Mr. Simon Maine reports

BROOKFIELD INFRASTRUCTURE RENEWS ITS NORMAL COURSE ISSUER BIDS

The Toronto Stock Exchange has accepted a notice filed by Brookfield Infrastructure Partners LP of its intention to renew its normal course issuer bid for its outstanding limited partnership units and its cumulative Class A preferred limited partnership units. The TSX has accepted a notice filed by Brookfield Infrastructure Corp. of its intention to renew its normal course issuer bid for its outstanding Class A exchangeable subordinate voting shares.

BIP and BIPC believe that, if the trading price of units or exchangeable shares, respectively, does not fully reflect their value, the acquisition of units or exchangeable shares, as applicable, may represent an attractive use of available funds.

Under BIP's normal course issuer bid, the board of directors of the general partner of BIP authorized BIP to repurchase up to 5 per cent of the issued and outstanding LP units, or up to 23,107,234 LP units. At the close of business on Nov. 21, 2023, there were 462,144,684 LP units issued and outstanding. Under BIP's normal course issuer bid, it may repurchase up to 100,061 LP units on the TSX during any trading day, which represent 25 per cent of the average daily trading volume of 400,244 LP units on the TSX for the six months ended Oct. 31, 2023, calculated in accordance with the rules of the TSX.

BIP currently has four series of preferred units outstanding that trade on the TSX. Under BIP's normal course issuer bid, BIP is authorized to repurchase up to 10 per cent of the total public float of each series of preferred units.

Under BIPC's normal course issuer bid, the board of directors of BIPC authorized BIPC to repurchase up to 10 per cent of the total public float of exchangeable shares, or up to 11,867,195 exchangeable shares. At the close of business on Nov. 21, 2023, there were 131,840,045 exchangeable shares issued and outstanding and 118,671,959 exchangeable shares in the public float. Under BIPC's normal course issuer bid, it may repurchase up to 32,743 exchangeable shares on the TSX during any trading day, which represent 25 per cent of the average daily trading volume of 130,974 exchangeable shares on the TSX for the six months ended Oct. 31, 2023, calculated in accordance with the rules of the TSX.

Repurchases under each normal course issuer bid are authorized to commence on Dec. 1, 2023, and each normal course issuer bid will terminate on Nov. 30, 2024, or earlier should BIP or BIPC, as applicable, complete its repurchases under its respective normal course issuer bid prior to such date.

Under BIP's current normal course issuer bid that commenced on Dec. 1, 2022, and expires on Nov. 30, 2023, BIP previously sought and received approval from the TSX to repurchase up to 22,914,157 LP units, 498,926 Series 1 preferred units, 498,586 Series 3 preferred units, 798,659 Series 9 preferred units and 993,619 Series 11 preferred units. BIP has not repurchased any preferred units under its current normal course issuer bid in the past 12 months. As of Nov. 28, 2023, BIP has repurchased 908,674 LP units under its current normal course issuer bid through open market transactions on the TSX, the New York Stock Exchange and alternative trading systems at a weighted-average price per LP unit of approximately $27.51 (U.S.).

Under BIPC's normal course issuer bid that commenced on Dec. 1, 2022, and expires on Nov. 30, 2023, BIPC previously sought and received approval from the TSX to repurchase up to 9,737,380 exchangeable shares. BIPC has not repurchased any exchangeable shares under its current normal course issuer bid in the past 12 months.

Repurchases of Series 1, Series 3, Series 9 and Series 11 preferred units will be effected through the facilities of the TSX and/or alternative trading systems. Repurchases of LP units and exchangeable shares will be effected through the facilities of the TSX, the NYSE and/or alternative trading systems. All units and exchangeable shares acquired by BIP and BIPC, respectively, under the applicable normal course issuer bid will be cancelled. Repurchases will be subject to compliance with applicable U.S. federal securities laws, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, as well as applicable Canadian securities laws.

BIP and BIPC intend to enter into automatic share purchase plans on or about the week of Dec. 25, 2023, in relation to their respective normal course issuer bids. The automatic share purchase plans will allow for the purchase of units or exchangeable shares, as applicable, subject to certain trading limits, at times when BIP or BIPC ordinarily would not be active in the market due to their own internal trading blackout periods, insider trading rules or otherwise. Outside of these periods, the units or exchangeable shares will be repurchased in accordance with management's discretion subject to applicable law.

About Brookfield Infrastructure Corp.

Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, mid-stream and data sectors across North and South America, Asia Pacific, and Europe. It is focused on assets that have contracted and regulated revenues that generate predictable and stable cash flows. Investors can see their portfolio either through Brookfield Infrastructure Partners, a Bermuda-based limited partnership, or Brookfield Infrastructure Corp., a Canadian corporation.

Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with over $850-billion (U.S.) of assets under management.

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