Slide 1: Brookfield Corporation Investor Day 2026
3 2 & ° ) = a Brookfield Corporation Investor Day 2026
Slide 2: Agenda
3:10 PM 4:40 PM Brookfield: The Next Chapter Building Our Future in Wealth Solutions Bruce Flatt, CEO Sachin Shah, CEO of Brookfield Wealth Solutions 3:30 PM 5:05 PM The Future Is Compounding Q&A Nick Goodman, President Management 4:10 PM Real Estate Perspectives Moderated by: Brian Kingston, Execut
Slide 3: Brookfield: The Next Chapter
Brookfield: The Next Chapter Bruce Flatt Chief Executive Officer
Slide 4: The last five years have repositioned BN as a leading global investor in wealth
The last five years have repositioned BN as a leading global investor in wealth for institutions and individuals BROOKFIELD.COM 4
Slide 5: Decades of work have created a powerful compounding annuity
Decades of work have created a powerful compounding annuity BROOKFIELD.COM 5
Slide 6: We have compounded earnings at a strong rate for 30 years
We have compounded earnings at a strong rate for 30 years… Distributable Earnings Annualized Growth $ 6.2B 13% $ 0.2B 1996 2026 See Notice to Recipients and Endnotes, including endnote 10. BROOKFIELD.COM 6
Slide 7: Enabling us to outperform global equity markets
…enabling us to outperform global equity markets Annualized Total Return (30+ years) 19% $1,000 Value Invested Today 11% BN $310,000 S&P 500 $31,000 S&P 500 BN See Notice to Recipients and Endnotes, including endnote 11. BROOKFIELD.COM 7
Slide 8: One of the largest pools of discretionary capital globally
This has enabled us to assemble one of the largest pools of discretionary capital globally $ 345B $ 1.3T Balance Assets under sheet capital management Our own capital to invest Capital invested through cycles globally in real assets See Notice to Recipients and Endnotes, including endnotes 1 and 3.
Slide 9: Our objective remains unchanged
Our objective remains unchanged Build long-term Deliver 15%+ compound wealth for institutions returns to shareholders over and individuals the long term See Notice to Recipients and Endnotes, including endnote 4. BROOKFIELD.COM 9
Slide 10: But the world is evolving faster today
But the world is evolving faster today… BROOKFIELD.COM 10
Slide 11: We are in the early innings of an investment super-cycle
We are in the early innings of an investment super-cycle Technology Energy Industrials Real assets BROOKFIELD.COM 11
Slide 12: The opportunity is tens of trillions
The opportunity is tens of trillions BROOKFIELD.COM 12
Slide 13: AI is driving a generational buildout of infrastructure
AI is driving a generational buildout of infrastructure $ 4 Trillion…at least AI compute infrastructure Source: EY-Parthenon, through 2035. BROOKFIELD.COM 13
Slide 14: Electrification is driving an unprecedented buildout of power
That infrastructure, combined with electrification, is driving an unprecedented buildout of power $ 6 Trillion Global energy grid buildout Source: BloombergNEF, through 2035 BROOKFIELD.COM 14
Slide 15: Trillions of real asset investment
While also contributing to trillions of real asset investment $ 3Trillion Global real estate and infrastructure development Source: PwC, through 2036 BROOKFIELD.COM 15
Slide 16: Creating unprecedented private credit opportunities
Creating unprecedented private credit opportunities $ 6 Trillion Source: McKinsey & Company, through 2036. BROOKFIELD.COM 16
Slide 17: Savings pools are both growing and opening up
The good news is, at the same time as the opportunity is expanding, savings pools are both growing and opening up BROOKFIELD.COM 17
Slide 18: Aging populations are creating demand for wealth solutions
Aging populations are creating significant demand for long-duration wealth solutions 7 $ + Trillion Shortfall in retirement savings in the U.S. Source: Bloomberg BROOKFIELD.COM 18
Slide 19: New pathways unlocking access to private capital
New pathways are unlocking greater access to private capital, while institutional allocations are still growing $ 14+ Trillion U.S. defined contribution market Source: Investment Company Institute BROOKFIELD.COM 19
Slide 20: Capital alone is not enough to capture the opportunities
Capital is abundant, but capital alone is not enough to capture the opportunities ahead BROOKFIELD.COM 20
Slide 21: The winners will have capital, execution capabilities and relationships
The winners will be those with the capital, execution capabilities, and relationships to execute at scale BROOKFIELD.COM 21
Slide 22: We have accelerated our competitive advantages
Over the last five years, we have accelerated the depth and scale of our competitive advantages Access to Execution and Relationships capital operating capabilities BROOKFIELD.COM 22
Slide 23: We expanded our access to capital
We expanded our access to capital… Spun out BAM ~$80B Market cap Scaled institutional capital $92B Annual fundraising Built long-duration insurance float $170B Float Enhanced access to retail capital $8B Annual fundraising See Notice to Recipients and Endnotes, including endnote 3. BROOKFIELD.COM 23
