Brookfield Infrastructure Partners

INVESTOR DAY

SEPTEMBER 26 , 2019

2

Agenda

2019 – A Quick RecapSam Pollock, Managing Partner & CEO

3

Debt Capital Markets StrategyHadley Peer Marshall, Managing Director, Infrastructure

14

BIP: A Must-Own Utility InvestmentBahir Manios, Managing Partner & CFO

26

Expanding Our Investor BaseSam Pollock, Managing Partner & CEO

45

3

2019 – A Quick Recap

Sam Pollock

Managing Partner & CEO

4

2019 has been a very successful year

Delivered robust financial performance

Maintained healthy balance sheet

Executed strategic priorities

Unit price reached all-time highs

5

June 2018 run-rate Mid-year run-rate 2019 exit run-rate Q1 2020 run-rate

FFO/unit

Added investments contributing to stronger FFO

1. Three months ended June 30, 2018 annualized.

2. Six months ended June 30, 2019 annualized.

3. Reflects a full year contribution from investments secured in 2018.

4. Reflects contribution from transactions secured in 2019 and announced capital recycling initiatives.

$3.00$3.46

~$3.75

On-track to deliver substantial increase in run-rate FFO per unit

17%

1 2 3

~$3.50

25%

4

6

Maintained solid financial position

$3 billion of total liquidity

No significant debt maturities in next five years

BBB+ credit rating and 25x corporate interest coverage

7

$1.0BSALE

PROCEEDS1

17%IRR2

2.5xMULTIPLE OF

CAPITAL2

Executed strategic priorities

1. Includes the completed or secured sales of a partial stake in the Chilean Toll Road, European Ports, Colombian Regulated Electricity Distribution and Australian District

Energy businesses.

2. The European port, sold in Q2’19, and secured sale of the Australian District Energy business, were not included in the referenced metrics. These assets were

underwritten as part of a larger transaction composed of several assets (Prime Infrastructure) and therefore returns should only be viewed across the original portfolio of

assets acquired.

Selling four mature assets in the transport, energy and utilities sectors:

8

Executed strategic priorities (cont’d)

1. Transactions subject to customary conditions to completion.

Targeting to invest $1.3 billion into four high-quality businesses1

Redeploying proceeds into higher returning businesses:

$600MINDIAN TELECOM

TOWERS1

NEW ZEALAND DATA

DISTRIBUTION

$500MNORTH

AMERICAN RAIL1

$150MNORTH AMERICAN

GAS PIPELINE 1

9

Acquired leading data infrastructure business in New Zealand

• High-quality data distribution business

• Nationwide wireless and fiber network

• ~2.5 million customers

• BIP’s equity: ~$200 million

$2.3BENTERPRISE VALUE

New Zealand Data

Distribution Business

10

Take-private of irreplaceable transportation network

1. Subject to customary conditions to completion.

• Largest short-haul rail operator in North

America

• ~26,000 km of track

• Diversified across commodity groups with

3,000+ customers

• BIP’s equity: ~$500 million

$8.4BENTERPRISE VALUE

North American Rail

Business1

11

• Co-controlling interest in two operational

natural gas pipelines

• 740 km of newly-constructed assets

• No volume or commodity price risk

• Fully-contracted under long-term, take-or-

pay arrangement

• U.S. dollar contracts and shippers

• BIP’s equity: $150 million

Secured critical energy infrastructure in Mexico

1. Subject to customary conditions to completion.

$3.2BENTERPRISE VALUE

North American

Regulated Gas Pipeline1

12

Entered exclusivity for a large-scale Indian telecom tower portfolio

1. Subject to customary conditions to completion.

2. Master Services Agreement.

• Bilateral arrangement for corporate carve-out

• ~130,000 communication towers

• 30-year MSA2 with anchor customer

• BIP’s equity – ~$400 million

$7.9BENTERPRISE VALUE

Indian Telecom Towers

Business1

13

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

BIP (NYSE) S&P 500 Index DJB Global Infra Index S&P Utilities Index Alerian MLP Index

Continued to deliver long-term value for unitholders

1. BIP (NYSE) returns since Jan 2008; BIP.UN (TSX) returns since Sept 2009.

Annualized total returnsAs at September 20, 2019 1 YEAR 3 YEAR 5 YEAR

SINCE

INCEPTION1

BIP 29% 18% 18% 18%

BIP.UN 33% 18% 22% 26%

14

Debt Capital Markets Strategy

Hadley Peer Marshall

Managing Director, Infrastructure

15

Financing costs at historically low levels

Debt markets are extremely liquid

Increased investor appetite for infrastructure debt

New financing options

Credit market conditions are creating opportunities

16

Despite increased access to credit markets, we remain disciplined

Brookfield Infrastructure is focused on:

Balance sheet protection

vs.

