16 June 2017 Americas/Canada Equity Research Infrastructure Brookfield Infrastructure

Partners LP (BIP.N) Rating (from NEUTRAL) OUTPERFORM Price (14-Jun-17, US$) 39.43 UPGRADE RATING Target price (US$) (from 40.00) 44.00 52-week price range (US$) 40.91 - 27.91 Market cap (US$ m) 9,606.72 A Tactical Trade; Upgrade to Outperform on Target price is for 12 months. Index Inclusion Potential and Organic Re-Rate Research Analysts Andrew M. Kuske ■ A Timing Trade: We upgrade Brookfield Infrastructure Partners, LP (BIP) to 416 352 4561 [email protected] Outperform from the previous Neutral and increase our target price to US$44 Paul Tan from the prior US$40 in light of some tactical issues. In addition, we believe a 416 352 4593 solid fundamental organic growth story is underappreciated which is poised [email protected] to deliver value. Simply, the near-term issues revolve around two factors: (a) potential index inclusion; and, (b) NTS economics. We do not believe the full extent of these issues is appreciated by the market (albeit index potential may be creeping in). Longer-term, we continue to believe the fundamental organic growth story is not appreciated versus BIP's historical M&A bias. ■ Index inclusion: With the S&P/TSX undergoing a consultation process for selected index criteria, the potential inclusion of BIP in the Composite is likely to have a meaningful impact on unit demand around the Q3 index revision. At that time, BIP would look to join the other Brookfield siblings (namely Brookfield Renewable and Brookfield Properties) in the Composite as a top 40 float weighted name which creates a tactical trade. ■ Investment Thesis: We continue to believe BIP's organic asset base growth underpins an attractive network story. That visibility should be regarded as a positive and enabling a significant high-grading of M&A opportunities. ■ Valuation: Based on a number of model revisions (NTS timing and returns) and valuation changes, our target price increased to US$44 from the prior US$40. Using 2018 forecasts, that target is obtained, in part, with a NAV approach and an implied 4.45% distribution yield (165bps spread on an assumed 2.8% US 10-year bond yield). We upgrade BIP to Outperform from the prior Neutral rating. We adjusted our estimates. Risks to our target and rating include: regulatory processes; structural issues; currency movements; and, operational issues. Share price performance Financial and valuation metrics

4 5 Year 12/16A 12/17E 12/18E 12/19E EPS (CS adj.) (US$) 1.12 1.67 2.57 2.60 4 0 Prev. EPS (US$) - 1.94 2.14 2.15 3 5 P/E (x) 35.1 23.6 15.4 15.2 3 0 P/E rel. (%) 173.9 129.1 94.0 102.3 2 5 Revenue (US$ m) 2,115.0 3,313.5 3,808.1 4,015.3 Ju l- 1 6 O ct - 1 6 Jan - 1 7 A p r - 1 7 EBITDA (US$ m) 886.0 1,672.5 2,014.4 2,090.2 OCFPS (US$) 2.17 3.36 4.15 4.20 BIP.N S& P 5 0 0 IN D EX P/OCF (x) 15.4 11.7 9.5 9.4 On 14-Jun-2017 the S&P 500 INDEX closed at 2437.92 EV/EBITDA (current) 19.6 10.4 8.6 8.3 Daily Jun14, 2016 - Jun14, 2017, 06/14/16 = Net debt (US$ m) 7,540 9,134 9,143 9,093 US$29.233347950000002 ROIC (%) 2.48 5.75 7.36 7.65

Quarterly EPS Q1 Q2 Q3 Q4 Number of shares (m) 243.64 IC (current, US$ m) 17,184.00 2016A 0.17 0.39 0.16 0.40 BV/share (Next Qtr., US$) 17.6 EV/IC (x) 1.0 2017E -0.03 0.53 0.59 0.58 Net debt (Next Qtr., US$ m) 9,120.9 Dividend (current, US$) 1.74 2018E 0.63 0.64 0.65 0.65 Net debt/tot eq (Next Qtr.,%) 92.9 Dividend yield (%) - Source: Company data, Thomson Reuters, Credit Suisse estimates

DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. 16 June 2017

Our upgrade to Outperform is largely tactical, but also has several longer-term factors. The report is divided into three parts: Upgrade to Outperform ■ Near-Term Performance Potential; ■ The Controversies; and, ■ Valuation. Each of these areas is addressed in detail below. Near-term Performance potential Our upgrade of Brookfield Infrastructure Partners to Outperform from the previous Neutral is based largely on a few near-term tactical issues. Clearly, there is fundamental re-rating potential on a longer-term basis, but this upgrade is more tactical in nature. These issues are addressed under three headings: ■ Index potential; ■ A Plentiful Pipeline; and, ■ Organic growth re-rating. In order of potential market timing, each of these areas is addressed below. Index potential Ending inconsistent From our standpoint, one of the more perplexing issues associated with BIP has been the index treatment? lack of an index presence – especially versus a couple of the other Brookfield entities. We obviously defer to the expertise of our Index team, but on a very simple basis BIP's index inclusion in the S&P/TSX Composite could result in meaningful incremental demand. Our view is based upon the following: ■ On May 5th, S&P put forth a consultation paper that, in our view, opens the door for the potential BIP inclusion and ending the inconsistent treatment of BIP versus Brookfield Renewable Partners and Brookfield Property Partners; ■ Very simply, S&P measured float turnover for the TSX related indices by considering the total number of shares traded on the Canadian venues divided by the float adjusted shares outstanding; ■ The proposal for comments looks to include the total number of shares traded on the US exchanges in the float turnover calculation for the inclusion criteria for the S&P/TSX Composite which should positively impact BIP; ■ Figure 1 illustrates the annual trading for BIP's units on the NYSE and the TSX from 2008 (the inception of BIP) to now; ■ The chart shows BIP's only listing at inception was the NYSE quite different than the comparative of Brookfield Renewable Partners (BEP) predecessor entity (Brookfield Renewable Power Fund (BRCun)); ■ BIP eventually added a TSX listing in 2009, but the skew of volume remained very NYSE centric until 2016; and, ■ In our view, that pivot point is rather important because of the previously inconsistent treatment by the index providers and the inclusion argument is further reinforced.

Brookfield Infrastructure Partners LP (BIP.N)2 16 June 2017

Figure 1: BIP historical trading volume

140,000,000 BIP (NYSE) BIP (TSX) 120,000,000

100,000,000 d e

d 80,000,000 a r t

Highlighting BIP's 2016 s t volume pivot point i 60,000,000 n U 40,000,000

20,000,000

- 7 8 9 0 1 2 3 4 5 6 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2

D T Y

Source: the BLOOMBERG PROFESSIONAL™ service

BEP and the predecessor BRCun has long been in the S&P/TSX Composite with a large skew of TSX volumes. We note that BEP's creation resulted in a NYSE listing on June 11, 2013 (note BEP's own data show some NYSE trading prior to that date – albeit minimal). With respect to BPY, we note the two following key pivots: ■ BPY's index inclusion may have been rather similar to that of BIP other than the LP's proposal to acquire Brookfield Office Properties (BPO) on September 30, 2013; ■ Following that announcement, BPY was included in the S&P/TSX Composite after the close of trading on March 27, 2014; and, ■ BPY's purchase of Brookfield Office Properties Inc. was completed on June 9th, 2014 and the volume began to skew to the TSX.

Figure 2: BEP historical trading volume Figure 3: BPY historical trading volume

80,000,000 BEP (NYSE) BEP (TSX) 140,000,000 BPY (NYSE) BPY (TSX) 70,000,000 120,000,000 60,000,000 100,000,000 d d e 50,000,000 e d d 80,000,000 a a r r t t

40,000,000 s s t t i i 60,000,000 n 30,000,000 n U U 40,000,000 20,000,000 10,000,000 20,000,000 - - 7 7 3 4 5 6 5 6 7 8 9 0 1 2 3 4 5 6 1 1 1 1 0 0 0 0 0 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

D D T T Y Y

Source: the BLOOMBERG PROFESSIONAL™ service Source: the BLOOMBERG PROFESSIONAL™ service

To provide a collective perspective, Figure 4 highlights the percentage of trading on the NYSE and the TSX for BIP, BEP and BPY.

Brookfield Infrastructure Partners LP (BIP.N)3 16 June 2017

Figure 4: Percentage of trading volumes (NYSE vs. TSX) BIP (NYSE) BIP (TSX) Total Units Traded BEP (NYSE) BEP (TSX) Total Units Traded BPY (NYSE) BPY (TSX) Total Units Traded 2008 100% 0% 38,259,650 2005 8% 92% 18,889,896 2013 62% 38% 69,518,353 2009 77% 23% 54,043,468 2006 5% 95% 13,535,789 2014 52% 48% 240,119,625 2010 59% 41% 87,554,316 2007 6% 94% 8,411,742 2015 36% 64% 124,519,812 2011 65% 35% 195,931,742 2008 13% 87% 9,995,974 2016 27% 73% 130,011,058 2012 67% 33% 168,606,043 2009 6% 94% 30,832,848 YTD 2017 32% 68% 57,220,000 2013 67% 33% 180,416,020 2010 3% 97% 43,605,655 2014 57% 43% 126,261,119 2011 2% 98% 62,077,655 2015 60% 40% 168,872,438 2012 3% 97% 44,960,015 2016 46% 54% 168,572,000 2013 11% 89% 53,853,487 YTD 2017 48% 52% 68,700,000 2014 12% 88% 76,341,914 2015 17% 83% 75,650,420 2016 12% 88% 85,201,222 YTD 2017 19% 81% 32,560,000

Source: the BLOOMBERG PROFESSIONAL™ service

Naturally, some debates exist regarding some of the "softer" inclusion criteria, but the continuation of BEP in the Index looked linked to the long and successful history as BRCun, but BPY was a bit of an outlier. Given the inconsistency in treatment, we believe a clear argument exists for the inclusion of BIP rather than the deletion of others in light of typical index dynamics. Given our view, we note the key parts of the possible timeline: September timing? ■ With the most recent quarterly review period being completed, all eyes should be on the Q3 S&P/TSX Composite view on or around mid-September; and, ■ Deadline for consultation period was June 9th and, therefore, that date provides the first signpost to potential inclusion and commentary following that event. With this type of timeline, now we consider BIP's potential weight versus others in the TSX composite. Our starting point is the March 31, 2017 limited partnership units outstanding that does not include Brookfield Asset Management's position – effectively a view of the publicly traded float. That number is 259.6m units outstanding at a ~C$54/unit price equals roughly C$14bn of float cap. On some simple math, of the roughly 250 individual stocks in the S&P/TSX Composite, BIP would rank around 36 – should it be included. For some context, Figure 5 illustrates the market cap comparative on a float basis below.

Figure 5: S&P/TSX Composite ranked by float market capitalization Rank Name Weight Float Market Cap Rank Name Weight Float Market Cap 1 Royal Bank of Canada 6.658881 136,724,385,807 26 CGI Group Inc 0.860426 17,407,243,426 2 Toronto-Dominion Bank/The 5.778333 119,674,346,988 27 Agrium Inc 0.836991 17,326,869,166 3 Bank of Nova Scotia/The 4.470877 92,219,085,619 28 Franco-Nevada Corp 0.846774 17,227,054,774 4 Enbridge Inc 4.08772 84,992,786,944 29 Pembina Pipeline Corp 0.826059 17,009,979,972 5 Canadian National Railway Co 3.844574 79,006,631,209 30 Loblaw Cos Ltd 0.765686 16,222,052,556 6 Suncor Energy Inc 3.432558 67,854,333,335 31 Thomson Reuters Corp 0.807365 15,907,773,619 7 Bank of Montreal 2.848346 59,268,003,437 32 Goldcorp Inc 0.754442 15,568,752,187 8 BCE Inc 2.637593 54,678,074,181 33 Agnico Eagle Mines Ltd 0.704945 14,914,906,435 9 TransCanada Corp 2.627334 51,206,862,854 34 Teck Resources Ltd 0.568438 14,335,621,256 10 Manulife Financial Corp 2.238664 46,400,218,767 35 Fairfax Financial Holdings Ltd 0.672757 13,598,526,246 11 Canadian Natural Resources Ltd 2.097879 42,457,850,606 36 Constellation Software Inc/Canada 0.658281 13,582,917,291 12 Canadian Imperial Bank of Commerce 2.0213 42,056,722,104 37 Encana Corp 0.635291 13,153,934,408 13 Brookfield Asset Management Inc 2.13583 39,398,969,517 38 Dollarama Inc 0.623844 12,989,384,808 14 Canadian Pacific Railway Ltd 1.508656 31,270,052,314 39 Cenovus Energy Inc 0.611777 12,657,790,737 15 Sun Life Financial Inc 1.311155 27,162,258,854 40 Wheaton Precious Metals Corp 0.596553 12,350,223,872 16 TELUS Corp 1.310125 27,116,093,650 41 Shaw Communications Inc 0.565882 12,170,119,335 17 Barrick Gold Corp 1.242542 25,686,492,339 42 Intact Financial Corp 0.588092 12,117,541,392 18 Alimentation Couche-Tard Inc 1.25118 25,279,901,381 43 Saputo Inc 0.458868 11,463,675,854 19 Magna International Inc 1.06446 22,906,560,352 44 Open Text Corp 0.551256 10,846,601,102 20 Rogers Communications Inc 1.091421 22,676,716,382 45 Metro Inc 0.498087 10,224,572,285 21 Waste Connections Inc 1.078468 22,228,527,727 46 Emera Inc 0.484983 10,086,958,385 22 Potash Corp of Saskatchewan Inc 0.910667 18,813,693,105 47 Imperial Oil Ltd 0.47465 9,962,618,842 23 Restaurant Brands International Inc 0.947568 18,458,644,975 48 Canadian Tire Corp Ltd 0.493905 9,949,414,402 24 Fortis Inc/Canada 0.883489 18,253,416,922 49 Power Corp of Canada 0.509902 9,734,634,788 25 National Bank of Canada 0.871676 18,057,450,231 50 Inter Pipeline Ltd 0.467879 9,667,974,617

Source: the BLOOMBERG PROFESSIONAL™ service

Brookfield Infrastructure Partners LP (BIP.N)4 16 June 2017

On a simplistic basis of float market cap, Teck Resources (TECK) would be BIP's closest comparable with a 0.56 weigh. Based on some simple math with the June index changes, BIP's total index demand could equate to roughly C$330m of value traded. That figure is a key measure, especially when compared to roughly C$35m of traded value per day as obtained from the following daily average volumes: From no rank, to a top ■ NYSE: YTD 2017 daily average volume of 328,000 and 40 index placement ■ TSX: YTD 2017 daily average volume of 349,000. With this backdrop, a Composite inclusion could be a very positive bias for BIP's near-term trading dynamics as it could represent more than 10 days of total volume traded on both exchanges. Rather interestingly, as per the consultation report, the S&P/TSX 60 already includes the US trading volumes in the liquidity measurement. Therefore, there is a broader potential for BIP to eventually be included in the TSX 60 should the first hurdle of the Composite inclusion occur. We don’t want to put the cart before the horse in this process – especially with the prolonged index frustration for BIP. Yet, a possible inclusion into the 60 (somewhat dependent on a deletion, the representation criteria, among other factors) would put BIP in a rather enviable position for potential demand. As per Figure 6, the float weight of BIP would roughly rank BIP about the 45th largest float weight in the S&P/TSX 60.

