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PUBLIC SECURITIES GROUP | MULTI-ASSET STR ATEGIES

The Case for a Dynamic Allocation to Diversified Real Assets

We believe that exposure to listed real assets can be an effective way to diversify broad equity and bond portfolios. This is because listed real assets generally share certain characteristics that are not typically found to the same extent across broad equity and bond investments: income potential, insulation from inflation, interest rate resiliency and attractive capital appreciation.

Yet the asset classes within the listed global real assets universe historically have not uniformly displayed these characteristics. For instance, some are more sensitive to changes in inflation, while others have more capital appreciation potential or are more income oriented.

We believe these differences speak to the need for a dynamic asset allocation to diversified real assets that seeks to balance the potential benefits of current income, inflation protection, interest rate resiliency and capital appreciation. In our view, this means utilizing a strategic and opportunistic framework designed to deliver income and capital appreciation throughout the economic cycle, regardless of whether significant inflation is present or not and regardless of the interest rate environment.

We make the case here for this framework. We define the global listed real assets universe and delve into what historical return patterns can tell us about both the need for a dynamic asset allocation and the potential advantages of Brookfield’s strategic and opportunistic approach.

THE CASE FOR A DYNAMIC ALLOCATION TO DIVERSIFIED REAL ASSETS 2

DIVERSIFIED SECTORS, SUBSECTORS, ASSET CLASSES AND SECURITIES

R E A L E S T A T E E Q U I T I E S , P R E F E R R E D S A N D D E B T

I N F R A S T R U C T U R E E Q U I T I E S , P R E F E R R E D S A N D D E B T

N AT U R A L R E S O U R C E E Q U I T I E S A N D D E B T, A N D O T H E R

Industrial Transportation Agriculture

Health Care Utilities Timber

Residential Energy Infrastructure Metals & Mining

Office Renewables Energy Exploration & Production

Retail Communications Infrastructure Commodities

Hotel TIPS

Specialty

As of August 14, 2020. Source: Brookfield Public Securities Group LLC.

The global listed real assets universe is mainly comprised of the equity and debt securities of companies that own and operate tangible real assets. The universe also traditionally includes commodities and Treasury Inflation Protected Securities (TIPS).

Most of the companies that issue listed real asset equity and debt securities are spread across three sectors: real estate, infrastructure and natural resources. These sectors consist of multiple asset classes and subsectors and have very different fundamental drivers. (See the table below.) Yet our research into their investment characteristics points to several features that bind them together as real assets.

They are backed by tangible hard assets, and many have monopolistic business models with high barriers to entry. In addition, their revenues tend to be predictable and recurring, based on long-term contracts or regulations that frequently include inflation escalators. And finally, these sectors provide essential goods and services for which end-user demand is relatively stable and inelastic. These features are behind the investment characteristics found across the listed universe of real assets: current income potential, a positive sensitivity to inflation, interest rate resiliency and capital appreciation potential.

T H E G L O B A L L I S T E D R E A L A S S E T S U N I V E R S E

THE CASE FOR A DYNAMIC ALLOCATION TO DIVERSIFIED REAL ASSETS 3

Listed real assets may share investment characteristics, but historical return patterns show us that real asset sectors and security types do not display these characteristics uniformly. The global universe of real asset securities is composed of fundamentally distinct asset classes that have responded very differently to economic and market drivers.

We find their returns have historically shown varying degrees of inflation sensitivity, interest rate sensitivity, capital appreciation potential and income potential. Below we rank these criteria for the various asset classes in our real assets universe on a relative basis, based on our assessment of the historical return profiles we have observed in listed real-asset-related indexes.

T H E N E E D F O R A D Y N A M I C A S S E T A L L O C AT I O N

Source: Brookfield Public Securities Group LLC. Ratings are the opinions of Brookfield Public Securities Group LLC and are subject to change without notice. Criteria are ranked for each asset class on a relative basis, based on our assessment of the historical return profiles we have observed in listed real-asset-related indexes. Inflation sensitivity and interest rate sensitivity ratings mean how sensitive that asset class’s returns are to changes in inflation and interest rates, respectively. Capital appreciation and income potential ratings reflect how able that asset class is to deliver capital appreciation and income potential throughout the economic cycle. See the Disclosures for an Index Key of the indexes representing various asset classes and for full definitions of these indexes. For illustrative purposes only. Investing involves risk. Risks are subject to change without notice.

