Slides
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Brookfield Corporation
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3:30 PM Our Evolution Continues… Bruce Flatt 3:50 PM The Numbers Are Strong Nick Goodman 4:20 PM Real Estate Is in Recovery Kevin McCrain 4:45 PM Wealth Solutions Is Our Future Sachin Shah 5:10 PM Key Messages Bruce Flatt 5:15 PM Q&A Management
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Our Evolution Continues… Bruce Flatt Chief Executive Officer INFORMATION IN THIS PRESENTATION IS QUALIFIED BY THE NOTICE TO RECIPIENTS AND ENDNOTES INCLUDED IN THIS PRESENTATION.
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B R O O K F I E L D . C O M We strive to be the leading global investment firm 4
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B R O O K F I E L D . C O M Focused on building long-term wealth for institutions and individuals around the world 5
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B R O O K F I E L D . C O M For over 125 years, we have been building one of the largest pools of discretionary capital globally See Notice to Recipients and Endnotes, including endnotes 1 to 3. 6 Our Own Perpetual Capital $180B Capital Flexible Insurance Asset Base $135B Insurance Assets A Leading Asset Management Business $1T+ AUM
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B R O O K F I E L D . C O M With operations in 50+ countries, our platform is built to be nimble as the world evolves 7 Americas $730B+ AUM 850 Investment Professionals Europe & Middle East $230B+ AUM 300 Investment Professionals Asia Pacific $150B+ AUM 200 Investment Professionals See Notice to Recipients and Endnotes, including endnotes 2 and 5.
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B R O O K F I E L D . C O M Our disciplined investment philosophy has allowed us to deliver 19% annualized returns over 30+ years 8 Represents annualized total return, with dividends reinvested from August 31, 1993 to August 29, 2025.
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B R O O K F I E L D . C O M 9 Represents annualized total return, with dividends reinvested from August 31, 1993 to August 29, 2025. 19% Annualized Compound Return = 27,000%+ Total Return
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B R O O K F I E L D . C O M For 30+ years, we have outperformed global equity markets… 10 6% 9% 11% 30+ Years Annualized Total Return FTSE 100 TSX 60 S&P 500 BN Represents annualized total return, with dividends reinvested from August 31, 1993, to August 29, 2025. FTSE 100, TSX 60 and S&P 500 sourced from Bloomberg in USD, from August 31, 1993, to August 29, 2025. 800 bps+ extra over 30+ years 19%
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B R O O K F I E L D . C O M 7% 8% 13% 8% 11% 15% 11% 15% 15% 20-Year 10-Year 5-Year Annualized Total Return FTSE 100 TSX 60 S&P 500 BN …and also over the last 20, 10 and five years—with returns getting better over time, not worse… 11 Represents annualized total return, with dividends reinvested from August 31 of 2005, 2015 and 2020, respectively, to August 29, 2025. FTSE 100, TSX 60 and S&P 500 sourced from Bloomberg in USD. The 20, 10, and 5-year returns are from August 31 of 2005, 2015, and 2020, respectively, to August 29, 2025. 22% 17%16%
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B R O O K F I E L D . C O M Evolution Innovation …we have achieved this by adapting our business to the world around us… 12
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B R O O K F I E L D . C O M Our evolution is anchored by two important principles… 13 Our value-investing tenets Our operating capabilities
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B R O O K F I E L D . C O M Our evolution consists of a series of strategic moves Fiscal Year 2023 marked Brookfield Asset Management’s first full year operating as a standalone, publicly traded asset manager following its spinoff in December 2022. 14 2008 Public Market Investors 1899 Business Investing 2020 Build Retail Wealth 2000 Asset Management 1955 Globalization 2023 Spin Off BAM
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B R O O K F I E L D . C O M Global Banking Relationships Our view has been and still is that Fortress Capital wins… 15 Public Markets Institutional Investors Insurance Float Private Wealth
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B R O O K F I E L D . C O M Innovation expands our opportunity set and drives long term growth for our investors 16 We try to identify secular trends Then create products to serve our clients Which enables us to attract capital at scale
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B R O O K F I E L D . C O M Once we understand an industry, we move fast to deploy capital at scale 17 Hydro Pipelines Batteries / Nuclear TodayThen Railroads / Ports AI Factories / Robotics Logistics / Housing / Hospitality Walmart (Logistics) Clarios (Batteries) PD Ports (Ports) Bear Swamp (Hydro) NTS Pipeline (Pipelines)
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B R O O K F I E L D . C O M Our leadership position allows us to build differentiated products Infrastructure Renewable Power & Transition Real EstatePrivate Equity Credit 3 Strategies We have a range of alternative investment strategies that span the risk/return spectrum 5 Strategies 5 Strategies 5 Strategies 6 Strategies 18 Represents key fund strategies.
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B R O O K F I E L D . C O M But our investment approach has remained consistent, with the same methodical and proven capital allocation process 19 Value investing while taking on moderate risk Alignment with constituents Use our operating expertise to inform decisions With a rigorous approach to: Culture wins
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B R O O K F I E L D . C O M This approach has fueled the last 25 years of growth 20 2000 2025 $1T+ $15B 19% CAGR Figures represent as of December 31, 2000, and June 30, 2025, respectively. See Notice to Recipients and Endnotes, including endnote 2. AUM
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B R O O K F I E L D . C O M 2000 2025 This approach has fueled the last 25 years of growth 21 Figures are for the year ending on December 31, 2000, and the last twelve months ending on June 30, 2025, respectively. Operating Income 17% CAGR $19B $0.4B
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B R O O K F I E L D . C O M 2000 2025 This approach has fueled the last 25 years of growth 22 Represents annualized total return, with dividends reinvested from August 31, 2000 to August 29, 2025. Share prices are adjusted for stock splits. Share Price 20% Total Return $66 $2
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B R O O K F I E L D . C O M But where are we now? 23
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B R O O K F I E L D . C O M AI innovation is driving the need for massive infrastructure Aging populations are driving demand for new wealth products A global real estate recovery is here We are in the midst of a transformative phase of growth, due to some major trends in the market and our positioning 24
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B R O O K F I E L D . C O M 25 Source: Brookfield Asset Management. Building the Backbone of AI We are positioned to lead the way of AI innovation at scale#1 $7T+ Infrastructure Renewable Power Real Estate Strategic AdjacenciesCompute Infrastructure Power & TransmissionAI Factories 10-Year Expected Capex Spend Credit Private Equity
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B R O O K F I E L D . C O M 26 See Notice to Recipients and Endnotes, including endnote 4. We are laying the groundwork for our first AI factories— these are the new railroads, highways and water systems of the next decade $40B Europe $125B North America $20B United Kingdom 7 Identified Sites 6GW Compute Infrastructure Capacity ~$200B Total Investment #1
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B R O O K F I E L D . C O M AI infrastructure is a multi-decade deployment opportunity—one that could ultimately become the largest business within our platform 27 #1
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B R O O K F I E L D . C O M 28 DC plans opening to alternative investments There is a structural need for wealth solutions Aging populations and widening retirement savings gap #2 The retirement landscape is undergoing a fundamental shift
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B R O O K F I E L D . C O M Individual investors seeking wealth solutions 29 Our Asset Management business Our own balance sheet This shift is building a powerful third pool of long-term capital for us, on top of our two main sources of capital#2
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B R O O K F I E L D . C O M 30 $22T ~$40T Institutional Pools Individual Pools Global Market Size 401(k)s Annuities Private WealthPension Plans Sovereign Wealth Sources: Preqin, Institutional Allocation Study 2025; BNY, The Alternatives Renaissance; Brookfield internal estimates. See Notice to Recipients and Endnotes, including endnote 4. Individual allocations to alternatives create a long runway for growth#2
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B R O O K F I E L D . C O M We expect this third source of capital will support a doubling of inflows across our fundraising channels as we continue to scale… 31 #2
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B R O O K F I E L D . C O M 32 $100B $50B $50B Annual Capital Inflow Goals Institutional Capital Annuity Inflows Wealth Distribution $200B Annually See Notice to Recipients and Endnotes, including endnote 4. Few have the backbone to deliver and the track record to show#2
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B R O O K F I E L D . C O M 33 In this recovery, those with scale and discipline will lead Operating fundamentals are very strong Deal activity is reviving Interest rates are declining Capital markets are back The global real estate recovery is underway#3
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B R O O K F I E L D . C O M 34 Represents real estate equity capital deployed. Where others pulled back, we remained active—allowing us to enter this next cycle from a position of unmatched strength 34 $60B Capital deployed over the past five years Traditional Multifamily Logistics Hospitality Triple Net Lease Science & Innovation Alternative Housing #3
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B R O O K F I E L D . C O M Simply put, we are more dominant now than ever And with few major survivors, our real estate franchise is stronger than ever 35 #3
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B R O O K F I E L D . C O M The next phase of our evolution is also here… Our history has been about understanding change and positioning ourselves to respond 36
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B R O O K F I E L D . C O M We are building BWS as a fully integrated, investment-led insurance organization 37 • Scale capital • Balance sheet strength • Centralized capital allocation • Growing annuity and wealth flows • Low-risk, predictable liabilities • Strong risk management Brookfield Wealth Solutions Investment -Led Insurance Organization Brookfield Corporation Brookfield Asset Management • Access to proprietary deal flow • Investment and operating expertise across asset classes • Proven track record of delivering strong risk-adjusted returns Capital Float Investment
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B R O O K F I E L D . C O M We have been asked: What does an investment-led insurance organization look like? 38
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B R O O K F I E L D . C O M Traditional Insurance 39 Insurance underwriting drives returns through distribution advantages or insurance knowledge Obtains capital through the writing of insurance policies, which has to be invested Most of the deployment is outsourced to third-party managers to invest on a low-risk basis to incur as few losses as possible to avoid impairing insurance returns Example: Most global insurance companies Seeks Insurance Profits
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B R O O K F I E L D . C O M Investment-Led Insurance 40 Returns are achieved through taking measured risks by investing capital as a core skill Returns are leveraged with low -risk insurance liabilities Does not necessarily choose to earn returns from the writing of insurance policies, but instead seeks float Example: Seeks Investment Profits Robust risk management and protection of policyholders is always the primary factor in decision making
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B R O O K F I E L D . C O M For us… 41 This model sets up our investors for long -term, sustainable growth across market cycles We are led by investment opportunities —not inflows Our capital gives us a competitive advantage Our core competencies suit insurance liabilities Our l ong-duration investing matches insurance float Risk mitigation is critical
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B R O O K F I E L D . C O M Our model is designed to maximize capital efficiency and enhance returns without changing the risk profile of our business 42
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B R O O K F I E L D . C O M Bringing together BN’s decades of investing and operating expertise with BWS’ growing annuity and wealth flows... 43 Retail Annuities Property & Casualty Pension Plan Acquisitions BWS Wealth Flows Infrastructure Asset Management Renewable Power Real Estate Private Equity Credit Investing & Operating Capabilities Investment -Led Insurance Organization Institutional Annuities
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B R O O K F I E L D . C O M ...to create a balanced investment portfolio, anchored by our core competencies 44 Our focus is to compound capital at 15%+ annually Cash Fixed Income Liquid Securities Equity Debt Real Asset Investing See Notice to Recipients and Endnotes, including endnote 4.