Figure 6: S&P/TSX 60 Rank Name Weight Float Market Cap Rank Name Weight Float Market Cap 1 Royal Bank of Canada 8.839606 136,724,385,807 31 Goldcorp Inc 1.001515 15,568,752,187 2 Toronto-Dominion Bank/The 7.670686 119,674,346,988 32 Agnico Eagle Mines Ltd 0.935808 14,914,906,435 3 Bank of Nova Scotia/The 5.93505 92,219,085,619 33 Teck Resources Ltd 0.754597 14,335,621,256 4 Enbridge Inc 5.426412 84,992,786,944 34 Constellation Software Inc/Canada 0.873863 13,582,917,291 5 Canadian National Railway Co 5.103638 79,006,631,209 35 Encana Corp 0.843343 13,153,934,408 6 Suncor Energy Inc 4.556691 67,854,333,335 36 Dollarama Inc 0.828148 12,989,384,808 7 Bank of Montreal 3.781155 59,268,003,437 37 Cenovus Energy Inc 0.812129 12,657,790,737 8 BCE Inc 3.501381 54,678,074,181 38 Wheaton Precious Metals Corp 0.791919 12,350,223,872 9 TransCanada Corp 3.487762 51,206,862,854 39 Shaw Communications Inc 0.751203 12,170,119,335 10 Manulife Financial Corp 2.971807 46,400,218,767 40 Saputo Inc 0.609143 11,463,675,854 11 Canadian Natural Resources Ltd 2.784916 42,457,850,606 41 Metro Inc 0.661206 10,224,572,285 12 Canadian Imperial Bank of Commerce 2.683258 42,056,722,104 42 Emera Inc 0.64381 10,086,958,385 13 Brookfield Asset Management Inc 2.835295 39,398,969,517 43 Imperial Oil Ltd 0.630094 9,962,618,842 14 Canadian Pacific Railway Ltd 2.002727 31,270,052,314 44 Canadian Tire Corp Ltd 0.655655 9,949,414,402 15 Sun Life Financial Inc 1.740547 27,162,258,854 45 Power Corp of Canada 0.676891 9,734,634,788 16 TELUS Corp 1.739179 27,116,093,650 46 Inter Pipeline Ltd 0.621105 9,667,974,617 17 Barrick Gold Corp 1.649463 25,686,492,339 47 Gildan Activewear Inc 0.567734 8,318,361,497 18 Alimentation Couche-Tard Inc 1.66093 25,279,901,381 48 First Quantum Minerals Ltd 0.51362 7,902,627,798 19 Magna International Inc 1.413061 22,906,560,352 49 SNC-Lavalin Group Inc 0.499675 7,796,400,437 20 Rogers Communications Inc 1.448852 22,676,716,382 50 Kinross Gold Corp 0.453848 7,074,206,391 21 Potash Corp of Saskatchewan Inc 1.208902 18,813,693,105 51 BlackBerry Ltd 0.441933 6,860,012,129 22 Restaurant Brands International Inc 1.257888 18,458,644,975 52 Crescent Point Energy Corp 0.41265 6,431,288,444 23 Fortis Inc/Canada 1.172823 18,253,416,922 53 George Weston Ltd 0.369586 5,720,945,667 24 National Bank of Canada 1.157142 18,057,450,231 54 ARC Resources Ltd 0.386823 5,666,641,165 25 CGI Group Inc 1.142208 17,407,243,426 55 Valeant Pharmaceuticals International In 0.316989 5,389,849,656 26 Agrium Inc 1.111098 17,326,869,166 56 Cameco Corp 0.320242 4,990,555,959 27 Franco-Nevada Corp 1.124085 17,227,054,774 57 Husky Energy Inc 0.311691 4,935,435,721 28 Pembina Pipeline Corp 1.096586 17,009,979,972 58 Bombardier Inc 0.302104 4,669,039,708 29 Loblaw Cos Ltd 1.016441 16,222,052,556 59 Yamana Gold Inc 0.218587 3,386,857,190 30 Thomson Reuters Corp 1.07177 15,907,773,619 60 Eldorado Gold Corp 0.196022 3,045,987,625

Source: the BLOOMBERG PROFESSIONAL™ service

From our perspective, the potential for meaningful positive index demand for BIP helps to underpin a rather interesting tactical trade. Beyond the tactical trade in relation to the index inclusion arguments, we believe another interesting catalyst exists on the horizon that is partly outlined in the next section.

Brookfield Infrastructure Partners LP (BIP.N)5 16 June 2017

A Plentiful Pipeline As discussed in previous reports, we believe BIP's purchase of the Nova Transportadora do Sudeste S.A. (NTS) pipeline system was one of the more interesting deals completed in recent memory. Clearly, that deal faced delays which created uncertainty as highlighted in some of our past work ("Oodles of Organic Growth", "Investor Days Reiterate our BIP Preference over BAM and BEP in the Brookfield Family" and "Suspended Sale"). Fundamentally, we favour that deal – even with some of the uncertainty that exists in the Brazilian market at this point in time. Some of that uncertainty will be addressed in the next section. Most importantly, on a near-term basis, the Q2 results will be the first opportunity for the Street to see the impact on the financials from NTS. NTS: the key area to From our perspective, the NTS contribution will be perhaps the most important part of the watch in the Q2 results Q2 results. Simply, the deal closed on April 4 and we believe Figure 7 illustrates a range of potential outcomes on the return economics associated with NTS for the quarter and on an annualized basis.

Figure 7: Hypothetical returns per unit based on various ROEs ROE 6% 8% 10% 12% 14% 16% 18% 20% Yearly 0.24 0.32 0.39 0.47 0.55 0.63 0.71 0.79 Quarterly 0.06 0.08 0.10 0.12 0.14 0.16 0.18 0.20

Source: Company data, Credit Suisse estimates

We base the matrix of returns in Figure 7 on US$1.456bn of capital deployment on which economic returns are earned. Yet, the deal structure effectively provides a free carry on about 10% of the capital as, for BIP, only US$1.3bn of capital was deployed. Therefore, the effective economic returns for BIP are better represented shown as they appear in Figure 8. Robust returns Figure 8: Hypothetical effective returns on various ROEs ROE 0.224 6% 8% 10% 12% 14% 16% 18% 20% Effective ROE 6.7% 9.0% 11.2% 13.4% 15.7% 17.9% 20.2% 22.4% Yearly per unit returns 0.24 0.32 0.39 0.47 0.55 0.63 0.71 0.79

Source: Company data, Credit Suisse estimates

In our August reinstatement note, we explored the hypothetical returns for a potential NTS transaction. Simply, BIP's self-stated return targets are 12%-15% total returns per annum on a consolidated basis. Looking at various parts of the Brookfield Group, some targeted returns in Brazil are "going-in" 20% nominal cash flow and low-teens on a real basis (local currency). We note that selected Brazilian assets offer real 9.5% WACC returns under a variety of regulatory and contractual frameworks. Accordingly, we believe high teen and low 20% returns are possible on selected asset packages and NTS appears to be one of those assets. Rather importantly, BIP's initial capital invested was done on an equity-only basis, which provides an opportunity to lever the assets. That leverage would enhance returns very significantly, but only seems likely in a 3-5 year time frame. We believe there is some skepticism on the return threshold that NTS can deliver. In order to assess the level of appreciation for the NTS impact, Figure 9 highlights the consensus figures for past and future quarters on two key metrics: EBTIDA and FFO.

Brookfield Infrastructure Partners LP (BIP.N)6 16 June 2017

Figure 9: Consensus estimates and historical actuals Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2016 FY 2017 FY 2018 EBITDA (m) 330 335 335 350 419 429 439 443 459 460 473 1,322 1,641 1,853 FFO/sh 1.00 0.68 0.69 0.71 0.83 0.86 0.88 0.94 0.95 0.96 1.00 2.72 3.27 3.81

# of estimates EBITDA 3 3 3 1 1 1 1 7 7 FFO/sh 6 6 6 3 3 3 3 7 7

Source: the BLOOMBERG PROFESSIONAL™ service and Company data

Upon considering a "high-teens" ROE type of return, NTS may generate approximately a US$260m annual return. From our perspective, there are some clear seasonal impacts in a few of BIP's underlying businesses. Yet, we note on a quarterly sequential basis (Q1 to Favourable risk-reward Q2 2017), Street EBITDA shows roughly a US$70m increase along with a US$0.12/unit into the quarter FFO impact. In our view, that figure is almost entirely attributable to NTS; however, some of BIP's other growth avenues (even with some seasonal impacts) may not be effectively captured in the quarter. Rather simply, we believe there may be a modest upside into the quarter given BIP's ongoing platform oriented growth not being captured completely in the Street's overall estimates (along with a combination of possibly understating the economic impact of NTS). From our vantage point, these factors appear to position the stock for a favourable risk-reward into the quarter.

Organic growth re-rate To assess the organic growth re-rating potential, we divided this part into three parts: ■ Acquisitions versus Organic growth; ■ Considering Dividend growth; and, ■ DuPont Dissection. Each of these areas is addressed in more detail below. Acquisitions versus Organic growth Beyond the near-term issues associated with the NTS economics, we continue to believe there is a fundamental change with BIP's business model that is not entirely understood and appreciated. Simply, we believe BIP has largely transitioned from being M&A skewed from a need basis for growth versus more selective M&A that is truly supplemental (and high returning). This divide is possible given the existing assets that provide a significant amount of organic growth. An organic transition Figure 10 provides a summary from Bloomberg data in relation to total acquisition value, capital additions along with the related per unit amounts and growth levels. Notably, with this data (and all external data sources), there is an internal consistency in the approach used for accounting and financial metrics. Yet, this methodology may differ from our manner of calculation. From our perspective, these differences are not overly meaningful versus the benefit gained from an inherent consistency of a large dataset with duration. In our view, this caveat does not degrade the data when used in the context of much larger sample sets, but rather puts some perspective on the data.

Brookfield Infrastructure Partners LP (BIP.N)7 16 June 2017

Figure 10: Historical acquisition and organic growth capital

Capital Acquisition Additions per Year Acquisitions additions per unit unit 2016 520 (881) 2.01 (3.40) 2015 54 (520) 0.22 (2.14) 2014 89 (454) 0.39 (2.01) 2013 56 (425) 0.25 (1.89) 2012 641 (637) 2.98 (2.96) 2011 7 (507) 0.04 (2.55) 2010 (142) (37) (0.61) (0.16) 2009 927 (6) 9.79 (0.06) 2008 106 (8) 2007 (17)

Source: Bloomberg

Organic growth tends In terms of valuation, a number of premium valuation names clearly possess a strong track to translate into record of organic growth versus that of acquisitions. More recently, versus historical levels, premium valuations a broader discounting of the energy infrastructure and utility stocks on yield metrics has occurred in the current market environment. Yet, fundamentally, we regard strong organic growth as critical for premium valuation. One of the more simple metrics for valuation is an average dividend or distribution yield as discussed in the next section.

Considering Dividend growth For a variety of reasons, yield related metrics are challenging and form only one part of the valuation framework. Yet, with index inclusion on the horizon, there is a clear argument that a more organically growing BIP should re-rate to improved yield spread metrics. We do note that some of the energy infrastructure names do appear to have a combination of idiosyncratic and sectoral issues that look to have unduly discounted their valuations. As a result, we believe better risk-reward for more patient capital exists with some of those names. Fundamentally, the ability to grow dividends or distributions on a prolonged basis is critical to longer-term value creation in our view. Accordingly, businesses with greater amounts of appropriately conceived capital additions should be able to deliver outsized dividend or distribution returns to owners over a period of time. Figure 11 outlines several perspectives on historic and projected dividend or distribution growth. Considering a decade Figure 11: Dividend / distribution growth of dividend/distribution CAGR growth Company Ticker 2009-2019 2009-2016 2015-2019 2014-2018 Utilities Brookfield Infrastructure Partners BIP 11% 12% 9% 10% Canadian Utilities CU.TO 9% 9% 8% 10% Emera EMA.TO 9% 10% 10% 12% Enbridge ENB.TO 15% 16% 12% 14% Enbridge Income Fund ENF.TO 20% 25% 12% 13% Fortis FTS.TO 6% 6% 8% 7% Keyera KEY.TO 6% 6% 8% 8% Pembina Pipeline PPL.TO 4% 3% 7% 6% TransCanada TRP.TO 7% 6% 10% 9%

Source: Company data, Credit Suisse RAVE, IBES

Rather interestingly, a growing BIP has managed to sustain an impressive growth rate and has seemingly transitioned to a more organic growth model that is supplemented by deals rather than dependent upon them.

Brookfield Infrastructure Partners LP (BIP.N)8 16 June 2017

DuPont Dissection Another one of our favourite analytical methods is the DuPont analysis to deconstruct the underlying drivers of ROE. We believe the ROE is a very effective method of discerning an amount of value creation, however, this method (as with many valuation methods) is rather dependent upon the accounting methodology. With a divide for many of the Canadian stocks between US GAAP and IFRS, there is a clear difference in the underlying comparability of selected numbers. In any event, we believe a focus on the DuPont method is useful. For simplicity, we focus only on the adjusted ROE numbers appearing in Figure 12 from Bloomberg.

