41
Annual Meeting of Shareholders FRIDAY, JUNE 14, 2019

Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

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Page 1: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

Annual Meeting of Shareholders

FRIDAY, JUNE 14 , 2019

Page 2: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

22

MAUREENKEMPSTON DARKES

ELYSE ALLAN

NOMINEES FOR ELECTION BY THE

Class A Shareholders

ANGELABRALY

DIANATAYLOR

Page 3: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

33

NOMINEES FOR ELECTION BY THE

Class A Shareholders

MURILOFERREIRA

RAFAELMIRANDA

NGEE HUATSEEK

FRANK MCKENNA

Page 4: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

44

NOMINEES FOR ELECTION BY THE

Class B Shareholders

JEFFBLIDNER

MARCELCOUTU

LORDO’DONNELL

JACKCOCKWELL

Page 5: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

55

NOMINEES FOR ELECTION BY THE

Class B Shareholders

BRIANLAWSON

BRUCEFLATT

ROBERTHARDING

TIMOTHY PRICE

Page 6: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

Annual Meeting of Shareholders

FRIDAY, JUNE 14 , 2019

Page 7: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

77

The Year in Review

Page 8: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

88

We continue to expand our franchise as one of the leading global alternative asset managers

Page 9: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

99

Over the last year, we…

Raised $31 billionof capital across

our business

Deployed $30 billion of capital in high-quality

investments globally

Realized $17 billionof proceeds from

asset sales

Note/Assumption:1) For the last twelve months ended March 31, 2019

Page 10: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

1010

515

2015 2018 2019 2023

Our private funds achieved strong returns, enabling our client relationships to grow…

630

280

~1,000Target

Notes/Assumptions:1) As at March 31, 20152) As at March 31, 20183) As at March 31, 2019

+12% CAGR

21

+23% CAGR

+22%CAGR

3

Page 11: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

11

… and the business continues to expand in three key ways

Flagship Funds

Expanding the size of our

traditional funds

New Strategies

Launching new strategies adjacent to

existing strategies

New Channels

Expanding our distribution channels for existing products

1 2 3

Page 12: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

1212

We completed fundraising for our latest Real Estate fundand launched our next flagship Infrastructure

and Private Equity funds

Notes/Assumptions:1) Funds raised to date as at May 9, 2019 2) First close held in Q2 2019

$14.0 $14B2+Infrastructure $2.7 $7.0

$9.0 $15.0BReal Estate

$4.0 $7.4B1+$0.8Private Equity

$1.0

Current

$4.4

$1.0

Previous Three Flagship VintagesUS$ billions

Page 13: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

1313

We added a premier credit franchise to our capabilities

$4.8BLARGE SCALE CAPITAL

North America, Asia, EuropeGLOBAL REACH

Page 14: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

1414

All of this has led to meaningful growth in operating results in the last year1…

Notes/Assumptions:1) One year increase as at March 31, 2019 – excludes the impact of Oaktree acquisition2) Excludes performance and transaction fees3) Excludes disposition gains and performance fees

Fee bearing capital

Fee related earnings2

Annualized fees and target carry

Funds from operations3

Cash available for distribution/re-investment

18%

15%

26%

13%

11%

Page 15: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

1515

Current Opportunities

Page 16: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

16

We try to use our competitive advantages

in everything we do

Page 17: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

17

Size

Size in real asset sectors offers opportunity

1

$$

$$

$$

$$

$$

$$$$

Page 18: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

18

Global Platform and Flexible Mandates

2

Page 19: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

19

Operating Businesses

3

Page 20: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

20

It helps that real assets haveideal long-term return characteristics

Good cash-on-cash yields

Contracted for long durations

Adjust with inflation

Scarce and often appreciate in value

Returns are often far greater with equivalent risk

Page 21: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

21

Irrespective of markets and politics, we continue to focus on:

Strengthening our balance sheets

Deploying capital for value

Recycling proceeds into higher yielding

opportunities

Being patient, waiting for market

breaks

Page 22: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

2222

We always invest with a high priority on ESG principles

Built into our investment approval process and board

mandates

One of world’s largest pure-play renewable energy portfolios

90% of our core office portfolio is green building certified

Maintaining an inclusive and diverse work environment

Page 23: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

2323

2008 2018 2030E

$55T

$20T

$100T1

The universe of institutional capitalcontinues to grow

Note/Assumption:1) Brookfield estimate

Page 24: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

2424

We still believe target allocations will reach 40% in the long term and may be higher

Notes/Assumptions:1) Source: Willis Towers Watson Global Pension Assets Study, 2018 2) Brookfield estimate

20171 2030220001

Real Assets/AlternativesEquity/Fixed Income

5%95%75%

60%25% 40%+

Page 25: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

2525

Potential capture size?

