CORPORATE PROFILE. November Brookfield Infrastructure Partners L.P.

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1 CORPORATE PROFILE November 2015

2 Disclaimer 1 FORWARD-LOOKING STATEMENTS This presentation 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 applicable Canadian securities regulations. The words growing, target, growth, objective, expect, could, will, strategy, return, backlog, appreciation, potential, prospects, expand, believe, continue, increase, improve derivations thereof 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. Forward-looking statements in this presentation include statements regarding participation in a growing asset class, targeting of dividend yield and growth in FFO and distributions, completion of and performance of new investments, return objectives, motorization rates at our toll road business, potential demand for additional capacity at our operations, further investment at our railroad business, volume increases in rail, natural gas and port businesses due to customer demands and economic recovery, targeted equity returns, upside potential from development projects, availability of funding for growth projects with debt and internally generated cash flow, future growth prospects including large-scale development and expansion projects, distribution payout ratio, ability to finance our backlog of growth projects, future capital appreciation, distribution policy and objectives and other statements with respect to our beliefs, outlooks, plans, expectations and intentions. Although Brookfield Infrastructure 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 presentation. The future performance and prospects of Brookfield Infrastructure are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of Brookfield Infrastructure to differ materially from those contemplated or implied by the statements in this presentation include general economic and market conditions in the jurisdictions in which we operate, regulatory developments and changes in inflation rates in the U.S. and elsewhere, the fact that success of Brookfield Infrastructure is dependent on market demand for an infrastructure company, which is unknown, the availability of equity and debt financing, foreign currency risk, the outcome and timing of various regulatory, legal and contractual issues, the competitive business environment in the industries in which we operate, the competitive market for acquisitions and other growth opportunities, our ability to satisfy conditions precedent required to complete acquisitions (including without limitation those mentioned in this presentation), our ability to integrate acquisitions into existing operations and the future performance of those acquisitions, our ability to complete large capital expansion projects on time and within budget, favourable commodity prices, ability to negotiate favourable take-or-pay contractual terms, the continued operation of large capital projects by mining and industrial customers of our businesses which themselves rely on access to capital and continued favourable commodity prices, traffic on our toll roads and other risks and factors described in the documents filed by with the securities regulators in Canada and the United States including under Risk Factors in its most recent Annual Report on Form 20-F. Except as required by law, Brookfield Infrastructure Partners 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. IMPORTANT NOTE REGARDING NON-IFRS FINANCIAL MEASURES To measure performance we focus on net income as well as funds from operations ( FFO ) and invested capital, which we refer to throughout this presentation. We define FFO as net income plus depreciation, depletion and amortization, deferred taxes and certain other items. We define invested capital as partnership capital, adding back non-cash income statement items net of maintenance capital expenditures, accumulated other comprehensive income and certain other items. FFO and invested capital are not calculated in accordance with, and do not have any standardized meaning prescribed by International Financial Reporting Standards ( IFRS ). FFO and invested capital are therefore unlikely to be comparable to similar measures presented by other issuers. FFO and invested capital have limitations as analytical tools. See the Reconciliation of Non-IFRS Financial Measures section of the most recent Annual Report on Form 20-F and the Partnership s Supplemental Information report for a more fulsome discussion including a reconciliation to the most directly comparable IFRS measures.

3 Overview of Brookfield Infrastructure 2 Global owner and operator of high quality infrastructure assets BROOKFIELD INFRASTRUCTURE PARTNERS SUMMARY NYSE: BIP TSX: BIP.UN Market Symbol ~$10 Billion 1 Market Capitalization $0.53 per unit Quarterly Distribution No UBTI Favourable Tax Structure ~30% Equity Interest General Partner & Manager Brookfield Participation 1. Based on the closing price on the NYSE on November 5, CAPITALIZATION Credit Ratings: S&P BBB+ Consolidated Leverage: 48% Average debt term to maturity: 9 years UNIT PERFORMANCE Annualized Total Return (For the 12 months ended November 5, 2015) 1-Year 3-Year 5-Year BIP (NYSE) 10% 12% 19% BIP (TSX) 29% 23% 26% S&P 500 6% 16% 14% S&P TSX Index -4% 6% 4% DJB Infrastructure Index* -7% 9% 10% Source: Bloomberg; includes reinvestment of distributions * No dividend reinvestment for the index