Figure 12: Historical ROEs (%) BEP BIP CU EMA ENB FTS H KEY PPL TRP VNR VSN 1997 - - 14.87 10.56 14.04 9.31 - - - 10.19 18.91 - 1998 - - 14.75 9.47 13.25 7.13 — - - 9.81 19.11 - 1999 — - 14.54 10.83 12.98 8.57 — - 3.76 11.25 17.66 - 2000 9.55 - 15.44 10.88 14.91 8.99 — - 9.85 12.26 17.93 5.83 2001 5.37 - 14.96 10.58 16.99 11.74 9.82 - 5.93 12.87 17.45 2.86 2002 7.02 - 13.52 7.53 14.65 12.24 10.18 - 7.98 13.37 18.91 5.38 2003 8.25 - 13.71 10.85 14.17 12.30 — - 5.20 13.53 18.05 9.91 2004 10.49 - 12.49 9.63 10.10 11.15 11.75 - 9.22 12.42 18.21 12.37 2005 7.50 - 12.24 9.03 13.43 11.52 10.82 9.90 10.07 12.37 16.94 9.67 2006 11.37 - 13.99 9.07 13.74 11.67 9.83 9.12 11.65 12.89 15.80 8.67 2007 8.80 — 14.25 10.15 13.21 9.76 8.41 16.29 16.52 12.64 15.23 10.95 2008 17.15 6.77 15.64 10.21 22.69 8.69 10.25 28.31 15.99 11.28 16.44 8.79 2009 9.27 (1.51) 15.14 11.51 20.13 8.46 9.50 23.27 16.17 9.77 16.98 7.77 2010 9.29 16.63 14.09 12.80 12.95 8.90 10.66 15.78 16.13 8.86 16.21 10.54 2011 (6.03) 4.07 17.11 16.54 16.93 8.73 10.57 24.18 15.45 10.03 3.95 6.08 2012 (0.90) (3.74) 16.47 12.78 19.77 8.23 11.51 19.56 7.44 8.51 4.63 4.59 2013 2.55 (3.83) 14.46 11.89 17.23 8.71 11.55 16.27 7.41 9.93 5.82 5.32 2014 2.64 2.75 14.59 20.66 16.43 6.03 9.98 25.78 6.60 10.23 6.03 3.51 2015 (1.16) 2.95 11.74 15.13 16.68 8.14 7.90 22.48 6.06 11.41 7.71 2.89 2016 (0.84) 3.59 12.74 17.25 18.58 6.65 7.58 15.70 7.31 13.17 10.34 3.45

Source: the BLOOMBERG PROFESSIONAL™ service

Beyond the accounting issues, there are some clear challenges associated with ROE as a valuation method given the payout ratio issues for many names under our coverage. Even with these issues, ROE improvement is still a useful consideration from our perspective. Accordingly, Figure 13 provides 2012 as a common baseline for the following stocks: BIP, CU, EMA, ENB, FTS, KEY, PPL and TRP. An ROE turning point Figure 13: ROE performance

350

300 BIP CU 250 EMA 200 ENB FTS 150 KEY PPL 100 TRP

50 2012 2013 2014 2015 2016

Source: the BLOOMBERG PROFESSIONAL™ service

Brookfield Infrastructure Partners LP (BIP.N)9 16 June 2017

Obviously, any selected timeline is somewhat arbitrary, but a 5-year period provides some perspective on ROE movements which is typically a longer-term metric in a long duration industry. Clearly, the exhibit highlights the magnitude of relative ROE improvement for BIP over the last 5 years. Naturally, there are a number of accounting differences within our sample set which may discount this magnitude of improvement. Yet, BIP's positive ROE trajectory is something to continue to watch.

The Controversies From our perspective, there are three major controversies with BIP that require a degree of discussion and they are: Not without ■ Brazilian exposure; controversy ■ Perpetual M&A overhang; and, ■ Currency conundrum These areas are discussed in greater detail below. Brazilian exposure Our recent report ("Lingering Lava Jato Likely Creates Longer-Term Opportunities, but Near-Term Pressure") gave context for the entire Brookfield Group's Brazilian exposure. There are concerns around Brazilian exposure in light of ongoing iterations of the "Lava Jato" (car wash) scandal. Some of these concerns are best captured with a chart of the Brazilian ETF (EWZ) or Bovespa.

Figure 14: EWZ ETF Figure 15: Bovespa Index

42 70,000

40 68,000 e r a x h e s

38 66,000 d r n e I

p

a

D 36 64,000 p s S e U v - o 34 62,000 B Z W

E 32 60,000

30 58,000 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / 1 3 5 7 9 2 1 3 5 7 9 2 1 3 5 7 9 1 3 5 7 9 1 1 3 5 7 9 1 3 5 7 9 1 / / / / / / / / / / / / 1 1 1 1 1 2 2 2 2 2 3 1 1 1 1 1 2 2 2 2 2 3 5 5 5 5 5 6 5 5 5 5 5 6 / / / / / / / / / / / / / / / / / / / / / / 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5

Source: the BLOOMBERG PROFESSIONAL™ service Source: the BLOOMBERG PROFESSIONAL™ service

As in the past news flow around Lava Jato, we believe various parts of the Brookfield Group may face near-term Brazilian market concerns, but may significantly benefit from market dislocations. For more than a century, Brazil has formed a meaningful part of the broader Brookfield Group's long-term value creation efforts. That long-term view has greatly benefited multiple business lines. At points of extreme distress and uncertainty, Volatility provides Brookfield (broadly) has tended to be a large investor in Brazilian assets. The most recent opportunity example of this type of approach was the April 4, 2017 closing of the NTS deal from Petrobras with greater than US$5bn of deal value in a consortium with Brookfield Asset Management (BAM), Brookfield Infrastructure Partners (BIP) and Brookfield institutional clients. On a near-term basis, there may be some skittishness over BIP's Brazilian exposure in light of the most recent round of potential scandals. In our view, this environment likely creates an improved round of future capital allocation opportunities. An improved

Brookfield Infrastructure Partners LP (BIP.N) 10 16 June 2017

opportunity set should quell some of the concerns over M&A potential (i.e. a perceived lack of opportunities by some), but we believe that short-sighted approach misses the underlying organic growth story at BIP that has clearly improved.

Perpetual M&A overhang There is a duality to some investors' concerns regarding BIP's M&A strategy. At one level, some view the stock suffering from a perpetual M&A overhang. As outlined earlier in the note, a clear transition from M&A reliance occurred for BIP. Yet, the broader Brookfield Group is very well known for rather opportunistic M&A activities. Clearly, a variety of M&A transactions added outsized value on a platform basis to BIP, including: Active M&A built ■ At the core of BIP's platform oriented growth was the reinvention trade associated with platforms the Babcock & Brown Infrastructure purchase and subsequent roll-up of the successor entity Prime Infrastructure in 2009 that provided multiple avenues for capital allocation; ■ One of the many areas of platform oriented growth from the Babcock deal was the 2012 connections business purchased from Challenger Infrastructure Fund that helped enhance the existing UK exposure; ■ Over multiple years, a variety of transactions occurred related to Latin America (largely Brazil and Chile) toll roads that were rather iterative in nature; ■ In 2015, BIP closed the purchase of TDF, the largest independent communication tower infrastructure business in France, which provides avenues for roll-up growth in France along with greater platform knowledge applicable elsewhere; ■ Originally from the Babcock transaction, in 2015 BIP increased the US natural gas pipeline business by purchasing more of the Natural Gas Pipeline Company of America LLC (NGPL) ■ The 2017 completed purchased of NTS expanded BIP's natural gas transmission business into South America and provides some platform oriented growth; ■ Ongoing ports related transactions originally starting with the Babcock deal and were followed by deals with Vale and Asciano; and, Platforms have ■ A rather steady number of transactions for district energy systems that originated with generated organic BIP's purchase of the Toronto-based Enwave in 2012. growth A clear focus on platform buildouts now provides more incremental opportunities for more bit sized deals along with the potential for large scale optionality. From our perspective, Brookfield is well known for M&A, but this approach does not come at the expense of ongoing unit issuance. Combination of some equity issues along with an active capital recycling program. That capital recycling story is different than most of the names in our coverage universe and raises a clear question of infrastructure operator or a merchant bank style trader of assets. At the extremes, that dichotomy would warrant a big difference in valuations, but that is not the case at this juncture, in our view. A balancing act of In light of Brookfield's (broadly) global platform, we have rather limited concerns about BIP valuation being able to execute on M&A – especially in the infrastructure sector. More notably, we continue to believe BIP is more of an organic growth story with high-graded M&A potential versus needing to do deals as in the past. Finally, the sheer size of Brookfield's business and the overall global infrastructure investment opportunity, we have limited worries about the lack of M&A potential for BIP.

Brookfield Infrastructure Partners LP (BIP.N) 11 16 June 2017

Currency conundrum One area of concern for some is BIP's underlying FX exposure. As per normal practice, the Q1 supplementary information outlined the following FX and investment hedges

Figure 16: Net investment hedges

Source: Company data

Currency moves can be rather severe at times, however, some of that risk is mitigated as BIP continues to "hedge approximately 75% of our expected FFO" from foreign currencies A variety of hedges for a 24-month period. We are less concerned about the FX issues than many as we view Brookfield (in a broad sense) as being amongst the most sophisticated in their approach to FX. The organization will look to and actually take structural positions in assets partly on the basis of currency expectations if all the other criteria are sufficient. Keep in mind, Brookfield has multiple currency pair exposures, less CAD assets and future growth than others in our coverage universe. Thus, the USD/CAD relationship is not overly important to Brookfield and arguably some other currency pairs are more important. Also note most Brookfield entities (not all) are USD reporters and USD dividend or distribution payers (there are some exceptions). Longer-term structural For more internationally exposed assets, we highlight a few interesting currency pairs that currency views include: ■ EUR/USD; ■ GBP/USD; ■ AUD/USD; and ■ USD/BRL. Figure 17 through Figure 20 provide visuals of these pairs.

Figure 17: EUR/USD Figure 18: GBP/USD

1.40 EUR/USD 1.80 GBP/USD 1.35 1.70 1.30 1.60 1.25 1.20 1.50 1.15 1.40 1.10 1.30 1.05 1.00 1.20 3 3 3 4 4 4 5 5 5 6 6 6 7 7 3 3 3 4 4 4 5 5 5 6 6 6 7 7 3 4 5 6 3 4 5 6 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / 1 4 7 1 4 7 1 4 7 1 4 7 1 4 1 4 7 1 4 7 1 4 7 1 4 7 1 4 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1

Source: the BLOOMBERG PROFESSIONAL ™ service Source: the BLOOMBERG PROFESSIONAL ™ service

Brookfield Infrastructure Partners LP (BIP.N) 12 16 June 2017

Figure 19: AUD/USD Figure 20: USD/BRL

1.10 AUD/USD 4.30 USD/BRL 1.05 1.00 3.80 0.95 3.30 0.90 0.85 2.80 0.80 0.75 2.30 0.70 0.65 1.80 3 3 3 4 4 4 5 5 5 6 6 6 7 7 3 3 3 4 4 4 5 5 5 6 6 6 7 7 3 4 5 6 3 4 5 6 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / 1 4 7 1 4 7 1 4 7 1 4 7 1 4 1 4 7 1 4 7 1 4 7 1 4 7 1 4 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1

Source: the BLOOMBERG PROFESSIONAL ™ service Source: the BLOOMBERG PROFESSIONAL ™ service

Simply, we view the FX exposure as being manageable – especially upon considering, at an asset level, the source of cash flows being repatriated to the holdco versus being re- invested in the underlying operations. Yet, on a longer-term basis, we fully acknowledge a variety of currency moves in a structural manner would skew BIP's financials.

Valuation Upgrade to Outperform We upgrade of Brookfield Infrastructure Partners LP to Outperform from the prior Neutral Target to US$44 from rating and increase the target price to US$44.00 from the prior US$40.00. That target is the prior US$40 based, in part, on a 4.45% distribution yield, a 165bps yield spread on a forecast 2.8% US 10-year bond yield in 2018, a Net Asset Value, and, an implied 13.1x EV/EBITDA multiple. This upgrade is very tactical in nature given the potential for BIP's index inclusion. Yet, there are several fundamental underpinnings to the upgrade that revolve around BIP's continued transition towards a greater amount of predictable organic growth. The revised valuation is based on a number of factors, including: ■ A probable index inclusion broadening and deepening BIP's investor audience; ■ The ongoing validation of organic platform growth resulting in a premium valuation that is more in line with organic growth peers; and, ■ Not explicitly part of the valuation, but the positive impacts associated with BIP's capital recycling efforts and the opportunity for high-graded M&A. As with other parts of our coverage universe, we use a multi-faceted valuation approach to obtain our rating and target price. For BIP, we focus on three specific parts: ■ Dividend yield related; ■ A Matter of Multiples; and, ■ Net Asset Value. Each of these areas is addressed in greater detail below. Dividend yield related A yield focus We continue to believe the dividend discount model is an extremely useful analytical tool with infrastructure companies – albeit one that is extremely sensitive. As announced with the Q1 results, BIP's Board of Directors declared a US$0.435 quarterly distribution which translates into US$1.74 on an annualized basis. That change represented a 14% increase from the prior year. Figure 21 provides an illustrative view of theoretical unit prices at different distributions and targeted yields for some perspective. Brookfield Infrastructure Partners LP (BIP.N) 13 16 June 2017

Figure 21: Illustrative unit price at different distribution and yield Distribution 1.60 1.70 1.80 1.90 2.00 2.10 2.20 2.30 2.40 3.0% 53.33 56.67 60.00 63.33 66.67 70.00 73.33 76.67 80.00 3.4% 47.06 50.00 52.94 55.88 58.82 61.76 64.71 67.65 70.59 3.8% 42.11 44.74 47.37 50.00 52.63 55.26 57.89 60.53 63.16 4.2% 38.10 40.48 42.86 45.24 47.62 50.00 52.38 54.76 57.14 d

l 4.6% 34.78 36.96 39.13 41.30 43.48 45.65 47.83 50.00 52.17 e i 5.0% 32.00 34.00 36.00 38.00 40.00 42.00 44.00 46.00 48.00 Y 5.4% 29.63 31.48 33.33 35.19 37.04 38.89 40.74 42.59 44.44 5.8% 27.59 29.31 31.03 32.76 34.48 36.21 37.93 39.66 41.38 6.2% 25.81 27.42 29.03 30.65 32.26 33.87 35.48 37.10 38.71 6.6% 24.24 25.76 27.27 28.79 30.30 31.82 33.33 34.85 36.36

Source: Company data, Credit Suisse estimates

To provide some perspective on the valuation sensitivity of the DDM, Figure 22 contains a matrix to assess share values.

Figure 22: Illustrative BIP stock prices at various discount and dividend growth rates Cost of equity 44.615 7.00% 8.00% 9.00% 10.00% 11.00% 12.00% 13.00% 14.00% 15.00% 3.0% 43.50 34.80 29.00 24.86 21.75 19.33 17.40 15.82 14.50 3.5% 49.71 38.67 31.64 26.77 23.20 20.47 18.32 16.57 15.13 4.0% 58.00 43.50 34.80 29.00 24.86 21.75 19.33 17.40 15.82 e t 4.5% 69.60 49.71 38.67 31.64 26.77 23.20 20.47 18.32 16.57 a r 5.0% 87.00 58.00 43.50 34.80 29.00 24.86 21.75 19.33 17.40 h t 5.5% 116.00 69.60 49.71 38.67 31.64 26.77 23.20 20.47 18.32 w o

r 6.0% 174.00 87.00 58.00 43.50 34.80 29.00 24.86 21.75 19.33 g 6.5% 348.00 116.00 69.60 49.71 38.67 31.64 26.77 23.20 20.47 n o

i 7.0% N/A 174.00 87.00 58.00 43.50 34.80 29.00 24.86 21.75 t

u 7.5% (348.00) 348.00 116.00 69.60 49.71 38.67 31.64 26.77 23.20 b i r

t 8.0% (174.00) N/A 174.00 87.00 58.00 43.50 34.80 29.00 24.86 s i 8.5% (116.00) (348.00) 348.00 116.00 69.60 49.71 38.67 31.64 26.77 D 9.0% (87.00) (174.00) N/A 174.00 87.00 58.00 43.50 34.80 29.00 9.5% (69.60) (116.00) (348.00) 348.00 116.00 69.60 49.71 38.67 31.64 10.0% (58.00) (87.00) (174.00) N/A 174.00 87.00 58.00 43.50 34.80

Source: Company data, Credit Suisse estimates

BIP historical and consensus forward distribution and growth is in Figure 23 .

