An anonymous director reports

BROOKFIELD INFRASTRUCTURE CORPORATION REPORTS FIRST QUARTER 2024 RESULTS

The board of directors of Brookfield Infrastructure Corp. (BIPC) has declared a quarterly dividend in the amount of 40.5 cents per Class A exchangeable subordinate voting share of the company, payable on June 28, 2024, to shareholders of record as at the close of business on May 31, 2024. This dividend is identical in amount per share and has identical record and payment dates to the quarterly distribution announced today by Brookfield Infrastructure Partners LP (BIP or the partnership) on its units.

The shares of the company are structured with the intention of being economically equivalent to the non-voting LP units of Brookfield Infrastructure Partnership. The company believes economic equivalence is achieved through identical dividends and distributions on the shares, and BIP's units and each share being exchangeable at the option of the holder for one BIP unit at any time. Given the economic equivalence, the company expects that the market price of the shares will be significantly impacted by the market price of BIP's units, and the combined business performance of the company and BIP as a whole. In addition to carefully considering the disclosure made in this news release in its entirety, shareholders are strongly encouraged to carefully review BIP's letter to unitholders, supplemental information and its other continuous disclosure filings. BIP's letter to unitholders and supplemental information are available at its website. Copies of the partnership's continuous disclosure filings are available electronically on EDGAR on the SEC's website or on SEDAR+.

Results

The net income of the company is captured in the partnership's financial statements and results.

The company reported net income of $197-million for the three-month period ended March 31, 2024, compared with a net loss of $195-million in the prior year. After removing the impact of the revaluation on its shares that are classified as liabilities under IFRS (international financial reporting standards), underlying earnings were 43 per cent higher than the prior year. Current-period results benefited from the acquisition of Triton International, the company's global logistics operation, inflation indexation across its business and capital commissioned into rate base at the company's United Kingdom regulated distribution business. These benefits were partially offset by higher financing costs at its businesses as a result of incremental borrowings. Additionally offsetting results was an increase in dividends paid on the company's exchangeable shares, which are classified as interest expense, due to the 6-per-cent increase in the company's quarterly dividend compared with the prior year.

We seek Safe Harbor.