4 Value Proposition An Attractive Risk-Adjusted Total Return 3 Secure distribution Profile ~5% yield 1 Current distribution 67% of FFO Current payout ratio Credit rating BBB+ Conservative capital structure High quality cash flow ~90% Regulated or contracted ~70% Indexed to inflation ~60% With no volume risk Targeting long-term distribution growth of 5-9% Strong organic growth prospects Incremental returns from new investments ~$3.3 billion of total liquidity 1. Based on the closing price on the NYSE on November 5, 2015.

5 Track Record of Delivering FFO/Unit and Distribution Growth 4 $ % CAGR 12% CAGR $2.12 $1.03 $ * Per unit FFO Distribution *Annualized YTD Q3 15 FFO and distribution per unit

6 Business Strategy 5 Our strategy is designed to position us for future growth and withstand economic headwinds 1. Deploy an operations-oriented approach to optimize cash flows and value 2. Conservatively finance operations on an investment-grade basis 3. Recycle capital opportunistically 4. Access various capital markets to lower cost of capital 5. Expand operating segments through accretive acquisitions We are focused on increasing unitholder value by delivering profitable growth on a low-risk basis

7 Q HIGHLIGHTS 6 OPERATIONS Strong performance from UK regulated distribution business due to increased in-place connections, as well as continued growth in connection activity which was 21% ahead of prior year Increasing margins and cost saving initiatives at our Australian rail operation have improved performance, and volumes on our rail lines in both Australia and Brazil have been resilient Toll road platform results benefitted from inflationary tariff increases and strong light vehicle traffic which more than offset lower heavy vehicle traffic Achieved 24% volume growth at container terminals in North America which continues to benefit from completion of first phase of the automation project Energy segment results benefitted from higher volumes at North American natural gas transmission operation and impact of commissioned projects over the last 12 months in district energy businesses Added ~$225 million to growth capital expenditure backlog, primarily in our Utilities and Transport segments, resulting in total project backlog of ~$1.3 billion Deployed ~$160 million into growth capex projects, progressing several key organic growth initiatives BUSINESS DEVELOPMENT Agreed to acquire Gammon Infrastructure Partners, a portfolio of six toll roads in India for ~$90 million, net to BIP Focus on closing announced acquisitions including: Asciano, Gammon, OAS debtor-in-possession loan, Niska Gas Storage and Arteris privatization FINANCING AND LIQUIDITY Subsequent to quarter-end, issued C$500 million three and five-year notes, swapped to USD at all-in rate of 3.8% Total liquidity following debt issuance of ~$3.3 billion Hedged ~75% of FFO generated in foreign currencies through the end of 2016

8 OVERVIEW OF OPERATING SEGMENTS Click to edit Master title style Click to edit Master subtitle style

9 Global Operations with Local Presence 8 Brookfield Infrastructure owns high quality, long-life assets that provide essential products and services for the global economy Over 9,000 operating employees and investment professionals UTILITIES Networks in North and South America, Europe and Australia including a regulated coal terminal, 10,800 km of transmission lines and 2.4 million electricity and gas connections TRANSPORT 30 ports, 3,300 km of toll roads and 9,900 km of rail operations in Europe, North America, South America and Australia ENERGY Centralized district energy systems delivering heating and cooling to customers in North America and Australia as well as a natural gas pipeline and storage systems in North America Leading Operating Segments With Scale on Four Continents COMMUNICATIONS INFRASTRUCTURE ~7,000 multi-purpose towers and active rooftop sites and 5,000 km of fibre backbone located in France

