Brookfield Infrastructure Partners

INVESTOR DAY

SEPTEMBER 27 , 2017

Agenda for Today

2

A Decade of GrowthSam Pollock, Chief Executive Officer

Review of PerformanceBahir Manios, Chief Financial Officer

Looking AheadSam Pollock, Chief Executive Officer

3

A Decade of Growth

4

Starting with the past 12 months…

Increased FFO/unit by 20%

Over $2 billion of capital deployment

Increased capital backlog to $2.4 billion

Recapitalized North American gas transmission business

Telecom infrastructure sector momentum

January 2018 marks the 10th anniversary

of BIP’s inception

Let’s review what we’ve accomplished…

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6

Polling Question #1

When did you begin following / investing in BIP?

a) 2008 – 2010

b) 2011 – 2013

c) 2014 – 2016

d) 2017

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Over the past decade, we’ve delivered on four key objectives

Scale and diversification

Solid financial foundation

Track record of investment discipline

Profitable growth

8

2008 2017

• 4 countries • 15 countries

• 4 offices • 23 offices

• 1,000 operating employees • 26,000 operating employees

We’ve scaled our global business

We’ve become a leading infrastructure investor in five continents

9

2008

We’ve diversified our operations significantly

We own and operate 35 high-quality businesses across five sectors

TIMBER

WATER

Desalination

Irrigation

Distribution

2017

COMMS INFRA

Towers

Fiber Backbone

ENERGY

Natural Gas Distribution

Gas Storage

District Energy

TRANSPORT

Railroads

Toll Roads

Ports

UTILITIES

Electricity Transmission

UTILITIES

Regulated Distribution

Regulated Transmission

Regulated Terminal

10

We’ve built up a strong financial foundation

Total liquidity today: $2.8 billion

NYSETSX

DUAL-LISTING

S&P/TSX Composite

INDEX INCLUSION

BBB+

INVESTMENT GRADE

CREDIT RATING

8 years

LONG-DEBT

MATURITY PROFILE

$2.0 billion

LINES OF CREDIT

11

BBI TAKE-

PRIVATE

$1.1B

December 2010

$1.2

$17.2

We’ve demonstrated an ability to make large value-based investments…

NTS

ACQUISITION

$1.3B

April 2017

UK REGULATED

DISTRIBUTION

MERGER

$525M

November 2012

RAIL

EXPANSION

$600M

October 2011

TDF

ACQUISITION

$415M

March 2015

MARKET

CAP ($B)

12

…and to monetize our mature assets

We seek to profitably re-deploy capital

Sold 10 businesses in the past eight years

Generated over $2 billion of gross proceeds; average IRR >25%

Launched next phase of capital recycling plan

13

As a result, we’ve profitably grown the business…

$-

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

2009 2010 2011 2012 2013 2014 2015 2016 2017

FFO/unit Distribution/unit

1) Annualized based on Q2’17 results

CAGR

20%

FFO AND DISTRIBUTIONS PER UNIT

CAGR

12%

1

14

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

BIP (NYSE)

S&P 500 Index

DJBGI Total Return Index

S&P Utilities Index

Alerian MLP Total Return Index

…and created meaningful value for unitholders

TOTAL ANNUALIZED RETURN

SINCE INCEPTION

20%

8%

7%

6%

6%

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Review of Performance

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BIP Financial Health Check

EBITDA margins

Balance sheet strength

Financial risk

management

17

Improving EBITDA Margins

High margins & low maintenance capex = strong cash conversion ratios

1) Annualized Q2’17 YTD results for a full year contribution of our Brazilian regulated gas transmission business

Our margin improvement stems from:

• Compounding ‘same-store’ growth

• Organic growth capex

• Acquisition of Brazilian regulated gas

transmission business

57%

60%

2016 2017 1

18

Our balance sheet and credit profile are in great shape…

<15%Recourse

debt

$2.8BCorporate

liquidity

30%Debt maturing

in next five years

• Interest coverage ratio at corporate level increased to 20x

• 90% of FFO structured at investment grade metrics

19

…and we continue to actively manage our financial risks

Further insulated business from rising rates

Fully hedged on all developed market currencies

2020

How should investors assess

our performance as

allocators of capital?

