BROOKFIELD INFRASTRUCTURE PARTNERS EXCHANGE L.P. ANNOUNCES RECORD AND EFFECTIVE DATES FOR UNIT SPLIT

BROOKFIELD, NEWS, March 10, 2020 (GLOBE NEWSWIRE) -- Brookfield Infrastructure Partners Exchange L.P. (“Exchange LP”), a subsidiary of Brookfield Infrastructure Partners L.P. (“BIP”), today announced that, in connection with BIP’s previously announced special distribution (the “Special Distribution”) of class A exchangeable subordinate voting shares (“Shares”) of Brookfield Infrastructure Corporation (“BIPC”) to holders of BIP’s limited partnership units (“BIP Units”), Exchange LP’s Board of Directors has approved a ten-for-nine unit split (the “Unit Split”) of Exchange LP’s outstanding exchangeable units (“Exchangeable Units”). The Unit Split will be implemented by way of a subdivision on March 31, 2020.

Exchange LP is undertaking the Unit Split in connection with the Special Distribution. For more information on the Special Distribution, please refer to BIP’s press release of March 10, 2020. Instead of participating directly in the Special Distribution, Exchange LP unitholders of record as of March 20, 2020 will receive approximately 0.11 of an additional Exchangeable Unit for every Exchangeable Unit held (i.e. one additional Exchangeable Unit for every nine Exchangeable Units held). Any fractional Exchangeable Units to be issued to registered Exchange LP unitholders as a result of the Unit Split will be rounded to the nearest whole Exchangeable Unit, with each half unit being rounded to the next higher unit. The Unit Split will not be taxable in Canada.

Exchange LP will use the direct registration system (“DRS”) to electronically register the additional Exchangeable Units issued pursuant to the Unit Split, rather than issuing paper certificates to registered unitholders. A DRS advice statement, indicating the additional Exchangeable Units to which registered unitholders are entitled as a result of the Unit Split, will be mailed to unitholders entitled to the Unit Split following March 31, 2020. The combination of any old Exchange LP book-entry units and the new DRS advice statement sent will represent each registered unitholder’s total post-Unit Split unitholdings. For beneficial unitholders who hold their units in an account with a broker or other intermediary, their account will be automatically updated to reflect the Unit Split.