10 Utilities Segment 9 Regulated or contractual businesses which earn a return on asset base KEY FINANCIAL METRICS $3,932 11% $1,698 Rate Base Return on Rate Base Partnership Capital As at and for the three months ended September 30, 2015 US$ millions, unless otherwise noted PROFILE Regulated Terminal 85 mtpa of coal handling capacity Handles almost 20% of global seaborne metallurgical coal exports from Australia Electricity Transmission 10,800 km of transmission lines in North and South America Transmits electricity to 98% of population of Chile GROWTH POTENTIAL ~$550 million of capital to be commissioned into rate base over next 24 months Expected to generate unlevered pre-tax returns consistent with current return on rate base Continued replenishment of backlog through new connection sales in regulated distribution, upgrade projects in electricity transmission and expansion activities in regulated terminal Regulated Distribution ~2.4 million electricity and natural gas connections

11 Transport Segment 10 Systems that provide transportation for freight, bulk commodities and passengers KEY FINANCIAL METRICS 50% $2,208 EBITDA Margin Partnership Capital As at and for the three months ended September 30, 2015 US$ millions, unless otherwise noted PROFILE Railroad ~5,100 km of track, sole freight rail network in Southwestern Western Australia ~4,800 km rail network in South America Toll Roads ~3,300 km of motorways in Brazil and Chile Combination of urban and interurban roads that benefit from traffic growth and inflation Ports 30 terminals in North America, UK and across Europe One of the UK s largest port services providers GROWTH POTENTIAL ~$580 million of growth capital to be commissioned in next two to three years Rail: enhancing network to support higher volumes Toll roads: widening roads to support growing traffic Ports: Increasing throughput capacity Expect growth in this segment from GDP growth, tariff indexation and operational efficiencies

12 Energy Segment 11 Systems that provide energy transmission, distribution and storage services KEY FINANCIAL METRICS 47% $785 EBITDA Margin Partnership Capital As at and for the three months ended September 30, 2015 US$ millions, unless otherwise noted PROFILE Energy Transmission, Distribution and Storage 14,800 km of natural gas transmission pipelines, located primarily in the U.S. Over 40,000 gas distribution customers in the UK 370 billion cubic feet of natural gas storage in the U.S. and Canada District Energy Delivers heating and cooling to customers from centralized systems including heating plants capable of delivering ~2.8 million pounds per hour of steam heating capacity and 251,000 tons of cooling capacity and distributed water and sewage services GROWTH POTENTIAL Expect growth in this segment from: Energy Transmission, Distribution & Storage: Expanding networks to capture volume growth from new systems underpinned by long-term take-or-pay contracts District Energy: acquiring new systems, tuck-in acquisitions, connecting new customers to our systems and renewing existing customer contracts at favorable rates

13 Communications Infrastructure Segment 12 Provide essential services and critical infrastructure to the media broadcasting and telecom sectors KEY FINANCIAL METRICS 55% $418 EBITDA Margin Partnership Capital As at and for the three months ended September 30, 2015 US$ millions, unless otherwise noted PROFILE Telecommunications Infrastructure ~7,000 multi-purpose towers and active rooftop sites 5,000 km of fibre backbone located in France Generate stable, inflation-linked cash flows underpinned by long-term contracts with large, prominent customers GROWTH POTENTIAL Growth opportunities in this segment include further site roll-outs associated with minimum coverage requirements, acquiring additional sites from our customers allowing them to de-lever and focus on their core business, and network densification

14 VALUE PROPOSITION

15 Secure Distribution Yield of ~5% 14 STABLE CASH FLOW PROFILE 1 SEGMENT DIVERSIFICATION 1 GLOBAL FOOTPRINT 1 Other 10% Regulated 45% Energy Comm 8% Infra 8% Utilities 41% North America 10% Australia 33% Europe 32% Contractual 45% Transport 43% South America 25% Current yield is supported by very stable cash flows that are diversified by segment and geography 1 Cash flow profile based on Q3 15 FFO