This year’s discussion

21

Polling Question #2

How do you evaluate BIP?

a) Balance sheet revaluations

b) Cash flow metrics

c) Return on Invested Capital

d) Accounting earnings metrics

e) Distribution yield & growth

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Return on Invested Capital (ROIC) is a popular metric with investors

However…it is only helpful if measured and analyzed correctly

Useful metric

Measures return a company generates when

deploying capital

23

How is it calculated?

Issues with the above:

Two of the metrics above utilize a return on assets calculation

All of above calculations use accounting-related measures

vs. cash flows and paid-in capital

CALCULATION OF ROICBIP ROIC

(FY2016)

BloombergConsolidated EBIT/

Consolidated Equity + Debt + Deferred Taxes2%

CapIQNet income attributable to LP’s/

Partnership Capital attributable to LP’s7%

FactsetNet income attributable to LP’s/

Consolidated Equity + Debt2%

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How should it be calculated?

1) Adjusted for returns of capital

NUMERATOR

AFFO1

vs.

Net Income

DENOMINATOR

Invested Capital

vs.

Partnership Capital

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Numerator: AFFO vs. Net Income

AFFO is a more meaningful measurement of sustainable cash generated

• Similar but for one key difference – D&A expenses vs. maintenance capex

CUMULATIVE

2010-2016

Net income attributable to partnership $ 1,621

Add back or deduct the following:

Depreciation and amortization 2,631

Deferred income taxes 52

Mark-to-market gains and losses (95)

FFO 4,209

Maintenance capital expenditures (817)

AFFO 3,392

Less: Return of Capital (163)

Adjusted AFFO $ 3,229

(in US$ millions, net to BIP)

Insignificant

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Denominator: Invested Capital vs. Partnership Capital

Invested capital is more reflective of the capital we have been allocated

• Partnership capital – book value of the business

• Invested capital – capital raised from unitholders

1) Cumulative opening balance difference of $73 million due to comprehensive income less distributions to unitholders since inception of the partnership

For the year ended December 31, 2016 PARTNERSHIP

CAPITAL

INVESTED

CAPITAL

Opening balance1 $5,379 $5,452

Items which impact partnership capital:

Net income 474 -

Other comprehensive income 511 -

Distributions to unitholders (615) -

Items which impact invested capital

Preferred unit issuances - 186

Items which both metrics:

Unit issuances 749 749

Ending balance $6,498 $6,387

(in US$ millions, unless otherwise noted)

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BIP’s ROIC Profile

Average ROIC of ~13%

1) Reflects annualized Q2’17 YTD results pro forma for a full year contribution of our Brazilian regulated gas transmission business

2) Weighted average invested capital for the relevant period

Actual Pro forma

(in US$ millions, unless otherwise noted) 2012 2013 2014 2015 2016 20171

FFO $ 462 $ 682 $ 724 $ 808 $ 944 $1,256

Maintenance Capital (107) (129) (131) (136) (173) (206)

Return of Capital (3) (35) (36) (41) (48) (124)

Adjusted AFFO 352 518 557 631 723 926

Invested Capital2 $3,725 $4,255 $4,397 $5,101 $5,530 $6,503

ROIC 10% 12% 13% 13% 13% 14%

Track record of prior years returns and current year profile

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So what do these results mean?

BIP generates a strong return on invested capital

• Average ROIC of 13%

Growing because ROIC exceeds 13%

• Reflecting current cash on cash returns + future growth

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Returns over past 5+ years

This is an accurate reflection of ROIC as it reflects the embedded organic growth profile of our business

= ~20%Δ in invested capital

$2.8 billion

Δ in AFFO$574 million

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Embedded organic growth is built up as follows…

Inflation and GDP growth alone are expected to generate ~4-6% FFO/unit growth

over the long term

Volume Upside

from GDP

Growth

(1-2%)

Cash Flows

Reinvested

(2-3%)

Inflationary

Price Increases

(3-4%)

FFO/unit

Growth

(6-9%)

=++

4-6%

75% of EBITDA

indexed to

inflation

35-50% of EBITDA

benefits from

GDP-linked revenue

growth

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…and is reflected by our same-store EBITDA growth

This trend should continue for the next five years

1) On a constant currency and ownership basis and adjusting for the impact of new equity injections in the business since inception

2012 2013 2014 2015 2016 2017

SAME-STORE1 EBITDA CAGR

4%UTILITIES

6%TRANSPORT

2%ENERGY

4%COMM INFRA

5%CAGR

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BIP has provided investors with compelling risk-adjusted returns on invested capital

We have deployed a significant amount of capital

Investing at ~20% returns ─ combination of:

• Cash on cash return of ~13%

• Embedded growth in business

Expect to continue delivering similar returns in the future

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Looking Ahead

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Polling Question #3

What trends will drive infrastructure investment

opportunities in the next 10 years?