Slide 24: A diversified, flexible and growing capital base
…creating a diversified, flexible and growing capital base, which almost none have comparable amounts… Our Institutional balance sheet capital Insurance Public float markets Individual Private retirement wealth capital BROOKFIELD.COM 24
Slide 25: A much broader set of opportunities
…which has enabled us to pursue a much broader set of opportunities Investing across the capital stack… Equity Preferred & structured equity Mezzanine debt Senior secured debt …while broadening our offerings Flagship Sector & Regional Co-investments Private Retirement funds thematic strategies wealt
Slide 26: We have broadened our capabilities
We have broadened our capabilities Launched a dedicated investment and AI infrastructure operating platform Expanded capabilities in battery storage Energy and nuclear power Enhanced the scale and capabilities of Private credit our credit platform BROOKFIELD.COM 26
Slide 27: Deepened relationships with those driving the real economy
Deepened our relationships with those driving the growth of the real economy Hyperscalers Governments Strategics Infrastructure Development Capital partners partners partners Build the infrastructure Deliver critical infrastructure Bringing capital solutions they need to grow at a national scale to
Slide 28: Intersection of capital and the real economy
We now sit at the intersection of capital and the real economy, with the ability to deliver integrated solutions at scale… Data centers Transmission Infrastructure Land Interconnection AI Factory Entitlement Real Estate Credit Financing Integrated solutions at scale Power generation Customer contrac
Slide 29: Creating opportunities unlike anything in our history
…creating opportunities unlike anything in our history Korea AI factory Nuclear financing Fuel cell power $ 10B $ 17.5B $ 25B AI factory developed in Financing to support Rapid deployment of partnership with up to 10 large-scale behind-the-meter power NVIDIA and NAVER Westinghouse reactors solutions
Slide 30: We have grown a lot without compromising financial performance
We have grown a lot—but never compromised our financial performance—we are not starting now BROOKFIELD.COM 30
Slide 31: We doubled the scale of our investment platform
Over five years, we doubled the scale of our investment platform AUM $ 1.3T 2x $ 626B 2021 2026 See Notice to Recipients and Endnotes, including endnote 2. BROOKFIELD.COM 31
Slide 32: We matched that growth in our earnings
We matched that growth in our earnings DE Before Realizations $ 5.7B 2x $ 2.7B 2021 2026 See Notice to Recipients and Endnotes, including endnote 7. BROOKFIELD.COM 32
Slide 33: Entering a larger phase of growth
And we are entering a larger phase of growth BROOKFIELD.COM 33
Slide 34: Adapting our structure as the opportunity set evolves
Our evolution has been about adapting our structure as the opportunity set evolves BROOKFIELD.COM 34
Slide 35: New BN creates greater flexibility and capacity
New BN creates greater flexibility and capacity to capitalize on the opportunities ahead BROOKFIELD.COM 35
Slide 36: This allows us to achieve
This allows us to achieve… A more efficient Flexible capital Broader global capital structure index inclusion New BN is positioned to continue to generate market-leading returns See Notice to Recipients. BROOKFIELD.COM 36
Slide 37: The combination enhances our capital structure
The combination enhances our capital structure New BN + = Permanent capital Insurance float $ 175B $170B $345B Deployable capital And provides optionality to accelerate the growth of our insurance float See Notice to Recipients and Endnotes, including endnotes 1 and 3. BROOKFIELD.COM 37
Slide 38: Scaling insurance float creates long-duration capital
Scaling our insurance float creates a larger pool of long-duration capital… 1 $ + Trillion Potential deployable capital Insurance float and permanent capital See Notice to Recipients and Endnotes, including endnotes 1, 3, and 4. BROOKFIELD.COM 38
Slide 39: Compounding value at 15%+ beyond our five-year plan
…enhancing our ability to compound value at 15%+ beyond our five-year plan Plan Value Per Share 15%+ $ 140/share 16% $ 67/share CAGR 2026 2031 Future Potential See Notice to Recipients and Endnotes, including endnotes 1, 4, and 6. BROOKFIELD.COM 39
Slide 40: The opportunity is large and our compounding engine is strong
The opportunity is large—and our compounding engine is strong BROOKFIELD.COM 40
Slide 41: 15%+ compound returns over the long term
We remain focused on delivering 15%+ compound returns for shareholders over the long term See Notice to Recipients and Endnotes, including endnote 4. BROOKFIELD.COM 41
Slide 42: The Future Is Compounding
The Future Is Compounding Nick Goodman President
Slide 43: Overview, past performance, five-year plan
Overview Past performance Five-year plan New BN Key takeaways
