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Corporate Profile

BROOKFIELD INFRASTRUCTURE PARTNERS

MARCH 2020

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Notice to Readers

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 Section27A 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 PrivateSecurities Litigation Reform Act of 1995 and applicable Canadian securities regulations. The words “growing”, “target”, “growth”, “anticipate”, “plan”, “objective”, “expect”, “will”, “may”,“backlog”, “potential”, “believe”, “increase”, “intend”, derivations thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do notrelate to historical matters identify the above mentioned and other forward-looking statements. Forward-looking statements in this presentation include statements regardingparticipation 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, theplanned completion of transactions, estimated future rates of growth, or expectations regarding economic developments and our ability to benefit from completion and performance ofnew investments, return objectives, potential demand for additional capacity at our operations, further investment in our existing operations, volume increases in the businesses inwhich we operate, economic developments in the jurisdictions and markets in which we operate and the effects of such developments on our businesses, targeted equity returns,increasing demand for commodities and global movement of goods, upside potential from development projects, availability of and access to funding for growth projects with debt andinternally generated cash flow, future growth prospects including large-scale development and expansion projects, distribution payout ratio, ability to finance our backlog of growthprojects, future capital appreciation, trends in global credit and financial markets, likely sources of future investment opportunities, our expectations regarding returns to ourunitholders, distribution policy and objectives and other statements with respect to our beliefs, outlooks, plans, expectations and intentions. Although Brookfield Infrastructure believesthat these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any otherforward-looking statements or information in this presentation. The future performance and prospects of Brookfield Infrastructure are subject to a number of known and unknown risksand uncertainties. Factors that could cause actual results of Brookfield Infrastructure to differ materially from those contemplated or implied by the statements in this presentationinclude general economic and market conditions in the jurisdictions in which we operate (including that management’s expectations may differ from actual economic and markettrends), 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 aninfrastructure company, which is unknown, the availability of and our ability to obtain equity and debt financing and the terms thereof, foreign currency risk, the outcome and timing ofvarious regulatory, legal and contractual issues, global credit and financial markets, the competitive business environment in the industries in which we operate, the competitivemarket for acquisitions and other growth opportunities, our ability to satisfy conditions precedent required to complete, our ability to integrate acquisitions into existing operations andthe future performance of those acquisitions, our ability to close planned transactions, our ability to complete large capital expansion projects on time and within budget, favourablecommodity prices, our ability to achieve the milestones necessary to deliver the targeted returns to our unitholders, weakening demand for products and services in the markets forthe commodities that underpin demand for our infrastructure, ability to negotiate favourable take-or-pay contractual terms, the continued operation of large capital projects bycustomers of our businesses which themselves rely on access to capital and continued favourable commodity prices, changes in technology which have the potential to disruptbusiness and industries in which we invest, uncertainty with respect to future sources of investment opportunities, traffic on our toll roads and other risks and factors described in thedocuments 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 AnnualReport on Form 20-F. Except as required by law, Brookfield Infrastructure Partners undertakes no obligation to publicly update or revise any forward-looking statements orinformation, 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 asnet income plus depreciation, depletion and amortization, deferred taxes and certain other items. We define invested capital as partnership capital, adding back non-cash incomestatement items net of maintenance capital expenditures, accumulated other comprehensive income and certain other items. FFO and invested capital are not calculated inaccordance with, and do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”). FFO and invested capital are therefore unlikely to becomparable to similar measures presented by other issuers. FFO and invested capital have limitations as analytical tools. See the Reconciliation of Non-IFRS Financial Measuressection 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 mostdirectly comparable IFRS measures.

