Mr. Jason Weckwerth reports

PARTNERS VALUE SPLIT CORP. ANNOUNCES $125,000,000 PUBLIC OFFERING OF CLASS AA PREFERRED SHARES, SERIES 15

Partners Value Split Corp. has entered into an agreement to sell five million Class AA preferred shares, Series 15, to a syndicate of underwriters led by Bank of Nova Scotia, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc. on a bought deal basis.

The Series 15 preferred shares will be issued at a price of $25 per share, for gross proceeds of $125-million. The Series 15 preferred shares will carry a fixed coupon of 5.15 per cent and will have a final maturity of March 31, 2031. The Series 15 preferred shares have a provisional rating of Pfd-2 from DBRS Ltd. The net proceeds of the offering will be used by the company 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 15 preferred shares at the same offering price, which, if exercised in full, would increase the gross offering size to $150-million. Closing of the offering is expected to occur on or about March 5, 2025.

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 finance 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.

Brookfield is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. Brookfield has three core businesses: alternative asset management; wealth solutions; and its operating businesses, which are in renewable power, infrastructure, business and industrial services, and real estate. Brookfield is listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol BN.

Brookfield Asset Management (BAM) is a leading global alternative asset manager with over $1-trillion (U.S.) of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. BAM's objective is to generate attractive, long-term risk-adjusted returns for the benefit of its clients and shareholders. BAM is listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol BAM.

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