Brookfield Asset Management Inc. A Global Alternative Asset Management Company Focused on Property, Renewable Power, Infrastructure and Private Equity

Corporate Profile August 2016

2 Cautionary Note Concerning Forward-Looking Statements

This Corporate Profile contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the

meaning of Section 27A 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 Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Forward-looking statements

include statements that are predictive in nature, depend upon 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 American and international economies for the current fiscal year and subsequent periods, and

include words such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and

other similar expressions, 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 upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they

involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or

achievements of Brookfield Asset Management to differ 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 or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behavior of financial markets,

including fluctuations in interest and foreign exchanges rate; global equity and capital markets and the availability of equity and debt financing and refinancing within

these markets; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain

expected benefits; changes in accounting policies and methods 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; changes in tax laws, catastrophic events, such as earthquakes and

hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and 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 should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, Brookfield Asset Management

undertakes no obligation to publicly update 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.”

Notes, assumptions, and definitions can be found in the appendices.

3 Overview

Our Business Page 4

Additional Information

‒ Asset Management Fee Streams Page 14

‒ Asset Management Growth Potential Page 18

‒ Invested Capital Page 20

‒ Contact Information Page 23

100-year history as a global investor, operator and leading asset manager of high

quality real assets

4

Listed Partnerships 45%

Private Funds 41%

Public Markets 7%

Transaction and advisory 7%

Property

Renewable Power

Infrastructure

Private Equity

Other

Assets Under Management ~$250 Billion

• Focused on high quality real assets

• Diversified by asset class and region

Invested Capital $30 Billion3

• Generates $1.3 billion of annualized

distributable cash flow

• ~85% invested in listed entities

Fee Bearing Capital $108 Billion

• Generates $2 billion of annualized

fees and target carried interest

• 700 investment professionals

• Diversified by product mix and strategy

1) Other AUM includes Public Markets AUM of $12.3 billion

2) Fee revenue based on annualized fees, excludes target carried interest

3) Prior to corporate leverage; using IFRS values as at June 30, 2016. See page 24 for detailed definition of Invested Capital

Property

Infrastructure

Renewable power

Private equity

Public markets

BPY

BEP

BIP

BBU

Other holdings

BPY

BEP

BIP

BBU

Other Holdings

Invested Capital Distributable Cash Flow

Brookfield by the Numbers

1

Fee Revenue Diversification:2

5

Interest expense (228)

Corporate costs (128)

(356)

LAST TWELVE MONTHS

JUNE 30,2016 FFO2,3

Fee related earnings $ 660

Realized carried interest 15

675

Listed investments 1,566

Unlisted assets 93

Disposition gains 844

2,503

Total $ 3,178

Total $ 2,822

Per share $ 2.76

Fee Bearing Capital /

IFRS Values1

Summarized Financial Performance

Our asset management business, alongside our invested capital, continues to

generate meaningful returns for our shareholders

Asset Manager

Recurring long-term fees received

from managing our funds and

carried interests

Invested Capital

Capital deployed in managed

funds and on a direct basis which

generate cash distributions

Capitalization

Conservative long-term

capitalization represents

14% LTV on invested capital

1) As at June 30, 2016

2) In millions, except per share amounts

3) A detailed definition of Funds from Operations (“FFO”) can be found on page 24

$108bn

$30bn

$8bn

6

• Large scale capital allows us to

pursue large transactions where

capital is scarce

• Global presence and global

mandates provide breadth of

opportunities

• Operating expertise facilitates

underwriting and enhances returns

• Deep history of global real asset

investing

• Value oriented culture focused on

long term investment returns

• Ability to invest in and operate

multiple asset classes

AS AN INVESTOR

Our Competitive Advantages

Our business strategy is simple and leverages our competitive advantages: large

scale capital; global reach; operating businesses

• Large scale funds enable investors

to deploy large scale capital

• Flexibility to invest across multiple

products

• Operating capability is a key

differentiator

• Alignment of interests

• Excellent performance record

• Real asset expertise aligns with

growing capital allocations

• Transparent operating model and

public company governance

AS AN ASSET MANAGER

7 Asset Management – Diversified Multi-Fund Strategy

• Allows institutional investors to invest

large amounts of capital

• Targetted and predetermined

investment strategies

• Long-term investment horizon

reducing reinvestment risk

• Diversified security portfolios

leveraging our core expertise

• Flexible and scalable investment

mandates

• Delegate tactical investment

decisions

Our clients have tremendous flexibility to invest with us through Listed Partnerships,