Cost of capital arbitrage

17

• Term Loan B

• High Yield Bonds

• Private Debt Capital

• Project Finance Bank Lending

• Investment Grade Bonds

1

2

3

4

There are several ways to finance infrastructure assets

5

18

Unprecedented low all-in cost for borrowers

Credit spreads have not offset continued decline of U.S. Treasury rates

Source: Bloomberg – BBB Corporate Spreads.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10-Year Treasury BBB Corporate Spread

2002 2019

19

Debt activity is at record levels

Search for yield has led to ample supply across credit markets with noticeable

growth in non-investment grade lending

1. Institutional Term Loan B market includes all U.S. leverage loan market issuance.

Source: J.P. Morgan, S&P Global Market Intelligence.

-

500

1,000

1,500

2,000

2,500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

US

$B

U.S. I.G. Corp Bonds U.S. High Yield Bonds Institutional Term Loan B Project / Infrastructure Debt1

20

Leverage and covenant-lite debt exceeds financial crisis levels

Source: S&P Global Market Intelligence; Large Corp LBOs; non-adjusted.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

(2.50)

(2.00)

(1.50)

(1.00)

(0.50)

-

0.50

1.00

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

% o

f In

stitu

tio

na

l L

oa

ns

An

nu

al C

ha

nge

in S

en

ior

Deb

t / E

BIT

DA

Incremental turns of leverage Covenant-Lite

21

Despite bull market conditions, we

continue to employ a highly disciplined

and conservative approach to

financing our business

22

Our conservative approach

Maintain strong

liquidity levels1Resiliency through

economic cycles2

Unrestricted cash

flows to investors

3

Continued access to

multiple sources of

capital

4

5Flexibility to

achieve operating

and growth plans

23

North American rail business1

Secured covenant-lite financing at attractive terms, with a leverage profile

that ensures ongoing access to a variety of financing sources

BROOKFIELD

INFRASTRUCTURE

~$2.6BUNDERWRITTEN

FINANCING OBTAINED

~4.25x DEBT / EBITDA

AVAILABLE

FINANCING

~$4.0BUNDERWRITTEN

FINANCING AVAILABLE

>6.50xDEBT / EBITDA

1. Transaction subject to customary conditions to completion.

24

AVAILABLE

FINANCING

Western Canadian midstream business1

Structured flexible financing package for a highly-contracted business with a

stronger credit profile, relative to virtually all other N.A. midstream leveraged

loans

1. Transaction subject to customary conditions to completion.

2. Fully committed for both transaction closings.

~$1.5B2

UNDERWRITTEN

FINANCING OBTAINED

<4.0x TARGET DEBT/EBITDA

~$2.5BUNDERWRITTEN

FINANCING AVAILABLE

~6.25xDEBT / EBITDA

BROOKFIELD

INFRASTRUCTURE

25

To summarize

Strong investor appetite for infrastructure debt1Historically lowest cost credit available2Disciplined and consistent approach to financing structures3

26

BIP: A Must-Own Utility Investment

Bahir Manios

Managing Partner & CFO

27

What makes BIP a must-own utility?

1Security of

cash flows

2Outsized growth

relative to peers

3Attractive relative

valuation

28

1Our business generates

high-quality cash flows

Stable Underlying Cash Flows

High Margins and Strong Cash Conversion

Highly Diversified Business

Recession Resistant Attributes

i

ii

iii

iv

29

Stable and resilient cash flows

Regulatory frameworks and contracted capacity underpin our steady, predictable

cash flows

1. As of June 30, 2019.

95% REGULATED OR

CONTRACTED1

i

30

$1.5B

$1.9B

2017 2018 2019

Adjusted EBITDA

$1.3B

$1.6B

2017 2018 2019

Unlevered Net Cash Flow

2019 EBITDA MARGINS1 OF

55%AND GROWING

Operations supported by strong margins and cash conversion ratios

Serving as a cushion against macro headwinds

1. Metrics are annualized using Q2-19 financial data.

2019 CASH CONVERSION1

87%

1 1

ii

31

Cash flows are highly diversified

(A) By sector1

1. Presented using annualized Q2-19 YTD financial data and includes secured transactions that have not closed such as the North American Rail, North American Natural

Gas Pipeline and Indian Telecom businesses.