LISTED REAL ASSETS HAVE DIVERSE SENSITIVITIES

I N F L A T I O N S E N S I T I V I T Y

I N T E R E S T R A T E S E N S I T I V I T Y

C A P I T A L A P P R E C I A T I O N

P O T E N T I A LI N C O M E

P O T E N T I A L

R E A L E S T A T E E Q U I T I E S

Global Real Estate (REIT) MEDIUM MEDIUM MEDIUM MEDIUM

REIT Preferreds (PREF) LOW HIGH LOW HIGH

I N F R A S T R U C T U R E E Q U I T I E S

Global Infrastructure (INFR) MEDIUM MEDIUM MEDIUM MEDIUM

Energy Infrastructure (EINF) MEDIUM MEDIUM MEDIUM HIGH

R E A L A S S E T D E B T

Real Asset Debt (RAHY) (RAIG) LOW MEDIUM LOW HIGH

O P P O R T U N I S T I C

Natural Resource Equities (NREQ) HIGH LOW HIGH MEDIUM

Commodities (COMM) HIGH LOW HIGH LOW

TIPS (TIPS) HIGH HIGH LOW LOW

THE CASE FOR A DYNAMIC ALLOCATION TO DIVERSIFIED REAL ASSETS 4

In our view, these differences are behind the wide dispersion in the returns of individual asset classes from year to year, the shifts in market leadership, the moderate historical correlations among real asset classes, and the wide gaps observed between the top and bottom performer in each year. (See the chart below.)

Given the return impact of these differences, we believe that investment performance can be more consistent, and even enhanced, with a dynamic asset allocation that seeks to balance the investment objectives of current income, inflation protection, interest rate resiliency and capital appreciation.

Our approach to dynamic asset allocation is based on a strategic and opportunistic framework designed to deliver capital appreciation and income throughout the economic cycle, regardless of whether inflation is present or not and regardless of the interest rate environment. It divides listed real assets into strategic and opportunistic allocations. Strategic allocations are maintained for the long term, while investments in opportunistic allocations may be made when inflationary pressures are expected. The Diversified Real Assets (DRA) Index Blend in the chart below represents our strategic blend of real asset classes.

As of June 30, 2020. Sources: Bloomberg, Brookfield Public Securities Group LLC and ICE BofA Merrill Lynch. See the Disclosures for an Index Key of the index components used in this chart and for full definitions of these indexes. Data reflect performance and characteristics of the index and not those of a Brookfield fund or composite. Actual trading may produce different results. Past performance is not indicative of future results.

