Mr. Sebastian Bouchard of Brookfield reports

BROOKFIELD CORPORATION SUCCESSFULLY COMPLETES DISTRIBUTION OF 25% INTEREST IN ITS ASSET MANAGEMENT BUSINESS

Brookfield Corp. and Brookfield Asset Management Ltd. have completed the public listing and distribution of a 25-per-cent interest in the corporation's asset management business, through the manager, by way of a plan of arrangement.

The corporation has changed its name from Brookfield Asset Management Inc. to Brookfield Corp., with effect from today, and at the open of markets on Dec. 12, 2022, its shares will trade under the new ticker BN on both stock exchanges. The manager takes the name Brookfield Asset Management Ltd., and has been listed on the New York Stock Exchange and the Toronto Stock Exchange. At the open of markets on Dec. 12, 2022, its shares will trade under the ticker BAM on both stock exchanges.

Shareholders can invest in a leading pure play global alternative asset management business through the manager. The corporation will continue focusing on deploying capital across its operating businesses, increasing its cash flows and compounding capital over the long term.

About Brookfield Corp.

Brookfield (NYSE: BN and TSX: BN) is focused on deploying its capital on a value basis and compounding it over the long term. This capital is allocated across its three core pillars of asset management, insurance solutions and its operating businesses. Employing a disciplined investment approach, it leverages its deep expertise as an owner and operator of real assets, as well as the scale and flexibility of its capital, to create value and deliver strong risk-adjusted returns across market cycles. With significant capital underpinned by a conservatively capitalized balance sheet, Brookfield is well positioned to pursue significant opportunities for growth.

About Brookfield Asset Management Ltd.

Brookfield Asset (NYSE: BAM and TSX: BAM) is a leading global alternative asset manager with over $750-billion of assets under management across real estate, infrastructure, renewable power and transition, private equity, and credit. It invests client capital for the long term with a focus on real assets and essential service businesses that form the backbone of the global economy. It offers a range of alternative investment products to investors around the world, including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors. It draws on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for its clients across economic cycles.

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