0001193125-23-215580.txt : 20230818 0001193125-23-215580.hdr.sgml : 20230818 20230818091556 ACCESSION NUMBER: 0001193125-23-215580 CONFORMED SUBMISSION TYPE: SC TO-C PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20230818 DATE AS OF CHANGE: 20230818 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BROOKFIELD Corp /ON/ CENTRAL INDEX KEY: 0001001085 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 000000000 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC TO-C SEC ACT: 1934 Act SEC FILE NUMBER: 005-52773 FILM NUMBER: 231183885 BUSINESS ADDRESS: STREET 1: BROOKFIELD PLACE, 181 BAY ST, STE 100 STREET 2: PO BOX 762 CITY: TORONTO STATE: A6 ZIP: M5J2T3 BUSINESS PHONE: 416-363-9491 MAIL ADDRESS: STREET 1: BROOKFIELD PLACE, 181 BAY ST, STE 100 STREET 2: PO BOX 762 CITY: TORONTO STATE: A6 ZIP: M5J2T3 FORMER COMPANY: FORMER CONFORMED NAME: BROOKFIELD ASSET MANAGEMENT INC. DATE OF NAME CHANGE: 20051116 FORMER COMPANY: FORMER CONFORMED NAME: BRASCAN CORP/ DATE OF NAME CHANGE: 20010321 FORMER COMPANY: FORMER CONFORMED NAME: EDPERBRASCAN CORP DATE OF NAME CHANGE: 19970904 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BROOKFIELD Corp /ON/ CENTRAL INDEX KEY: 0001001085 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 000000000 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC TO-C BUSINESS ADDRESS: STREET 1: BROOKFIELD PLACE, 181 BAY ST, STE 100 STREET 2: PO BOX 762 CITY: TORONTO STATE: A6 ZIP: M5J2T3 BUSINESS PHONE: 416-363-9491 MAIL ADDRESS: STREET 1: BROOKFIELD PLACE, 181 BAY ST, STE 100 STREET 2: PO BOX 762 CITY: TORONTO STATE: A6 ZIP: M5J2T3 FORMER COMPANY: FORMER CONFORMED NAME: BROOKFIELD ASSET MANAGEMENT INC. DATE OF NAME CHANGE: 20051116 FORMER COMPANY: FORMER CONFORMED NAME: BRASCAN CORP/ DATE OF NAME CHANGE: 20010321 FORMER COMPANY: FORMER CONFORMED NAME: EDPERBRASCAN CORP DATE OF NAME CHANGE: 19970904 SC TO-C 1 d505588dsctoc.htm SC TO-C SC TO-C

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

SCHEDULE TO

TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

BROOKFIELD CORPORATION

(Name of Subject Company (Issuer/Offeror))

BROOKFIELD CORPORATION

(Name of Filing Persons (Offeror))

Class A Limited Voting Shares

(Title of Class of Securities)

11271J107

(CUSIP Number of Class of Securities)

 

Swati Mandava

Brookfield Corporation

Brookfield Place

181 Bay Street, Suite 100

Toronto, Ontario, Canada M5J 2T3

(416) 363-9491

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons)

Copies to:

 

Mile T. Kurta

Torys LLP

1114 Avenue of the Americas, 23rd Floor

New York, New York 10036

(212) 880-6000

  

Karrin Powys-Lybbe

Torys LLP

79 Wellington Street West

30th Floor

Toronto, Ontario, Canada M5K 1N2

(416) 865-0400

 

 

 

☒

Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes to designate any transactions to which the statement relates:

 

  ☐ 

third-party tender offer subject to Rule 14d-1.

 

  ☒ 

issuer tender offer subject to Rule 13e-4.

 

  ☐ 

going-private transaction subject to Rule 13e-3.