25% ENERGY

(2018 – 18%)

32% UTILITIES

(2018 – 40%)

30% TRANSPORT

(2018 – 37%)

13% DATA

(2018 – 5%)

iii

32

Cash flows are highly diversified (cont’d)

(B) and by region1

1. Presented using annualized Q2-19 YTD financial data and includes secured transactions that have not closed such as the North American Rail, North American Natural

Gas Pipeline and Indian Telecom businesses.

EUROPE

20%

SOUTH AMERICA

25%

Utilities

Transport

NORTH AMERICA

30%

Energy

Data infrastructure

ASIA PACIFIC

25%

iii

33

-

5

10

15

20

25

30

35

Utilities Transport Energy Data

% of Adjusted FFO1

Regulated/Contracted Volumes GDP Sensitive

Recession resistant characteristics

Majority of GDP sensitive cash flows in Transport segment

1. Presented using annualized Q2-19 YTD financial data and includes secured transactions that have not closed such as the North American Rail, North American Natural

Gas Pipeline and Indian Telecom businesses.

%

%

%

%

%

%

%

iv

%

34

FFO1 Sensitivity (in US$ millions)

Transport FFO represents ~30% of pro-forma FFO $490

~40% of our Transport FFO is volume and rate agnostic (205)

~40% of our current Transport FFO is generated in Brazil (200)

Recession-sensitive FFO $85

% of Total BIP FFO 5%

1. Presented using annualized Q2-19 YTD funds from operations prior to corporate expenses.

Recession resistant characteristics (cont’d)iv

Impact on FFO from a possible global recession is insignificant

35

Our business also delivers

higher growth relative to a

traditional utility

2

36

FFO/UNIT

GROWTH

INFLATIONARY

PRICE INCREASES

75% of EBITDA

indexed to inflation

3-4%

VOLUME UPSIDE

FROM GDP

GROWTH

Contracted volumes

provide a floor, current

capacity offers

significant upside

1-2%

CASH FLOWS

REINVESTED

Over $2 billion of

capital backlog over

the next three years

2-3%

Well-positioned for sustainable organic growth

Multiple sources of recurring growth embedded in our businesses

6-9%

37

Significant growth from inflation and volumes

1. Same-store EBITDA presented for businesses owned and acquired between 2013 and 2018, after adjusting for capital recycling program.

2. Presented using annualized Q2-19 YTD results.

2013 2014 2015 2016 2017 2018 2019

Utilities Transport Energy Data Infra

‘Same-store’ Constant-Currency EBITDA

(US$ millions)

6%

CAGR

$1,269$1,343

$1,419$1,480

$1,573$1,670

1

$1,752

38

$275 $324 $326

$388 $411 $412

$1,100

2014 2015 2016 2017 2018 2019F Capital to beCommissioned

Highly visible growth from recurring, low-risk capital projects

1. Represents Q2’19 annualized financial data.

2. Presented as of June 30, 2019.

2

Growth Capital Invested

(US$ millions)

1

39

• South American electricity transmission build-out

• Smart meter adoptions and installations

• U.S. natural gas pipeline capacity increase

• Data center rollout in South America and Asia Pacific

1

2

3

4

Meaningful large-scale expansions underway

40

Attractive current valuation

relative to historic levels and

peer group

3

41

Attractive entry point compared to recent years

1. Presented on a next twelve-month basis using annualized Q2’19 YTD financial data, the mid-point of our organic growth target (7%) and pro-forma completed and

secured transactions.

