Brookfield Completes Acquisition of Oaktree

Brookfield today announced that it has completed its acquisition of Oaktree, one of the world's premier credit managers. The transaction marks the next step in a partnership that began in 2019 and fully brings together the Oaktree and Brookfield platforms. With the addition of Oaktree, Brookfield's global credit platform offers a broad range of solutions across opportunistic credit, real asset credit, asset-backed finance and corporate performing credit to institutions, financial advisors and individuals.

Connor Teskey, CEO of Brookfield Asset Management, said, "Brookfield has been a leading alternative asset investor for decades and over the past 20 years has built a credit business to complement its global real asset platforms. Adding the Oaktree franchise has further strengthened our ability to invest across market cycles and opportunity sets, enhanced by Oaktree's track record and underwriting capabilities. We look forward to building on their strong track record and deep expertise as we continue to grow our credit business globally."

Bob O'Leary and Armen Panossian, Co-CEOs of Brookfield's Credit Group, said, "Brookfield and Oaktree's partnership over the past seven years has been built on a shared commitment to disciplined investing and a long-term perspective. This next step allows us to build on that foundation and continue delivering strong outcomes for our clients."

Howard Marks will be Co-Chair of Oaktree, in addition to his role as a Director of Brookfield Corporation, and Chair of Brookfield's Investment Solutions Group. Bruce Karsh will also be Co-Chair of Oaktree in addition to being Oaktree's Chief Investment Officer and portfolio manager for Oaktree's Global Opportunities and Global Credit strategies.

With the acquisition of Oaktree, the U.S. becomes Brookfield Asset Management's largest market. It is now home to over 60% of Brookfield Asset Management's employee base and the source of nearly half of its revenue. It further deepens Brookfield's long-standing presence in the country and reinforces its commitment to investing in the U.S. economy. At the same time, Oaktree's global investment platform and presence in 18 countries broadens the reach of Brookfield's credit business, strengthening its ability to serve clients and deploy capital worldwide.

About Brookfield

Brookfield is a leading global investment firm with more than $1 trillion in assets under management. The firm owns and operates high-quality businesses and real assets that provide essential services and form the backbone of the global economy. Brookfield invests on behalf of institutions and individuals around the world across infrastructure, energy, private equity, real estate, and credit. With more than a century of operating experience and a global presence in over 30 countries, Brookfield deploys long-term capital to generate sustainable value for its clients and shareholders. Brookfield Corporation (NYSE: BN, TSX: BN) and Brookfield Asset Management (NYSE: BAM, TSX: BAM) are publicly traded in New York and Toronto.

For more information, please visit our website at www.brookfield.com.

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