16 Positioned to Deliver Strong Organic Growth 15 Low-to-mid range of distribution growth target can be funded by same store organic growth Does not require new capital Inflationary Price Increases (3-4%) + Volume Upside from GDP Growth (1-2%) + Cash Flows Reinvested (2-3%) = FFO/unit Growth (6-9%) 70% of EBITDA will capture inflationary tariff increases through regulatory frameworks and long-term contracts 35-50% of EBITDA will benefit from GDPlinked revenue growth in toll road and port businesses ~$1.3 billion capital backlog to be commissioned over next 2-3 years in visible projects Funded by internally generated cash flows retained in the business

17 Acquisitions Are Expected To Generate Additional Growth 16 Strategy is to leverage existing operating segments to opportunistically acquire high quality assets that we can actively manage to achieve total returns of 12% to 15% per annum NORTH AMERICA SOUTH AMERICA EUROPE AUSTRALIA Ports Toll roads Toll roads Ports District energy systems Ports Ports Railroads Storage facilities Railroads Energy distribution Energy distribution Transmission systems Oil and gas gathering and processing facilities Regulated electricity, gas and water distribution systems Transmission systems Tower infrastructure operations Oil and gas gathering, processing and transportation Transmission systems

18 Well Positioned for Distribution Growth of 5-9% 17 Targeting FFO per unit growth over the long term of 10% annually Internally Generated Organic Growth per annum New Investments ~10% Long-term Annual Growth Target ~2% ~2-3% ~1-2% ~3-4% Inflation Surplus Capacity Cash Flows Re-invested New Investments

19 FINANCING STRATEGY Click to edit Master title style Click to edit Master subtitle style

20 Billions Financing Strategy 19 Significant liquidity $1.4 billion committed corporate credit facility for new investments and working capital $0.7 billion of corporate cash and financial assets available for deployment in accretive acquisitions $1.1 billion subsequent to medium-term notes issuance completed October 2015 Well laddered debt maturity profile No material near-term maturities following completion of recent financings Debt has an average term of 9 years Minimal floating rate debt (~15%) Net debt-to-capitalization ratio 1 is 39% $8 $7 $6 $5 $4 $3 $2 $1 $0 $0.1 $0.4 DEBT MATURITIES (Proportionate Basis) $1.0 $0.4 $0.4 $4.7 $ After Total Modest currency exposure Implemented a strategy to hedge ~75% of expected FFO generated in foreign currencies We have proactively refinanced the majority of our debt portfolio to capitalize on historically low interest rates and extend maturities 1 Calculated using net debt on a proportionate basis and market capitalization as of November 5, 2015

21 BBB+ Corporate Rating 20 Corporate rating from S&P of BBB+ (stable), allowing a competitive cost of debt and reflecting: High quality assets: Business comprised of premier portfolio of utilities, transport, energy and communications infrastructure businesses Anchored by five investment grade flagship operations that generate ~70% of AFFO Business diversification: Operations are diversified by sector, with scale in premier markets in North and South America, Europe and Australia Robust coverage ratios: 9% of debt is at corporate level 1 Interest coverage ratio in excess of 20x Net Debt/EBITDA is 5.2x 2 Strong Liquidity: Have demonstrated tremendous ability to access capital in challenging markets $3.5 billion of equity raised over past five years $1.4 billion committed corporate credit facility 1 Excluding draws on corporate credit facility 2 Calculated using proportionate debt and EBITDA.

22 FINANCIAL INFORMATION Click to edit Master title style Click to edit Master subtitle style

23 Financial Profile 22 KEY FINANCIAL METRICS Three months ended September 30 US$ millions, except per unit information LTM EBITDA 1 $ 305 $ 291 $ 1,166 FFO per unit AFFO AFFO yield 12% 12% 12% Q PERFORMANCE HIGHLIGHTS FFO increased 18% to $210 million reflecting deployment of capital in organic growth initiatives and the contribution from new investments, partially offset by a strengthening U.S. dollar Delivered year-to-date same store FFO growth of 11% on a constant currency basis, surpassing 6-9% organic growth target 1 Represents Adjusted EBITDA which is defined as FFO excluding the impact of interest expense and other income or expenses

