#1Brookfield 2021 INVESTOR DAY#2Brookfield Brookfield Asset Management September 2021 2021 INVESTOR DAY#3Agenda Introduction Bruce Flatt, Chief Executive Officer 4 Brookfield Growth 23 Sachin Shah, Chief Investment Officer Asset Management Franchise 65 Craig Noble, Chief Executive Officer, Alternative Investments Real Estate 94 Brian Kingston, Chief Executive Officer, Real Estate Credit 111 Armen Panossian, Managing Director and Head of Performing Credit Financial Update 128 2021 Nick Goodman, Chief Financial Officer INVESTOR DAY#4Introduction Bruce Flatt, Chief Executive Officer Brookfield 2021 INVESTOR DAY#5The key takeaways this year Our 20-year compound annualized return is ±20% Going forward, we should be able to achieve the same performance Growth in our new strategies could enable us to outperform that range Our conservative balance sheet provides downside protection 1. See Notice to Recipients and Endnotes. 50#6Interest rates are Near 0% across all major global markets today CO 6#720001 Alternatives are the place to be 20211 20302 95% 5% 70% 30% 40% 60% Equity/Fixed Income Real Assets/Alternatives 1. Source: Willis Towers Watson Global Pension Assets Study, 2020. 2. Brookfield estimate. 7#8Valuations for de-risked assets continue to benefit from this environment $30B Monetizations $1B+ Realized Carried Interest $6B+ Accumulated Carry (and Growing) 8#9Our operating businesses are structured to capitalize on these tailwinds Large-scale, global platforms 888 High-performing operating teams Access to multiple pools of capital $ Strong financial discipline E 6#10In the last 12 months we... Raised over $43B Deployed $45B Monetized $30B 10 10#11Flagships Last Round Current Round Next Round $57B $100B $125B+ 1. See Notice to Recipients and Endnotes. 11#12Centered around major investment themes 1 Record government debt creates large infrastructure opportunities 2 Growing allocations to private credit are very positive for our business 3 Quality city center properties are value purchases 4 Alternative property sectors are growth plays 5 Decarbonization is a generational scale investment opportunity 6 Private equity is broadening to include growth investing 7 Software is the next infrastructure 12#13Looking forward 13#14Our five existing business groups are well positioned to deliver strong growth $270B+ across these strategies over the next five years $ 14#15Future growth will be driven by... 15#161. Brookfield estimate. Insurance Solutions $200-$300 billion Our property and infrastructure assets give us a competitive advantage The liability risk today is comparatively low 16#171. Brookfield estimate. Growth Investing $100 billion+ Our technology investment teams are scaling up and capable of deploying capital at scale 17#181. Brookfield estimate. Transition Funds $200 billion+ The global commitment to net-zero emissions creates a multi-trillion-dollar investment opportunity 18#19Secondaries $100 billion+ Our experience across asset classes and existing distribution networks allows us to scale quickly 1. Brookfield estimate. 19#20Our conservative balance sheet continues to underpin our growth Maintain significant and multiple sources of liquidity Finance predominantly with asset-level debt, recourse only to the asset with no cross-collateralization Structure borrowings on a long-term basis to withstand business cycles $6B 10% $78B Cash and Financial Assets Debt to Capitalization Dry Powder 1. As at June 30, 2021. 20 20#211. Brookfield estimate. We will source significant liquidity from our real estate portfolio $20-$30 billion+ Which will be redeployed to new growth strategies or to repurchase shares 21#22All of this should enable strong growth $67-$83/Share 2021 Plan Value $150-$184/Share 2026 1. Market based multiple range of 25 - 40x on fee-related earnings. See Notice to Recipients and Endnotes, including endnotes 7 and 9. 22 22#23Growth Sachin Shah, Chief Investment Officer Brookfield 2021 INVESTOR DAY#24We have built five market- leading global businesses 24 24#25That leverage the strengths of our organization and drive franchise value 25#26Flexibility of Capital Investment Approach Brookfield Operational Expertise Capital Base Global Capabilities 26#27Global network of investment professionals 1,000+ investment professionals Alignment of interests 30+ countries 27 27#28Unique operating platform 150,000+ operating employees Across 30+ countries around the world Operating, development and optimization capabilities 28#29Capital Base Permanent equity base that provides significant flexibility Differentiated capital raising strategy that allows us to pool large-scale public and private capital No one has as much invested alongside partners as us $64B Invested alongside partners 1. Invested capital balance adjusted for the privatization of BPY. See Notice to Recipients and Endnotes, including endnote 8. 29 29#30Flexibility of capital Long-Dated Funds Growth Equity Perpetual Affiliates Opportunistic Capital Brookfield Core and Core+ Mezzanine and Secondaries | High Yield 30 50#31Highly repeatable and consistent investment strategy Invest for Value 7 Repeatable Enhance Operations Monetize く 31#32Each business is mature and has a multi-trillion-dollar investable universe ahead of it... 32 32#33Benefiting from strong secular tailwinds Infrastructure Deficit Technology Revolution Global Warming Brookfield Aging Populations Urbanization Zero Rates 33 33#34Infrastructure Government deficits 5G rollout/digitization Infrastructure super-cycle $30B $95B 2016 AUM AUM Today 1. Brookfield estimate. $200B AUM 20261 34#35Credit Zero rates Immense flow of funds Established franchise $121B 2016 AUM $156B AUM Today $300B AUM 20261 1. Brookfield estimate. 55 35#36Real Estate Alternate sectors Size and scale of franchise Active development $146B 2016 AUM $219B AUM Today 1. Brookfield estimate. $400B AUM 20261 36#37Renewable Power & Transition Climate change Decarbonization Electrification of transport and industry $31B 2016 AUM $59B AUM Today 1. Brookfield estimate. $150B AUM 20261 37 32#38Private Equity High-quality businesses (value and growth) Barriers to entry Growing alternatives allocation $18B 2016 AUM 1. Brookfield estimate. $77B AUM Today $150B AUM 20261 88 38#39The proof of our success is in our track record 39#40Our franchise has more than doubled over the last five years Fee-bearing Capital 2x $12 $6 $43 $18 $108B $29 3x =... $59 $129 $325B $61 $14 $41 $21 2016 2021 $132 $187 $200 $135 $830B $92 $24 $60 2026 ■Real Estate Infrastructure Renewable Power & Transition Private Equity Technology and Other Insurance Solutions Credit 1. See Notice to Recipients and Endnotes, including endnote 10. 40#41Our earnings potential continues to scale Fee Revenues 3x =... $0.1 $1.1 $0.1 $0.4 $0.1 $1.1B $0.4 2016 $0.6 $3.4B $0.1 $0.3 $0.6 2021 2x $1.2 $1.4 $1.1 $7.3B $0.7 $1.7 $0.2 $0.7 $1.0 2026 ■Real Estate Infrastructure Renewable Power & Transition Private Equity Technology and Other Insurance Solutions Credit 1. See Notice to Recipients and Endnotes, including endnote 10. 