Figure 23: Historical and consensus distribution 2008* 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Distribution 0.59 0.71 0.73 0.88 1.00 1.15 1.28 1.41 1.55 1.75 1.91 Growth 2.8% 20.5% 13.6% 15.0% 11.3% 10.2% 9.9% 12.9% 9.1%

Note: estimates from Bloomberg. *Prorated from spin-off. Source: Company data, the BLOOMBERG PROFESSIONAL™ service

Notably, our calculated historical "k" is 13.7% for BIP with a growth rate of 11.99% (2011- 2016). We view this "k" as being undemanding from a valuation perspective – especially with the growth rate being delivered from BIP. We continue to believe the dividend discount model is a powerful method of financial analysis – especially when examined over a period of time. Yet, as with many other methods of valuation, this approach should not be considered in isolation. From our perspective, one of the better ways to anchor yield related valuation approaches is against the 10-year bond yield. Accordingly, we present the US 10-year bond yield in Figure 24, the individual stock dividend yield in Figure 25 and the yield spread in Figure 26.

Brookfield Infrastructure Partners LP (BIP.N) 14 16 June 2017

Figure 24: US 10-year yield (%) Figure 25: BIP distribution yield (%)

4.5 14.0

4.0 12.0 3.5 10.0 3.0 2.5 8.0 % % 2.0 6.0 1.5 4.0 1.0 0.5 2.0 - - 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 8 9 0 1 2 3 4 5 6 0 0 1 1 1 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Source: the BLOOMBERG PROFESSIONAL ™ service Source: the BLOOMBERG PROFESSIONAL ™ service

Figure 26: Distribution yield spread (bps) 1,000.0 900.0 800.0 700.0

s 600.0 p b 500.0 400.0 300.0 200.0 100.0 8 9 0 0 1 2 3 4 4 5 6 7 8 1 2 5 0 0 1 1 1 1 1 1 1 1 1 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 / / / / / / / / / / / / / / / / 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 / / / / / / / / / / / / / / / / 4 6 1 8 3 5 7 2 9 4 6 1 1 0 2 1 1 1 1 1

Source: the BLOOMBERG PROFESSIONAL ™ service

Yield related metrics There are clearly limitations with yield spread analyses as trading multiples and the yield are very sensitive itself will tend to have a floor and ceiling of reasonability. Beyond those points, the valuation metric tends to be much less valuable. With that caveat, we provide descriptive statistics for BIP's distribution yield along with the 10-year for the last 9-years.

Figure 27: BIP yield / yield spread descriptive statistics BIP BIP (%) US 10-Yr (%) Spread (bps) Mean 5.47 2.56 291 Median 5.04 2.44 271 Min 3.89 1.36 118 Max 12.33 4.27 937

Source: the BLOOMBERG PROFESSIONAL ™ service

Given BIP's significant transformation over this data range along with the blow out in yields during the financial crisis, we believe a narrower sample set is appropriate. Accordingly, Figure 28 provides the historical BIP yield/yield spread descriptive statistics from January 1, 2011 to the present.

Brookfield Infrastructure Partners LP (BIP.N) 15 16 June 2017

Figure 28: Historical BIP yield / yield spread descriptive statistics Jan 2011 to present Calling for compression BIP BIP (%) US 10-Yr (%) Spread (bps) Mean 4.88 2.24 265 Median 4.80 2.18 258 Min 3.89 1.36 136 Max 6.72 3.74 506

Source: the BLOOMBERG PROFESSIONAL™ service

On a mean or median basis, the spread relationships imply a BIP share price of roughly US$36 on our 2018 US$1.96 2018 distribution estimate when using Credit Suisse's 2018 2.8% US 10-year forecast. That 10-year forecast should be compared with the current level of roughly 2.03% that implies a BIP unit price of roughly US$42.50 on the 2018. Clearly, the sensitivity of this method is rather extreme in the current rate environment. In our view, there is room for some compression on the historical mean and median figures for BIP. Notably, these figures are historical in nature and do not account for any benefit associated with potential yield spread compression. One caveat that is worth noting is our use of a US 10-year bond yield that is underpinned by BIP's USD reporting and USD distribution. The ownership mix of BIP largely straddles the Canadian-US border and as a result absolute and relative yield related valuation could be considered in the context of the Canadian 10-year – which is roughly 50 bps lower than the US-year at this time. For some context, an annualized distribution of US$1.74 equates to an incremental value change of ~US$3.48 for that 50 bps delta. Clearly, we don't wish to make this part of the analysis too difficult, however, USD/CAD movements also have a degree of importance given the ownership mix. To provide a bit of comparative perspective on the dividend growth and trading yields, we summarize some of the consensus data for a selection of the Canadian and infrastructure specific relevant entities in Figure 29. A matter of averages Figure 29: Infrastructure comparables (yield and dividend/distribution growth) Current Dividend Growth Company Yield 2015-2016 2016-2017 2017-2018 Abertis Infraestructuras SA 4.5% 10.6% 6.8% 5.1% Brookfield Infrastructure Partners 4.3% 9.9% 12.9% 9.1% CCR SA 2.4% -22.2% 33.3% 33.9% Cheung Kong Infrastructure 3.3% 5.1% 5.3% 5.5% Eiffage 1.9% 0.0% 22.0% 13.7% Enbridge Inc. 4.7% 9.8% 14.2% 9.9% Enbridge Income Fund 6.3% 17.6% 9.1% 10.3% Emera Inc. 4.3% 20.5% 8.0% 7.9% Ferrovial SA 3.1% NA NA 3.9% Fortis Inc 3.5% 9.3% 5.9% 6.2% Macquarie Infrastructure 6.7% 13.2% 9.9% 8.8% Pembina Pipelines 4.6% 5.6% 1.1% 8.3% Qube Holdings 3.0% 0.0% 0.0% 20.0% TransCanada Corp. 3.9% 8.7% 8.4% 9.0% Vinci SA 2.7% 14.1% 8.6% 8.3% Average 3.95% 7.30% 10.39% 10.67%

Source: the BLOOMBERG PROFESSIONAL™ service

Brookfield Infrastructure Partners LP (BIP.N) 16 16 June 2017

Given the Canadian index inclusion potential, we continue to place considerable emphasis on the dividend yield related analysis as one of our preferred valuation tools. Fundamental for many dividend related approaches is the pace of growth over time for those dividends. Accordingly, Figure 30 illustrates the consensus rates of dividend growth for a number of Canadian comparable entities. Collection of Canadian Figure 30: Dividend growth Comparables Dividend Growth 2015-2016 2016-2017 2017-2018 BAM 19.1% 0.0% 8.0% BIP 9.9% 12.6% 9.6% BEP 5.4% 6.9% 5.3% CU 10.2% 10.0% 8.4% CPX 5.7% 7.9% 6.8% EMA 20.5% 7.9% 8.1% ENB 9.8% 14.1% 10.0% ENF 17.6% 9.3% 9.9% FTS 9.3% 5.9% 6.2% GEI 3.1% 0.2% 1.8% H NM NM 6.4% KEY 8.5% 6.7% 5.4% PPL 5.6% 1.1% 8.3% TA NM 0.0% 0.0% TRP 8.7% 8.6% 8.8%

Source: Company data, the BLOOMBERG PROFESSIONAL™ service

As is shown above, BIP continues to be at the higher end of capital return (i.e. dividend or distribution) growth for this universe. The 2017-2018 figure of 9.6% versus the average for the entire list of 6.9%. Rather notably, the Utilities average in this sample set is roughly 7.3% and the GICs Energy names (ENB, ENF, GEI, KEY, PPL and TRP) are: 7.4% - excluding GEI the figure rises to 8.5%.

A Matter of Multiples Naturally, we believe there is utility in considering BIP on conventional valuation metrics as presented in this section of the note with a particular focus on EV/EBITDA and P/CF. Figure 31 and Figure 32 illustrate BIP's one- and two-year forward EV/EBITDA historical valuations, respectively.

Brookfield Infrastructure Partners LP (BIP.N) 17 16 June 2017

Figure 31: BIP historical 1-year forward EV/EBITDA Figure 32: BIP historical 2-year forward EV/EBITDA

20 22 18 20 A A

D 16 D 18 T T I I

B B 16

E 14 E / /

V V 14 E E

12

d d 12 r r

a 10 a

w w 10 r r

o 8 o F F

8 r r

Y 6 Y - - 6 1 2 4 4 2 2 9 0 1 2 3 4 5 6 7 9 0 1 2 3 4 5 6 7 9 0 1 2 3 4 5 6 9 0 1 2 3 4 5 6 0 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Source: Thomson One Source: Thomson One

Figure 33 and Figure 34 illustrate BIP's one- and two-year forward P/CF historical valuations, respectively.

Figure 33: BIP historical 1-year forward P/CF Figure 34: BIP historical 2-year forward P/CF

34 18

29 16 F F C

C 14 /

24 / P

P

d d r

r 12 a a

w 19 w r r o o

F 10

F

r r

Y 14 Y - - 1

2 8 9 6 4 4 8 8 9 9 0 0 1 1 2 2 3 3 4 4 5 5 6 6 7 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 8 8 9 9 0 0 1 1 2 2 3 3 4 4 5 5 6 6 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 / / / / / / / / / / / / / / / / / / / 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 / / / / / / / / / / / / / / / / / / / 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / 2 8 2 8 2 8 2 8 2 8 2 8 2 8 2 8 2 8 2 2 8 2 8 2 8 2 8 2 8 2 8 2 8 2 8 2 8 2

Source: Thomson One Source: Thomson One

Of these metrics, EV/EBITDA is one of the more challenging to apply given differences in treatment of the BAM ownership position and the non-controlling interest among various data providers. Yet, we believe there is some degree of valuation support for our revised target based on these historical metrics and company specific factors.

Net Asset Value We continue to believe a Net Asset Value approach is very useful for BIP given the asset diversity. According, we provide a selection of various comp tables in the next few pages. In light of the capital market comparison for many of Brookfield Infrastructure Partner LP's investors in the domestic Canadian market and the potential for index inclusion, Figure 35 highlights a selection of Canadian pipeline, utility and power comparables based on a view of the existing consensus estimates.

Brookfield Infrastructure Partners LP (BIP.N) 18 16 June 2017

Figure 35: Canadian comparables Price on P/E Div Yield EV/EBITDA Company Ticker Target Price Rating 14-Jun-17 2017 2018 2019 2017 2018 2019 2017 2018 2019 Pipelines AltaGas ALA.TO C $ 30.05 NR NR 31.8x 28.4x 20.1x 7.2% 7.7% 8.1% 11.7x 8.9x 6.0x Enbridge Inc. ENB.TO C $ 49.81 C $ 70.00 OUTPERFORM 22.9x 19.4x 17.3x 4.7% 5.2% 5.9% 11.2x 9.7x 8.5x Enbridge Income Fund Holdings ENF.TO C $ 31.91 C $ 34.00 NEUTRAL 14.2x 12.8x 13.2x 6.4% 7.1% 7.8% NA NA NA Gibson Energy Inc. GEI.TO C $ 17.76 C $ 18.00 NEUTRAL 60.2x 40.4x 26.9x 7.4% 7.6% 7.7% 12.1x 10.5x 9.5x Inter US IPL.TO C $ 25.73 NR NR 17.6x 16.8x 17.0x 6.3% 6.6% 7.2% 13.3x 13.0x 12.9x Keyera Corp. KEY.TO C $ 41.46 C $ 42.00 NEUTRAL 23.3x 20.8x 18.6x 4.0% 4.2% 4.5% 13.9x 11.8x 11.1x Pembina Pipeline Corporation PPL.TO C $ 43.29 C $ 44.00 NEUTRAL 23.8x 19.7x 17.8x 4.7% 5.1% 5.4% 13.0x 9.3x 8.4x TransCanada Corp. TRP.TO C $ 62.60 C $ 74.00 OUTPERFORM 21.7x 19.8x 17.9x 3.9% 4.3% 4.8% 13.3x 12.0x 10.6x Veresen VSN.TO C $ 18.39 NR NR 38.7x 29.0x 25.9x 5.4% 5.4% 4.4% 11.6x 11.1x 11.0x Utilities Algonqn Pwr & Ut AQN.TO US $ 13.88 NR NR 20.0x 18.8x 21.4x 4.3% 4.6% 5.1% 10.5x 9.9x 10.5x Brookfield Infrastructure Partners LP BIP US $ 39.43 US $ 44.00 OUTPERFORM 31.8x 21.1x 17.0x 4.4% 4.8% 5.1% 10.4x 9.2x 8.5x Canadian Utilities Limited CU.TO C $ 40.80 C $ 42.00 NEUTRAL 17.3x 17.1x 16.9x 3.5% 3.8% 4.0% 10.0x 9.4x 9.0x Emera Inc. EMA.TO C $ 48.33 C $ 58.00 OUTPERFORM 18.1x 16.1x 15.7x 4.5% 4.8% NA 10.0x 9.5x 9.4x Fortis Inc. FTS.TO C $ 45.41 C $ 46.00 NEUTRAL 18.3x 17.5x 17.1x 3.6% 3.8% NA 11.0x 10.5x 10.2x Hydro One Limited H.TO C $ 23.37 C $ 26.00 NEUTRAL 19.9x 18.1x 17.1x 3.7% 4.0% 4.2% 11.9x 11.1x 10.5x Power Boralex BLX.TO C $ 22.26 NR NR NA 47.1x 33.2x 2.7% 2.8% 3.1% 9.5x 8.4x 7.8x Brookfield Renewable Partners BEP_u.TO C $ 42.51 C $ 44.00 NEUTRAL NA NA 17.6x 4.4% 4.6% 4.8% NA NA NA Capital Power Corporation CPX.TO C $ 24.78 C $ 22.00 UNDERPERFORM 17.4x 17.0x 19.5x 6.5% 7.0% 7.3% 6.7x 6.2x 6.8x Innergex INE.TO C $ 14.67 NR NR 29.6x 30.7x 41.9x 4.5% 4.6% NA 13.4x 12.2x 12.4x North Power NPI.TO C $ 23.07 NR NR 28.5x 15.6x 13.0x 4.8% 5.0% 5.2% 14.1x 10.9x 9.3x TransAlta Corporation TA.TO C $ 7.53 C $ 7.00 UNDERPERFORM NA 51.2x 62.2x 2.1% 2.1% 2.1% 5.8x 5.7x 5.8x TransAlta Renew RNW.TO C $ 15.81 NR NR 17.7x 14.8x 13.4x 5.8% 6.0% 6.2% 10.4x 9.7x 10.2x Avg. 24.9x 23.4x 21.8x 4.8% 5.0% 5.4% 11.2x 9.9x 9.4x

Source: Company data, I/B/E/S, Credit Suisse

Perhaps more relevant to business lines, but not necessarily as comparative investments for many in the shareholder base is Figure 36 with a selection of infrastructure players.