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B R O O K F I E L D . C O M When we spun out BAM, we looked for a new synergistic investment business—wealth and retirement is it 45 Delivering high-quality earnings Enhancing the efficiency of our balance sheet Supporting the scaling of BAM’s funds and fee revenues
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B R O O K F I E L D . C O M $26B $135B Capital Insurance Assets Distributable Earnings Our Wealth Solutions business today 46 $1.7B Distributable earnings represent annualized DE. See Notice to Recipients and Endnotes, including endnote 1 and 3.
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B R O O K F I E L D . C O M With further integration into Brookfield, we expect to use our significant capital base to scale BWS to $600B+ of assets , which will… 47 Generate attractive returns on our equity Enable us to participate at scale in the largest investment opportunities Drive growth in BAM, the manager and investor of the capital Sustain the growth profile of BN See Notice to Recipients and Endnotes, including endnote 4.
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B R O O K F I E L D . C O M We are building this business with the same discipline and focus that have defined our success to date 48
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B R O O K F I E L D . C O M As always, we remain focused on delivering 15%+ compound returns for our shareholders over the long term 49 See Notice to Recipients and Endnotes, including endnote 4.
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B R O O K F I E L D . C O M Welcome to the next chapter of Brookfield’s evolution 50
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Nick Goodman President The Numbers Are Strong INFORMATION IN THIS PRESENTATION IS QUALIFIED BY THE NOTICE TO RECIPIENTS AND ENDNOTES INCLUDED IN THIS PRESENTATION.
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Overview Review of the Past Looking Forward Bringing It All Together Key Takeaways
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Overview
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B R O O K F I E L D . C O M Annualized DE Growth Annualized Plan Value Growth We delivered strong earnings and plan value growth over the last five years Represents distributable earnings before realizations for the five-year period ending on June 30, 2025. See Notice to Recipients and Endnotes, including endnote 7. 54 22% 16%
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B R O O K F I E L D . C O M The foundations are in place to continue the trajectory of growth… 55
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B R O O K F I E L D . C O M We are well positioned to grow earnings at 20%+ per share annually over the next five years 56See Notice to Recipients and Endnotes, including endnotes 4 and 6. Annualized Total DE Growth per Share Over the Next Five Years 25% Annualized DE per share growth over the next five years 20% Core Businesses Capital Allocation Annualized DE per share growth over the next five years 5%
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B R O O K F I E L D . C O M Perpetual Capital Debt and Preferred Capital Underpinned by a conservative balance sheet 57 Conservative Capitalization Strong Corporate Liquidity ~$180 B $6B Cash, financial assets and undrawn facilities $82B Listed securities ~$15B Long-term debt ~$4B Perpetual preferred equity ~$160B Perpetual common equity
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B R O O K F I E L D . C O M With our business philosophy in place, we expect to deliver plan value per share growth of 16% on an annualized basis See Notice to Recipients and Endnotes, including endnotes 1, 4, and 6. 58 $102 Today $210 2030 Plan Value Per Share
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Review of the Past
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B R O O K F I E L D . C O M Last year, we identified the following tailwinds: 60 Lower borrowing costs globally Lower capitalization rates Increasing transaction activity
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B R O O K F I E L D . C O M Executed ~$155 billion of financings 61 These tailwinds played out over the past year, as we successfully... Raised over $95 billion of capital Deployed ~$135 billion into investments Monetized over $75 billion of assets Deployments and monetizations represent gross asset value, including signed transactions through August 2025.
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B R O O K F I E L D . C O M Asset Management • Fee-related earnings growth of 18% • Raised over $95 billion of capital, 75%+ from complementary strategies Wealth Solutions • Distributable earnings grew to $1.7 billion1 • Sustained return on equity of 15% Operating Businesses • Renewable Power & Transition and Infrastructure FFO growth of 13% • Real Estate delivered $5 billion of balance sheet monetizations • Private Equity adjusted EBITDA growth of 15% Resulting in strong performance across our core businesses, delivering 21% growth in DE before realizations 1. Represents annualized DE as of June 30, 2025. 62
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B R O O K F I E L D . C O M Plus, we returned over $1.5 billion of capital to our shareholders 63 $1B+ Share Repurchases $500M+ Dividends
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B R O O K F I E L D . C O M Our valuation methodology remains unchanged, and our view of the sum of its parts is: See Notice to Recipients and Endnotes, including endnote 1. 64 As of June 30, 2025 Plan Value ($ billions) Per Share Asset Management $ 110 $ 70 Wealth Solutions 26 16 Operating Businesses 44 28 $ 180 $ 114 Debt and Preferred Capital (19) (12) Total Plan Value $ 161 $ 102
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B R O O K F I E L D . C O M Our plan value increased by 22% in 2025 , creating $28 billion of value for our shareholders 65 See Notice to Recipients and Endnotes, including endnotes 1 and 4. $84 Asset Management Wealth Solutions Operating Businesses 2024 2025 $102 22 % Plan Value per Share 16X Average DE Multiple (Next Five Years) 27X DE Multiple
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B R O O K F I E L D . C O M 2020 2025 DE Before Realizations ($B) 2020 2025 Plan Value ($ per Share) We set our targets five years ago with the goal of more than doubling our business —and we exceeded that See Notice to Recipients and Endnotes, including endnote 7. 66 19 % CAGR 16 % CAGR $2.0 $4.8 $48 $100
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B R O O K F I E L D . C O M 2020 2025 DE Before Realizations ($B) 2020 2025 Plan Value ($ per Share) We set our targets five years ago with the goal of more than doubling our business —and we exceeded that See Notice to Recipients and Endnotes, including endnote 7. 67 $2.0 $5.3 $48 $102 22 % CAGR 16 % CAGR
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B R O O K F I E L D . C O M Better yet, we also diversified our earnings streams over that time CAGR is calculated over the last five years. See Notice to Recipients and Endnotes, including endnote 7. 68 22% CAGR 2021 2022 2023 2024 2025 Operating Businesses Asset Management Wealth Solutions Distributable Earnings Before Realizations $2.7B $3.4B $4.1B $4.4B $5.3B
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B R O O K F I E L D . C O M Achieving a total return ahead of our target… See Notice to Recipients and Endnotes, including endnote 1. 69 2020 –25 Growth in plan value 16% Average dividend yield 1% Total compound annual return based on plan values 17%
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B R O O K F I E L D . C O M …while delivering a 19% stock market return over the past 30+ years Represents annualized total return, with dividends reinvested from August 31, 1993 to August 29, 2025. S&P 500 sourced from Bloomberg in USD, from August 31, 1993, to August 29, 2025. 70 BN S&P 5001993 2025 $66 11 % S&P 500 Annualized Return 19% Annualized Return1
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B R O O K F I E L D . C O M Our Price versus Value discrepancy continues to offer a large margin of safety or substantial upside from today Plan value and share price as of June 30, 2025 and August 29, 2025, respectively. See Notice to Recipients and Endnotes, including endnotes 1 and 4. 71 18X Trading DE Multiple (Today) 10X Average Trading DE Multiple (Next Five Years) $102/share Plan Value $66/share Share Price ~35% Discount
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Looking Forward
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B R O O K F I E L D . C O M Our value proposition See Notice to Recipients and Endnotes, including endnotes 1 and 6. 73 Annualized DE per share growth over the next five years 20% Core Businesses Capital Allocation Annualized DE per share growth over the next five years 5%
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B R O O K F I E L D . C O M The key themes fueling the growth of our business are as follows: 74 Increasing institutional and individual allocations to alternatives Growing BWS as a core part of Brookfield Generational investment opportunities in AI Declining interest rates, strong capital markets, the real estate recovery, and increasing transaction activity
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B R O O K F I E L D . C O M Translates into a diversified earnings growth profile of 25% See Notice to Recipients and Endnotes, including endnotes 4 and 6. 75 25% CAGR 19% Asset Management 2% Operating Businesses 23% Capital Allocation 34% Wealth Solutions 22% Carried Interest
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Core Businesses
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B R O O K F I E L D . C O M Our $180B perpetual capital base spans three core businesses with public and private holdings 77 $110B Capital Asset Management Wealth Solutions Operating Businesses $26B Capital $44B Capital See Notice to Recipients and Endnotes, including endnote 1.