41#42$2 2001 Strong track record for our shareholders 1. Represents total compounded return, with dividends reinvested. 20% Annualized Return1 8% Annualized Return -BAM S&P 500 $55 2021 42#43All while keeping ESG at the core of all that we do... 23 43#44Our ESG Principles are integrated into our investment process 生鮮 Mitigate the impact of our operations on the environment Ensure the well-being and safety of employees 0/0 Uphold strong governance practices Be good corporate citizens 44#45Lots on the go... What's next? 45#46We are on our way with Transition and Secondaries 46 46#47Technology and Insurance Solutions are advanced 47#48Software is the new infrastructure 48#49Software is the new infrastructure Facilitates business processes Supports movement and storage of data Provides analytical underpinning of business decisions. 49 49#50Technology capabilities 30 investment professionals in Silicon Valley, New York and Shanghai Over 100 technology professionals to assess opportunities 20 growth equity transactions completed to date Over 1,000 different B2B software applications in our business that are our pipeline of opportunities 50 50#51We have a number of initiatives underway 2016 Growth equity 2019 1. Brookfield estimate. Tech buyout 2021 Strategic partnerships for growth $100B+ Business 51#52Technology will grow to a $100B+ business + Building Technical, Operating & Investing Capabilities Strategic Investment Partnerships = II Value Investing in the Next Cycle 52 52#53Insurance Solutions is a natural extension of our credit business 53 59#54The backdrop In the U.S. and Europe, there are over $10 trillion in life and annuity in-force blocks Aging population looking for retirement income and protection Growing allocation to new products in search of yield Interest rates are near zero 54#55Investment capabilities Alternative credit is perfect for long-duration annuities Real estate and infrastructure provide highest yield, long-duration, credit-worthy products to match against liabilities Our Global Real Estate and Infrastructure franchises will provide a critical advantage in building this business 55#56We are the perfect partner for insurers Investment Balance Capabilities + Sheet II Partner of Choice for Insurers 56#57We generate $50 billion of real estate and infrastructure credit investments annually 57 40#58Over 100 insurers in North America and Europe already invest in our products 58 59#59The scale of our credit franchise and our capital base differentiates us 59 59#60And sets up a strong foundation Built a team of ~40 insurance professionals. Implemented operational processes and systems Established Brookfield Reinsurance 60 60#61In the last 12 months, we built strong partnerships 3 TM AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY® J AMERICAN NATIONAL RGA® Strategic partnership with AEL to reinsure $10 billion of policy holder liabilities U.S. insurance company providing a platform for future U.S. growth Reinsurance partner of ~$2 billion of long-dated fixed annuities $45 billion of insurance AUM agreements signed 61#62New strategies will grow our insurance solutions business significantly Today P&C 2026 Pension Risk Transfer Growing to $45B $200B+ Investment Management 1. $45B today refers to insurance agreements signed. 2026 figure is a Brookfield estimate. Insurance Solutions Direct Annuities Capital Solutions Structured Settlement 62 62#63Pulling all of this together... 63 63#64Takeaways Our unique blend of investing capabilities and operating expertise drives value We have five global businesses that should double in size Our capital base enables us to partner with investors in a unique way We are building new businesses that will significantly scale The franchise is positioned to more than double over five years—which would bring us to over $1 trillion of AUM and more than double our cash flows 64#65Asset Management Franchise Craig Noble, CEO of Alternative Investments Brookfield 2021 INVESTOR DAY#66Our asset management franchise Our business is growing faster today than ever before We are well positioned to deliver strong growth Focused on broadening our client base and fund offerings We are one of the Super Brands for global alternatives 66 99#67We have a strong global investor reach across our funds 56% Americas Current Investor Base 19% Europe & Middle East 25% Asia Pacific $325B Total Fee-bearing Capital ~50 Investment Strategies ~2,000 Global Institutional Investors 1. Private Funds investor base. 67#68Fee-bearing capital is expected to more than double over the next five years $108B $325B 5 Years Ago 1. See Notice to Recipients and Endnotes, including endnote 10. $830B Today Target in 5 years 68 80#69Diversified growth across businesses Fee-bearing Capital $108B $325B $830B 5 Years Ago Today Target in 5 years Real Estate Infrastructure Renewable Power & Transition Private Equity Credit Insurance Solutions Technology & Other 1. See Notice to Recipients and Endnotes, including endnote 10. 69#70Our fee-bearing capital base is largely perpetual or long-term in nature Includes $100 billion of fee-bearing perpetual capital 23% Open-end credit and other² 77% $325B Long-term or perpetual 1. As at June 30, 2021. 2. Other includes public securities and Oaktree's share of DoubleLine. 70 70#71Strong investment performance is the foundation of our growth 71#72Strong investment returns are the foundation for growth Fund1 Fund History Number of Gross Gross Vintages IRR² MoC Real Estate 15 years 7 24% 1.7x Infrastructure 11 years 4 15% 1.6x Private Equity³ 20 years 5 28% 2.5x Credit 33 years 11 22% 1.7x Renewable Power & Transition4 11 years 4 13% 1.6x 1. Reflects performance of flagship funds and similar strategies. See Notice to Recipients and Endnotes, including endnotes 3 and 5. 2. Reflects returns as at June 30, 2021. 3. Composite performance refers to the combined performance of BCP Funds I through V and consortium investments made during the credit crisis ("Credit Crisis Consortium investments"). The composite Gross IRR and MoC of BCP Funds I through V only (excluding the Credit Crisis Consortium investments) are 29% and 2.3x, respectively. 4. Renewable power represents composite performance for renewable power assets held within the BIF funds. 