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Brookfield Letter to Unitholders Q4 2020 Overview Although the past year was like none we have seen before , it provided a unique environment to showcase the resilience and strength of our business . Our operations continue to deliver uninterrupted service despite many of the broad - based restrictions that have been imposed globally . During the year , we also opportunistically added a number of high - quality assets in key strategic sectors and geographies that will contribute to future cash flow growth . Funds from Operations ( FFO ) for the year totaled $ 1.45 billion or $ 3.13 per unit , an increase of 2 % . Our fourth quarter FFO per unit exceeded the prior year by 12 % . These results reflect strong operating performance across most of our operating regions and businesses and the value of our active asset management approach . Our key accomplishments for the year are summarized below : . • • Achieved solid performance across operating segments - delivered organic growth of 9 % at our regulated and contracted operations , which comprise approximately 75 % of our business . Deployed $ 2.5 billion into new investments and organic capital projects - expanded our presence in India's rapidly growing data infrastructure sector with the acquisition of a large - scale portfolio of telecom towers , and made an investment in a world class LNG export terminal that is contributing to global decarbonization efforts . Generated over $ 700 million through capital recycling - completed four sale processes and several asset - level financings that produced over $ 700 million of proceeds , resulting in an average after - tax IRR of approximately 20 % and approximately three times multiple of capital . Listed Brookfield Infrastructure Corporation ( BIPC ) – expanded our market access with the launch of BIPC on March 31 ; the listing was met with strong investor reception and robust trading volumes . These achievements are in addition to the agreement we recently reached to sell our North American district energy business in two separate transactions for total consideration of $ 4.1 billion on an enterprise value basis . Net proceeds to BIP are expected to be approximately $ 950 million . We will earn an IRR on this investment of over 30 % , with a multiple of capital of over six times . This is a tremendous result for the business and is a significant part of our capital recycling plans for the year . As a result of our strong financial and operating performance and robust liquidity position , our Board of Directors approved a quarterly distribution increase of 5 % to $ 0.51 per unit in 2021. This represents the 12th consecutive year of distribution increases and is a testament to the resiliency of our operations and positive outlook for growth . Q4 2020 Letter to Unitholders Brookfield Infrastructure Partners L.P. 1