Mr. Connor Teskey reports

CPP INVESTMENTS AND BROOKFIELD LAUNCH $50 BILLION MAPLE FUND TO PURSUE LARGE-SCALE INVESTMENTS ACROSS CANADA

Canada Pension Plan Investment Board (CPP Investments) and Brookfield Asset Management Ltd. have launched the Maple Fund, a joint co-operation framework to generate and execute up to $50-billion in equity of large-scale investments in critical infrastructure and strategic industries across Canada.

The Maple Fund brings together CPP Investments' expertise, long-term approach and capital with Brookfield's development, operating and execution capabilities. The framework is intended to expand the range of opportunities the two organizations can pursue together, particularly large and complex projects that require significant upfront resources and development capabilities.

CPP Investments and Brookfield will structure investments on a 50/50 basis, with up to $25-billion of Maple Fund equity capital from each organization over an initial five-year time horizon. The partnership will focus on opportunities with total project values greater than $5-billion in equity capital. The framework is also designed to enable other investors to partner with CPP Investments and Brookfield on individual investments, further expanding the capital and capabilities available.

Each potential investment will be independently assessed and approved by CPP Investments and Brookfield against their respective requirements and through their established investment and governance processes. The Maple Fund is intended to be incremental to the normal course investment activities of both organizations, and each remains free to pursue opportunities independently or with other partners. Individual Maple Fund transactions will be announced as appropriate following definitive agreements.

"Canada is entering a period of new ambition to advance major projects and build for the future, creating compelling investment opportunities across the country. CPP Investments has the capital, long-term investment horizon and expertise to pursue these opportunities, and the Maple Fund brings together our strengths with Brookfield's strong origination and development capabilities to help move ambitious projects from opportunity to investment," said John Graham, president and chief executive officer, CPP Investments. "The Maple Fund positions us well to meet this moment and move with speed on opportunities of unusual scale and complexity when they offer compelling value for the CPP Fund."

Connor Teskey, chief executive officer of Brookfield Asset Management, said: "The Maple Fund brings together two companies with a shared commitment to investing in the country's future. By combining CPP Investments' scale and long-term capital with Brookfield's development and operating capabilities, we believe the Maple Fund can help drive a generational investment program to invest in critical infrastructure, industries and businesses that will support the growth of globally competitive Canadian businesses."

About Brookfield Asset Management Ltd.

Brookfield Asset Management is a leading global alternative asset manager, headquartered in New York, with over $1-trillion of assets under management across infrastructure, energy, private equity, real estate and credit. Brookfield 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.

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