LISTED REAL ASSETS DISPLAY A WIDE DISPERSION IN RETURNS

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

YEAR TO DATE

2020

EINF 52.9% 33.8% 25.4% 42.4% 38.5% -2.4% 76.4% 35.9% 13.9% 28.7% 27.6% 24.8% 10.0% 32.3% 22.7% -1.3% 28.7% 6.0%

INFR 44.6% 28.4% 21.4% 30.6% 21.8% -4.7% 50.8% 20.4% 13.8% 19.2% 15.9% 16.3% 0.1% 19.4% 15.8% -3.6% 23.1% 3.7%

NREQ 41.8% 26.4% 20.0% 29.9% 16.2% -14.7% 49.7% 16.8% 13.6% 18.1% 9.1% 15.9% -1.4% 18.3% 12.6% -3.8% 22.8% -2.7%

REIT 39.0% 23.2% 18.0% 26.5% 12.7% -23.7% 40.5% 16.4% 11.9% 16.0% 6.1% 13.6% -5.6% 12.5% 12.1% -4.7% 20.3% -6.1%

DRA 38.8% 22.0% 13.5% 24.7% 11.6% -33.7% 38.3% 15.0% 6.8% 9.8% 4.4% 4.8% -7.1% 11.8% 11.4% -6.2% 17.2% -13.0%

RAHY 32.7% 12.5% 13.3% 10.8% 8.1% -35.6% 36.1% 13.0% 5.4% 7.2% 1.5% 4.2% -8.1% 10.0% 10.1% -6.8% 13.4% -14.5%

COMM 23.9% 10.0% 2.9% 9.3% 6.7% -35.8% 34.2% 12.5% 3.4% 7.0% -1.0% 3.6% -14.4% 6.2% 10.1% -7.9% 12.6% -19.1%

RAIG 15.1% 9.1% 2.8% 6.5% 4.2% -36.9% 21.0% 11.0% -5.8% 6.2% -8.6% -1.4% -24.0% 5.0% 3.0% -11.2% 8.4% -19.4%

PREF 10.7% 8.5% 2.8% 2.1% -7.0% -37.3% 18.9% 6.7% -13.3% 4.8% -9.5% -9.7% -24.7% 4.7% 1.7% -12.4% 7.7% -20.9%

TIPS 8.4% 6.8% -2.6% 0.4% -11.3% -47.7% 11.4% 6.3% -14.9% -1.1% -12.2% -17.0% -32.6% 0.1% -6.5% -12.6% 6.6% -29.6%

44.5% 27.0% 28.1% 41.9% 49.8% 45.4% 65.0% 29.5% 28.7% 29.7% 39.8% 41.8% 42.6% 32.2% 29.2% 11.3% 22.1% 35.6%GAP BETWEEN

TOP & BOTTOM PERFORMER

TOP

PER

FOR

MER

BOTT

OM

PER

FOR

MER

DRA Index Blend (DRA) Real Estate Equities (REIT) REIT Preferreds (PREF) Infrastructure Equities (INFR)

Energy Infrastructure Equities (EINF) Real Asset High Yield (RAHY) Real Asset Investment Grade (RAIG)

Natural Resource Equities (NREQ) Commodities (COMM) U.S. TIPS (TIPS)

O U R S T R AT E G I C A N D O P P O R T U N I S T I C F R A M E W O R K

THE CASE FOR A DYNAMIC ALLOCATION TO DIVERSIFIED REAL ASSETS 5

We believe strategic allocations should be comprised mainly of real estate and infrastructure sectors, expressed through exposure to equities, preferreds and debt. These asset classes have demonstrated a long history of relatively consistent patterns of return, along with moderate sensitivity to inflation and interest rates. In contrast, our research suggests

that asset classes we deem to be more opportunistic—natural resource equities, commodities and Treasury Inflation Protected Securities (TIPS)—tend to have less consistent patterns of return over time, while demonstrating a higher sensitivity to changes in inflation and interest rates. Historical return patterns show the potential advantages of our approach.

Many companies engaged in real-asset-related businesses are subject to contractual or regulated revenue streams. We believe these recurring revenue streams have the potential to translate into attractive streams of distributed income, without many of the trade-offs often associated with income-oriented asset classes, such as low, or no, capital appreciation, a lack

of inflation protection, or higher risk. The chart below provides a current-income comparison of various real asset classes, relative to global equities and global fixed income. The strategic real asset classes we measured had higher current income than their relevant global equity or fixed-income benchmark.

V A R Y I N G D E G R E E S O F C U R R E N T I N C O M E P O T E N T I A L

REAL ASSET CLASSES CAN PROVIDE ATTRACTIVE CURRENT INCOME, RELATIVE TO TRADITIONAL EQUITIES AND FIXED-INCOME SECURITIESCurrent Income of Real Assets

Global Equities (EQT) Global Bonds (FI)

S T R A T E G I C A L L O C A T I O N S

2.6%3.5%

4.5%3.3%

6.6%

4.2%

7.0%7.8%

5.2%

2.2%1.3% 1.7%=

EQT FI DRA INFR EINF REIT PREF RAHY RAIG NREQ COMM TIPS

As of June 30, 2020. Sources: Bloomberg and Brookfield Public Securities Group LLC. Current income reflects the percent of income for each index. See the Disclosures for an Index Key of the index components used in this chart and for full definitions of these indexes. Data reflect performance and characteristics of the index and not those of a Brookfield fund or composite. Actual trading may produce different results. Past performance is not indicative of future results.

THE CASE FOR A DYNAMIC ALLOCATION TO DIVERSIFIED REAL ASSETS 6

Inflation sensitivity is driven by the pricing power of the underlying real assets. Examples include contracts or regulations that allow commercial real estate landlords to raise rents and operators of infrastructure assets, such as utilities and toll roads, to pass along higher costs to customers.

The chart below illustrates the performance of real asset classes in periods of greater-than-expected and less-than-expected inflation. It shows how the real asset classes we deem to be strategic performed

well versus their relevant global equity and fixed-income benchmarks, regardless of the inflationary environment. In contrast, the three asset classes we deem to be opportunistic only performed well versus their relevant benchmarks when inflation was greater than expected. We believe these historical results support the view that such opportunistic allocations to natural resource equities, commodities and TIPS should be made when inflationary pressures are expected.

