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    Dean Wilkinson • CIBC Capital Markets

    Dean Wilkinson's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership

    Dean Wilkinson's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership • Q2 2025

    Question

    Dean Wilkinson of CIBC Capital Markets asked if the recent base shelf filing, despite strong liquidity, could signal upcoming M&A opportunities that might add to fee-bearing capital.

    Answer

    CFO Hadley Peer Marshall clarified that the shelf filing is a standard measure to ensure liquidity for business growth, not for a specific large acquisition. She stated the focus is on funding organic growth, seeding new strategies, and opportunistically acquiring more stakes in partner managers, noting "there's nothing that we need to do" on the M&A front.

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    Dean Wilkinson's questions to Brookfield Corp (BN) leadership

    Dean Wilkinson's questions to Brookfield Corp (BN) leadership • Q3 2024

    Question

    Dean Wilkinson asked which of Brookfield's major components—property, Wealth Solutions, or carried interest—the market most misunderstands, contributing to the stock's discount to plan value. He also questioned if there were any tax or disposition gain implications from the reallocation of how Brookfield holds its BAM shares.

    Answer

    President Nick Goodman stated it's difficult to know what the market misunderstands but believes that continued execution across all business lines will ultimately close the valuation gap. Regarding the BAM shares, he confirmed the reallocation has no tax or accounting impact on Brookfield; the company will simply hold liquid Class A shares instead of privately held shares.

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