Private Funds and Public Markets across our Real Asset operating businesses

Listed Partnerships Private Funds Public Markets

• Exchange traded and highly liquid

• Flexible capital allocation across

broad asset class

• Consistent distribution yield

• Perpetual investment horizon

$49 billion $47 billion $12 billion

FEE BEARING CAPITAL – $108 billion

Brookfield Asset Management

8

-

150

300

450

600

750

900

1,050

1,200

2012 2013 2014 2015 2016 Ann.

Asset Management – Financial Performance

LAST TWELVE MONTHS

JUNE 30,2016 2016 2015 Change

Fee Bearing Capital $ 108,312 $ 93,955 $ 14,357

Base Fees

Listed Partnerships $ 370 $ 350 $ 20

Private Funds 439 246 193

Public Markets 103 105 (2)

912 701 211

Incentive Distributions 86 59 27

Other 107 76 31

Fee Revenues 1,105 836 269

Direct Costs (445) (396) (49)

FRE $ 660 $ 440 $ 220

Fee Revenues (LTM)1

Annualized fee revenues are now $1.2 billion; we also generate $830 million of target

carried interest annually, increasing our overall fee run rate to over $2.0 billion

Transaction & Advisory Base Fees

IDR’s

$371

$528

$702

$836

$1,105

$1,181

Performance Fees

50%

1) Excludes carried interest

2) Annualized

(JUN.30, MILLIONS)

2

9 Asset Management – Financial Performance

0

5

10

15

20

25

30

35

40

2012 2013 2014 2015 2016

Uninvested Capital Invested Capital

$10

$18 $18

$22

$39

$7 $9

$

$10 $9

$18

Carry Eligible Capital

(AS AT JUN.30, BILLIONS)

Earning carry (47%)

Uninvested (46%)

Early stage (7%)

Carry Eligible Capital ($39 billion)1

AS AT JUN. 30, 2016

Unrealized Carried Interest – Estimated Time to Realization

AS AT JUN.30, 2016

1) Includes carry eligible capital invested within the last 18 months

2) Estimated based on maturity date of funds currently earning carried interest

$925 million

Carried interest represents our share of fund profits in our private funds. Carry Eligible

Capital increased 77% over the last twelve months to $39 billion, positioning us well

to continue to generate carry, with substantial upside

Unrealized Carried Interest

8+ Years (31%)

4-7 Years (56%)

1-3 Years (13%)

77%

10 Invested Capital

~85% of our Invested Capital is held through listed securities, creating strong levels of

financial flexibility and increased transparency1

• BPY, BEP and BIP are diversified entities with a portfolio of high quality

core plus return asset portfolios with stable cash flows that support stable

distributions

‒ The high-quality nature of their asset base has a proven ability to

withstand economic downturns and they are financed on a long-term

investment grade basis

• BBU is our flagship listed issuer for owning our business and industrial

operations, focused on capital reinvestment for long-term appreciation

‒ The operating performance of the four flagship listed entities is

economically and structurally independent from one another

‒ They each participate in our opportunistic or value add private funds,

providing enhanced returns to the core plus portfolio and aligning

interests

• Listed investments distribute $1.3 billion3 in annualized cash flow

INVESTED CAPITAL $30 billion1

BPY

BEP

BIP

Other

Unlisted

Listed Partnerships

Other listed

1) Using IFRS values as at June 30, 2016. See page 24 for detailed definition of Invested Capital

2) Annualized distributed cash flow based on ownership as at June 30, 2016

Unlisted

BBU

11 Capitalization and Liquidity

We are well positioned with a strong balance sheet and significant access to capital to

maintain our growth momentum

1) Based on IFRS values

• $6.1 billion of core liquidity

to fund growth ($2.9 billion

at BAM itself)