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B R O O K F I E L D . C O M Our sum-of-the-parts valuation 78See Notice to Recipients and Endnotes, including endnote 1. $161B which is $102 per share Private Holdings $98B or $62 per share Public Holdings $82B or $52 per share Debt and Preferred Capital $19B or $12 per share Plan Value per Share =
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B R O O K F I E L D . C O M Our focus today will be on outlining the growth profile of our Private Holdings 79
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B R O O K F I E L D . C O M Breaking down the valuation of our private holdings See Notice to Recipients and Endnotes, including endnote 1. 80 ($ billions) As of June 30, 2025 Plan Value Valuation Method Asset Management Direct Investments $ 12 Fair value under IFRS Carried Interest 34 10x annualized target carry Wealth Solutions 26 15x annualized DE Real Estate 26 Fair value under IFRS Private Holdings $ 98 Per Share $ 62
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Asset Management – Direct Investments
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B R O O K F I E L D . C O M On our balance sheet, we have $12 billion of direct investments in funds managed by BAM, targeting 15%+ returns See Notice to Recipients and Endnotes, including endnote 8 to 10. 82 Target Return ($ billions) Original Investment Capital Returned To Date Current Investment Gross Net BSREP I $ 1.6 $ 3.0 $ - ~20% ~16% BSREP II 2.9 3.3 1.2 ~20% ~16% BSREP III 4.3 1.4 4.2 ~20% ~16% BSREP IV 1.1 0.3 1.2 ~20% ~16% Oaktree Investments 2.6 0.6 1.9 ~15% ~10% Private Equity Investments 2.4 0.7 1.9 ~20% ~16% Other Funds and Co-Investments n/a n/a 1.5 ~15% ~12% Total $ 11.9 − Fully Realized
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B R O O K F I E L D . C O M Funds are performing in line with target returns… …and we expect to surface ~$5 billion of capital, net of new investment, over the next five years 83 See Notice to Recipients and Endnotes, including endnote 4.
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B R O O K F I E L D . C O M Asset Management – Carried Interest 84
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B R O O K F I E L D . C O M Carried interest is a material component of our value proposition …and yet it is still underestimated… 85
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B R O O K F I E L D . C O M We earn carried interest from two sources: Combined margin includes Oaktree funds. 86 Legacy Funds Earn 100% of carried interest from BAM funds raised before 2023 – Incur 100% of the associated costs, assumed 65% combined margin Royalty Earn 33% share of BAM gross carried interest from funds raised after 2023 – Incur zero costs, it is a royalty at 100% margin
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B R O O K F I E L D . C O M We follow a European waterfall model to recognize carried interest into income, which means we… The outcome is the same as an American waterfall model, but recognition comes later Invest the capital of a fund Return all the invested capital Deliver a preferred return Realize carry on every incremental dollar 87
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B R O O K F I E L D . C O M Deferral of carried interest recognition ensures strong alignment of interests with our clients and de-risks future recognition 88
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B R O O K F I E L D . C O M We are returning material amounts of capital to clients This will result in a larger , more stable and consistent stream of carried interest income over time Carried interest is now at an inflection point … 89 The scale and diversification of our fund offerings has grown carry potential Transaction activity has meaningfully increased =
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B R O O K F I E L D . C O M We expect to realize $25B of net carried interest into income over the next 10 years… See Notice to Recipients and Endnotes, including endnotes 4 and 10. 90 ~$4B Cumulative Net Realized Carried Interest 2015 2025 2035 Last 10 Years ~$25B Next 10 Years
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B R O O K F I E L D . C O M …which includes $6 billion of net realized carried interest over the next three years See Notice to Recipients and Endnotes, including endnote 4 and 10. 91 $6B $6B $13B 1–3 years 4–5 years 6 years + $25B
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B R O O K F I E L D . C O M Importantly, we have a clear line of sight to this carried interest, with recent monetizations advancing funds towards recognition Capital returned includes signed transactions through August 2025. See Notice to Recipients and Endnotes, including endnote 4 and 10. 92 Given our conservative approach, we are confident in our ability to recognize this carried interest into income of carried interest over the next three years will come from just seven mature and proven funds 2/3 90 % of the capital from these funds has already been returned to clients
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B R O O K F I E L D . C O M 2025 2030 Our carried interest potential is expected to grow substantially over the next five years Carried interest figures are presented gross of costs and non-controlling interests. Net figures are presented net of costs and non-controlling interests . See Notice to Recipients and Endnotes, including endnote 4. 93 $1B $2B 2025 2030 Net $0.5B $3B 2025 2030 Net Annual Generated Carried Interest Realized Carried Interest $2B $7B $6B $0.9B 18 % CAGR Carry-Eligible Capital $575B $246B 37 % CAGR 45 % CAGR
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B R O O K F I E L D . C O M We value our carried interest at $34 billion , as a multiple of target annualized carried interest, net, plus accumulated unrealized carried interest, net… Carried interest figures are presented net of costs and non-controlling interests. See Notice to Recipients and Endnotes, including endnote 1. 94 As of June 30, 2025 ($ billions) Multiple Plan Value Target carried interest, net $ 2.7 10x $ 27 Accumulated unrealized carried interest, net 7 Total carried interest, net $ 34
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B R O O K F I E L D . C O M Discounted Cash Flow Total ($ billions) NPV of carried interest—legacy funds (100% of carried interest @ 65% margin over 10 years) $ 9 NPV of carried interest—royalty (BN receives 1/3 of carried interest @ 100% margin over 10 years) 7 NPV of carried interest—royalty franchise value (BN receives 1/3 gross carried interest @ 100% margin in perpetuity) 18 Total carried interest, net $ 34 …which is supported by a 10-year discounted cash flow analysis See Notice to Recipients and Endnotes, including endnotes 1, 4, and 10. 95 Sensitivity Analysis Discount Rate ($ billions) 7.5% 8.5% 9.5% Perpetuity Growth Rate 2.50% 42 35 30 2.25% 40 34 30 2.00% 39 33 29
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B R O O K F I E L D . C O M Overall, we expect to generate 20% earnings growth annually from our asset management business 2025 DE from BAM and direct investments are annualized as of June 30, 2025. See Notice to Recipients and Endnotes, including endnotes 4 and 11. 96 ($ billions) 2025 2030 Distributable earnings from BAM $ 1.7 $ 4.2 Distributable earnings from direct investments 0.9 0.5 Net realized carried interest direct to BN 0.5 3.0 Total Asset Management distributable earnings $ 3.1 $ 7.7 43% CAGR 18% CAGR 20% CAGR
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Real Estate
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B R O O K F I E L D . C O M We are positioned to capitalize on the real estate recovery Recovery underway Declining interest rates, stronger capital markets, and increasing transaction activity are driving recovery across global real estate markets Our portfolio is well positioned Favorable supply and demand fundamentals, combined with our operating expertise, position our portfolio to capture meaningful growth Delivering on our plan Focused on executing our business plan to drive value and surface capital 98
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B R O O K F I E L D . C O M Which is providing tailwinds to our business plan initiatives… 99 Monetize assetsDrive NOI and FFO growth
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B R O O K F I E L D . C O M …and driving substantial cash generation for reinvestment Annualized distributable earnings as of June 30, 2025. See Notice to Recipients and Endnotes, including endnotes 1 and 4. 100 Today $26B Total Plan Value $730M DE 2030 $15B Total Plan Value $640M DE $24B Cash Generated With
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B R O O K F I E L D . C O M Wealth Solutions 101
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B R O O K F I E L D . C O M Scaling BWS as a sustainable, investment-led insurance organization 102 Executing Growth Plan Built leading origination platforms in the U.S. and Canada, now focused on expanding into the U.K. Maintaining Discipline Growth led by investments in our core areas of competency, not inflows—sustaining 15%+ returns on equity Scaling Without Sacrificing Risk Profile Investment opportunity is significant as is the potential for float, with a credible path from $135B to ~$350B of insurance assets and more than doubling earnings over the next five years See Notice to Recipients and Endnotes, including endnotes 3 and 4.
