Mr. Connor Teskey reports

BROOKFIELD ASSET MANAGEMENT ANNOUNCES STRONG FOURTH QUARTER RESULTS AND 19% DIVIDEND INCREASE

Brookfield Asset Management Ltd. has released financial results for the quarter ended Dec. 31, 2023. Connor Teskey, President of Brookfield Asset Management stated, "We had strong performance in our first year following our listing. We raised $93 billion of capital which, combined with the approximately $50 billion anticipated upon the closing of the American Equity Investment Life (AEL) insurance account, brings the total to $143 billion. With interest rates stabilizing and significant dry powder available, we expect a very active period of transaction activity in the coming year, with valuations for real assets responding accordingly."

He continued, "Our capital raising success, combined with investments made into building out our platforms, positions us for strong earnings growth and continued robust fundraising in 2024. That momentum and our significant resources have enabled us to raise our quarterly dividend by 19% to $0.38 per share."

Operating Results

Brookfield Asset Management Ltd.

Net income for publicly traded entity Brookfield Asset Management Ltd. (BAM) totaled $95 million for the quarter. BAM owns a 25% interest in our asset management business with the other 75% owned by Brookfield Corporation. In order to provide meaningful comparative information, the following discussion relates to the financial results on a 100% basis for our asset management business (Brookfield Asset Management).

Brookfield Asset Management's distributable earnings were $586 million for the quarter and $2.2 billion over the last twelve months. Fee-related earnings comprise approximately 100% of distributable earnings for both the quarter and over the last twelve months. Strong fundraising and capital deployment drove fee-related earnings to $581 million for the quarter.

Operating Highlights

Fundraising

We raised $93 billion since the beginning of 2023, with $37 billion raised during the fourth quarter and up to the release of these results. Notable fundraising updates during the fourth quarter to date include:

We held the final close of the fifth vintage of our flagship infrastructure fund, bringing the total capital raised for the strategy to $30 billion. This fifth vintage is 40% larger than the predecessor vehicle and is approximately 40% deployed across six large-scale assets.

We held the final close of the third vintage of our infrastructure debt fund, bringing the total for the strategy to over $6.0 billion. This third vintage is approximately 60% committed across a dozen investments.

We raised $8.9 billion across Oaktree funds, including $2.0 billion for the twelfth vintage of our opportunistic credit fund, bringing the total funds raised to $8.0 billion at year-end. We also raised over $1.0 billion for our strategic lending partners fund in the quarter, bringing the total funds raised to $4.0 billion at year-end.

We finalized the first close for the second vintage of our flagship global transition fund strategy at $10 billion. We are completing the first close of the fifth vintage of our flagship real estate opportunistic fund strategy at $8.0 billion. This positions both of these flagships to meet or exceed their targeted raises.

Fee-Bearing Capital

Fee-bearing capital was $457 billion at the end of the fourth quarter, up $17 billion or 4% from the prior quarter and up $39 billion or 9% over the past year. Fee-bearing capital will shortly be over $500 billion upon the closing of our AEL insurance account.

The above year-over-year increase in fee-bearing capital contributed to growth in fee-related earnings to $2.2 billion over the last twelve months, representing a 6% increase over the prior year period.

Deployment

In the fourth quarter, we deployed $15 billion of capital into investments across a number of large-scale, high-quality businesses and assets. Notable deployments in the quarter include:

Deployed $4.5 billion of capital across our renewable power and transition platform, including $2.2 billion invested into Westinghouse, approximately $900 million into X-Elio, and approximately $600 million into Banks Renewables.

Deployed $1.8 billion across our real estate portfolio into key logistic, office, and multifamily properties, primarily within the third and fourth vintages of our opportunistic real estate flagships in North America and Europe.

Deployed $6.3 billion across Oaktree credit funds, including $1.3 billion out of the eleventh vintage of our opportunistic credit fund, $1.0 billion out of our strategic credit fund, and approximately $700 million out of our sponsor fund credit business.

Dry Powder Capital

As of December 31, 2023, we had a total of $107 billion of uncalled fund commitments.

Uncalled fund commitments include $47 billion which is not currently earning fees, but which will earn approximately $470 million of fees annually once deployed.

We hold close to $3 billion of cash and equivalents on our balance sheet.

Strategic Initiatives in the Quarter

In December, we announced the launch of our multi-billion dollar Catalytic Transition Fund at COP28 in Dubai. UAE's ALTERRA has made a commitment of up to $1 billion to this fund, alongside its $2 billion commitment to our second flagship global transition fund. We are actively engaged with other large institutional partners who have also expressed interest in this new fund. The new strategy will deploy capital exclusively into emerging and developing markets, with a dedicated focus on supporting energy transition, industrial decarbonization, sustainable living, and climate technologies.

In October, we announced the appointment of Sir Ron Kalifa as Vice Chair and Head of Financial Infrastructure investments. We have committed to $5 billion of investments within the technology-enabled payment space, including our recent acquisitions of Network International and Magnati. As part of our thesis on the digitalization of the global economy, this strategy will seek mature, high-quality companies that are integral components of financial infrastructure and will leverage our expertise in growing businesses through operational value creation.

Regular Dividend Declaration

The board of directors of Brookfield Asset Management Ltd. declared a quarterly dividend of $0.38 per share, representing a 19% increase, payable on March 28, 2024, to shareholders of record as of the close of business on February 29, 2024.

Additional Information

The Letter to Shareholders and the Supplemental Information for the three months and twelve months ended December 31, 2023 contain further information on the company's strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on BAM's website.

The statements contained herein are based primarily on information that has been extracted from our financial statements for the quarter ended December 31, 2023, which have been prepared using U.S. GAAP. The amounts have not been audited by BAM's external auditor.

BAM's board of directors has reviewed and approved this document, including the summarized unaudited consolidated financial statements, prior to its release.

Information on our dividends can be found on our website under Stock & Distributions - Distribution History section at bam.brookfield.com.

Quarterly Earnings Call Details

Investors, analysts and other interested parties can access BAM's Fourth Quarter 2023 Results, as well as the Letter to Shareholders and Supplemental Information, on its website under the Reports & Filings section at bam.brookfield.com. To participate in the Conference Call today at 11:00 a.m. EST, please preregister at https://register.vevent.com/register/BI0d45166c832a42d08c1cddeb5eedc4a9. Upon registering, you will be emailed a dial-in number, and unique PIN.

The Conference Call will also be webcast live at https://edge.media-server.com/mmc/p/vopgngea. For those unable to participate in the Conference Call, the telephone replay will be archived and available until February 7, 2025, or available on our website at bam.brookfield.com.

About Brookfield Asset Management

Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $900 billion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer 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. We draw on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.

Please note that Brookfield Asset Management Ltd.'s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR+ and can also be found in the investor section of its website at bam.brookfield.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

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