BROOKFIELD, NEWS, November 22, 2022 (GLOBE NEWSWIRE) — Brookfield Asset Management Inc. BAMBAM (“Brookfield”) and Brookfield Asset Management Ltd. (the “Manager”) today jointly announced a distribution date of December 2, 2022 for their previously announced transaction to publicly list and distribute, by the Manager, a 25% interest in Brookfield’s wealth management business, by way of a plan of arrangement (“Agreement”) . The transaction will result in the division of Brookfield into two publicly traded companies – the corporation (Brookfield Asset Management Inc. will be renamed “Brookfield Corporation”) and the management company (“Brookfield Asset Management Ltd.”).

Brookfield has now received board, shareholder and court approval, as well as all significant regulatory approvals. Subject to the performance or waiver of the remaining terms of the Agreement, the Agreement is expected to be effective at the close of business on December 9, 2022.

Both the NYSE and TSX will begin trading if, as and when-issued and due bill from December 1, 2022 through close of business on December 9, 2022 for the Class A Limited Voting Shares of the Company and of Managers are traded on both exchanges. Corporation Class A Shares and Manager Class A Shares are expected to trade on the NYSE and TSX on December 12, 2022 under the symbols “BN” and “BAM,” respectively. Please refer to the document with the title Manager Listing Process – Questions and Answers (www.bam.brookfield.com) on the Brookfield website for details of what is expected during this period.

The transaction provides shareholders, through the manager, with access to a leading global pure alternative wealth management company. Brookfield Corporation will continue to focus on deploying capital in its operations, growing cash flows and growing capital over the long term.

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