BIP Bermuda Holdings I Limited 5.125% Perpetual Subordinated Notes

Interest payments can be deferred without a default for up to 5 years, in more than 1 instance. Interest will continue to accrue will deferred. No deferral can last beyond the maturity date. No dividend may be paid on preferred or common shares if interest is deferred. Deferred interest is due if a common or preferred dividend is declared.