 

  ☐ 

amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

 

  ☒ 

Rule 13e–4(i) (Cross-Border Issuer Tender Offer)

  ☐ 

Rule 14d–1(d) (Cross-Border Third-Party Tender Offer)

 

 

 

INTRODUCTION

This Tender Offer Statement on Schedule TO (this “Schedule TO”) is being filed by Brookfield Corporation, a corporation incorporated under, and governed by, the laws of the Province of Ontario, Canada (“Brookfield Corporation”). This Schedule TO relates to the offer (the “Offer”) by Brookfield Reinsurance Ltd., an exempted company limited by shares incorporated under, and governed by, the laws of Bermuda (“Brookfield Reinsurance”), to exchange up to 40,000,000 class A limited voting shares of Brookfield Corporation (the “Brookfield Class A Shares”) for newly-issued class A-1 exchangeable non-voting shares (the “Class A-1 Exchangeable Shares”) of Brookfield Reinsurance. The terms of such Offer will be set forth in, and subject to the terms, conditions and procedures set forth in, the offer to exchange and circular (as it may be supplemented and amended from time to time, the “Offer to Exchange/Circular”), which is filed as Exhibit (a)(1)(A) hereto, and in the related letter of transmittal (as it may be supplemented and amended from time to time the “Letter of Transmittal”), which will be filed by amendment as (a)(1)(B) hereto. Brookfield Reinsurance will offer to exchange one Class A-1 Exchangeable Share for each Brookfield Class A Share tendered to the Offer, subject to pro-ration in the event that the total number of Brookfield Class A Shares tendered exceeds the maximum number of Class A-1 Exchangeable Shares offered in the Offer. The Offer to the holders of Brookfield Class A Shares has not yet commenced.

This Schedule TO is being filed in accordance with Rule 13e-4(c)(2) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as Brookfield Corporation may be deemed an offeror with respect to the Offer. Because the Offer is being made for less than 5% of the outstanding Brookfield Class A Shares, and because after consummation of the Offer Brookfield Reinsurance would own less than 5% the Brookfield Class A Shares, the Offer is not subject to Section 14(d) of the Exchange Act, or Regulation 14D promulgated thereunder.

In connection with the Offer, on August 18, 2023, Brookfield Reinsurance and Brookfield Corporation filed a preliminary Registration Statement on Form F-4, of which the Offer to Exchange/Circular forms a part, to register the offer of Class A-1 Exchangeable Shares as well as the underlying class A exchangeable shares of Brookfield Reinsurance (the “Class A Exchangeable Shares”) that may be issued upon conversion of the Class A-1 Exchangeable Shares and the Brookfield Class A Shares that may be issued or delivered in connection with the exchange, redemption or acquisition, if any, of Class A Exchangeable Shares or Class A-1 Exchangeable Shares (including in connection with any liquidation, dissolution or winding up of Brookfield Reinsurance). The terms and conditions of the Offer will be set forth in the Offer to Exchange/Circular and the Letter of Transmittal. Pursuant to General Instruction F to Schedule TO, the information contained in the Offer to Exchange/Circular and the Letter of Transmittal, including any prospectus supplement or other supplement thereto related to the Offer hereafter filed with the Securities and Exchange Commission (the “SEC”) in connection with the Offer, is hereby expressly incorporated into this Schedule TO by reference in response to Items 1 through 11 of this Schedule TO, and is supplemented by the information specifically provided for in this Schedule TO by reference.

 

ITEM 1.

SUMMARY TERM SHEET.

The information set forth under “Questions and Answers About the Offer” and “Summary” in the Offer to Exchange/Circular is incorporated herein by reference.

 

ITEM 2.

SUBJECT COMPANY INFORMATION.

(a) The name of the subject company is Brookfield Corporation, its principal executive office is 181 Bay Street, Suite 100, Toronto, Ontario, Canada M5J 2T3 and its telephone number is (416) 363-9491.

(b) This Schedule TO relates to the Brookfield Class A Shares. As of August 15, 2023, there were 1,638,077,866 Brookfield Class A shares issued and outstanding. The information set forth under Section 3 of Offer to Exchange, “Number of Brookfield Class A Shares and Pro-Ration of Tenders” in the Offer to Exchange/Circular, is incorporated herein by reference.