Slide 44: Overview
Overview BROOKFIELD.COM 44
Slide 45: 16% annualized growth in core earnings
We delivered 16% annualized growth in core earnings over the last five years… See Notice to Recipients and Endnotes, including endnote 7. BROOKFIELD.COM 45
Slide 46: Earnings power continues to grow
…and the earnings power of our business continues to grow BROOKFIELD.COM 46
Slide 47: Set to double core earnings over five years
We are set to double our core earnings again over the next five years Distributable Earnings Before Realizations $ 11.6B 17% $ 5.3B CAGR 2026 2031 Asset Management Wealth Solutions Operating Businesses and Other See Notice to Recipients and Endnotes, including endnotes 4, 6, and 12. BROOKFIELD.COM 4
Slide 48: Carried interest and capital allocation add to growth
Carried interest and capital allocation add meaningfully to that growth (i.e. we trade at a 6x multiple on 2031 distributable earnings) Distributable Earnings $ 16.8B 24% CAGR $ 5.9B 2026 2031 Asset Management Wealth Solutions Operating Businesses and Other Carried Interest Capital Allocation See No
Slide 49: Strong growth in Plan Value per share
Which should generate strong growth in Plan Value per share Plan Value Per Share $ 67 16% CAGR $ 140 2026 2031 See Notice to Recipients and Endnotes, including endnotes 1, 4, and 6. BROOKFIELD.COM 49
Slide 50: Past performance
Past performance BROOKFIELD.COM 50
Slide 51: Our growth accelerated over the last 5 years
Our growth accelerated over the last 5 years… BROOKFIELD.COM 51
Slide 52: Several powerful tailwinds
...supported by several powerful tailwinds Electrification Digital infrastructure Real estate recovery Capital formation Demand for renewables Data center investment Recovering fundamentals Alternatives captured a growing and electrification surged accelerated improved performance share of instituti
Slide 53: The macroeconomic environment continued to evolve
At the same time, the macroeconomic environment continued to evolve Economic growth remained resilient Inflation came back, then moderated Interest rates increased, declined, then stabilized somewhat… (and recently have moved higher) Financing markets tightened, but are now increasingly constructive
Slide 54: Long-term tailwinds more powerful than volatility
The long-term tailwinds underpinning our business proved more powerful than shorter-term economic volatility BROOKFIELD.COM 54
Slide 55: We built a larger, more diversified platform
We built a larger, more diversified platform Growth over Growth drivers Today last five years AUM $1.3T 2X Asset management Carry-eligible capital $273B 2X Did not Wealth solutions Insurance assets $191B exist then Infrastructure & energy FFO $1.3B 2X Operating businesses Super core real estate same
Slide 56: Earnings resilient through a rising rate environment
Our earnings remained resilient through a rising rate environment — underscoring the real-return nature of our cash flows Distributable Earnings Before Realizations vs. 10-Year Treasury Yield UST 10yr (%) 5% $5.7B $5.3B 4% $4.4B 3% $4.1B $3.4B 2% 1% $2.7B 2021 2022 2023 2024 2025 2026 U.S. 10 Year T
Slide 57: We delivered the core earnings growth we planned
And we delivered the core earnings growth we planned for Distributable Earnings Before Realizations $ 5.6B $ 5.7B Our plan Actual results 2021 – 2026 2021 – 2026 See Notice to Recipients and Endnotes, including endnote 14. BROOKFIELD.COM 57
Slide 58: We scaled without changing how we manage risk
We scaled the business without changing how we manage risk Conservative capitalization 13% debt to capitalization $86 billion of cash, financial assets, and undrawn Strong liquidity facilities Interest rate and currency exposures actively Active risk management hedged and monitored Maintain diversif
Slide 59: Over the past year, our platform continued to scale
Over the past year, our platform continued to scale • $163 billion of capital raised — largest ever Asset management • 19% fee-related earnings growth • 40%+ insurance assets growth Wealth solutions • $2 billion of annualized distributable earnings (+18% growth) • 15% infrastructure and energy FFO g
Slide 60: We returned $1.3 billion to shareholders
Plus, we returned $1.3 billion to shareholders over the past year $ 700M Share repurchases + $ 600M Dividends = $ 1.3B Capital returned BROOKFIELD.COM 60
Slide 61: Valuing our business as the sum of its parts
We continue to value our business as the sum of its parts $ in billions, except per share amounts Plan Value Per Share Valuation Basis Public Holdings $ 73 $ 31 Market Capitalization Private Holdings Direct Investments 11 5 Discounted Cash Flow Analysis Carried Interest 34 14 10x Target Carry, plus
Slide 62: Our share price represents an attractive opportunity
Our share price represents an attractive opportunity for investors $ 67/share ~40% Margin of safety Share Price Plan Value See Notice to Recipients and Endnotes, including endnote 1. BROOKFIELD.COM 62
Slide 63: But, what now?