Figure 36: Infrastructure comparables Price on P/E Div Yield EV/EBITDA Company Ticker Target Price Rating 14-Jun-17 2017 2018 2019 2017 2018 2019 2017 2018 2019 Abertis ABE.MC € $ 16.34 NR NR 17.8x 15.4x 14.0x 4.7% 4.9% 4.9% 8.4x 8.0x 7.7x Qube Holdings Limited QUB.AX A $ 2.76 A $ 2.28 UNDERPERFORM 35.4x 31.4x 27.9x 2.0% 2.1% 2.3% NA NA NA CCR CCRO3.SA R $ 16.75 R $ 19.00 OUTPERFORM 22.0x 16.2x 13.9x 3.3% 4.5% 5.6% 9.1x 7.7x 7.0x VINCI SGEF.PA € $ 78.55 € $ 84.00 OUTPERFORM 16.8x 15.7x 14.7x 2.9% 3.1% 3.4% 9.6x 9.2x 8.8x Eiffage FOUG.PA € $ 83.00 € $ 81.00 NEUTRAL 16.9x 14.6x 13.1x 2.2% 2.5% 3.0% 7.8x 7.5x 7.2x Cheung Kong Infrastructure 1038.HK HK $ 65.95 HK $ 82.00 OUTPERFORM 16.1x 15.2x 14.4x 3.6% 3.8% 4.0% NA NA NA Macquarie Infra MIC US $ 77.52 NR NR 34.8x 30.3x 28.3x 7.2% 7.8% 8.2% 12.7x 11.7x 10.9x Ferrovial FER.MC € $ 20.49 NR NR 37.1x 34.0x 29.1x 3.7% 3.8% 4.0% 20.2x 20.0x 18.9x Brookfield Infrastructure Partners LP BIP US $ 39.43 US $ 44.00 OUTPERFORM 31.8x 21.1x 17.0x 4.4% 4.8% 5.1% 10.4x 9.2x 8.5x Average 25.4x 21.5x 19.1x 3.8% 4.1% 4.5% 11.2x 10.5x 9.9x

Source: Company data, Credit Suisse, I/B/E/S

BIP owns electricity transmission assets in Latin America (Brazil and Chile) and in the US. With some legacy assets that were divested in other regions, we believe a comprehensive view of electricity transmission comps is useful as appears in Figure 37. Obviously, regulatory differences between the various jurisdictions along with some accounting distinctions can make the comparatives challenging at times. A clear area to watch will be the potential monetization of the Chilean Transelec as was reported by some trade press.

Figure 37: Electric transmission comparables Price on P/E Div Yield EV/EBITDA Company Ticker Target Price Rating 14-Jun-17 2017 2018 2019 2017 2018 2019 2017 2018 2019 Alupar ALUP11.SA R $ 17.55 R $ 20.00 OUTPERFORM 10.9x 9.6x 5.9x 4.5% 6.0% 6.0% 7.1x 6.6x 6.3x CTEEP TRPL4.SA R $ 63.84 R $ 77.00 NEUTRAL 9.4x 6.0x 5.7x 6.5% 9.8% 11.2% 4.9x 3.0x 2.9x LatAm Avg. 10.2x 7.8x 5.8x 5.5% 7.9% 8.6% 6.0x 4.8x 4.6x Eversource Energy ES US $ 62.45 US $ 59.00 NEUTRAL 19.9x 18.8x 17.8x 3.0% 3.2% 3.4% 11.0x 10.6x 9.9x Hydro One Limited H.TO C $ 23.37 C $ 26.00 NEUTRAL 19.9x 18.1x 17.1x 3.7% 4.0% 4.2% 11.9x 11.1x 10.5x US Avg. 19.9x 18.4x 17.4x 3.4% 3.6% 3.8% 11.4x 10.8x 10.2x ESO ELI.BR € $ 51.08 NR NR 15.6x 14.2x 15.3x 3.2% 3.3% 3.4% 15.0x 13.8x 13.1x National Grid NG.L GBP 10.16 GBP 8.50 UNDERPERFORM 12.8x 15.3x 16.7x 4.8% 4.8% 4.9% 10.2x 10.3x 10.1x Red Electrica Co REE.MC € $ 20.28 NR NR 16.3x 15.5x 15.0x 4.5% 4.8% 5.4% 10.4x 10.1x 9.9x REN RENE.LS € $ 2.88 NR NR 13.8x 13.4x 13.1x 5.9% 5.9% 5.9% NA NA NA Terna TRN.MI € $ 5.12 € $ 4.10 UNDERPERFORM 15.2x 15.1x 15.5x 4.2% 4.4% 4.6% 11.5x 11.2x 11.0x European Avg. 14.7x 14.7x 15.1x 4.5% 4.6% 4.8% 11.8x 11.4x 11.0x

Source: Company data, I/B/E/S, Credit Suisse

One area for growth, largely by way of acquisition and embedded capex, has been the toll road sector. As a result, Figure 38 illustrates a sample of global toll road on a region-by- region basis. Given the nature of toll roads, the legal aspects of concessions and some of

Brookfield Infrastructure Partners LP (BIP.N) 19 16 June 2017

unique accounting, the metrics below may not be the most relevant. Yet, these metrics do provide very simple comparatives on standard valuation metrics.

Figure 38: Toll road comparables Price on P/E Div Yield EV/EBITDA Company Ticker Target Price Rating 14-Jun-17 2017 2018 2019 2017 2018 2019 2017 2018 2019 Brazil CCR CCRO3.SA R $ 16.75 R $ 19.00 OUTPERFORM 22.0x 16.2x 15.2x 3.3% 4.5% 5.6% 9.1x 7.7x 7.0x Ecorod Infrt ECOR3.SA R $ 9.55 NR NR 13.9x 10.6x 7.9x 3.9% 3.9% 5.2% 5.9x 5.3x 4.7x TPI Triunfo Part TPIS3.SA R $ 2.92 NR NR NA NA NA NA NA NA NA NA NA

Europe Abertis ABE.MC € $ 16.34 NR NR 17.8x 15.4x 14.0x 4.7% 4.9% 4.9% 8.4x 8.0x 7.7x

Australia Macquarie Atlas MQA.AX A $ 6.04 A $ 5.90 NEUTRAL 25.6x 19.2x 19.8x 3.3% 3.8% 5.3% NA 28.1x NA Transurban TCL.AX A $ 12.77 A $ 12.60 OUTPERFORM NA 61.7x 45.0x 4.0% 4.4% 4.8% 24.1x 21.5x 20.1x

Korea MKIF 088980.KS ₩8,730.00 NR NR 17.0x 11.9x NA 5.8% 7.1% 5.0% NA NA NA Indonesia Jasa Marga (Persero) TBK PT JSMR.JK IDR 5,300 IDR 8,779 OUTPERFORM 20.5x 18.7x 18.0x 1.3% 1.3% 1.4% 11.8x 9.9x 8.7x

China Anhui Expwy 0995.HK HK $ 5.82 NR NR 8.4x 8.2x 9.7x 4.8% 5.0% 4.3% 1.6x 1.6x 1.7x Cheung Kong Infrastructure 1038.HK HK $ 65.95 HK $ 82.00 OUTPERFORM 16.1x 15.2x 14.4x 3.6% 3.8% 4.0% NA NA NA Hopewell Infr 0737.HK HK $ 4.40 NR NR 19.5x 20.7x 20.0x 4.6% 4.6% 5.0% 9.9x 9.6x 9.4x Jiangsu Exwy 0177.HK HK $ 11.04 NR NR 13.7x 13.0x 13.0x 4.9% 5.1% 4.9% 3.6x 3.4x 3.5x Sichuan Exwy 0107.HK HK $ 3.22 NR NR 10.8x 9.2x NA 2.3% 2.6% NA 6.8x 6.4x NA Zhejiang Express 0576.HK HK $ 9.59 NR NR 11.6x 10.9x 10.6x 4.8% 5.0% 5.2% 6.4x 6.1x 5.9x Average 16.4x 17.8x 17.0x 4.0% 4.3% 4.6% 8.8x 9.8x 7.6x

Source: Company data, Credit Suisse, I/B/E/S

BIP owns a variety of port assets around the world with various commodity, container and other exposures under various business frameworks. A series of port comparables appear in Figure 39 .

Figure 39: Ports comparables Price on P/E Div Yield EV/EBITDA Company Ticker Target Price Rating 14-Jun-17 2017 2018 2019 2017 2018 2019 2017 2018 2019 Santos BRP STBP11.SAR $ 14.40 NR NR NA NA NA NA NA NA NA NA NA Dalian Port 2880.HK HK $ 1.57 NR NR 14.9x 14.5x NA 2.6% 2.7% NA NA NA NA SIPG 600018.SS HK $ 6.18 NR NR 19.4x 18.2x 16.9x 3.2% 3.4% 4.0% 13.7x 13.1x 14.0x Tianjin Port Dev 3382.HK HK $ 1.28 NR NR NA NA NA NA NA NA NA NA NA Xiamen Port 3378.HK HK $ 1.52 NR NR 8.9x 8.4x NA 4.8% 5.1% NA NA NA NA Port of Tauranga POT.NZ NZ $ 4.46 NZ $ 3.45 UNDERPERFORM 36.9x 34.8x 32.6x 3.1% 3.3% 3.1% 24.0x 22.4x 21.4x DP Wrld DPW.DI US $ 21.31 NR NR 15.4x 14.0x 12.8x 1.9% 2.1% 2.3% 10.4x 9.7x 9.2x Westshore Term WTE.TO C $ 21.15 NR NR 14.5x 12.4x NA 3.0% 4.2% NA NA NA NA Average 18.3x 17.1x 20.7x 3.1% 3.5% 3.1% 16.0x 15.1x 14.9x

Source: Company data, Credit Suisse, I/B/E/S

BIP's rail assets are located in Australia and Brazil with different regulatory and contractual underpinnings. The comparables in Figure 40 give some broader perspective for this business group.

Figure 40: Rail comparables Price on P/E Div Yield EV/EBITDA Company Ticker Target Price Rating 14-Jun-17 2017 2018 2019 2017 2018 2019 2017 2018 2019 Canadian National CNI US $ 78.95 US $ 105.17 NEUTRAL 15.5x 14.2x 13.0x 2.2% 2.3% 2.4% 12.8x 12.1x 11.4x Canadian Pacific Railways CP US $ 154.05 US $ 240.00 OUTPERFORM 13.4x 11.9x 10.6x 1.4% 1.5% 1.5% 11.2x 10.4x 10.0x CSX Corporation CSX US $ 53.18 US $ 61.00 OUTPERFORM 23.3x 19.4x 16.6x 1.5% 1.6% 1.7% 11.6x 10.4x 9.8x Norfolk Southern NSC US $ 118.29 US $ 133.00 OUTPERFORM 18.6x 16.8x 15.3x 2.1% 2.2% 2.2% 9.9x 9.2x 8.7x Union Pacific UNP US $ 109.80 US $ 131.00 OUTPERFORM 19.1x 17.1x 15.5x 2.2% 2.4% 2.3% 10.2x 9.5x 9.1x Genesee & Wyoming, Inc. GWR US $ 66.49 US $ 77.00 OUTPERFORM 22.2x 18.3x 17.2x 0.0% 0.0% 0.0% 8.3x 7.6x 7.3x Kansas City Southern KSU US $ 100.97 US $ 90.00 NEUTRAL 19.8x 17.7x 16.0x 1.4% 1.4% 1.4% 10.6x 9.9x 9.3x Central Jpn Rail 9022 JPY 18,200 NR NR 9.1x 9.7x 9.5x 0.7% 0.8% 0.8% 4.1x 4.2x 4.1x East Japan Rail 9020 JPY 11,040 NR NR 15.5x 14.8x 14.0x 1.2% 1.3% 1.4% 8.7x 8.5x 8.2x Kintetsu GHD 9041 JPY 431 NR NR 31.2x 27.3x 26.2x 1.2% 1.2% 1.2% 16.0x 16.5x 16.3x Aurizon AZJ.AX A $ 5.54 A $ 4.75 UNDERPERFORM 23.8x 21.0x 18.5x 4.2% 4.7% 5.3% 10.3x 9.6x 9.1x Rumo Logística RAIL3.SA R $ 8.11 R $ 11.00 OUTPERFORM NA 30.5x 25.3x 0.0% 0.5% 2.2% 7.3x 6.2x 5.3x Average 19.2x 18.2x 16.5x 1.5% 1.6% 1.9% 10.1x 9.5x 9.0x

Source: Company data, Credit Suisse, I/B/E/S

Brookfield Infrastructure Partners LP (BIP.N) 20 16 June 2017

From our perspective, there are really few true comparables to Brookfield's rather unique connections business in the UK. More network oriented businesses in the transmission sector might be the most appropriate comparatives (e.g. National Grid, Red Electrica, Gas Natural Fenosa, Enagas, Terna, Snam, Pennon, Severn Trent and United Utilities). In any event, for the sake of completeness, we provide a broader comp perspective in Figure 41 for European utilities.

Figure 41: European utilities comparables Price on P/E Div Yield EV/EBITDA Company Ticker Target Price Rating 14-Jun-17 2017 2018 2019 2017 2018 2019 2017 2018 2019 Utilities National Grid NG.L GBP 10.16 GBP 8.50 UNDERPERFORM 12.8x 15.3x 14.6x 4.8% 4.8% 4.9% 10.2x 10.3x 10.1x Centrica CNA.L GBP 2.03 GBP 2.30 NEUTRAL 12.6x 12.4x 12.1x 6.0% 6.1% 6.2% 6.3x 6.3x 6.2x SSE SSE.L GBP 14.89 GBP 15.00 NEUTRAL 11.8x 12.4x 11.8x 6.1% 6.3% 6.5% 7.2x 9.0x 8.6x CEZ CEZP.PR CZK 450.00 CZK 354.00 UNDERPERFORM 16.1x 18.9x 21.7x 5.8% 4.5% 4.4% 6.3x 6.4x 6.6x RWE RWEG.F € $ 19.75 € $ 17.90 NEUTRAL 10.7x 12.1x 10.8x 2.6% 2.8% 3.2% 2.9x 3.0x 2.9x Verbund VERB.VI € $ 16.61 € $ 13.00 NEUTRAL 19.4x 23.7x 15.8x 1.6% 1.7% 2.0% 10.7x 12.1x 11.2x E.ON EONGn.DE € $ 8.82 € $ 8.00 NEUTRAL 13.8x 14.1x 15.8x 3.3% 3.7% 4.2% 9.2x 9.3x 9.1x Fortum FORTUM.HE€ $ 14.30 € $ 13.50 NEUTRAL 19.6x 19.6x 17.4x 6.0% 4.9% 4.9% 10.1x 10.1x 10.0x EDP EDP.LS € $ 3.17 € $ 3.10 NEUTRAL 12.3x 11.9x 11.5x 6.0% 6.0% 6.1% 7.3x 7.3x 7.0x Snam SRG.MI € $ 4.12 € $ 4.00 NEUTRAL 15.6x 15.3x 15.4x 5.3% 5.4% 5.5% 12.7x 12.5x 12.3x Terna TRN.MI € $ 5.12 € $ 4.10 UNDERPERFORM 15.2x 15.1x 15.5x 4.2% 4.4% 4.6% 11.5x 11.2x 11.0x Enel ENEI.MI € $ 4.85 € $ 5.70 OUTPERFORM 13.8x 12.3x 11.1x 4.5% 5.5% 6.0% 5.7x 5.5x 5.3x Gas Natural Fenosa GAS.MC € $ 21.64 € $ 19.00 UNDERPERFORM 16.1x 14.6x 14.8x 4.7% 4.9% 5.1% 7.6x 7.3x 7.1x Red Electrica Co REE.MC € $ 20.28 NR NR 16.3x 15.5x 15.0x 4.5% 4.8% 5.4% 10.4x 10.1x 9.9x Enagas ENAG.MC € $ 26.15 NR NR 14.1x 14.7x 14.6x 5.6% 5.8% 6.1% 11.7x 11.9x 11.9x Average 14.7x 15.2x 14.5x 4.7% 4.8% 5.0% 8.7x 8.8x 8.6x Water Utilities United Utilities UU.L GBP 9.78 GBP 10.00 OUTPERFORM 21.3x 21.3x 19.2x 4.0% 4.0% 4.1% 14.0x 13.3x 12.5x Pennon Group PNN.L GBP 9.17 GBP 7.50 UNDERPERFORM 19.6x 20.1x 17.5x 3.9% 4.2% 4.5% 11.9x 12.8x 11.7x Severn Trent SVT.L GBP 24.83 GBP 21.90 NEUTRAL 20.4x 21.8x 20.2x 3.3% 3.4% 3.6% 13.0x 12.5x 11.9x Average 20.4x 21.1x 18.9x 3.7% 3.9% 4.1% 12.9x 12.9x 12.0x

Source: Company data, Credit Suisse, I/B/E/S

BIP has clear aspirations to grow a pipeline business under the right set or circumstances. At this time, BIP's pipeline exposure is focused with NGPL in the US and NTS in Brazil. Figure 42 contains the selection of comparables with North American focus that mixes the US MLPs with the Canadian corporate entities.