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Agenda

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Introduction to BIP / Investment Highlights 4

Business Update & Current Initiatives 18

Appendices

I. Operating Segments 25

II. Corporate Structure and Governance 35

Introduction to BIP / Investment Highlights

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Global Operations with Local Presence

Brookfield Infrastructure owns high-quality, long-life assets that provide essential

products and services for the global economy

5

ASIA PACIFIC

EUROPENORTH AMERICA

SOUTH AMERICA

DATA INFRASTRUCTURE• ~9,100 multi-purpose towers and active

rooftop sites

• 20,000 km of fiber backbone

• 51 data centers

• ~1,600 cell sites

UTILITIES• ~6.6 million electricity and gas connections

• ~2,200 km of electricity transmission lines

• ~2,700 km of regulated natural gas pipelines

• ~1.3 million smart meters installed

TRANSPORT• ~32,300 km of rail operations

• ~4,000 km of toll roads

• 13 ports

ENERGY• ~16,500 km of transmission pipelines

• 600 bcf of natural gas storage

• 19 natural gas processing plants

• ~1.6 million residential infrastructure customers

• District heating and cooling systems

31%1

22%1

20%1

27%1

1) Based on FFO for the last twelve months ended December 31, 2019 pro-forma expected contributions from completed and committed transactions (North American rail, U.S. data transmission

and distribution business, U.K. telecom towers and Indian telecom business) as well as closed or secured asset sales (Chilean toll road, Colombian gas distribution business and North American

electricity transmission operation)

6

Brookfield Infrastructure Partners Overview

We are one of the largest globally diversified owners and operators of infrastructure

assets in the world

6

A callout is included at the bottom to highlight any key items

NYSE: BIP

TSX: BIP.UN

MARKET SYMBOL

~$23B1

MARKET

CAPITALIZATION

~30% Equity Interest; GP & Manager

BROOKFIELD

PARTICIPATION

UNIT PERFORMANCE

Annualized Total Return

(As at December 31, 2019) 1-Year 5-Year

Since

Inception*

BIP (NYSE) 52% 18% 18%

BIP (TSX) 44% 20% 25%

S&P 500 Index 32% 12% 10%

S&P Utilities Index 27% 10% 8%

S&P/TSX Composite Index 23% 6% 7%

S&P/TSX Capped Utilities Index 38% 10% 10%

Alerian MLP Index 6% (7%) 4%

DJB Infrastructure Index** 30% 7% 6%

Peer

Group

Includes dividend reinvestment

*BIP (NYSE) and U.S. index returns since Jan 2008; BIP (TSX) and Canadian index returns since Sept 2009

**No dividend reinvestment for this index

1) Based on the closing price upon announcement of current distribution (February 2020)

2) Average term to maturity is presented on a pro-forma basis to exclude draws on our corporate credit facilities as they are not a permanent source of capital. Average term to maturity also reflects

asset sales and asset-level financings that have been completed subsequent to year-end, as well as several well-progressed asset-level financing initiatives.

CAPITALIZATION

Credit Rating: S&P BBB+

Average debt term

to maturity2:8 years

DISTRIBUTION PROFILE

Current Distribution $2.15 per unit

Implied Yield1 4.0%

Target Annual Growth 5 – 9%

$0.71 $0.73

$0.88

$1.00

$1.15

$1.28

$1.41

$1.55

$1.74

$1.88

$2.01

$2.15

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020F

11%CAGR

Solid Track Record of Annual Per Unit Distribution Growth

7

8

Delivering Long-Term Value for Unitholders

8

BIP (NYSE)

S&P 500 Index

DJB Global Infra IndexS&P Utilities Index

Alerian MLP Index

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

9

Investment Highlights

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

9

Attractive sector

Proven management team & strategy

High-quality assets

Sustainable cash flows

Strong financial position

KEY HIGHLIGHTS

10

Attractive Sector with a Growing Opportunity Set

Private investors are essential in addressing the global infrastructure funding gap

• Historically, governments and utility companies provided most infrastructure investment

• Governments world-wide are facing severe budget deficits

‒ Developed markets: trend of under-investment in infrastructure over many decades

‒ Emerging economies: targeting fundamental economic infrastructure

$4.6

Trillion

Investment needed for U.S.

infrastructure investment by

20252

€2.0

Trillion

Investment in Infrastructure

needed in the European

Union by 20201

$69

Trillion

Global infrastructure

investment requirement by

20353

1) Source: The European Investment Bank

2) Source: The American Society of Civil Engineers

3) Source: McKinsey & Company

Proven Management Team & Strategy

11

horizontal mark of each business group.