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Trends we believe will shape future opportunities

Low-carbon,

thermal energy

Unprecedented

data usage

Economic

growth in

Asia

Urbanization

Water

Scarcity

Smart

cities5G

Technologies

Private

investment in

infrastructure

Self-driving

and electric

cars

Aging public

infrastructure

36

We’ve grouped these trends into four opportunity sets

Water infrastructure

Municipal infrastructure

Data infrastructure

Investment in Asia

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Data is the fastest growing major commodity

80%

130%

180%

230%

280%

2016 2017 2018 2019 2020 2021

Index (%)

Data Oil & Gas Electricity Shipping Containers

Freight Wheat Soybeans Steel

DEMAND GROWTH IN SELECTED COMMODITIES (2016 – 2021)1

See endnotes on page 48

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Exponential global growth in data usage creating opportunities

Massive global investment in data infrastructure required to keep pace

• Telecom towers

• Fibre

• Data centers

OPPORTUNITY SET

• Mobile devices

• Over-the-top (OTT) video

• Internet of Things

DRIVERS

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Smart Safety & Security Smart Infrastructure Smart Homes

US $226B cumulative safe city

market by 2021E

US $712B smart ICT

infrastructure market by 2020E

US $405B smart home market by

2030E

Smart Energy Smart Buildings Smart Mobility

US $137B cumulative smart

energy market by 2024E

US $101B smart building market

by 2021E

US $1.5T future mobility market

by 2030E

There is an increasing level of investment in municipal infrastructure

Potential US$3 trillion+ market by mid-2020

Source: Bank of America Merrill Lynch Equity Research March 2017

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Focus on ‘smart cities’ to maximize efficiency of critical infrastructure

• District energy

• Smart meters

• Transit systems

• LED lighting

OPPORTUNITY SET

• Urbanization

• Congestion

• Pollution/climate change

DRIVERS

41

Global water consumption double the rate of population growth

By 2050:

• 3.9 billion people living under severe water stress2

• $6.7 trillion global funding gap for water supply and sanitation3

U.S. government funding for water and wastewater infrastructure

down 22% between 2009 and 20144

See endnotes on page 48

OPPORTUNITY SET

• Water supply (refurbishment of aging infrastructure and desalination)

• Water transportation (irrigation)

• Recycling (‘graywater’ water purification)

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Building a foundation for Asia’s fast-growing economies

5.7% GDP growth per capita5

$26 trillion to be invested in

infrastructure by 20306

In the next 30 years, 34% of the

world’s population growth will occur

in Asia7

Brookfield office locations

• Data infrastructure

• Transportation

• Water and utilities

OPPORTUNITY SET

See endnotes on page 48

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Our business strategy for the next decade… no change

PATIENCE

Be selective

INNOVATE

Creative deal structuring

DO THE SMALL THINGS WELL

Focus on organic growth and tuck-ins

BE DECISIVE

Pursue the right opportunities with conviction

EXECUTE DISPOSITIONS WELL

Recycle mature assets at attractive valuations

44

We believe the next 10 years should be as successful as the first 10

Strong foundation in place

‒ Global presence and reach

‒ Access to capital

‒ Established investment engine

Outlook for supply of opportunities is stronger

45

Looking out 10 years

2028

25%

25%

10%

10%

GEOGRAPHIES SECTORS

AsiaData

Water

Municipal

46

Pulling it all together

✓ First decade of concrete growth

✓ Solid return on invested capital

✓ New trends driving opportunities

BIP – 10

YEARS

AHEAD

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Q&A

48

Endnotes

1. Data compiled from Cisco, EIA, Markets & Markets, DOT, OECD, Statistica

2. Mountford, Helen. “Water: The Environmental Outlook to 2050.” OECD, 2011.

3. Gurría, Angel. “Financing Infrastructure for a Water Secure World.” High-Level Panel on Infrastructure Financing for a Water Secure World . Paris, France.

4. “2017 Infrastructure Report Card.” American Society of Civil Engineers, 2017.

5. Asian Development Outlook: Asia's Potential Growth. Asian Development Bank, 2016.

6. Bank, Asian Development. “Meeting Asia's Infrastructure Needs: Highlights.” Meeting Asia's Infrastructure Needs: Highlights, 2017.