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B R O O K F I E L D . C O M Building an investment-led insurance company strengthens our growth profile and drives long-term alignment and value creation 103 Deeper integration into and utilization of the Brookfield balance sheet Enhances growth for the Brookfield Ecosystem Alignment with policyholders All this can be achieved without changing the risk profile of our business
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B R O O K F I E L D . C O M We believe we can more than double our earnings from this business by 2030 See Notice to Recipients and Endnotes, including endnotes 1 and 4. 104 With a generational opportunity for capital deployment, we have the ability to scale BWS meaningfully while still delivering 15%+ returns on equity ($ billions, except per share amounts) 2025 2030 Earnings $ 1.7 $ 5.5 Multiple 15x 12-15x Valuation $ 26 $ 66-83 Per BN share $ 16 $ 42-52 ROE 15% 17% Our earnings profile supports a compelling value proposition
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Capital Allocation
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B R O O K F I E L D . C O M We follow a disciplined, centralized capital allocation framework that has been developed methodically over many years 106 This flexibility is one of our greatest strengths Distribute all free cash flow to the Corporation Centralize reinvestment decisions Assess investment opportunities across the entire franchise Deploy capital to the highest-returning opportunities
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B R O O K F I E L D . C O M Focus areas for capital allocation 107 Invest in strategic transactions to expand our business and enhance knowledge Return capital to shareholders Retain ample liquidity to defend against downside risks and preserve financial flexibility Support growth and invest alongside our core businesses
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B R O O K F I E L D . C O M Over the past five years, we reinvested $31 billion of capital across our businesses… 108 $31B Capital Reinvested Share buybacks Supported the growth of BWS Fund asset management commitments Investments into our operating businesses
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B R O O K F I E L D . C O M We allocated $12B of capital to BWS, generating significant value and earnings growth 109 $26B $1.7B Capital Reinvested (5 Years) Plan Value Today Annualized DE Today (Net of fees paid to BAM) $12B Our capital allocation at work: Brookfield Wealth Solutions Acquired companies at discounts to book value Invested float at much higher returns Realized expense synergies and grew annuity base See Notice to Recipients and Endnotes, including endnote 1. $0.3B Annualized Fees to BAM
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B R O O K F I E L D . C O M Over the past two years, we allocated $2 billion to repurchase BN shares. This added $2 of value to each remaining share 110 $2B Capital Reinvested (2 Years) Value Added to Each Remaining Share $44 /share Average Price Our capital allocation at work: Share Repurchases $2/share
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B R O O K F I E L D . C O M Looking forward, we expect to generate $53 billion of free cash flow over the next five years See Notice to Recipients and Endnotes, including endnotes 4 and 6. 111 Asset Management Wealth Solutions Operating Businesses Realized Carried Interest $53B
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B R O O K F I E L D . C O M Leading to significant excess cash flow to invest into new opportunities See Notice to Recipients and Endnotes, including endnotes 4 and 6. 112 Absent investment opportunities, capital will be available to return to shareholders ($ billions) 2026 –30 Distributable earnings $ 53 Less: dividends paid to shareholders (4) Less: reinvestment expected (but not committed) into existing businesses (24) Excess cash flow $ 25
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Bringing it all together
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B R O O K F I E L D . C O M We are set up to deliver 17% annualized growth in DE per share before carried interest and reinvestment over the next five years… 114 See Notice to Recipients and Endnotes, including endnote 4.
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B R O O K F I E L D . C O M …increasing to 25% when considering carried interest and capital allocation 115 See Notice to Recipients and Endnotes, including endnotes 4 and 6.
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B R O O K F I E L D . C O M Growth in distributable earnings before realizations and capital allocation of 17% annually is driven by: Annualized DE as of June 30, 2025. See Notice to Recipients and Endnotes, including endnotes 4 and 11. 116 ($ billions) 2025 2030 BAM $ 1.7 $ 4.2 Direct Investments 0.9 0.5 Asset Management 2.6 4.7 Wealth Solutions 1.7 5.5 Operating Businesses and Other 0.7 0.8 DE before realizations and capital allocation $ 5.0 $ 11.0 Per share $ 3.16 $ 6.90 26% CAGR 18% CAGR 17% CAGR
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B R O O K F I E L D . C O M DE before realizations and capital allocation and total DE per share should increase at 17% and 25% CAGRs, respectively See Notice to Recipients and Endnotes, including endnotes 4 and 6. 117 $3.46 Operating Businesses Asset Management Wealth Solutions Realized Carried Interest Capital Allocation $3.16 $6.90 DE Before Realizations and Capital Allocation DE 2025 2030 2025 2030 $ per share 17 % CAGR 25 % CAGR $10.40
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B R O O K F I E L D . C O M Plan Value per share should increase to $210 by 2030 See Notice to Recipients and Endnotes, including endnotes 1, 4, and 6. 118 And we are just getting started—ramping up our investment-led insurance model sets us up to unlock even further upside in years five and beyond $102 Today $210 2030 Plan Value Per Share
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B R O O K F I E L D . C O M Key takeaways See Notice to Recipients and Endnotes, including endnotes 1, 4, and 6. 119 We are set up to grow earnings per share at 20%+ annually over the next five years This is all underpinned by a very conservative balance sheet and strong liquidity Carried interest is at an inflection point… we expect meaningful realizations in the next three years BWS is positioned to enhance our capital efficiency and drive long-term shareholder returns We are better positioned than ever to deliver 15%+ annual returns for our shareholders
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B R O O K F I E L D . C O M Stay tuned as we move forward 120
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Real Estate Is in Recovery Kevin McCrain Managing Partner, Real Estate INFORMATION IN THIS PRESENTATION IS QUALIFIED BY THE NOTICE TO RECIPIENTS AND ENDNOTES INCLUDED IN THIS PRESENTATION.
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B R O O K F I E L D . C O M Key messages The real estate recovery is fully underway – Capital markets are back, and transaction activity has picked up Operating fundamentals are strong – Supply and demand fundamentals are favoring existing assets—with the best assets poised to benefit the most Our premier portfolio is well positioned to deliver earnings growth The return of transaction activity should lead to $24 billion of capital being surfaced over the plan period 122See Notice to Recipients and Endnotes, including endnotes 4 and 10.