MANAGEMENT TEAM

• Consistent long-term strategy employed over

past 11 years

‒ CEO & CFO with business since

inception

‒ Substantial management depth

• 13 managing partners

‒ Avg. of 24 years experience

and 15 years at Brookfield

• ~180 corporate professionals

• ~44,000 operating employees

STRATEGY

• Acquire high-quality assets on a value basis

• Operations-oriented management approach

• Active recycling of mature assets

4GEOGRAPHIES

10OPERATING

GROUPS

~$56BTOTAL ASSETS

2009 2019

Per unit FFO

$0.69

$3.40

17%

CAGR

2008 2020F

Per unit Distribution

$0.59

$2.15

10%

CAGR

TRACK RECORD

• Strong FFO per unit and distribution growth

• Growth in scale and diversity

A Stable and Well-diversified Business

High-quality assets with significant barriers to entry,

diversified by customer type, regulatory environment and geography3

12

SECTORS

NORTH AMERICA

SOUTH AMERICA

EUROPE

ASIA PACIFIC

1) Based on pre-corporate Funds From Operations (“FFO”) for the 12 months ended December 31, 2019.

2) There can be no assurance that Brookfield will continue to maintain counterparty diversification or geographic diversification.

3) Prior performance is not indicative of future results and there can be no guarantee that BIP will continue to achieve similar results or be able to avoid losses.

Exposure to political, economic or

environmental event is generally limited

Significant counterparty diversification given variety

of underlying businesses

GEOGRAPHIC DIVERSIFICATION2COUNTERPARTY DIVERSIFICATION1,2

Regulated

Distribution

Toll Roads

Natural Gas

Midstream

16%

15%

4%

13%13%

6%

17%

6% 2%

Regulated

Transmission

Regulated Terminal

Rail

Ports

Distributed

Energy

Data Storage

UTILITIES

ENERGY DATA INFRASTRUCTURE

TRANSPORT

8%

Data Transmission &

Distribution

Sustainable Cash Flow Growth

Average EBITDA2 margin was 55% for the past five years

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A callout is included at the bottom to highlight any key items

• EBITDA2 margins 50%+

• Low maintenance capital

• ~95% regulated or contracted

• ~75% indexed to inflation

• ~60% without volume risk2015 2019

Revenues

$2,313

$3,86514%

CAGR

2015 2019

EBITDA

$1,891

$1,177

HISTORY OF STRONG REVENUE AND EBITDA GROWTH1

13%

CAGR

1) For the 12 months ended December 31, 2019.

2) EBITDA margins are calculated prior to the impact of corporate general and administrative costs.

($US millions)

14

• Secured investments fully

funded

• $825 million of equity

issued in July 2019

• Raised ~$1.5 billion of

proceeds from capital

recycling in 2019

• Additional $1.5 billion of

asset sale processes

underway

• ~85% of debt non-recourse1

• Target to retain ~35% of FFO

for maintenance and organic

growth projects

• Corporate interest coverage

of 23x

• Avg. term to maturity of

eight years2

• ~90% of FFO generated

from assets that are

investment-grade or

structured as such

• ~90% of debt is fixed rate3

1) Presented on a pro-forma basis to exclude draws on our corporate credit facilities as they are not a permanent source of capital.

2) Average term to maturity is presented on a pro-forma basis to exclude draws on our corporate credit facilities as they are not a permanent source of capital. Average term to maturity also reflects

asset sales and asset-level financings that have been completed subsequent to year-end, as well as several well-progressed asset-level financing initiatives.

3) Excludes Brazil where fixed rate market is not available.

$1.9BCORPORATE

LIQUIDITY

BBB+CORPORATE RATING

StabilityAT OPERATING LEVEL

Strong Financial Position

15

Our Environmental, Social and Governance (“ESG”) Principles

ESG has always been fully integrated into how we operate our business

15

Ensure the

well-being and

safety of

employees

Be good stewards in

the communities in

which we operate

Mitigate the

impact of our

operations on

the environment

Conduct business

according to

the highest ethical

and legal standards

DUE DILIGENCE

IMPLEMENTATION

ONGOING MONITORING

Brookfield’s ESG Due Diligence

Guidelines

Identify ESG risks and opportunities

Develop tailored post-closing plan

Prioritize material ESG considerations

Track relevant ESG KPIs

Continuously find ways to create value

16

Incorporated in Brookfield Asset Management’s ESG Strategy and Initiatives

16

Brookfield’s 2018 ESG Report is publicly available on our webpage

https://www.brookfield.com/about-us/responsibility

BROOKFIELD ASSET MANAGEMENT(NYSE:BAM)

