Proven Investment Strategy 1

Brookfield’s investment approach is focused on acquiring high-quality assets on a

value basis and further enhancing returns operationally

Enhance Value
Acquire Invest with an
High-Quality on a Value Operations-
Core Assets Basis Oriented
Approach

• Essential services with inelastic • Patient, value investors • Focus on acquiring control or
demand successfully deploying capital in co-control of investments
varying market conditions
• Strong barriers to entry due to • Originating accretive organic
regulatory and/or contractual • Proprietary deal flow through growth projects
frameworks or unique locations proactive outreach program
• Executing add-on acquisitions
• Sustainable, long-term cash • Expertise executing large,
flows with high operating multi-faceted transactions • Outperforming business plans
margins
Brookfield’s Key Differentiators 2

We have a 100-year history of owning, operating and investing in businesses with underlying tangible assets. We
Owners & Operators seek to create value through operational or other improvements, and we believe our hands-on approach to asset
management provides us with an unparalleled competitive advantage in generating value while minimizing risk.

Our breadth and depth of financial, M&A and restructuring capabilities have earned us a strong track record and
Restructuring &
reputation for investing in complex and distressed businesses. Our restructuring experience spans many decades,
Financial Expertise and it enables us to execute transactions that others cannot.

We acquire assets on a value basis to maximize long-term, risk-adjusted return on capital. We recognize that
Value Oriented superior returns often require contrarian thinking.

Protecting the capital entrusted to us is at the forefront of how we think about risk and, therefore, we pursue a
Capital Preservation prudent and disciplined approach to investing and leverage with the aim of delivering risk-adjusted returns.

We are well-positioned to pursue opportunities on a global scale with over 700 investment professionals and
Global Presence 30,000 operating employees in 100 offices around the world

We invest significant capital alongside our investors, and are typically the largest limited partner in our investment
Alignment of Interests vehicles. In addition, Brookfield’s senior management has a significant ownership stake in the company. This
approach is intended to demonstrate that our interests are aligned with our investors, making us true partners.
Distinctive Investment Principles 3

We combine bottom-up, value-driven analysis with broad operational and market

insights targeting superior, risk-adjusted returns over the long term

• Patient capital and a flexible mandate are competitive advantages when

Proven investing on a value basis
Investment
• Look for opportunities with asymmetric risk/reward profiles—offering enhanced
Approach
downside protection and meaningful upside optionality

• Utilize operating platforms and expertise to actively manage investments to

Deep
enhance value
Operating
Experience • Adopt a “roll-up-your-sleeves” attitude—preferring to work through difficult
times

• Attractive opportunities are frequently found in out-of-favor areas experiencing

Contrarian fundamental change and/or scarcity of capital
Investing • Have a healthy respect for the cyclicality of markets, factoring it into investment
theses and the prudent use of leverage
Investment Process 4

Our success is based on executing a repeatable investment process

6. Monetize
1. Identify
assets when
attractive assets
appropriate
with asymmetric
risk/reward profiles

5. Enhance Repeat the

value through 2. Analyze these
active process opportunities,
management over and leveraging our
over again real asset
expertise

4. Allocate capital
to most attractive 3. Source flexible capital
investments within to take advantage
our opportunity set of opportunities and
inefficiencies
 Consistent with other
Brookfield Listed Partnerships

Brookfield
Asset Management
(BAM)

62%1 29% 63% 65%2

Listed Brookfield Brookfield Brookfield Renewable Brookfield

Property Partners Infrastructure Partners Energy Partners Business Partners
Partnerships
(BPY) (BIP) (BREP) (BBP)

Private Property Infra- Renewable Private Equity

Funds Funds structure Energy Funds
Funds

Office, Retail,
Utilities, Transport
Industrial, Multifamily, Hydroelectric Business Services,
Energy &
Hotel & Triple Net Wind Industrials
Sustainable Resources
Leases

1. Fully diluted interest

2. Estimated; to be determined

1 | Brookfield Asset Management Inc.