But, what now? BROOKFIELD.COM 63
Slide 64: Tailwinds are accelerating
The tailwinds behind our growth over the past five years are accelerating Energy addition AI & digitalization Real estate recovery Capital formation Demand for any and all Rapid AI adoption is creating Strong fundamentals are Growing institutional capital power unprecedented driving leasing activity
Slide 65: Interest rate and inflation backdrop remains supportive
At the same time, today’s interest rate and inflation backdrop remains supportive for our business BROOKFIELD.COM 65
Slide 66: Growing earnings at 20%+ per share annually
And we are well positioned to grow earnings at 20%+ per share annually over the next five years $ per share +4% CAGR +24% CAGR +3% CAGR +17% CAGR 7.15 $ $ 2.48 Today Core Businesses Carried Interest Capital Allocation Total DE See Notice to Recipients and Endnotes, including endnotes 4, 6, 12, and 2
Slide 67: Core businesses
Core businesses BROOKFIELD.COM 67
Slide 68: Our three core businesses
Our three core businesses span both our public and private holdings Asset Wealth Operating management solutions businesses $ 96B $ 30B $ 50B Capital Capital Capital See Notice to Recipients and Endnotes, including endnote 1. BROOKFIELD.COM 68
Slide 69: Growth profile of our private holdings
Our focus today will be on outlining the growth profile of our private holdings BROOKFIELD.COM 69
Slide 70: Asset Management core earnings growth
Asset Management’s core earnings growth over the next five years comes from two sources: Brookfield Asset Direct investments Management Scaling fee-bearing Continued strong fund capital to $1.3T performance 18% DE CAGR $6B capital surfaced for reinvestment See Notice to Recipients and Endnotes, incl
Slide 71: Growing insurance assets to $375 billion
Within Wealth Solutions, we expect to grow insurance assets to $375 billion over the next five years + + Aging populations New distribution channels Global expansion and driving organic growth expanding sales M&A adding scale Growing earnings at a 23% annual rate over the next five years, while main
Slide 72: Operating Businesses positioned to benefit from tailwinds
Our Operating Businesses are positioned to benefit from the major tailwinds accelerating our business… Infrastructure Energy Private Equity Real Estate AI factories, Nuclear, batteries, Essential businesses High-quality compute, and core and broader energy benefiting from assets positioned for infra
Slide 73: Strong base of core earnings growth
Together, these provide a strong base of core earnings growth ($ billions) 2026 2031 BAM $ 1.9 $ 4.7 18% CAGR Direct Investments 0.8 0.5 Asset Management 2.7 5.2 Wealth Solutions 2.0 5.8 23% CAGR Operating Businesses and Other 0.6 0.5 DE before realizations and capital allocation $ 5.3 $ 11.6 17% CA
Slide 74: Carried interest provides additional growth
Carried interest provides a significant source of additional growth BROOKFIELD.COM 74
Slide 75: Carried interest at an inflection point
Last year, we said carried interest was at an inflection point, and it is BROOKFIELD.COM 75
Slide 76: Realized $4 billion of carried interest over 10 years
Over the last 10 years, we realized $4 billion of carried interest into income BROOKFIELD.COM 76
Slide 77: $25 billion of net carried interest realization planned
Over the next 10 years, we are planning for $25 billion of net carried interest realization 25B Year 1–3 $14B $ $5B Year 4–5 Next 10 Years Year 6–10 $6B See Notice to Recipients and Endnotes, including endnotes 4 and 20. BROOKFIELD.COM 77
Slide 78: How we earn and recognize carried interest
How we earn and recognize carried interest: We earn carried interest from two sources Conservative recognition—European Waterfall Legacy funds Invest the capital of a fund Earn 100% of carried interest and the associated costs from BAM funds raised before 2023 Return all invested capital Royalty Ear
Slide 79: How carried interest is realized
How carried interest is realized Raise carry eligible capital Realize carry The carried Deploy for value interest life cycle Monetize Drive value investments creation BROOKFIELD.COM 79
Slide 80: We scaled our carried interest earnings potential
We scaled our carried interest earnings potential Carry-Eligible Capital $273B $ 144B 2X 2021 2026 See Notice to Recipients and Endnotes, including endnote 17. BROOKFIELD.COM 80
Slide 81: Capital deployed into high-quality transactions