Brookfield

Property

Partners

(NASDAQ: BPY)

Brookfield

Renewable

Partners

(NYSE: BEP)

Brookfield

Infrastructure

Partners

(NYSE: BIP)

Brookfield

Business

Partners

(NYSE: BBU)

ORGANIZATIONS SUPPORTED MEMBERSHIPS

1) Subsequent to year-end, Brookfield Asset Management, inclusive of its listed issuers, made the decisions to become a signatory to the Principles for Responsible Investing (PRI). While we believe we

have always been aligned with the six PRI principles, become a signatory demonstrates our formal commitment to ongoing ESG best practice.

1

https://www.brookfield.com/about-us/responsibility

17

ESG in Action at Brookfield Infrastructure Partners

District Energy – Deep Lake Cooling

90% reduction in energy usage

compared to conventional district

energy system

Brazilian Toll Road – Green Overpass

Brazil’s first green overpass 50 meters

in length providing a safe passage for

local wildlife

North American Terminal – Automaton

One of the first automated ports in L.A.

resulting in 80% reduction in vehicle

emissions

North American Residential Energy

Sub-metering on multi-residental

buildings results in 30% in electricity

savings

U.K. Port – Operation Clean Sweep

First U.K. port to sign up to the British

Plastic Federation commitment to

protecting oceans from plastic pellets

Health & Safety Training

Over 400,000 training hours completed

across portfolio companies in 2019

Code of Conduct & Ethics

100% of portfolio companies have a

Code of Conduct that align with

Brookfield’s standards

Peruvian Toll Road – Recycled Parks

Revitalized over 3,000 square feet of

community parks, using 75 recycled

tires to create games for children

Colombian Natural Gas – Bogota River

In 2019, 71 employees and their families

planted over 800 trees to help restore

the Bogota River

Indian Toll Roads – ZeroHarm

Launched a RoadSafe app to encourage

users to report in real-time unsafe road

users or conditions

Brookfield – Engaging our communities

We are continuously supporting our

communities and fostering the

development of women in the organization

Brookfield Infrastructure – ISS Rating

In 2019, we received ISS-oekom’s Prime

ESG status for ESG performance above

industry standards

Business Update & Current Initiatives

18

19

Business Update

2019 was an exceptional year for Brookfield Infrastructure. Our financial results

and operating performance were strong and we added high-quality assets to

each of our operating segments

19

• Generated FFO of $1.38 billion, or $3.40 per unit, an increase of 12% and 11%, respectively, on a

comparable basis over 2018

• Achieved solid performance across all operating segments, with organic growth of 9%

• Signed or completed $2.6 billion of new investments, adding 10 new assets to our portfolio

including a large-scale North American rail business and a number of diversified data infrastructure

investments

• Generated $1.5 billion of capital recycling proceeds from the sale of six mature assets and

several financings

• Over $3.0 billion of total liquidity, including $1.9 billion at the corporate level

• Announced Brookfield Infrastructure Corporation, enabling us to make the company more

accessible to a broader base of investors

Ability to Invest Through a Canadian Corporation

Brookfield Infrastructure Corporation (NYSE, TSX: BIPC), a subsidiary of BIP L.P.,

was created to offer an economically equivalent security to BIP L.P., but in the

form of a more traditional corporate structure

20

BIPC BIP

Dividends/Distributions ✓ ✓• Distributions are identical in amount and

timing

Exchangeable ✓ N/A• BIPC shares are exchangeable 1:1 for BIP

units at anytime

Structure and Index

Eligibility

Canadian

Corporation

Bermuda Limited

Partnership

• As a corporation, BIPC is eligible for many

equity indexes that exclude Limited

Partnerships

Tax Reporting U.S.: 1099 Form

Canada: T5

Form

U.S.: K-1 Slip

Canada: T5013

Slip

• For U.S. shareholders, subject to the holding

period, dividends paid by BIPC will be

“qualified dividends”

