#1OAKTREE APRIL 2021 OAKTREE REAL ESTATE OPPORTUNITIES FUND VIII, L.P. PRESENTATION FOR FRESNO COUNTY EMPLOYEES' RETIREMENT ASSOCIATION#2(This page has been left blank intentionally.)#3OAKTREE Intended For Fresno County Employees' Retirement Association This presentation is being provided solely for the information of those persons that have received this presentation in their capacity as limited partners or shareholders (each, an "Investor") of Oaktree Real Estate Opportunities Fund VIII, L.P. or its related feeder fund(s) and parallel fund(s), if any (individually or collectively, as the context requires, the "Fund"), or in their capacity as employees, officers, directors, professional advisors, trustees or beneficiaries of an Investor or its affiliates. By accepting this presentation, you are agreeing that you will only share this presentation, as well as the information contained herein (including any accompanying materials), in accordance with the terms of the governing documents of the Fund in which the Investor is a limited partner or shareholder, and you are acknowledging that your compliance with these restrictions is a material inducement to our providing this presentation to you. U.S. securities laws (and the securities laws of certain non-U.S. jurisdictions) prohibit any person who has received material non-public information about a company from purchasing or selling securities of such company or from communicating such information to any other person when it is reasonably foreseeable that such other person is likely to purchase or sell such securities in reliance upon such information. By accepting this presentation, you acknowledge that this presentation may contain material, non-public information concerning Oaktree Capital Group, LLC or its securities and you agree not to trade in the securities of Oaktree Capital Group, LLC if you are in possession of material non-public information concerning Oaktree Capital Group, LLC unless such trading is permitted by applicable law. The information contained herein is unaudited and is being shared with you to help you obtain a better understanding of the investments and performance of the Fund. In addition, certain information contained in these materials concerning economic trends and performance is based on or derived from information provided by independent third-party sources. Oaktree Capital Management, L.P. believes that such information is accurate and that the sources from which it has been obtained are reliable; however, it cannot guarantee the accuracy of such information and has not independently verified the accuracy or completeness of such information or the assumptions on which such information is based. Moreover, independent third-party sources cited in these materials are not making any representations or warranties regarding any information attributed to them and shall have no liability in connection with the use of such information in these materials. Fresno County Employees' Retirement Association | April 21, 2021 OAKTREE REAL ESTATE OPPORTUNITIES FUND VIII, L.P.#4(This page has been left blank intentionally.)#5OAKTREE REAL ESTATE OPPORTUNITIES STRATEGY Table of Contents 1 | Real Estate Platform 2 | Real Estate Opportunities Fund VIII Update Appendix 2 8 10#6(This page has been left blank intentionally.)