Full-Cycle Investment Strategy

Create clear P&L accountability Eliminate shared services Hold P&L leaders accountable Case Study: French Telecom Operation ('TDF') Before One profitability center and single management team Management Team Corporate Shared Services Combined P&L Telecom Towers, Fiber & Broadcast Operations Tie compensation plans to P&L targets Telecom Management After Distinct businesses and management teams Fiber Management Broadcast Management Telecom Fiber P&L P&L Broadcast P&L Brookfield 29 29

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