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B R O O K F I E L D . C O M Our real estate platform comprises two pools of capital 123 We will take a deeper dive into our balance sheet investments … Balance Sheet Investments Private Fund Investments
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B R O O K F I E L D . C O M Over the past year, we successfully… 124 Grew same-store NOI by 2% across our super core real estate portfolio or 5% growth on a levered basis Signed 15 million sf leases and renewals across our office and retail portfolio at rents 11% higher than expiring rents Monetized $5 billion of balance sheet assets Completed $16 billion of financings, including $8 billion from retail and $5 billion from office assets
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B R O O K F I E L D . C O M We have historically segmented balance sheet capital into Core and Transitional & Development assets… 125
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B R O O K F I E L D . C O M ...we have done a lot of work in the last few years on our Transitional & Development assets… …they can be segmented further to enhance understanding 126
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B R O O K F I E L D . C O M Balance sheet capital 127 Core 35 irreplaceable, premier properties in key global markets Previously Transitional & Development 151 assets with value-add strategies, focused on development and leasing; monetize for value over the plan period
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B R O O K F I E L D . C O M Balance sheet capital 128 Core 35 irreplaceable premier properties in key global markets Previously Super Core 34 irreplaceable, premier properties in key global markets that we expect to hold a stake in forever Core Plus Collection of 57 premier assets in central locations, with growing NOI that we expect to monetize for value over the plan period Value Add 95 assets in secondary markets that we expect to reposition to enhance NOI and monetize for value over the plan period Transitional & Development 151 assets with value-add strategies, focused on development and leasing; monetize for value over the plan period Today
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B R O O K F I E L D . C O M Breaking down our new pools of balance sheet capital 129 Excludes our North American Residential business. As of June 30, 2025 Equity ($B) Super Core $ 19 Core Plus 8 Value Add 6 Corporate and Other (10) Net Equity $ 23
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B R O O K F I E L D . C O M Super Core portfolio overview Percentages in the pie chart are allocated by property-level equity value. 1 3 0 25 % 18 %47 % 3% 7% U.S. Office International Office Retail Urban Retail Residential & Hospitality 34 Properties $19B Equity Value 47% Property LTV 95% Occupancy
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B R O O K F I E L D . C O M 10 trophy office assets 131 Super Core Portfolio Overview Asset Asset Value ($M) Equity Value ($M) Occupancy WALT (years) Super Core Office New York Brookfield Place 4,002 2,047 93% 11 Manhattan West 3,278 1,671 94% 12 300 Madison Avenue 1,277 518 100% 9 Grace Building 898 528 99% 9 London Canary Wharf 3,637 1,809 91% 9 100 Bishopsgate 1,994 305 100% 14 Toronto Brookfield Place 909 483 96% 5 Bay Adelaide Centre 465 264 98% 9 Other Brookfield Place Dubai 403 180 98% 5 Potsdamer Platz Berlin 626 289 78% 5 Total 17,489 8,094 94% 10
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B R O O K F I E L D . C O M 18 premier retail centers 132 Super Core Portfolio Overview Asset City Asset Value ($M) Equity Value ($M) Sales (per sf) Luxury Retail Ala Moana Center Honolulu, HI 2,271 1,254 1,514 730 Fifth Avenue New Y ork, NY 1,161 536 N/ A Park Meadows Denver, CO 1,155 615 993 Oakbrook Center Oak Brook, IL 1,071 765 1,400 T ysons Galleria McLean, VA 1,067 726 1,998 The Grand Canal Shoppes Las Vegas, NV 898 530 1,351 Fashion Show Las Vegas, NV 833 515 1,019 Willowbrook Wayne, NJ 702 440 848 Shops at Merrick Park Coral Gables, FL 567 301 1,138 The Shops at La Cantera San Antonio, TX 280 202 1,139 Others (8) Multiple 4,378 2,934 1,125 Total 14,383 8,818 1,183
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B R O O K F I E L D . C O M Asset City Asset Value ($M) Equity Value ($M) Occupancy WALT (years) Luxury Residential & Hotels The Eugene New York 333 165 94% n/a Pendry Manhattan West New York 150 99 n/a n/a Canary Wharf Residential London 2,114 1,058 94% n/a Total 2,597 1,322 94% n/a Urban Retail Brookfield Place Retail New York 420 165 95% 6 Manhattan West Retail New York 192 105 96% 12 Canary Wharf Retail London 679 339 96% 8 Total 1,291 609 96% 8 Six residential and mixed-use assets 133 Super Core Portfolio Overview
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B R O O K F I E L D . C O M Today, we’re focusing on our Core Plus portfolio—premier, centrally located assets with growing NOI 1 3 4 – These assets would all be most others’ “Super Core” Portfolio
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B R O O K F I E L D . C O M Core Plus portfolio overview Overview excludes our North American Residential business. Percentages in the pie chart are allocated by property-level equity value. Property count includes three residential assets and one hotel asset. 1 3 5 18 % 17 % 64 % 1 % North American Office International Office Retail Residential & Hospitality 57 Properties $8B Equity Value 44% Property LTV 94% Occupancy
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B R O O K F I E L D . C O M Core Plus has performed in line with our Super Core portfolio 1 3 6 Super Core 95% Occupancy 10 Years Office Lease Life Core Plus 94% Occupancy 8 Years Office Lease Life
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B R O O K F I E L D . C O M 26 Office Buildings 1 3 7 Core Plus Portfolio Overview Asset Asset Value ($M) Equity Value ($M) Occupancy WALT (years) Core+ Office Brookfield Place Perth ( 2 ) Perth 1,004 399 94% 8 One Leadenhall London 909 327 n/a n/a One Liberty Plaza New Y ork 7 40 357 84% 6 Brookfield Place Calgary Calgary 584 343 92% 13 Gajoen ( 2 ) T okyo 376 106 99% 2 Bankers Hall West ( 3 ) Calgary 365 187 89% 7 Suncor Energy Centre ( 2 ) Calgary 325 185 87% 13 Principal Place Commercial London 312 123 100% 7 Exchange T ower T oronto 230 142 85% 5 Fifth Avenue Place ( 2 ) Calgary 201 86 71% 8 Others (10) Multiple 1,190 707 99% 7 Total 6,236 2,962 91% 8
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B R O O K F I E L D . C O M 27 Retail Centers 1 3 8 Core Plus Portfolio Overview Asset City Asset Value ($M) Equity Value ($M) Sales (per sf) Core+ Retail The Streets At Southpoint Durham, NC 667 382 818 Perimeter Mall Atlanta, GA 611 359 776 Mayfair Wauwatosa, WI 544 389 647 Valley Plaza Mall Bakersfield, CA 542 354 708 Baybrook Mall Friendswood, TX 480 341 761 Alderwood Lynnwood, WA 452 319 885 Fashion Place Murray, UT 379 244 1,029 Jordan Creek T own Center West Des Moines, ID 373 241 780 685 Fifth Avenue New Y ork, NY 371 127 862 The Mall In Columbia Columbia, MD 355 247 705 Others (17) Multiple 3,547 2,368 834 Total 8,321 5,371 803
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Office Overview
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B R O O K F I E L D . C O M More companies have returned to the office, supporting recovery across the sector—The debate is finally over Source: JLL Research. Fortune 100 Office Attendance Policies. 1 4 0 5% 78% 17 % 54 %41 % 5% Avg Weekly Requirement: 2.6 days Avg Weekly Requirement: 3.8 days Q2 2023 Q2 2025 Fully In-Office Hybrid Team Dependent / Other
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B R O O K F I E L D . C O M Momentum in the U.S. office leasing market is accelerating as demand continues to grow Source: VTS. 1 4 1 142 173 2021-22 Avg 2024-25 Avg Total SF Demand (All Industry Groups, SF in Millions) 9% CAGR Jul 2022-25
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B R O O K F I E L D . C O M With little new development expected, supply and demand dynamics are tightening… Source: Eastdil. 1 4 2 18 3 2018-24 Avg. 2025-26 Avg. U.S. Office Supply (SF in Millions) ~85 % Decrease from long term average Completed Under Construction
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B R O O K F I E L D . C O M …driving rents for trophy office buildings globally Source: JLL Research. 1 4 3 - $50 $100 $150 $200 Toronto Shanghai Sydney Paris New York London Hong Kong Average premium to market of +60% Market Average New Supply Equivalent 39 % 46% 48 % 77 % 114 % 79% 78%
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B R O O K F I E L D . C O M Our office portfolio is well positioned to capitalize on strengthening fundamentals 1 4 4
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Retail Overview
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B R O O K F I E L D . C O M Operating fundamentals continue to strengthen, with a healthy retail sales outlook and continued store openings 1 4 6 70% 80% 90% 100% 110% 120% 130% 140% 150% 2019 2020 2025 Retail Sales (% of December 2019) +[X]% YTD vs. PYTD %+ vs. 2019 +280 stores opened Retail Sales YoY Sales Growth CPI Growth Source: Census and Commerce Department via Ernst & Young.
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B R O O K F I E L D . C O M Retail supply remains constrained, following 16 years of declining mall GLA and historically low new construction activity Source: JLL Research. 1 4 7 0 20 40 60 80 100 120 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD U.S. Construction Starts (Million sf)
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B R O O K F I E L D . C O M We own and operate some of the most iconic retail properties around the globe 1 4 8
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B R O O K F I E L D . C O M High occupancy and strong sales underpin the quality of our portfolio Sales per square foot are based on <10k square feet. 1 4 9 BPR Total Occ: 94.2% (June R12), 93.6% (2021), 96.4% (2019) BPR: $796 (June R12), $718 (2021), $643 (2019) BPR numbers exclude receivership assets: Oaks, Glenbrook Square, Providence Place Leased Sales per square foot Super Core 97% $1,183 Core Plus 96% $821
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B R O O K F I E L D . C O M Through our active management, we continue to evolve retail centers to meet the needs of their local markets to drive long-term value 1 5 0
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B R O O K F I E L D . C O M Alderwood Mall Core Plus Portfolio Highlight · Redevelopment of the former Sears anchor box. Two residential towers containing 328 market rate units were developed in a joint venture with Avalon Bay. These towers are currently ~96% occupied. The redevelopment also includes roughly 76K in restaurant and entertainment users (Dave and Busters, Cheesecake Factory, Fogo de Chao, Shake Shack). The retail component of the redevelopment added an incremental ~$4.0M in NOI to the property. This redevelopment also helped transform the former Sears wing entrance which was historically weak into a stronger entrance by attracting the relevant and important retailers Uniqlo and JD Sports. · Alderwood has become the dominant retail asset in the northern suburban Seattle market. The property offers a variety of retailers, restaurants, and entertainment uses that resonates well with the community, this helps the mall serve as the de factor downtown for the surrounding area. The sub-market also has a notable Asian population that the mall caters to with a variety of Asian retailers and restaurants. · Recent notable leasing deals include Uniqlo, JD Sports, Paris Baguette, Mango, and Mavi Jeans with a healthy pipeline of prospective tenants currently exploring the property. · Trade area has a population of ~975K, forecasted to grow by 3.6% over the next five years. AHHI in the trade area is ~$118K. Occupancy is back to 2019 levels while Total Sales (excluding Apple/Tesla) and NOI have increased by more than 25% (28% and 26% respectively) Alderwood Mall, Lynnwood, WA +50%+ Incremental NOI since 2021 99% Occupancy 1 5 1 NOI increase from FY 2021 to FY 2025E.
