Investor Presentaiton

Our 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

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