Ms. Kerrie McHugh reports

BROOKFIELD ASSET MANAGEMENT ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Brookfield Asset Management Ltd. has received approval from the Toronto Stock Exchange for the renewal of its normal course issuer bid to purchase up to 34,605,494 Class A limited voting shares, representing approximately 10 per cent of the public float of Brookfield Asset Management's outstanding Class A shares. Purchases under the bid will be made on the open market through the facilities of the TSX, the New York Stock Exchange (NYSE) and/or alternative trading systems. The period of the normal course issuer bid will extend from Jan. 11, 2024, to Jan. 10, 2025, or an earlier date should Brookfield Asset Management complete its purchases. Brookfield Asset Management will pay the market price at the time of acquisition for any Class A shares purchased or such other price as may be permitted.

As at Dec. 31, 2023, the number of Class A shares issued and outstanding totalled 413,026,253 of which 346,054,943 shares represented the public float. In accordance with the rules of the TSX, the maximum daily purchase on the TSX under this bid will be 203,206 Class A shares, which is 25 per cent of 812,827 (the average daily trading volume for Class A shares on the TSX for the six-months ended Dec. 31, 2023).

Of the 31,785,036 Class A shares approved for purchase under Brookfield Asset Management's prior normal course issuer bid that commenced on Jan. 11, 2023, and will expire on Jan. 10, 2024, Brookfield Asset Management purchased 7,250,707 Class A shares as of Dec. 31, 2023; 822,100 Class A shares through open market purchases on the TSX; and 6,428,607 Class A shares through open market purchases on the NYSE and/or alternative trading systems. The weighted average price that Brookfield paid per Class A share acquired under this bid was $33.43 (U.S.).

Brookfield Asset Management is renewing its normal course issuer bid because it believes that, from time to time, the market price of its Class A shares may not fully reflect the underlying value of its business and its future business prospects. Brookfield Asset Management believes that, in such circumstances, the outstanding Class A shares represent an attractive investment for Brookfield Asset Management, since a portion of its excess cash generated on an annual basis can be invested for an attractive risk adjusted return through the issuer bid. All Class A shares acquired by Brookfield Asset Management under this bid will be cancelled and/or purchased by a non-independent trustee pursuant to the terms of Brookfield Asset Management's long-term incentive plans.

Brookfield Asset Management also announced that it has entered into an automatic purchase plan in relation to the normal course issuer bid. The automatic purchase plan allows for the purchase of Class A shares during the term of the normal course issuer bid, subject to certain trading parametres, at times when Brookfield Asset Management ordinarily would not be active in the market due to its own internal trading blackout period, insider trading rules or otherwise. Outside of these periods, Class A shares will be repurchased in accordance with management's discretion and in compliance with applicable law.

About Brookfield Asset Management Ltd.

Brookfield Asset Management is a leading global alternative asset manager with over $850-billion of assets under management across renewable power and transition, infrastructure, private equity, real estate and credit.

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