 

1

(c) The information about the trading market and price of the Brookfield Class A Shares set forth under Section 3 of Circular, “Information with respect to Brookfield Corporation—Price Range and Trading Volume of Brookfield Class A Shares” of the Offer to Exchange/Circular is incorporated herein by reference.

 

ITEM 3.

IDENTITY AND BACKGROUND OF FILING PERSONS.

(a) The filing person to which this Schedule TO relates is Brookfield Corporation, which is also the subject company. The information about Brookfield Corporation’s business address and telephone number is set forth in Item 2(a) above and is incorporated herein by reference. The information set forth under Section 1 of Circular, “Information with respect to Brookfield Reinsurance,” Section 3 of Circular, “Information with respect to Brookfield Corporation” and Section 8 of Circular, “Interest of Directors and Executive Officers; Transactions and Arrangements Concerning Ownership of Securities of Brookfield Corporation” of the Offer to Exchange/Circular is incorporated herein by reference.

The address of Brookfield Reinsurance’s principal executive offices is Ideation House, First Floor, 94 Pitts Bay Road, Pembroke, Bermuda HM08 and its telephone number is (416) 956-5141. The information relating to Brookfield Reinsurance in the Offer to Exchange/Circular under the following captions is incorporated herein by reference:

Section 1 of Circular, “Information with respect to Brookfield Reinsurance”

 

ITEM 4.

TERMS OF THE TRANSACTION.

(a) The information set forth in the Offer to Exchange/Circular under the following captions is incorporated by reference.

“Questions and Answers About the Offer”

“Summary”

Section 1 of Offer to Exchange, “The Offer”

Section 3 of Offer to Exchange, “Number of Brookfield Class A Shares and Pro-Ration of Tenders”

Section 5 of Offer to Exchange, “Procedure for Tendering Brookfield Class A Shares”

Section 6 of Offer to Exchange, “Return of Tendered Brookfield Class A Shares”

Section 7 of Offer to Exchange, “Withdrawal Rights”

Section 9 of Offer to Exchange, “Extension of the Expiration Time, Variation or Change of the Offer”

Section 10 of Offer to Exchange, “Taking Up and Exchange of Tendered Brookfield Class A Shares”

Section 13 of Offer to Exchange, “Notices and Delivery”

Section 15 of Offer to Exchange, “Other Terms of the Offer”

Section 14 of Circular, “Certain Material United States Federal Income Tax Considerations”

(b) The information set forth in the Offer to Exchange/Circular under the following captions is incorporated herein by reference:

Section 8 of Circular, “Interest of Directors and Executive Officers; Transactions and Arrangements Concerning Ownership of Securities of Brookfield Corporation”

 

2

“Section 9 of Circular, “Acceptance of Offer and Arrangements with Brookfield Shareholders”

“Questions and Answers About the Offer—Will any of Brookfield Corporation’s or Brookfield Reinsurance’s directors, officers or affiliates participate in the Offer?”

 

ITEM 5.

PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS.

(e) The information set forth in the Offer to Exchange/Circular under the following caption is incorporated herein by reference:

Section 8 of Circular, “Interest of Directors and Executive Officers; Transactions and Arrangements Concerning Ownership of Securities of Brookfield Corporation”

 

ITEM 6.

PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS.

 

  (a)

The information set forth in the Offer to Exchange/Circular under the following captions is incorporated herein by reference:

“Questions and Answers About the Offer—Why is Brookfield Reinsurance making the Offer?”

“Summary—Purpose and Background to the Offer”

Section 5 of Circular, “Purpose of and Background to the Offer”

 

  (b)

The information set forth in the Offer to Exchange/Circular under the following caption is incorporated herein by reference:

Section 10 of Offer to Exchange, “Taking Up and Exchange of Tendered Brookfield Class A Shares”

 

  (c)

The information set forth in the Offer to Exchange/Circular under the following caption is incorporated herein by reference:

Section 5 of Circular, “Purpose of and Background to the Offer”

 

ITEM 7.

SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.

(a) and (b) The information set forth in the Offer to Exchange/Circular under the following captions is incorporated herein by reference:

Section 4 of Circular, “Source of Offered Consideration”

Section 2 of Circular, “Information with respect to the Brookfield Reinsurance Meeting”

“Questions and Answers About the Offer— Are there any conditions to the Offer?”

“Summary—Conditions to the Offer”

Section 8 of Offer to Exchange, “Conditions to the Offer”

 

  (d)

Not applicable.

 

ITEM 8.

INTEREST IN SECURITIES OF THE SUBJECT COMPANY.

(a) The information set forth in the Offer to Exchange/Circular under the following captions is incorporated herein by reference:

 

3

Section 8 of Circular, “Interest of Directors and Executive Officers; Transactions and Arrangements Concerning Ownership of Securities of Brookfield Corporation”

Section 9 of Circular, “Acceptance of Offer and Arrangements with Brookfield Shareholders”

 

  (b)

The information set forth in the Offer to Exchange/Circular under the following captions is incorporated herein by reference:

Section 6 of Circular, “Brookfield Corporation’s Distribution Policy”

Section 7 of Circular, “Previous Purchases and Sales”

 

ITEM 9.

PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED.

(a) The information set forth under Section 21 of Circular, “Depositary,” Section 17 of Circular, “Fees and Expenses” and Section 5 of Offer to Exchange, “Procedure for Tendering Brookfield Class A Shares” of the Offer to Exchange/Circular is incorporated herein by reference.

 

ITEM 10.

FINANCIAL STATEMENTS.

(a) The information set forth in the section “Summary—Summary Financial Data” of the Offer to Exchange/Circular is incorporated by reference herein.

Brookfield Reinsurance’s recast audited combined consolidated financial statements and the notes thereto as at December 31, 2022 and 2021 and for the fiscal years ended December 31, 2022, 2021 and 2020, together with the report of the independent registered public accounting firm thereon, included as Exhibit 99.1 to Brookfield Reinsurance’s Form 6-K filed with the SEC on June 28, 2023, are incorporated herein by reference.

Brookfield Reinsurance’s unaudited condensed consolidated financial statements as at June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and 2022, included as Exhibit 99.1 to Brookfield Reinsurance’s Form 6-K filed with the SEC on August 14, 2023, are incorporated herein by reference.

Brookfield Corporation’s audited comparative consolidated financial statements and the notes thereto for the fiscal years ended December 31, 2022 and 2021, together with the accompanying report of independent registered public accounting firm thereon included in Brookfield Corporation’s Annual Report on Form 40-F for the year ended December 31, 2022 filed with the SEC on March 24, 2023, are incorporated herein by reference.

Brookfield Corporation’s unaudited comparative interim consolidated financial statements as at June 30, 2023 and December 31, 2022 and for the three and six months ended June 30, 2023 and 2022, included as Exhibit 99.1 to Brookfield Corporation’s Form 6-K filed with the SEC on August 14, 2023, are incorporated herein by reference.

(b) Not applicable.

 

ITEM 11.

ADDITIONAL INFORMATION.

(a) and (c) The information set forth in the Offer to Exchange/Circular and the Letter of Transmittal is incorporated herein by reference.

 

4

ITEM 12.

EXHIBITS.