• Over $18 billion of

committed capital from

institutional partners

• ~$25 billion of balance

sheet capital held in listed

investments

• Over $79 billion of permanent equity capitalization (consolidated); debt to capitalization: corporate

(14%), proportionate (47%)

• Debt capital primarily in the form of investment grade; long-term limited recourse financing

secured at the asset level

• Minimal cross collateralization and parental guarantees provides stability and risk mitigation

• Ability to raise third party capital through publicly listed and private funds

• Investment grade ratings: S&P: A-; DBRS: A Low; Moody’s: Baa2

(MILLIONS) Q2’16

Cash and

financial assets $ 1,940

Undrawn committed

credit facilities 4,137

Core Liquidity 6,077

Uncalled private fund

commitments 18,225

Total Liquidity $ 24,302

Strong and Flexible Capitalization Significant Liquidity

Access to Capital

Total 2016 2017 2018 2019 2020 2020+

Average

Terms

Corporate borrowings 4,469$ $ 232 432$ -$ 466$ -$ 3,339$ 8 years

Preferred shares 3,734 - - - - - n/a perp.

8,203$ 232$ 432$ -$ 466$ -$ 3,339$

AS AT JUN.30, 2016

(MILLIONS)

Maturity

12

Strong fundraising and excellent track record

High growth fee streams providing stable cash flows and upside

potential through performance fees

Significant liquidity to fund future growth

Flexibility to allocate capital to asset classes and markets that

offer the best return

Diversified product offerings through multi-fund strategy

Strong alignment with Shareholders and Clients

~18% compound return over the past 20 years

Large Scale Capital

Global Presence

Operations Focus

Why invest in Brookfield now?

Additional Information

14

PERFORMANCE NYSE / TSX

Total Return5 Distributions

5 Year

Annualized

(Per Unit)

Target

Growth

Brookfield Infrastructure Partners BIP / BIP.UN 20% $ 1.57 5% to 9%

Brookfield Renewable Partners BEP / BEP.UN 13% 1.78 5% to 9%

Brookfield Property Partners BPY / BPY.UN 7% 1.12 5% to 8%

Brookfield Business Partners BBU / BBU.UN – 0.25 –6

1) Annual base fee to Brookfield Asset Management

2) Based on capitalization of partnership (market capitalization plus recourse debt, net of cash)

3) On increases in capitalization; initial capitalization for BPY and BEP is $11.5 billion and $8.1 billion, respectively

4) Return hurdle based on quarterly growth of market value of units, subject to a high watermark initially set at $25 per unit

5) As at Aug 12, 2016, Source: Bloomberg, includes reinvestment of dividends. Brookfield Property Partners listed on NYSE April 2013; annualized return since inception

6) Brookfield Business Partner’s level of distribution is not intended to grow as the partnership intends to reinvest its capital. Returns will be based on capital appreciation

Base Management Fees Incentive Distribution Rights

FEE STRUCTURE Fixed

Base Fees

Equity

Enhancement

Fee (bps)2,3

Annual Incentive

Distributions

Return

Hurdles

(1st & 2nd)

Brookfield Infrastructure Partners – 1252 15% / 25% $0.81 / $0.88

Brookfield Renewable Partners $21M1 1253 15% / 25% $1.50 / $1.69

Brookfield Property Partners $50M1 1253 15% / 25% $1.10 / $1.20

Brookfield Business Partners – 1252 20% $25/unit4

Asset Management – Listed Partnerships

Listed Partnerships are permanent capital, high growth entities; we earn contractual

base management and performance fees for managing these partnerships

15

PERFORMANCE1

Committed Capital2

(US$ billions) Vintages Gross Net

Core Plus & Value Add

Property $ 6 2004 – 2013 14% 12%

Infrastructure 26 2006 – 2016 15% 13%

Timberlands 3 2005 – 2012 7% 6%

Lending & Finance 6 2004 – 2014 13% 10%

Opportunistic

Property 21 2006 – 2015 23% 19%

Private Equity 6 2001 – 2015 23% 16%

1) As of June 30, 2016. Past performance is not indicative of future performance, for more information refer to page 15

