Annual Meeting of Shareholders

FRIDAY, JUNE 15 , 2018

ELYSE ALLAN

NOMINEES FOR ELECTION BY THE

Class A Shareholders

ANGELABRALY

MURILOFERREIRA

RAFAELMIRANDA

2

YOUSSEF NASR

NOMINEES FOR ELECTION BY THE

Class A Shareholders

SEEK NGEEHUAT

DIANATAYLOR

FRANK MCKENNA

3

JEFFBLIDNER

NOMINEES FOR ELECTION BY THE

Class B Shareholders

JACKCOCKWELL

MARCELCOUTU

BRUCEFLATT

4

ROBERTHARDING

NOMINEES FOR ELECTION BY THE

Class B Shareholders

MAUREENKEMPSTON DARKES

BRIANLAWSON

LORDO’DONNELL

5

Annual Meeting of Shareholders

FRIDAY, JUNE 15 , 2018

REVIEW

1

PRIORITIESREAL ASSET ALLOCATIONS

2 3

7

Review

18

Over the past year we...

Raised $20 billion of fee bearing capital

Achieved strong returns for clients

Launched fundraising for latest series of flagship funds and new strategies

Deployed $16 billion of capital

9

We raised $20 billion of capital over the last 12 months1

2017 2018

Total Fee Bearing Capital

Listed Partnership Private Funds Public Securities

$113B$127B

$4B

$13B

$3B

Capital Raised

+52%+12%

2 1

1) LTM as at March 31, 20182) As at March 31, 2017 and March 31, 2018

10

We recently launched our next flagship Real Estate and Private Equity funds

1) Funds raised to date as at June 1st, 2018 2) Has not yet had a first close

$14.0Launch late

2018/early 2019Infrastructure $2.7 $7.0

$9.0 $10B1+Real Estate

$4.0 $7B2+$0.8Private Equity

$1.0

Current

$4.4

$1.0

Previous Three Flagship VintagesUS$ billions

11

And in response to investor demand, we’ve also launched new products and strategies

within areas of our expertise

PERPETUAL CORE FUNDS

1 2

CREDIT FUNDS

12

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

2015 2018 2023

515280280

~1,000

5-Year Target

1) As at March 31, 20152) As at March 31, 2018

+94%

+84%

21

13

This has further diversified our investor base1

1) As at March 31, 2018. Private fund capital by geography

10%EUROPE & OTHER

57% NORTH AMERICA

23%ASIA & AUSTRALIA

10% MIDDLE EAST

14

We have been busy putting this capital to work, deploying $16 billion of capital

around the world over the past 12 months1

1) LTM as at March 31, 2018

8%EUROPE

35% NORTH AMERICA 55%

SOUTH AMERICA

2% ASIA& OTHER

15

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

1) One year increase as at March 31, 2018

Fee bearing capital

Fee related earnings

Annualized fees and target carry

Funds from operations

Cash available for distribution

12%

56%

20%

34%

53%

16

Real Asset Allocations

17

Passive investing has provided decent returns over the past 20 years…

1) Compound, dividends reinvested

-50%

150%

350%

550%

750%

950%

1150%

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

S&P 500 Returns

7%Total

Return1

18

…but returns from value investments in real assets have been better

1) Compound, dividends reinvested

-30%

170%

370%

570%

770%

970%

1170%

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

S&P 500 Returns BAM (NYSE) Returns

2018

16%Total

Return1

7%Total

Return1

19

Real assets provide attractive long-term real returns

• They can earn good cash-on-cash yields

• They can be contracted for long durations

• Cash flows tend to adjust with inflation or by other means

• The private nature tends to reduce volatility

• Returns have been very attractive relative to other options available to institutions

20

A part of the reason for real asset manager growthis the increase in institutional capital

1) Sources: Willis Towers Watson Global Pension Assets Study, 2008-2017; Preqin Sovereign Wealth Fund reports2) Sources: Brookfield estimate; PwC – The rising attractiveness of alternative asset classes for Sovereign Wealth Funds; OECD Pension Markets in

Focus

($trillions)

0

20

40

60

80

2008 2016 2025E

$43T1

$23T1

$80T2

21

60%

40%+

But the most important piece has been increasing percentages allocated to real assets

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

75%

25%

20171 20302

95%

20001

5%

Equity/Fixed IncomeReal Assets/ Alternatives

22

We believe allocation trends should continue, irrespective of interest rates

• Interest rates should slowly move up in the U.S.