7. World Population Prospects. United Nations, 2017.

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Important Cautionary Notes

All amounts are in U.S. dollars unless otherwise

specified. Unless otherwise indicated, the statistical and

financial data in this presentation is presented as of

June 30, 2017.

CAUTIONARY STATEMENT REGARDING FORWARD-

LOOKING STATEMENTS AND INFORMATION

This presentation contains “forward-looking information”

within the meaning of Canadian provincial securities laws

and “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 include

statements that are predictive in nature, depend upon or

refer to future events or conditions, and include

statements regarding our and our subsidiaries’

operations, business, financial condition, expected

financial results, performance, prospects, opportunities,

priorities, targets, goals, ongoing objectives, strategies

and outlook, as well as the outlook for North American

and international economies for the current fiscal year

and subsequent periods, and include, but are not limited

to, statements regarding our asset management. In

some cases, forward-looking statements can be identified

by terms such as “expects,” “anticipates,” “plans,”

“believes,” “estimates,” “seeks,” “intends,” “targets,”

“projects,” “forecasts” or negative versions thereof and

other similar expressions, or future or conditional verbs

such as “may,” “will,” “should,” “would” and “could.”

Although we believe that our anticipated future results,

performance or achievements expressed or implied by the

forward-looking statements and information are based

upon reasonable assumptions and expectations, the

reader should not place undue reliance on forward-

looking statements and information because they involve

known and unknown risks, uncertainties and other factors,

many of which are beyond our control, which may cause

our and our subsidiaries’ actual results, performance or

achievements to differ materially from anticipated future

results, performance or achievements expressed or

implied by such forward-looking statements and

information.

Factors that could cause actual results to differ materially

from those contemplated or implied by forward-looking

statements include, but are not limited to: the impact or

unanticipated impact of general economic, political and

market factors in the countries in which we do business;

the fact that our success depends on market demand for

our products; the behavior of financial markets, including

fluctuations in interest rates and foreign exchanges rates;

changes in inflation rates in North America and

international markets; the performance of global equity

and capital markets and the availability of equity and debt

financing and refinancing within these markets; strategic

actions including dispositions; the competitive market for

acquisitions and other growth opportunities; our ability to

satisfy conditions precedent required to complete such

acquisitions; our ability to effectively integrate acquisitions

into existing operations and attain expected benefits; the

outcome and timing of various regulatory, legal and

contractual issues; changes in accounting policies and

methods used to report financial condition (including

uncertainties associated with critical accounting

assumptions and estimates); the effect of applying future

accounting changes; business competition; operational

and reputational risks; technological change; changes in

government regulation and legislation within the countries

in which we operate; changes in tax laws; catastrophic

events, such as earthquakes and hurricanes; the possible

impact of international conflicts and other developments

including terrorist acts and cyberterrorism; and other risks

and factors detailed from time to time in our documents

filed with the securities regulators in Canada and the

United States.

We caution that the foregoing list of important factors that

may affect future results is not exhaustive. When relying

on our forward-looking statements, investors and others

should carefully consider the foregoing factors and other

uncertainties and potential events. Except as required by

law, we undertake no obligation to publicly update or

revise any forward-looking statements or information in

this presentation, whether as a result of new information,

future events or otherwise.

CAUTIONARY STATEMENT REGARDING USE OF

NON-IFRS MEASURES

This presentation contains references to financial metrics

that are not calculated in accordance with, and do not

have any standardized meaning prescribed by,

International Financial Reporting Standards (“IFRS”). We

believe such non-IFRS measures including, but not

limited to, funds from operations (“”FFO”) and invested

capital, are useful supplemental measures that may assist

investors and others in assessing our financial

performance and the financial performance of our

subsidiaries. As these non-IFRS measures are not

generally accepted accounting measures under IFRS,

references to FFO and invested capital, as examples,

are therefore unlikely to be comparable to similar

measures presented by other issuers and entities. These

non-IFRS measures have limitations as analytical tools.

They should not be considered as the sole measure of

our performance and should not be considered in isolation

from, or as a substitute for, analysis of our financial

statements prepared in accordance with IFRS. For a more

fulsome discussion regarding our use of non-IFRS

measures and their reconciliation to the most directly

comparable IFRS measures refer to our documents filed

with the securities regulators in Canada and the United

States.