2) Committed capital represents original committed/pledged capital, including current capital available for commitments, capital raised from funds in market and capital that may no

longer be available given the mandate of each product

TYPICAL FEE STRUCTURE Base Fees

(bps)

Carried

Interest

Target

Return

Return

Hurdles

Core Plus and Value Add 100 – 150 18% 10% to 15% 9%

Opportunistic and Private Equity 150 – 190 20% 18% to 25% 11%

Asset Management – Private Funds

Private Funds generate long-term contractual base fees and have the opportunity to

earn carried interest upon exceeding pre-determined return hurdles

IRR

16 Asset Management – Private Funds1

Committed

Capital Brookfield

(%)2

Year

Formed

BROOKFIELD PROPERTY FUNDS

Opportunistic

Real Estate Opportunity I $240 52% 2006

Real Estate Opportunity II $260 29% 2007

Real Estate Turnaround $5,570 18% 2009

Strategic Real Estate Partners I * $4,350 31% 2012

Strategic Real Estate Partners II * $9,000 26% 2015

Brazil Retail Property $990 35% 2006

India Real Estate Opportunity Partners $282 - 2014

Thayer VI $312 48% 2014

Core Plus

Canadian Office C$1,045 21% 2005

U.S. Office $2,220 83% 2006

DTLA $1,100 45% 2013

Value Add / Finance

U.S. Multifamily Value Add I $325 13% 2011

U.S. Multifamily Value Add II $805 37% 2014

Real Estate Finance I $600 33% 2004

Real Estate Finance II $730 27% 2007

Real Estate Finance III $420 12% 2011

Real Estate Finance IV $1,375 18% 2014

Peninsula Brookfield India Real Estate $95 - 2013

Committed

Capital Brookfield

(%)2

Year

Formed

BROOKFIELD INFRASTRUCTURE FUNDS

Value Add

Global Infrastructure I * $2,660 25% 2009

Global Infrastructure II * $7,000 40% 2013

Global Infrastructure III * $14,000 29% 2016

Colombia Infrastructure $360 28% 2009

Private Utility $1,370 28% 2006

Sustainable Resources

West Coast Timber $530 - 2005

Timberlands Fund V $1,002 25% 2012

Brazil Timber I $280 18% 2008

Brazil Timber II $270 19% 2012

Brazil Agriculture I $330 31% 2009

Brazil Agriculture II $500 22% 2015

BROOKFIELD PRIVATE EQUITY FUNDS

Opportunistic/Lending

Capital Partners II * C$1,000 40% 2006

Capital Partners III * $1,000 25% 2010

Capital Partners IV * $4,000 25% 2015

Bridge Lending III C$1,450 14% 2009

* Flagship funds. (1) As of July 8, 2016. Includes active investment vehicles managed by Brookfield, including non-securities and certain investment vehicles that do not qualify as

private funds for regulatory purposes. Excludes funds currently in the market and fully divested funds. (2) Brookfield participation includes commitments from; Brookfield Asset

Management, Brookfield Property Partners, Brookfield Renewable Partners, Brookfield Infrastructure Partners and Brookfield Business Partners

17

PERFORMANCE1,2,3 Net Portfolio

Returns

Long-only equity strategies

Global real estate 16.9%

Global infrastructure 16.9%

Long/short strategies

Global real estate 15.9%

Global infrastructure 8.6%

*The number does not reflect the $4.4 Billion of assets under management of the securitized credit business which the firm contracted to sell during the quarter.

