Operating Model

Growth Potential

Brookfield Asset Management (BAM)

Directly Held Investments1

Brookfield Property Partners

(BPY)64%2

Brookfield Renewable Partners

(BEP)60%

Brookfield Infrastructure Partners

(BIP)30%

Brookfield Business Partners

(BBU)69%

Brookfield Investment Management

(Public Securities Group)100%

Brookfield Property Funds

Renewable Power

Funds Infrastructure Brookfield Private Equity

Funds

Public Securities Funds3

• Hydroelectric • Wind

• Core Office • Core Retail • Opportunistic

• Utilities • Transport• Energy• Sustainable Resources• Communications

• Private Equity • Industrial and Energy • Business Services

• Corporate Credit • Infrastructure Securities • Real Estate Securities• Securitized Credit

1. Includes residential development operations, directly held real assets, and financial assets2. Fully-diluted economic ownership interest3. Portfolios of fixed income and equity securities managed on behalf of clients

Notes/Assumptions:1. Cumulative carried interest from existing funds only2. 2017-2027 estimated results based on existing and target funds. Realized

carried interest determined by accumulated target carried interest over the life of a fund

3. Wind-up of existing fund capital distributed over the last three years of a 10-year fund

0.0

0.5

1.0

1.5

2.0

2.5

$152

20172028

20192020

20212022

20232024

20252026

2027

$2,300 Realized – current

R E A L I Z E D C A R R I E D I N T E R E S T

$8BCUMULATIVE1

This fact sheet contains forward-looking statements and information within the meaning of the Canadian provincial securities laws and other “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 may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements can be identified by the use of words such as “growing” and “target” or variations of such words and phrases. Although Brookfield Asset Management believes that such forward-looking statements and information are based upon reasonable assumptions and expectations, no assurance is given that such expectations will prove correct. The reader should not place undue reliance on forward-

looking statements and information, as such statements and information involve known and unknown risks, uncertainties and other factors 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 in this investor fact sheet are detailed in Brookfield Asset Management’s documents filed with the securities regulators in Canada and the United States. Except as required by law, Brookfield Asset Management does not undertake any 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.

Brookfield Asset Management is a leading global alternative asset manager and one of the world’s largest investors in real assets. Our investment focus is on real estate, renewable power, infrastructure and private equity. Our objective is to generate attractive long-term risk-adjusted returns for the benefit of our investors and shareholders.

A S S E T M A N A G E R$12 0 B F E E B E A R I N G C A P I TA L

Recurring long-term fees received from managing our funds, listed partnerships, public securities and carried interest

▪ Fee bearing capital diversified across private funds, listed funds and public securities

▪ Generates $2.2 billion of annualized fees and target carry

Competitive Advantage

Large Scale Capital – By sourcing capital from investors and shareholders – alongside our own capital – we are able to undertake transactions that few others can pursue

Global Reach – Global presence and global mandates provide breadth of opportunities and allows us to deploy capital where it is scarce

Owner-operator – Our extensive operating expertise, development capabilities and effective financing experience enables us to increase the cash flow of the assets within our operating businesses and create incremental value

Realized – future

I N V E S T E D C A P I T A L $ 3 3 B B A L A N C E S H E E T I N V E S T M E N T S

Capital deployed in managed funds and on a direct basis which generates cash distributions

▪ Generates $1.4 billion of annualized distributable cash flow

▪ ~85% invested in listed entities

Investment Case

Continuous Growth – Fee bearing capital within our private funds and listed entities drives increasing fee revenues

Carried Interest Potential – Achieving target returns in our private funds provides an opportunity to earn significant carried interest

Distribution Growth – Listed issuers have a solid track record of growing distributions in which we participate as an investor and as the manager

$25BLISTED ISSUERS

$3BLISTED INVESTMENTS

$5BUNLISTED INVESTMENTS

Global presence

A T A G L A N C E

$57BLISTED PARTNERSHIPS

$50BPRIVATE FUNDS

$13BPUBLIC SECURITIES

F R E E C A S H F L O W ($ Billions) 20171 2022Fee bearing capital $120 $221Invested capital 33 65($ Millions)

Free cash flow Fee related earnings $745 $1,689 Invested capital2 1,426 2,479 Financing and corporate costs (437) (502)Total $1,734 $3,666

