Brookfield Infrastructure Partners

Investor Update

October 2016

Brookfield Infrastructure is one of the largest globally diversified

owners and operators of infrastructure assets in the world

2

Market

Symbol

NYSE: BIP

TSX: BIP.UN

Market

Capitalization

Quarterly

Distribution

~$11.3 Billion $0.39 per unit

Brookfield

Participation

~30% Equity

Interest, GP &

Manager

BROOKFIELD INFRASTRUCTURE PARTNERS SUMMARY

1) Based on the closing price on the NYSE as of September 15, 2016

CAPITALIZATION UNIT PERFORMANCE

Annualized Total Return

(As at September 15, 2016) 1-Year 5-Year

Since

Inception

BIP (NYSE) 38% 18% 18%

BIP (TSX) 37% 26% 23%

S&P 500 11% 14% 8%

S&P Utilities Index 22% 11% 7%

Alerian MLP Index -2% 4% 7%

DJB Infrastructure Index* 13% 9% 6%

Credit Ratings: S&P BBB+

Consolidated Leverage: 50%

Average debt term

to maturity: 8 years

Source: Bloomberg; includes reinvestment of distributions

* No dividend reinvestment for the index

Peer

Group

Our objective is to own and operate a globally diversified portfolio

of high quality infrastructure assets that will generate sustainable

and growing distributions over the long term for our unitholders

3

Proven management team and strategy

Attractive sector

High quality assets

Sustainable cash flow

Strong financial position

Attractive entry point

INVESTMENT HIGHLIGHTS

4

Our strategy is to build a business for all investment cycles

Provide predictability of

cash flows

Generate growth and inflation

protection &

We have a number of initiatives on the go to deliver on these

priorities including the build-out of our Brazilian utilities business

Build-out of BIP’s Brazilian utilities business

5

Brazil is a key focus for BIP

6

Building a large-scale electrical transmission utility

Acquiring a leading natural gas transmission system

Investing over $1 billion

Reprioritizing utilities from North America to Brazil…

7

• N. American utility return expectations at all-time lows

• Universe of buyers growing

• Limited organic growth leading to consolidation

While at the same time…

• Brazil suffered a negative re-rating (loss of investment grade status)

• Reduced buyer universe and increasing supply of organic growth

Drivers

…to earn outsized returns on a lower risk basis

We are well-positioned to execute on our priorities in Brazil

8

We have been in Brazil for over 100 years

We have a successful track record of investing on a contrarian basis

While the country is experiencing a crisis of confidence

• Do not believe political/economic crisis will persist

Underwriting strong base case returns with upside on re-rating

NTS is a compelling investment opportunity…

9

Brookfield-led consortium acquiring 90% stake for $5.2 billion –

BIP to invest a minimum of ~$800 million

2,000+ km system representing

main transportation network for

natural gas in Brazil

Limited competition given the

transaction size and current

investor appetite for Brazil

Agreement secured through

exclusive discussions

…with attractive investment attributes

10

• Well-located energy infrastructure assets

• High-quality, recently built assets with high scarcity value

– Systems built in last 10 years

– Low maintenance capital of ~3% of EBITDA

• Stable and growing cash flows with no volume risk

– Volumes 100% contracted under long-term ‘ship-or-pay’ gas transportation

agreements

– Inflation-indexed and no periodic regulatory resets

– Going-in FFO and AFFO yields > 13%

• Unique opportunity to invest and participate in Brazil’s growing gas industry

11

Significant access to gas supply and growing demand

MG

SP RJ

Belo Horizonte

São Paulo

Bolivia

Rio de Janeiro

• Gas supply from Bolivia and Brazil’s offshore

oil & gas fields

• Serving captive key industrial and populated states

(~55% of Brazil’s gas demand)

Offshore/

LNG

We’ve recently re-entered the Brazilian electricity transmission

sector – our strategy is two-fold

12

Greenfield projects

• 70,000 km of greenfield lines to be awarded over the next 10 years

• Recently awarded 2,800 km of greenfield projects ($200 million equity

investment)

– Long-life, 30-year concessions that earn cash flows under a stable, availability-

based regulatory framework

Brownfield opportunities

• In discussions with sellers of established portfolios

– Brazilian and international construction companies seeking capital

BIP: Attractive entry point

13

Main reasons to invest in BIP now

14

Compelling relative value

Discount to intrinsic value

Entering period of significant growth

Great value relative to peers

15

Distribution Yield

4.1%

3.4%

2011 2016

Distribution Growth

Distribution Yield

$0.71

$1.55

2009 2016E

12% CAGR

4.8% 4.6%

2011 2016

Distribution Growth

$6.91

$8.78

2009 2016E

4% CAGR

S&P 500 Utilities Index BIP

BIP is trading below our historic multiples

16

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

AFFO $ 355 $ 553 $ 593 $ 672 $ 796

Return of Capital (9) (35) (36) (40) (45)

$ 346 $ 518 $ 557 $ 632 $ 751

Units Issued 287.3 310.0 315.2 337.4 345.3

Per share $1.20 $1.67 $1.77 $1.87 $2.17

Price-to-AFFO

Volume weighted average price 17.9x 14.9x 14.8x 15.0x 12.3x

Period end 19.5x 15.7x 15.8x 13.5x 14.7x

~30% discount to intrinsic value

17

Street Consensus NAV Implied NAV

Utilities (2014) Transport (2015) Energy and Comm Infra (2016)

$0.7B

$1.0B

$2.1B

Entering period of significant growth

18

Organic projects

on the go

• Brazilian toll roads

• Brazilian rail

• N.A. container terminal

• Utilities

Commissioning

• 2017-2019

• 2017

• 2016-2017

• 2016-2019

Recent acquisitions

• Peruvian toll roads

• N.A. gas storage

• Australian ports

Closed

• June

• July

• August

~$1 billion of pending

investments (2017)

• Brazilian electricity transmission

• Brazilian natural gas transmission

The opportunity for capital appreciation is two-fold

19

1) Based on closing price on NYSE on Sept 23, 2016 and 2016 annualized distribution

2) Based on projected annualized 2016 quarterly dividend

3) Assumptions constitute forward-looking statements and information.

4) Assuming no change in current dividend yield

Current unit price1 $34

Yield1 4.6%

BIP Re-rating

Infrastructure Returns 8.0% – 9.0%

Less: Organic growth 5.0%

Cash yield range 3.0% – 4.0%

5-year Roll-forward Reflecting Growth Rates

Target3 Actual3

Distribution increase 5.0% - 9.0% 12.0%

Current Yield1 4.6%

Trading yields 3.0% 3.5% 4.0%

Implied unit price2,3 $52 $45 $39

Dividend Growth Rates 5.0% 7.0% 9.0% 12.0%

5-yr Projected Price3,4 $43 $48 $52 $60

Disclaimer

20

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”, “expect”, “will”, “return”, “appreciation”, “potential”, “believe”, “continue”, “increase”, 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, our ability to identify, acquire and integrate new acquisition opportunities, completion of and performance of new investments, return objectives, potential demand for additional capacity at our operations, further investment in each of our business segments, volume increases in certain of our businesses due to customer demands and economic recovery, growth in the sectors in which we operate, targeted equity returns, upside potential from development projects, 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, weakening of demand for products and services in the markets for the commodities that underpin demand for our infrastructure, 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 and other risks and factors described in the documents filed by Brookfield Infrastructure Partners L.P. 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.