2. Based on volume-weighted average price.

While our business keeps getting better

(in US$ millions, unless otherwise noted) 2017 2018 20191

AFFO $ 941 $ 982 $ 1,342

Return of Capital (68) (87) (106)

$ 873 $ 895 $ 1,236

Units Issued 376.8 395.4 418.1

Per share $ 2.32 $ 2.26 $ 2.96

Price-to-AFFO2 17.5x 17.5x 16.1x

42

And it trades at a discount to its peers

1. Presented on a next twelve-month basis.

2. Reflects annualized Q2’19 levels.

3. S&P 500 Utilities index measured using Price/Earnings.

4. S&P 500 Utilities index presented using EV / next twelve months EBITDA.

BROOKFIELD

INFRASTRUCTURE

PARTNERS

16xPRICE / AFFO1

15xEV / EBITDA2

S&P 500

UTILITIES INDEX

20xEARNINGS MULTIPLE3

20xEV / EBITDA4

43

Summary

Peer data presented above based on the S&P 500 Utilities index.

4.2%

7-9%

HighLow

4%

3.2%

BIPPeers

DIVIDEND YIELD

DIVIDEND GROWTH

DEGREE OF DIVERSIFICATION

44

Security Growth “Grow-tility”

45

Expanding Our Investor Base – Introducing BIPC

Sam Pollock

Managing Partner & CEO

46

Making Brookfield Infrastructure available to more investors!

Brookfield Infrastructure Partners L.P. (“BIP LP”)

is a category leader, with an exceptional business

and financial profile;

However…

we believe there remains an untapped market

of investors

47

We are launching Brookfield

Infrastructure Corporation (“BIPC”)

Structured with the intention of being

economically equivalent to BIP Units

48

BIP LP unitholders will receive

one (1) share of BIPC for every nine (9) units of BIP LP

Transaction overview

1. Subject to stock exchange and regulatory approvals.

NYSE: BIPC1 TSX: BIPC1

BIPC will be a publicly-listed Canadian corporation, created via an effective

stock split

We expect to complete the special distribution in the first half of 20201

49

Shares of BIPC intend to have the same economics as BIP LP units

Identical

dividends/distributions

Exchangeable to BIP LP

units at any time

We expect BIPC shares and BIP LP units will be considered

equivalent as a result of these attributes

50

We see many benefits in establishing BIPC

Broader index inclusion

Tax advantages for some

Expanded investor base

BIPCLISTED

CORPORATION

51

Pre-split

Unrestricted AUM LP Restricted AUM

Expanded investor base

Opportunity to attract new investors that would not otherwise invest in limited

partnerships due to tax reporting or other reasons

BIPC is expected to expand our universe of

potential investors

• U.S. retail investors

• Index funds / Exchange traded funds

• Active money managers

• Additional indices

• European investors

52

Broader index inclusion

1. Based on preliminary analysis, and subject to approval by index committees.

Today, BIP LP’s most

notable index

memberships include:

S&P/TSX Composite Index

S&P/TSX 60 Index

BIPC shares should be

eligible for inclusion into

additional indices

Russell Indices1

MSCI Indices1

53

Tax advantages

BIPC investors will receive:

Higher after-tax yield

(certain investors)

Dividends are expected to be

qualified for U.S. investors

U.S. federal tax rate of

24% vs. 41%

“Eligible” dividends for

Canadian investors

Common dividend

reporting slips

Annual Form 1099 (U.S.)

Annual Form T5 (Canada)

54

How will this stock split work?

BIPC will be created via a stock split with an initial market capitalization of ~$2B

1. Redeemable Partnership Units held by Brookfield Asset Management.

Figures calculated based on NYSE unit price of $47.70 at September 20, 2019.

Should have no impact on Brookfield Infrastructure’s combined market cap

PRE-SPLIT POST-SPLIT

Units/Share Market Cap Units/Shares Market Cap

BIP LP 295 $ 14,072 295 $ 12,673

BIPC - - 46 1,976

RPUs1 122 5,819 122 5,241

Total 417 $ 19,891 463 $ 19,891

55

BIPC:

Questions You May Have

56

Why are we not implementing a full conversion?

Allows us to issue

preferred units at a

lower cost of capital

Provides Canadian

unitholders with higher

current after-tax yields

More cost-effective way

to hold investments

in certain jurisdictions

The continued existence of BIP LP alongside BIPC

provides three key advantages:

57

Is the BIPC float large enough?