1. Last twelve months ended Sep. 302. Based on current distribution policies

2 3brookfield.com brookfield.com BROOKFIELD ASSET MANAGEMENT | | BROOKFIELD ASSET MANAGEMENT

A N N U A L I Z E D F E E R E V E N U E S ( LT M ) Sep. 30, 2017 ($ Millions)

By the Numbers

0

500

1000

1500

2000

2500

$768

$375

$1,143 $1,143$1,399

$1,992$2,210

$768

$375

$914

$485

$1,162

$830

$1,350

$860

As at Sep. 30, 2017 ($ Millions, except per share amounts) 2017 2016 ChangeFee Bearing Capital $119,860 $110,747 $9,113

Annualized Fees and Target CarryAs at Sep. 30, 2017 2017 2016 Change Base Management fees Listed Partnerships $550 $455 $95 Private Funds 455 480 (25) Public Securities 89 85 4Incentive Distributions 156 106 50

$1,250 $1,126 $124Performance Income 65 4 61Transaction and Advisory 35 32 3Fee Revenues $1,350 $1,162 $188Target Carried Interest 860 830 30

$2,210 $1,992 $218

F E E B E A R I N G C A P I T A L As at Sep. 30, 2017

Infrastructure 31%Real Estate 35%Renewable Power 17%Private Equity 7%Public Securities 10%

$120B

BPY 47%BEP 12%BIP 6%BBU 7%Other Listed 13%Unlisted 15%

I N V E S T E D C A P I T A L As at Sep. 30, 2017

Last twelve months ended Sep. 30 2017Fee Bearing Capital Fee related earnings $745 Realized carried interest, net 177

$922Invested Capital Distributions from investments2 $1,426

Capitalization Interest expense $(252) Preferred dividends (139) Corporate costs (46)

$(437)

Total $1,9111. Based on IFRS values2. Annualized distributed cash flow based on current distribution policies

Asset Management – Financial Performance

In addition to annualized fee revenues are $1.4 billion; we also generate $860 million of target carried interest annually, increasing our overall fee run rate to over $2.2 billion

Fee Revenues Target Carried Interest

Invested Capital – Holdings

Our $33 billion of invested capital provides high levels of financial flexibility and substantial debt coverage

Invested Capital FFO2

Invested Capital – BreakdownNo. of Units Quoted1 IFRS

Three Months LTM

Distributed Cash Flow

(Annualized)3

Listed Investments Brookfield Property Partners 488 $11,394 $15,374 $163 $670 $576 Brookfield Renewable Partners 188 6,314 3,793 50 286 352 Brookfield Infrastructure Partners 118 5,077 2,080 81 297 205 Brookfield Business Partners 88 2,606 2,189 46 111 22Other 5,081 4,131 137 484 271

30,472 27,567 477 1,848 1,426Unlisted Investments — 5,082 (16) (43) —Total $30,472 $32,649 $461 $1,805 $1,426

1. Quoted value based on September 30, 2017 public pricing2. Excludes realized disposition gains3. Annualized distributed cash flow is based on current distribution policies

Capital Deployed

▪ Invested or committed $11 billion of capital during the LTM on a global basis, including deployment of $2 billion in the most recent quarter

▪ We have $26 billion of total liquidity available to deploy, including $17 billion of third-party private funds commitments

$33B1

C A P I T A L D E P L O Y E D LTM ended Sep. 30, 2017

Private Funds 32%Listed Partnerships 37%Co-investments 26%Direct 5%

North America 29%South America 58%Europe 6%Asia and Other 7%

20132014

20162015

2017

Significant Investments Include:

▪Marine energy services business ($0.8 billion)1

▪Canadian fuel marketing business ($0.2 billion)1

▪Real estate subsidiary warrants exercise ($0.5 billion)1

▪Indian toll road network ($0.4 billion)1

▪Brazilian regulated gas transmission business ($5.2 billion)

▪Global renewable power portfolios ($1.4 billion)

▪Brazilian water treatment company ($1.2 billion)

▪Privatization of Canadian office portfolio ($0.4 billion)

▪Canadian gaming operation ($0.2 billion)

