An anonymous director reports

PARTNERS VALUE SPLIT CORP. ANNOUNCES 2022 ANNUAL RESULTS

Partners Value Split Corp.'s net asset value per unit was $95.95 as at Dec. 31, 2022 (Dec. 31, 2021: $169.52). All amounts are in U.S. dollars.

Income available for distribution for the year ended Dec. 31, 2022, was $1.0-billion compared with $103-million in the prior year. Income was higher in the current period primarily due to a special non-cash distribution received from Brookfield Corp. (formerly Brookfield Asset Management Inc.). On Dec. 9, 2022, the corporation completed the distribution of a 25-per-cent interest in its asset management business through Brookfield Asset Management Ltd., which was incorporated and publicly listed for the purpose of holding an interest in this business. As part of this distribution, the company received one share of the manager for every four shares held of the corporation. As a result, the company recognized non-cash dividend income of $957-million from the corporation in its statements of comprehensive income.

The comprehensive loss of $2.5-billion related to the decrease in the share price of the corporation shares during the year along with the broader market. As at Dec. 31, 2022, the market prices of a corporation (New York Stock Exchange/Toronto Stock Exchange: BN) and manager (NYSE/TSX: BAM) share were $31.46 and $28.67, respectively. As at March 29, 2023, the market prices of a BN and BAM share were $31.19 and $31.39, respectively.

Net asset value per unit consists of one preferred share and one capital share. The net asset value per unit is posted monthly on the company's website.

Effective March 31, 2023, Rachel Powell was replaced by Jason Weckwerth as chief financial officer of the company.

As at Dec. 31, 2022, Partners Value Split owned 120 million Class A limited voting shares of the corporation and 30 million Class A limited voting shares of the manager, which together generate cash flow through dividend payments that finance quarterly fixed cumulative preferential dividends for the holders of the company's preferred shares, and provide the holders of the company's capital shares the opportunity to participate in any capital appreciation of the Brookfield shares. Following the special distribution, the combined dividend rate from the corporation and the manager is expected to be equal to the total dividend rate of a Brookfield Corp. share prior to the special distribution.

Brookfield Asset Management Ltd. is a leading global alternative asset manager with approximately $800-billion of assets under management across real estate, infrastructure, renewable power and transition, private equity, and credit. Brookfield Corp. is focused on deploying its capital on a value basis and compounding it over the long term. This capital is allocated across its three core pillars of asset management, insurance solutions and its operating businesses. BAM and BN are listed on the New York and Toronto stock exchanges.

We seek Safe Harbor.