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B R O O K F I E L D . C O M Fashion Place Core Plus Portfolio Highlight Continues to evolve as Salt Lake City’s leading shopping destination, driven by a focused strategy to re-merchandise the center with best-in-class retail brands. Our vision is to deliver a vibrant, high-performing mix that stays ahead of the market. We’re bringing in a blend of first-to-market and exclusive retailers to create a shopping experience that’s fresh, relevant, and tailored to today’s discerning consumer. By replacing underperforming tenants with a curated mix of digitally native and heritage brands, we’re enhancing the overall value and appeal of the center—ensuring Fashion Place remains the go-to destination for both trend-forward shoppers and brand- savvy retailers. With a curated mix of exclusives and first-to-Utah experiences, Fashion Place leads the market in innovation and retail relevance, delivering unmatched value to both shoppers and brand partners. · The trade area has a population of ~1.3M, forecasted to grow by ~8.5% over the next five years. AHHI in the trade area is ~ $123k. Recent First-to-Market & Exclusive Retailers: · Zara, Aritzia, Travis Mathew, Crate & Barrel, and Urban Outfitters Newly Opened or Coming Soon: · Gorjana, Vuori, Free People Movement, Coach, Breitling, Tag Heuer, Grand Seiko, Indochino, Fogo De Chao, Garage, Windsor and Great Big Game Show Currently in Negotiation: · Lululemon expansion, Alo Yoga – Elevated activewear, Hotel Chocolat – Premium chocolatier, backed by Mars, Inc., Rowan, Aerie & Offline, Rivian, Maggiano’s, and Kendra Scott Occupancy is near 2019 levels but SPSF (excluding Apple/Tesla) has increased by 22% and Sales have increased by 19%. NOI is up 7%. Fashion Place, Murray, UT +8.5% Trade area growth +~20% Sales increase since 2021 1 5 2Source: Synergos 2024 demographic data; Total sales exclude anchors.
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B R O O K F I E L D . C O M The Shops at The Bravern Core Plus Portfolio Highlight The Shops at The Bravern - Rolex (currently signed, not open) to add 2.7% perm occupancy lift to 93.1% upon anticipated opening in mid-2026 Occupancy is below 2019 levels but sales are up 50% and SPSF are up 71%. NOI is up 16%. Shops at the Bravern, Bellevue, Washington +70% Sales per sf vs. 2019 +80% NOI increase vs. 2019 1 5 3Sales per square foot based on <10k sf NOI increase from FY 2019 to FY 2025E.
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B R O O K F I E L D . C O M The Streets at Southpoint Core Plus Portfolio Highlight · Capitalizing on Durham’s growth trajectory, having secured entitlements in 2023 to support a long-term mixed-use vision that includes ~1,300 multifamily units, 300,000 SF of office, and 100,000 SF of new retail, positioning the property as a future lifestyle district in one of the Southeast’s most dynamic markets. · Reinvestment is already underway, with Dick’s House of Sport currently under construction in the former Sears box and slated to open in Q3 2025, bringing an immersive, experience-driven anchor that reflects the evolving role of Southpoint in the community. · Aspirational brands are choosing Southpoint, with Alo Yoga opening its first store in the market, Aritzia planning to open later this year, and Vuori already launched a strong performance earlier this year, underscoring the center’s ability to attract top-tier retailers and stay ahead of shifting consumer preferences. · The trade area has a population of ~1.3M, forecasted to grow by ~4.6% over the next five years. AHHI in the trade area is ~$134k. Occupancy is below 2019 levels but sales and SPSF are both up over 10% (+10% and + 12% respectively). NOI is down. 1,300 units is the max capacity in the entitlements, which the city of Durham provided in June 2023. It's "aspirational" as development would likely be a phased approach and not build all at once. however it's still a realistic number because that's a capacity specifically supported by city code. The Streets at Southpoint, Durham, NC +4.6% Trade area growth +$70M Sales increase since 2021 1 5 4Source: Synergos 2024 demographic data Total sales exclude anchors.
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In Summary 1 5 5
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B R O O K F I E L D . C O M Objectives for the portfolio 1 5 6 Monetize assetsDrive NOI and FFO growth
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B R O O K F I E L D . C O M We should drive substantial cash generation for reinvestment over our plan period See Notice to Recipients and Endnotes, including endnotes 1 and 4. 1 5 7 Today Growth Dispositions Reinvestment 2030 ($ billions) Plan Value Super Core $ 19 3 (8) 1 $ 15 Core Plus 8 - (9) 1 - Value Add 6 - (6) - - Corporate and Other (10) - - 7 (3) Residential 3 - (1) 1 3 Total $ 26 3 (24) 10 $ 15
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B R O O K F I E L D . C O M In conclusion, if successful, we should deliver… See Notice to Recipients and Endnotes, including endnote 4. 1 5 8 Capital From Asset Sales Same-Store NOI Growth Regular Dividends $24B 4% $3B
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Wealth Solutions Is Our Future Sachin Shah Chief Executive Officer, Wealth Solutions INFORMATION IN THIS PRESENTATION IS QUALIFIED BY THE NOTICE TO RECIPIENTS AND ENDNOTES INCLUDED IN THIS PRESENTATION
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B R O O K F I E L D . C O M We are building BWS into the preeminent global leader in wealth solutions 1 6 0
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B R O O K F I E L D . C O M To compound capital at 15%+ for decades 1 6 1 See Notice to Recipients and Endnotes, including endnote 4.
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B R O O K F I E L D . C O M Our model relies on two key drivers for growth 1 6 2 Investing into the global economy in real assets Providing income to aging populations
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B R O O K F I E L D . C O M Our investment franchise built over the last 25 years invests into the largest growth initiatives globally 1 6 3
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B R O O K F I E L D . C O M Each of these sectors requires trillions of dollars of investment for many decades 1 6 4 Infrastructure Nuclear Power Real Estate Renewable Energy Data Centers & AI
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B R O O K F I E L D . C O M At the same time, we are in the early stages of the single greatest demographic shift of the last century 1 6 5
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B R O O K F I E L D . C O M The cohort of Americans entering retirement is projected to reach historic highs, exceeding one in four by 2050 1 6 6 23 M 35M 63M 82 M 1975 2000 2025 2050 Growth in Retiring Population ~4x Source: Federal Reserve Bank of St. Louis, FRED. Population Reference Bureau, PRB.
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B R O O K F I E L D . C O M The U.S. is not alone…by 2050 1 6 7 Source: World Bank Group, Populations ages 65 and above (% of total population). Securing the future of Europe's ageing population by 2050, National Library of Medicine. Europe Japan U.K. Canada 1 in 3 1 in 3 1 in 4 1 in 4 Aged 65 and above
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B R O O K F I E L D . C O M 1 6 8 Defined benefit plans are rare Source: United States Department of Labor, Private Pension Plan bulletin Historical Tables and Graphs, 1975-2022. 0% 20% 40% 60% 80% 1975 1990 2005 2025 Defined Benefit Plans % of Workplace Retirement Plans
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B R O O K F I E L D . C O M This has led to a $7 trillion retirement deficit in the U.S. 1 6 9 Source: Bloomberg
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B R O O K F I E L D . C O M With this backdrop, we decided to enter the retirement market five years ago when rates were at zero 1 7 0
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B R O O K F I E L D . C O M Life and Annuities Reinsurance P&C Pensions By 2022, we had the beginnings of a small business 1 7 1 $45B Insurance Assets See Notice to Recipients and Endnotes, including endnote 3. Figures as of December 31, 2022.
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B R O O K F I E L D . C O M 1 7 2 Source: The Wall Street Journal. The Washington Post. The New York Times. But the world was changing
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B R O O K F I E L D . C O M As investors, we responded in anticipation of rising interest rates 1 7 3 9 years4 years 9 years Assets Liabilities Average Duration Privates and long-duration assets Cash and short-term liquids
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B R O O K F I E L D . C O M Insurance Assets Fixed Index Annuities Fixed Rate Annuities Reinsurance P&C Canadian Pensions US Pensions Institutional Annuities By the end of 2024 we were integrating three unique franchises into BWS 1 7 4 $135B 0.8x 0.9x 1.0x Multiples as at acquisition date. See Notice to Recipients and Endnotes, including endnote 3.
