PERSONAL TRADING POLICY
February 2025
Brookfield Corporation
TABLE OF CONTENTSPage
INTRODUCTION ........................................................................................................................................1
CONSEQUENCES OF NON-COMPLIANCE ..........................................................................................2
APPLICATION OF THIS POLICY..................................................................................................................2
CERTIFICATION AND REPORTING ............................................................................................................3
PART I: GENERAL RULES APPLICABLE TO ALL DIRECTORS AND EMPLOYEES .........................................3
PART II: ADDITIONAL RULES APPLICABLE TO DIRECTORS..................................................................6
PART III: ADDITIONAL RULES APPLICABLE TO MAJOR SUBSIDIARIES.................................................7
PART IV: ADDITIONAL RULES APPLICABLE TO COVERED PERSONS ........................................................7
APPENDIX A – Legal and Compliance Contact Information
APPENDIX B – Canadian Insider Reporting Guidelines
APPENDIX C – Reportable Accounts
APPENDIX D – Trading Plan Certification
1
Introduction
This Personal Trading Policy (this “Policy”) applies to all individuals as set out herein including all directors
and employees of Brookfield Corporation (“Corporation”), its wholly-owned subsidiaries and its perpetual
affiliates1: Brookfield Business Partners LP (“BBU”), Brookfield Infrastructure Partners LP (“BIP”),
Brookfield Property Partners LP (“BPY”), Brookfield Renewable Partners LP (“BEP”), Brookfield Business
Corporation (“BBUC”), Brookfield Infrastructure Corporation (“BIPC”), Brookfield Renewable Corporation
(“BEPC”) (“Controlled Affiliates”). The Controlled Affiliates, the Corporation and its wholly owned
Note that the activities of your spouse, partner and family members who live in the same dwelling as you
(collectively “Family Members” and each a “Family Member”) are also subject to the restrictions set out
in this Policy to the same extent they apply to you. You are responsible for ensuring compliance with this
Policy by your Family Members.
The objective of this Policy is to provide guidance on when it is permissible for directors and employees
of Brookfield (and their Family Members) to trade in securities3 for their personal accounts, when such
actions are prohibited, and the protocol to be followed when personal trading is conducted. In all cases,
this Policy is designed with a view to avoid the risk of situations arising whereby you and/or Brookfield
could be harmed through damaged reputation or legal action.
For the purposes of this Policy, your personal trading activities are considered to include your own
trading activities and those of your Family Members, as well as activities in any other account(s) over
which you and/or your Family Members have trading authority or exercise similar influence, other than
in the course of employment (e.g. this Policy applies to your activities as the treasurer or investment
officer of a charitable organization or foundation or acting as a formal or informal investment advisor for
relatives, friends or investment clubs). This Policy covers trading in all types of securities, including those
issued pursuant to an initial public offering or a private placement, or traded in the secondary market.
The provisions of this Policy prohibiting trading and other activities while in possession of material non-
public information (as defined in Part 1 of this policy) apply not only during the course of your tenure with
Brookfield, but also after the completion or termination of such service. There is no specified period of
time over which those provisions of this Policy may apply following your tenure at Brookfield, as they will
only cease once the information in your possession is no longer: (i) material or (ii) non-public.
Under certain limited circumstances, the Legal & Regulatory Group may grant exceptions to the
requirements set out in this Policy as they deem appropriate. Any such exception must be recorded in
writing and saved in files.
If you have questions regarding this Policy or the best course of action in a particular situation, you should
seek guidance from the Legal & Regulatory Group (as set out in Appendix A).
1 These perpetual affiliates of Brookfield may adopt this Policy or may maintain separate personal trading policies provided the provisions of
such policies are consistent with the provisions of this Policy.
2 References to “you” or “your” throughout this Policy refer to personnel (including directors and employees) of Brookfield who are subject to
this Policy, as applicable and as set out in more detail herein.
3 “Securities” include, but are not limited to, common shares, preferred shares, warrants, rights, options, notes, bonds, convertible securities,
derivatives, and partnership units, whether issued pursuant to an initial public offering, a private placement or traded in the secondary market.
2
Consequences of Non-Compliance
As is the case with policies of this nature, it is important to use common sense. If a securities trade
becomes the subject of scrutiny, it will be viewed after the fact by regulators and others with the benefit
of hindsight and may expose you to the risk that the trade was improper, either because a real or
perceived conflict of interest existed, the trade violated securities laws or otherwise. Before engaging in
any trade, you should carefully consider how the trade may be construed with the benefit of hindsight.
Violations of this Policy can have severe consequences. If you (or a Family Member) trade contrary to
what is permitted in this Policy, or fail to pre-clear a trade when required, you may be asked to cancel or
reverse the trade and/or your trading privileges may be suspended for an indefinite period of time. If
required to reverse or cancel a trade, you (or a Family Member) would be responsible for any trading
losses, while Brookfield reserves the right to compel you (or a Family Member) to forfeit any trading gains
to Brookfield. A trading violation could also result in disciplinary action by Brookfield up to and including
dismissal for cause, depending upon the severity of the violation. Additionally, the criminal and civil
consequences of violating securities laws (see page 5), such as the prohibitions on insider trading and
“tipping,” can be severe and may include fines, sanctions, substantial jail terms and penalties of several
times the amount of profits gained or losses avoided. Directors and employees must also comply with all
securities laws as a matter of corporate policy.
Brookfield has zero tolerance for insider trading and related activities (e.g., tipping). In addition, regardless
of whether we or you deem the information to be material, you and your Family Members must refrain
from making personal trades on the basis of confidential information learned in connection with
Brookfield’s business activities, including trading in securities of: (a) the company to which the information
directly relates and (b) a related company (such as a competitor or peer company, customer, supplier, or
economically linked company).
For your protection, Brookfield strongly encourages you and your Family Members to have your personal
financial investments managed through Blind Trusts or Discretionary Accounts (in each case, as defined
in Part III) that are managed by third parties who are not Family Members. While these accounts need to
be reported to Brookfield (and are subject to verification with the third-party manager), trading through
such accounts is not reportable to Brookfield and is not subject to pre-clearance requirements, as set out
in more detail in the Policy.