12 72#73We are on track to achieve our $100 billion flagship fundraising target 73#74Growth in our flagship funds is only part of the story... ...we also have 45 complementary investment strategies that are driving growth 74#75Broad sources of growth Deepening existing relationships Originating new relationships Expanding distribution channels Developing new complementary investment strategies 75#76Deepening existing relationships ~2,000 institutional investors today ~50% invested in multiple strategies Continued cross-selling represents a large untapped opportunity Average Commitments Across Top 25 LPs $4B $1B 5 Years Ago Today 2x Target in 5 Years 76#77Originating new relationships Significant pipeline of new LP relationships New fund offerings have been a positive catalyst Flagship funds are also gaining large new clients 77#78A global fund distribution and service organization built over several decades 250 Professionals 18 Global hub offices 78#79Expanding distribution channels We are growing our presence beyond our traditional client base of very large pension plans and sovereign wealth funds. Brookfield Oaktree Wealth Solutions Insurance clients Mid-market institutions 79#80We have enhanced our private wealth distribution channel | Brookfield QOAKTREE WEALTH SOLUTIONS 60+ 15+ 4 Dedicated Professionals Public & Private Strategies New Strategies In Development Focused on building deeper and stronger relationships with financial intermediaries and their financial advisors 80 60#81Brookfield Oaktree Wealth Solutions ~$13B Current fee-bearing capital raised through private wealth channel ~$80B Target for this channel over next five years 81#82Expanding distribution channels Insurance Earning ultra-low returns on fixed-income portfolios Today, we manage close to $30 billion of private fund capital from insurance companies Brookfield Reinsurance's operations will be great clients for our investment offerings Mid-Market Institutions Largely untapped within our client base Ability to leverage Oaktree's established relationships Strong consultant support 82 62#83Product innovation is a new driver of growth 83 83#84Development of new investment strategies and funds Recently Released Transition Fund Special Investments Real Estate Secondaries Technology Partners Hedge Solutions Life Sciences Direct Lending Global Credit Absolute Return Income Regional Real Estate Core+ Funds In Progress Infrastructure & PE Secondaries Long-Dated PE Fund Global High-Yield Responsible Fund Non-Traded REIT Hybrid/Semi-Liquid Credit Private Credit Wealth Channel 84#851. Brookfield estimate. Developing complementary fund offerings: Real Estate Origins Steady State Opportunistic $4B Growing to $25B+ 85 55#86Developing complementary fund offerings: Real Estate Origins European Core+ Perpetual U.S. Core+ Perpetual Steady State Core+ Long-Term Private Funds Junior Mezzanine Senior Mezzanine 1. Brookfield estimate. Opportunistic $4B Aus. Core+ Perpetual Growing to Opportunity Zone Opportunistic Europe $25B+ Opportunistic Asia Secondaries Non-Traded REIT 98 86#87Developing complementary fund offerings: Opportunistic Credit Origins Current Global Opportunities $800M $15B+ 87#88Developing complementary fund offerings: Opportunistic Credit Origins Current Real Estate Opportunities Real Estate Debt Global Opportunities $800M Real Estate Income European Principal Special Situations Private Equity Power European Private Debt Mezzanine Finance BDCs Private Credit Direct Lending Strategic Credit Real Estate Real Assets $15B+ EM Opps Infrastructure Value Opportunities Middle Market Direct Lending 88#89Developing complementary fund offerings: Liquid Credit Origins¹ Current Liquid Credit2 $2B Emerging Markets Equities 1. AUM as at 12/31/1995. 2. Includes High Yield Bonds and Convertibles strategies. EM Debt Total Return Listed Equities Liquid Credit² $17B Value Equities Global Credit Investment Grade Solutions Senior Loans Structured Credit CLOS DoubleLine 89#90Developing complementary fund offerings: Infrastructure 1. Brookfield estimate. Origins Global Infrastructure $3B Steady State Growing to ~$30B Infrastructure Debt Secondaries Europe Infra. Debt Core Perpetual 00 90#91Developing complementary fund offerings: Private Equity Origins Steady State Opportunistic $1B 1. Brookfield estimate. | Secondaries Special Investments Growing to ~$25B Technology Growth Equity Long-Dated 91#92Developing complementary fund offerings: Renewable Power & Transition Origins¹ Steady State Fund I $12.5B Growing to ~$25B 1. Raised $7 billion in our founders' close, established a $12.5 billion hard cap. Growth projection is a Brookfield estimate. 92 92#93Pulling it all together 1 Premier global alternative asset management business 2 Broadening relationships and developing new products 3 Entering a significant growth cycle 93#94Real Estate Brian Kingston, CEO, Real Estate Brookfield 2021 INVESTOR DAY#95The acquisition of BPY creates the opportunity to surface ~$25 billion of capital 95#96Real estate will fuel our capital plans for years Hold Maintain an irreplaceable portfolio of trophy mixed-use precincts in global gateway cities Recycle Monetize Reinvest proceeds received from vintage funds Maximize returns through a development or buy-fix-sell strategy 96#97$30 billion of invested capital Core LP Investments Transitional and Development Brookfield Place, NY $16B Hold Center Parcs, UK $7B Recycle Elizabeth Quay, Perth $7B Monetize 97#98Real estate will fuel our capital plans for years Hold Maintain an irreplaceable portfolio of trophy mixed-use precincts in global gateway cities Recycle Monetize Reinvest proceeds received from vintage funds Maximize returns through a development or buy-fix-sell strategy 98#99Core properties An irreplaceable portfolio of high-quality mixed-use precincts. FE Manhattan West New York comin bomingdales Corning Ala Moana Honolulu Canary Wharf London 99#100Core properties ✓ ~50 assets 25 gateway markets 40 million sf of area 2,600 apartments $1.2 billion annual NOI¹ 1. On a trailing 12-months basis ending June 30, 2021. See Notice to Recipients. Oakbrook Center, IL Potsdamer Platz, Berlin TZ BAHNH 100#101Resilient assets 100% Core Portfolio Occupancy 90% 80% IIII 70% 2016 2017 2018 2019 2020 2021 95% Average 101#102Case study: Bay Adelaide Centre $800 million of development profit¹ 2009-2022 Multi-phased Mixed-Use Development $1.4B Cost to Develop $2.2B Stabilized Value 6.2% Yield-on-Cost 1. Reflects realized and unrealized gains. 4.0% Cap Rate 102#103Real estate will fuel our capital plans for years Hold Maintain an irreplaceable portfolio of trophy mixed-use precincts in global gateway cities Recycle Monetize Reinvest proceeds received from vintage funds Maximize returns through a development or buy-fix-sell strategy 103#104We plan to reinvest the capital into new funds and strategies ($ millions) BSREP I BSREP II BSREP III BSREP IV Other Investments Total 1. See Notice to Recipients. Current Investment Investment Horizon Target Return $ 900 2022 18-20% 2,500 2025 18-20% 2,700 2028 18-20% 2031-32 18-20% 900 2022-25 12-15% $ 7,000 104#105Significant liquidity is coming from our LP Investments 3,200 2,500 1,800 1,100 Generating returns of 20%+ ■ BSREP I ■ BSREP II ■ BSREP III $3,100 $1,900 $3,000 ($ millions) $1,000 $400 400 (300) 2021 2022 2023 2024 2025+ 1. As at Q2 2021. See Notice to Recipients. 105#106Real estate will fuel our capital plans for years Hold Maintain an irreplaceable portfolio of trophy mixed-use precincts in global gateway cities Recycle Monetize Reinvest proceeds received from vintage funds Maximize returns through a development or buy-fix-sell strategy 106#107Valuation marks on recent asset sales Sale prices consistent with or exceeding pre-pandemic valuations One London Wall 655 New York Avenue חי די די די די די חי חי חי חי חי 3.80% Cap Rate 4.75% Cap Rate 107#108Track record Over the last five years, we have completed ~$29 billion of gross asset dispositions at a 6% average premium to IFRS valuation $12B Asset Sales $4B $8B $3B $2B 2016 2017 2018 2019 2020 108#109$30B Transitional LP Core Real estate outlook $10B¹ $25B $5B $20B LP Core Current Growth Sales Reinvest Future 1. Net of regular distributions. 