~$25 Trillion to come

Note/Assumption:1) Brookfield estimate of target allocation to real assets/alternatives by 2030

Page 26: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

2626

To sum up the opportunity

Institutions are increasing allocations to real assets

Plans are currently under-allocated even at current numbers

The capital to come is many trillions

Experienced managers will benefit from this

Page 27: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

2727

We continue to identifymany attractive investment

opportunities…

Page 28: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

28

Real Estate:Positive fundamentals are creating opportunities

across sectors and geographies

Value exists for those with operational capabilities

Opportunity in Europe, India and China

Good retail is resilient

Page 29: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

2929

$14.5BLARGE SCALE CAPITAL

Retail business take-private

North AmericaGLOBAL REACH

Page 30: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

3030

Forest City Realty Trust

$6.8BLARGE SCALE CAPITAL

North AmericaGLOBAL REACH

Page 31: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

31

Infrastructure and Renewable Power

Systemic underinvestment globally

Energy decarbonization driving shift to renewables

State utilities privatizing

Broader energy chain offers opportunity

Page 32: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

3232

Residential Energy Infrastructure Provider

$3.3BLARGE SCALE CAPITAL

North AmericaGLOBAL REACH

Page 33: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

33

Private Equity:Steady demand for operations-oriented investment

in high-quality companies

Value-creation opportunities exist for operational turnarounds

Capital-constrained Brazil and India present compelling opportunities

Page 34: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

3434

Automotive Battery Manufacturer

$13.2BLARGE SCALE CAPITAL

North America, Asia, EuropeGLOBAL REACH

Page 35: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

35

Priorities

Page 36: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

3636

Looking ahead, we are focused on five things…

Enhancing returns and asset values

Completing fundraising for current Flagship Funds

Closing the acquisition of Oaktree Capital Management

Sourcing deals and investing $25 billion of fund commitments at or above target returns

Generating increased cash flows on a per share basis

Page 37: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

37

Q&A

Page 38: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

Annual Meeting of Shareholders

FRIDAY, JUNE 14 , 2019

Page 39: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

3939

Notice to RecipientsBrookfield is not making any offer or invitation of any kind by communication of this document to the recipient and under no circumstances is it to be construed as a prospectus oran advertisement.

Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, is subject tochange, and will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing or changes occurring after the datehereof. Unless otherwise noted, all references to “$” or “Dollars” are to U.S. Dollars.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION

This presentation contains “forward-looking information” within the meaning of Canadian and United States securities laws, including United States Private Securities LitigationReform Act of 1995. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, and include statementsregarding our and our subsidiaries’ operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoingobjectives, strategies and outlook, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include, but arenot limited to, statements regarding our asset management. In some cases, forward-looking statements can be identified by terms such as “expects,” “anticipates,” “plans,”“believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions such as “Brookfield plan” or “Brookfieldestimate,” or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.”

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based uponreasonable assumptions and expectations, the reader should not place undue reliance on forward- looking statements and information because they involve known and unknownrisks, uncertainties and other factors, many of which are beyond our control, which may cause our and our subsidiaries’ actual results, performance or achievements to differmaterially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: lower than targetinvestment returns; the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the fact that our success dependson market demand for our products; the behavior of financial markets, including fluctuations in interest rates and foreign exchanges rates; changes in inflation rates in NorthAmerica and international markets; the performance of global equity and capital markets and the availability of equity and debt financing and refinancing within these markets;strategic actions including dispositions; the competitive market for acquisitions and other growth opportunities; our ability to satisfy conditions precedent required to complete suchacquisitions; our ability to effectively integrate acquisitions into existing operations and attain expected benefits; the outcome and timing of various regulatory, legal andcontractual issues; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions andestimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation andlegislation within the countries in which we operate; changes in tax laws; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts andother developments including terrorist acts and cyberterrorism; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canadaand the United States.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements, investors and others shouldcarefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information in this presentation, whether as a result of new information, future events or otherwise.

Past performance is not necessarily indicative of future results and there can be no assurance that comparable results will be achieved, that an investment will be similar to thehistoric investments presented herein (because of economic conditions, the availability of investment opportunities or otherwise), that targeted returns, diversification or assetallocations will be met or that an investment strategy or investment objectives will be achieved.

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4040

CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES

This presentation contains references to financial metrics that are not calculated in accordance with, and do not have any standardized meaning prescribed by, InternationalFinancial Reporting Standards (“IFRS”). We believe such non-IFRS measures are useful supplemental measures that may assist investors and others in assessing our financialperformance and the financial performance of our subsidiaries. As these non-IFRS measures are not generally accepted accounting measures under IFRS, they are thereforeunlikely to be comparable to similar measures presented by other issuers and entities. These non-IFRS measures have limitations as analytical tools. They should not beconsidered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared inaccordance with IFRS. For a more fulsome discussion regarding our use of non-IFRS measures and their reconciliation to the most directly comparable IFRS measures refer to ourdocuments filed with the securities regulators in Canada and the United States.

OTHER CAUTIONARY STATEMENTS

Certain of the information contained herein is based on or derived from information provided by independent third-party sources. While Brookfield believes that such information isaccurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield does not guarantee the accuracy orcompleteness of such information and has not independently verified such information or the assumptions on which such information is based. This document is subject to theassumptions (if any) and notes contained herein.

The information in this document does not take into account your investment objectives, financial situation or particular needs and nothing contained herein should be construed aslegal, business or tax advice. Each prospective investor should consult its own attorney, business adviser and tax advisor as to legal, business, tax and related matters concerningthe information contained herein.

Notice to Recipients cont’d

Page 41: Annual Meeting of Shareholders - assets.main.pro2.maf.wdc ......630 280 ~1,000 Target Notes/Assumptions: 1) As at March 31, 2015 2) As at March 31, 2018 3) As at March 31, 2019 +12%

Annual Meeting of Shareholders

FRIDAY, JUNE 14 , 2019