We would note that personal trading activities generally are permitted, provided they are in compliance
with the requirements set out in the Policy and do not otherwise conflict with or have adverse implications
to Brookfield, such as a high level of trading activity that prevents an employee from adequately
discharging their duties to Brookfield.
Application of this Policy
Brookfield personnel and their Family Members are required to conduct personal trading activities in
compliance with securities laws, Brookfield’s Code of Business Conduct and Ethics, and this Policy.
This Policy is divided into four parts:
Part I – requirements for all Brookfield personnel that are subject to this Policy;
1 A full list of Brookfield Headquarter Advisory Offices and Brookfield Insider Offices is set out on our Intranet at “Policies, Legal & Regulatory –
Regulatory Compliance – My Compliance Center”. Brookfield’s assessment and designation of Insider Offices is conducted annually and
memorialized in writing.
3
Part II – additional requirements for non-employee directors (i.e., in addition to Part I);
Part III – additional requirements with respect to major subsidiaries and Controlled Affiliates of Brookfield;
and
Part IV– additional requirements for designated employees known as “Covered Persons” (i.e., in addition
to Part I).
There are three types of Covered Persons: Investment Access Persons (“IAP”), Access Persons (“AP”) and
Insiders:
•Investment Access Persons (“IAPs”) and Access Persons (“APs”) – means individuals who regularly
participate in Brookfield’s investment advisory business by virtue of their position, role,
responsibility and/or activities and are designated as IAPs or APs by Brookfield in its sole
discretion. If you are designated as an IAP or AP, Brookfield’s Human Resources department will
advise you of this;
•“Insiders” – means individuals who do not regularly participate in Brookfield’s investment advisory
business (e.g., personnel that focus on providing operations (i.e., non-investment advisory)
services to assets and portfolio companies held by Brookfield and its client accounts) but that: (a)
reside in the main office for Brookfield’s investment advisory business in each country (each, a
“Brookfield Advisory Headquarter Office”) or (b) reside in a non-Brookfield Advisory Headquarter
Office and are deemed by Brookfield, in its sole discretion, to have access to confidential
investment advisory information based on one or more factors that it deems relevant, including for
example: (i) the number of IAPs and/or APs that reside in the office, (ii) the level of investment
advisory activity in the office, (iii) the business need to share confidential investment advisory
information with non-IAPs and non-APs in the office, (iv) the lack of controls to limit access to
confidential investment advisory information to IAPs and APs only, and (iv) such other factors (if
any) that Brookfield deems relevant in its sole discretion from time to time1.
Insiders are identified by Brookfield in its sole discretion. If you are designated an Insider,
Brookfield’s Human Resources department will advise you of this.
Each classification of Covered Person is determined by virtue of their position, role, responsibility and/or
activities, in Brookfield’s sole discretion. If you are designated as an IAP, AP or Insider, Brookfield’s
Human Resources department will advise you of this.
Lists of all Covered Persons are maintained by Human Resources in Workday. If you have any questions
regarding your designation or which rules apply to you, you should seek guidance from Brookfield’s Legal
& Regulatory Group.
Certification and Reporting
Upon joining Brookfield, you will be provided with a copy of this Policy. All Covered Persons will be
required to certify annually that they, and their Family Members, have conformed to the requirements of
this Policy. Covered Persons may also have ongoing internal or external reporting obligations, as noted in
this Policy.
4
PART I: GENERAL RULES APPLICABLE TO ALL DIRECTORS AND EMPLOYEES
Securities Laws
Insider Trading
As a rule, if you have “material” “non-public” information about any entity, and if you directly or indirectly
through any person acting on your behalf, buy or sell securities of that entity before the information is
public or no longer material, then you will have violated securities laws. Such trades are therefore not
permitted under this Policy.
Information about an entity is “material” if a reasonable investor would consider it important when
deciding to buy, sell or hold that entity’s securities or if the information would reasonably be expected to
result in a change in the market price or value of the securities. 4
Information is “non-public” until it has been generally disclosed to the public and adequate time has
passed for the securities markets to digest the information.
Material non-public information includes various types of information regarding an issuer, such as for
example advance notice regarding: (i) changes in senior management; (ii) mergers, acquisitions or other
strategic transactions (e.g., privatization, credit arrangement, a private investment in public equity (or
PIPE) transaction, etc.); (iii) entry into or cancellation of material contracts, licenses, permits or
concessions; (iv) significant pending or threatened litigation; (v) upcoming securities offerings; (vi)
dividend increase or decrease; and/or (vii) financial results or estimates (e.g., earnings guidance).
4 See Disclosure Policy for further guidance on what may be considered “material” information.
5
If you are not sure whether information is material or non-public, consult with Brookfield’s Legal &
Tipping
“Tipping” arises when you disclose material non-public information about any publicly-traded entity to
another person and that person either: (i) trades in a security related to the information that you
provided; or (ii) provides the information to a third person who then makes a trade in a related security.
Tipping is a violation of law, even if you do not personally make a trade or otherwise benefit from
disclosing the information. You are prohibited from disclosing material non-public information to others
outside Brookfield, including relatives and friends. You must also refrain from discussing material non-
public information with others at Brookfield unless they have a business need to know this information.
Trading Advice
If you have material non-public information about Brookfield or an entity with which Brookfield does
business, or may do business with, or Brookfield has invested in, or has otherwise acquired information
regarding, you are not permitted to, and should not give trading advice of any kind to any person, including
relatives or friends, while in possession of that information.
Other Prohibited Transactions
•Hedging Transactions and Short Sales – You are prohibited from short selling any securities
issued by the Corporation, the Controlled Affiliates, Brookfield Asset Management Ltd. and
Brookfield Wealth Solutions Ltd. (collectively, “Brookfield Securities” and each a “Brookfield
Security”) or buying or selling call or put options or other derivatives in respect of Brookfield
Securities. You are also prohibited from entering into any other transactions which have the
effect of hedging the economic value of any Brookfield Security. Under limited circumstances,
a director or executive may be permitted to enter into a hedging transaction in respect of
interests held by such individual in excess of the interests such individual is required to hold
under the applicable share ownership guidelines and subject to the approval of any two of
the Chief Executive Officer (“CEO”), President or the Chief Financial Officer (“CFO”) of the
relevant Brookfield entity.