We deployed capital into high-quality transactions for value Capital Deployed (Enterprise Value) ~$ 90B 2021 ~2x ~$ 160B 2026 See Notice to Recipients and Endnotes, including endnote 22. BROOKFIELD.COM 81
Slide 82: Significant value created, $7 billion unrealized
We have created significant value — generating $7 billion of net carried interest, with $7 billion that remains unrealized Net Accumulated Unrealized Carried Interest $ 3B 7B 7B $ $ $ 3B $7B of value created— awaiting realization 2021 Generated Net Realized Net 2026 Carried Interest Carried Interest
Slide 83: Transaction activity has accelerated
Transaction activity has accelerated, bringing many of our funds closer to carried interest realization Monetizations (Enterprise Value) $ 30B 2021 3X ~$ 90B 2026 And our pipeline of monetizations continues to grow See Notice to Recipients and Endnotes, including endnote 22. BROOKFIELD.COM 83
Slide 84: Expect to realize $5 billion over three years
We expect to realize $5 billion over the next three years — the value has already been created $ 5B 60% comes from funds where 100% of invested capital has already been returned Net carried interest expected over the next three years We continue to have strong visibility in the recognition of carrie
Slide 85: Entering a period of meaningful realizations
The foundations are in place — carried interest is now entering a period of meaningful realizations BROOKFIELD.COM 85
Slide 86: Carried interest potential to grow substantially
Our carried interest potential is expected to grow substantially over the next five years Carry-Eligible Annual Generated Capital Carried Interest ~$ 600B $ 8B 17% CAGR 28% CAGR $ 273B $ 2B $ 3B $ B 1 2026 2031 2026 2031 Net See Notice to Recipients and Endnotes, including endnotes 4, 13, 17, and 20
Slide 87: Valuing carried interest at a 10x multiple
We continue to value our carried interest at a 10x multiple As of June 30, 2026 ($ billions) Multiple Plan Value Target annualized carried interest, net $ 2.7 10x $ 27 Accumulated unrealized carried interest, net 7 Total carried interest, net $ 34 See Notice to Recipients and Endnotes, including end
Slide 88: Realized carried interest increases earnings growth
Realized carried interest meaningfully increases our earnings growth over the next five years $ per share +4% CAGR +24% CAGR +3% CAGR +17% CAGR $7.15 $ 2.48 Today Core Businesses Carried Interest Capital Allocation Total DE See Notice to Recipients and Endnotes, including endnotes 4, 6, 12, and 20.
Slide 89: Significant excess cash flow for reinvestment
The earnings growth of our business creates significant excess cash flow for reinvestment BROOKFIELD.COM 89
Slide 90: $54 billion of free cash flow over five years
Execution of our plan will generate $54 billion of free cash flow over the next five years $ 54B Asset Management Wealth Solutions Operating Businesses Realized Carried Interest See Notice to Recipients and Endnotes, including endnotes 4, 6, and 20. BROOKFIELD.COM 90
Slide 91: What we do with the cash
The value we can create with that cash depends on what we do with it BROOKFIELD.COM 91
Slide 92: Our capital allocation process is centralized
Our capital allocation process is centralized Distribute all free Centralize Assess investment Deploy capital to cash flow to the reinvestment opportunities the highest- Corporation decisions across the entire returning franchise opportunities BROOKFIELD.COM 92
Slide 93: Focus areas for capital allocation
Focus areas for capital allocation Support growth and invest alongside our core businesses Invest in new businesses and build knowledge Pursue strategic transactions Retain ample liquidity to defend against downside risks and preserve financial flexibility Return capital to shareholders BROOKFIELD.C
Slide 94: Significant excess cash flow after funding businesses
And after funding our existing businesses, we still expect significant excess cash flow ($ billions) 2026–31 Distributable earnings $ 54 Less: dividends paid to shareholders (4) Less: reinvestment estimated (but not committed) into (24) existing businesses Excess cash flow $ 26 Absent investment opp
Slide 95: Investing in new businesses shaping the real economy
One example of our capital allocation priorities is investing in new businesses shaping the real economy BROOKFIELD.COM 95
Slide 96: Targeted allocations to new growth businesses
