Brookfield Asset Management Ltd

#### ESG Governance

###### We integrate our ESG management approach throughout our business.

� **Investment Committee: We incorporate ESG**

factors, including climate-related considerations, into the due diligence process for each potential investment. An Investment Committee, consisting of senior Brookfield management, reviews and approves all investments. The relevant Investment Committee receives and reviews material findings from due diligence, including ESG-related findings, prior to investment approval.

Responsibilities are as follows:

� **Board of Directors: The Board of Directors and**

its committees oversee our strategy, which is focused on decarbonization, and regularly review our ESG approach and performance throughout the year. The Board of Directors approves global policies related to sustainability and monitors the performance of our regional businesses. The Board receives quarterly updates on ESG performance, including matters such as our alignment to the TCFD recommendations and our net-zero goal and targets.

� **Executive Management Team: The Chief**

Executive Officer (CEO) has ultimate accountability for implementing strategy for the business, including the delivery of ESG programs and goals. The CEO and executive management team set and provide oversight for delivery of the strategic vision and priorities of our business.

� **Regional Business CEOs: The CEO of each**

regional business implements business-wide and local objectives within their business and is accountable for ESG performance.

� **ESG Steering Committee: Our ESG Steering**

Committee sets goals for our priority topics, shares best practices, monitors progress and performance against our goals and seeks opportunities for continuous improvement. The committee, chaired by our Chief Operating Officer (COO), comprises of the CEOs of the regional businesses, the Chief Sustainability Officer (CSO), the Chief Risk Officer (CRO) and ESG and operations experts from across our businesses.

Brookfield's Board of Directors, through its Governance and Nominating Committee, has ultimate oversight of Brookfield's ESG strategy and receives regular updates on the organization's ESG initiatives throughout the year. Each aspect of ESG is overseen by select senior executives from Brookfield and the CEO and COO of each of its business groups, who are charged with driving ESG initiatives based on its business imperatives, industry developments and best practices, in each case supported by asset management professionals from each of these constituencies. The management teams of portfolio companies have primary responsibility for the management of ESG considerations within their operations.

Brookfield's Board of Directors, through its Governance, Nominating and Compensation Committee, has ultimate oversight of Brookfield's ESG strategy and receives regular updates on the organization's ESG initiatives throughout the year. Each aspect of ESG is overseen by select senior executives from Brookfield and the CEO and COO of each of its business groups, who are charged with driving ESG initiatives based on its business imperatives, industry developments and best practices, in each case supported by asset management professionals from each of these constituencies. The management teams of portfolio companies have primary responsibility for the management of ESG considerations within their operations.

The Board and Audit Committee also meet quarterly to review our ESG performance as well as management's assessment of the current and emerging risks, and the mitigating strategies in place. This includes a review of key metrics related to climate risks and opportunities and progress towards our net-zero targets. [...] The ESG Steering Committee drives the strategic ESG framework. The committee sets goals for priority topics, shares best practices, monitors progress against our goals and seeks opportunities for improvement. The committee is chaired by our Chief Operating Officer (COO), who reports the progress back to our CEO. The committee comprises of the regional CEOs, members of the executive management team and ESG and operations experts from across our businesses. In 2008, we established our first technical working group whereby members share technical, operating and scientific information. Today we have eleven working groups covering all technologies (hydro, wind, solar, distributed generation and storage) and standard setting activities with respect to construction, generation asset management, dam safety, and a specific Climate Change Working Group. This working group includes dedicated professionals in each regional business who are accountable for assessment and mitigation of climate-related risks as well as representatives from our corporate risk and ESG management teams. The results of work completed in the Climate Change Working Group are reported regularly to the ESG Steering Committee. [...] Policies and regulations that support the energy transition could provide additional opportunities for Brookfield Renewable. We support policies that enable clean energy generation and technical innovation, and advocate directly and through our involvement with trade associations for topics such as renewable mandates, carbon pricing, and research and development.