• For Canadian shareholders, dividends paid by

BIPC will be “eligible dividends”

• Largest short-haul rail operator in North America, with a

portfolio of 120 rails and over 26,000 km of track

• Sole provider of critical last-mile access to customers

and Class I railroads, with few viable alternatives

• Highly resilient business model with opportunities to

drive operational improvements

• Significant diversification across 14 major commodity

groups with more than 3,000 customers

‒ No material single counterparty/commodity

exposure

• BIP’s equity – ~$500 million

Privatized an irreplaceable transportation infrastructure network

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$8.4BENTERPRISE VALUE

NORTH AMERICAN RAIL

BUSINESS

• Signed an agreement to acquire a portfolio of 130,000

communication towers in India

• Recently constructed towers with low maintenance

requirements and over 30 years of remaining useful life

• Towers are largely connected to fiber backhaul, which

provides a unique platform to capitalize on the rollout of 5G

• High-quality business with similarities to our existing tower

business in France

• Generates stable and predictable cash flows that will

benefit from expected increases in data usage


Penetrated the High-Growth Indian Telecom Market

22

$7.9BENTERPRISE VALUE

INDIAN TELECOM

TOWERS BUSINESS1

1) Subject to customary conditions to completion.

Acquired a U.K.-based wireless infrastructure company

23

• Comprised of over 2,000 fully contracted operating towers

and distributed antenna systems

• Assets are contracted under long-term, take-or-pay

contracts with inflation pass-through

• Significant growth potential driven by increased data

demand, higher frequency 5G spectrum and limited

deployment today

• Scalable platform with an experienced management team


$750MENTERPRISE VALUE

U.K. TELECOM TOWERS

BUSINESS

Progressing the next phase of our capital recycling program

Targeting a further $1.5 billion of after-tax proceeds to be generated

Continuing to Advance our Capital Recycling Program

We do not rely solely on capital markets to fund our growth

24

As part of our overall financing strategy, capital recycling allows us to increase

returns to unitholders by avoiding dilution on our high-growth businesses

Sold 15 businesses1 in the past 11 years

Generated $4.5 billion of gross proceeds; average IRR ~22%

In 2019, we generated over $1.5 billion of liquidity through the sale of

six mature assets and several financings

1) Subject to customary conditions to closing.

Appendix I: Operating Segments

25

Opportunistic Approach to Investment Activities

Intend to utilize existing liquidity and our capital recycling program to fund

acquisitions and prudently access capital markets from time to time

26

Our strategy is to leverage existing operating segments to acquire high-quality

assets that we can actively manage to achieve total returns of 12% to 15% per

annum. We propose to do this in two ways:

BUILD OUT CURRENT

OPERATING GROUPS

• Globalizing data infrastructure businesses

• Growing toll road footprint

• District energy roll-up

• Transmission

BUY FOR VALUE

• Energy infrastructure

• Capital-constrained companies

27

Utilities Segment

Regulated or contracted businesses which earn a return on asset base

271) As at and for the 12 months ended December 31, 2019, US$ millions, unless otherwise noted; refer to the Quarterly Supplemental Information at December 31, 2019.

PROFILE

Regulated Distribution

• ~6.6 million electricity and natural gas connections and ~1.3 million acquired smart

meters

Regulated Transmission

• ~2,700 km of regulated natural gas pipelines in North and South America

• ~2,200 km of transmission lines in North and South America

• ~3,600 km of greenfield electricity transmission developments in South America

Regulated Terminal

• Australian-based terminal forming a critical component of the global steel

production supply chain

KEY ATTRIBUTES

• Stable revenues supported by long-term contracts, with inflation-linked

growth (~80% of FFO has no volume risk)

• Strong free cash flow generation through regulated or contractual frameworks

• Diversity across regulatory regimes

KEY FINANCIAL METRICS1

$2,178Partnership

Capital

$5,116 Rate Base

12% Return on

Rate Base

28

Utilities Segment (cont’d)

28

2015 2019 Next 5 Years 2015 2019 Next 5 Years 2015 2019 Next 5 Years

ORGANIC GROWTH

1) EBITDA on a same store, constant-currency basis.