Figure 42: Pipelines comparables Price on P/E Div Yield EV/EBITDA Company Ticker Target Price Rating 14-Jun-17 2017 2018 2019 2017 2018 2019 2017 2018 2019 Boardwalk Pipeline Partners, LP BWP US $ 17.09 US $ 23.00 OUTPERFORM 12.6x 11.5x 11.4x 2.4% 4.3% 6.9% 9.1x 8.5x 8.4x Enterprise Products Partners, LP EPD US $ 26.47 US $ 34.00 OUTPERFORM 18.6x 16.7x 15.9x 6.4% 6.7% 7.1% 13.9x 12.8x 12.0x Holly Energy Partners, L.P. HEP US $ 31.51 NR NR 19.0x 16.3x 16.2x 8.1% 8.6% 9.0% 10.4x 9.6x 8.8x Plains All American Pipeline, LP PAA US $ 24.83 US $ 33.00 NEUTRAL 14.8x 13.0x 12.0x 8.9% 8.8% 9.3% 13.1x 11.3x 10.4x NuStar Energy, LP NS US $ 45.36 US $ 53.00 NEUTRAL 24.2x 20.7x 15.5x 9.7% 9.7% 9.8% 11.0x 9.7x 8.4x Energy Transfer Equity, LP ETE US $ 16.03 US $ 23.00 OUTPERFORM 12.8x 9.8x 9.6x 7.2% 8.0% 9.2% 8.6x 8.1x 7.1x Magellan Midstream Partners , LP MMP US $ 70.15 US $ 84.00 NEUTRAL 18.0x 16.8x 15.8x 5.1% 5.5% 6.0% 15.6x 14.3x 13.5x NuStar GP Holdings, LLC NSH US $ 23.85 US $ 28.00 UNDERPERFORM 15.8x 15.2x 12.4x 9.1% 9.1% 9.5% 14.2x 14.3x 12.1x Spectra Energy Partners, LP SEP US $ 41.85 US $ 52.00 OUTPERFORM 13.0x 12.9x 12.6x 6.7% 7.2% 7.5% 8.8x 8.1x 7.4x AltaGas ALA.TO C $ 30.05 NR NR 31.8x 28.4x 20.1x 7.2% 7.7% 8.1% 11.7x 8.9x 6.0x Enbridge Inc. ENB.TO C $ 49.81 C $ 70.00 OUTPERFORM 22.9x 19.4x 17.3x 4.7% 5.2% 5.9% 11.2x 9.7x 8.5x Enbridge Income Fund Holdings ENF.TO C $ 31.91 C $ 34.00 NEUTRAL 14.2x 12.8x 13.2x 6.4% 7.1% 7.8% NA NA NA Gibson Energy Inc. GEI.TO C $ 17.76 C $ 18.00 NEUTRAL 60.2x 40.4x 26.9x 7.4% 7.6% 7.7% 12.1x 10.5x 9.5x Inter US IPL.TO C $ 25.73 NR NR 17.6x 16.8x 17.0x 6.3% 6.6% 7.2% 13.3x 13.0x 12.9x Keyera Corp. KEY.TO C $ 41.46 C $ 42.00 NEUTRAL 23.3x 20.8x 18.6x 4.0% 4.2% 4.5% 13.9x 11.8x 11.1x Pembina Pipeline Corporation PPL.TO C $ 43.29 C $ 44.00 NEUTRAL 23.8x 19.7x 17.8x 4.7% 5.1% 5.4% 13.0x 9.3x 8.4x TransCanada Corp. TRP.TO C $ 62.60 C $ 74.00 OUTPERFORM 21.7x 19.8x 17.9x 3.9% 4.3% 4.8% 13.3x 12.0x 10.6x Average 21.4x 18.3x 15.9x 6.4% 6.8% 7.4% 12.1x 10.7x 9.7x

Source: Company data, Credit Suisse, I/B/E/S

BIP's most recent platform addition is communication towers that may benefit from future acquisition activities. We divide this business group into three areas: US, Europe and the Emerging markets as appears in Figure 43 .

Brookfield Infrastructure Partners LP (BIP.N) 21 16 June 2017

Figure 43: Communication towers comparables Price on P/E Div Yield EV/EBITDA Company Ticker Target Price Rating 14-Jun-17 2017 2018 2019 2017 2018 2019 2017 2018 2019 US American Tower AMT.N US $ 130.50 NR NR 44.1x 35.9x 31.7x 2.0% 2.4% 3.0% 18.1x 16.9x 15.7x Crown Castle International Corp CCI.N US $ 101.91 NR NR NA 68.5x 58.2x 3.8% 4.0% 4.3% 20.6x 19.4x 18.2x SBA Communications Corp SBAC.OQ US $ 132.91 NR NR NA NA 61.8x 0.0% 0.0% 0.0% 21.0x 19.6x 18.3x Average US 44.1x 52.2x 50.6x 1.9% 2.1% 2.4% 19.9x 18.6x 17.4x Europe Cellnex Telecom CLNX.MC € $ 19.11 € $ 18.00 OUTPERFORM 58.4x 46.2x 38.5x 0.6% 0.7% 0.8% 17.8x 15.8x 14.4x EI Towers EIT.MI € $ 52.50 € $ 50.00 NEUTRAL 26.4x 22.8x 21.8x 3.7% 4.6% 4.7% 12.7x 11.8x 11.5x INWIT INWT.MI € $ 5.49 € $ 5.20 OUTPERFORM 28.4x 25.3x 23.0x 3.1% 3.6% 3.9% 17.9x 15.7x 14.3x Rai Way RWAY.MI € $ 4.69 € $ 3.90 NEUTRAL 24.7x 22.7x 20.9x 4.0% 4.4% 4.8% 11.4x 10.9x 10.5x Average Europe 34.5x 29.2x 26.1x 2.9% 3.3% 3.5% 14.9x 13.5x 12.7x Emerging Bharti Infratel Ltd BHRI.BO INR 385.70 INR 420.00 OUTPERFORM 26.2x 23.7x 21.7x 2.7% 3.3% 3.6% 12.0x 10.5x 9.9x Digital Telecom Infrastructure Fund DIFu.BK THB 14.20 THB 15.00 NEUTRAL 14.5x 14.2x 13.9x 6.9% 7.0% 7.2% 14.6x 14.3x 14.1x PT Sarana Menara Nusantara TOWR.JK IDR 3,750.00 IDR 4,500.00 OUTPERFORM 13.9x 12.5x 11.4x 1.5% 1.7% 3.1% 9.5x 8.8x 8.1x Telesites, S.A.B. de C.V. SITESB1.MXMXN 12.85 MXN 13.50 OUTPERFORM NA NA NA 0.0% 0.0% 0.7% 17.1x 14.5x 12.9x Tower Bersama TBIG.JK IDR 6,750.00 IDR 5,650.00 NEUTRAL 25.8x 21.6x 18.6x 1.4% 1.7% 2.3% 14.2x 12.8x 11.7x Average Emerging 20.1x 18.0x 16.4x 2.5% 2.8% 3.4% 13.5x 12.2x 11.3x

Source: Company data, Credit Suisse, I/B/E/S

With possible M&A in the US, we also include a US utilities comparable table in Figure 44.

Figure 44: US comparables Price on P/E Div Yield EV/EBITDA Company Ticker Target Price Rating 14-Jun-17 2017 2018 2019 2017 2018 2019 2017 2018 2019 ALLETE ALE US $ 73.25 NR NR 21.2x 19.9x 19.0x 2.9% 3.1% 3.2% 12.2x 11.7x 10.9x Alliant Energy LNT US $ 41.57 NR NR 20.8x 19.5x 18.5x 3.0% 3.2% 3.4% 12.0x 11.3x 10.3x Ameren AEE US $ 56.41 NR NR 20.4x 18.7x 17.7x 3.1% 3.3% 3.4% 9.2x 8.6x 8.1x American Electric Power AEP US $ 71.96 NR NR 19.7x 18.5x 17.5x 3.3% 3.5% 3.7% 10.8x 10.2x 9.7x American Water AWK US $ 81.32 NR NR 26.9x 24.7x 23.1x 2.0% 2.2% 2.4% 12.5x 11.7x 11.0x Aqua America WTR US $ 34.01 NR NR 24.9x 23.6x 22.1x 2.3% 2.5% 2.7% 16.2x 15.1x 13.9x Avista US AVA US $ 43.70 NR NR 22.6x 21.3x 20.1x 3.3% 3.4% 3.5% 10.3x 9.5x 8.8x Black Hills Corp BKH US $ 70.74 US $ 73.00 OUTPERFORM 19.6x 18.6x 18.2x 2.6% 2.8% 2.8% 11.0x 10.5x 10.0x CenterPoint Energy Inc CNP US $ 28.37 US $ 29.00 UNDERPERFORM 21.7x 20.4x 19.3x 3.8% 4.0% 4.1% 9.6x 9.4x 9.1x CMS Energy Corp CMS US $ 47.74 US $ 48.00 NEUTRAL 22.0x 20.5x 19.0x 2.8% 3.0% 3.2% 10.5x 9.9x 9.5x Consolidated Edison ED US $ 83.59 US $ 71.00 UNDERPERFORM 20.4x 19.6x 18.6x 3.3% 3.4% 3.5% 10.3x 9.8x 9.2x Dominion Energy D US $ 79.99 US $ 81.00 OUTPERFORM 21.9x 19.7x 18.8x 3.8% 4.1% 4.5% 13.2x 11.7x 10.8x DTE Energy DTE US $ 110.49 US $ 106.00 NEUTRAL 20.7x 19.5x 18.4x 3.0% 3.2% 3.4% 11.7x 10.8x 10.0x Duke Energy DUK US $ 86.32 US $ 86.00 NEUTRAL 18.8x 17.9x 16.9x 4.1% 4.2% 4.4% 11.3x 10.8x 10.4x Edison International EIX US $ 80.88 NR NR 19.2x 18.8x 17.3x 2.7% 2.9% 3.2% 8.4x 8.0x 7.5x El Paso Electric EE US $ 53.25 NR NR 21.3x 19.3x 18.2x NA NA NA 11.9x 11.2x 10.8x Entergy Corp ETR US $ 79.42 NR NR 16.3x 16.2x 15.8x 4.4% 4.6% 4.7% 8.2x 7.9x 7.6x Exelon Corporation EXC US $ 36.69 US $ 42.00 OUTPERFORM 13.8x 12.7x 13.2x 3.6% 3.7% 3.8% 8.0x 7.5x 7.5x Eversource Energy ES US $ 62.45 US $ 59.00 NEUTRAL 19.9x 18.8x 17.6x 3.0% 3.2% 3.4% 11.0x 10.6x 9.9x FirstEnergy Corp FE US $ 29.59 NR NR 10.5x 11.8x 12.6x 4.8% 4.9% 4.9% 8.1x 8.3x 8.4x Gt Plains Energy GXP US $ 29.55 NR NR 17.0x 16.3x 15.2x 3.9% 4.1% 4.3% 8.6x 8.3x 8.0x Hawaiian Elec HE US $ 33.54 NR NR 20.5x 18.8x 17.8x 3.7% 3.7% 3.7% 9.6x 9.1x 8.6x Idacorp IDA US $ 89.23 NR NR 22.4x 21.6x 20.8x 2.5% 2.7% 2.8% NA NA NA Spire Inc. SR US $ 72.60 US $ 71.00 NEUTRAL 20.6x 19.8x 19.3x 2.9% 3.1% 3.2% 12.4x 11.5x 9.9x MGE Energy MGEE US $ 67.95 NR NR 29.5x 28.3x 27.2x NA NA NA NA NA NA NextEra Energy Inc. NEE US $ 141.15 NR NR 21.1x 19.8x 18.5x 2.8% 3.1% 3.4% 10.9x 10.5x 9.7x NiSource Inc. NI US $ 25.92 US $ 25.00 UNDERPERFORM 22.0x 20.8x 19.6x 2.7% 2.9% 3.0% 10.5x 9.8x 9.1x NorthWestern Energy NWE US $ 62.84 US $ 62.00 NEUTRAL 18.4x 17.9x 17.5x 3.3% 3.5% 3.6% 11.8x 11.5x 10.7x OGE Energy OGE US $ 35.64 NR NR 18.2x 17.4x 16.7x 3.5% 3.8% 4.2% 11.2x 10.8x 10.5x Otter Tail OTTR US $ 41.35 NR NR 24.1x 22.4x 20.9x 3.1% 3.2% 3.2% NA NA NA PG&E Corp. PCG US $ 68.35 NR NR 18.6x 17.9x 17.1x 3.1% 3.3% 3.6% 8.4x 7.9x 7.5x Pinnacle West PNW US $ 88.06 NR NR 20.7x 19.6x 18.8x 3.0% 3.2% 3.3% 9.8x 9.2x 8.8x PNM Resources PNM US $ 39.40 NR NR 21.6x 21.9x 19.0x 2.5% 2.7% 3.0% 9.9x 9.7x 9.2x Portland Gen Ele POR US $ 47.39 NR NR 21.0x 19.4x 18.6x 2.8% 3.0% 3.2% 9.1x 8.6x 8.2x PPL Corp PPL US $ 39.29 NR NR 18.2x 16.9x 16.1x 4.0% 4.2% 4.4% 11.4x 10.5x 9.9x Public Service Enterprise Group PEG US $ 44.27 NR NR 15.3x 15.1x 15.1x 3.9% 4.1% 4.3% 8.7x 8.5x 8.2x PPL Corp PPL US $ 39.29 NR NR 18.2x 16.9x 16.1x 4.0% 4.2% 4.4% 11.4x 10.5x 9.9x SCANA SCG US $ 69.47 NR NR 16.5x 15.4x 14.8x 3.5% 3.8% 3.9% 11.0x 10.0x 10.0x Sempra Ener SRE US $ 114.41 NR NR 22.4x 20.4x 16.8x 2.9% 3.1% 3.4% 11.9x 11.3x 10.0x Southern Co. SO US $ 51.22 US $ 50.00 UNDERPERFORM 17.2x 16.5x 15.8x 4.5% 4.7% 4.8% 10.9x 10.4x 9.9x Unitil UTL US $ 49.41 NR NR 24.0x 22.9x 22.2x 2.9% 3.0% 3.1% 9.3x 8.7x 8.2x Vectren VVC US $ 61.14 NR NR 23.3x 21.8x 20.0x 2.8% 2.9% 3.1% NA NA NA Westar Energy WR US $ 53.27 NR NR 21.2x 20.6x 19.4x 3.1% 3.2% 3.5% 10.6x 10.2x 9.9x WEC Energy Group WEC US $ 63.76 NR NR 20.6x 19.4x 18.4x 3.3% 3.5% 3.7% 12.0x 11.4x 10.8x Xcel Energy XEL US $ 47.37 NR NR 20.5x 19.2x 18.2x 3.0% 3.2% 3.4% 10.4x 9.8x 9.4x Avg. 20.4x 19.3x 18.3x 3.2% 3.4% 3.6% 10.6x 10.1x 9.5x