• Estimated initial market float of $2 billion

• Investment decisions into BIPC should take into account size of the whole

organization (~$20 billion market cap)

• BIPC is expected to grow over time with:

‒ Follow-on equity issuances

‒ Potential for additional splits similar to this one

• Liquidity concerns mitigated through exchange mechanism

58

FFO

• No change

• BIP LP through its control of BIPC will consolidate

results going forward

NAV • No change on combined basis

Market Cap • No change on combined basis

Dividends/Distributions • No change on combined basis

Fees to BAM • No change on combined basis

What is the expected impact on BIP financial statements and metrics?

59

BIPC expected to have minimal impact on Brookfield Infrastructure

No incremental tax

consequences1No change in

management oversight

or governance2No impact to credit

ratings expected3

Immaterial admin

costs to maintain4Minimal financial

reporting implications5

60

Outlook

61

The outlook for our business in 2020 is strong

1. Long-term same-store, constant-currency growth target.

Expect same-store

growth at high end of

6-9%

New businesses will

contribute average

initial FFO yield of

~12%

1 2

1

62

Significant opportunities in data infrastructure and energy in North America

and Europe

Expertise and ability to execute many types of transactions

‒ Contrarian investments

‒ Carve-outs

‒ Take-privates

‒ Restructurings

Robust pipeline of new investments

Global franchise provides us flexibility to transact throughout all market cycles

63

Priorities – looking ahead

Close secured investments1Progress next phase of capital recycling plans2Execute on robust pipeline of opportunities 3

64

Takeaways

In a low interest

rate environment,

BIP is remaining

disciplined

BIP is a

“grow-tility”

providing investors

growth and security

BIPC will increase

our universe of

investors in 2020

65

Q & A

66

Notice to Recipients

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, 2019.

DISCLAIMER

This presentation has been prepared for informational purposes only from information supplied by Brookfield Infrastructure and from third-party sources indicated herein. Such third-party information has notbeen independently verified. Brookfield Infrastructure makes no representation or warranty, expressed or implied, as to the accuracy or completeness of such information.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This presentation contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable U.S. and Canadiansecurities laws. The words “expect”, “estimate”, “anticipate”, “plan”, “believe”, “seek”, “intend”, “forecast”, “project”, “target” or derivatives thereof and other expressions which are predictions of or indicate futureevents, trends or prospects and which do not relate to historical matters identify the above mentioned and other forward-looking statements and information. Forward-looking statements and information in thispresentation include statements regarding the creation of Brookfield Infrastructure Corporation (“BIPC”) and the future performance and prospects of BIPC and Brookfield Infrastructure following the specialdistribution of BIPC’s shares, including anticipated benefits associated with the creation of BIPC such as BIPC’s ability to attract new investors, BIPC’s eligibility for index inclusion and tax advantages relating toBIPC; BIPC’s impact on Brookfield Infrastructure; expansion of Brookfield Infrastructure’s business; growth in FFO (as defined below); participating in a growing asset class; the likelihood and timing ofsuccessfully completing the transactions and other initiatives referred to in this presentation; the integration of newly acquired businesses into our existing operations; the future prospects and financing of theassets that Brookfield Infrastructure operates or will operate; commissioning of our capital backlog; availability of investment opportunities; our intention to maintain an investment grade credit rating; thecontinued growth of Brookfield Infrastructure and its businesses in a competitive infrastructure sector; future revenue and distribution growth prospects in general and other statements with respect to ourbeliefs, outlooks, plans, expectations and intentions. These forward-looking statements and information are not historical facts but reflect our current expectations regarding future results or events and arebased on information currently available to us and on assumptions we believe are reasonable. Although we believe that our anticipated future results, performance or achievements expressed or implied bythese forward-looking statements and information are based on reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information becausethey involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to differ materially from anticipated future results,performance or achievements expressed or implied by these forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events orfactors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially fromthose expressed in the forward-looking statements and information herein.

