accrue on the amount of any accrued and unpaid Series&nbsp;18
Distributions as described in Section&nbsp;2(B)(b)(i)&nbsp;to this Part&nbsp;XIX of Schedule A, no interest or sum of money in lieu of
interest shall be payable in respect of any distribution payment which may be in Arrears on the Series&nbsp;18 Units. Declared Series&nbsp;18
Distributions shall be paid to the Series&nbsp;18 Holders in same-day funds on each Series&nbsp;18 Distribution Payment Date or other
distribution payment date in the case of payments for Series&nbsp;18 Distributions in Arrears.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify"><U>Voting Rights</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Agreement, the Series&nbsp;18 Units shall not have any
voting rights or rights to consent or approve any action or matter, except as set forth in Sections 5.4 and 6 of Part&nbsp;I of Schedule
A to this Agreement, this Section&nbsp;2(B)(c)&nbsp;to this Part&nbsp;XIX of Schedule A or as otherwise required by Bermuda law.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">The rights, privileges, restrictions and conditions attached to the Series&nbsp;18 Units may be added
to, changed or removed but only with the approval of the holders of a majority of the Outstanding Series&nbsp;18 Units, given as hereinafter
specified.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">The approval of the holders of the Series&nbsp;18 Units as a series in respect of any matter requiring
the consent of the holders of the Series&nbsp;18 Units as a series may be given in such manner as may then be required by Law, subject
to a minimum requirement that such approval be passed by the requisite affirmative vote of the votes cast at a meeting of the holders
of Series&nbsp;18 Units as a series duly called and held for that purpose in accordance with Article&nbsp;18 of this Agreement or given
by resolution signed by holders of Series&nbsp;18 Units as a series in accordance with Article&nbsp;18 of this Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">Each Series&nbsp;18 Unit shall entitle the holder thereof to one vote for the purposes of any approval
at a meeting of the holders of the Series&nbsp;18 Units or by written consent.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify"><U>Optional Redemption</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">The Partnership shall have the right to redeem the Series&nbsp;18 Units (i)&nbsp;at any time from June&nbsp;3,
2030 and ending on and including September&nbsp;1, 2030, in whole or in part, (ii)&nbsp;after September&nbsp;1, 2030, on any Series&nbsp;18
Distribution Payment Date, in whole or in part, or (iii)&nbsp;if BIP redeems the BIP Series&nbsp;18 Units following a BIP Series&nbsp;18
Change in Tax Law where, in BIP&rsquo;s reasonable determination, a substantial probability that BIP or any BIP Series&nbsp;18 Successor
Entity would become obligated to pay any BIP Series&nbsp;18 Additional Amounts on the next succeeding distribution payment date with respect
to the BIP Series&nbsp;18 Units and the payment of those BIP Series&nbsp;18 Additional Amounts cannot be avoided by the use of any reasonable
measures available to BIP or any BIP Series&nbsp;18 Successor Entity, in whole but not in part, using any source of funds legally available
for such purpose. Any such redemption shall occur on a date set by the Managing General Partner (the &ldquo;<B>Series&nbsp;18 Redemption
Date</B>&rdquo;). The Partnership shall effect any such redemption by paying cash for each Series&nbsp;18 Unit to be redeemed equal to
100%, of the Series&nbsp;18 Liquidation Preference for such Series&nbsp;18 Unit on such Series&nbsp;18 Redemption Date plus an amount
equal to all unpaid Series&nbsp;18 Distributions thereon from the Series&nbsp;18 Original Issue Date to, but excluding, the Series&nbsp;18
Redemption Date (whether or not such distributions shall have been declared) (the &ldquo;<B>Series&nbsp;18 Redemption Price</B>&rdquo;).
The Series&nbsp;18 Redemption Price shall be paid by the Partnership to the Series&nbsp;18 Holders on the Series&nbsp;18 Redemption Date.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">The Partnership shall give notice of any redemption not less than 30 days and not more than 60 days before
the scheduled Series&nbsp;18 Redemption Date to the Series&nbsp;18 Holders (as of 5:00 p.m.&nbsp;Toronto time on the Business Day next
preceding the day on which notice is given) of any Series&nbsp;18 Units to be redeemed as such Series&nbsp;18 Holders&rsquo; names appear
on the books of the Partnership and at the address of such Series&nbsp;18 Holders shown therein. Such notice shall state any conditions
precedent to redemption; in addition, if such redemption or notice of redemption is subject to satisfaction of one or more conditions
precedent, such notice of redemption shall state that, in the Partnership&rsquo;s discretion, the Series&nbsp;18 Redemption Date may be
delayed until such time as any or all such conditions precedent shall be satisfied or waived, and a new Series&nbsp;18 Redemption Date
will be set by the Partnership in accordance with applicable depositary or trustee procedures, or such redemption may not occur and such
notice of redemption may be rescinded in the event that any or all such conditions precedent shall not have been satisfied or waived by
the Series&nbsp;18 Redemption Date, or by the Series&nbsp;18 Redemption Date as so delayed, or such notice may be rescinded at any time
if in the good faith judgement of the Partnership any or all of such conditions will not be satisfied or waived.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">If the Partnership elects to redeem less than all of the Outstanding Series&nbsp;18 Units in the event
of an optional redemption on or after June&nbsp;3, 2030, the number of Series&nbsp;18 Units to be redeemed shall be determined by the
Managing General Partner, and such Series&nbsp;18 Units shall be redeemed by such method of selection as the Managing General Partner
shall determine, either apportioned equally among all Series&nbsp;18 Holders in accordance with the relative number or percentage of Series&nbsp;18
Units held by each such Series&nbsp;18 Holder or by lot, with adjustments to avoid redemption of fractional Series&nbsp;18 Units. The
aggregate Series&nbsp;18 Redemption Price for any such partial redemption of the Outstanding Series&nbsp;18 Units shall be allocated correspondingly
among the redeemed Series&nbsp;18 Units. The Series&nbsp;18 Units not redeemed shall remain Outstanding and entitled to all the rights,
