BAM Split Corp.

BAM Split Corp.
BAM Investments Corp.

BAM Investments Corp.

January 03, 2008 08:48 ET

BAM Split Announces Special Dividend and Purchase of Additional Brookfield Class A Shares From BAM Investments

TORONTO, ONTARIO--(Marketwire - Jan. 3, 2008) - BAM Split Corp. ("BAM Split") (TSX:BNA) announced today that, in anticipation of the special dividend of units of Brookfield Infrastructure Partners L.P. to be paid by Brookfield Asset Management Inc. ("Brookfield") to the holders of its Class A Limited Voting shares (the "Brookfield Class A Shares"), BAM Split's board of directors has declared a corresponding special dividend to be paid on its capital shares on the same payment date as for the Brookfield dividend. The special dividend will be paid to BAM Investments Corp. ("BAM Investments") (TSX:BNB), the only holder of BAM Split's capital shares.

In addition, BAM Split has agreed that, following the payment of the special dividend, it will acquire from BAM Investments additional Brookfield Class A Shares with the same value as the special dividend. The Brookfield Class A Shares will be acquired in exchange for a new series of non-dividend bearing subordinate preferred shares. The rating for BAM Split's outstanding preferred shares will not be affected by this transaction.

As a result of these transactions, BAM Split's investment portfolio will continue to consist entirely of Brookfield Class A Shares. BAM Investments will continue to directly and indirectly own the same number of securities of Brookfield and Brookfield Infrastructure Partners as before the transactions.

BAM Split currently owns a portfolio consisting of 45,022,950 Brookfield Class A Shares in order to generate quarterly fixed cumulative preferential dividends for the holders of BAM Split's preferred shares and to enable the holders of the its Capital shares to participate in any capital appreciation of Brookfield Class A Shares.

BAM Investments is a publicly listed investment company whose principal business mandate is to provide its common shareholders with a leveraged investment in Brookfield Class A Shares.

Mr. Brian Lawson, president of BAM Investments, will be available at 416-363-0061 to answer any enquiries regarding this release.

Note: This news release contains "forward-looking statements". The words "believe", "expect", "anticipate", "intend", "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include general economic conditions, interest rates, availability of equity and debt financing and other risks detailed from time to time in the company's continuous disclosure documents. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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