109#110Our real estate investments are a cornerstone portfolio supporting our asset management franchise and will provide capital for future growth 110#111Brookfield OAKTREE Credit Armen Panossian, Managing Director and Head of Performing Credit 2021 INVESTOR DAY#112History of Oaktree 112#113Many areas of expertise, with a long history of success • • • • 1970-80s U.S. High-Yield Bonds U.S. Convertibles Global Opportunities High Income Convertibles 2010s • Real Estate Debt Global High-Yield Bonds • 1995 • . Emerging Markets Equities • Oaktree Formation • European Private Debt . Strategic Credit • Emerging Markets • 1990s • • • • • • Non-U.S. Convertibles Special Situations Real Estate Opportunities Multi-Asset Credit Power Opportunities European High-Yield Bonds 2000s • U.S. Private Debt European Principal European Senior Loans Asia Principal U.S. Senior Loans Value Opportunities Opportunities Infrastructure Investing Value Equities Emerging Markets Debt Total Return • Real Estate Income • 2019 Global Credit Structured Credit • Brookfield's Partnership with Oaktree 2020s • Investment Grade Solutions 113#114Broad, yet specialized array of investment strategies Assets Under Management Listed Equities Private Equity $14B Real Estate $18B Opportunistic Credit $37B $8B 1. As at June 30, 2021, and excludes proportionate amount of DoubleLine Capital AUM. Credit $88B Performing Credit $51B 114#115Benefiting from our partnership with Brookfield Over $30 billion of AUM growth' since partnership in 2019 Historical Assets Under Management ($ billions) $121 $124 $120 $114 $104 $84 Brookfield's Partnership with $148 Oaktree $125 $156 $30 $18 $5 1995 2000 2005 2010 2014 2015 2016 2017 2018 2019 2020 June 30, 2021 1. As at June 30, 2021. 2. See Notice to Recipients, including endnote 1. 115#116"The most important things" "Only truly superior skill, discipline and integrity are likely to produce consistently high returns in the long run with limited risk." -Howard Marks Excellence Discipline in Investing Client-First Mindset 116#117Growth opportunities 117#118Building on the strength of Oaktree's platform while harnessing synergies with Brookfield 1 Rounding out a successful Opportunities Fund XI fundraise 2 Scaling our Private Credit business with a suite of new product offerings 3 Expanding Global Credit, Oaktree's multi-asset credit strategy 4 Capitalizing on our partnership with Brookfield 118#1191 Finishing strong with the Opps XI fundraise Key Developments • Nearing the end of the fundraise in November • Exceeded $15 billion target, with over $15.7 billion raised to date • Excellent progress deploying capital, with nearly 70% invested or committed Historical Fundraising for Opportunities Funds ($ billions) $14.5 $8.2 $5.1 $12.5 $15.7 $3.5 $2.1 $1.6 $1.8 $0.1 $0.4 $0.8 $0.4 $0.7 $1.2 Fund SCF SCF II SCF III SCF IV Opps I Opps II Opps III Opps IV Opps V Opps VI Opps VII Opps VIII Opps IX Opps X Opps XI Vintage A Fund 1988 1990 1991 1993 1995 1997 1999 B Fund 1990 1992 2001 2002 2004 2005 2007 2008 2009 2013 2015 2020 2011 2018 1. As at August 31, 2021. Funds included herein raised before 1995 were managed by Oaktree Principals while at Trust Company of the West ("TCW"). 119#1202 Significant growth planned in Private Credit franchise New products targeting over $10 billion of incremental private credit AUM over the next four years Strategy Launch Timing Target Size ($B) Private Credit Allocation Target Demographic Capital Type Global Credit Plus 2021 $ 1.0 25% Institutional Perpetual European Capital Solutions 2021 1.5 100 Institutional Draw-Down Life Sciences Lending 2021 1.5 100 Institutional Draw-Down Direct Lending 2021 1.8 100 Institutional Draw-Down Diversified Income 2021 4.6 25 Retail Brookfield RE Private Credit 2021 1.5 100 Institutional Perpetual Draw-Down Opportunistic Income 2022 5.3 70 Retail Perpetual 120#121③ Expansion of the Multi-Asset Credit platform High Yield Traditional Investment- Low More Grade Debt Global Credit L+4-6% return target 100% liquid credit asset mix Monthly liquidity Liquidity Global Credit Plus L+6-8% return target Up to 25% private credit asset mix Quarterly liquidity Less 121#1224 Partnership with Brookfield offers additional opportunities Marketing new products through Brookfield Oaktree Wealth Solutions Mutually benefiting from the Brookfield Reinsurance platform Enhancing capabilities around deal sourcing, origination and analytics 122#123Where are we finding opportunities in this market? 123#124BPS The speed of the market's recovery assumes little to no risk of future stress 1,300 1,100 Credit Spreads Yield Spreads Over Respective Benchmark 900 700 500 300 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Global High-Yield Bond Spread Global Leveraged Loan Discount Margin 1. As at August 31, 2021. 2. Source: ICE BofA, Credit Suisse. 124#125Opportunities in focus Stressed Sector and Rescue Lending Opportunistic private loans. in sectors experiencing stress or reduced capital access Off-the-Run Private Credit Bespoke loans to companies that are too complex for traditional underwriters to appropriately value Multi-Strategy Liquid Credit Diversification across credit asset classes helps limit volatility 125#126"In many ways, we're back to the investment environment we faced in the years immediately prior to 2020: an uncertain world, offering the lowest prospective returns we've ever seen, with asset prices that are at least full-to-high, and with people engaging in pro-risk behavior in search of better returns." -Howard Marks 126#127In an environment like this, Oaktree's discipline, deep expertise and sourcing capabilities become even more valuable to our clients 127#128Financial Update Nicholas Goodman, Chief Financial Officer Brookfield 2021 INVESTOR DAY#129Summary 2021 Scorecard Five-Year Review Looking Forward Agenda 129#130Summary We have delivered very strong growth in the last 12 months We have met or exceeded targets from the 2016 plan We are set up to deliver strong performance in the next five years with all key value drivers set to grow significantly Distributable earnings should grow at a 23% CAGR 130#1312021 scorecard 131#132We made good progress against our 2020-21 financial objectives 2020 Objective Completed 2020-21 Highlight 1 Deploy capital for value Deployed $45 billion 2 Advance monetizations 3 Launch new flagship funds 4 Grow perpetual capital Sold $30 billion; Carry $1.5 billion Raised $32 billion Increased by $29 billion. 