Oaktree Real Estate Opportunities Fund Viii, L.P. Presentation for Fresno County Employees’ Retirement Association

OAKTREE 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

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