Brookfield Asset Management Ltd. has established a commercial paper program on a private placement basis. The program allows for the issuance of unsecured commercial paper notes up to a maximum aggregate amount of $1 billion outstanding at any time. The program is expected to diversify and strengthen Brookfield's balance sheet. It will provide an additional source of short-term capital for the company. Proceeds from the issuance of any notes will be used for general corporate purposes. The notes offered under the program have not been and will not be registered under the Securities Act of 1933, as amended.