132#1338 We made good progress against our 2020-21 financial objectives (cont'd) 2020 Objective Completed 2020-21 Highlight Launched Secondaries, Insurance 5 Advance new strategies 6 Pursue strategic transactions 7 Enhance disclosure Advance ESG initiatives Solutions, Technology and Transition Privatized BPY; Established BAM Re Introduced DE as a performance measure NZAM, PRI, diversity & inclusion 133#134We delivered strong growth since this time last year... AS AT JUNE 30 ($ billions) Fee-bearing capital ($ millions) Fee-related earnings Realized carried interest, net Annualized revenues and target carried interest $ SA 2020 2021 277 325 17% 25% $ 1,345 $ 1,679 264 160% 686 SA $ 5,637 $ 6,667 18% 134#135AS AT JUNE 30 ($ millions) Fee-related earnings ...and continue to generate predictable, growing distributable earnings Distributions from invested capital Other costs Distributable earnings before realizations Realized carried interest, net Disposition gains from principal investments Distributable earnings Distributable earnings, per share 2020 2021 SA 1,345 SA 1,679 1,512 2,043 2,857 3,722 30% (555) (622) EA 2,302 SA 3,100 35% 256 679 451 2,475 3,009 6,254 108% $ 1.98 $ 4.05 135#13624% payout ratio on DE before realizations, leaves substantial cash flow to redeploy into the business or repurchase shares AS AT JUNE 30 ($ millions) Distributable earnings before realizations Common share dividends Distributable earnings before realizations (net) Percent distributed to shareholders SA A 2020 2021 2,302 SA $ 3,100 (677) (755) 1,625 SA 29% $ 2,345 24% 136#137Our plan value increased by 27% 27% $67-$83 $53-$66 Total Return1 $39-$55 $32-$45 $21 $28 2020 2021 Invested Capital ■Asset Manager 1. As at June 30. Per share basis, including dividends paid to BAM shareholders. 2. See Notice to Recipients and Endnotes, including endnotes 7, 8 and 9. 3. Total return calculated using midpoints of ranges - multiple on fee-related earnings is 25-40x. 137#138Underpinned by a conservatively capitalized balance sheet Conservative Capitalization Strong Corporate Core Liquidity $5.5B cash on hand ~$100B $9B long-term debt $91B perpetual equity1 1. As at September 10, 2021. + II + + + $0.7B financial assets $2.5B undrawn credit facility $8.7B core liquidity $64B balance sheet of investments 138#139ESG in action As a signatory to the Net Zero Asset Managers (NZAM) initiative, we have made a commitment to investing aligned with net-zero emissions by 2050 or sooner Commitment to align with TCFD and signatory to PRI Issued $7 billion of Sustainable Financings Strong commitment to both diversity and inclusion 139#140Our commitment to the net-zero transition Catalyze companies onto Paris-aligned net-zero pathways through our new Global Transition investment strategy Collaborate with leading private sector initiatives to advance the role of finance in supporting the economy-wide transition Committed to transparency — Will track and report GHG emissions - - Will publish decarbonization plans every five years We continue to align our business with the TCFD recommendations 140#141Five-year review 141#1421 Value drivers 2 Carried Fee-Related + Earnings Interest + 3 Principal Investments II BAM Value 142#1431 Fee-related earnings Fundraising Fee Rates Margins 143#144Fee-bearing capital has almost tripled over the past five years 29% CAGR $325B $277B $164B $129B $117B 2017 2018 2019 2020 2021 1. As at June 30th. ■Fee-bearing Capital 144#145In that time, fee rates and margins have remained steady 100 66 80 60 40 20 0 Fee Rate Implied Base Management Fees and Margins 100% 80% 60% 40% 20% 0% 2016 2017 2018 2019 2020 Q2 2021 Margin -Implied Base Management Fees -Margins 1. Excludes Oaktree. 2. Implied base management fees and margin are over LTM period. 145#146And we achieved the five-year projections we showed in 2016 ~$5.7B 5-year Cumulative Projection ~$5.9B 5-year Cumulative Actuals 1. As at June 30th. $1.7B $1.3B $1.1B $1.1B $0.7B 2017 2018 2019 2020 2021 2016 IR Day Projections Actual 146#1472 Carried interest Carry-Eligible Capital Investment Performance Monetizations 147#148Our carry-eligible capital has grown significantly over last 5 years and today is diversified across asset classes and strategies 1. As at June 30. 38% CAGR $144B $122B $72B $47B $40B 2017 2018 2019 2020 2021 ■Carry-eligible Capital 148#149Our funds continue to meet or exceed their target returns, which underpins our potential to realize carried interest 149#150With our earlier vintage funds maturing, monetization activity has ramped up significantly over the last five years ~$10B 2017 Monetizations → ~$30B 2021 Monetizations 150#151Meaning we have now surpassed an important milestone in realizing carried interest 151#152Actual realized carried interest also compares favorably to the five-year projection from 2016 ~$1.2B ~$2.8B 1. As at June 30. 5-year Cumulative Projection 5-year Cumulative Actuals $1.5B $0.5B $0.5B $0.2B $0.1B 2017 2018 2019 2020 2021 ■2016 IR Day Projections • Actual 152#1533 Principal Investments have continued to generate stable and growing cash yields plus value accretion Generated $8 billion in cash distributions over the last five years, representing an average yield of 4-5% Received $2 billion in distributions in 2021-in line with our projection at Investor Day five years ago ✓ Further benefiting from capital appreciation of 7-8% 153#154As a result, distributable earnings have more than tripled over the past five years and are ahead of our 2016 plan 33% CAGR $2.00 $1.80 $1.30 $1.60 1. As at June 30. 2017 2018 2019 $4.10 2020 2021 ■Distributable Earnings per Share 154#155... and we have achieved a 17% CAGR in our plan value 17% CAGR1 $67-$83 $39-$55 $37-$44 $32-$45 $27-$37 $21-$29 $17-$24 28 20 21 22 21 2017 2018 ■Invested Capital 1. As at June 30. Per share basis, including dividends paid to BAM shareholders. See Notice to Recipients and Endnotes, including endnote 8. 2019 2020 2021 ■Asset Manager 155#156Looking forward 156#157We remain focused on compounding value and delivering ~15% annualized returns to shareholders over the long term 157#158And are targeting to double the size and value of the business over the next five years 158#159Growth is accelerating despite the business being larger 159#160Key growth drivers New Strategies Flagship Fundraising tA Product Development & Distribution Value Accretion in Principal Investments Growth in Perpetual Capital 160#1611 Value drivers 2 Carried Fee-Related + Earnings Interest + 3 Principal Investments II BAM Value 161#162Fee-bearing capital should be over $800 billion within five years AS AT JUNE 30 ($ billions) Real Estate Infrastructure Renewable Power & Transition Private Equity Credit Technology & Other Insurance Solutions (committed $45 billion) Total fee-bearing capital 2021 2026 SA 59 $ 132 61 135 41 92 21 60 129 187 14 24 14% 325 SA $ 630 CAGR 200 21% $ 325 $ 830 CAGR 162#163Driven by growth in long-dated and perpetual capital AS AT JUNE 30 ($ billions) Long-term private funds Perpetual strategies Liquid strategies SA 2021 2026 140 $ 341 108 376 77 113 21% Fee-bearing capital $ 325 $ 830 CAGR 1. See Notice to Recipients and Endnotes, including endnote 10. 