24 Statements of Funds From Operations (Proportionate Share) 23 For the three-month period ended September 30 US$ millions LTM Adjusted EBITDA Utilities $ 133 $ 132 $ 522 Transport Energy Communications Infrastructure Corporate & Other (30) (28) (130) Total $ 305 $ 291 $ 1,166 Interest expense (99) (108) (396) Other income 4 (5) 14 Total Funds From Operations $ 210 $ 178 $ 784 Depreciation and amortization (119) (126) (466) Deferred income taxes and other items Net income attributable to partnership $ 123 $ 72 $ 340 FFO/Unit $ 0.91 $ 0.85 $ 3.57 Net income/per limited partnership unit $ 0.46 ` $ 0.29 $ 1.31

25 Balance Sheet (Proportionate Share) 24 As of US$ millions Sep. 30, 2015 Dec. 31, 2014 Assets Utilities $ 4,338 $ 4,805 Transport 4,247 4,970 Energy 1,803 1,816 Communications Infrastructure 820 Corporate & Other (179) (56) Total $ 11,029 $ 11,535 Net Debt Utilities $ 2,640 $ 2,843 Transport 2,039 2,513 Energy 1,018 1,030 Communications Infrastructure 402 Corporate & Other (41) 271 Total $ 6,058 $ 6,657 Partnership Capital Utilities $ 1,698 $ 1,962 Transport 2,208 2,457 Energy Communications Infrastructure 418 Corporate & Other (138) (327) Total $ 4,971 $ 4,878

26 ADDITIONAL INFORMATION Click to edit Master title style Click to edit Master subtitle style

27 Indicative Corporate Structure 26 Brookfield Asset Management (BAM) ~ $35 B Market Cap (TSX, NYSE) 20% Management 62% 63% 29% 100% Brookfield Property Partners (BPY) Brookfield Renewable Energy Partners (BREP) 1 Brookfield Infrastructure Partners (BIP) Brookfield Capital Partners ~40% 2 Private Fund ~60% 2 L.P. s 3 Company A Company B Company C Company D 1) BREP funds Brookfield s commitment to renewable energy transactions in Private Funds 2) Subject to transaction size, co-investment and other considerations 3) Third-party commitments

28 Governance 27 SENIOR MANAGEMENT TEAM Sam Pollock Bahir Manios Chief Executive Officer Chief Financial Officer Brookfield Infrastructure has entered into a Master Services Agreement with Brookfield Provides comprehensive suite of services to Brookfield Infrastructure Base management fee equal to 1.25% of Brookfield Infrastructure s market value plus net recourse debt Incentive distributions based upon increases in distributions paid to shareholders over pre-defined thresholds (MLP structure) 15% participation by Brookfield in distributions over $0.305 per unit per quarter 25% participation by Brookfield in distributions over $0.330 per unit per quarter Brookfield Infrastructure s general partner has a majority of independent directors

29 Favorable Structure Relative to MLPs 28 Brookfield Infrastructure is a Bermuda-based publicly traded partnership that owns holding corporations in the U.S., Canada and other jurisdictions Comparison of MLP 1 versus Brookfield Infrastructure BROOKFIELD INFRASTRUCTURE MLP Type of entity Publicly traded partnership Publicly traded partnership UBTI 2 No Yes ECI 3 No Yes U.S. tax slip issued K1 K1 Tax profile of distributions Benefits from return of capital Benefits from depreciation Payout ratio 60-70% of FFO 80%-90% of distributable cash flow 4 Incentive distributions 25% maximum 50% maximum Brookfield Infrastructure is committed to structuring its operations to avoid generating UBTI and ECI 1 MLP is Master Limited Partnership 2 UBTI is unrelated business taxable income 3 ECI is effectively connected income 4 Source: Management estimates based on Barclays Capital Master Limited Partnerships MLP Trader Weekly