Brookfield Asset Management

INVESTOR DAY

SEPTEMBER 27 , 2017

2

Agenda

Page

Strategic Review Bruce Flatt, Chief Executive Officer

3

Financial ReviewBrian Lawson, Chief Financial Officer

54

Q&A 90

3

We want to leave you with four important points

Real asset allocations are increasing1

How we invest is key2

Our operations focus differentiates us3

Our people and culture are critical4

4

We are a leading global manager

of real assets

5

$158B

$258B

2012 2013 2014 2015 2016 2017

70,000+ 465INSTITUTIONAL CLIENTS

10%1

CAGR

1) As at June 30, 2017

Our business continues to grow

$250B+ASSETS UNDER MANAGEMENT

30 ~$120BFEE BEARING CAPITAL

Assets Under Management (AUM)

EMPLOYEESCOUNTRIES

6

We have delivered strong returns to our clients –and therefore, over the past five years ...

1) Distributions from BIP, BPY, BEP and BBU

BAM’s stock has appreciated at a 15% compound rate

Received over $5 billion of distributions from our listed issuers1

Private funds have achieved targets and more, enabling us to grow client relationships

7

Last Year’s Polling Question

Last year we asked if you expect the S&P500 to be higher

at our next investor day

8

… and you responded

a) Higher by a lot – 12%

b) Higher by a little – 42%

c) Unchanged – 8%

d) Lower by a little – 38%

9

Actual result:

+15%

10

Polling Question #1

Q: Do you expect the S&P500 to be higher at our next investor day?

a) Higher by a lot

b) Higher by a little

c) Unchanged

d) Lower by a little

e) Lower by a lot

11

There are three keys to our growth

1Investors continue to increase allocations

to real assets

2Competitive

advantages as an investor and

operator

3Our people and culture

12

Real Asset Allocations Are Increasing

1

13

The amount of capital controlled by institutional investors continues to grow…

1) Source: Willis Towers Watson Global Pension Assets Study, 2008-2016 2) Source: Prequin Sovereign Wealth Fund reports

($trillions)

$0

$10

$20

$30

$40

$50

2008 2016

$43

$23

14

…but their funded status has declined

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

110%

$0

$1

$2

$3

$4

$5

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Assets Liabilities Funded Ratio

Source: Brookfield Research. Public Plans Data, refers to 170 different state and local public plans in the U.S.

($trillions)

15

Real assets and alternatives provide an attractive solution

Diversification from traditional investments which have higher valuations

Values maintain themselves through cycles with less volatility

Cash yielding investments provide cash flow

16

The result is a continuedshift in pension fund allocations to alternatives

Source: Willis Towers Watson Global Pension Assets Study, 2008-2016

U.S. Pension Assets Allocated to Alternatives

$3

$9

$-

$2

$4

$6

$8

$10

2008 2016

($trillions)

3x

17

These allocation trends should continue…

Real assets retain their value across cycles

Equities are at highs Real assets provide diversification

Interest rates should slowly move up

18

…resulting in higher flows to real assets in the future

1) Source: Willis Towers Watson Global Pension Assets Study, 2008-2016

Equity /Fixed Income

Real Assets / Alternatives

75%

25% 60%40%+

2017

2030

95%

20005%

19

Q: What % of institutional investors are invested in two or more alternative asset classes?

a) Less than 30%

b) 30%

c) 40%

d) 50%

e) Greater than 50%

Polling Question #2

20

A: According to a recent survey of over 540 global institutional investors…

62%

Source: Preqin Investor Outlook: Alternative Assets, H2 2017

of institutional investors are invested in two or more alternative asset classes

21

We are responding to this investor demand…

22

In three key ways

Expanding our flagship funds

Launching new strategies

Expanding into new distribution

channels

1 2 3

23

Last year we highlighted major fundraising initiatives

BCP IV

$4BPRIVATE EQUITY

BIF III

$14BINFRASTRUCTURE & RENEWABLE POWER

BSREP II

$9BREAL ESTATE

24

We eat our own cooking

Fund Investment

BSREP II 26%BIF III 29%BCP IV 26%

25

BCP IV

>60%INVESTED1

BIF III

>45%INVESTED1

BSREP II

>80%INVESTED1

1) Invested or committed

Over the past year we have made excellent progress deploying this capital

26

….bringing us closer to fundraising the next series

of flagship funds

27

In addition, investors are seeking new products and strategies within areas of our expertise

