TORONTO, ONTARIO, Jan 03, 2008 -- Brookfield Asset Management Inc. ("Brookfield") today announced that its Board of Directors has set January 14, 2008 as the record date for the previously announced spin-off of a newly created publicly-traded partnership named Brookfield Infrastructure Partners L.P. ("the Partnership", and together with its related entities, "Brookfield Infrastructure"). The spin-off will be implemented by way of a special dividend of a 60% interest in Brookfield Infrastructure to holders of Brookfield's Class A and Class B limited voting shares as of the record date. Each holder of Brookfield shares on the record date will receive one unit of the Partnership for each 25 Brookfield shares held. The special dividend will be subject to applicable withholding tax, and cash will be distributed in lieu of fractional units."We remain focused on enhancing shareholder value and building out each of our operating platforms to enable us to achieve our long-term goals," said Bruce Flatt, Chief Executive Officer of Brookfield Asset Management. "The spin-off of Brookfield Infrastructure Partners is another step in this direction, as it will provide investors with an attractive, focused infrastructure vehicle, facilitating access to the capital markets to fund our infrastructure growth plans."
Initially, Brookfield Infrastructure will own interests in five high-quality electricity transmission and timber operations in North America, Chile and Brazil. Going forward, Brookfield Infrastructure will serve as the primary vehicle through which Brookfield will own and operate certain infrastructure assets on a global basis. Brookfield Infrastructure will focus on high quality, long-life assets that generate stable cash flows, require relatively minimal maintenance capital expenditures and, by virtue of barriers to entry and other characteristics, tend to appreciate in value over time. Brookfield Infrastructure will seek acquisition opportunities where Brookfield's operations-oriented approach can be deployed to add value.
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