•Short-term Trading – You should not purchase or sell Brookfield Securities with the intention
of reselling or buying them back in a relatively short period of time in the expectation of a rise
or fall in the market price of the securities. Once purchased, a Brookfield Security is expected
to be held for at least 90 days from the date of the trade unless acquired pursuant to the
exercise of rights under a stock option plan. Similarly, once sold, a Brookfield Security shall
not be repurchased for at least 90 days from the date of the trade unless acquired pursuant
to a grant under an executive compensation plan.
•Pledging of Securities – Brookfield Securities must not be pledged as collateral for a loan
unless such transactions are executed in full compliance with all applicable regulations and
5 When you are trading in securities within a jurisdiction subject to one or more regional insider trading policies, those policies should also be
consulted, such as the UK and EU Market Abuse Policy.
6
have been previously approved by either the CEO, President or CFO of the Corporation (or, in
the case of the securities of a Controlled Affiliate, Brookfield Asset Management Ltd. and
Brookfield Wealth Solutions Ltd., the CEO or CFO of such relevant entity), and if such officers
deem appropriate, the Governance and Nominating Committee of the applicable board of
directors. Notwithstanding the foregoing, you are permitted to place Brookfield Securities
that you own which are actual common or preferred shares as collateral for a brokerage
account with a reputable financial institution in which the institution lends you up to 50% of
the value (commonly known as a “margin” account), provided that: (i) the placement of the
Brookfield Securities as collateral for the brokerage account is pre-cleared in accordance
with the pre- clearance requirements set out in this Policy (i.e., as if you were seeking to sell
the securities), and (ii) any subsequent dealings that you undertake in Brookfield Securities
in connection with the account (e.g., funding a margin call with additional Brookfield
Securities, authorizing the sale of Brookfield Securities that have already been placed as
collateral in the margin account in order to satisfy a margin call) are pre-cleared in
accordance with the pre-clearance requirements set out in this Policy (i.e., as if you were
•“Phantom” Stock Options – Brookfield may, from time to time, establish “phantom” option
plans, where an individual may be eligible to receive a cash bonus based on the value of a
stated number of Brookfield Securities at any specified period of time. No individual may
exercise entitlements under a “phantom” stock option plan during a restricted period7 unless
permitted by the CEO, President or CFO of the Corporation (or, in the case of “phantom” stock
option plan of a Controlled Affiliate, Brookfield Asset Management Ltd. and Brookfield
Wealth Solutions Ltd., the CEO or CFO of such relevant entity) in accordance with this Policy.
•“Deferred Share Units”– Although Deferred Share Units of Brookfield (“Units”) are not
technically securities, for reputational reasons Units are subject to all the same restrictions
as Brookfield Securities. Therefore, no individual may hedge against their Units, or pledge
their Units as collateral for a loan without the approval of the CEO, President or CFO of the
Corporation (or, in the case of the securities of a Controlled Affiliate, Brookfield Asset
Management Ltd. and Brookfield Wealth Solutions Ltd., the CEO or CFO of such relevant
entity). Additionally, ordinarily Units are valued for cash payment on the date an individual
leaves Brookfield; however, Units will not be valued for cash payment while the Brookfield
entity associated with the Units is in a restricted period and will be valued as soon as
practicable following the end of such period.
Insider Reporting
Certain directors and employees of Brookfield may be considered “reporting insiders” under applicable
securities laws (“Reporting Insiders”) and are required to file insider reports for particular Brookfield
publicly reporting entities. In general, Reporting Insiders are persons who hold certain high-level
Brookfield positions and those persons who both: (i) receive or have access, in the ordinary course, to
6 For clarification purposes, the broker with whom the margin account has been opened does not need to pre-clear any activities it takes with
respect to collateral in the account, including the sale of Brookfield Securities to fund a margin call. However, your activities with respect to
Brookfield Securities, including, for example, causing the broker’s sale of Brookfield Securities pledged as collateral in the account by not funding
a margin call with additional collateral, must be pre-cleared.
7 For greater clarity, please refer to the Restricted Periods in Brookfield Securities section herein or on our Intranet at “Policies, Legal &
Regulatory – Restricted Trading Dates (Blackout Dates)”.
7
material non-public information about a Brookfield entity; and (ii) have the ability to exercise, directly or
indirectly, significant power or influence over the business, operations, capital or development of such
entity. This would generally include the boards of directors of our public entities and their CEO, President,
CFO, Chief Operating Officer (“COO”) and others with similar levels of authority. Brookfield’s Legal &
Regulatory Group, or the internal counsel for the Controlled Affiliate, maintains a list of all individuals who
are considered Reporting Insiders for Brookfield’s public reporting entities.
If you fall within the definition of a Reporting Insider for a particular Brookfield entity, you must comply
with any applicable insider reporting requirements in respect of transactions in the securities of such
entity. A description of the relevant Canadian insider reporting guidelines is set out in Appendix B.
Application of Policy to former Covered Persons and Directors
As noted above, the provisions of this Policy prohibiting trading and other activities while in possession of
material non-public information continue to apply to Covered Persons and directors after the completion
or termination of their tenure or service with Brookfield, as applicable.8 Indeed, former Covered Persons
and directors remain subject to applicable securities law and are therefore prohibited from trading,
tipping or recommending trades in Brookfield Securities or any other securities while in possession of
material non-public information relating to such securities.
PART II: ADDITIONAL RULES APPLICABLE TO NON-EMPLOYEE DIRECTORS
Transactions by non-employee directors and their Family Members in Brookfield Securities are permitted,
provided that such trades are pre-cleared in accordance with this Policy.
Subject to the prohibitions in PART I, transactions by non-employee directors in any securities other than
(i) in the case of non-employee directors of Brookfield, Brookfield Securities and (ii) in the case of non-
employee directors of a Controlled Affiliate, securities issued by (a) the Corporation, (b) the applicable
Controlled Affiliate, or (c) any publicly-traded company in which the Controlled Affiliate for which he or
she is a director has a 10% or greater position, are permitted without restriction and these transactions
do not need to be pre-cleared with Brookfield.