We’ve made targeted allocations of capital to new growth businesses where we can assist them build scale We invested $2.8 billion into these businesses and will selectively do more BROOKFIELD.COM 96
Slide 97: Broader strategic benefits to our franchise
These investments bring broader strategic benefits to our franchise Adjacent to our Relationships Access to competencies opportunities Invest at the intersection of Gain insight into rapid Create new avenues for technology and real assets growth industries to growth while participating benefit our o
Slide 98: SpaceX investment
SpaceX is one of these investments — this is part of a broader $3 billion investment today 1 BN’s Investment in SpaceX $ B+ $ 1.5B Value Created 4.7X Multiple on Capital $ 325M Capital Invested Total Value 55% IRR Capital Invested Unrealized Proceeds Realized Proceeds BROOKFIELD.COM 98 See Notice to
Slide 99: Bringing it all together
Bringing it all together BROOKFIELD.COM 99
Slide 100: 17% annualized growth in DE per share
We are set up to deliver 17% annualized growth in DE per share before carried interest and reinvestment over the next five years… See Notice to Recipients and Endnotes, including endnote 4. BROOKFIELD.COM 100
Slide 101: 24% with carried interest and capital allocation
…increasing to 24% when considering carried interest and capital allocation See Notice to Recipients and Endnotes, including endnotes 4 and 6. BROOKFIELD.COM 101
Slide 102: Plan Value per share to reach $140 by 2031
Plan Value per share should increase to $140 by 2031 Plan Value Per Share $ 2026 67 16% CAGR $ 140 2031 See Notice to Recipients and Endnotes, including endnotes 1, 4, and 6. BROOKFIELD.COM 102
Slide 103: New BN
New BN BROOKFIELD.COM 103
Slide 104: A simpler structure expands growth opportunities
A simpler structure expands the set of growth opportunities available to us More efficient $345B of flexible capital Opens a path to capital structure to pursue growth index inclusion Pairing our permanent A stronger platform to pursue Ability to broaden our capital and our insurance generational in
Slide 105: We will adopt U.S. GAAP
In connection with the transaction, we will adopt U.S. GAAP BROOKFIELD.COM 105
Slide 106: U.S. GAAP will simplify financial reporting
U.S. GAAP will simplify financial reporting and enhance comparability Benefits Strengthens comparability with U.S. listed peers Better positions New BN for potential inclusion in U.S. equity indices Key Reporting Changes Private fund investments are reported at NAV rather than consolidated line by l
Slide 107: Key takeaways
Key takeaways Our business is larger, more diversified, and more cash generative than five years ago Our core businesses are positioned to deliver strong earnings growth over the next five years Carried interest is becoming a larger and a more recurring source of earnings and cash flow Significant f
Slide 108: Positioned to deliver 15%+ annualized returns
With the foundations in place, we are positioned to deliver 15%+ annualized returns over the long term See Notice to Recipients and Endnotes, including endnote 4. BROOKFIELD.COM 108
Slide 109: Real Estate Perspectives
Real Estate Perspectives Brian Kingston Ben Brown Kevin McCrain Executive Chair, Co-President, Managing Partner, Real Estate Real Estate Real Estate
Slide 110: Our real estate platform comprises two pools of capital
Our real estate platform comprises two pools of capital Balance sheet Private fund investments investments Today, we will focus on our balance sheet investments… BROOKFIELD.COM 110
Slide 111: Our balance sheet investments today
Our balance sheet investments today $ 20B $ 9B $ 4B $ 3B Super Core Core Plus Value Add Residential Retail $10B Retail $6B Retail $4B Office $10B Office $3B Office $0.3B BROOKFIELD.COM 111
Slide 112: Super Core portfolio overview
Super Core portfolio overview 10% 34 Properties 6% 25% U.S. Office International Office $20 B Equity Value Retail 17% Urban Retail 46% Residential & Hospitality Property LTV 42% 95% Occupancy Percentages in the pie chart are allocated by property-level equity value. BROOKFIELD.COM 112
Slide 113: These 10 office complexes are the best of the best
Super Core Portfolio Overview These 10 office complexes are the best of the best Asset Asset Value ($M) Equity Value ($M) Occupancy WALT (years) Super Core Office New York Brookfield Place 4,089 2,239 90% 11 Manhattan West 3,356 1,558 98% 12 300 Madison Avenue 1,294 554 100% 8 Grace Building 922 552
Slide 114: These 18 centers are irreplaceable