1) As of June 30, 2016; Net portfolio returns represent annualized returns since inception of each respective strategy; Inception dates are as follows: Global real estate long-only –

December 31, 2008; Global infrastructure long-only – December 31, 2008; Global real estate long/short – July 31, 2002; Global infrastructure long/short – May 31, 2008

2) Net of management fees

3) Past performance is not indicative of future performance

Asset Management – Public Markets

Public Markets focus on Real Asset listed investment opportunities globally, in both

equity and debt

Actively managed strategies offered through separately managed

accounts, mutual funds, UCITS funds, closed-end funds and private

hedge funds

Significant investor base managed on behalf of institutional and

retail investors

Fee Bearing Capital: ~$12.3 billion*

Infrastructure

Equities

Infrastructure

Real Estate

Fixed Income

18 Asset Management – Fee Bearing Capital Growth

We continue to increase fee bearing capital through our multi-product platform and are

well positioned for continued growth; we currently have three funds in the market

seeking to raise an additional $3 billion of client capital

Source: 2015 BAM Investor Day, as at June 30, 2015

Notes/Assumptions:

1) Fee bearing capital growth: 1) Listed partnerships midpoint of target distribution growth: BPY – 6.5%; BEP – 7.0%; BIP – 7.0%, 2) Listed partnerships capital issuance of $500

million each per annum for the next two years and $750 million each per annum thereafter, and 3) Private funds and public markets fee bearing capital growth at ~10% per

annum.

$160

$94

+10%

CAGR

Actual Interpolated Potential1

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

($ billions)

• We target 10% growth in fee bearing capital

over the long-term:

• Experiencing accelerated growth in

private fund capital raises

• Listed partnership capital expands

with distribution increases, capital

issuances and M&A activity

• 80% of fee bearing capital is perpetual

listed partnerships or long life private funds

(10-12 years)

$108

Q2 2016

19

$1,130

Asset Management – Fee Related Earnings Growth

Fee related earnings have significant leverage to growth in fee bearing capital;

increasing at a much faster rate than fee bearing capital

Source: 2015 BAM Investor Day, as at June 30, 2015

Notes/Assumptions:

1) Fee related earnings growth: i) 2016–2020 based on projected annualized results, ii) Listed partnerships base fee of initial amount plus 125 bps on any increases in

capitalization, iii) Private funds target weighted average base fee of 135 bps by 2020, iv) IDRs based on a 15% participation in distributions above initial threshold and 25%

beyond a second threshold, determined on a per share basis, and v) assumes listed entity dividend growth at mid-point of target distribution growth rates.

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

$440

($ millions)

+21%

CAGR

• New capital earns higher base

management fees:

• Greater emphasis on higher return

value add and opportunistic

strategies

• Increases in partnership capital yields

125 bps compared to lower flat fee

on initial capitalization

• Public securities group moving to

higher fee equity strategies

• Incentive distributions increase at a ~36%

CAGR over the next 5 years

Q2-15

LTM Actual Interpolated Potential1 Q2-16

LTM Actual

$660

20

62%2 61% 79% 30%

Brookfield

Asset Management

(BAM)

Brookfield

Property Partners

(BPY)

Brookfield

Business Partners

(BBU)

Brookfield

Renewable Partners

(BEP)

1) Includes residential development operations, directly held real assets, and financial assets

2) Economic ownership interest

3) Portfolios of fixed income and equity securities managed on behalf of clients

Directly Held

Investments1

Brookfield

Property

Funds

Brookfield

Private Equity

Funds

Public

Market

Funds3

Core Office

Core Retail

Opportunistic

Utilities

Transport

Energy

Sustainable Resources

Communications

Private Equity

Industrial and Energy

Business Services

Hydroelectric

Wind

Brookfield

Infrastructure Partners

(BIP)

Brookfield

Investment

Management

(BIM)

Corporate Credit

Infrastructure Securities

Real Estate Securities

Securitized Credit

Fund Renewable Power Infrastructure

Invested Capital – Simple and Transparent Operating Model

21 Invested Capital – Listed Partnerships

~85% of our invested capital is invested in our publicly traded listed partnerships;

which target increasing annual distributions and long-term total returns of 12%–15%

Brookfield

Property

Partners

(NYSE: BPY)

Brookfield

Infrastructure

Partners

(NYSE: BIP)

Brookfield

Renewable

Partners

(NYSE: BEP)

• A premier portfolio of high quality, long-life infrastructure assets across utilities, transport,

energy and communications in North and South America, Australia, and Europe

• Targetting 12-15% total returns; with a 5% current distribution yield

• High quality cash flows; ~90% of cash flows regulated or contracted, ~70% indexed to

inflation and ~60% with no volume risk

• One of the world’s largest publicly traded, pure-play renewable power platforms