• Our business works even better at higher rates

• We have found that Real Assets retain their value across the cycle

• Interest rates should rise only if the economy is improving… leading to growth in cash flow returns

Returns on Real Assets remain extremely attractive in this environment

23

24

We are well positioned as a partner of choice for Real Asset

strategies

We have a number of competitive strengths…

• 115 years of operating experience – 80,000+ employees

• Multiple fund offerings

• Established governance and client service capabilities

• Large scale capital – ~$285 billion of assets under management

• Global presence – 30+ countries

• Strong track record – proven investment results

25

Our team is expanding

2008

~17,000OPERATING EMPLOYEES

2018

~80,000OPERATING EMPLOYEES

26

We provide three distinct offerings, which appeal to a broad range of investors

1) As at March 31, 2018

ListedPartnerships$56 billion

PublicSecurities$15 billion

$127 BILLION FEE BEARING CAPITAL1

PrivateFunds$56 billion

27

In an industry headed towards +$80 trillion1 by 2020s, we have already established the backbone

to manage this growth

Strong governance and compliance model

Focus on client service capabilities

1) Sources: PwC – The rising attractiveness of alternative asset classes for Sovereign Wealth Funds; OECD Pension Markets in Focus

28

29

We continue to identifymany attractive investment opportunities…

$1.4 billionLARGE SCALE CAPITAL

General renewable power portfolio

North & SouthAmerica and AsiaGLOBAL REACH

Renewable TeamOPERATING CAPABILITIES

30

Global provider of infrastructure servicesto the nuclear power generation industry1

1) Not yet closed

$4.6 billionLARGE SCALE CAPITAL

U.S., Europe and AsiaGLOBAL REACH

Private Equity TeamOPERATING CAPABILITIES

31

India office portfolio

$900 millionLARGE SCALE CAPITAL

IndiaGLOBAL REACH

Real Estate TeamOPERATING CAPABILITIES

32

Natural gas distribution system

$304 millionLARGE SCALE CAPITAL

ColombiaGLOBAL REACH

Infrastructure TeamOPERATING CAPABILITIES

33

Marine energy services business

$750 millionLARGE SCALE CAPITAL

Private Equity TeamOPERATING CAPABILITIES

North Sea, Brazil and CanadaGLOBAL REACH

34

Student housing portfolio in the U.K.

£520 millionLARGE SCALE CAPITAL

U.K.GLOBAL REACH

Real Estate TeamOPERATING CAPABILITIES

35

Much of this capital is in private funds, where we have a strong track record

across the Real Asset investible universe

Vintage Gross IRR1

OpportunisticReal Estate 2006 – 2017 22%Private Equity 2001 – 2015 29%

Core Plus and Value-addReal Estate 2006 – 2016 12%Infrastructure 2006 – 2016 17%Sustainable Resources 2005 – 2015 7%Credit 2004 – 2017 12%

1) As at March 31, 2018. Past performance is not indicative of future performance. Excludes co-investments, separately managed accounts and open-ended funds. Reflects IRR before fund expenses, management fees and carried interest (if any), which would reduce an investor’s return

36

Priorities

337

Looking ahead, we are focused on five things…

Enhancing returns and asset values

Maintaining excellent client service and expanding our investor base

Sourcing deals and investing $22 billion of fund commitments at or above target returns

Doubling our private funds business in the next five years

Optimizing value of listed issuers

38

Q&A

39

Cautionary Note Regarding Forward-Looking Statements

Forward-Looking Statements and InformationThis presentation contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of Section27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States PrivateSecurities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, dependupon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects,opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Asset Management and its subsidiaries, as well as the outlook for North Americanand international economies for the current fiscal year and subsequent periods. 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, or future or conditionalverbs 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 the actual results, performance or achievements of Brookfield Asset Management todiffer materially from anticipated future results, performance or achievement 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: the impact orunanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior of financial markets, including fluctuations in interestand foreign exchanges rate; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions includingdispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies andmethods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes;business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; changesin tax laws, catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risksand factors detailed from time to time in our documents filed with the securities regulators in Canada and 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, Brookfield Asset Management undertakes no obligation to publiclyupdate or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Use of Non-IFRS Measures and OtherThis presentation contains references to financial measures which are not generally accepted accounting measures under IFRS and may differ from similar definitions used byother entities. We believe that these are useful supplemental measures that may assist investors in assessing our financial performance and the cash anticipated to be generatedby our operations. Such measures should not be considered as the sole indicators of our performance and should not be considered in isolation from, or as a substitute for,analysis of our financial statements prepared in accordance with IFRS.

Certain values used in this presentation are for illustrative purposes and based on various factors that may or may not materialize, including past performance metrics that may notbe indicative of future performance.

References to Brookfield, Brookfield Asset Management or BAM are to Brookfield Asset Management Inc. together with its subsidiaries unless the context reflects otherwise.

All amounts are in U.S. dollars unless otherwise specified.

40

Annual Meeting of Shareholders

FRIDAY, JUNE 15 , 2018