V A R Y I N G D E G R E E S O F I N F L AT I O N S E N S I T I V I T Y

STRATEGIC ASSET CLASSES HAVE PERFORMED WELL IN PERIODS OF BOTH GREATER-THAN AND LESS-THAN-EXPECTED INFLATION, WHILE OPPORTUNISTIC ASSET CLASSES HAVE UNDERPERFORMED IN PERIODS OF LESS-THAN-EXPECTED INFLATION Performance in Periods of Greater-Than and Less-Than-Expected Inflation

S T R A T E G I C A L L O C A T I O N S

13.1%

5.3%

16.4%

20.2% 20.3%

16.1%

7.8%

10.6%

6.4%

23.8%

12.1%

6.2%7.5%

3.0%

7.1%8.3%

4.1%

7.0% 7.1%5.9%

4.6%

-1.1%

-8.8%

3.0%

S T R A T E G I C A L L O C A T I O N S

==

EQT

FI DRA

INFR

EINF

REIT

PREF

RAHY

RAIG

NREQ

COMM

TIPS

EQT

FI DRA

INFR

EINF

REIT

PREF

RAHY

RAIG

NREQ

COMM

TIPS

As of June 30, 2020. Sources: Bloomberg and Brookfield Public Securities Group LLC. For the period January 1, 2003 through June 30, 2020 during which there were 29 periods of greater-than-expected inflation and 38 periods of less-than-expected inflation. Greater-than/less-than expected inflation is defined as four-quarter periods during which Seasonally Adjusted CPI-U was greater-than/less-than the trailing 12-month Survey of Professional Forecasters (SPF) Forecast one year prior. CPI-U represents the change in the Consumer Price Index for urban consumers. See the Disclosures for an Index Key of the index components used in this chart and for full definitions of these indexes. Data reflect performance and characteristics of the index and not those of a Brookfield fund or composite. Actual trading may produce different results. Past performance is not indicative of future results.

Greater-Than-Expected Inflation Environments Less-Than-Expected Inflation EnvironmentsAVERAGE ANNUAL RETURNS (1/01/2003-6/30/2020) AVERAGE ANNUAL RETURNS (1/01/2003-6/30/2020)

THE CASE FOR A DYNAMIC ALLOCATION TO DIVERSIFIED REAL ASSETS 7

The chart below shows the varying degrees of interest rate sensitivity of real asset classes. We find our strategic blend of real asset classes has performed well during periods of both rising and falling rates, as have many of its underlying components. This is because for these real assets, falling rates tend to increase the present

value of their expected future cash flows. In contrast, the returns of more opportunistic real assets tend to be more sensitive. They tend to be viewed as inflation hedges, and falling rates tend to be associated with disinflation, lowering their expected future cash flows.

V A R Y I N G D E G R E E S O F I N T E R E S T R AT E R E S I L I E N C Y

STRATEGIC REAL ASSETS HAVE PERFORMED WELL DURING PERIODS OF BOTH RISING AND FALLING RATES

S T R A T E G I C A L L O C A T I O N S

19.7%

2.7%

17.4%19.2%19.3% 19.9%

7.4%

12.4%

4.8%

21.9%

7.6%

1.9% 3.0%4.9%

6.6%

9.3%

5.3%4.5%

7.4%

4.7%5.8%

-0.5%

-5.1%

6.2%

S T R A T E G I C A L L O C A T I O N S

==

EQT

FI DRA

INFR

EINF

REIT

PREF

RAHY

RAIG

NREQ

COMM

TIPS

EQT

FI DRA

INFR

EINF

REIT

PREF

RAHY

RAIG

NREQ

COMM

TIPS

As of June 30, 20200. Sources: Bloomberg and Brookfield Public Securities Group LLC. For the period January 1, 2003 through June 30, 2020 during which there were 28 periods of rising interest rates and 39 periods of falling interest rates. Rising/falling interest rates are defined as four-quarter periods during which the yield on the 10-year U.S. Treasury is increasing/decreasing. See the Disclosures for an Index Key of the index components used in this chart and for full definitions of these indexes. Data reflect performance and characteristics of the index and not those of a Brookfield fund or composite. Actual trading may produce different results. Past performance is not indicative of future results.

Periods of Rising Interest Rates Periods of Falling Interest RatesAVERAGE ANNUAL RETURNS (1/01/2003-6/30/2020) AVERAGE ANNUAL RETURNS (1/01/2003-6/30/2020)

THE CASE FOR A DYNAMIC ALLOCATION TO DIVERSIFIED REAL ASSETS 8

Real asset companies’ stable and predictable cash flows have also historically translated into defensive downside protection and capital appreciation potential. The chart below highlights how such capital appreciation has historically been more pronounced in infrastructure

The real assets we deem to be strategic have historically generated relatively attractive risk-adjusted returns, thanks mainly to the asset classes’ capital appreciation and income potential. As illustrated below, the asset classes we deem to be strategic (real estate,

equities and real estate equities. Historically, our strategic blend of real asset classes (DRA) has delivered capital appreciation on par with global equities. In addition, DRA has delivered a higher income return, resulting in a higher total return.

infrastructure and real asset debt) delivered relatively attractive long-term risk-adjusted returns over the period we examined—all near or above the capital markets line between the risk-free return (RFR) and equities (EQT).