preferences and duties provided in this Section&nbsp;2 to this Part&nbsp;XIX of Schedule A.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">iv.</TD><TD STYLE="text-align: justify">No later than 10:00 a.m.&nbsp;Toronto time on the Series&nbsp;18 Redemption Date, the Partnership shall
pay or cause to be paid to the Series&nbsp;18 Holders immediately available funds sufficient to pay the Series&nbsp;18 Redemption Price
to each Series&nbsp;18 Holder whose Series&nbsp;18 Units are to be redeemed upon surrender or deemed surrender of the Certificates (or
book entry position) therefor.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">v.</TD><TD STYLE="text-align: justify">Any Series&nbsp;18 Units that are redeemed or otherwise acquired by the Partnership shall be cancelled.
If only a portion of the Series&nbsp;18 Units represented by a Certificate shall have been called for redemption, upon surrender of the
Certificate to the Partnership, the Partnership shall issue and deliver to the Series&nbsp;18 Holders a new Certificate (or adjust the
applicable book-entry account) representing the number of Series&nbsp;18 Units represented by the surrendered Certificate that have not
been called for redemption.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">vi.</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary in this Section&nbsp;2 to this Part&nbsp;XIX of Schedule A, unless
all accrued and unpaid Series&nbsp;18 Distributions up to and including the distribution payable for the last completed Series&nbsp;18
Distribution Period, and all accrued and unpaid distributions up to and including the distribution payable for the last completed period
for which distributions were payable on all Parity Securities, have been declared and paid or set apart for payment, the Partnership shall
not be permitted to repurchase, redeem or otherwise acquire, in whole or in part, any Series&nbsp;18 Units or Parity Securities, except
pursuant to a purchase or exchange offer made on the same relative terms to all Series&nbsp;18 Holders and holders of any Parity Securities.
So long as any Series&nbsp;18 Units are Outstanding, except out of the net cash proceeds of a substantially concurrent issue of Junior
Securities, unless all accrued and unpaid Series&nbsp;18 Distributions up to and including the distribution payable for the last completed
Series&nbsp;18 Distribution Period, and all accrued and unpaid distributions up to and including the distribution payable for the last
completed period for which distributions were payable on all Parity Securities, have been declared and paid or set apart for payment,
the Partnership shall not be permitted to redeem, repurchase or otherwise acquire any Equity Units or any other Junior Securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">e.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Payment
of Additional Amounts</U>. If BIP shall be required, pursuant to Section&nbsp;2(C)(e)&nbsp;of Part&nbsp;XIX of Schedule A of the BIP Partnership
Agreement to pay additional amounts to holders of the BIP Series&nbsp;18 Units, the Partnership shall pay to the Series&nbsp;18 Holders
such additional amounts as distributions on the Series&nbsp;18 Units as may be necessary such that the additional amounts paid as distributions
by the Partnership shall equal the additional amounts paid by BIP pursuant to 2(C)(e)&nbsp;of Part&nbsp;XIX of Schedule A of the BIP Partnership
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">f.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Liquidation
Rights</U>. In the event of the liquidation, dissolution or winding-up of the Partnership, whether voluntary or involuntary, unless the
Partnership is continued under the election to reconstitute and continue the Partnership pursuant to Section&nbsp;17.3 of the Agreement,
the Series&nbsp;18 Holders shall be entitled to receive the Series&nbsp;18 Liquidation Preference per Series&nbsp;18 Unit held by them,
together with all accrued (whether or not declared) and unpaid Series&nbsp;18 Distributions up to but excluding the date of payment or
distribution (less any tax required to be deducted and withheld by the Partnership), before any amounts shall be paid or any assets of
the Partnership distributed to the holders of any Junior Securities. Upon payment of such amounts, the Series&nbsp;18 Holders shall not
be entitled to share in any further distribution of the assets of the Partnership.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">g.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Sinking Fund</U>. The Series&nbsp;18 Units shall not have the benefit of any sinking fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">h.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Record
Holders</U>. To the fullest extent permitted by applicable law, the Managing General Partner and the Partnership may deem and treat any
Series&nbsp;18 Holder as the true, lawful, and absolute owner of the applicable Series&nbsp;18 Units for all purposes, and neither the
Managing General Partner nor the Partnership shall be affected by any notice to the contrary, except as otherwise provided by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">i.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Fractional
Units</U>. The Series&nbsp;18 Units may be issued in whole or in fractional units. Each fractional Series&nbsp;18 Unit shall carry and
be subject to the rights, privileges, restrictions and conditions (including voting rights and distribution rights) of the Series&nbsp;18
Units in proportion to the applicable fractions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Other
Rights; Fiduciary Duties</U>. The Series&nbsp;18 Units and the Series&nbsp;18 Holders shall not have any designations, preferences, rights,
powers, guarantees or duties, other than as set forth in this Agreement or as provided by applicable law. Notwithstanding anything to
the contrary in this Agreement or any duty existing at law, in equity or otherwise, to the fullest extent permitted by applicable law,
neither the Managing General Partner nor any other Indemnified Party shall owe any duties, including fiduciary duties, or have any liabilities
to Series&nbsp;18 Holders, other than the Managing General Partner&rsquo;s duty to </FONT>act at all times in good faith.</P>

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

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

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