An anonymous director reports

PARTNERS VALUE INVESTMENTS INC. ANNOUNCES Q3 2023 INTERIM RESULTS

Partners Value Investments LP's Partners Value Investments Inc. has released its financial results for the nine months ended Sept. 30, 2023. All amounts are stated in U.S. dollars.

The company recorded net income of $72.1-million for the three months ended Sept. 30, 2023, compared with net income of $343.9-million in the prior-year period. Net income was lower in the current period primarily due to lower remeasurement gains on the company's retractable shares and warrant liability as well as lower foreign currency gains. The company's retractable common shares are classified as liabilities due to their cash retraction feature. The remeasurement gains or losses in a given period are driven by the respective depreciation or appreciation of the partnership unit price as the exchangeable shares are recognized at fair value based on the quoted price of the partnership's equity LP (limited partnership) units. During the quarter, the partnership unit price increased by 52 cents compared with a decrease of $3.59 in the prior-year quarter.

Excluding retractable share and warrant liability, remeasurement gains, and dividends paid on retractable shares, adjusted earnings for the company was $29.4-million for the three months ended Sept. 30, 2023, compared with adjusted earnings of $78.8-million in the prior-year period. Adjusted earnings were lower in the current period as a result of lower foreign currency gains.

As at Sept. 30, 2023, the market prices of a Brookfield Corp. (the corporation) and Brookfield Asset Management Ltd. (the manager) share were $31.27 and $33.34, respectively. As at Nov. 16, 2023, the market prices of a Brookfield Corp. and Brookfield Asset share were $34.07 and $33.47, respectively.

Financial profile

The company's principal investments are its interest in 134 million Class A limited voting shares of the corporation and approximately 31 million Class A limited voting shares of the manager. This represents approximately a 9-per-cent interest as at Sept. 30, 2023, in the corporation and an 8-per-cent interest in the manager. In addition, the company owns a diversified investment portfolio of marketable securities and private fund interests.

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