163#164Long-term private fund fee-bearing capital should rise to over $340 billion, while returning $78 billion to clients Return of Capital and Other³ Other Strategies² Co-Invest 27 Credit 37 -78 $341B Flagship Series 43 Next Round 90 00 Current Round $140B1 70 2021 19% CAGR 1. Opening long-term private funds as at June 30, 2021. 2. Other Strategies is capital raised for our other Real Estate, Private Equity, Special investments, Impact and Secondaries funds. 3. Return of Capital and Other includes capital returned to investors and capital raised but not yet fee-earning as at June 30, 2026. 4. See Notice to Recipients and Endnotes, including endnote 10. 2026 164#165...and fee-bearing capital from perpetual strategies should increase to over $370 billion Distribution Growth (BIP, BEP) Market Valuation (BBU, Other) Perpetual Private Fundraising $108B1 65 15 91 2021 3 28% CAGR Issuances 2 Insurance Solutions Other² 17 $376B 200 268 108 2026 ■Perpetual Private Funds ■Perpetual Affiliates 1. Opening listed partnership and perpetual private funds fee-bearing capital as at June 30, 2021. 2. Other includes private fund capital raised but not yet deployed as at June 30, 2026 and outflows. 3. See Notice to Recipients and Endnotes, including endnotes 10 and 11. 165#166We expect both margins and fee rates to be stable going forward 166#167Achieving the plan will more than double fee-related earnings over the next five years AS AT JUNE 30 ($ millions) Base fees Other fees Fee revenues Direct costs Partners' interests Insurance Solutions Total fee-related earnings 1. Annualized as at June 30, 2021. 2. See Notice to Recipients and Endnotes, including endnotes 7, 10 and 11. 20211 2026 SA 3,008 $ 5,740 400 521 3,408 6,261 (1,679) (2,876) 1,729 3,385 (121) (176) +15% $ 1,608 $ 3,209 CAGR 488 +18% $ 1,608 $ 3,697 CAGR 167#168Carried interest 168#169If we meet our return targets, we will earn a significant amount of carried interest on our current carry-eligible capital Carry Realization $7B In years 7-10 $21B $4B In years 1-3 $10B In years 4-6 169#170The larger our funds, the larger our potential carry 170#171And we expect carry-eligible capital to continue to grow over the next five years $225B $180B $144B 20% $355B CAGR $310B $250B 2021 2022 2023 2024 2025 2026 1. See Notice to Recipients and Endnotes, including endnote 10. 171#172Which means our carry potential is continuously growing Annual Generated Carry $4B 8% CAGR $6B Accumulated Unrealized Carry $6B $4B $2B $4B 18% CAGR $14B Realized Carry 38% CAGR $5B $9B $1B $3B $1B 2021 2026 2021 2026 2021 2026 Net ■Net Net 1. Last twelve months ending June 30, 2021. Carried interest figures presented gross of costs. See Notice to Recipients and Endnotes, including endnote 6 and 10. 172#173Realized carried interest over the next 10 years is now expected to total approximately $42 billion based on target returns $12B Years 1-5 $30B Years 6-10 $8.1B $6.3B $5.8B $4.9B $5.0B $4.5B 6.4 $3.4B 3.1 4.1 1.0 2.9 3.8 $2.0B $1.3B 3.4 3.5 $0.8B 2.7 1.9 2.1 2.2 1.7 1.2 1.1 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Current CEC ■Future CEC 1. As at June 30. See Notice to Recipients and Endnotes, including endnote 4. 173#174Principal investments 174#175Our principal investments provide a perpetual capital base that generates strong returns J 14% IRR Over ~35 years $64 billion ~$2B ~$3B Annual dividends Annual value appreciation 1. Invested capital balance adjusted for privatization of BPY. 175#176Which provides several strategic benefits Resiliency through cycles with a real asset, inflation-protected capital base Capital to pursue strategic growth Support for clients and our broader asset management franchise Long-dated alignment of interests Flexibility to buy back stock opportunistically 176#177Our growing cash flow significantly increases the value of our invested capital, which can be used to repurchase shares Cash Retained Asset Manager 23 Value Appreciation (BBU, Other)² Distribution Increase (BEP, BIP)² 8 $64B1 6 2021 Cash Retained Distributions from Invested Capital Capitalization and Dividends -8 23 - 13% CAGR Principal Investments ($ billions) 1. Opening invested capital value as at June 30, 2021, adjusted for BPY privatization. 2. See Notice to Recipients and Endnotes, including endnotes 8, 11 and 12. $116B 2026 177#178Pulling it all together... what does this mean? 178#179If we achieve this plan, distributable earnings should be $11 billion annually AS AT JUNE 30 ($ billions) 20211 2026 Fee-related earnings¹ SA $ 1.7 $ 3.2 Distributions from investments 2.0 4.1 Other costs (0.6) (0.5) Distributable earnings, before realizations 3.1 6.8 Realized carried interest, net 0.7 2.9 Distributable earnings before disposition gains $ 3.8 $ 9.7 Insurance solutions I 1.4 Total distributable earnings before disposition gains $ 3.8 11.1 1. Including our share of Oaktree's fee-related earnings. Our remaining net share of Oaktree's distributable earnings is included within distributions from investments. 2. See Notice to Recipients and Endnotes, including endnotes 11 and 12. 179#180representing a 23% CAGR over the next five years $ per share $3.60 $3.00 $2.40 $6.80 23% $5.70 $4.40 $4.20 $3.60 $3.10 $2.50 $2.70 $2.00 2021 ■DE Before Realizations Realized Carried Interest, Net Insurance Solutions 1. As at June 30. See Notice to Recipients and Endnotes, including endnotes 11 and 12. 2026 180#181Based on our plan, cumulative cash flow generated should be $30 billion over five years... Cash flow will be returned to owners unless reinvested in the business ($ billions) 2026 Distributable earnings before realizations, including insurance solutions $ 30.6 Realized carried interest, net¹ 7.9 Distributable earnings before disposition gains 38.5 Dividends paid to investors (5.1) Net free cash flow $ 33.4 1. Including our share of Oaktree's fee-related earnings and carried interest. Our remaining net share of Oaktree's distributable earnings is included within distributions from investments. 2. See Notice to Recipients and Endnotes, including endnotes 6, 11 and 12. 181#182...And each of our key value drivers should grow meaningfully over the next five years Fee-related earnings to ~$3.2 billion in 2026 or $3.7 billion, including insurance solutions Generated carried interest, net of costs, to ~$4.3 billion annually Accumulated unrealized carry, net of costs, to $9 billion Value of our principal investments to ~$115 billion Leverage remaining consistent at ~$13 billion 1. See Notice to Recipients and Endnotes, including endnote 10. 182#183$55 Driven by growth in our asset management franchise and compounding value on our balance sheet Value Creation - Fee-related Earnings Value Creation - Carry 18 Value Creation - - Invested Capital 12 Insurance $150-$184 Compounding $143-$172 Solutions Retained Cash 22 $7-$12 2021 Market Price Discount to $67-$83 Plan Value² 24-37 12 - 28 16% Total Return 2021 Plan Value 25% Total Return 1. As at June 30. All figures on a per share basis. Per share basis calculated using total diluted shares as at June 30, 2021. 2. Current discount to plan value per slide 50, based on September 10, 2021 share price of $55.09. 3. See Notice to Recipients and Endnotes, including endnotes 9, 10 and 11. 