Allows investors to match long-duration liabilities or provide

long-duration returns

1Perpetual Core Funds

Provides investors with reasonable cash yields

2Credit Funds

28

1) We launched our first private perpetual core fund in 2016

Existing Operating Platform Recurring, Stable Cash Flow

Opportunity for Expansion Growth Potential

Core Real EstateLeveraging existing operating expertise

29

2) We are expanding our credit platform

Leveraging our investment platforms and existing lending expertise

Part of the capital

solution

A focus on quality

Investment prudence

Lending and operating expertise

Assets we understand as owners

30

We are also growing our private wealth investor base

Increasing interest among private wealth investors and their advisers for private alternatives

Access to new distribution channels

Diversifying our funding sources

Dedicated team of fundraising professionals

31

How We Invest is Key

2

32

21%

19%14%

46%

Notes/Assumptions:1) LTM as at June 30, 2017

Real Estate Infrastructure

Renewable PowerPrivate Equity

Over the past 12 months we invested or committed $17 billion globally

33

We are able to deploylarge amounts of capital quickly

without compromising our return thresholds

34

…because we operate large funds with broad mandates, enabling us to allocate capital to the

best opportunities globally

35

The asset classes in which we invest are extremely large –each are $50 to $100 trillion businesses

36

Our global presence differentiates us

700INVESTMENT PROFESSIONALS

30COUNTRIES

37

We are able to access multiple sources of capitalfor transactions

Private Funds

Listed Partnerships

Co-investors

BAM

Joint Venture Partners

Transactions

38

We are investors in some developing countries…but take a measured approach

1Patience

2Rule of Law

3Respect for Capital

39

We have incrementally built strong businesses in India over the last decade

2009 – 2013Seed and Development

2013 – 2016Growth and Establishment

2013 – 2016Expansion

40

Today, we are managing over $3.5 billion in India

Real Estate

• $2.4 billion AUM

• 4 cities

• 20 buildings

• 20 million sq. ft.

Infrastructure

• $1.1 billion AUM

• 723 km operational roads

Renewable Power

• 302 MW power assets

• 200 MW solar

• 102 MW wind

Private Equity

• $1 billion JV with State Bank of India (distressed deals)

