BlackRock(R) Canada Announces Details of Delisting and Mandatory Redemption of Capital Shares and Preferred Shares of Big Bank Big Oil Split Corp.

TORONTO, ONTARIO--(Marketwired - Oct. 17, 2016) - (TSX:BBO)(TSX:BBO.PR.A) -

BlackRock Asset Management Canada Limited, an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE:BLK) and manager of Big Bank Big Oil Split Corp. (the "Corporation"), today announces details concerning the delisting and mandatory redemption of the Class A Capital Shares (the "Capital Shares") and Class A Preferred Shares ("Preferred Shares") of the Corporation on December 30, 2016 (the "Redemption Date"). The Capital Shares and Preferred Shares are currently listed on the Toronto Stock Exchange (the "TSX") under the symbols" "BBO" and "BBO.PR.A", respectively.

As disclosed in the Corporation's disclosure documents, pursuant to the Corporation's Articles of Incorporation, as amended, the Capital Shares and Preferred Shares will be automatically redeemed on the Redemption Date. The redemption price payable by the Corporation for a Capital Share on the Redemption Date will be equal to the greater of: (i) the net asset value per Unit (a "Unit" consists of one Preferred Share and one Capital Share) on that date minus $10.00 and any accrued and unpaid distributions on a Preferred Share; and (ii) nil. Any monthly distribution declared on the Capital Shares for December 2016 will be paid with the redemption proceeds for the Capital Shares. The redemption price payable by the Corporation for a Preferred Share on the Redemption Date will be equal to the lesser of: (i) $10.00 plus any accrued and unpaid distributions thereon; and (ii) the net asset value of the Corporation on that date divided by the total number of Preferred Shares then outstanding. The quarterly distribution expected to be declared on the Preferred Shares for December 2016 will be paid with the redemption proceeds for the Preferred Shares.

In connection with the redemption, BlackRock Canada expects that the Capital Shares and Preferred Shares will cease trading on the TSX and be delisted from the TSX on or about December 23, 2016. It is expected that, as soon as practicable following the Redemption Date, the affairs of the Corporation will be wound up and the Corporation will be dissolved. To facilitate a timely and orderly redemption, the Corporation may liquidate certain assets in order to move to a larger cash position as the Redemption Date approaches.

For more information, investors should consult with their investment advisor or visit our website at www.blackrock.com/ca.

About BlackRock

BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At June 30, 2016, BlackRock's AUM was US$4.890 trillion. BlackRock helps clients around the world meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares® (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. As of June 30, 2016, the firm had approximately 12,700 employees in more than 30 countries and a major presence in global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at www.blackrock.com/ca / Twitter: @BlackRockCA / Blog: www.blackrockblog.com/can

Big Bank Big Oil Split Corp. is managed by BlackRock Asset Management Canada Limited.

Commissions, management fees and expenses all may be associated with investing in Big Bank Big Oil Split Corp. Please read the relevant prospectus before investing. The fund is not guaranteed, its value changes frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.