2) Estimates constitute forward-looking information. Refer to Notice to Readers on page 2.

3) Presented net of interest savings associated with the 2016 regulatory rate reset.

13%CAGR1

7%CAGR1

-2%

CAGR1

2%

CAGR1

Regulated Distribution Regulated Transmission Regulated Terminal3

Cash Flows Indexed to Inflation • ~90%

Internally Funded Growth Capex

(2-3 year pipeline)

• ~$1.0 billion of planned investments expected to

generate earnings in-line with current return on rate base

(Estimate)2 (Estimate)2 (Estimate)2

7%CAGR1

8%CAGR1

29

Transport Segment

Systems that provide transportation for freight, bulk commodities and passengers


2) Adjusted EBITDA is defined as FFO excluding the impact of interest expense and other income or expenses; for the 12 months ended December 31, 2019.

PROFILE

Railroads

• Sole rail network provider in the south of Western Australia with ~5,500 km of track

• ~4,800 km rail network in Brazil

• 116 short line freight railroads, comprising over 22,000 km of track in North America

and Europe

Toll Roads

• ~4,000 km of motorways in Brazil, Chile, Peru and India

• Combination of urban & interurban roads; benefit from traffic growth & inflation

Ports

• 13 terminals in North America, U.K. and Australia

• One of the U.K.’s largest port services providers

KEY ATTRIBUTES

• High barriers to entry with few substitutes in respective markets

• Diversification mitigates impact of fluctuations in demand from any one sector or

customer

• Stable source of cash flows; ~85% of revenues have tariffs supported by long-term

contracts or regulation (~30% has no volume risk)


52%

Adjusted

EBITDA Margin2

$3,991Partnership

Capital

30

Transport Segment (cont’d)

30

2015 2019 Next 5 Years2015 2019 Next 5 Years2015 2019 Next 5 Years

ORGANIC GROWTH



Railroad Toll Roads Ports

(Estimate)2(Estimate)2 (Estimate)2

5%CAGR1

5%CAGR1

8%CAGR1

16%CAGR1

6%CAGR1

15%CAGR1

Revenues Indexed to Inflation • Rail 65%; Toll Roads 100%; Ports 35%

Volume Growth • Increased heavy traffic levels at Brazilian toll roads and

agricultural demand at Brazilian rail

• Volume growth broadly in-line with local GDP at port, rail and

toll road businesses


(2-3 year pipeline)

• ~$540 million of planned investments expected to generate

returns in-line with 12-15% target

31

Energy Segment

Systems that provide energy transmission, distribution and storage services



PROFILE

Natural Gas Midstream Operations

• ~16,500 km of natural gas transmission pipelines, primarily in the U.S.

• 600 billion cubic feet of natural gas storage in the U.S. and Canada

• 19 natural gas processing plants with ~3.3 Bcf per day of total processing capacity

and ~3,550 km of raw gas gathering pipelines in Canada

Distributed Energy Operations

• Delivers ~3.2 million pounds per hour of heating and 305,000 tons of cooling

capacity

• ~1.6 million long-term residential infrastructure customers in North America

• Delivers ~300,000 contract sub-metering services within Canada

KEY ATTRIBUTES

• High barriers to entry with few substitutes in respective markets

• Revenues generated under long-term contracts with varying

durations (~65% of FFO has no volume risk)

• Well-positioned to benefit from increases in demand for energy


51% Adjusted

EBITDA Margin2

$3,128Partnership

Capital

32

Energy Segment (cont’d)

32

2015 2019 Next 5 Years2015 2019 Next 5 Years

ORGANIC GROWTH



(Estimate)2 (Estimate)2

Distributed Energy Natural Gas Midstream

11%CAGR1

10%CAGR1

6%CAGR1

Revenues Indexed to Inflation • Natural Gas Midstream ~35%; Distributed Energy customer

contracts ~90%

Volume Growth Drivers • Transmission & Distribution pipeline to benefit from new

contracts and higher gas transport volumes


(2-3 year pipeline)

• ~$265 million of natural gas midstream investments and

~$195 million of distributed energy investments expected

to generate returns in-line with 12-15% target

9%CAGR1

33

Data Infrastructure Segment

Provides essential services and critical infrastructure to transmit and store data

globally



PROFILE

Data Transmission & Distribution

• ~7,000 multi-purpose towers and active rooftop sites in France

• ~2,100 active telecom towers and 70 distributed antenna systems in the U.K.