• Residential financing platform

41

Our Operations Focus Differentiates Us

3

42

Investing in Real Assets requires hard work

We have more than 115 years of operating experience

43

2017

We have increased the size of our team

2008

70,000OperatingEmployees

17,000Operating

Employees

44

Our operating expertise is a key differentiator for us

1Leverage expertise when underwriting

investments

2Enhance returns through operating

improvements, fixing balance sheet and/or

capex projects

3Place senior

personnel from BAM into operating

companies

45

Colombia –long-term power contract will add significant value

Sogamoso Hydro, ColombiaCalderas, Colombia

46

GrafTech –cost cutting led to profits irrespective of price increases

Seadrift Needle Coke Plant, Texas

47

5 Manhattan West –the renovation turned the worst building in Manhattan

into one of the city’s premier addresses

48

Our People and Culture Are Critical

4

49

Our people are a key driver of our successand creating value

Corporate Offices

Regional Offices

50

We foster a culture that enables people to perform to their highest potential

Individual Excellence

Brookfield Culture

Entrepreneurial

Strong teamdynamics

Disciplined ethic

Operating Philosophy

Long-termfocus

Decentralized decision making

Foster growthwithin

51

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

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

500%

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

S&P 500 returns

1) Compound, dividends reinvested

7%Total

Return1

52

…but our people have made the difference

0%

500%

1,000%

1,500%

2,000%

2,500%

1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

S&P 500 returns BAM (NYSE) returns

17%Total

Return1

7%Total

Return1

1) Compound, dividends reinvested

53

We want to leave you with four important points

Real asset allocations are increasing1

How we invest is key2

Our operations focus differentiates us3

Our people and culture are critical4

54

Financial Review

55

Financial Profile

Focus: Carried Interest

Scorecard

Agenda

3

1

2

56

Our business is…

Straightforward Transparent Resilient Growing

57

Asset Manager

Franchise

Invested Capital

Value creation at Brookfield

58

Listed issuer performance drives cash distributions and unit appreciation

DriversAsset

ManagerInvested Capital

FFO growth

Increase distributions IDRs Free cash flow

Unit price appreciates Base fees Investment value

59

Private funds performance drives base fees and carried interests

DriversAsset

ManagerInvested Capital

Raise capital / Invest capital

Base fees

Deploy capital

Create value Ongoingdistributions

Monetize and distribute

Carried interests

Investmentgains / proceeds

60

Resiliency

Investment grade ratings

• Investment-grade model across most of our businesses

Reliable fees

• Over 85% of revenues are long term or perpetual

Strong liquidity

• $7 billion of core liquidity and $18 billion of dry powder

• Access to multiple sources of capital

Strong cash flow generation

• $1.2 billion free cash flow, net of common dividends

• Strong reliable growth profile

Notes/Assumptions:1) As at and for the LTM ended June 30, 2017

61

Polling Question #3

Q: Which reporting metric is, or would be, helpful for you to analyze BAM?

WORD CLOUD

62

Scorecard

1

63

We achieved solid growth in our key earnings streams…

Notes/Assumptions:1) For the LTM ended June 302) Annualized distributed cash flow from investments based on current distribution policies

($millions) 2017 2016

Fee related earnings $ 732 $ 639

Distributions received2 1,385 1,251

Realized carried interest 152 15

$ 2,269 $ 1,905 19%

64

…which led to a 29% increase in free cash flow

($millions) 2017 2016

Fee related earnings $ 732 $ 639

Distributions received2 1,385 1,251

Realized carried interest 152 15

2,269 1,905

Outflows (445) (489)

Free cash flow $ 1,824 $ 1,416

Notes/Assumptions:1) For the LTM ended June 302) Annualized distributed cash flow from investments based on current distribution policies

29%

65

…and we increased our annualized earnings profile by 20%

($millions) 2017 20161

Base management fees

Listed partnerships $ 515 $ 412

Private funds 455 445

Public securities 80 80

IDRs 149 106

Performance, transaction & other fees 91 29

Annualized fee revenues $ 1,290 $ 1,072

Estimated fee related earnings2 $ 774 $ 643

Notes/Assumptions:1) 2016 annualized fees adjusted to exclude fees earned on BPY managed capital for comparative purposes2) As at June 30; assumes 60% margin on fee related earnings

20%

66

In addition, we achieved an 18% total return on our invested capital

Distributions Received

2017$1,385M

2016$1,251M

Capital Appreciation

13%

Distribution Yield

5%

Total Return

18%

Total Return

11%

67

Focus: Carried Interest

2

68

We expect to generate substantial carried interest going forward

69

How we measure carried interest…

The carried interestwe expect to earn on

third-party capital, assuming the fund achieves the target

return, annualized on a straight-line basis

1Target

Carried Interest

Carried interest generated and based on fund

performance to date, assuming funds are

liquidated at current values

2Unrealized

Carried Interest

Carried Interest earned, excluding amounts subject

to clawback; basis for financial statement and

FFO recognition

3Realized

Carried Interest

70

Carried interest profile for a typical fund

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Target carry Realized carry Generated carry

71

Our current carried interest profile

($billions)

0

2

4

6

8

10

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Realized carry Generated carry

Existing Funds Only

72

Our annual carried interest generated on existing funds is expected to grow….

0.0

0.5

1.0

1.5

2.0

2.5

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Realized - Current Generated - Current

($billions)

Existing Funds Only

73

0.0

0.5

1.0

1.5

2.0

2.5

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Realized - Current Realized - Future Generated - Current Generated - Future

… and will be supplemented by carry on future funds

($billions)

74

Real asset strategies are well suitedto reliable carried interests

Cash yield

Lower volatility

Multiple exit strategies– not overly dependent on IPO market

75

Financial Profile

3

76

Looking forward, we see continued growth….

77

As a result of growth in our business we have updated certain assumptions

Larger flagship funds, pushed out timing slightly

20162017/2019: $20B

2020/2021: $20B

20172018/2020: $26B

2020/2022: $26B

Increased margin on carried interest as funds get larger

201665%

201770%

78

Fee Related Earnings ($millions)

2016 Investor Day 2017 Investor Day

$1,689 18% CAGR

$1,55316% CAGR

$700

$950

$1,200

$1,450

$1,700

2017 2018 2019 2020 2021 2022

Notes/Assumptions:1) 2017 values interpolated from 2016 Investor Day financial plan projections – adjusted for reclassification of BPY managed capital to be on a comparable

basis with 2017 Investor Day financial plan

…and we have updated our five-year financial model

79

Our private capital is long term in nature; 80% of current capital extends beyond 2022