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B R O O K F I E L D . C O M Executing on our business plan to further enhance value 1 7 5 1.6X Exits of non-core businesses $25B Gross annual inflows $50B Real estate and infrastructure debt reviewed $15B Cash on hand ~$30B In BAM products See Notice to Recipients and Endnotes, including endnote 4.
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B R O O K F I E L D . C O M This platform now serves as the foundation for our investment- led insurance organization 1 7 6
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B R O O K F I E L D . C O M What does “investment-led” mean in practice? 1 7 7 Invest where Brookfield has a deep expertise – real assets Focus on maintaining low leverage (~7-8x) while capturing spread and duration Source low-risk, predictable insurance liabilities
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B R O O K F I E L D . C O M Resulting in higher quality earnings Traditional insurance model is an approximation and for illustrative purposes only. 1 7 8 Traditional Insurance Model BWS Model Target portfolio allocation: Liquid securities (cash and fixed income) 70-80% 50% Real asset investing (across the capital stack) 20-30% 50% Net return on assets ~50-100bps ~200bps Insurance leverage 10-20x 7-8x
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B R O O K F I E L D . C O M We have delivered what we promised 1 7 9 No third-party capital in the business to ensure full alignment with policyholders Over $2 billion of distributable earnings in the next year ‘A’ ratings >15% ROE since inception Global growth in scalable markets
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B R O O K F I E L D . C O M Where do we go from here? 1 8 0
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B R O O K F I E L D . C O M We have the foundation for further scale 1 8 1 Excess capital & liquidity Diversification of geographies Regulatory excellence and transparency In-house distribution Diversification of risks
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B R O O K F I E L D . C O M P&C Specialty Admitted lines Casualty Pensions and Annuities U.S. U.K. Japan Canada With the ability to allocate capital to the best opportunities… 1 8 2
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B R O O K F I E L D . C O M U.S. retirement assets are growing Investment Company Institute, 2025, “The US Retirement Market, First Quarter 2025”. LIMRA 2024 , U.S. Individual Annuities. 2040 based on Brookfield internal research. See Notice to Recipients and Endnotes, including endnote 4. 1 8 3 ~$4T~$1T $43T 2025 $14T 2005 ~$101T 2040 ~$15T DB PlansDC PlansIRAs Annuities
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B R O O K F I E L D . C O M $7T $7T Japan U.K. Canada As are retirement assets in the rest of the world 1 8 4 $5T 2040 forecast based on Brookfield internal research. See Notice to Recipients and Endnotes, including endnote 4
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B R O O K F I E L D . C O M With our recently announced acquisition in the U.K., we have significant growth potential for 2026 and beyond See Notice to Recipients and Endnotes, including endnote 4. 1 8 5 Platform Growth $180B float $30-35B of gross inflows annually
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B R O O K F I E L D . C O M Positioning our platform to capture growth without compromising returns 1 8 6
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B R O O K F I E L D . C O M What does this mean for value? 1 8 7 Average 1.9x 2.2x 1.4x 1.8x Transaction A Transaction B Transaction C Comparable Transaction Analysis (Price to Adjusted C&S) 1.8x $4B Multiple $17B Group Capital Debt ~$26B Comparable transaction source: S&P Capital IQ. See Notice to Recipients and Endnotes, including endnote 4.
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B R O O K F I E L D . C O M What does this mean for value? 1 8 8 $1.7B $26B15x Current annualized distributable earnings Valuation By either methodology, the value of our business today is approaching $20 per BN share Implied multiple See Notice to Recipients and Endnotes, including endnote 1.
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B R O O K F I E L D . C O M $135 $180 ~$350 2025 2026 pro-forma 2030 Insurance Assets ($ billions) Looking ahead, our insurance float can grow to $350 billion See Notice to Recipients and Endnotes, including endnotes 3 and 4. 1 8 9 Organic inflows Organic outflows M&A Recent acquisition
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B R O O K F I E L D . C O M $1.7 $4.8 $5.5 Distributable Earnings ($ billions) And our earnings are on path to more than double again ! 2025 figure represents annualized distributable earnings as of June 30, 2025. See Notice to Recipients and Endnotes, including endnote 4. 1 9 0 Annuities growth Asset rotation and optimization Future M&A 2025 Recent acquisition Total organic growth 2030
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B R O O K F I E L D . C O M By the end of the decade the business could be worth $50 per share from zero in 2020 1 9 1 ($ billions, except per share amounts) 2026 2030 Earnings $ 2.1 $ 5.5 Multiple 15x 12-15x Valuation $ 32 $ 66-83 Per BN share $ 20 $ 42-52 See Notice to Recipients and Endnotes, including endnote 4.
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B R O O K F I E L D . C O M In summary 1 9 2
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B R O O K F I E L D . C O M We have built a new and global business at Brookfield that will drive growth for decades 1 9 3
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B R O O K F I E L D . C O M The opportunity ahead of us is enormous 1 9 4
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B R O O K F I E L D . C O M The foundation of the platform is built to deliver scale 1 9 5
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B R O O K F I E L D . C O M Our “investment-led” approach has and will continue to create substantial value for shareholders 1 9 6
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Key Messages Bruce Flatt Chief Executive Officer INFORMATION IN THIS PRESENTATION IS QUALIFIED BY THE NOTICE TO RECIPIENTS AND ENDNOTES INCLUDED IN THIS PRESENTATION
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B R O O K F I E L D . C O M We are positioned for a transformational phase of growth 1 9 8 We are positioning BWS as an investment-led insurance organization to participate in the largest investment opportunities and enhance returns on equity The growing need for wealth solutions and opening of individual allocations to alternatives is fueling a powerful source of capital to scale The global real estate recovery is underway, and with our premier portfolio of assets and operating expertise, our real estate franchise is stronger than ever AI innovation is a generational investment opportunity, and we are positioned to lead
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B R O O K F I E L D . C O M With the foundations in place, we are positioned to grow earnings at 20%+ per share annually over the next five years 1 9 9 See Notice to Recipients and Endnotes, including endnote 4.
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B R O O K F I E L D . C O M We are set up to drive shareholder value, with a clear path to 15%+ annualized returns over the long term 200 See Notice to Recipients and Endnotes, including endnote 4.