1. Invested or committed during the most recent quarter

2 3brookfield.com brookfield.com BROOKFIELD ASSET MANAGEMENT | | BROOKFIELD ASSET MANAGEMENT

A N N U A L I Z E D F E E R E V E N U E S ( LT M ) Sep. 30, 2017 ($ Millions)

By the Numbers

0

500

1000

1500

2000

2500

$768

$375

$1,143 $1,143$1,399

$1,992$2,210

$768

$375

$914

$485

$1,162

$830

$1,350

$860

As at Sep. 30, 2017 ($ Millions, except per share amounts) 2017 2016 ChangeFee Bearing Capital $119,860 $110,747 $9,113

Annualized Fees and Target CarryAs at Sep. 30, 2017 2017 2016 Change Base Management fees Listed Partnerships $550 $455 $95 Private Funds 455 480 (25) Public Securities 89 85 4Incentive Distributions 156 106 50

$1,250 $1,126 $124Performance Income 65 4 61Transaction and Advisory 35 32 3Fee Revenues $1,350 $1,162 $188Target Carried Interest 860 830 30

$2,210 $1,992 $218

F E E B E A R I N G C A P I T A L As at Sep. 30, 2017

Infrastructure 31%Real Estate 35%Renewable Power 17%Private Equity 7%Public Securities 10%

$120B

BPY 47%BEP 12%BIP 6%BBU 7%Other Listed 13%Unlisted 15%

I N V E S T E D C A P I T A L As at Sep. 30, 2017

Last twelve months ended Sep. 30 2017Fee Bearing Capital Fee related earnings $745 Realized carried interest, net 177

$922Invested Capital Distributions from investments2 $1,426

Capitalization Interest expense $(252) Preferred dividends (139) Corporate costs (46)

$(437)

Total $1,9111. Based on IFRS values2. Annualized distributed cash flow based on current distribution policies

Asset Management – Financial Performance

In addition to annualized fee revenues are $1.4 billion; we also generate $860 million of target carried interest annually, increasing our overall fee run rate to over $2.2 billion

Fee Revenues Target Carried Interest

Invested Capital – Holdings

Our $33 billion of invested capital provides high levels of financial flexibility and substantial debt coverage

Invested Capital FFO2

Invested Capital – BreakdownNo. of Units Quoted1 IFRS

Three Months LTM

Distributed Cash Flow

(Annualized)3

Listed Investments Brookfield Property Partners 488 $11,394 $15,374 $163 $670 $576 Brookfield Renewable Partners 188 6,314 3,793 50 286 352 Brookfield Infrastructure Partners 118 5,077 2,080 81 297 205 Brookfield Business Partners 88 2,606 2,189 46 111 22Other 5,081 4,131 137 484 271

30,472 27,567 477 1,848 1,426Unlisted Investments — 5,082 (16) (43) —Total $30,472 $32,649 $461 $1,805 $1,426

1. Quoted value based on September 30, 2017 public pricing2. Excludes realized disposition gains3. Annualized distributed cash flow is based on current distribution policies

Capital Deployed

▪ Invested or committed $11 billion of capital during the LTM on a global basis, including deployment of $2 billion in the most recent quarter

▪ We have $26 billion of total liquidity available to deploy, including $17 billion of third-party private funds commitments

$33B1

C A P I T A L D E P L O Y E D LTM ended Sep. 30, 2017

Private Funds 32%Listed Partnerships 37%Co-investments 26%Direct 5%

North America 29%South America 58%Europe 6%Asia and Other 7%

20132014

20162015

2017

Significant Investments Include:

▪Marine energy services business ($0.8 billion)1

▪Canadian fuel marketing business ($0.2 billion)1

▪Real estate subsidiary warrants exercise ($0.5 billion)1

▪Indian toll road network ($0.4 billion)1

▪Brazilian regulated gas transmission business ($5.2 billion)

▪Global renewable power portfolios ($1.4 billion)

▪Brazilian water treatment company ($1.2 billion)

▪Privatization of Canadian office portfolio ($0.4 billion)

▪Canadian gaming operation ($0.2 billion)

1. Invested or committed during the most recent quarter

Operating Model

Growth Potential

Brookfield Asset Management (BAM)

