12:36:07 EST Sun 05 Feb 2023
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Brookfield Asset Management Inc
Symbol BAM
Shares Issued 1,619,764,261
Close 2022-12-06 C$ 59.19
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Brookfield Asset declares dividend for manager, company

2022-12-06 20:24 ET - News Release

Ms. Kerrie Hayes reports

BROOKFIELD ANNOUNCES 2023 DIVIDEND FOR THE MANAGER AND CORPORATION

Brookfield Asset Management Inc. (NYSE: BAM, TSX: BAM.A) (Brookfield) and Brookfield Asset Management Ltd. (the manager) today jointly declared the expected 2023 dividends for the corporation (defined herein) and the manager.

As previously announced, the transaction for the public listing and distribution of a 25-per-cent interest in Brookfield's asset management business, through the manager, by way of a plan of arrangement is expected to be effective at the close of business on Dec. 9, 2022. On the arrangement becoming effective, Brookfield Asset Management Inc. will be renamed Brookfield Corp.

Beginning in the first quarter of 2023:

  1. The corporation is expected to pay a quarterly dividend of seven cents per corporation Class A limited voting share (representing 28 cents per annum);
  2. The manager is expected to pay a quarterly dividend of 32 cents per manager Class A limited voting share.

Combined, and assuming corporation shareholders retain their manager shares received in the arrangement, the corporation's quarterly dividend of seven cents per share and the manager's quarterly dividend of 32 cents per share (equivalent to eight cents per share held today, adjusted for the shares being distributed to the public), would equate to 15 cents per current Class A share, representing a 7-per-cent increase.

Brookfield shareholders of record at Nov. 30, 2022, will receive the previously declared fourth quarter 2022 dividend of 14 cents on Dec. 30, 2022.

Additional details for Series 8 and 9 Class A preference shares in regards to the arrangement

Brookfield also announced that holders of the corporation's Series 8 Class A preference shares will receive 0.1030 of a manager Class A limited voting share and a new Series 51 corporation Class A preference share for every Series 8 preference share held. Holders of the corporation's Series 9 Class A preference shares will receive 0.1010 of a manager Class A limited voting share and a new Series 52 corporation Class A preference share for every Series 9 preference share held. The redemption price of the new preference shares, as adjusted to reflect the receipt of the manager Class A limited voting shares, will be of $22.44 per Series 51 share (received by holders of Series 8 shares) and $22.00 per Series 52 share (received by holders of Series 9 shares).

About Brookfield Asset Management Inc.

Brookfield (NYSE: BAM, TSX: BAM.A) is a leading global alternative asset manager with over $750-billion of assets under management across real estate, infrastructure, renewable power and transition, private equity, and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield 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.

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