Brookfield Asset Management Ltd.

Development of the Business . partner managers means Angel Oak, Castlelake, LCM, Oaktree, and Primary Wave; perpetual affiliates means BEP, BIP, BBU and BPG; Pinegrove Fund means Pinegrove Opportunity Partners I LP; Pinegrove Ventures means our investment platform business of SVB Financial Group, SVB Capital (rebranded to Pinegrove Ventures after acquisition), acquired on September 26, 2024 through Pinegrove Venture Partners ( Pinegrove ), our venture investment platform formed with Sequoia Heritage; Pretium means our approximately 11% economic interest in Pretium Holdings, LP and Pretium CV Holdings, LP acquired on June 29, 2024; Primary Wave means PWMP Ventures LLC; Relationship Agreement means the agreement dated November 8, 2022 among BN, BAM and the Asset Management Company to govern aspects of their relationship following the 2022 Arrangement, as further described under Note 1 Organization of the consolidated financial statements of BAM; Securities Act means the Securities Act of 1933, as amended; Segment Earnings , a key metric, are computed as Segment Revenues less Segment Expenses; Segment Expenses , a key metric, are direct costs associated with Segment Revenues, which include compensation and benefits, facilities, technology, professional fees and travel and other operating expenses. Depreciation and amortization, taxes, interest expense, mark-to-market gains (losses), transaction related costs, non-recurring gains (losses), deferred compensation, and expenses of consolidated funds are excluded from Segment Expenses.