• 10,000 km of fiber backbone located in France and Brazil

• ~1,600 cell sites and over 10,000 km of fiber optic cable in New Zealand

Data Storage

• 51 data centers with ~1.6 million square feet of raised floors and 176 megawatts

of built critical load capacity

KEY ATTRIBUTES

• Stable, inflation-linked cash flows underpinned by long-term contracts with

large, prominent customers (EBITDA derived from availability-based contracts)

• Strong free cash flow generation within contractual framework

• Well-positioned to capture increases in data consumption


52%

Adjusted

EBITDA Margin2

$1,318Partnership

Capital

34

Data Infrastructure Segment (cont’d)

34

ORGANIC GROWTH



Revenues Indexed to Inflation • ~80%

Market Dynamics • Mobile network operators expected to sell towers to raise

capital to invest in emerging technologies


(2-3 year pipeline)

• ~$195 million of planned investments expected to

generate returns in-line with 12-15% target

2019 Next 5 Years2015 2019 Next 5 Years(Estimate)2 (Estimate)2

Data StorageData Transmission & Distribution

20%CAGR1

8%CAGR1

4%CAGR1

Appendix II: Corporate Structure and Governance

35

Indicative Corporate Structure

36

1. BAM ownership figures as of December 31, 2019.

2. Economic ownership interest on a fully diluted basis.

3. Portfolios of fixed income and equity securities managed on behalf of clients.

4. Includes Oaktree and other alternative investments. Oaktree also has real estate and infrastructure products.

Brookfield Asset Management(NYSE:BAM)

Infrastructure

Real Estate

Real Estate

Real Estate

Brookfield

Property

Partners

(NASDAQ: BPY)

51%2

Sustainable

Resources

Renewable Power

Brookfield

Renewable

Partners

(NYSE: BEP)

61%

Infrastructure

Infrastructure

Brookfield

Infrastructure

Partners

(NYSE: BIP)

30%

Real Asset

Credit

Private Equity

Private Equity

Brookfield

Business

Partners

(NYSE: BBU)

63%

Credit

Credit4

Credit

Oaktree

(Private 61%)

PUBLIC

SECURITIES3

BUSINESSES

PRIVATE

FUNDS

AFFILIATES1

Governance

37

• 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 (Master Limited Partnership (MLP) structure)

‒ 15% participation by Brookfield in distributions over $0.203 per unit per quarter

‒ 25% participation by Brookfield in distributions over $0.220 per unit per quarter

• Brookfield Infrastructure’s general partner has a majority of independent directors

• Brookfield Infrastructure’s governance is structured to provide significant alignment of

interests with its unitholders

SENIOR MANAGEMENT TEAM

Sam Pollock Chief Executive Officer

Bahir Manios Chief Financial Officer

Ben Vaughan Chief Operating Officer

Favourable Structure Relative to MLPs

Brookfield Infrastructure is committed to structuring its operations

to avoid generating UBTI and ECI

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1) MLP is a Master Limited Partnership.

2) Not all MLPs are the same. This represents Brookfield’s understanding of common features with these types of vehicles.

3) UBTI is unrelated business taxable income.

4) ECI is effectively connected income.

5) Source: Management estimates based on Barclays Capital Master Limited Partnerships MLP Trader Weekly.

• Brookfield Infrastructure is a Bermuda-based publicly traded partnership that owns

holding corporations in the U.S., Canada and other jurisdictions

• Comparison of MLP1 versus Brookfield Infrastructure:

BROOKFIELD INFRASTRUCTURE MLP2

Type of entity Publicly traded partnership Publicly traded partnership

UBTI3 No Yes

ECI4 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 flow5

Incentive distributions 25% maximum 50% maximum

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