Mr. Simon Maine reports

BROOKFIELD INFRASTRUCTURE ANNOUNCES RESET DISTRIBUTION RATE ON ITS SERIES 11 PREFERRED UNITS

Brookfield Infrastructure Partners LP has determined the fixed distribution rate on its cumulative Class A preferred limited partnership units, Series 11, for the five years commencing Jan. 1, 2024, and ending Dec. 31, 2028.

Series 11 units and Series 12 units

If declared, the fixed quarterly distributions on the Series 11 units during the five years commencing Jan. 1, 2024, will be paid at an annual rate of 6.446 per cent (40.2875 cents per unit per quarter).

Holders of Series 11 units have the right, at their option, exercisable not later than 5 p.m. Toronto time on Dec. 18, 2023, to reclassify all or part of their Series 11 units, on a one-for-one basis, into cumulative Class A preferred limited partnership units, Series 12, effective Dec. 31, 2023.

The quarterly floating rate distributions on the Series 12 units will be paid at an annual rate, calculated for each quarter, of 2.92 per cent over the annual yield on three-month government of Canada treasury bills. The actual quarterly distribution rate in respect of the Jan. 1, 2024, to March 31, 2024, distribution period for the Series 12 units will be 1.98505 per cent (7.962 per cent on an annualized basis) and the distribution, if declared, for such distribution period will be 49.62625 cents per unit, payable on March 31, 2024.

Holders of Series 11 units are not required to elect to reclassify all or any part of their Series 11 units into Series 12 units.

As provided in the unit conditions of the Series 11 units: (i) if Brookfield Infrastructure determines that there would be fewer than one million Series 11 units outstanding after Dec. 31, 2023, all remaining Series 11 units will be automatically reclassified into Series 12 units on a one-for-one basis effective Dec. 31, 2023; or (ii) if Brookfield Infrastructure determines that there would be fewer than one million Series 12 units outstanding after Dec. 31, 2023, no Series 11 units will be reclassified into Series 12 units. There are currently 9,936,190 Series 11 units outstanding.

The Toronto Stock Exchange has conditionally approved the listing of the Series 12 units effective upon reclassification. Listing of the Series 12 units is subject to Brookfield Infrastructure fulfilling all the listing requirements of the TSX.

About Brookfield Infrastructure Partners LP

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 America, South America, Asia Pacific and Europe. The company is focused on assets that have contracted and regulated revenues that generate predictable and stable cash flows. Investors can access its 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.