Brookfield Infrastructure Partners Announces Second Quarter Results

Hamilton, Bermuda, July 30, 2008 – Brookfield Infrastructure Partners L.P. (the “Partnership”) (NYSE: BIP) today announced results for the second quarter ended June 30, 2008 for Brookfield Infrastructure L.P. (together with its subsidiaries, “Brookfield Infrastructure”).
The Partnership’s sole material asset is its 60% limited partnership interest in Brookfield Infrastructure, which the Partnership accounts for using the equity method. As a result, the Partnership believes the financial statements of Brookfield Infrastructure are more relevant because they reflect the financial position and results of underlying operations in greater detail than results for the Partnership. Brookfield Asset Management Inc. (“Brookfield”) and its affiliates own the remaining 40% of Brookfield Infrastructure, which through a redemption exchange mechanism can be converted into an equivalent interest in the Partnership.

Adjusted net operating income¹ (“ANOI”) for Brookfield Infrastructure totalled $16.4 million ($0.43 per unit) for the second quarter of 2008. For the period, Brookfield Infrastructure benefited from $4.7 million of non-recurring income from its Chilean transmission operations, Transelec, associated with implementation of Transelec’s recently finalized transmission rate proceeding retroactively to March 2004, offset by a declined in dividends to $0.1 million from TBE, its Brazilian transmission investments. Dividends from TBE are paid on a periodic basis, not necessarily quarterly. Performance from Brookfield Infrastructure’s timber operations was in-line with the first quarter of 2008.

The following table presents the results for Brookfield Infrastructure on a total and per unit basis.

The following table presents the pro forma³ results for Brookfield Infrastructure:

1) ANOI is equal to net income plus depreciation, depletion and amortization, deferred taxes and certain other items less income from predecessor. A reconciliation of net income to ANOI is available in the Partnership’s Supplemental Information for the quarter ended June 30, 2008 at www.brookfieldinfrastructure.com.
2) Brookfield Infrastructure units are exchangeable into Partnership units on a one-for-one basis. Per unit net income for Brookfield Infrastructure is equivalent to per unit net income for the Partnership.
3) These proforma results assume that Brookfield Infrastructure acquired its Ontario Transmission business on January 1, 2008 and that the purchase price adjustment for Transelec was completed on January 1, 2008 (which increases Brookfield Infrastructure’s ownership interest to 17.8% from 10.7%). The comparative results for the three and six-month periods ended June 30, 2007 assume that the current operations were all held by Brookfield Infrastructure on the same basis as the current period.

“Brookfield Infrastructure’s results were driven by a strong performance from its electricity transmission operations, which was partly offset by a challenging quarter from its timber operations,” said Sam Pollock, Co-Chief Executive Officer of Brookfield’s infrastructure group. “Within Brookfield Infrastructure’s Chilean transmission operations, we are encouraged by the backlog of opportunities to grow the business and deploy capital at attractive returns. In Brookfield Infrastructure’s timber business, we are continuing to optimize the value of its timberlands, in light of market conditions, by shifting harvest towards timber stands with a higher concentration of products less dependent on demand from the U.S. housing sector, as well as by increasing exports.”

Acquisitions Update
Subsequent to quarter end, Brookfield Infrastructure reached an agreement to acquire Brookfield Multiplex’s interest in three social infrastructure Public Private Partnerships (“PPPs”), Royal Melbourne Showgrounds and the Long Bay Forensic and Prison Hospitals in Australia and Peterborough Hospital in the United Kingdom, for approximately $25 million.

“Social infrastructure is a sector where we see opportunities to deploy capital at attractive risk-adjusted rates of return. We believe that the PPP market will expand significantly as governments continue to realize the benefits of delivering social and economic infrastructure with the private sector,” said Aaron Regent, Co-Chief Executive Officer of Brookfield’s infrastructure group. “This is an opportunity for Brookfield Infrastructure to benefit from Brookfield Multiplex’s successful track record of developing, constructing and maintaining PPP projects. While the initial investment is relatively modest, Brookfield Multiplex has a significant pipeline of projects, and we believe that Brookfield Infrastructure can build a meaningful PPP business in the coming years.”

