Mr. Jason Weckwerth reports

PARTNERS VALUE SPLIT CORP. ANNOUNCES $125,000,000 PUBLIC OFFERING OF CLASS AA PREFERRED SHARES, SERIES 14

Partners Value Split Corp. has entered into an agreement to sell five million Class AA preferred shares, Series 14, to a syndicate of underwriters led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc. on a bought deal basis.

The Series 14 preferred shares will be issued at a price of $25 per share for gross proceeds of $125-million. The Series 14 preferred shares will carry a fixed coupon of 5.5 per cent and will have a final maturity of June 30, 2030. The Series 14 preferred shares have a provisional rating of Pfd-2 from DBRS Ltd. The net proceeds of the offering will be used by the company in connection with the company's redemption of its outstanding Class AA preferred shares, Series 8, and to pay a special dividend on the company's capital shares.

The company has granted the underwriters an option, exercisable in whole or part prior to closing, to purchase up to an additional one million Series 14 preferred shares at the same offering price, which, if exercised in full, would increase the gross offering size to $150-million. The closing of the offering is expected to occur on or about Sept. 27, 2024.

The company owns a portfolio consisting of approximately 119 million Class A limited voting shares of Brookfield Corp. and approximately 30 million Class A limited voting shares of Brookfield Asset Management Ltd., which are expected to yield quarterly dividends that are sufficient to financed quarterly fixed cumulative preferential dividends for the holders of the company's preferred shares and to enable the holders of the company's capital shares to participate in any capital appreciation of the Brookfield securities.

We seek Safe Harbor.