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

OAKTREE 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

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