<SEC-DOCUMENT>0001193125-23-238653.txt : 20231204
<SEC-HEADER>0001193125-23-238653.hdr.sgml : 20231204
<ACCEPTANCE-DATETIME>20230920165149
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-23-238653
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230920

FILER:

	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:		CORRESP

	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
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<TYPE>CORRESP
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<IMG SRC="g555331g0917021546164.jpg" ALT="LOGO">
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1114 Avenue of the Americas, 23rd Floor</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New
York, New York 10036.7703 USA</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">P. 212.880.6000 | F. 212.682.0200</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>www.torys.com</U></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mile T. Kura</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U>mkurta@torys.com</U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">P. 212.880.6363</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;20, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Via
EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Real Estate&nbsp;&amp;
Construction </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-3561
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Isabel Rivera</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Pam Howell</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="right"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Brookfield Corporation</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT></B></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>Filed August&nbsp;18, 2023</B></TD></TR>
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<TD VALIGN="top"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-274061</FONT></B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Brookfield Corporation (the &#147;<B>Company</B>&#148;), please find responses to the comments received from the staff of the
Division of Corporation Finance (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission (the &#147;<B>Co</B><B>mmission</B>&#148;) by letter dated September&nbsp;14, 2023, with respect to&nbsp;the Company&#146;s Registration
Statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> (Nile <FONT STYLE="white-space:nowrap">No.&nbsp;333-274061)</FONT> filed with the Commission on August&nbsp;18, 2023 (the &#147;<B>Registration Statement</B>&#148;). Amendment No.&nbsp;1
to the Registration Statement (&#147;<B>Amendment No.</B><B></B><B>&nbsp;1</B>&#148;) is being filed concurrently herewith. The numbered paragraphs below correspond to the numbered comments in the Staff&#146;s letter and the Staff&#146;s comments
are presented in bold italics. In addition to addressing the comments raised by the Staff in its letter, the Company have revised the Registration Statement in Amendment No.&nbsp;1 to update other disclosure. Unless otherwise indicated, defined
terms used herein have the meanings set forth in Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Cover Page </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note that your registration statement registers 40&nbsp;million Class&nbsp;A limited voting shares
that may be issued to satisfy any exchange, redemption or acquisition of class <FONT STYLE="white-space:nowrap">A-1</FONT> exchangeable <FONT STYLE="white-space:nowrap">non-voting</FONT> shares that are not yet outstanding and will be newly-issued
pursuant to your and Brookfield Reinsurance Ltd.&#146;s exchange offer on Form <FONT STYLE="white-space:nowrap">F-4.</FONT> Please provide us with your analysis of your eligibility to use Form <FONT STYLE="white-space:nowrap">F-3.</FONT>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registration Statement on Form&nbsp;F-3 has been filed in connection with, among other
things, the exchange offer contemplated by the registration statement on Form <FONT STYLE="white-space:nowrap">F-4</FONT> (the &#147;<B><FONT STYLE="white-space:nowrap">F-4</FONT> Registration Statement</B>&#148;) filed by Brookfield Reinsurance
Ltd. (&#147;<B>Brookfield Reinsurance</B>&#148;) and the Company. The <FONT STYLE="white-space:nowrap">F-4</FONT> Registration Statement pertains to, among other things, the registration of the issuance of Brookfield Reinsurance&#146;s <FONT
STYLE="white-space:nowrap">class&nbsp;A-1</FONT> exchangeable <FONT STYLE="white-space:nowrap">non-voting</FONT> shares (the &#147;<B>Exchangeable Shares</B>&#148;) to be issued in the exchange offer as well as the underlying Class&nbsp;A limited
voting shares of the Company of Class&nbsp;A limited voting shares of the Company (the &#147;<B>Company Class</B><B></B><B>&nbsp;A Shares</B>&#148;) because the Exchangeable Shares may be exchanged within a year of original issuance in the exchange
offer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We respectfully submit that the Company may register the offer of Company Class&nbsp;A Shares on the Registration Statement on
Form&nbsp;F-3 as primary issuances under General Instruction I.B.1 of Form <FONT STYLE="white-space:nowrap">F-3</FONT> and Rule 415(a)(1)(x), neither of which requires the securities to be outstanding prior to their registration or issuance. General
Instruction I.B.1 of Form <FONT STYLE="white-space:nowrap">F-3</FONT> permits primary registration of securities &#147;for cash&#148;. In our scenario, the Company Class&nbsp;A Shares would be issued for Exchangeable Shares rather than cash;
however, C&amp;DI 116.09 makes it clear that the &#147;for cash&#148; requirement in General Instruction I.B.1 of Form <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">S-3/F-3</FONT></FONT> was only intended to make clear that Form <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">S-3/F-3</FONT></FONT> is not available for exchange offers or business combination transactions, and that other forms of consideration for exchanges are permitted to be registered as
primary offerings. In our case, the Registration Statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> is not being made in connection with an exchange offer or business combination, but only relates to the exchange of the exchangeable
shares that are issued in such exchange offer and therefore is consistent with C&amp;DI 116.09. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s Registration Statement
on Form <FONT STYLE="white-space:nowrap">F-3</FONT> registers the going-forward exchange of the Exchangeable Shares into Company Class&nbsp;A Shares. We note to the Staff that this is the same approach taken by the Company in connection with the <FONT
STYLE="white-space:nowrap">spin-off</FONT> of Brookfield Reinsurance in 2021. In that <FONT STYLE="white-space:nowrap">spin-off</FONT> transaction, a Form <FONT STYLE="white-space:nowrap">F-1</FONT> registration statement was filed to register the
distribution of the Brookfield Reinsurance exchangeable shares being <FONT STYLE="white-space:nowrap">spun-out</FONT> in the special distribution (similar to the <FONT STYLE="white-space:nowrap">F-4</FONT> Registration statement, the Form <FONT
