Business: Brookfield Infrastructure Partners L.P. 5.00% Class A Preferred Limited Partnership Units, Series 14, liquidation preference $25 per unit, redeemable at the issuer's option on or after 02/16/2026 at $25 per unit plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of 5.00% per annum ($1.25 per annum or $0.3125 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on last business day of the calendar month prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Dividends paid by these preferred units are classified as ordinary income and are not eligible for the tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders This company may be classified as a Passive Foreign Investment Company in this or a future tax year (see page S-34 of the prospectus for further information). <p> The Company may redeem the Preferred Units before 02/16/2026 at $25 (100%) of their principal amount plus accrued and unpaid dividends, if a Tax Event occurs; before 02/16/2026 at $25.50 (102%) of their principal amount plus accrued and unpaid dividends if a rating agency event occurs. (see prospectus for further information). <p> This security was not rated by Moody’s and rated BBB- by S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred units rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common units of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.