Brookfield's Board of Directors, through its Governance and Nominating Committee, has ultimate oversight of Brookfield's ESG strategy and receives regular updates on the organization's ESG initiatives throughout the year. Each aspect of ESG is overseen by select senior executives from Brookfield and each of its business groups, who are charged with driving ESG initiatives based on its business imperatives, industry developments and best practices, in each case supported by asset management professionals from each of these constituencies. The management teams of portfolio companies have primary responsibility for the management of ESG considerations within their operations.

We aim to contribute to the effective development of policies that support clean energy generation and technical innovation both through direct engagement and our involvement with industry associations. In 2022, for example, we actively supported the development of the IRA. [...] Our Green Financing Committee, which includes representatives from our Capital Markets and Treasury teams, manages our sustainable financing strategy. Our Chief Financial Officer (CFO) oversees our strategy and provides quarterly reports to the Board. [...] The Board's Audit Committee reviews, among other things, the accounting and financial processes, financial statement integrity and auditing, legal and regulatory compliance and independent auditor qualifications and performance. Additionally, the Audit Committee oversees Brookfield Renewable's risk management processes. The Audit Committee meets on a quarterly basis considers management's assessment of current and emerging risks to Brookfield Renewable and its businesses, and the mitigating strategies in place. This includes a review of key metrics related to climate risks and opportunities and progress towards our net-zero targets. [...] The Nominating and Governance Committee Charter includes a formal mandate for the Nominating and Governance Committee to oversee our approach to ESG, including: - Updating the Board on ESG matters - Monitoring developments of international trends and best practices in corporate disclosure of ESG matters - Reviewing and assessing our corporate responsibility strategy for ESG matters and related reporting - Overseeing the development of key policies and documents including our Code of Business Conduct and Ethics, Anti-Bribery and Anti‑Corruption Policy and ESG Policy [...] An Investment Committee, consisting of Brookfield Executives, reviews and approves investments made by Brookfield Renewable. The Investment Committee receives and reviews material findings from due diligence, including ESG-related findings, prior to investment approval. Post-acquisition, we incorporate ESG considerations into the business plans of acquisitions with the ESG Steering Committee regularly reviewing performance. [...] Our ESG Steering Committee drives the strategic ESG framework. The Committee sets goals for priority topics, shares best practices, monitors progress against our goals and seeks opportunities for improvement. The Committee is directed by our Chief Sustainability Officer (CSO) and includes the CEOs of the regional businesses, the Chief Risk Officer (CRO) and ESG and operations experts from across our businesses. The CSO provides regular updates to the CEO and other members of the executive management team.

We have created the Net Zero Operational Committee which will have oversight of these activities (see Climate Governance section). [...] The ESG Working Group develops and coordinates the execution of all ESG initiatives, including climate-related initiatives. [...] The Brookfield Risk Management Team coordinates the development and implementation of Brookfield's climate risk management approach and methodology. [...] Financial Reporting oversight is provided under the leadership of Brookfield's CFO, with support from the Finance ESG Working Group. Together, this group monitors external reporting requirements for climate-related information. [...] We seek opportunities to work with public stakeholders where we can help shape public opinion and influence government actions and decisions in ways that protects and aligns with Brookfield's business interests and reputation.

The Board of Directors (the "Board") of our managing general partner and its standing committees oversee our ESG strategy, which is focused on decarbonization, and review our ESG approach and performance throughout the year. The Board also reviews global policies related to sustainability and monitors the performance of our regional businesses. In addition, the Board reviewed this report. The Board receives quarterly updates on ESG performance and has two standing committees: the nominating and governance committee ("Nominating and Governance Committee") and audit committee (the "Audit Committee" and together with the Nominating and Governance Committee, the "Committees") which are composed entirely of independent directors. We believe that the Board has the diverse set of skills, experience and perspectives necessary to effectively oversee our business strategy. [...] The Nominating and Governance Committee Charter includes a formal mandate for the Nominating and Governance Committee to oversee our approach to ESG, including: - Updating the Board on ESG matters - Monitoring developments of international trends and best practices in corporate disclosure of ESG matters - Reviewing and assessing our corporate responsibility strategy for ESG matters and related reporting - Overseeing the development of key policies and documents including our Code of Business Conduct and Ethics, Anti-Bribery and Anti‑Corruption Policy and ESG Policy