STYLE="white-space:nowrap">F-1</FONT> registration statement in connection with the 2021 special distribution also registered the underlying Company Class&nbsp;A Shares that the exchangeable shares were exchangeable into). Concurrently with the
filing the Form <FONT STYLE="white-space:nowrap">F-1</FONT> registration statement, the Company filed a Form <FONT STYLE="white-space:nowrap">F-3</FONT> to register the going-forward exchange of the Brookfield Reinsurance exchangeable shares so
distributed in the <FONT STYLE="white-space:nowrap">spin-off</FONT> into Company Class&nbsp;A Shares. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We further note that in May 2022, we
had informal discussions with members of the Staff regarding a similar issue presented for an issuer with a similar exchangeable share structure as Brookfield Reinsurance and the Company. In that discussion, the Staff agreed that so long as the
exchangeable shares would not be issued in a transaction that would cause the exchangeable shares to be restricted securities under Rule 144, that a registration statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> could be filed to
register the exchange of exchangeable shares that were issued in the future (or, in the case of the current transaction, Exchangeable Shares being issued concurrently in the exchange offer registered on the
<FONT STYLE="white-space:nowrap">F-4</FONT> Registration Statement). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For the reasons discussed above, we respectfully submit that the
Company is eligible to register the Company Class&nbsp;A Shares on Form <FONT STYLE="white-space:nowrap">F-3.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please provide disclosure in your prospectus regarding what it means for Brookfield Corporation and
Brookfield Reinsurance Ltd. to be &#147;paired entities.&#148; Please clarify here and throughout, if true, that &#147;paired entity&#148; is not a legal definition, or provide an appropriate discussion of the legal and other requirements, including
any relevant listing requirements for your &#147;paired entity&#148; structure. Alternatively, please clarify that &#147;paired entity&#148; is your own designation and that Brookfield Corporation and Brookfield Reinsurance Ltd. are separate
corporate entities where shareholders retain the right to exchange shares of one entity into a equivalent class of the other. Indicate that there are material differences between the rights of holders of your exchangeable shares and holders of the
Brookfield Class&nbsp;A Shares under the governing documents of your Company and Brookfield Reinsurance Ltd., respectively, and the applicable laws.</I></B><B> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and advises the Staff that the term &#147;paired entity&#148; does not have a legal
definition and is a term used by the Company and Brookfield Reinsurance to describe their relationship given the exchangeability and distribution profile of the exchangeable shares and Brookfield Corporation&#146;s economic interest in Brookfield
Reinsurance. In response to the Staff&#146;s comment, the Company has revised the disclosure on pages&nbsp;1 and 2 of Amendment No. 1. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please provide prominent disclosure in your registration statement regarding the concurrent offerings
that relate to this transaction and how this offering fits into the overall transaction. See the Form <FONT STYLE="white-space:nowrap">F-4</FONT> filed by Brookfield Reinsurance Ltd. and your Schedule TO filings.</I></B><B>
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has included the requested disclosure on pages&nbsp;1 and 2 of
Amendment No.&nbsp;1. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please provide an organizational chart showing the relationship between the various Brookfield corporate
entities such as Brookfield Corporation, Brookfield Reinsurance Ltd. and Brookfield Asset Management Ltd.</I></B><B> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has included an organizational chart on page&nbsp;2 of Amendment No.&nbsp;1. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><B><I>5.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please remove the disclosure at the bottom of page 51 to page 52. The Company is responsible for the
accuracy of the document throughout.</I></B><B> </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has deleted
such language in Amendment No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Cover Page </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><B><I>6.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note the disclosure on the cover page that &#147;Each exchangeable share is exchangeable at the option
of the holder thereof for one Brookfield Class&nbsp;A Share (subject to adjustment to reflect certain capital events) or its cash equivalent.&#148; Please clarify here and throughout how this is &#147;at the option of the holder&#148; in light of
the fact that Brookfield Corporation can determine the form of payment.</I></B><B> </B></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and respectfully advises the Staff that
the language in question is only meant to describe the fact that a holder has the option to initiate the exchange process and does not mean that such holder has the option to choose to receive a Brookfield Class&nbsp;A Share or its cash equivalent.
Any such determination as to form of payment will be made by Brookfield Corporation. However, for clarity the Company has removed such language in Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibits </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><B><I>7.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>The legal opinion filed as Exhibit 23.1 appears to solely cover the 40&nbsp;million class A limited
voting shares. Please provide a legal opinion also covering the 9,285,952 Brookfield Class&nbsp;A Shares from your prior registration statement on Form <FONT STYLE="white-space:nowrap">F-3</FONT> and the 1,165,000 Brookfield Class&nbsp;A Shares
issued in your March 2023 private placement.</I></B><B> </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has
refiled Exhibit 5.1 with Amendment No.&nbsp;1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">********** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If there are additional comments or questions, please do not hesitate to contact the undersigned at (212)
<FONT STYLE="white-space:nowrap">880-6363.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" COLSPAN="3">Very Truly Yours,</TD></TR>
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<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Mile T. Kurta</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Mile T. Kurta</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc: Swati Mandava, Brookfield Corporation </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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