Mr. Simon Maine reports

BROOKFIELD ASSET MANAGEMENT CLOSES TRANSACTION TO BROADEN SHAREHOLDER OWNERSHIP AND ENHANCE INDEX ELIGIBILITY

Brookfield Asset Management Ltd. and Brookfield Corp. have completed the previously announced arrangement to enhance Brookfield Asset's corporate structure and broaden shareholder ownership.

In the transaction, Brookfield Asset acquired approximately 73 per cent of the outstanding common shares of Brookfield's asset management business from Brookfield in exchange for 1,194,021,145 newly issued Class A limited voting shares of Brookfield Asset, on a one-for-one basis. As a result, today Brookfield Asset has a total of 1,637,198,026 Class A shares issued and outstanding, of which Brookfield retains an approximately 73-per-cent interest. Based on Brookfield Asset's closing price on the New York Stock Exchange on Feb. 3, 2025, of $58.19, the company's market capitalization is $95.3-billion.

The arrangement was approved by Brookfield Asset shareholders at a special meeting held on Jan. 27, 2025. The Supreme Court of British Columbia issued a final order approving the arrangement on Jan. 30, 2025.

Connor Teskey, president of Brookfield Asset, said, "This transaction paves the way for the stock's inclusion in some of the most widely followed U.S. market indices, which should broaden our shareholder base and increase the liquidity of our shares."

About Brookfield Asset Management Ltd.

Brookfield Asset Management is a leading global alternative asset manager, headquartered in New York, with over $1-trillion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. Brookfield Asset 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. Brookfield Asset 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. Brookfield Asset draws on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for its clients, across economic cycles.

About Brookfield Corp.

Brookfield is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. Brookfield has three core businesses: alternative asset management, wealth solutions and its operating businesses, which are in renewable power, infrastructure, business and industrial services, and real estate.

Brookfield has a record of delivering 15-plus-per-cent annualized returns to shareholders for over 30 years, supported by its unrivalled investment and operational experience. Brookfield's conservatively managed balance sheet, extensive operational experience and global sourcing networks allow the company to consistently access unique opportunities. At the centre of the company's success is the Brookfield ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield is publicly traded in New York and Toronto.

Early warning disclosure

This press release is being issued pursuant to National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (NI 62-103), which requires a report to be filed under Brookfield Asset's profile on SEDAR+, containing additional information respecting the foregoing matters. Brookfield Asset's head office address is 250 Vesey St., 15th floor, New York, N.Y., 10281-0221, United States.

Brookfield has filed on SEDAR+ an early warning report in compliance with NI 62-103 to disclose changes in its ownership of securities of Brookfield Asset as a result of the arrangement.

Brookfield holds Class A shares for investment purposes. Brookfield has no definitive plans or future intentions as of the date of this press release that relate to, or would result in, acquiring additional securities of Brookfield Asset, disposing of securities of Brookfield Asset, or any of the other actions enumerated in paragraphs (a) through (k) of Item 5 of Brookfield's early warning report filed on SEDAR+. Brookfield will continue to review its investment alternatives and may acquire additional Class A shares or other securities of Brookfield Asset, or may, subject to market conditions, applicable securities laws and other relevant factors, sell Class A shares or other securities of Brookfield Asset it now holds in the open market (where such a market exists) or in privately negotiated transactions to one or more persons in accordance with the provisions of applicable securities legislation.