To pre-clear a trade in a Brookfield Security, a director must email and receive approval from internal legal
counsel. Approved transactions must be executed by the end of the second business day following the
receipt of such approval (e.g., if a trade request is approved on a Monday then the trade must be executed
by close of business on Wednesday). Directors should speak with internal legal counsel to determine
whether a trade in a Brookfield Security requires an insider report to be filed, in which case the director
will file an insider report in accordance with the guidelines set forth on Appendix B and/or other
applicable laws.
Brookfield may, from time to time, notify you of additional securities that should be subject to the pre-
clearance requirements on a temporary basis based on information that is expected to be shared with the
relevant board of directors; however, regardless of whether such notification has or has not been
provided with respect to information shared with directors, directors are subject to applicable securities
law and the prohibition on transacting with material non-public information. Directors should contact
8 This applies regardless of whether, (i) in the case of a Covered Person, the employee was terminated, resigned, retired, or became an employee
of a portfolio company or, (ii) in the case of a director, the director resigned or was removed from the applicable board.
8
Brookfield’s Legal & Regulatory Group if there is any uncertainty as to whether information shared with
the director is material non-public information regarding an issuer.
The applicable list of non-Brookfield Securities in which directors of the Corporation and the Controlled
Affiliates must pre-clear is distributed to each respective board on a quarterly basis.
However, a director may, in the course of his or her directorship with a Brookfield entity, come into
contact with material non-public information regarding entities other than Brookfield, and it is incumbent
upon the director to take due caution in his or her personal trading in such situations to ensure no
securities laws are breached. A director should consult with a member of Brookfield’s internal legal team
if he or she encounters such situations.
PART III: ADDITIONAL RULES APPLICABLE WITH RESPECT TO MAJOR SUBSIDIARIES OF THE
CORPORATION AND CONTROLLED AFFILIATES
Internal legal counsel for the Corporation and the Controlled Affiliates is responsible for determining
which of their subsidiaries are “major subsidiaries” (as such term is defined under applicable Canadian
securities law)9 and implementing appropriate measures to ensure compliance with applicable securities
laws.
PART IV: ADDITIONAL RULES APPLICABLE TO COVERED PERSONS
Personal Trading
The following additional rules govern the personal trading of all Covered Persons:
Blind Trusts / Discretionary Accounts
All Covered Persons and their Family Members are permitted to open the following accounts and have
securities trades executed on their behalf in such accounts:
•Blind Trusts (i.e., trusts in which you (and/or a Family Member) are a beneficiary but for which
you (and/or a Family Member) do not receive any reporting and have no knowledge regarding
investments); or
•accounts managed on your (and/or a Family Member’s) behalf by a third party (non-Family
Member) financial advisor who has full discretion over investment decisions – i.e., accounts
over which you and/or Family Members have no investment discretion, influence or control
and for which no trading instructions are given other than customary general client
investment objectives and similar information (“Discretionary Accounts”).
Blind Trusts and Discretionary Accounts are subject to internal reporting obligations (see “Internal
Reporting Obligations” below). However, trading activity in these accounts is not subject to the pre-
clearance requirements of this Policy.
9 A “major subsidiary” means a subsidiary of an issuer if (a) the assets of the subsidiary are 30% or more of the consolidated assets of the issuer
reported on that balance sheet or statement of financial position, as the case may be or (b) the revenue of the subsidiary is 30% or more of the
consolidated revenue of the issuer reported on that statement.
9
Reporting Insiders for a Brookfield Security may not hold such security in a Blind Trust or a Discretionary
Account due to insider reporting requirements. In the event that a Reporting Insider holds any securities
in a Blind Trust or Discretionary Account they must direct the manager of such account not to acquire
Brookfield Securities that will be beneficially owned by the Reporting Insider.
Permitted Securities
Transactions by Covered Persons and their Family Members in the following types of securities
(“Permitted Securities”) are exempt from the pre-clearance requirements of this Policy, provided that
such securities are not convertible, exchangeable or exercisable for or into Marketable Securities (as
defined under “Marketable Securities”) in the discretion of the investor; however, while Brookfield does
not expect to come into possession of material non-public information regarding these types of securities,
Covered Persons remain subject to applicable securities laws in connection with transactions in Permitted
Securities, including restrictions on trading in Permitted Securities while in possession of material non-
public information relating to such securities:
•government securities, foreign or domestic;
•short-term instruments, such as certificates of deposit (“CDs”) and guaranteed investment
certificates, of financial intermediaries including life insurance companies and banks where
these instruments are purchased for holding to maturity;
•bankers’ acceptances, bank CDs, repurchase agreements or commercial paper of non-
financial institutions with a maturity of 180 days or less where these instruments are
purchased for holding to maturity;
•automatic purchases under dividend reinvestment plans (“DRIPs”);
•open-end mutual funds (or the equivalent, including funds of funds) that hold a diversified
portfolio of securities (see guidance regarding what constitutes a “diversified portfolio of
securities” below);
•closed-end mutual funds (or the equivalent) that hold a diversified portfolio of securities;
•exchange-traded funds or “ETFs” or the equivalent (e.g., Holders, iShares, OPALS) that hold a
diversified portfolio of securities;
•debt instruments, structured products or the equivalent issued by large and highly rated
financial institutions that are typically held to maturity, not actively traded and the return on
which is based on the aggregated performance of a diversified portfolio of securities and not
on the performance of individual securities;
•non-equity options (e.g., index funds);
•foreign exchange securities (e.g., currency forwards);
•cryptocurrencies (e.g., bitcoin);
•commodity futures (e.g., oil, corn and sugar); and
•insurance products in which underlying investment options are open-end mutual funds or
ETFs.
A “diversified portfolio of securities” generally is one where: (a) there are at least twenty component
securities; (b) no component security comprises more than 20% of the portfolio; and (c) each
component security is listed on a regulated securities exchange, publicly traded and highly liquid.
