Brookfield Asset Management Voting Ord Shs Class A T.BN.PF.J

TD

[retiredcf]

Is on their Action Buy List with a US$63.00 target. GLTA

Brookfield Asset Management Inc.

(BAM-N, BAM.A-T) US$44.21 | C$55.30

Conference Presentation Sheds Light on Global Impact Fund Event

Earlier this week, Mark Carney, Vice Chair and Head of ESG and Impact Fund Investing at BAM, participated in a fireside chat at TD's conference on Investing in Hydrogen and the Global Energy Transition. In that discussion, Mr. Carney echoed many of the themes that he addressed during a recent Bloomberg interview, and provided details on the focus of BAM's inaugural Global Impact Fund.

Impact: POSITIVE

• Why BAM?: Mr. Carney indicated that he wanted to put his words on climate change into action and to be a part of an organization that had the size, scale, expertise, and access to capital required to play a leading role in accelerating decarbonization.

• BAM's ESG Profile: BAM is net negative on scope 1 and 2 across its entire asset portfolio on an avoided emissions basis, in part due to its ownership of one of the world's largest pure-play renewable power portfolios. The company believes that it is similarly net-zero carbon on a scope 3 basis and is now conducting a detailed analysis of the scope 3 emissions of its portfolio companies. Within the envelope of net-zero carbon, BAM will continue to own assets across the spectrum, but is committed to transitioning its own "dirty" assets to net-zero over time.

• Global Impact Fund: BAM recently launched the fundraising for its first Global Impact Fund, which is targeting $7.5bln+, inclusive of a $2bln contribution from BAM, consistent with the company's model of investing meaningful capital alongside clients. The fund will be focused not on buying existing green assets, but on taking assets/companies that are currently brown/beige and putting them on the path to net-zero over the life of the fund. The fund intends to apply the same discipline and rigour to achieving its environmental objectives as to its objective of earning industry-leading financial returns.

  TD Investment Conclusion

  BAM has clearly established itself as a leading global alternative asset manager, and, by launching a multi-billion-dollar global impact fund with a focus on the transition to net-zero, we believe that BAM has the potential to carve out an early-mover advantage in an emerging asset class, as it did with infrastructure more than 10 years ago