#7RE 1 | Real Estate Platform 4000 MACARTHUR G LAS TOWER OAKTREE#8OAKTREE REAL ESTATE OPPORTUNITIES STRATEGY Synergistic Platform With $22 Billion of Committed Capital ● ● REAL ESTATE Focus Areas: ● OPPORTUNITIES Inception: 1994¹ AUM: $6.9bn Committed Capital: $13.4bn² Opportunistic Credit Commercial Residential Corporate Platforms Global Ex-U.S. As of December 31, 2020 Note: See the "Endnotes" for footnote references on page 11. REAL ESTATE DEBT Inception: 2010 AUM: $3.0bn Committed Capital: $7.0bn² Focus Areas: Real Estate Structured Credit Real Estate-related Corporate Debt Commercial First Mortgages • Residential First Mortgages Commercial Mezzanine Loans REAL ESTATE ● INCOME Inception: 2016 AUM: $1.8bn Committed Capital: $1.6bn² Focus Areas: Commercial Office Multifamily Industrial 3#9OAKTREE REAL ESTATE OPPORTUNITIES STRATEGY Oaktree's Real Estate Team LARGEST INVESTMENT TEAM AT OAKTREE COHESIVE LEADERSHIP over 14 years working together on average³ SIGNIFICANT EXPERIENCE 25 years on average4 DEEP BENCH 57-person team, including 23 managing directors Steve Choi¹ Head of Asia 24 years/13 years Aaron Greenberg Managing Director Jared Lazarus Managing Director David Buck Senior Vice President Amy Gall Vice President Mark Seager Vice President Chris Ahn Associate Olivia Peniston Associate Ambrose Fisher¹ Co-Portfolio Manager Real Estate Opportunities 30 years/26 years Ryan Delaney¹ Head of Asset Management 20 years / 8 years LOS ANGELES Taejo Kim Managing Director Warren Min Managing Director Andrew Loeb Senior Vice President Kimberly May Vice President KC Testwuide Vice President Minjoo Kim Associate Anniqa Karmali Analyst UNITED STATES Cary Kleinman Managing Director Bryan Sather, CFA Managing Director Charles Baxter Vice President Kevin Sciarillo Vice President Lauren Broser Associate Matthew Kucharski Associate Bill Loskota Managing Director Product Specialist, Real Estate (LA) Todd Liker¹ Co-Portfolio Manager Real Estate Opportunities 25 years/13 years Manish Desai Oaktree REIT President 20 years / 17 years Raymond Gong Managing Director Investment Experience: 32 years Oaktree Experience: 14 years NEW YORK Matthew Deatley Senior Vice President Jimmy Zhan Senior Vice President Alex Silverman Vice President John Brady Portfolio Manager Global Head of Real Estate Camille Kelleher Associate Bradley Lucas Vice President Product Specialist, Real Estate (LA) PRODUCT MANAGEMENT Amy Johannes Managing Director Justin Guichard¹ Co-Portfolio Manager Real Estate Debt 22 years/13 years Katy Mao Senior Vice President Adam Goldberg Vice President Ainslee Burns Associate Jason Keller¹ Head of Residential 24 years/14 years Bri Ossman Associate Alexis Harmon Assistant Vice President Product Associate, Real Estate (LA) EUROPE LONDON Mark Hulbert Managing Director Derek Rich Managing Director Jeffrey Chalmers Senior Vice President Stuart Keith Senior Vice President Julian Busch Associate Javier Muelas Giron Associate Maxim Rozhdov Associate DISTRESSED DEBT 58 professionals Mark Jacobs¹ Co-Portfolio Manager Real Estate Income 27 years/20 years Derek Smith¹ Head of Operations 29 years / 10 years HONG KONG Jenny Li Managing Director Harvey Byun Vice President Christopher Shang Vice President Kate Tan Associate U.S. HIGH YIELD BONDS 20 professionals LEGAL 17 attorneys ASIA PACIFIC SEOUL Andrew Lee Senior Vice President ADDITIONAL RESOURCES Benjamin Bianchi¹ Head of Europe 21 years / 7 years Rachel Park, CPA Senior Vice President Andie Shin Vice President GLOBAL CONVERTIBLES 8 professionals BELLWETHER ASSET MANAGEMENT² 71 professionals As of April 3, 2021 (unless otherwise noted) Note: Years above represent years of Investment Experience and Oaktree Experience, respectively, for each member of the leadership team as of December 31, 2020. See the "Endnotes" for footnote references on page 11. TOKYO Hideya Takahashi Senior Vice President SYDNEY Benjamin Coughlin Managing Director U.S. SENIOR LOANS 16 professionals#10(This page has been left blank intentionally.)