Transaction|September 25, 2019

Brookfield Infrastructure announces unit split and creation of an exchange corporation

Torys acted as counsel to Brookfield Infrastructure Partners with a team that included Karrin Powys-Lybbe, Mile Kurta, Stephen Neil, Steven Bentsianov, Jonathan Cescon, David Forrester, Hongyi Geng and Adam Ibrahim (corporate/Canadian and U.S. securities), Corrado Cardarelli, Andrew Wong and Ryan Walker (Canadian tax), David Mattingly, Scott Semer and Chris Saki (U.S. tax) and Rose Bailey (lending).

On September 25, 2019, Brookfield Infrastructure Partners L.P. ("BIP") announced its intention to create a Canadian corporation that will provide investors with greater flexibility in how they access BIP's globally diversified portfolio of high-quality infrastructure assets.

Pursuant to the transaction, which will be analogous to a unit split, BIP's Board of Directors intends to distribute to existing unitholders, on a tax-free basis, class A shares of the new corporation, Brookfield Infrastructure Corporation ("BIPC"). Currently, unitholders are expected to receive 0.11 BIPC class A shares for each unit held of BIP (i.e., one BIPC class A share for every nine Brookfield Infrastructure units held) in the form of a special distribution.

The class A shares will be structured with the intention of being economically equivalent to units of BIP, including identical distributions, with the intention of allowing investors the ability to own the equivalent economic exposure to BIP through a traditional corporate structure.

Subject to the receipt of normal course regulatory approvals, BIP anticipates completing the special distribution in the first half of 2020.

Further information can be found on Globe Newswire's website.

Brookfield Infrastructure Partners is a leading global infrastructure company that owns and operates high quality, long-life assets in the utilities, transport, energy and data infrastructure sectors across North and South America, Asia Pacific and Europe. It is focused on assets that generate stable cash flows and require minimal maintenance capital expenditures.