C A P I TA L A P P R E C I AT I O N P O T E N T I A L

R E L AT I V E LY AT T R A C T I V E R I S K - A D J U S T E D R E T U R N S

HISTORICALLY, CAPITAL APPRECIATION HAS BEEN A SIGNIFICANT COMPONENT OF STRATEGIC REAL ASSET TOTAL RETURNSAnnualized Price Appreciation and Income Returns – December 2019 to June 2020

9.0%

4.1%

9.6%

11.7%

7.5% 8.2%6.5%

7.6%

5.6%6.9%

-2.1%

4.5%

TOTALRETURN

INCOMERETURN

CAPITALAPPRECIATION

S T R A T E G I C A L L O C A T I O N S

=

EQT FI DRA INFR EINF REIT PREF RAHY RAIG NREQ COMM TIPS

2.6%

6.2%

4.5%

4.9%

8.1%

3.3%

4.2%

3.8%

7.0%

-0.5%

2.2%

4.6%

1.3%-3.4%

2.8%1.7%

5.1%3.5%

0.6% -0.2%

7.8%6.6%

0.4%0.8%

As of June 30, 2020. Sources: Bloomberg and Brookfield Public Securities Group LLC. See the Disclosures for an Index Key of the index components used in this chart and for full definitions of these indexes. Data reflect performance and characteristics of the index and not those of a Brookfield fund or composite. Actual trading may produce different results. Past performance is not indicative of future results.

HISTORY SHOWS THAT THE REAL ASSET CLASSES WE DEEM TO BE STRATEGIC HAVE GENERATED ATTRACTIVE RISK-ADJUSTED RETURNS, RELATIVE TO EQUITIES AND FIXED INCOMERisk-Adjusted Return Analysis

-3%

0%

3%

6%

9%

12%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22%

Retu

rn (A

nnua

lized

)

Standard Deviation (ST DEV) (Annualized)

FI

RFR

DRA EQT

COMM

NREQRAHY REIT EINF

INFR

PREFRAIGTIPS

As of June 30, 2020. For the period January 1, 2003 through June 30, 2020. Source: Bloomberg and Brookfield Public Securities Group. RFR is represented by the ICE BofA U.S. 3-Month Treasury Bill Index. DRA (Diversified Real Assets) is represented by the following index proxies: 40% INFR (Infrastructure), 5% EINF (Energy Infrastructure), 35% REIT (Real Estate), 5% PREF (Real Estate Preferred Securities), and 15% Real Asset Debt (divided 70%/30% between RAHY (Real Assets High Yield)/RAIG (Real Assets Investment Grade). See the Disclosures for an Index Key of the index components used in this chart and for full definitions of these indexes. Data reflect performance and characteristics of the index and not those of a Brookfield fund or composite. Actual trading may produce different results. Past performance is not indicative of future results.

RETURN (%) ST DEV (%)SHARPE RATIO

T R A D I T I O N A L RFR Risk Free Rate 1.4 0.5 –EQT Global Equities 9.0 14.9 0.51FI Global Bonds 4.1 5.5 0.49

S T R A T E G I C A L L O C A T I O N S DRA DRA Index Blend 9.6 13.6 0.6INFR Global Infrastructure 11.7 13.5 0.76EINF Energy Infrastructure 7.5 21.4 0.28REIT Global Real Estate 8.2 19.0 0.36PREF REIT Preferreds 6.5 11.9 0.43RAHY Real Asset HY 7.6 9.6 0.64RAIG Real Asset IG 5.6 6.9 0.62

O P P O R T U N I S T I CNREQ Natural Resource Equities 6.9 20.2 0.28COMM Commodities -2.1 16.2 -0.22TIPS US TIPS 4.5 5.8 0.54

THE CASE FOR A DYNAMIC ALLOCATION TO DIVERSIFIED REAL ASSETS 9

We believe our dynamic asset allocation approach sets us apart from other diversified real asset/real return strategies. (See the chart below.) Other managers may be primarily focused on inflation protection— a singular focus that could result in disappointing performance in markets with little inflation.