We will continue to increase private fund capitalas we raise successor funds and launch new products

80%$50B

Outflows

Flagship Funds 2018 - 2020

Flagship Funds 2020 - 2022

Credit, Core & Other

17%CAGR

Private Funds – Fee Bearing Capital($billions)

$110B

80

We expect our listed partnerships’ capitalizationto increase significantly over the next five years

Notes/Assumptions:1) As at June 30 2) Eliminate the market price to IFRS discount for BPY; listed partnership dividend growth at mid-point of target distribution growth rates; market appreciation – 10% growth for BBU

and the addition of TerraForm Power3) Issuances; increase in units outstanding for 2017 equity issuances of BIP, BEP and BBU that occurred after June 30. Future issuances assumed to be all preferred units or debt

(no impact on units outstanding)

$55B

$94B

Distribution growth

Market valuation

Issuances

11%CAGR

81

Notes/Assumptions:1) For the LTM ended June 302) 2022 hypothetical fee revenue; fee related earnings assumes 60% margin

($millions) 2017 2022

Base fees $ 1,016 $ 2,228

IDR’s 129 428

Other fees 55 159

Fee revenues 1,200 2,815

Direct costs (468) (1,126)

Fee related earnings $ 732 $ 1,689

…the increase in FBC should generate stronggrowth in fee related earnings

+18%CAGR

82

Notes/Assumptions:1) As at June 30

And increase our potential to earn carried interest

Carry Eligible Capital

2017$40B

2022$100B

2017$860M

2022$1,505M

Target Carry Generated Carry, Total

2022$1,054M

Generated Carry, Net

83

We will also continue to compound value on our balance sheet

84

($millions)

IFRSValues1

Base Case Values2 Distributions3

Listed partnerships (BPY, BEP, BIP, BBU) $ 22,593 $ 27,956 $ 1,140

Other listed 3,465 4,249 245

Total listed 26,058 32,205 1,385

Unlisted 4,997 6,272 –

Total invested capital $ 31,055 $ 38,477 $ 1,385

Notes/Assumptions:1) As at June 30, 20172) Listed investments at June 30, 2017 at quoted market prices other than BPY which is at IFRS value. Unlisted investments at IFRS values other than BPRI which is based

on privatization price3) Annualized distributed cash flow is based on current distribution policies

Our invested capital is transparent and generates substantial cash flows

85

Growing distributions and eliminating value discounts significantly increases our invested capital

Notes/Assumptions:1) As at June 30. Projected 2022 results2) Retained free cash flow includes fee related earnings, invested capital cash flow and dispositions of directly held assets. Assumes mid-point distribution growth for BPY, BIP and

BEP and a 7% increase per annum in BAM’s common dividend. Capitalization and dividends includes common share distributions. Accumulated balances are reinvested at 8%

Invested Capital($billions)

Growth Assumption2017 $ 38

Capital appreciation

Distribution increase (BPY, BIP, BEP) 11 7%

Value appreciation (BBU & other) 6 10%

17

Retained free cash flow

Invested capital 9

Fee related earnings 7

Capitalization and dividends (6)

10

2022 $ 65

13%Total

Return

86

Pulling these together

87

… and our base case leads to a $104 per share intrinsic value over the next five years

Notes/Assumptions:1) Values are for illustrative purposes and based on various factors that may or may not materialize, including past performance metrics that may not be indicative of future performance 2) Estimated total return includes dividends; total return calculated as compared to public pricing ($40 per share)3) Projected annualized target carried interest, net assumes gross margin of 70%

2022 Multiple2022

Base Value($millions) ($billions, except

per share amounts)

Asset Manager

Fee related earnings $ 1,689 20x $ 34

Generated carried interest, net 1,054 10x 10

Accumulated carried interest, net 5

49

Asset Owner

Invested capital 65

Leverage (10)

55

Total $ 104

Per Share $ 104

22%Total

Return

88

Plus…we have multiple opportunitiesto create additional value

Regional funds (e.g. Asia)

Expand product offerings and capabilities through M&A (e.g. credit business)