 

(a)(1)(A)   Preliminary Offer to Exchange/Circular, dated August 18, 2023 (incorporated by reference to the Registration Statement on Form F-4 of Brookfield Corporation and Brookfield Reinsurance Ltd. filed with the SEC on August 18, 2023).
(a)(1)(B)   Letter of Transmittal (to be filed by amendment).
(a)(1)(C)   Notice of Guaranteed Delivery (to be filed by amendment).
(a)(4)   Exhibit (a)(1)(A) is incorporated by reference.
(a)(5)*   Press Release, dated August 18, 2023.
(b)   Not Applicable.
(d)(A)   Amended and Restated Rights Agreement, dated March 21, 2023, by and among Brookfield Corporation, Brookfield Reinsurance Ltd. and Wilmington Trust, National Association, incorporated by reference to Exhibit 4.1 to Brookfield Reinsurance Ltd.’s Form 20-F for the year ended December 31, 2022 filed with the SEC on March 31, 2023.
(d)(B)   Amended and Restated Support Agreement, dated March 21, 2023, by and among Brookfield Corporation and Brookfield Reinsurance Ltd., incorporated by reference to Exhibit 4.5 to Brookfield Reinsurance Ltd.’s Form 20-F for the year ended December 31, 2022 filed with the SEC on March 31, 2023.
(d)(C)   Brookfield Corporation’s 2019 Management Share Option Plan (incorporated by reference to Exhibit 4.3 to Brookfield Corporation’s Form S-8 filed with the SEC on September 20, 2019).
(d)(D)   Brookfield Corporation’s 2016 Management Share Option Plan (incorporated by reference to Exhibit 4.5 to Brookfield Corporation’s Form S-8 filed with the SEC on December 7, 2016).
(d)(E)   Brookfield Corporation’s 2012 Management Share Option Plan (incorporated by reference to Exhibit 4.5 to Brookfield Corporation’s Form S-8 filed with the SEC on September 26, 2012).
(d)(F)   Brookfield Corporation’s 2009 Management Share Option Plan (incorporated by reference to Exhibit 4.5 to Brookfield Corporation’s Form S-8 filed with the SEC on June 10, 2015).
(d)(G)   Brookfield Corporation Escrowed Stock Plan, as amended (incorporated by reference to Exhibit 4.3 to Brookfield Corporation’s Form S-8 filed with the SEC on October 26, 2022).
(d)(H)   Brookfield Corporation Restricted Stock Plan (incorporated by reference to Exhibit 99.3 to Brookfield Corporation’s Form 6-K filed with the SEC on December 1, 2011).
(d)(I)  

Second Amended and Restated Bye-laws (as amended) of Brookfield Reinsurance Ltd. (incorporated by reference to Exhibit 3.1 to Brookfield Reinsurance Ltd.’s Form 6-K filed with the SEC on August 18, 2023).

(g)   Not Applicable.
(h)   Not Applicable.
107   Filing Fee Table (to be filed by amendment).

 

*

Filed herewith.

 

ITEM 13.

INFORMATION REQUIRED BY SCHEDULE 13E-3.

Not applicable.

 

5

SIGNATURE

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Date: August 18, 2023     BROOKFIELD CORPORATION
    By:  

/s/ Swati Mandava

     

Name:    Swati Mandava

Title:      Managing Director, Legal & Regulatory

EXHIBIT INDEX

 