In addition to our unique framework, we have a deep bench of highly experienced investment professionals with experience across real assets sectors. Specific investment decisions within the broader strategic and opportunistic framework are driven by a top-down macroeconomic perspective complemented by bottom-up sector analysis focusing on valuations,

We find our dynamic approach enables us to capture the return differentials between different asset classes and deliver attractive returns in multiple market and interest rate environments, without sacrificing the potential for current income, inflation protection and capital appreciation.

fundamentals, risk and market trends. Finally, when evaluating investment decisions, we leverage resources and intelligence gained from Brookfield’s long history of owning and operating real assets, experience that gives us a distinct competitive advantage in real assets markets.

T H E B R O O K F I E L D A D V A N TA G E

OUR APPROACH TO DYNAMIC ASSET ALLOCATION SETS US APART

I N F L A T I O NAG N O S T I C

I N F L A T I O NS E N S I T I V E

N E E D F O R C U R R E N T I N C O M E ( D E F E N S I V E )

N E E D F O R C A P I T A L AP P R E C I A T I O N( O P P O R T U N I S T I C )

B R O O K F I E L D ' S F R A M E W O R K F O R D I V E R S I F I E D R E A L AS S E T S

Other Diversified Real Asset/Real Return

Strategies

Source: Brookfield Public Securities Group LLC. This chart does not depict actual holdings or results of a Brookfield fund or composite.

THE CASE FOR A DYNAMIC ALLOCATION TO DIVERSIFIED REAL ASSETS 10

Brookfield Public Securities Group LLC ("PSG" or "the Firm") is a wholly owned subsidiary of Brookfield Asset Management Inc. ©2020

Brookfield Public Securities Group LLC is an SEC registered investment adviser and is registered as a portfolio manager in each of the provinces and territories of Canada and represents the Public Securities Group of Brookfield Asset Management Inc., providing global listed real assets strategies including real estate equities, infrastructure equities, multi-strategy real asset solutions and real asset debt. PSG manages separate accounts, registered funds and opportunistic strategies for institutional and individual clients, including financial institutions, public and private pension plans, insurance companies, endowments and foundations, sovereign wealth funds and high-net-worth investors. PSG is an indirect, wholly-owned subsidiary of Brookfield Asset Management Inc., a leading global alternative asset manager.

The information in this publication is not and is not intended as investment advice, an indication of trading intent or holdings, or prediction of investment performance. Views and information expressed herein are subject to change at any time. Brookfield disclaims any responsibility to update such views and/or information. This information is deemed to be from reliable sources; however, Brookfield does not warrant its completeness or accuracy. This publication is not intended to and does not constitute an offer or solicitation to sell or a solicitation of an offer to buy any security, product or service (nor shall any security, product or service be offered or sold) in any jurisdiction in which Brookfield is not licensed to conduct business and/or an offer, solicitation, purchase or sale would be unavailable or unlawful.

Opinions expressed herein are current opinions of Brookfield Public Securities Group LLC, including its subsidiaries and affiliates, and are subject to change without notice. Brookfield Public Securities Group LLC, including its subsidiaries and affiliates, assumes no responsibility to update such information or to notify clients of any changes. Any outlooks, forecasts or portfolio weightings presented herein are as of the date appearing on this material only and are also

subject to change without notice. Past performance is not indicative of future performance, and the value of investments and the income derived from those investments can fluctuate. Future returns are not guaranteed and a loss of principal may occur. Investing in MLPs involves material income tax risks and certain other risks. Actual results, performance or events may be affected by, without limitation, (1) general economic conditions, (2) performance of financial markets, (3) interest rate levels, (4) changes in laws and regulations and (5) changes in the policies of governments and/or regulatory authorities.

F O R W A R D - L O O K I N G S T A T E M E N T SInformation herein contains, includes or is based upon forward-looking statements within the meaning of the federal securities laws, specifically Section 21E of the Securities Exchange Act of 1934, as amended, and Canadian securities laws. Forward-looking statements include all statements, other than statements of historical fact, that address future activities, events or developments, including, without limitation, business or investment strategy or measures to implement strategy, competitive strengths, goals, expansion and growth of our business, plans, prospects and references to our future success. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” and other similar words are intended to identify these forward-looking statements. Forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining our actual future results or outcomes. Consequently, no forward-looking statement can be guaranteed. Our actual results or outcomes may vary materially. Given these uncertainties, you should not place undue reliance on these forward-looking statements. The quoted indexes within this publication do not reflect deductions for fees, expenses, sales charges or taxes.

I N D E X P R O V I D E R D I S C L A I M E RThe quoted indexes within this publication are unmanaged and cannot be purchased directly by investors.

