Mr. Jordan Sawkin reports

BROOKFIELD ANNOUNCES A STRATEGIC PARTNERSHIP WITH SOUNDCORE CAPITAL PARTNERS AND HEARTLAND PAVING PARTNERS

Brookfield Asset Management Ltd., through its private equity sponsor solutions business, Brookfield Sponsor Solutions, has formed a strategic partnership with Soundcore Capital Partners LP and its commercial paving platform, Heartland Paving Partners. The investment is to accelerate the platform's growth as it pursues further consolidation in the Upper Midwest market. The transaction marks Brookfield's first investment through its private equity sponsor solutions strategy, which focuses on providing bespoke solutions to mid-market buyout sponsors seeking secondary and growth capital for high-performing assets.

"We are thrilled to partner with Soundcore on the first investment for Brookfield Sponsor Solutions. Together, we look forward to unlocking further growth for Heartland, drawing on Brookfield's experience as one of the world's largest owners and operators of real assets," said Jordan Sawkin, a managing director in Brookfield's Sponsor Solutions strategy.

Soundcore has an established record of creating and methodically scaling platform businesses through its buy-and-build strategy in niche service sectors. Recent platform investments include Heartland and Door & Dock Holdings.

"The partnership with Brookfield is an endorsement of the platforms we consistently build at Soundcore. We are excited to work with one of the world's leading alternative asset managers," said Jarrett Turner, founder and managing partner of Soundcore.

Soundcore acquired the initial Heartland investment in July, 2022, and has since completed several acquisitions, expanding operations to become a regional provider of commercial paving services. The company partners with property owners throughout the life cycle of their parking and other paved surface assets. Operating in a stable, but highly fragmented, market, Heartland will benefit from this new strategic partnership and accelerated expansion.

"Brookfield Sponsor Solutions and Soundcore share an investment focus on buy-and-build strategies across essential service sectors such as commercial paving. We are particularly excited about the partnership and synergies that Brookfield, as one of the largest owners and operators of real estate, can bring to Soundcore and Heartland," said Jonathan Tanenbaum, investment partner at Soundcore.

Financial terms of the transaction were not disclosed.

About Brookfield Asset Management Ltd.

Brookfield Asset Management is a leading global alternative asset manager with over $900-billion (U.S.) of assets under management across renewable, infrastructure, real estate, private equity, credit and other. 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, which include public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors. The company draws on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for its clients, across economic cycles.