10
Brookfield Securities
Trading in Brookfield Securities
Transactions by Covered Persons (and their Family Members) in Brookfield Securities are permitted,
provided they are (a) pre-cleared in advance of execution and (b) not executed during the restricted
period applicable to the relevant Brookfield entity, notwithstanding when pre-clearance for the trade was
obtained. If a Covered Person wishes to execute an order in Brookfield Securities, they must submit a
request for pre-clearance through Brookfield’s automated trade pre-approval system (ComplySci). While
pre-cleared transactions generally must be executed within a two-business day period, a trade in a
Brookfield entity’s securities in respect of which pre-clearance was obtained less than two business days
prior to the beginning of the entity’s restricted period must be executed prior to the beginning of the
restricted period. The restricted periods applicable to Brookfield entities are listed on the Intranet.
This Policy only applies to actual trades in Brookfield Securities. Pre-clearance and receipt of pre-approval
for the exercise of stock options into Brookfield Securities by a Covered Person are outside the scope of
this Policy. Rather these types of trades are governed by Brookfield’s stock option exercise procedures.
For further information on stock options, contact a representative from Human Resources.
Specific approval is also not required for transactions in Brookfield Securities that are either: (i) non-
volitional in nature, including mergers, recapitalizations, distributions-in-kind or similar transactions; or
(ii) purchases that are part of an automatic DRIP. Note that the decision to enter into or exit a DRIP,
however, must be pre-cleared in accordance with this Policy.
Employees are permitted to invest in Brookfield-managed funds as well as funds managed by Brookfield
affiliates (e.g. Oaktree and Castlelake etc.), subject to being qualified to invest in those funds and the
review and approval by the relevant fund’s administrator.
Restricted Periods in Brookfield Securities
Covered Persons and directors are not permitted to, directly or indirectly through any person acting on
their behalf, buy or sell Brookfield Securities during a trading restricted period. Regular trading restricted
periods generally commence at the close of business on the last business day of a quarter and end on the
beginning of the first business day following the earnings call discussing the quarterly results.
Also, from time to time, other types of material non-public information regarding Brookfield (such as
negotiations of mergers, acquisitions or dispositions) may be pending and not publicly disclosed. While
such information is pending, special restricted periods may also be imposed on some or all Covered
Persons and directors. When Brookfield imposes a special restricted period on a security, no Covered
Person or director subject to the special restricted period is permitted to trade in the blacked-out security
until the restriction has been lifted.
The prohibition on trading during a restricted period also applies to any securities issued pursuant to a
Brookfield DRIP. Covered Persons and directors may not make any election under a Brookfield DRIP during
a restricted period, including an election to enter into the DRIP or exit the DRIP. Covered Persons and
directors seeking to participate in a Brookfield DRIP must elect to enter into the DRIP during a non-
restricted period and may only elect to exit this DRIP during a non- restricted period.
11
Although Covered Persons are prohibited from exercising stock options for cash during a restricted period,
they are not prohibited from exercising stock options during a restricted period if such exercise is
conducted as a bilateral transaction solely involving the company and the Covered Person and results in
12
the Covered Person owning Brookfield Securities, since the “strike price” does not vary with the market
but is fixed by the terms of the applicable option agreement or plan. Upon an option exercise and
acquisition of Brookfield Securities, Covered Persons could not then transfer such securities until the
relevant restricted period ends. Notwithstanding the foregoing, Reporting Insiders for a Brookfield
Security may not exercise options for that security during a restricted period for reputational reasons.
In certain very limited circumstances, Covered Persons and/or directors may be permitted to sell
Brookfield Securities directly to Brookfield during a restricted period, subject to a limitation that the price
is not greater than the average closing price over the preceding 20 trading days, or to otherwise trade in
such securities during a restricted period. These transactions will be permitted only in special
circumstances and must be approved in advance by either the CEO, President or CFO of the Corporation
(or, in the case of the securities of a Controlled Affiliate, the CEO or CFO of such affiliate), on the advice
of internal legal counsel.
In addition, in certain very limited circumstances and at the discretion of the CEO, President or CFO of
Brookfield (or, in the case of the securities of a Controlled Affiliate, the CEO or CFO of such affiliate) and
on the advice of internal legal counsel, a Covered Person and/or director may be permitted to sell
Brookfield Securities in the public markets during a quarterly restricted period, including through the
exercise of stock options, provided that the Corporation (or the Controlled Affiliate, if applicable) is not in
possession of material non-public information. Such circumstances typically include where an individual
has departed or will be departing Brookfield.
Restricted periods will be reflected in Brookfield’s automated trade approval system and pre-clearance
requests for trading in securities that are subject to a restricted period will be automatically denied.
Marketable Securities
All securities that are not: (i) Permitted Securities, or (ii) Brookfield Securities, are “Marketable Securities”.
Marketable Securities include, among others, stocks, warrants, rights, options, and corporate bonds and
debentures. The following additional rules govern the personal trading of IAPs, APs and Insiders,
respectively, in Marketable Securities:
Investment Access Persons
IAPs and their Family Members10 are prohibited from conducting personal securities transactions in
Marketable Securities at any time. IAPs and their Family Members must conduct any such activity
through: (i) a Blind Trust; or (ii) a Discretionary Account.
The following types of personal transactions in Marketable Securities are exempt from this prohibition,
subject to complying with the trade pre-clearance obligations of this Policy:
1)The purchase or sale of securities in small private companies managed by friends and/or family;
10 A Family Member whose primary occupation is in professional investment management or securities trading is permitted to trade if he or she
is conducting such transactions on behalf of non-Family Member third parties (alongside a limited amount of the Family Member’s own funds) in
such capacity, in which case such Family Member is not subject to the pre-clearance or reporting requirements of this Policy.
13
2)The purchase or sale of privately placed hedge funds (or equivalent (excluding private equity
funds)) that are not concentrated in one security and are managed by an independent third-party
on a discretionary basis;
3)Flow-through and similar transactions that involve the simultaneous (or near simultaneous)
purchase or sale of Marketable Securities on an exchange but do not involve any market risk; and
4)Simultaneous (or near simultaneous) purchases and sales of the same Marketable Securities in
substantially the same amount for tax planning purposes.