I M P O R T A N T D I S C L O S U R E S I N D E X K E Y

EQT Equities: MSCI World Index

FI Fixed Income: Bloomberg Barclays Global Aggregate Bond Index

DRA Diversified Real Assets: The Real Assets Market Index Blend is composed of the following index proxies outlined in this Index Key: 40% INFR (Infrastructure), 5% EINF, 35% REIT (Real Estate), 5% PREF (Real Estate Preferred Securities), and 15% Real Asset Debt (divided 70%/30% between RAHY/RAIG)

INFR Infrastructure: Data after 12/31/19 represented by the FTSE Global Core Infrastructure 50/50 Index. Data from 7/30/08 through 12/31/19 represented by the Dow Jones Global Infrastructure Index. Prior to 7/30/08, data represented by an equal blend of the Datastream World Gas, Water & Multi-Utilities Index and Datastream World Pipelines Index

EINF Energy Infrastructure: Data after 12/31/19 represented by the Alerian Midstream Index. Data from 5/31/06 through 12/31/19 represented by the Alerian MLP Index. Prior to 5/31/06, data represented by the DataStream North American Pipelines Index

REIT Real Estate: After 2/28/05, data represented by the FTSE EPRA Nareit Developed Index. Data prior to 2/28/05 represented by the S&P Developed Market REIT Index

PREF REIT Preferreds: ICE BofA Merrill Lynch Preferred Stock REIT 7% Constrained Index

RAHY Real Asset High Yield: Data after 12/31/19 represented by the following sectors of the ICE BofA USD High Yield Index that correspond to the equity real asset sectors in Brookfield's investing universe: Cable, Infrastructure Services, Oil Gas T&D, Telecommunications, Transportation, Utilities, Agriculture, Timber & Basic Materials, Energy Exploration & Production, Metals & Mining, Real Estate, RE Ownership & Development, and REITs. Prior to 12/31/19, data represented by the same sectors of the ICE BofA Global High Yield Index

RAIG Real Asset Investment Grade: Data after 12/31/19 represented by the following sectors of the ICE BofA USD Corporate Index that correspond to the equity real asset sectors in Brookfield's investing universe: Cable, Infrastructure Services, Oil Gas T&D, Telecommunications, Transportation, Utilities, Agriculture, Timber & Basic Materials, Energy Exploration & Production, Metals & Mining, Real Estate, RE Ownership & Development, and REITs. Prior to 12/31/19, data represented by the same sectors of the ICE BofA Global Corporate Index

NREQ Natural Resources Equities: NREQ-50%/50% blend of the Datastream World Oil & Gas and World Basic Materials Indexes through 5/31/08 and the S&P Global Natural Resources Index thereafter

COMM Commodities: Bloomberg Barclays Commodity Index

TIPS Treasury Inflation Protected Securities: Bloomberg Barclays U.S Treasury Inflation Notes Index

Brookfield has no direct day-to-day role in the management of the Dow Jones Brookfield Global Infrastructure Index. Brookfield-branded indexes do not reflect any performance data from Brookfield Public

Securities Group portfolio composites or funds. See additional disclosures and index definitions below.

THE CASE FOR A DYNAMIC ALLOCATION TO DIVERSIFIED REAL ASSETS 11

Index performance is shown for illustrative purposes only and does not predict or depict the performance of any investment. There may be material factors relevant to any such comparison, such as differences in volatility and regulatory and legal restrictions between the indexes shown and any investment in a Brookfield strategy, composite or fund. Brookfield obtained all index data from third-party index sponsors and believes the data to be accurate; however, Brookfield makes no representation regarding its accuracy. Indexes are unmanaged and cannot be purchased directly by investors.

Brookfield Public Securities Group LLC does not own or participate in the construction or day-to-day management of the indexes referenced in this document. The index information provided is for your information only and does not imply or predict that a Brookfield Public Securities Group LLC product will achieve similar results. This information is subject to change without notice. The indexes referenced in this document do not reflect any fees, expenses, sales charges or taxes. It is not possible to invest directly in an index. The index sponsors permit use of their indexes and related data on an "as is" basis, make no warranties regarding same, do not guarantee the suitability, quality, accuracy, timeliness and/or completeness of their index or any data included in, related to or derived therefrom, and assume no liability in connection with the use of the foregoing. The index sponsors have no liability for any direct, indirect, special, incidental, punitive, consequential or other damages (including loss of profits). The index sponsors do not sponsor, endorse or recommend Brookfield Public Securities Group LLC or any of its products or services. Unless otherwise noted, all indexes are total-return indexes.

I N D E X D E F I N I T I O N SThe Alerian MLP Index is the leading gauge of energy infrastructure Master Limited Partnerships (MLPs). The capped, float-adjusted, capitalization-weighted index, whose constituents earn the majority of their cash flow from midstream activities involving energy commodities, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX).

