Mr. Mark Carney reports

BROOKFIELD LAUNCHES EMERGING MARKETS TRANSITION FUND WITH ANCHOR COMMITMENT FROM ALTERRA ALONGSIDE INVESTMENT IN THE BROOKFIELD GLOBAL TRANSITION FUND; BOTH FUNDS TO HELP DEPLOY OVER $20 BILLION IN CLIMATE INITIATIVES

Today at COP28, Brookfield Asset Management created a multibillion dollar Catalytic Transition Fund (CTF) with commitments from ALTERRA Transformation. ALTERRA also committed to investing $2-billion (U.S.) from ALTERRA Acceleration into the second Brookfield Global Transition Fund (BGTF II), Brookfield's flagship fund focused on the energy transition.

CTF will have a differentiated and focused mandate, raising and then deploying capital exclusively for emerging and developing markets, with a dedicated focus on supporting the four key pillars that underpin COP28's Action Agenda, namely: energy transition, industrial decarbonization, sustainable living and climate technologies.

The fund will be managed by Brookfield and will receive up to $1-billion (U.S.) in catalytic capital from ALTERRA Transformation, to enhance the risk-adjusted returns available to commercially oriented investors. Brookfield is concurrently pursuing opportunities to add further catalytic capital from strategic partners.

CTF will focus on decarbonization initiatives, with an innovative structure that leverages ALTERRA's financial commitment to attract private sector investment at scale. Through this unique approach, the fund will mobilize climate finance for markets that are critical to achieving net zero, but which have, to date, been chronically underinvested. The fund will focus its catalytic investments in South and Southeast Asia, Asia-Pacific, Central Asia, Eastern Europe, Latin America and the Middle East.

Other investors, including CDPQ, a global investment group based in Quebec, Canada, and Temasek, a Singapore-headquartered global investment firm, have also expressed interest in contributing commercial capital to the fund, subject to their customary approval requirements. The potential participation of these institutions offers the opportunity to share expertise and market knowledge to benefit the fund's investments. In line with its typical approach of aligning interests with its investment partners, Brookfield will commit at least 10 per cent of CTF's capital.

ALTERRA represents a vital lever in further deepening the United Arab Emirates' long-standing commitment to climate action globally, through partnerships and collective action.

ALTERRA Acceleration is also today announcing a $2-billion (U.S.) commitment to the second Brookfield Global Transition Fund, making it the single-largest third party investor in the fund to date. BGTF II will follow the strategy of its predecessor fund, BGTF I, and invest in growing clean energy, scaling sustainable solutions and providing capital for transforming businesses in carbon-intensive sectors. Taken together, the commitments from ALTERRA to CTF and BGTF II will support the deployment of over $20-billion (U.S.) toward decarbonization initiatives.

Speaking about the partnership, his excellency Majid Al Suwaidi, director general of COP28 and incoming chief executive officer, ALTERRA, said: "ALTERRA's goal is to mobilize $250-billion (U.S.) in capital by 2030 and stimulate a new climate economy in emerging and developing markets that achieve both climate and commercial outcomes. The partnership with Brookfield is a powerful demonstration of the UAE's commitment to meaningful climate action and represents our wider ambition to fundamentally strengthen global climate finance."

Mark Carney, chair and head of transition investing at Brookfield Asset Management, said: "The UAE is demonstrating bold leadership in tackling the challenge of raising transition finance for emerging markets and developing economies. The Catalytic Transition Fund is an innovative private sector solution to this imperative which combines institutional capital, and Brookfield's decades of experience in renewable power and transition investing. The UAE's substantial commitments to our transition investing platform will greatly accelerate progress towards Brookfield's net-zero emissions target while supporting vital clean growth initiatives across the globe."

Brookfield is already pursuing investment opportunities, with immediate capital investment earmarked for the development of over six gigawatts (GW) of new clean energy capacity in India. This includes the near-term construction of 1,200 megawatts (MW) of wind and solar projects set to generate clean power by 2025.

Brookfield will seek to bring on board other institutional partners in 2024.

About Brookfield Asset Management Ltd.

Brookfield Asset Management is a leading global alternative asset manager with $850-billion of assets under management across renewable power and transition, infrastructure, private equity, real estate and credit. The company invests client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. The company offers a range of alternative investment products to investors around the world -- including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors. The company draws on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for its clients across economic cycles.

About the Brookfield Global Transition Fund

The Brookfield Global Transition Fund, co-led by Mr. Carney, Brookfield chair and head of transition investing, and Connor Teskey, chief executive officer of Brookfield Renewable, is Brookfield's record-breaking impact fund series. The strategy is focused on investments that accelerate the global transition to a net-zero carbon economy, while delivering strong risk-adjusted returns to investors.

The fund targets investment opportunities relating to reducing greenhouse gas emissions and energy consumption, as well as increasing low-carbon energy capacity and supporting sustainable solutions. Consistent with its dual objectives of earning strong risk-adjusted returns and generating a measurable positive environmental change, the fund reports to investors on both its financial and environmental impact performance.

We seek Safe Harbor.