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 conditions in thejurisdictions in which we operate and elsewhere which may impact the markets for our products and services, the ability to achieve growth within Brookfield Infrastructure’s businesses and in particularcompletion on time and on budget of various large capital projects, which themselves depend on access to capital and continuing favorable commodity prices, the impact of market conditions on ourbusinesses, the fact that success of Brookfield Infrastructure is dependent on market demand for an infrastructure company, which is unknown, the performance of global capital markets, the availability andterms of equity and debt financing for Brookfield Infrastructure, the ability to effectively complete transactions in the competitive infrastructure space (including the ability to complete announced and potentialtransactions that may be subject to conditions precedent, and the inability to reach final agreement with counterparties to transactions being currently pursued, given that there can be no assurance that anysuch transaction will be agreed to or completed) and to integrate acquisitions into existing operations, the future performance of these acquisitions, the market conditions of key commodities, the price, supply ordemand for which can have a significant impact upon the financial and operating performance of our business, changes in technology which have the potential to disrupt the business and industries in which weinvest, uncertainty with respect to future sources of investment opportunities, our ability to achieve the milestones necessary to deliver the targeted returns to our unitholders, our active pipeline of newinvestment opportunities and growing backlog of committed organic growth capital expenditure projects may not be completed as planned, and other risks and factors described in the documents filed byBrookfield Infrastructure Partners L.P. (the “Partnership”) with the securities regulators in Canada and the United States including under “Risk Factors” in the Partnership’s most recent Annual Report on Form20-F, its most recent interim report, and the prospectus qualifying the special distribution of BIPC’s shares. The creation of BIPC is subject to stock exchange and regulatory approvals that have not yet beenreceived and there can be no assurances that the stock exchanges on which BIPC intends to apply to list its shares will approve the listing of BIPC’s shares or that BIPC will be included in any indices. Exceptas required by law, Brookfield Infrastructure undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events orotherwise.

A registration statement (including a prospectus) has been filed with the SEC for the special distribution. You should read the prospectus in that registration statement and other documents the BrookfieldInfrastructure and BIPC have filed with the SEC for more complete information about the special distribution. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov.Alternatively, a copy of the prospectus can be sent to you at no cost if you request it by contacting bip.enquiries@brookfield.com.

IMPORTANT NOTE REGARDING NON-IFRS FINANCIAL MEASURES

To measure performance we focus on net income as well as funds from operations (“FFO”), adjusted funds from operations (“AFFO”), adjusted EBITDA, rate base, return on rate base, adjusted EBITDA tointerest ratio, consolidated leverage, corporate interest coverage, constant currency basis and adjusted EBITDA margin, which we refer to throughout this presentation. We define FFO as net income excludingthe impact of depreciation and amortization, deferred income taxes, breakage and transaction costs and non-cash valuation gains or losses. We define AFFO as FFO less maintenance capital expenditures. Wedefine adjusted EBITDA as net income excluding the impact of depreciation and amortization, interest expense, current and deferred income taxes, breakage and transaction costs and non-cash valuation gainsor losses. We define rate base as a regulated or notionally stipulated asset base. We define return on rate base as adjusted EBITDA divided by time weighted average rate base. We define adjusted EBITDA tointerest ratio as adjusted EBITDA divided by interest expense on a proportionate basis, taking into account Brookfield Infrastructure’s ownership in operations. We define consolidated leverage as net debtdivided by net debt plus the market value of Brookfield Infrastructure based on the closing price of Brookfield Infrastructure’s units on the New York Stock Exchange (assuming full conversion of Brookfield’sinterest in Brookfield Infrastructure into units of Brookfield Infrastructure). We define corporate interest coverage as AFFO plus interest expense incurred on corporate debt divided by interest expense incurredon corporate debt. We define constant currency basis as current period earnings translated at prior period foreign exchange rates which allows the Partnership to remove the impact of changes in rates fromour operating results. We define adjusted EBITDA margin as adjusted EBITDA divided by revenues. These measures are not calculated in accordance with, and do not have any standardized meaningprescribed by International Financial Reporting Standards (“IFRS”). These measures are therefore unlikely to be comparable to similar measures presented by other issuers. These measures have limitationsas analytical tools. See the Reconciliation of Non-IFRS Financial Measures section of the Partnership’s most recent Annual Report on Form 20-F and most recent interim report for a more fulsome discussionincluding reconciliations to the most directly comparable IFRS measures.

Brookfield Infrastructure Partners

INVESTOR DAY

SEPTEMBER 26 , 2019