(a)(1)(A)   Preliminary Offer to Exchange/Circular, dated August 18, 2023 (incorporated by reference to the Registration Statement on Form F-4 of Brookfield Corporation and Brookfield Reinsurance Ltd. filed with the SEC on August 18, 2023).
(a)(1)(B)   Letter of Transmittal (to be filed by amendment).
(a)(1)(C)   Notice of Guaranteed Delivery (to be filed by amendment).
(a)(4)   Exhibit (a)(1)(A) is incorporated by reference.
(a)(5)*   Press Release, dated August 18, 2023.
(b)   Not Applicable.
(d)(A)   Amended and Restated Rights Agreement, dated March 21, 2023, by and among Brookfield Corporation, Brookfield Reinsurance Ltd. and Wilmington Trust, National Association, incorporated by reference to Exhibit 4.1 to Brookfield Reinsurance Ltd.’s Form 20-F for the year ended December 31, 2022 filed with the SEC on March 31, 2023.
(d)(B)   Amended and Restated Support Agreement, dated March 21, 2023, by and among Brookfield Corporation and Brookfield Reinsurance Ltd., incorporated by reference to Exhibit 4.5 to Brookfield Reinsurance Ltd.’s Form 20-F for the year ended December 31, 2022 filed with the SEC on March 31, 2023.
(d)(C)   Brookfield Corporation’s 2019 Management Share Option Plan (incorporated by reference to Exhibit 4.3 to Brookfield Corporation’s Form S-8 filed with the SEC on September 20, 2019).
(d)(D)   Brookfield Corporation’s 2016 Management Share Option Plan (incorporated by reference to Exhibit 4.5 to Brookfield Corporation’s Form S-8 filed with the SEC on December 7, 2016).
(d)(E)   Brookfield Corporation’s 2012 Management Share Option Plan (incorporated by reference to Exhibit 4.5 to Brookfield Corporation’s Form S-8 filed with the SEC on September 26, 2012).
(d)(F)   Brookfield Corporation’s 2009 Management Share Option Plan (incorporated by reference to Exhibit 4.5 to Brookfield Corporation’s Form S-8 filed with the SEC on June 10, 2015).
(d)(G)   Brookfield Corporation Escrowed Stock Plan, as amended (incorporated by reference to Exhibit 4.3 to Brookfield Corporation’s Form S-8 filed with the SEC on October 26, 2022).
(d)(H)   Brookfield Corporation Restricted Stock Plan (incorporated by reference to Exhibit 99.3 to Brookfield Corporation’s Form 6-K filed with the SEC on December 1, 2011).
(d)(I)  

Second Amended and Restated Bye-laws (as amended) of Brookfield Reinsurance Ltd. (incorporated by reference to Exhibit 3.1 to Brookfield Reinsurance Ltd.’s Form 6-K filed with the SEC on August 18, 2023).

(g)   Not Applicable.
(h)   Not Applicable.
107   Filing Fee Table (to be filed by amendment).

 

*

Filed herewith.

EX-99.(A)(5) 2 d505588dex99a5.htm EX-99.(A)(5) EX-99.(A)(5)

Exhibit (a)(5)

 

LOGO

 

LOGO

 

 

Brookfield Reinsurance Announces Exchange Offer

Offer will enable holders of Brookfield Corporation Class A Shares to voluntarily exchange into shares of Brookfield Reinsurance on a one-for-one basis

BROOKFIELD, NEWS, August 18, 2023 – Brookfield Reinsurance (NYSE, TSX: BNRE) today announced its intention to commence an offer whereby holders of Class A Limited Voting Shares (“BN Shares”) of Brookfield Corporation (NYSE, TSX: BN) will have the opportunity to voluntarily exchange up to 40,000,000 BN Shares for newly-issued Brookfield Reinsurance Shares1 on a one-for-one basis.

Brookfield Reinsurance is a “paired entity” to Brookfield Corporation, which enables the offer to be structured so that the equity base and market capitalization of Brookfield Reinsurance can be enhanced without any dilution to Brookfield Corporation or Brookfield Reinsurance shareholders.

Sachin Shah, CEO of Brookfield Reinsurance, said, “As we grow our insurance business, we are focused on balance sheet strength and capital flexibility. This offer enables us to bolster the equity base and market capitalization of Brookfield Reinsurance without diluting either company.”

He continued, “Brookfield Reinsurance also provides investors with an alternative, efficient means through which to hold an interest in the paired entity. This offer will enable Brookfield Corporation shareholders the opportunity to hold more of their interest in Brookfield Reinsurance should they wish to do so.”

Both Brookfield Reinsurance and Brookfield Corporation believe that exchanges under the offer by holders whose personal circumstances favor investing in the paired entity through the ownership of Brookfield Reinsurance Shares will be beneficial to overall Brookfield; however, individual shareholders of Brookfield Corporation will need to make their own decision whether to tender shares in the contemplated offer and it is entirely voluntary.