• Predominantly hydroelectric portfolio, with ~80% of generation from hydro, complemented

by wind facilities and other renewable asset classes across North America, Latin America

and Europe; ~90% of 2016 generation is contracted

• Target long-term total returns of 12%–15%, with a ~6% current distribution yield

Brookfield

Business

Partners

(NYSE: BBU)

• A business services and industrials company focused on long-term capital appreciation

• Target long-term total returns of ~15%

• Acquire businesses on a value basis, with a focus of out-of-favour sectors; enhance value

of operations by focusing on organic growth; realize value and recycle capital

opportunistically

• Invest in the high quality real estate assets in the world’s most dynamic markets,

‒ Core office and retail is 92% and 95% leased, respectively

• ~85% core office & retail assets targetting 10% to 15% total returns, and ~15% opportunistic

assets targetting 20% total returns; current distribution yield of ~5%

22

Our $30 billion of invested capital provides high levels of financial flexibility and

substantial debt coverage

Invested Capital – Holdings

1) Quoted value based on June 30, 2016 public pricing

2) Excludes realized disposition gains

3) Annualized distributed cash flow is based on current distribution policies

4) Adjusted for 3-for-2 unit split announced on August 3, 2016

5) Includes $540 million of cash and cash equivalents and $530 million of financial assets, net of deposits

6) Estimated 8% annualized total return on weighted average balance

7) Includes assets held in our private equity private funds which are reported to our fund partners on a fair value basis that exceed our IFRS values by $115 million in aggregate.

Private fund fair values are audited annually and provided to private fund clients on a quarterly basis

No. of Units Quoted1

IFRS LTM

Listed investments

Brookfield Property Partners 485 10,890$ 14,780$ 597$ 543$

Brookfield Renewable Partners 183 5,463 3,915 262 326

Brookfield Infrastructure Partners 102 4

3,081 1,638 237 160

Brookfield Business Partners 73 1,392 1,667 225 18

BPY Preferred Shares n/a 1,275 1,275 76 76

Norbord 35 688 237 74 11

Acadian Timber 8 96 81 7 6

Other listed Various 434 434 50 21

Financial assets5

Various 1,070 1,070 38 90 6

24,389$ 25,097 1,566 1,251$

Unlisted investments

Residential development 2,578 134

Energy marketing 1,076 (96)

Other7

968 55

4,622 93

29,719$ 1,659$

Distributed

Cash Flow

(Annualized)3

AS AT AND FOR THE PERIODS ENDED JUN. 30, 2016

(MILLIONS)

Invested Capital FFO2

23 Investor Relations Contacts

Contact Title E-Mail Address Phone Number

Brian Lawson Chief Financial Officer brian.lawson@brookfield.com (416) 363-9491

Derek Gorgi SVP, Finance & Treasury derek.gorgi@brookfield.com (416) 359-8590

Dennis Blasutti Vice President, Finance dennis.blasutti@brookfield.com (416) 369-5741

Karly Dyck Director, Finance karly.dyck@brookfield.com (416) 956-5194

24 Appendix – Notes, Assumptions, and Definitions

Definitions and Notes

• Fee Bearing Capital represents the capital committed, pledged or invested in our listed partnerships, private funds, and public markets that we manage which entitle us to earn fee revenues and/or carried

interests. Fee bearing capital includes both called (“invested”) and uncalled (“pledged” or “committed”) amounts

• Fee Revenues include base management fees, incentive distributions, performance fees and transaction and advisory fees presented within our asset management segment. Fee revenues exclude

carried interest

• Fee Related Earnings (“FRE”) is comprised of fee revenues less direct costs (other than costs related to carried interests). FRE gross margin is equal to FRE as a percentage of Fee Revenues

• Base Management Fees are determined by contractual arrangements, are typically equal to a percentage of Fee Bearing Capital, are accrued quarterly, include base fees earned on fee bearing capital

from both clients and ourselves and are typically earned on both called and uncalled amounts