An IAP may contact Brookfield’s compliance department to request an exemption on behalf of his or her
Family Member(s) only to permit such Family Member(s) to trade in Marketable Securities (subject to the
pre-clearance and reporting requirements that would otherwise be applicable to such trading). If granted,
the exemption will be noted in the IAP’s file. Generally, an exemption request by an IAP on behalf of a
Family Member(s) will be approved provided that Brookfield’s compliance department is satisfied that
appropriate safeguards are in place to ensure that such Family Member(s) trading activities are conducted
at arm’s length from the related IAP, and the IAP and/or his or her Family Member make certain legal
representations to Brookfield. Brookfield’s compliance department reserves the right not to approve a
Family Member exemption request.
For clarity, if any Family Member is employed or otherwise affiliated with an issuer of Marketable
Securities (e.g. a Family Member is employed by a public company and seeks to trade in securities issued
by the public company or its affiliates), then an exemption for the Family Member is required and, if
granted, the pre-clearance and reporting requirements set out in this Policy will apply to any trading
conducted pursuant to the exemption.
In the event that an exemption for a Family Member of an IAP is granted, the IAP must pre-clear all trades
in Marketable Securities made by an exempt Family Member and provide copies of account statements
for the accounts in which such trades are made. Approved transactions must be executed by the end of
the second business day following the receipt of approval. Marketable Securities issued in connection
with an initial public offering or private placement also require pre-clearance and may involve an
additional request for information from Brookfield’s Legal & Regulatory Group.
IAPs and/or their Family Members may have ownership positions in Marketable Securities that predate:
(i) March 2, 2015 (the date on which IAPs and their Family Members became prohibited from conducting
personal securities transactions in Marketable Securities); (ii) joining Brookfield; and/or (iii) becoming an
IAP. In addition, subsequent to March 2, 2015, IAPs and/or their Family Members may receive gifts or
bequests of Marketable Securities. All such holdings of Marketable Securities must be disclosed to the
compliance department as soon as practicable, if they have not been disclosed already, so that they may
be recorded as “grand parented” Marketable Securities. Should the IAP or a Family Member wish to sell
one of these grand parented Marketable Securities, pre-clearance approval must be sought through
Brookfield’s automated trade approval system. Approved transactions must be executed by the end of
the second business day following the receipt of such approval.
14
Access Persons / Insiders
Transactions in Marketable Securities are permitted for Insiders and APs (and their Family Members)
pursuant to the requirements of this Policy. To transact in Marketable Securities (which include securities
issued in connection with an initial public offering or a private placement), Insiders and APs must submit
a pre-clearance request (either on their own behalf or on behalf of a Family Member) through ComplySci.
A pre-clearance request to transact in Marketable Securities may be in the form of a request to buy or sell
a security in the future and not at the current market price pursuant to a “stop loss” or other “limit order”
involving Marketable Securities. Any termination or suspension of a previously approved “stop loss” or
“limit order” must similarly be pre-cleared.
We will endeavor to approve or deny a trade request within 24 hours of the request being submitted and
additional information may be required by Brookfield’s Legal & Regulatory Group prior to a decision being
made. Approved transactions, including “stop loss” or “limit order” trades, must be executed by the end
of the second business day following receipt of approval.
Approved “stop loss” or “limit order” trades may also be made pursuant to a written trading plan (“Trading
Plan”) executed by, and giving trading authority to, a reputable broker-dealer in accordance with2 (i)
Rule 10b5-1 under the U.S. Securities Exchange Act of 1934, as amended (“Rule 10b5-1”), for
transactions over the New York Stock Exchange (”NYSE”); and/or (ii) applicable Canadian securities laws,
for transactions over the Toronto Stock Exchange (“TSX”).
Trades executed pursuant to a Trading Plan are not subject to the trading restrictions imposed by this
Policy as long as (a) the plan was established or materially amended at a time that the person that
established it was not aware of material non-public information with respect to the securities subject to
the plan, (b) entry into the Trading Plan, and any material amendment thereto, was pre-cleared by
Brookfield’s legal and compliance team and adopted by no later than the second business day following
clearance; (c) once the Trading Plan is adopted, the person that established it does not exercise any
influence or control over the amount of securities to be traded, the price at which they are to be traded or
the timing of trading; and (d) any amendment, termination, or suspension of the Trading Plan that is at
the direction of the Insider or AP (or their Family Members) is pre-cleared by Brookfield’s legal and
compliance team and adopted by no later than the second business day following clearance. The Trading
Plan must either specify (including by formula) the amount, pricing and timing of transactions in advance
or delegate discretion on those matters to an independent third party (i.e., the administering broker-
dealer). Insiders and APs (and their Family Members) who obtain pre-approval to trade under these
circumstances must comply with the applicable requirements of Rule 10b5-1 and/or Canadian securities
laws, including the following requirements:
1)The Trading Plan must be entered into in good faith and not as part of a plan or scheme to evade
the prohibitions of this Policy and applicable legal and regulatory requirements;
2)For a Trading Plan for transactions over the NYSE, it must provide that no trade may be executed
until:
a.for directors and executive officers of the Corporation (“NYSE D&O Trading Plans”),
the later of (i) 90 days after the adoption or material amendment of the Trading Plan
or (ii) two (2) business days following the first public disclosure of the Corporation’s
next annual or quarterly financial results in a Form 20-F, 40-F or 6-K, subject to a
15
maximum of 120 days after adoption or modification of the plan (the “NYSE D&O
Cooling-Off Period”); and
b.for all other Insiders and Aps (and their Family Members), it must provide that no
trade may be executed until 30 days have elapsed after execution of the plan or
material amendment thereto;
3)The Trading Plan for transactions over the TSX, it must provide that no trade may be executed
until 30 days have elapsed after execution of the plan;
4)The Insider or AP (or their Family Member) must submit to Brookfield’s compliance department
(1) a copy of the executed Trading Plan and (2) a certification in writing and signed by the Insider
or AP in the form attached hereto as Appendix D;
5)Any amendment, termination, or suspension of the Trading Plan that is at the direction of the
Insider or AP (or their Family Member) must be pre-cleared.