Neither Brookfield Reinsurance, Brookfield Corporation nor any other person is making any recommendation as to whether or not a holder of BN Shares should tender such holder’s shares for exchange in the contemplated offer. An offer to exchange/circular relating to the offer will be sent to shareholders of Brookfield Corporation on commencement of the offer. The offer will be subject to a number of conditions to be described in the offer to exchange/circular, including listing of the Brookfield Reinsurance Shares on both the New York Stock Exchange and the Toronto Stock Exchange, a final receipt of the prospectus from the Canadian securities authorities and the registration statement being declared effective by the U.S. Securities and Exchange Commission (the “SEC”) and other customary approvals.

 

1 

See “The Brookfield Reinsurance Shares” below.

 

Brookfield Reinsurance Ltd. 1

Important Information about the Proposed Exchange Offer and Where to Find It

This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any BN Shares or other securities of Brookfield Corporation, nor shall there be any offer to buy or the solicitation of an offer any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offer described in this press release has not yet commenced. The offer will be made only pursuant to the offer to exchange/circular contained in the registration statement on Form F-4 filed with the SEC, the letter of transmittal and other related materials, including a tender offer statement on Schedule TO. The registration statement on Form F-4 has been filed with the SEC but has not yet become effective. The Brookfield Reinsurance Shares may not be sold nor may offers to buy be accepted prior to the time such registration statement becomes effective. Shareholders are urged to read any such documents if and when they become available, and any other filings made in connection with the offer, because they will contain important information.

Further details regarding the operations of Brookfield Reinsurance are set forth in its regulatory filings.

Shareholders will be able to obtain free copies of the these materials and other documents filed with the SEC by Brookfield Reinsurance and/or Brookfield Corporation in connection with the offer (including the offer to exchange/circular and the Schedule TO), when available, through the SEC’s website at http://www.sec.gov and on Brookfield Reinsurance’s SEDAR profile at www.sedarplus.ca. In addition, copies of these documents may be obtained by contacting Brookfield Reinsurance at the contact information provided below under the heading “Investor Relations”.

The Brookfield Reinsurance Shares

The Brookfield Reinsurance Shares under the offer are class A-1 exchangeable non-voting shares of Brookfield Reinsurance, which are (i) convertible into Brookfield Reinsurance class A exchangeable limited voting shares, and (ii) exchangeable into BN Shares, in each case on a one-for-one basis. Distributions on Brookfield Reinsurance’s exchangeable shares are expected to be paid at the same time and in the same amount per share as cash dividends on the BN Shares, but are expected to be paid as a return of capital, rather than a dividend, which may be attractive to certain investors.

We refer to Brookfield Reinsurance as being “paired” with Brookfield Corporation due to the above exchange features and common distribution.

About Brookfield Reinsurance

Brookfield Reinsurance Ltd. (NYSE, TSX: BNRE) operates a leading capital solutions business providing insurance and reinsurance services to individuals and institutions. Through its operating subsidiaries, Brookfield Reinsurance offers a broad range of insurance products and services, including life insurance and annuities, and personal and commercial property and casualty insurance. Each class A exchangeable limited voting share of Brookfield Reinsurance is exchangeable on a one-for-one basis with a class A limited voting share of Brookfield Corporation (NYSE, TSX: BN).

For more information, please visit our website at bnre.brookfield.com or contact:

 

Communications & Media:

Kerrie McHugh

Tel: (212) 618-3469

Email: kerrie.mchugh@brookfield.com

   

Investor Relations:

Rachel Powell
Tel: (416) 956-5141
Email: rachel.powell@brookfield.com

 

Brookfield Reinsurance Ltd. 2

Notice to Readers

Brookfield Reinsurance is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements which reflect management’s expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Reinsurance and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. Particularly, statements about Brookfield Reinsurance’s intention to commence the offer, the timing of the mailing and filing of the offer to exchange/circular and other documents related thereto, and other terms and conditions of the offer are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.”

 

Brookfield Reinsurance Ltd. 3

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