2026 Plan Value 183#184In conclusion Plan value today is $67-$83 per share Our 20-year compound annualized return is ±20% Going forward, we should be able to achieve the same performance Plan value is expected to be $150-$184 per share in five years Growth in our new strategies could enable us to outperform that range Our conservative balance sheet provides downside protection 1. See Notice of Recipients and Endnotes, including endnotes 7 and 9. 184#185Making BAM a very attractive investment proposition 185#186Brookfield 2021 INVESTOR DAY#187Endnotes 1. AUM for Brookfield is calculated as follows: (i) for investments that Brookfield consolidates for accounting purposes or actively manages, including investments of which Brookfield or a controlled investment vehicle is the largest shareholder or the primary operator or manager, at 100% of the investment's total assets on a fair value basis and (ii) for all other investments, at Brookfield's or its controlled investment vehicles', as applicable, proportionate share of the investment's total assets on a fair value basis. Oaktree's methodology for calculating AUM includes: (i) the net asset value of assets managed directly by Oaktree, (ii) the leverage on which management fees are charged, (iii) undrawn capital that Oaktree is entitled to call from investors in Oaktree funds pursuant to their capital commitments, (iv) for collateralized loan obligation vehicles, the aggregate par value of collateral assets and principal cash, (v) for publicly-traded business development companies, gross assets (including assets acquired with leverage), net of cash, and (vi) Oaktree's pro rata portion (20%) of the AUM reported by DoubleLine Capital. 2. Institutional investors include total institutional investors across Brookfield and Oaktree private fund strategies. 3. Gross IRR on current Brookfield private funds is on existing carry eligible funds, excluding open-ended funds and funds categorized as "Other" in Brookfield's Q2 2021 Supplemental Information available at brookfield.com. 4. The actual realized returns on current unrealized investments may vary materially and are subject to market conditions and other factors and risks that are set out in our Notice to Recipients. 5. Gross IRR reflects performance before fund expenses, management fees (or equivalent fees) and carried interest. 6. Current gross realized carried interest expectations are illustrative only. Actual results may vary materially and are subject to market conditions and other factors and risks, as well as certain assumptions, that are set out in our Notice to Recipients. 7. The value of the asset manager within our Plan Value assumes a 60% and 30% margin on annualized fee revenues and a 70% and 50% margin on gross target carried interest, for Brookfield and Oaktree respectively. The multiple reflects Brookfield's estimates of appropriate multiples applied to fee-related earnings and carried interest in the alternative asset management industry based on, among other things, industry reports. These factors are used to translate earnings metrics into value in order to measure performance and value creation for business planning purposes. 8. The value of our invested capital within our Plan Value represents blended value, which is the quoted value of listed investments and IFRS value of unlisted investments, subject to two adjustments. First, we reflect BPY at its IFRS value as we believe that this best reflects the fair value of the underlying properties. Second, we adjust Brookfield Residential values to approximate public pricing using industry comparables. 9. Illustrative Plan Value analysis is not intended to forecast or predict future events, but rather to provide information utilized by Brookfield in measuring performance for business planning purposes, based on the specific assumptions and other factors described herein and in our Notice to Recipients. 10. References to growth in or future expectations for Fee-bearing Capital, Fee Revenues, Annual Generated Carry, Accumulated Unrealized Carry, Realized Carry, carry-eligible capital and invested capital are illustrative only. Actual results may vary materially and are subject to market conditions and other factors and risks, as well as certain assumptions, that are set out in our Notice to Recipients. 11. Growth in invested capital relating to cash retained incudes cashflow from fee-related earnings, realized carried interest, invested capital cash flow and dispositions of directly held assets. Accumulated balances are reinvested at 8%. Capitalization and dividends paid out during the period assume a constant capitalization level and 7% annual growth in BAM dividends. 12. Growth in free cashflow includes growth in distributions from listed investments, assuming dividend growth in line with historical distribution rate growth over the plan period, and 5% growth in corporate costs, and assumes current capitalization. Actual results may vary materially and are subject to market conditions and other factors and risks that are set out in our Notice to Recipients. 187#188Notice to Recipients INVESTOR DAY 2021 - NOTICE TO RECIPIENTS Brookfield is not making any offer or invitation of any kind by communication of this document to the recipient and under no circumstances is it to be construed as a prospectus or an advertisement. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as at June 30, 2021 and not as of any future date, is subject to change, and, unless required by law, will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. Unless otherwise noted, all references to "$" or "Dollars" are to U.S. Dollars. CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION This presentation contains "forward-looking information" within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, and, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include, but are not limited to, statements which reflect management's expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Asset Management and its affiliates, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. Often, but not always, forward-looking information can be identified by the use of forward-looking terminology such as "expects," "likely," "anticipates," "plans," "believes," "estimates," "seeks," "intends," "targets," "projects," "forecasts," or negative versions thereof and other similar expressions, or future or conditional verbs such as "may," "will," "should," "would" and "could." Below are certain of the forward-looking statements that are contained in this presentation and a number of assumptions underlying them. Where this presentation refers to realized carried interest or carried interest, carried interest for existing funds is based on June 30, 2021, carry eligible capital or carried interest for future funds is based on Brookfield's estimates of future fundraising as at June 30, 2021, as described below. In addition, this presentation assumes that existing and future funds meet their target gross return. Target gross returns are typically 20+% for