#11RE Vage 2 | Real Estate Opportunities Fund VIII Update X 4000 MACARTHUR LAS TOWER OAKTREE#12OAKTREE REAL ESTATE OPPORTUNITIES STRATEGY Returning Full-Circle to Another Distressed Cycle Covid-19 triggered distress requires a combination of real estate and debt capabilities DISTRESS EARLY DOWN-CYCLE Deep value: Acquire deeply discounted mark-to-market securities with strong fundamentals; prepare for loan defaults and margin calls related to warehouse lines DECLINE MID-DOWN-CYCLE Rescue capital and distress-for-control: Seek quality assets and companies with maturing debt and broken capital structures. Focus on control transactions through restructuring and bankruptcy processes MID-RECOVERY Growth: Build up successful growth platforms, access high-yielding assets in stable markets with strong long-term growth fundamentals or quality assets in cyclical markets poised for growth LATE-RECOVERY Opportunistic exits: Invest with caution and focus on exits LATE DOWN-CYCLE TO EARLY RECOVERY Value and growth: Pursue direct investments at bargain prices, build programmatic joint ventures, and launch growth platforms in response to market disruption As of December 31, 2020 Note: Reflects Oaktree's views based on current data and trends. There can be no assurance that current trends will continue. GROWTH RECOVERY 6#13OAKTREE REAL ESTATE OPPORTUNITIES STRATEGY ROF VIII Almost Entirely Invested After Onset of Covid-19 PRE-COVID-19 CAPITAL DEPLOYMENT¹ 2% Dry Powder 98% Capital Invested Pre-Covid-19 POST-COVID-19 CAPITAL DEPLOYMENT¹ 77% 0.4% 23% Capital Invested Throughout Covid-19 As of April 7, 2021 Note: Figures shown for ROF VIII on this page refer to investments made by ROF VIII to date. Percentages shown for ROF VIII are out of $4.7 billion of closed commitments. See the "Endnotes" for footnote references on page 11. 7#14OAKTREE REAL ESTATE OPPORTUNITIES STRATEGY Distressed Opportunities Triggered by Covid-19 ROF VIII'S EXPECTED ALLOCATIONS 100% 90 80 70 60 50 40 30 20 10 0 10% As of December 31, 2020 55% 10% 10% 15% At Launch Opportunistic Credit Commercial 20% 20% 10% 10% 10% Early Covid-19 Crisis (March - June 2020) Residential Corporate Platforms 20% 30% 20% 10% 10% 10% Today (June 2020 - Present) Global ex-U.S. Rescue Capital (debt or equity) Deteriorating fundamentals, excess short-term debt and pending maturities are driving distress 8#15OAKTREE REAL ESTATE OPPORTUNITIES STRATEGY Covid-19 Pandemic Impact on Property Types MOST IMPACTED HOTELS Most severely impacted because many hotels have closed as leisure, business and conference travel placed on hold 9:0 RETAIL Retail hit hard as already struggling tenants demand rent relief, with small inline tenants particularly challenged 5:33) OFFICE More resilient due to long term leases, but small businesses are suffering. Questions about future demand |EE| BB MULTIFAMILY Workforce housing shortfall in U.S., but record unemployment threatens tenants' to pay rent As of December 31, 2020 Note: Reflects Oaktree's views based on current data and trends. There can be no assurance that current trends will continue. ability RESIDENTIAL Supported by CARES Act, consumers will default on other loans before they miss a mortgage payment Challenged real estate fundamentals negatively impacting cash flows LEAST IMPACTED INDUSTRIAL Less negatively impacted as the e- commerce tailwind is driving "just-in- time" and "just-in-case" leasing#16(This page has been left blank intentionally.)#17Appendix Vase RE 4000 MACARTHUR G LAS TOWER OAKTREE#18(This page has been left blank intentionally.)#19OAKTREE REAL ESTATE OPPORTUNITIES STRATEGY Appendix: Endnotes Page 3 1 Data that predates Oaktree Capital Management's inception relates to activities carried out by the Real Estate Group while at TCW Group from 1994 through the first quarter of 1995. 2 Represents aggregate capital raised since the strategy's inception. Page 4 1 Represents member of the Real Estate Leadership Team. 2 Third-party service provider. 3 Represents the average number of years the Real Estate Leadership Team has worked together at Oaktree as of December 31, 2020. Represents the Real Estate Leadership Team's average number years of industry experience as of December 31, 2020. 4 Page 7 1 References to investments made prior to and following Covid-19 refer to investments made before and after February 1, 2020, respectively. 11