Source: Credit Suisse Rave, I/B/E/S

These comp tables help lay the foundation for our NAV. NAV limitations Given BIP's relatively unique structure, global footprint and asset mix, our long held view is a Net Asset Valuation approach should help provide a meaningful context for stock market valuation. As BIP's business continues to grow in each of the verticals, some challenges with a NAV approach, include: a multiplication of regulatory nuances; cross-border issues; a multitude of business drivers; the impact of financial forecasts; balancing organic, capital Brookfield Infrastructure Partners LP (BIP.N) 22 16 June 2017

recycling and acquisition activities; and, among other things, sensitivities around multiple selection for each of the major business groups. Therefore, we believe the NAV's utility is somewhat decreasing as BIP's business model matures with an appreciable amount of underlying organic growth. Notably, we continue to employ a NAV based approach with Brookfield Asset Management – the General Partner of BAM and continue to believe the approach is applicable for BIP. With that backdrop, we still believe a NAV is useful in providing valuation perspective. As a result, Figure 45 contains our BIP NAV of roughly US$44 that is somewhat supported by our targeted 4.45% distribution yield.

Figure 45: BIP NAV in millions, unless otherwise stated EBITDA Multiple Value ($m) Value/Unit Utilities Regulated Terminal 148 12.5x 1,849.1 7.50 Electricity Transmission 154 12.5x 1,923.0 5.20 Regulated Distribution 290 12.5x 3,624.1 9.81 22.52

Transport Railroad 333.4 10.0x 3,333.6 9.02 Ports 130.1 12.0x 1,561.1 4.22 Toll Roads 349.6 8.0x 2,796.9 7.57 20.82 Energy Energy Transmission & Distribution 578.5 12.0x 6,941.6 18.79 District Energy 64.3 12.0x 771.3 2.09 20.87

Communication Infrastructure 103.9 16.0x 1,663.2 4.50

Less Attributable debt & Preferred Units 9,213.0 24.93

Total value of parts 68.71 Less attributable debt 24.93 43.77

Source: Company data, Credit Suisse estimates

One point of note, the negative NPV associated with the external management structure is not entirely captured the above figures. Some of the changes with a NPV related to BIP's management fees revolve around the longer-term market capitalization forecast that would be required. On a spot basis, the current expenses associated with BIP's management are roughly US$200m and incentive distributions rights of approximately U$112m per annum. On a fully diluted basis, those figures equate to roughly US$0.84/unit.

Brookfield Infrastructure Partners LP (BIP.N) 23 16 June 2017

Companies Mentioned (Price as of 14-Jun-2017) ALLETE (ALE.N, $73.25) ARC Resources Ltd. (ARX.TO, C$16.57) Abertis (ABE.MC, €16.34) Agnico Eagle Mines Limited (AEM.N, $46.96) Agrium Inc. (AGU.N, $93.4) Algonqn Pwr & Ut (AQN.TO, C$13.88) Alliant Energy (LNT.N, $41.57) AltaGas (ALA.TO, C$30.05) Alupar (ALUP11.SA, R$17.55) Ameren (AEE.N, $56.41) American Electric Power (AEP.N, $71.96) American Tower Corp (AMT.N, $130.5) American Water Works (AWK.N, $81.32) Anhui Expwy (0995.HK, HK$5.82) Aqua America (WTR.N, $34.01) Asciano Limited (AIO.AX^H16) Asciano Limited (AIO.AX^H16) Aurizon (AZJ.AX, A$5.54) Avista US (AVA.N, $43.7) BCE Inc. (BCE.TO, C$59.32) Bank of Montreal (BMO.TO, C$92.24) Barrick Gold Corp (ABX.N, $15.95) Bharti Infratel Ltd (BHRI.BO, Rs385.7) Black Hills Corp (BKH.N, $70.74) BlackBerry (BBRY.OQ, $10.57) Boardwalk Pipeline Partners, LP (BWP.N, $17.09) Bombardier Inc (SVS) (BBDb.TO, C$2.42) Boralex (BLX.TO, C$22.26) Brookfield Asset Management (BAM.N, $38.3) Brookfield Infrastructure Partners LP (BIP.N, $39.43, OUTPERFORM, TP $44.0) Brookfield Property Partners LP (BPY.N, $23.31) Brookfield Renewable Partners (BEP_u.TO, C$42.51) CCR (CCRO3.SA, R$16.75) CEZ (CEZP.PR, Kč451.6) CGI Group (GIBa.TO, C$65.69) CMS Energy Corp (CMS.N, $47.74) CSX Corporation (CSX.OQ, $53.18) CTEEP (TRPL4.SA, R$63.84) Cameco Corporation (CCO.TO, C$12.25) Canadian National (CNI.N, $78.95) Canadian Pacific Railways (CP.N, $154.05) Canadian Utilities Limited (CU.TO, C$40.8) Capital Power Corporation (CPX.TO, C$24.78) Cellnex Telecom (CLNX.MC, €19.11) Cenovus Energy Inc. (CVE.TO, C$10.95) CenterPoint Energy Inc (CNP.N, $28.37) Central Japan Railway Company (9022.T, ¥18,200) Centrica (CNA.L, 202.9p) Cheung Kong Infrastructure (1038.HK, HK$65.95) Consolidated Edison (ED.N, $83.59) Crescent Point Energy Corp (CPG.TO, C$11.17) Crown Castle International Corp (CCI.N, $101.91) DP World (DPW.DI, $21.31) DTE Energy (DTE.N, $110.49) Dalian Port (PDA) Co (2880.HK, HK$1.57) Digital Telecom Infrastructure Fund (DIFu.BK, Bt14.2) Dollarama Inc. (DOL.TO, C$122.85) Dominion Energy (D.N, $79.99) Duke Energy (DUK.N, $86.32) E.ON (EONGn.DE, €8.82) EDP (EDP.LS, €3.17) EI Towers (EIT.MI, €52.5) ESO (ELI.BR, €51.08) East Japan Railway Company (9020.T, ¥11,040) Ecorodovias S.A. (ECOR3.SA, R$9.55) Edison International (EIX.N, $80.88) Eiffage (FOUG.PA, €83.0) El Paso Electric (EE.N, $53.25) Eldorado Gold (EGO.N, $2.69) Emera Inc. (EMA.TO, C$48.33) Enagas (ENAG.MC, €26.145) Enbridge Inc. (ENB.TO, C$49.81) Enbridge Income Fund Holdings (ENF.TO, C$31.91) Encana Corp. (ECA.N, $9.3) Enel (ENEI.MI, €4.85) Energy Transfer Equity, LP (ETE.N, $16.03) Entergy Corp (ETR.N, $79.42) Enterprise Products Partners, LP (EPD.N, $26.47) Eversource Energy (ES.N, $62.45) Exelon Corporation (EXC.N, $36.69) Ferrovial SA (FER.MC, €20.49) FirstEnergy Corp (FE.N, $29.59) Fortis Inc. (FTS.TO, C$45.41) Fortum (FORTUM.HE, €14.3) Franco Nevada Corporation (FNV.N, $71.11) Gas Natural Fenosa (GAS.MC, €21.64) Genesee & Wyoming, Inc. (GWR.N, $66.49) Brookfield Infrastructure Partners LP (BIP.N) 24 16 June 2017

George Weston Limited (WN.TO, C$120.01) Gibson Energy Inc. (GEI.TO, C$17.76) Gildan Activewear Incorporated (GIL.TO, C$40.72) Goldcorp Inc. (GG.N, $13.2) Gt Plains Energy (GXP.N, $29.55) Hawaiian Elec (HE.N, $33.54) Holly Energy Partners, L.P. (HEP.N, $31.51) Hopewell Infr (0737.HK, HK$4.4) Husky Energy Inc. (HSE.TO, C$15.51) Hydro One Limited (H.TO, C$23.37) INWIT (INWT.MI, €5.48) Idacorp (IDA.N, $89.23) Imperial Oil Ltd (IMO.TO, C$38.33) Innergex (INE.TO, C$14.67) Intact Financial (IFC.TO, C$92.59) Inter US (IPL.TO, C$25.73) Jasa Marga (Persero) TBK PT (JSMR.JK, Rp5,300) Jiangsu Exwy (0177.HK, HK$11.04) Kansas City Southern (KSU.N, $100.97) Keyera Corp. (KEY.TO, C$41.46) Kinross Gold Corp. (KGC.N, $4.13) Kintetsu GHD (9041.T, ¥431) Loblaw Companies Limited (L.TO, C$75.37) MGE Energy (MGEE.OQ, $67.95) Macquarie Atlas (MQA.AX, A$6.04) Macquarie Infra (MIC.N, $77.52) Macquarie Korea Infrastructure Fund (088980.KS, W8,730) Magellan Midstream Partners , LP (MMP.N, $70.15) Magna International (MGA.N, $45.35) Manulife Financial Corporation (MFC.TO, C$23.99) Manulife Financial Corporation (0945.HK, HK$141.7) National Bank of Canada (NA.TO, C$53.84) National Grid (NG.L, 1015.5p) NextEra Energy Inc. (NEE.N, $141.15) NiSource Inc. (NI.N, $25.92) Norfolk Southern (NSC.N, $118.29) North Power (NPI.TO, C$23.07) NorthWestern Energy (NWE.N, $62.84) NuStar Energy, LP (NS.N, $45.36) NuStar GP Holdings, LLC (NSH.N, $23.85) OGE Energy (OGE.N, $35.64) Open Text (OTEX.TO, C$42.47) Otter Tail (OTTR.OQ, $41.35) PG&E Corp. (PCG.N, $68.35) PNM Resources (PNM.N, $39.4) PPL Corp (PPL.N, $39.29) PT Sarana Menara Nusantara (TOWR.JK, Rp3,750) Pembina Pipeline Corporation (PPL.TO, C$43.29) Pennon Group (PNN.L, 916.5p) Petrobras (PBR.N, $8.29) Pinnacle West Capital Corp. (PNW.N, $88.06) Plains All American Pipeline, LP (PAA.N, $24.83) Port of Tauranga (POT.NZ, NZ$4.46) Portland Gen Ele (POR.N, $47.39) Potash Corp - Saskatchewan (POT.N, $16.74) Public Service Enterprise Group (PEG.N, $44.27) Qube Holdings Limited (QUB.AX, A$2.76) REN (RENE.LS, €2.877) RWE (RWEG.F, €19.74) Rai Way (RWAY.MI, €4.69) Red Electrica (REE.MC, €20.275) Restaurant Brands International (QSR.N, $59.23) Royal Bank of Canada (RY.TO, C$93.36) Rumo Logística (RAIL3.SA, R$8.11) SBA Communications Corp (SBAC.OQ, $132.91) SCANA (SCG.N, $69.47) SSE (SSE.L, 1489.0p) Santos Brasil S.A. (STBP11.SA^H16) Santos Brasil S.A. (STBP11.SA^H16) Santos Brasil S.A. (STBP11.SA^H16) Santos Brasil S.A. (STBP11.SA^H16) Santos Brasil S.A. (STBP11.SA^H16) Santos Brasil S.A. (STBP11.SA^H16) Santos Brasil S.A. (STBP11.SA^H16) Santos Brasil S.A. (STBP11.SA^H16) Santos Brasil S.A. (STBP11.SA^H16) Saputo Incorporated (SAP.TO, C$41.91) Sempra Ener (SRE.N, $114.41) Severn Trent (SVT.L, 2483.0p) Shanghai International Port Co.,Ltd (600018.SS, Rmb6.18) Shaw Comms (SJR.N, $22.81) Sichuan Exwy (0107.HK, HK$3.22) Snam (SRG.MI, €4.12) Southern Co. (SO.N, $51.22) Spectra Energy Partners, LP (SEP.N, $41.85) Spire Inc. (SR.N, $72.6) Suncor Energy (SU.TO, C$39.4) TELUS Corporation (T.TO, C$44.58)

Brookfield Infrastructure Partners LP (BIP.N) 25 16 June 2017

Teck Resources Ltd (TECKb.TO, C$22.42) Telesites, S.A.B. de C.V. (SITESB1.MX, MXN12.85) Terna (TRN.MI, €5.12) ThomsonReuters (TRI.TO, C$59.01) Tianjin Port Developments Holdings Ltd (3382.HK, HK$1.28) Toronto Dominion Bank (TD.TO, C$64.71) Tower Bersama (TBIG.JK, Rp6,750) TransAlta Corporation (TA.TO, C$7.53) TransAlta Renew (RNW.TO, C$15.81) TransCanada Corp. (TRP.TO, C$62.6) Transurban (TCL.AX, A$12.77) Triunfo (TPIS3.SA, R$2.92) Union Pacific (UNP.N, $109.8) United Utilities (UU.L, 978.0p) Unitil (UTL.N, $49.41) VINCI (SGEF.PA, €78.55) Vale (VALE.N, $7.95) Valeant Pharm In (VRX.TO, C$16.46) Valener (VNR.TO, C$23.08) Vectren (VVC.N, $61.14) Verbund (VERB.VI, €16.61) Veresen (VSN.TO, C$18.39) Waste Connections (WCN.N, $99.15) Westar Energy (WR.N, $53.27) Westshore Term (WTE.TO, C$21.15) Wheaton Precious Metals Corp. (WPM.TO, C$25.58) Wisconsin Energy Corporation (WEC.N, $63.76) Xcel Energy (XEL.N, $47.37) Xiamen International Port Co. (3378.HK, HK$1.52) Yamana Gold (AUY.N, $2.51) Zhejiang Express (0576.HK, HK$9.59)

Disclosure Appendix Analyst Certification Andrew M. Kuske and Paul Tan each certify, with respect to the companies or securities that the individual analyzes, that (1) the views expressed in this report accurately reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report.