opportunistic funds; 13% to 15% for value-add funds; 12% to 15% for credit and core plus funds. Fee terms vary by investment strategy (carried interest is approximately 15% to 20% subject to a preferred return and catch-up) and may change over time. This presentation assumes that capital is deployed evenly over a four-year investment period and realized evenly over three years of sales. The year in which such sales commence varies by investment strategy and ranges from year 6 to year 10. Where this presentation refers to future fundraising, or growth in fee-bearing capital we assume that flagship funds are raised every two to three years based on historical fund series and non- flagship funds are raised annually within certain strategies, and in other strategies every two to three years. Unless otherwise stated, and for new product offerings, fund series' sizes remain constant and consistent with target funds from period-to-period. This presentation also assumes that distributions are based on fund realizations evenly over the last years of fund life. The year in which such sales commence varies by investment strategy. References to distribution, growth, market valuation, and issuances relating to listed affiliates, include the following assumptions: (i) BIP and BEP grow over the plan period in line with historical distribution rate growth, assuming current yield; (ii) the market price to IFRS discount on BPY is eliminated; (iii) BBU share price grows at a 10% annual rate; and (iv) total listed partnership capitalization includes issuances related to debt and preferred equity for BIP and BEP, based on current debt to capitalization levels. 188#189Notice to Recipients (cont'd) Where this presentation refers to growth in fee-related earnings, growth is in accordance with growth in fee-bearing capital. The management fees for BEP is fixed fees on initial capitalization and an additional fee of 1.25% on the amount in excess of initial capitalization. Management fees for BIP and BBU are 1.25% of total capitalization. Fee terms for private funds vary by investment strategy (generally, within a range of approximately 1-2%). The incentive distribution rights of the listed affiliates are based on growth over the plan period in line with historical distribution rate growth as described above. Other fees include the BBU performance fee assuming a 10% BBU annual share price growth. We use a 55% - 65% range for margin on Brookfield fee revenue and a range of 25% - 35% on Oaktree fee revenue for planning purposes. We have assumed a mid-point fee-related earnings margin of 60% and 30% for Brookfield and Oaktree, respectively Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause our and our subsidiaries' actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. Some of the factors, many of which are beyond Brookfield's control and the effects of which can be difficult to predict, but may cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) investment returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business including as a result of COVID-19 and the related global economic shutdown; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (✗) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, such as earthquakes, hurricanes, or pandemics/epidemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments including our real estate, renewable power, infrastructure, private equity, insurance solutions, credit, and residential development activities; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States. We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information in this presentation, whether as a result of new information, future events or otherwise. 189#190Notice to Recipients (cont'd) CAUTIONARY STATEMENT REGARDING PAST AND FUTURE PERFORMANCE AND TARGET RETURNS Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, or that future investments or fundraising efforts will be similar to the historic results presented herein (because of economic conditions, the availability of investment opportunities or otherwise). Any information regarding prior investment activities and returns contained herein has not been calculated using generally accepted accounting principles and has not been audited or verified by an auditor or any independent party. The target returns set forth herein are for illustrative and informational purposes only and have been presented based on various assumptions made by Brookfield, any of which may prove to be incorrect. There can be no assurance that targeted returns, fundraising efforts, diversification, or asset allocations will be met or that an investment strategy or investment objectives will be achieved. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond Brookfield's control, the actual performance of the funds and the business could differ materially from the target returns set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns. Any changes to assumptions could have a material impact on projections and actual returns. Actual returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations used in the prior performance data contained herein are based. Accordingly, the actual realized returns on unrealized investments may differ materially from the returns indicated herein. No assurance, representation or warranty is made by any person that the target returns will be achieved, and undue reliance should not be put on them. Prior performance is not indicative of future results and there can be no guarantee that the funds will achieve the target returns or be able to avoid losses. STATEMENT REGARDING USE OF NON-IFRS MEASURES This presentation contains references to financial measures that are calculated and presented using methodologies other than in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"). We utilize these measures in managing the business, including for performance measurement, capital allocation and valuation purposes and believe that providing these performance measures on a supplemental basis to our IFRS results is helpful to investors in assessing the overall performance of our businesses. These financial measures should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with IFRS. We caution readers that these non-IFRS financial measures or other financial metrics may differ from the calculations disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities. For a more fulsome discussion regarding our use of non-IFRS measures and their reconciliation to the most directly comparable IFRS measures refer to our documents filed with the securities regulators in Canada and the United States. OTHER CAUTIONARY STATEMENTS The information in this Investor Presentation does not take into account your investment objectives, financial situation or particular needs and nothing contained herein should be construed as legal, business or tax advice. Each prospective investor should consult its own attorney, business adviser and tax advisor as to legal, business, tax and related matters concerning the information contained herein. 190