16
6)If a Trading Plan is amended, terminated, or suspended by the Insider or AP (or their Family
Member), or by the administering broker-dealer, the Insider or AP (or their Family Member) must
make a new pre-clearance request and provide a certification, all in accordance with the Policy,
before re-initiating trades under the existing or any new Trading Plan, and any such new trades
must not commence until 30 days have elapsed after re-initiation of the existing or execution of
the new Trading Plan (NYSE D&O Trading Plans are subject to the NYSE D&O Cooling-Off Period
as described in 2.a. above);
7)The Insider or AP (or their Family Member) may not enter into or alter a corresponding or hedging
transaction or position with respect to the securities that are the subject of the Trading Plan; and
8)Upon request by Brookfield’s compliance department, the Insider or AP (or their Family Member)
must re-certify that he/she does not have and has not had any direct or indirect influence or
control over the trading activities of the administering broker-dealer with respect to the securities
covered by the Trading Plan.
Employees are encouraged to contact Brookfield’s compliance department with any questions about the
above requirements.
As with Brookfield Securities, specific approval is not required for transactions in Marketable Securities
that are either: (i) non-volitional in nature, including mergers, recapitalizations, distributions-in-kind or
similar transactions; or (ii) purchases that are part of an automatic DRIP. Note that the decision to enter
into or exit a DRIP, however, must be pre-cleared in accordance with this Policy.
In certain situations, including where there is a conflict or perceived conflict between positions held or
being acquired by Brookfield and those held by any Covered Person (or their Family Member), the Covered
Person (or Family Member) who holds Marketable Securities may not be permitted to sell a security when
pre-clearance for the sale is requested. When this is the case, such restriction could be in place for an
indeterminate period of time. In the event a restriction is in place, Brookfield is not responsible for any
losses that may be incurred by the delay.
Internal Reporting Obligations
Blind Trusts / Discretionary Accounts
Each Covered Person that has personal securities investments for themselves or their Family Members
managed through Blind Trusts or Discretionary Accounts must identify each such Blind Trust and
Discretionary Account on ComplySci. In addition, each such Covered Person must provide Brookfield’s
compliance department back-up with respect to each such Blind Trust and Discretionary Account to
substantiate that the Covered Person (and his/her Family Members) do not have any direct or indirect
influence or control over the trading activities in such accounts, which may include one or more of the
following (as requested by Brookfield’s compliance department from time to time): (i) a copy of the trust
deed (with respect to each Blind Trust) and/or account agreement (with respect to each Discretionary
Account); (ii) a periodic certification from the Covered Person that the trustee (with respect to each Blind
Trust) and/or the third party manager (with respect to each Discretionary Account) is an independent
professional of an unaffiliated firm and is not the Covered Person’s (or Family Member’s) personal friend
or relative; (iii) a periodic certification that the Covered Person (and any Family Member) do not have,
and have not exercised, any direct or indirect influence or control over the trading activities in any Blind
Trust and/or Discretionary Account (as applicable); (iv) a periodic certification from the trustee (for each
17
Blind Trust) and/or manager (for each Discretionary Account) regarding the Covered Person’s lack of
influence or control over the Blind Trust and Discretionary Account (as applicable); and (v) account
statements (or holdings / transactions reports) for each Blind Trust and/or Discretionary Account (which,
if requested, must be provided within 10 days of such request).
Other Accounts
APs and Insiders are required to identify all of their Reportable Accounts (as defined in Appendix C) on
ComplySci so that trading activities in those accounts can be monitored and Brookfield can ensure that all
trades have been made in accordance with this Policy, and that no trades have been made in Marketable
Securities unless such trades have been pre-cleared or an exemption has been granted, as applicable.
APs and Insiders must identify their Reportable Accounts within 10 days of being notified of such
designation. Statements for each Reportable Account must be provided to the compliance department
initially when an individual becomes an AP or an Insider, and on an ongoing basis within 30 days of each
quarter-end. APs and Insiders are required to promptly notify the compliance department when a
Reportable Account is opened or closed. APs and Insiders may be asked to facilitate the provision of
statements directly from the financial institution to the compliance department. Investments that are not
held through a broker must be reported to the compliance department prior to any initial investment, or
becoming an AP or an Insider, and annually thereafter.
APPENDIX A
LEGAL AND COMPLIANCE CONTACT INFORMATION
Legal
Brookfield Corporation
Swati Mandava
Managing Director, Legal & Regulatory
swati.mandava@brookfield.com
+44 772 4700 067
Brookfield Business Partners
A.J. Silber
Managing Director, Legal & Regulatory
aj.silber@brookfield.com
+1 416-359-8598
Brookfield Infrastructure Partners
Michael Ryan
Managing Director and Counsel
michael.ryan@brookfield.com
+ 61 2 9158 5254
Brookfield Property Partners
Michelle Campbell
Senior Vice President, Legal & Regulatory
michelle.campbell@brookfield.com
+1 212-417-7514
Brookfield Renewable Partners
Jennifer Mazin
Managing Partner, Legal & Regulatory
jennifer.mazin@brookfield.com
+1 416-369-3369
Compliance
Ronald Fisher-Dayn
Managing Partner, Legal & Regulatory
ronald.fisher-dayn@brookfield.com
+1 212-978-1763
Inquiries from Brookfield Property Group/Brookfield Private Equity Group should be directed to:
Dani Brody
Managing Director, Legal & Regulatory
dani.brody@brookfield.com
+1.212.417.2413
Inquiries from Brookfield Infrastructure Group/Brookfield Renewables Group should be directed to:
Megan Kultgen
Senior Vice President, Legal & Regulatory
megan.kultgen@brookfield.com
+1 646-663-3874
APPENDIX B
CANADIAN INSIDER REPORTING GUIDELINES
Reporting Insiders
Under the insider reporting rules, reporting insiders of a reporting issuer (“Reporting Insiders”) must file
insider reports upon becoming a Reporting Insider and upon any change in their holdings of securities of
the reporting issuer. In general, these reporting requirements are intended to apply to persons who both
(i) receive or have access, in the ordinary course, to material undisclosed information about the reporting
issuer and (ii) have the ability to exercise, directly or indirectly, significant power or influence over the
business, operations, capital or development of the reporting issuer. This would generally include the
board of directors, CEO, President, CFO, COO, heads of principal business units and others with similar
levels of authority. Brookfield’s Legal & Regulatory Group or the internal legal counsel for a Controlled
Affiliate, as applicable, maintains a list of all individuals who are considered Reporting Insiders.