Super Core Portfolio Overview These 18 centers are irreplaceable Asset City Asset Value ($M) Equity Value ($M) Sales (per sf) Luxury Retail Ala Moana Center Honolulu, HI 2,349 1,328 1,694 730 Fifth Avenue New York, NY 1,177 611 - Park Meadows Denver, CO 1,184 642 1,045 Oakbrook Center Oak Brook, IL
Slide 115: Our residential and mixed-use assets are best-in-class
Super Core Portfolio Overview Our residential and mixed-use assets are best-in-class Asset City Asset Value ($M) Equity Value ($M) Occupancy WALT (years) Luxury Residential & Hotels The Eugene New York 324 156 95% n/a Pendry Manhattan West New York 148 92 n/a n/a Canary Wharf Residential London 2,21
Slide 116: We are entering a new cycle
We are entering a new cycle Strong operating Functioning capital Increasing fundamentals markets transaction activity Global office leasing U.S. commercial real U.S. transaction + + estate debt originations volumes +36% +25% +31% to ~215M sf to $453B to $293B H1’26 vs. H1’20 H1’26 vs. H1’25 H1’26 vs
Slide 117: Office market snapshot
Office market snapshot Total SF Demand New Office Supply (U.S., TOR, LON) (U.S., TOR, LON) (SF in Millions) (SF in Millions) 114 102 10%CAGR 75% H1’21-H1’26 Decrease 72 24 H1'21 Monthly Average H1'26 Monthly Average 2019-24 Avg. 2025-26 Avg. Source: CBRE, JLL Market Data BROOKFIELD.COM 117
Slide 118: Office market snapshot
Office market snapshot Office Market Vacancy 14% 15% 13% 13% 11% 10% 9% 7% 6% 6% 6% 5% 3% 1% New York Midtown Downtown Downtown London Sydney Perth Total Market New York New York Toronto Market Brookfield Source: CBRE, Brookfield. BROOKFIELD.COM 118
Slide 119: Our office portfolio highlights
Our office portfolio highlights Leased Weighted Average Lease Life Super Core 94% 10 years Core Plus 93% 8 years BROOKFIELD.COM 119
Slide 120: Our office portfolio highlights
Our office portfolio highlights Select regional highlights London City Canary Wharf, London Downtown Toronto Midtown Manhattan Highest rent signed £160 / SF Highest rent signed £73 / SF Highest rent signed C$69 / SF Highest rent signed $295 / SF LTM leasing 350k SF LTM leasing 840k SF LTM leasing 1.
Slide 121: Retail market snapshot
Retail market snapshot Retail Sales U.S. Retail Construction Completions (% of December 2019) (Million sf) 140% 60 50 125% 40 110% 30 20 95% 10 80% 0 2012019 20 2020 2021 2022 2023 2024 20 20 2025 2026 2019 2020 2021 2022 2023 2024 2025 2026 9 20 25 26 YTD YTD Source: Retail sales per U.S. Census, e
Slide 122: Our retail portfolio highlights
Our retail portfolio highlights Growth in retail sales per Leased square foot (% of Dec’19) Super Core 97% 136% Core Plus 97% 121% BROOKFIELD.COM 122
Slide 123: Our retail portfolio highlights
Our retail portfolio highlights 3% 7 + 14% Same-store NOI Million sf Initial suite-to-suite leasing growth on Super Core and leased over the LTM spreads over the LTM Core Plus portfolios YoY See Notice to Recipients and Endnotes, including endnote 19. BROOKFIELD.COM 123
Slide 124: How we drive value
How we drive value Active asset management — Managing our assets directly to drive performance Global relationships — Leveraging tenant relationships to drive leasing across the portfolio Tenant experience — Investing in our properties to enhance the tenant experience Execution capabilities — Combin
Slide 125: Office portfolio spotlights
Office portfolio spotlights One Liberty Plaza • Targeted capex: Focused investment in lobby and amenities upgrades to enhance the tenant experience • Leasing uplift: Rents increased 37% to $85 per sf, with pending leases in the $90+ per sf • 5-Year NOI CAGR: 6.6% Canary Wharf • Placemaking: Added 50
Slide 126: Retail portfolio spotlights
Retail portfolio spotlights Plaza Frontenac • Repositioned underutilized space: Created a more productive mix of retail and dining uses, diversifying the tenant base and enhancing the overall property • Unlevered yield on build cost: 15% Stonebriar Centre • Repositioned a former anchor: Created a ne
Slide 127: Leases signed today take time to come into income
Leases signed today take time to come into income, but provide visibility into future earnings Lease signed Tenant fit-out Income begins as leases commence Day 1 Months 1-12 Months 12+ onward BROOKFIELD.COM 127
Slide 128: Strong foundation for long-term growth
Our portfolio has a strong foundation for long-term growth Same Store NOI Growth 4% CAGR + Embedded rent growth + Leasing & repositioning + Operations & placemaking 2026 2031 See Notice to Recipients and Endnotes, including endnotes 4 and 19. BROOKFIELD.COM 128