3-Year Price and Rating History for Brookfield Infrastructure Partners LP (BIP.N)

BIP.N Closing Price Target Price Target Price Closing Price BIP.N Date (US$) (US$) Rating 45 22-Oct-14 26.32 28.00 N 18-Nov-14 27.20 30.67 O 40 18-Feb-15 29.83 30.67 N 35 07-Jul-15 29.87 34.67 O 29-Oct-15 27.97 R 30 05-Aug-16 32.62 NR 25 22-Aug-16 32.58 39.33 O 20 19-Sep-16 33.97 40.00 01- Jan- 2015 01- Jan- 2016 01- Jan- 2017 10-Feb-17 36.06 40.00 N * Asterisk signifies initiation or assumption of coverage. N EU T RA L O U T PERFO RM REST RICT ED N O T RA T ED

The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activities As of December 10, 2012 Analysts’ stock rating are defined as follows: Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark* over the next 12 months. Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months. Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months. *Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin American and non-Japan Asia stocks, ratings are based on a stock’s total return relative to the average total return of the relevant country or regional benchmark; prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stock’s absolute total return potential to its current share price and (2) the relative attractiveness of a stock’s total return potential within an analyst’s coverage universe. For Australian and New Zealand stocks, the expected total return (ETR) calculation includes 12-month rolling dividend yield. An Outperform rating is assigned where an ETR is greater than or equal to 7.5%; Underperform where an ETR less than or equal to 5%. A Neutral may be assigned where the ETR is between -5% and 15%. The overlapping rating range allows analysts to assign a rating that puts ETR in the context of associated risks. Prior to 18

Brookfield Infrastructure Partners LP (BIP.N) 26 16 June 2017

May 2015, ETR ranges for Outperform and Underperform ratings did not overlap with Neutral thresholds between 15% and 7.5%, which was in operation from 7 July 2011. Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances. Not Rated (NR) : Credit Suisse Equity Research does not have an investment rating or view on the stock or any other securities related to the company at this time. Not Covered (NC) : Credit Suisse Equity Research does not provide ongoing coverage of the company or offer an investment rating or investment view on the equity security of the company or related products. Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward. Analysts’ sector weightings are distinct from analysts’ stock ratings and are based on the analyst’s expectations for the fundamentals and/or valuation of the sector* relative to the group’s historic fundamentals and/or valuation: Overweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is favorable over the next 12 months. Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months. Underweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is cautious over the next 12 months. *An analyst’s coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cover multiple sectors. Credit Suisse's distribution of stock ratings (and banking clients) is:

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Target Price and Rating Valuation Methodology and Risks: (12 months) for Brookfield Infrastructure Partners LP (BIP.N) Method: We obtain our Outperform rating and 12-month US$44.00 target price for Brookfield Infrastructure Partners LP by using multiple valuation methods, primarily: a targeted cash-on-cash distribution yield of 4.45% and a 165 bps spread. Risk: There are a number of risk to Brookfield Infrastructure Partners LP's achievement of our Outperform rating and US$44.00 target price: increasing competitive environment for infrastructure assets; BAM dependency; interest rate movements; access to capital markets; regulatory; taxation; credit and counterparty risk; commodity prices; energy market dynamics; environmental legislation; foreign exchange; infestations and disease; weather; and, labour shortage/strikes.

Please refer to the firm's disclosure website at https://rave.credit-suisse.com/disclosures/view/selectArchive for the definitions of abbreviations typically used in the target price method and risk sections. See the Companies Mentioned section for full company names Credit Suisse currently has, or had within the past 12 months, the following as investment banking client(s): BIP.N, AEP.N, PEG.N, EXC.N, NWE.N, NI.N, BKH.N, DUK.N, EIX.N, FE.N, D.N, DTE.N, NEE.N, CNP.N, ETR.N, PPL.N, SR.N, EIT.MI, CCI.N, CLNX.MC, RWAY.MI, SITESB1.MX, DIFu.BK, BHRI.BO, TOWR.JK, SEP.N, HEP.N, ENF.TO, MMP.N, PAA.N, NS.N, NSH.N, ENB.TO, PPL.TO, TRP.TO, ETE.N, BWP.N, KEY.TO, RWEG.F, NG.L, SSE.L, CEZP.PR, EONGn.DE, CNA.L, ENEI.MI, PNN.L, GAS.MC, TRN.MI, FORTUM.HE, KSU.N, CP.N, UNP.N, GWR.N, AZJ.AX, CSX.OQ, RAIL3.SA, POT.NZ, CCRO3.SA, ABE.MC, TCL.AX, 1038.HK, MQA.AX, JSMR.JK, SGEF.PA, FOUG.PA, QUB.AX, TRPL4.SA, H.TO, FTS.TO, CU.TO, BEP_u.TO, EMA.TO, CPX.TO, TA.TO, VALE.N, BAM.N, BPY.N, TECKb.TO, PBR.N, TD.TO, BMO.TO, MFC.TO, RY.TO, ABX.N,

Brookfield Infrastructure Partners LP (BIP.N) 27 16 June 2017

POT.N, WCN.N, QSR.N, 0945.HK, ES.N, CVE.TO, ECA.N, IMO.TO, NA.TO, AEM.N, FNV.N, GG.N, GIBa.TO, HSE.TO, AUY.N, BBRY.OQ, BBDb.TO, CPG.TO, CCO.TO, EGO.N, KGC.N Credit Suisse provided investment banking services to the subject company (BIP.N, AEP.N, PEG.N, EXC.N, NI.N, BKH.N, DUK.N, D.N, NEE.N, CNP.N, PPL.N, SR.N, TOWR.JK, SEP.N, ENF.TO, ENB.TO, PPL.TO, TRP.TO, ETE.N, BWP.N, KEY.TO, RWEG.F, NG.L, SSE.L, EONGn.DE, ENEI.MI, TRN.MI, KSU.N, CP.N, UNP.N, AZJ.AX, CSX.OQ, POT.NZ, ABE.MC, MQA.AX, JSMR.JK, H.TO, FTS.TO, CU.TO, BEP_u.TO, EMA.TO, BAM.N, BPY.N, TD.TO, BMO.TO, MFC.TO, RY.TO, ABX.N, 0945.HK, CVE.TO, ECA.N, IMO.TO, NA.TO, FNV.N, GG.N, AUY.N, BBDb.TO, CCO.TO, EGO.N, KGC.N) within the past 12 months. Credit Suisse currently has, or had within the past 12 months, the following issuer(s) as client(s), and the services provided were non-investment- banking, securities-related: BIP.N, EE.N, EXC.N, NWE.N, NI.N, BKH.N, FE.N, D.N, NEE.N, CNP.N, PPL.N, SR.N, SITESB1.MX, DIFu.BK, TOWR.JK, EPD.N, TRP.TO, ETE.N, BWP.N, RWEG.F, NG.L, CEZP.PR, EONGn.DE, CNA.L, SRG.MI, EDP.LS, UNP.N, CNI.N, JSMR.JK, BEP_u.TO, VALE.N, BAM.N, PBR.N, TD.TO, BMO.TO, MFC.TO, RY.TO, 0945.HK, NA.TO Credit Suisse has managed or co-managed a public offering of securities for the subject company (AEP.N, PEG.N, NI.N, BKH.N, DUK.N, D.N, NEE.N, CNP.N, TOWR.JK, TRP.TO, ETE.N, RWEG.F, ENEI.MI, CP.N, UNP.N, CSX.OQ, H.TO, CU.TO, EMA.TO, TD.TO, BMO.TO, MFC.TO, RY.TO, 0945.HK, CVE.TO, ECA.N, IMO.TO, CCO.TO) within the past 12 months. Within the past 12 months, Credit Suisse has received compensation for investment banking services from the following issuer(s): BIP.N, AEP.N, PEG.N, EXC.N, NI.N, BKH.N, DUK.N, D.N, NEE.N, CNP.N, PPL.N, SR.N, TOWR.JK, SEP.N, ENF.TO, ENB.TO, PPL.TO, TRP.TO, ETE.N, BWP.N, KEY.TO, RWEG.F, NG.L, SSE.L, EONGn.DE, ENEI.MI, TRN.MI, KSU.N, CP.N, UNP.N, AZJ.AX, CSX.OQ, POT.NZ, ABE.MC, MQA.AX, JSMR.JK, H.TO, FTS.TO, CU.TO, BEP_u.TO, EMA.TO, BAM.N, BPY.N, TD.TO, BMO.TO, MFC.TO, RY.TO, ABX.N, 0945.HK, CVE.TO, ECA.N, IMO.TO, NA.TO, FNV.N, GG.N, AUY.N, BBDb.TO, CCO.TO, EGO.N, KGC.N Credit Suisse expects to receive or intends to seek investment banking related compensation from the subject company (BIP.N, PCG.N, AEP.N, CMS.N, PEG.N, EXC.N, NWE.N, NI.N, BKH.N, DUK.N, EIX.N, FE.N, D.N, DTE.N, ED.N, NEE.N, SO.N, CNP.N, ETR.N, PPL.N, SR.N, EIT.MI, CCI.N, CLNX.MC, RWAY.MI, SITESB1.MX, SBAC.OQ, DIFu.BK, BHRI.BO, TOWR.JK, SEP.N, HEP.N, ENF.TO, MMP.N, PAA.N, GEI.TO, NS.N, NSH.N, ENB.TO, PPL.TO, TRP.TO, ETE.N, BWP.N, KEY.TO, RWEG.F, NG.L, SSE.L, CEZP.PR, EONGn.DE, VERB.VI, CNA.L, SVT.L, ENEI.MI, PNN.L, GAS.MC, EDP.LS, TRN.MI, FORTUM.HE, KSU.N, CP.N, UNP.N, GWR.N, AZJ.AX, CSX.OQ, RAIL3.SA, POT.NZ, CCRO3.SA, ABE.MC, TCL.AX, 1038.HK, MQA.AX, JSMR.JK, SGEF.PA, FOUG.PA, QUB.AX, TRPL4.SA, H.TO, FTS.TO, CU.TO, BEP_u.TO, EMA.TO, CPX.TO, TA.TO, VALE.N, BAM.N, BPY.N, TECKb.TO, PBR.N, TD.TO, BMO.TO, SU.TO, MFC.TO, RY.TO, ABX.N, POT.N, WCN.N, QSR.N, 0945.HK, ES.N, CVE.TO, ECA.N, IMO.TO, NA.TO, AEM.N, AGU.N, FNV.N, GG.N, GIBa.TO, HSE.TO, AUY.N, BBRY.OQ, BBDb.TO, CPG.TO, CCO.TO, EGO.N, GIL.TO, KGC.N) within the next 3 months. Within the last 12 months, Credit Suisse has received compensation for non-investment banking services or products from the following issuer(s): BIP.N, EE.N, EXC.N, NWE.N, NI.N, BKH.N, FE.N, D.N, NEE.N, CNP.N, PPL.N, SR.N, SITESB1.MX, DIFu.BK, TOWR.JK, EPD.N, TRP.TO, ETE.N, BWP.N, RWEG.F, NG.L, CEZP.PR, EONGn.DE, CNA.L, SRG.MI, EDP.LS, UNP.N, CNI.N, JSMR.JK, BEP_u.TO, VALE.N, BAM.N, PBR.N, TD.TO, BMO.TO, MFC.TO, RY.TO, 0945.HK, NA.TO As of the date of this report, Credit Suisse makes a market in the following subject companies (1038.HK). A member of the Credit Suisse Group is party to an agreement with, or may have provided services set out in sections A and B of Annex I of Directive 2014/65/EU of the European Parliament and Council ("MiFID Services") to, the subject issuer (BIP.N, PCG.N, EE.N, AEP.N, PEG.N, NWE.N, NI.N, BKH.N, DUK.N, EIX.N, D.N, NEE.N, CNP.N, SR.N, INWT.MI, EIT.MI, CCI.N, CLNX.MC, RWAY.MI, SITESB1.MX, SBAC.OQ, BHRI.BO, TOWR.JK, SEP.N, HEP.N, EPD.N, ENF.TO, MMP.N, PAA.N, GEI.TO, NS.N, NSH.N, ENB.TO, PPL.TO, TRP.TO, ETE.N, BWP.N, KEY.TO, RWEG.F, NG.L, SVT.L, ENEI.MI, SRG.MI, UU.L, PNN.L, GAS.MC, EDP.LS, TRN.MI, FORTUM.HE, NSC.N, KSU.N, CP.N, UNP.N, GWR.N, AZJ.AX, CSX.OQ, RAIL3.SA, POT.NZ, ABE.MC, TCL.AX, MQA.AX, JSMR.JK, SGEF.PA, FOUG.PA, TRPL4.SA, H.TO, ALUP11.SA, FTS.TO, CU.TO, EMA.TO, CPX.TO, TA.TO, VALE.N, BAM.N, BPY.N, TECKb.TO, PBR.N, TD.TO, BMO.TO, SU.TO, MFC.TO, RY.TO, ABX.N, MGA.N, POT.N, WCN.N, QSR.N, 0945.HK, ES.N, CVE.TO, ECA.N, IMO.TO, WPM.TO, AEM.N, AGU.N, FNV.N, GG.N, GIBa.TO, HSE.TO, AUY.N, ARX.TO, BBRY.OQ, BBDb.TO, CPG.TO, CCO.TO, EGO.N, GIL.TO, KGC.N) within the past 12 months. Please visit https://credit-suisse.com/in/researchdisclosure for additional disclosures mandated vide Securities And Exchange Board of India (Research Analysts) Regulations, 2014 Credit Suisse may have interest in (BHRI.BO) As of the end of the preceding month, Credit Suisse beneficially own 1% or more of a class of common equity securities of (ETE.N, RWEG.F, EONGn.DE, SVT.L, ALUP11.SA, TA.TO, AUY.N). Credit Suisse beneficially holds >0.5% long position of the total issued share capital of the subject company (KGC.N). Credit Suisse beneficially holds >0.5% short position of the total issued share capital of the subject company (NSH.N). Credit Suisse has a material conflict of interest with the subject company (NEE.N) . Credit Suisse Securities (USA) LLC is serving as lead financial advisors to NextEra Energy. Credit Suisse has a material conflict of interest with the subject company (PPL.N) . Credit Suisse is acting as lead financial advisor to NorthWestern Energy on PPL Corporation’s announced sale of PPL Montana’s hydroelectric generation assets to NorthWestern Energy. Credit Suisse has a material conflict of interest with the subject company (SSE.L) . Credit Suisse Securities (Europe) Limited is acting as an intermediary on the instructions of SSE Plc (the Company), but not as the Company’s agent or otherwise for the Company, in relation to the Company’s announced share buy-back program. Credit Suisse has a material conflict of interest with the subject company (VALE.N) . The analyst Ivano Westin has a relationship with a natural person who may provide remunerated services to one or more of the companies covered in this report. Credit Suisse has a material conflict of interest with the subject company (PBR.N) . A household member of the research analyst Andre Natal is employed by Petroleo Brasileiro SA. As of the date of this report, an analyst involved in the preparation of this report has the following material conflict of interest with the subject company (CNP.N). An analyst or a member of the analyst's household has a long position in the common stock CenterPoint Energy Inc.

Brookfield Infrastructure Partners LP (BIP.N) 28 16 June 2017

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Brookfield Infrastructure Partners LP (BIP.N) 29 16 June 2017

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