Further to its bulletin dated Nov. 29, 2022, the Toronto Stock Exchange reports that if the plan of arrangement involving Brookfield Asset Management Inc. (Brookfield) and Brookfield Asset Management Ltd. (New Brookfield) becomes effective, then Brookfield will change its name to Brookfield Corp. According to the TSX, in anticipation of the closing of the arrangement on Dec. 9, 2022, the Brookfield Corp. Class A preference shares, Series 51, and the Brookfield Corp. Class A preference shares, Series 52, will be listed and posted for trading at the open on Dec. 12, 2022, in substitution for the presently listed Brookfield Class A preference shares, Series 8, and Brookfield Class A preference shares, Series 9, respectively.

Subject to the closing of the arrangement on Dec. 9, 2022, the Brookfield Corp. Series 51 preference shares will trade under the symbol BN.PF.K and Cusip No. 11271J 59 4, and the Brookfield Corp. Series 52 preference shares will trade under the symbol BN.PF.L and Cusip No. 11271J 58 6. The Brookfield Series 8 preference shares, trading under the symbol BAM.PR.E, and the Brookfield Series 9 preference shares, trading under the symbol BAM.PR.G, will be delisted at the close on Dec. 9, 2022.

The TSX notes that holders of Brookfield Series 8 preference shares will receive for each Brookfield Series 8 share held: (i) one Brookfield Corp. Series 51 share; (ii) 0.1030 of a Class A limited voting share of New Brookfield; and (iii) 3.199 cents in cash, representing declared and unpaid dividends covering the period from Dec. 1, 2022, to Dec. 8, 2022. Holders of Brookfield Series 9 preference shares will receive for each Brookfield Series 9 share held: (i) one Brookfield Corp. Series 52 share; (ii) 0.1010 of a New Brookfield Class A share; and (iii) 7.1575 cents in cash, representing declared and unpaid dividends covering the period from Nov. 1, 2022, to Dec. 8, 2022.

Registered holders of Brookfield Series 8 preference shares and Brookfield Series 9 preference shares should return the letter of transmittal together with share certificates to the transfer agent, TSX Trust Company, at its principal office in Toronto in order to receive the consideration to which they are entitled. Fractional New Brookfield Class A shares will not be issued. Holders of Brookfield Series 8 preference shares and Brookfield Series 9 preference shares who would otherwise be entitled to a fractional New Brookfield Class A share will receive a cash payment. Brookfield will use the volume-weighted average of the trading price of the New Brookfield Class A shares for the five trading days immediately following the effective date to determine the value of the New Brookfield Class A shares for calculating the cash payable in lieu of any fractional interests.

Principal terms of the Brookfield Corp. Series 51 preference shares

The TSX reports that Brookfield Corp. will pay monthly floating cumulative preferential cash dividends on the Brookfield Corp. Series 51 preference shares, accruing daily, on the 12th day of each month in an amount per share equal to the product of the Series 52 redemption price per share and one-12th of the annual floating dividend rate applicable to the month being the average prime rate for the month multiplied by a designated percentage as provided in the share conditions.

The Brookfield Corp. Series 51 preference shares will be redeemable, at the option of Brookfield Corp., at the applicable redemption price, which will be determined prior to the effective date based on the redemption price of the Brookfield Series 8 preference shares, as reduced to reflect the distribution of shares of New Brookfield to the holders of the shares. The applicable redemption price for the Brookfield Corp. Series 51 preference shares will be $25.50 multiplied by (one minus the butterfly proportion). It is currently estimated that the butterfly proportion will be 0.12, in which case the Series 51 redemption price will be $22.44, together with all accrued and unpaid dividends thereon.

At the option of the holder, the Brookfield Corp. Series 51 preference shares will be convertible on Nov. 1, 2026, and on Nov. 1 every five years thereafter into Brookfield Corp. Series 52 preference shares on a 1:1 basis.

Principal terms of the Brookfield Corp. Series 52 preference shares

The TSX reports that Brookfield Corp. will pay fixed cumulative preferred cash dividends, payable quarterly on the first day of February, May, August and November in each year, in an amount per share per annum equal to the product of the Series 52 redemption price and a percentage (which shall not be less than 80 per cent) of the yield on certain government of Canada bonds, established for each five-year period commencing Nov. 1, 2001 (and each fifth anniversary of that date). For the five-year period from Nov. 1, 2021, until Oct. 31, 2026, the Brookfield Corp. Series 52 preference shares will pay on a quarterly basis a fixed cash dividend in an amount equal to 2.75 per cent per annum applied to the Series 52 redemption price per share.

The Brookfield Corp. Series 52 preference shares will be redeemable at the option of Brookfield Corp., on Nov. 1, 2026, and on Nov. 1 every five years thereafter, at the applicable redemption price, which will be determined prior to the effective date based on the redemption price of the Brookfield Series 9 preference shares as reduced to reflect the distribution of shares of New Brookfield to the holders of the shares. The applicable redemption price for the Brookfield Corp. Series 52 preference shares will be $25 multiplied by (one minus the butterfly proportion). It is currently estimated that the butterfly proportion will be 0.12, in which case the Series 52 redemption price will be $22, together with all accrued and unpaid dividends thereon.

At the option of the holder, the Brookfield Corp. Series 52 preference shares will be convertible on Nov. 1, 2026, and on Nov. 1 every five years thereafter into Brookfield Corp. Series 51 preference shares on a 1:1 basis.

For more information, see Brookfield's management information circular dated Sept. 30, 2022, and its news release dated Nov. 22, 2022. The TSX will issue a bulletin as soon as practicable after the arrangement closes announcing details of the listing of the Brookfield Corp. Series 51 preference shares and Brookfield Corp. Series 52 preference shares, and the delisting of the Brookfield Series 8 preference shares and Brookfield Series 9 preference shares.