The transaction is subject to completion of definitive documentation and a number of customary conditions including regulatory approval and obtaining a satisfactory fairness opinion from an independent financial advisor.

Financing Initiative
On June 18, 2008, Brookfield Infrastructure closed a $450 million revolving credit facility with a syndicate of global financial institutions. The credit facility will be used for general corporate working capital purposes as well as to fund growth capital investments and acquisitions.

The credit facility will be available on a revolving basis until June 13, 2009, unless extended in accordance with the terms of the credit agreement. All amounts outstanding under the credit facility will be repayable in full on June 13, 2011.

Distribution Declaration
The Board of Directors of the general partner of the Partnership has declared a quarterly distribution in the amount of US$0.265 per unit, payable on September 30, 2008 to unitholders of record as at the close of business on August 29, 2008.

Information on the Partnership’s declared distributions can be found on the Partnership’s web site under Investor Relations/Distributions.

Additional Information
The Letter to Unitholders and the Supplemental Information for the quarter ended
June 30, 2008 contain further information on Brookfield Infrastructure’s strategy, operations and financial results. Unitholders are encouraged to read these documents, which are available at www.brookfieldinfrastructure.com.

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Brookfield Infrastructure Partners L.P. was established by Brookfield Asset Management as its primary vehicle to own and operate certain infrastructure assets on a global basis. Brookfield Infrastructure operates high quality, long-life assets that generate stable cash flows, require relatively minimal maintenance capital expenditures and, by virtue of barriers to entry and other characteristics, tend to appreciate in value over time. Its current business consists of the ownership and operation of premier electricity transmission systems and timberlands in North and South America, and it seeks acquisition opportunities in other infrastructure sectors with similar attributes. The Partnership’s units trade on the New York Stock Exchange under the symbol BIP. For more information, please visit Brookfield Infrastructure Partners’ web site at www.brookfieldinfrastructure.com.

For more information, please contact:
Investors:
Tracey Wise
Vice President, Investor Relations & Communications
Brookfield Asset Management Inc.
Tel: 416-956-5154
Email: twise@brookfield.com

Media:
Denis Couture
Senior Vice President, Investor Relations, Corporate & International Affairs
Brookfield Asset Management Inc.
Tel: 416-956-5189
Email: dcouture@brookfield.com

Note: This press release contains forward-looking information within the meaning of Canadian provincial securities laws and other “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Forward-looking statements in this press release include statements regarding the backlog of growth opportunities in Brookfield Infrastructure’s Chilean transmission operations and the ability to deploy capital at attractive returns to unitholders, future prospects of the social infrastructure sector and the Partnership’s ability to benefit from its relationship with Brookfield Multiplex and capitalize on opportunities in that sector, use of proceeds from Brookfield Infrastructure’s credit facility, the future prospects of the assets that Brookfield Infrastructure operates and Brookfield Infrastructure’s plans for growth through acquisitions. The words “encouraged”, “backlog”, “grow”, “opportunities”, “can”, “build”, “tend”, “seeks” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify the above mentioned and other forward-looking statements. Although the Partnership believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward looking statements or information in this press release. The future performance and prospects of the Partnership and Brookfield Infrastructure are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of the Partnership and Brookfield Infrastructure to differ materially from those contemplated or implied by the statements in this press release include general economic conditions in the United States and elsewhere, which may impact the markets for timber, the fact that success of the Partnership is dependant on market demand for an infrastructure company, which is unknown, the availability of equity and debt financing for Brookfield Infrastructure, the ability to effectively complete new acquisitions in the competitive infrastructure space and to integrate acquisitions into existing operations, and other risks and factors described in the documents filed by the Partnership with the securities regulators in Canada and the United States including under “Risk Factors” in the Partnership’s 2007 Annual Report on Form 20-F and other risks and factors that are described therein. Except as required by law, the Partnership undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.