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

Corporate Profile May 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 13 ‒ Asset Management Growth Potential Page 17 ‒ Invested Capital Page 19 ‒ Contact Information Page 22

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

4

Listed Partnerships47%Private Funds35%Public Markets10%Transaction and advisory8%

Property

Renewable Power

Infrastructure

Private Equity

Other

Assets Under Management ~$240 Billion • Focused on high quality real assets • Diversified by asset class and region

Invested Capital ~$30 Billion4

• Generates $1.2 billion of annualized distributable cash flow

• ~85% invested in listed entities5

Fee Bearing Capital ~$114 Billion2 • 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 $16.4 billion 2) Based on March 31, 2016 FBC of $104 billion adjusted to include $9.4 billion of client Commitments raised in April 2016 3) Fee revenue based on annualized fees, excludes target carried interest 4) Prior to corporate leverage; using IFRS values as at March 31, 2016. See page 23 for detailed definition of Invested Capital 5) Pro forma Brookfield Business Partners (“BBU”) spin-off expected on June 20, 2016

Property

Renewable Power

Infrastructure

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:3

5

Interest expense (223)

Corporate costs (119)

(342)

LAST TWELVE MONTHS MARCH 31,2016 FFO2,3

Fee related earnings $ 596

Realized carried interest 30

626

Listed investments 1,266

Unlisted assets 263

Disposition gains 892

2,421

Total $ 3,047

Total $ 2,705

Per share $ 2.64

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 March 31, 2016; fee bearing capital includes $9.4 billion of client commitments raised in April 2016 2) In millions, except per share amounts 3) A detailed definition of Funds from Operations (“FFO”) can be found on page 23

$114bn

$29bn

$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

$46 billion $52 billion1 $16 billion

FEE BEARING CAPITAL – $114 billion1

Brookfield Asset Management

1) Includes $9.4 billion of private fund capital raised in April 2016

8

-

200

400

600

800

1,000

1,200

1,400

2012 2013 2014 2015 2016 Annul.

Asset Management – Financial Performance

LAST TWELVE MONTHS MARCH 31,2016 2016 2015 Change

Fee Bearing Capital $ 103,922 $ 93,208 $ 10,714

Base Fees

Listed Partnerships $ 362 $ 332 $ 30

Private Funds 367 231 136

Public Markets 108 100 8

837 663 174

Incentive Distributions 79 54 25

Other 117 74 43

Fee Revenues 1,033 791 242

Direct Costs (437) (390) (47)

FRE $ 596 $ 401 $ 195

Fee Revenues (LTM)1

Annualized fee revenues are now $1.2 billion; we also generate $800 million of target carried interest annually, increasing our overall fee run rate to nearly $2.0 billion

Transaction & Advisory Base Fees

IDR’s

$353 $465

$672 $791

$1,033 $1,143

Performance Fees 49%

1) Excludes carried interest

9 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

‒ The operating performance of the three 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

• Brookfield Business Partners (BBU), our flagship listed issuer for owning our business and industrial operations, should increase listed securities to over 85%, enhancing balance sheet liquidity

• Listed investments distribute $1.2 billion3 in annualized cash flow

INVESTED CAPITAL ~ $30 billion2

BPY

BEP

BIP

Other

Unlisted

Listed Partnerships

Other listed

1) Pro-forma formation and partial spin-off of BBU 2) Using IFRS values as at March 31, 2016. See page 23 for detailed definition of Invested Capital 3) Annualized distributed cash flow based on ownership as at March 31, 2016

Unlisted

BBU

10 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

• $6.4 billion of core liquidity to fund growth ($2.9 billion at BAM itself)

• Nearly $10 billion of

committed capital from institutional partners

• ~$23 billion of balance sheet capital held in listed investments

• Over $60 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) Q1’16

Cash and financial assets $ 2,082

Undrawn committed credit facilities 4,287

Core Liquidity 6,369

Uncalled private fund commitments 9,643

Total Liquidity $ 16,012

Strong and Flexible Capitalization Significant Liquidity

Access to Capital

Total 2016 2017 2018 2019 2020+ Average

Terms

Corporate borrowings 4,329$ $ 231 430$ -$ 463$ 3,205$ 8 years Preferred shares 3,739 - - - - n/a perp.