Directly Held Investments1

Brookfield Property Partners

(BPY)64%2

Brookfield Renewable Partners

(BEP)60%

Brookfield Infrastructure Partners

(BIP)30%

Brookfield Business Partners

(BBU)69%

Brookfield Investment Management

(Public Securities Group)100%

Brookfield Property Funds

Renewable Power

Funds Infrastructure Brookfield Private Equity

Funds

Public Securities Funds3

• Hydroelectric • Wind

• Core Office • Core Retail • Opportunistic

• Utilities • Transport• Energy• Sustainable Resources• Communications

• Private Equity • Industrial and Energy • Business Services

• Corporate Credit • Infrastructure Securities • Real Estate Securities• Securitized Credit

1. Includes residential development operations, directly held real assets, and financial assets2. Fully-diluted economic ownership interest3. Portfolios of fixed income and equity securities managed on behalf of clients

Notes/Assumptions:1. Cumulative carried interest from existing funds only2. 2017-2027 estimated results based on existing and target funds. Realized

carried interest determined by accumulated target carried interest over the life of a fund

3. Wind-up of existing fund capital distributed over the last three years of a 10-year fund

0.0

0.5

1.0

1.5

2.0

2.5

$152

20172028

20192020

20212022

20232024

20252026

2027

$2,300 Realized – current

R E A L I Z E D C A R R I E D I N T E R E S T

$8BCUMULATIVE1

This fact sheet contains forward-looking statements and information within the meaning of the Canadian provincial securities laws and other “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 may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements can be identified by the use of words such as “growing” and “target” or variations of such words and phrases. Although Brookfield Asset Management believes that such forward-looking statements and information are based upon reasonable assumptions and expectations, no assurance is given that such expectations will prove correct. The reader should not place undue reliance on forward-

looking statements and information, as such statements and information involve known and unknown risks, uncertainties and other factors 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 in this investor fact sheet are detailed in Brookfield Asset Management’s documents filed with the securities regulators in Canada and the United States. Except as required by law, Brookfield Asset Management does not undertake any 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.

Brookfield Asset Management is a leading global alternative asset manager and one of the world’s largest investors in real assets. Our investment focus is on real estate, renewable power, infrastructure and private equity. Our objective is to generate attractive long-term risk-adjusted returns for the benefit of our investors and shareholders.

A S S E T M A N A G E R$12 0 B F E E B E A R I N G C A P I TA L

Recurring long-term fees received from managing our funds, listed partnerships, public securities and carried interest

▪ Fee bearing capital diversified across private funds, listed funds and public securities

▪ Generates $2.2 billion of annualized fees and target carry

Competitive Advantage

Large Scale Capital – By sourcing capital from investors and shareholders – alongside our own capital – we are able to undertake transactions that few others can pursue

Global Reach – Global presence and global mandates provide breadth of opportunities and allows us to deploy capital where it is scarce

Owner-operator – Our extensive operating expertise, development capabilities and effective financing experience enables us to increase the cash flow of the assets within our operating businesses and create incremental value

Realized – future

I N V E S T E D C A P I T A L $ 3 3 B B A L A N C E S H E E T I N V E S T M E N T S

Capital deployed in managed funds and on a direct basis which generates cash distributions

▪ Generates $1.4 billion of annualized distributable cash flow

▪ ~85% invested in listed entities

Investment Case

Continuous Growth – Fee bearing capital within our private funds and listed entities drives increasing fee revenues

Carried Interest Potential – Achieving target returns in our private funds provides an opportunity to earn significant carried interest

Distribution Growth – Listed issuers have a solid track record of growing distributions in which we participate as an investor and as the manager

$25BLISTED ISSUERS

$3BLISTED INVESTMENTS

$5BUNLISTED INVESTMENTS

Global presence

A T A G L A N C E

$57BLISTED PARTNERSHIPS

$50BPRIVATE FUNDS

$13BPUBLIC SECURITIES

F R E E C A S H F L O W ($ Billions) 20171 2022Fee bearing capital $120 $221Invested capital 33 65($ Millions)

Free cash flow Fee related earnings $745 $1,689 Invested capital2 1,426 2,479 Financing and corporate costs (437) (502)Total $1,734 $3,666

1. Last twelve months ended Sep. 302. Based on current distribution policies