• Incentive Distributions (IDRs) are determined by contractual arrangements and are paid to us by our three primary listed partnerships and represent a portion of distributions paid by a listed partnership

above a pre-determined threshold

• Performance Fees are paid to us when we exceed pre-determined investment returns on certain portfolios managed in our public markets activities. Performance fees are typically determined on an annual

basis and are not subject to “clawback” in future years

• Carried Interests are contractual arrangements whereby we receive a fixed percentage of investment gains generated within a private fund provided that the investors receive a pre-determined minimum

return. Carried interests are typically paid towards the end of the life of a fund after the capital has been returned to investors and may be subject to “clawback” until all investments have been monetized

and minimum investment returns are sufficiently assured. We defer recognition of carried interests in our financial statements until they are no longer subject to adjustment based on future events. Unlike

fees and incentive distributions, we only include carried interests earned in respect of third-party capital when determining our segment results

• Annualized fee base and target carry is a non-IFRS measure that consists of annualized fees plus target carried interest

‒ Annualized fees include annualized base management fees which are determined by the contractual fee rate multiplied by the current level of fee bearing capital, annualized incentive distributions

based on our listed partnerships current annual distribution policies, annualized transaction and advisory fees which are equal to a simple average of the last two years’ revenue, annualized

performance fees earned from public markets which is equal to a simple average of the last two years’ revenues, and target carried interest

‒ Target carried interest is a mechanical calculation that is intended to represent the annualized carried interest we would earn on third-party private fund capital subject to carried interest on the

assumption that we achieve the targetted returns on the private funds. It is determined by multiplying the target gross return of a fund, less the base management fee, by the percentage carried

interest to which we are entitled to, multiplied by the amount of third-party capital, and by the utilization factor

• LTM represents last twelve months of financial data

• Funds from Operations (“FFO”) is a key measure of our financial performance and we use FFO to assess operating results and our businesses performance on a segmented basis. We define FFO as net

income prior to fair value changes, depreciation and amortization, deferred income taxes and transaction costs. When determining FFO, we include our proportionate share of the FFO of equity accounted

investments on a fully diluted basis. FFO and its per share equivalent are non-IFRS measures which do not have any standard meaning prescribed by IFRS and therefore may not be comparable to similar

measures presented by other companies. The most directly comparable IFRS financial measure is net income. Please refer to the “Reconciliation of Net Income to FFO” contained in the Supplemental

Information posted and maintained on our website for the relevant period

• Invested Capital is the amount of common equity allocated to a business segment or business line within a segment. This measure is intended to present the net assets associated with FFO of the

segment. Invested capital is equal to common equity by segment, an IFRS measure contained in the filed Interim Report and Annual Report for the relevant period

• The private funds performance summary on page 13 sets forth the aggregate performance of our private investment funds by strategy (collectively, the “Funds”) that Brookfield is currently managing or has

previously managed, and is intended to illustrate Brookfield’s experience in managing funds. Committed capital includes original committed/pledged capital, including current capital available for

commitments and capital that may no longer be available given the mandate of each product. Gross Internal Rate of Return (“Gross IRR”) reflects the annualized performance before fund expenses,

management fees and carried interest. “Net IRR” reflects annualized performance taking into account fund expenses, management fees and carried interest and are calculated on a fund level and not for

any individual investor. Fund investors will likely have different performance returns than those used to aggregate net performance herein due to varying economic terms. In certain funds, Brookfield and its

affiliates do not pay management fees or carried interest as a limited partner, which would otherwise result in lower returns, as such Brookfield has included a notional fee on Sponsor capital as if it were a

third party investor. Gross IRR and Net IRR by strategy reflect the aggregate equity invested, realized and unrealized proceeds, fund expenses, management fees and carried interest, in the funds

currency, if applicable, for the respective private investment vehicle. Aggregate performance includes certain funds that are not eligible for performance fees or “carried interest” and excludes funds’ in

marketing or funds closed within 12 months of the performance calculation date. Prior performance is not indicative of future results and there can be no guarantee that future funds or investments will

achieve comparable results or be able to avoid losses. Gross IRR and Net IRR reflect performance from the funds’ initial investment date to June 30, 2016