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Q&A 201
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Thank You 202
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B R O O K F I E L D . C O M Endnotes 203 1. Illustrative Plan Value analysis is not intended to forecast or predict future events, but rather to provide information utilized by Brookfield Corporation in measuring performance for business planning purposes, based on the specific assumptions and other factors described herein and in our Notice to Recipients. Our Plan Value represents blended value, which is the quoted value of listed investments and IFRS value of unlisted investments. We primarily value our real estate business by using fair value under IFRS, which we revalue on a quarterly basis, and the fair value of comparable assets for our North American residential business. In addition, we determine the blended value of Brookfield Wealth Solutions based on a multiple of annualized distributable earnings, which represents management’s view of the fair value of the business. We also apply an industry multiple (10x) for target carried interest of our asset management business. The value of our carried interest within our Plan Value assumes a 70% and 50% margin on gross generated carried interest, for Brookfield Asset Management and Oaktree funds, respectively. Brookfield Corporation's estimates reflect the appropriate multiple applied to carried interest in the alternative asset management industry based on, among other things, industry reports. These factors are used to translate earnings metrics into value in order to measure performance and value creation for business planning purposes. 2. Assets under management (“AUM”) refers to the total fair value of assets managed, calculated as: investment that Brookfield, which includes Brookfield Corporation, Brookfield Asset Management, or their affiliates, either: i) consolidates for accounting purposes (generally, investments in respect of which Brookfield has a significant economic interest and unilaterally directs day-to-day operating, investing and financing activities), or ii) does not consolidate for accounting purposes but over which Brookfield has significant influence by virtue of one or more attributes (e.g., being the largest investor in the investment, having the largest representation on the investment’s governance body, being the primary manager and/or operator of the investment, and/or having other significant influence attributes), iii) are calculated at 100% of the total fair value of the investment taking into account its full capital structure — equity and debt — on a gross asset value basis, even if Brookfield does not own 100% of the investment, with the exception of investments held through our perpetual funds, which are calculated at its proportionate economic share of the investment’s net asset value. All other investments are calculated at Brookfield’s proportionate economic share of the total fair value of the investment taking into account its full capital structure — equity and debt — on a gross asset value basis, with the exception of investments held through our perpetual funds, which are calculated at Brookfield’s proportionate economic share of the investment’s net asset value. Our methodology for determining AUM differs from the methodology that is employed by other alternative asset managers as well as the methodology for calculating regulatory AUM that is prescribed for certain regulatory filings (e.g., Form ADV and Form PF). 3. Insurance assets refer to the subset of assets on the Brookfield Wealth Solutions balance sheet that support related insurance liabilities and include: (a) cash and cash equivalents; (b) investments; (c) reinsurance recoverables and deposit assets; (d) reinsurance funds withheld; (e) accrued investment income; and (f) deferred policy acquisition costs. These balances are included at their values consistent with US GAAP. 4. References to growth in or future expectations for Plan Value, Distributable Earnings Before Realizations, Distributable Earnings, Returns, Insurance Assets, Carry-Eligible Capital, Annual Generated Carry, Realized Carry, Annual Capital Inflows, Insurance Assets, total investments in AI, global market size for individual allocations, monetizations, NOI, dividends, free cash flow, capital realized, and retirement assets are illustrative only. Actual results may vary materially and are subject to market conditions and other factors and risks, as well as certain assumptions, that are set out in our Notice to Recipients. 5. Investment professionals include personnel involved in the capital allocation process, including investment analysis and transaction execution, portfolio management and other personnel across Brookfield and/or in its applicable sectors, including investment managers in which Brookfield holds a significant interest. Information barriers may restrict the ability of certain investment professionals included in this figure to share information with each other. Operating employees include personnel working at Brookfield’s (and/or its applicable sectors’) related operating businesses and portfolio companies. 6. Growth in Plan Value relating to capital allocation includes cash flow from our existing businesses and realized carried interest. Excess cash flows from our real estate balance sheet and other businesses are generally reinvested at 3% and 8%, respectively, with capital appreciation compounding at 3% and 7%, respectively. Common share dividends assume 7% annual growth over the plan period, while debt and preferred capital remain constant. 7. Prior period figures are adjusted for the special distribution of 25% of our asset management business that we completed in December 2022. 8. The target returns set forth herein are for illustrative and informational purposes only. Target gross returns are based on historical performance for similar investment strategies and Brookfield Asset Management’s expectations regarding the returns that it will underwrite for the types of investment opportunities that it expects to be available for the fund. There can be no assurance that Brookfield Asset Management will be able to source investment opportunities that it can underwrite in line with the target gross returns, or that the underwritten returns for any of the fund’s investments will be achieved. Target gross returns do not reflect fund expenses, management fees or carried interest (or equivalent fees), which reduce an investor’s returns. Target net returns are prepared based on an illustrative model that takes into account these items, which includes assumptions regarding applicable management fees and carried interest (which reflect the highest management fee and carried interest rates expected to be charged to investors in the fund), fund expenses (which are estimated by Brookfield Asset Management based on its experience in the fund and/or similar funds), the expected hold period of the fund’s investments, and other factors (but not the effects of any fund-level leverage). Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances), the actual performance of the fund could differ materially from the target returns set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns. No assurance, representation or warranty is made by any person that the target returns will be achieved, and undue reliance should not be put on them. Additional information about the assumptions used in determining the target returns and the factors that could cause actual results to differ materially from the target returns are available upon request. Prior performance is not indicative of future results and there can be no guarantee that the Fund will achieve the target returns or be able to avoid losses.
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B R O O K F I E L D . C O M Endnotes (cont’d) 204 9. “Gross IRR” reflects performance before fund expenses, management fees, and carried interest (or equivalent fees), which will reduce an investor’s return. “Net IRR” is calculated on a fund level and not for any particular investor, and takes into account the average fund expenses, management fees, and carried interest (or equivalent fees), if any, allocated to or paid by investors (including fees allocated to or paid by Brookfield and its affiliates as a limited partner (either on an actual or notional basis) based on the applicable rate per the Fund's standard investor fee schedule), as well as the effects of leverage, if any, due to the temporary funding in respect of some of the investments through the use of the subscription secured credit facility incurred at the fund- level. Since management fees and carried interest rates vary by investor, each particular investor would likely have a different net performance return than those shown here, and investors who do not qualify for discounted management fees and carried interest rates based on, as applicable, their commitment size or timing of commitment would likely experience a greater spread between gross and net performance than presented here. The calculation in respect of any particular set of economic terms will be provided upon request. Composite returns presented are based on funds with similar investment strategies (as described in endnotes 4-8) and are calculated by aggregating total cash flows of such funds, using the same information used to calculate the returns for each individual fund. Performance figures exclude the effects of and returns from bridge financing provided by the fund. Prior performance is not indicative of future results and there can be no guarantee that the Fund will achieve comparable results or be able to avoid losses. The complete track record of each fund reflected in the composite returns will be provided upon request. 10. The actual realized returns on current unrealized investments may vary materially and are subject to market conditions and other factors and risks that are set out in our Notice to Recipients. 11. CAGR for Brookfield Asset Management’s DE growth over the next five years is calculated before borrowing costs on a non-recourse loan.
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B R O O K F I E L D . C O M Notice to Recipients 205 INVESTOR DAY 2025 – NOTICE TO RECIPIENTS Brookfield Corporation is not making any offer or invitation of any kind by communication of this document to the recipient and under no circumstances is it to be construed as a prospectus or an advertisement. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of this presentation and not as of any future date, is subject to change, and, unless required by law, will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. Unless otherwise noted, all references to “$” or “Dollars” are to U.S. Dollars. This presentation includes certain financial information as of and for the last twelve months ended June 30, 2025. CAUTIONARY STATEMENTS REGARDING FORWARD -LOOKING STATEMENTS AND INFORMATION This presentation contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward- looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Corporation and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and which in turn are based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield Corporation are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect,” “anticipate,” “believe,” “foresee,” “could,” “estimate,” “goal,” “intend,” “plan,” “seek,” “strive,” “will,” “may” and “should” and similar expressions. In particular, the forward- looking statements contained in this presentation include statements referring to the impact of current market or economic conditions on our business, the future state of the economy or the securities market, the anticipated allocation and deployment of our capital, our liquidity and ability to access and raise capital, our fundraising targets, our target growth objectives, and our target carried interest. Although Brookfield Corporation believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments including asset management, wealth solutions, renewable power and transition, infrastructure, private equity, real estate and corporate activities; and (xxv) 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 and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward- looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this presentation or such other date specified herein. Except as required by law, Brookfield Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.
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B R O O K F I E L D . C O M Notice to Recipients (cont’d) 206 CAUTIONARY STATEMENT REGARDING PAST AND FUTURE PERFORMANCE AND TARGET RETURNS Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise). Target returns and growth objectives set forth in this presentation are for illustrative and informational purposes only and have been presented based on various assumptions made by Brookfield Corporation in relation to the investment strategies being pursued, any of which may prove to be incorrect. There can be no assurance that targeted returns or growth objectives will be achieved. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond Brookfield Corporation’s control, the actual performance of the business could differ materially from the target returns and growth objectives set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns and growth objectives. No assurance, representation or warranty is made by any person that the target returns or growth objectives will be achieved, and undue reliance should not be put on them. Any changes to assumptions could have a material impact on projections and actual returns. Actual returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations used in the prior performance data contained herein are based. Accordingly, the actual realized returns on unrealized investments may differ materially from the returns indicated herein. CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES We disclose a number of financial measures in this presentation that are calculated and presented using methodologies other than in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board. We use these measures in managing the business, including for performance measurement, capital allocation and valuation purposes and believe that providing these performance measures on a supplemental basis to our IFRS results is helpful to investors in assessing the overall performance of our businesses. These financial measures should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with IFRS Accounting Standards. We caution readers that these non-IFRS financial measures or other financial metrics may differ from the calculations disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities. We make reference to Distributable Earnings, which refers to the sum of distributable earnings from our asset management business, distributable operating earnings from our wealth solutions business, distributions received from our ownership of investments, realized carried interest and disposition gains from principal investments, net of earnings from our corporate activities, preferred share dividends and equity-based compensation costs. We also make reference to Distributable Earnings before realizations, which refers to Distributable Earnings before realized carried interest and realized disposition gains from principal investments. We believe these measures provide insight into earnings received by the company that are available for distribution to common shareholders or to be reinvested into the business. Our outlook for growth in Distributable Earnings assumes growth in fee- related earnings and realized carried interest in line with our business plans, which assume growth in our fee bearing capital consistent with our fundraising plans, capital deployment expectations, maintaining the fee rates we earn on fee bearing capital and earning margins consistent with our current margin. Actual results may vary materially and are subject to market conditions and other factors and risks set out above. For more information on non-IFRS measures and other financial metrics, see Brookfield Corporation’s Q2 2025 Press Release, which includes reconciliations of these non-IFRS financial measures to their most directly comparable financial measures calculated and presented in accordance with IFRS. OTHER CAUTIONARY STATEMENTS Certain of the information contained herein is based on or derived from information provided by independent third-party sources. While Brookfield Corporation believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield Corporation makes no representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information or the assumptions on which such information is based, contained herein, including but not limited to, information obtained from third parties. The information in this presentation does not take into account your investment objectives, financial situation or particular needs and nothing contained herein should be construed as legal, business or tax advice. Each prospective investor should consult its own attorney, business adviser and tax advisor as to legal, business, tax and related matters concerning the information contained herein.