Canadian Insider Reporting
A person who becomes a Reporting Insider under Canadian securities law rules must file an insider report
within 10 calendar days (or shorter period if prescribed by the regulations) of becoming a Reporting
Insider. In addition, a Reporting Insider must also file an insider report when there is any change in their
holdings of securities of the reporting issuer within 5 calendar days (or shorter period if prescribed by
the regulations) of the change.
In the insider report, a Reporting Insider must report not only their direct holdings of securities of the
reporting issuer, but any indirect beneficial ownership of securities, as well as securities of reporting issuer
over which they exercise control or direction. Under the insider reporting rules, beneficial ownership
passes on the day of the trade, not the day of settlement. An insider report must include not only all
publicly-traded securities of the issuer held by the Reporting Insider, whether they be voting or non-
voting, debt, equity and trust units, but also related financial instruments which include the grant, exercise
or expiry of any options and deferred or restricted share units related to these securities.
Insider reports should be filed electronically through the System for Electronic Disclosure. The
consequences for failure to file in a timely manner or filing a report that contains information that is
materially misleading may include: late filing fees; the Reporting Insider being identified as a late filer on
a public database of late filers maintained by certain securities regulators; the issuance of a cease trade
order that prohibits the Reporting Insider from trading in securities of the applicable reporting issuer or
any reporting issuer until a specified period of time has elapsed; or enforcement proceedings.
It is the personal responsibility of each Reporting Insider to ensure that the required insider reports are
filed in a timely fashion. Brookfield’s internal legal counsel can assist you with the filing of these reports.
All Reporting Insiders for a Brookfield Security are required to report to Brookfield’s internal legal counsel
any trades of this Brookfield Security within 2 business days of a transaction so that an appropriate insider
report can be filed.
APPENDIX C
REPORTABLE ACCOUNTS
A “Reportable Account” is an account over which the Covered Person has investment discretion, influence
or control, and in which the Covered Person may benefit from profits in the account, other than:
•Any account in which transactions are effected only pursuant to an automatic investment plan;
•Any account which holds only bank certificates of deposit, bankers’ acceptances, commercial
paper, direct obligations of the Government of Canada or the United States, money market funds,
and open end mutual funds (not managed by Brookfield).
Reportable Accounts, as defined above, may include:
•Personal brokerage accounts (including, but not limited to: individual and joint accounts, 401(k)s,
RSPs, IRAs, UGMAs, RESPs, TFSAs, LIRAs, Keogh Plans, trusts, family limited partnerships,
guardianship or conservatorships accounts);
•Accounts of Family Members;
•Investment club accounts;
•Accounts for business interests outside of Brookfield;
•Accounts for which you are a trustee or for which you have discretionary authority; and
•Employer sponsored retirement accounts if they are self-directed or if they hold securities other
than open-end mutual funds (i.e., profit sharing and 401(k)s). This includes Brookfield’s 401(k)
plan.
Reportable Accounts, as defined above, do not include:
•Accounts managed by a professional third party financial advisor who has full discretion over
investment decisions and for which you do not provide any trading instructions;
•A blind trust in which you are a beneficiary but for which you do not receive any reporting and
have no knowledge regarding the investments in the account;
•Accounts in which you are permitted to hold only Permitted Securities, including, for example,
open-end mutual funds and ETFs that, in each case, hold a diversified portfolio of securities (i.e.,
but in which you are not permitted to hold Marketable Securities); and
•Insurance products only if the underlying investment options are mutual funds or exchange-
traded funds that are not concentrated in one security.
APPENDIX D
TRADING PLAN CERTIFICATION
Pursuant to the Brookfield Personal Trading Policy (the “Policy”), in connection with my entry into a
written trading plan (“Trading Plan”) for pre-approved “stop loss” or “limit order” trades, I hereby
represent, warrant, certify and covenant as follows:
1.I am familiar with the requirements of the Policy, including in particular the section entitled
“Marketable Securities—Access Persons / Insiders,” and the requirements therein regarding entry
into a Trading Plan.
2.The attached Trading Plan is a true and correct, executed copy of my Trading Plan, and I will
promptly notify Brookfield’s compliance department immediately upon termination of, and prior
to suspending or making any amendments to, the plan.
3.At the time of entering into the Trading Plan, I did not possess any material non-public information
regarding the companies or the securities that are the subject of the plan.
4.I am familiar with regulatory requirements applicable to Trading Plans (including Rule 10b5-1,
for transactions over the NYSE), including the following requirements:
a.I cannot exercise any subsequent influence over how, when, or whether to effect purchases
or sales under my Trading Plan;
b.A purchase or sale will not be considered to be pursuant to the plan if I alter or deviate from
my Trading Plan or enter into or alter a corresponding or hedging transaction or position with
respect to the securities that are the subject of the plan;
c.I must enter into my Trading Plan in good faith and not as part of a plan or scheme to evade
the prohibitions of the Policy or applicable legal and regulatory requirements relating to
personal trading;
d.I cannot make any transactions for 30 days after the adoption or material amendment of the
Trading Plan, and if I am a director or executive officer of the Corporation, I further
understand that NYSE D&O Trading Plans are subject to the NYSE D&O Cooling Off Period;
and
e.I must pre-clear any amendment, termination, or suspension of the Trading Plan if such
amendment, termination, or suspension is at my direction (or the direction or my Family
Member).
5.I have complied and will comply with the requirements of the Policy and will promptly notify the
Brookfield compliance department if I fail to do so.
6.To the extent I have internal or external regulatory reporting obligations in connection with
trading in the securities subject to the Trading Plan, my Trading Plan will facilitate my ability to
timely and properly fulfill those obligations, and I will ensure that I fulfill them.
Adopted by the Board on February 12, 2025