The Alerian Midstream Energy Index is a broad-based capped, float- adjusted, capitalization-weighted index of North American energy infrastructure companies.

The Bloomberg Barclays Global Aggregate Index tracks the performance of investment-grade public debt issued in the major domestic and eurobond markets, including global bonds.

The Bloomberg Barclays U.S. Treasury Inflation Notes Index is composed of Inflation-Protection Securities issued by the U.S. Treasury (TIPS).

The Bloomberg Commodity Index is a broadly diversified index that tracks the commodities markets through commodity futures contracts.

The Datastream North American Pipelines Index is an index of energy pipeline companies domiciled in North America, as compiled by Thomson Reuters Datastream. This index is used in the exhibits of this report as a proxy for MLPs prior to the inception of the Alerian MLP Index.

The Datastream World Basic Materials Index is an index of global companies in the materials sector, as compiled by Thomson Reuters Datastream.

The Datastream World Index Series of infrastructure-related sectors, including Gas, Water & Multi-Utilities, Materials and Oil & Gas Pipelines, is used as a proxy for infrastructure prior to the inception of the Dow Jones Brookfield Global Infrastructure Index in the exhibits of this report. These indexes are compiled by Thomson Reuters Datastream.

The Datastream World Oil & Gas Index is an index of global oil and gas companies, as compiled by Thomson Reuters Datastream.

The Datastream World Pipelines Index is an index of global energy pipeline companies, as compiled by Thomson Reuters Datastream.

The FTSE Global Core Infrastructure 50/50 Index gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure subsectors. The constituent weights are adjusted as part of the semi-annual review according to three broad industry ssectors: 50% Utilities; 30% Transportation, including capping of 7.5% for railroads/railways; and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. Company weights within each group are adjusted in proportion to their investable market capitalization.

The FTSE EPRA Nareit Developed Index is an unmanaged market- capitalization-weighted total-return index that consists of publicly traded equity REITs and listed property companies from developed markets.

ICE BofA Preferred Stock REITs 7% Constrained Index is a subset of the BofA Fixed-Rate Preferred Securities Index including all real estate investment trust issued preferred securities. The BofA Fixed-Rate Preferred Securities Index tracks the performance of fixed-rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market.

The ICE BofA USD Real Asset Corporate and High Yield Custom Index is a custom index blend of sectors of ICE BofA U.S. High Yield Index (70%) and ICE BofA U.S. Corporate Index (30%) that correspond to equity sectors in Brookfield's real asset universe. Such real-asset-related sectors include Cable, Infrastructure Services, Oil Gas T&D, Telecommunications, Transportation, Utilities, Agriculture, Timber, Basic Materials, Energy Exploration & Production, Metals & Mining, Real Estate, RE Ownership & Development and REITs. ICE BofA U.S. High Yield Index tracks the performance of U.S.-dollar-denominated below-investment-grade corporate debt publicly issued in the U.S. domestic market. ICE BofA U.S. Corporate Index tracks the performance of U.S.-dollar-denominated investment-grade corporate debt publicly issued in the U.S. domestic market.

The ICE BofA Real Asset USD High Yield Custom Index is a custom index that tracks the performance of sectors of ICE BofA US High Yield Index that correspond to equity sectors in Brookfield's real asset universe. Such real-asset-related sectors include Cable, Infrastructure Services, Oil Gas T&D, Telecommunications, Transportation, Utilities, Agriculture, Timber, Basic Materials, Energy Exploration & Production, Metals & Mining, Real Estate, RE Ownership & Development and REITs. ICE BofA Global High Yield Index tracks the performance of below-investment-grade corporate debt publicly issued in major domestic or eurobond markets.

The MSCI U.S. REIT Index is a free-float market-capitalization-weighted index that is composed of Equity REITs securities that belong to the MSCI U.S. Investible Market 2500 Index.

The MSCI World Index is a free-float-adjusted market-capitalization- weighted index that is designed to measure the equity market performance of developed markets.

The S&P Global Natural Resources Index includes 90 of the largest publicly traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified, liquid and investable equity exposure across three primary commodity-related sectors: Agribusiness, Energy and Metals & Mining.

D E F I N I T I O N SCorrelation measures how closely two data series move in relation to one another, with a correlation of 1 representing perfect unison and a correlation of -1 representing perfect opposition.

Sharpe Ratio is the average return earned in excess of the risk-free rate per unit of volatility or total risk.

Standard Deviation is a statistical measure used to quantify the amount of variation or dispersion of a set of data values.

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