8,068$ 231$ 430$ -$ 463$ 3,205$

AS AT MAR.31, 2016(MILLIONS)

Maturity

11

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

13

PERFORMANCE NYSE / TSX

Total Return6 Distributions

5 Year Annualized (Per Unit)

Target Growth

Brookfield Infrastructure Partners BIP / BIP.UN 19% $ 2.28 5% to 9%

Brookfield Renewable Partners BEP / BEP.UN 10% 1.78 5% to 9%

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

Brookfield Business Partners BBU / BBU.UN – 0.25 –7

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) Brookfield Business Partners to be spun-off to shareholders through a special distribution on June 20, 2016 5) Return hurdle based on quarterly growth of market value of units, subject to a high watermark initially set at $25 per unit 6) As at March 31, 2016, Source: Bloomberg, includes reinvestment of dividends. Brookfield Property Partners listed on NYSE April 2013; annualized return since inception 7) 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% $1.22 / $1.32

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

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

Brookfield Business Partners4 – 1252 20% $25/unit5

Asset Management – Listed Partnerships

Listed Partnerships are permanent capital, high growth entities; we earn contractual base management and performance fees for managing these partnerships

14

PERFORMANCE1 Committed Capital2

(US$ billions) Vintages Gross Net

Core Plus & Value Add

Property $ 6 2004 – 2013 14% 12%

Infrastructure 12 2006 – 2013 15% 13%

Timberlands 3 2005 – 2012 7% 6%

Lending & Finance 6 2004 – 2014 13% 11%

Opportunistic

Property 19 2006 – 2015 23% 20%

Private Equity 6 2001 – 2015 23% 15%

1) As of March 31, 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

15 Asset Management – Private Funds1

Committed Capital2

Brookfield (%)3

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 2

Brookfield (%)3

Year Formed

BROOKFIELD INFRASTRUCTURE FUNDS

Value Add

Global Infrastructure I * $2,660 25% 2009

Global Infrastructure II * $7,000 40% 2013

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 29% 2015

Bridge Lending III C$1,450 14% 2009

* Flagship funds. (1) 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

16

Real Estate

Equities

Fixed Income

PERFORMANCE1,2,3 Net Portfolio

Returns

Long-only equity strategies

Global real estate 17.0%

Global infrastructure 15.9%

Long/short strategies

Global real estate 15.8%

Global infrastructure 7.7%

1) As of March 31, 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: ~$16 billion

Infrastructure Equities

17 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 five funds in the market seeking to raise an additional $5 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

$99

+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)

$114

April 2016

18

$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 Q1-16 LTM Actual

$596

19

62%2 63% 78%3 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) Estimated; to be 78% following spin-off and special distribution to shareholders on June 20, 2016 4) Portfolios of fixed income and equity securities managed on behalf of clients

Directly Held Investments1

Brookfield Property Funds

Brookfield

Private Equity Funds

Public Market Funds4

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

20 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%

21

Our ~$30 billion of invested capital provides high levels of financial flexibility and substantial debt coverage

Invested Capital – Holdings

1) Quoted value based on March 31, 2016 public pricing 2) Excludes realized disposition gains 3) Annualized distributed cash flow is based on current distribution policies 4) Includes $992 million of cash and cash equivalents and $448 million of financial assets, net of deposits 5) Estimated 8% annualized total return on weighted average balance 6) Pro-forma formation of Brookfield Business Partners 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 Three Months LTM

Listed partnershipsBrookfield Property Partners 483 11,191$ 14,821$ 140$ 562$ 541$ Brookfield Renewable Partners 172 5,162 3,527 114 291 307 Brookfield Infrastructure Partners 68 2,868 1,610 63 231 155

Other listed investmentsBPY Preferred Shares n/a 1,275 1,275 19 76 76 Norbord 35 696 227 19 45 11 Acadian Timber 8 116 81 2 8 6 Other listed Various 295 295 17 40 31 Financial assets4 Various 1,440 1,440 34 13 75

23,043$ 23,276 408 1,266 1,202$ Unlisted

Residential development 2,433 (15) 118 Brookfield Business Partners6 1,844 36 202 Energy marketing 1,065 (46) (96) Other 7 879 12 39

6,221 (13) 263 29,497$ 395$ 1,529$

AS AT AND FOR THE PERIODS ENDED MAR. 31, 2016(MILLIONS)

Invested Capital FFO2Distributed Cash Flow

(Annualized)3

5

22 Investor Relations Contacts

Contact Title E-Mail Address Phone Number

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

Derek Gorgi Senior Vice President, Finance derek.gorgi@brookfield.com (416) 359-8590

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

23 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 March 31, 2016