Strategic relationships with clients

89

Keys to financial success

Raise capital & deploy wisely

Achieve targetreturns

Expand fundstrategies

1 2 3

90

Q & A

Important Cautionary Notes

91

All amounts are in U.S. dollars unless otherwisespecified. Unless otherwise indicated, the statistical andfinancial data in this presentation is presented as ofJune 30, 2017.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATIONThis presentation contains “forward-looking information”within the meaning of Canadian provincial securities lawsand “forward-looking statements” within the meaning ofSection 27A of the U.S. Securities Act of 1933, asamended, Section 21E of the U.S. Securities ExchangeAct of 1934, as amended, “safe harbor” provisions of theUnited States Private Securities Litigation Reform Act of1995 and in any applicable Canadian securitiesregulations. Forward-looking statements includestatements that are predictive in nature, depend upon orrefer to future events or conditions, and includestatements regarding our and our subsidiaries’operations, business, financial condition, expectedfinancial results, performance, prospects, opportunities,priorities, targets, goals, ongoing objectives, strategiesand outlook, as well as the outlook for North Americanand international economies for the current fiscal yearand subsequent periods, and include, but are not limitedto, statements regarding our asset management. Insome cases, forward-looking statements can be identifiedby terms such as “expects,” “anticipates,” “plans,”“believes,” “estimates,” “seeks,” “intends,” “targets,”“projects,” “forecasts” or negative versions thereof andother similar expressions, or future or conditional verbssuch as “may,” “will,” “should,” “would” and “could.”

Although we believe that our anticipated future results,performance or achievements expressed or implied by theforward-looking statements and information are basedupon reasonable assumptions and expectations, thereader 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 causeour and our subsidiaries’ actual results, performance orachievements to differ materially from anticipated futureresults, performance or achievements expressed orimplied by such forward-looking statements andinformation.

Factors that could cause actual results to differ materiallyfrom those contemplated or implied by forward-lookingstatements include, but are not limited to: the impact orunanticipated impact of general economic, political andmarket factors in the countries in which we do business;the fact that our success depends on market demand forour products; the behavior of financial markets, includingfluctuations in interest rates and foreign exchanges rates;changes in inflation rates in North America andinternational markets; the performance of global equityand capital markets and the availability of equity and debtfinancing and refinancing within these markets; strategicactions including dispositions; the competitive market foracquisitions and other growth opportunities; our ability tosatisfy conditions precedent required to complete suchacquisitions; our ability to effectively integrate acquisitionsinto existing operations and attain expected benefits; theoutcome and timing of various regulatory, legal andcontractual issues; changes in accounting policies andmethods used to report financial condition (includinguncertainties associated with critical accountingassumptions and estimates); the effect of applying futureaccounting changes; business competition; operationaland reputational risks; technological change; changes ingovernment regulation and legislation within the countriesin which we operate; changes in tax laws; catastrophicevents, such as earthquakes and hurricanes; the possibleimpact of international conflicts and other developmentsincluding terrorist acts and cyberterrorism; and other risksand factors detailed from time to time in our documentsfiled with the securities regulators in Canada and theUnited States.

We caution that the foregoing list of important factors thatmay affect future results is not exhaustive. When relyingon our forward-looking statements, investors and othersshould carefully consider the foregoing factors and otheruncertainties and potential events. Except as required bylaw, we undertake no obligation to publicly update orrevise any forward-looking statements or information inthis presentation, whether as a result of new information,future events or otherwise.

CAUTIONARY STATEMENT REGARDING USE OFNON-IFRS MEASURESThis presentation contains references to financial metricsthat are not calculated in accordance with, and do nothave any standardized meaning prescribed by,International Financial Reporting Standards (“IFRS”). Webelieve such non-IFRS measures including, but notlimited to, funds from operations (“”FFO”) and investedcapital, are useful supplemental measures that may assistinvestors and others in assessing our financialperformance and the financial performance of oursubsidiaries. As these non-IFRS measures are notgenerally accepted accounting measures under IFRS,references to FFO and invested capital, as examples,are therefore unlikely to be comparable to similarmeasures presented by other issuers and entities. Thesenon-IFRS measures have limitations as analytical tools.They should not be considered as the sole measure ofour performance and should not be considered in isolationfrom, or as a substitute for, analysis of our financialstatements prepared in accordance with IFRS. For a morefulsome discussion regarding our use of non-IFRSmeasures and their reconciliation to the most directlycomparable IFRS measures refer to our documents filedwith the securities regulators in Canada and the UnitedStates.