Slide 129: Office market liquidity is returning
Office market liquidity is returning + 21% + 5.7x + 277% Increase in office Increase in CMBS Increase in office sales transaction issuance bid activity YoY volume YoY (2026 vs. 2023) Source: JLL, Green Street. BROOKFIELD.COM 129
Slide 130: Retail market liquidity is returning
Retail market liquidity is returning + 35% + 1.8x + 22% Increase in retail Increase in CMBS Increase in deals sales transaction issuance over $100M YoY volume YoY (2026 vs. 2023) Source: Green Street. BROOKFIELD.COM 130
Slide 131: Progress on monetizations over three years
We have made progress on monetizations over the last three years Last 3 Years Last 12 Months 37 17 Assets sold Assets sold BROOKFIELD.COM 131
Slide 132: Transaction highlight: One Churchill Place, Canary Wharf
Transaction highlight — One Churchill Place, Canary Wharf £ 750M Gross asset value 1 million Square feet BROOKFIELD.COM 132
Slide 133: Selective opportunities to put new capital to work
Selective opportunities to put new capital to work High-quality assets in Limited capital at risk with Compelling risk- attractive markets significant embedded upside adjusted returns BROOKFIELD.COM 133
Slide 134: Objectives for the portfolio
Objectives for the portfolio Drive NOI and Effective capital FFO growth allocation BROOKFIELD.COM 134
Slide 135: What we should deliver over our plan period
If successful, over our plan period we should deliver $ 10B 4% $ 3B Potential capital from Same-store Regular asset sales, net of NOI growth dividends reinvestment See Notice to Recipients and Endnotes, including endnote 4. BROOKFIELD.COM 135
Slide 136: Building Our Future in Wealth Solutions
Building Our Future in Wealth Solutions Sachin Shah Chief Executive Officer, Wealth Solutions
Slide 137: BWS built as a global leader in wealth solutions
We have built BWS to be one of the global leaders in the wealth solutions business BROOKFIELD.COM 137
Slide 138: Built a scaled global wealth solutions platform
Over the last 5+ years, we have built a scaled global wealth solutions platform… ~$200B $140B 2026 +$110B U.K. annuity platform 2025 First reinsurance $50B 2024 agreement Scaled U.S. in Asia-Pacific 2022-23 annuity platform U.S. multiline U.S. P&C platform 2B direct origination ~$ 2020-21 Pension ri
Slide 139: Diversified across geographies, products and channels
Diversified across geographies, products, and distribution channels North American Spread-Based Platform • Retail annuities • Pension risk transfer U.K. • Funding agreements • Pension risk transfer • Structured settlements • Retail annuities Japan U.S. P&C • Reinsurance • Specialty • Casualty • Admi
Slide 140: Investing in Brookfield's core strengths
While investing in Brookfield’s core strengths s Infrastructure Energy Industrials Real Estate BROOKFIELD.COM 140
Slide 141: We are in a very strong position
We are in a very strong position ‘A’ ratings ~$200B of insurance assets $2B of annualized distributable earnings 15% total returns on invested capital since inception No third-party equity capital, ensuring full alignment with policyholders See Notice to Recipients and Endnotes, including endnotes 3
Slide 142: Major themes are shaping this decade
Major themes are shaping this decade Economic resiliency Innovation Credit availability Longevity Western economies have Spectacular innovation Credit availability is at an People are living longer and proven very resilient over continues to drive real all-time high medical advancement the last deca
Slide 143: Demographics are having profound implications
Demographics are quietly having profound implications 260M in U.S., Europe, Japan and >$ 15T Retirement deficits in our ~$ 2T of pension liabilities in our Canada aged 65 and over by core markets core markets 2050 Source: U.S. Census Bureau; Eurostat; ECB; L&G; De Nederlandsche Bank; Japan IPSS; Sta
Slide 144: Our model is at the intersection
Our model is at the intersection 1 Sourcing great investments through the Brookfield Ecosystem 2 Offering alternative retirement products to aging populations BROOKFIELD.COM 144
Slide 145: So, how do we grow from here?
So, how do we grow from here? BROOKFIELD.COM 145
Slide 146: Our approach to investing remains the same
Our approach to investing remains the same A Flexibility Barbell approach Credit ratings Liquidity Flexible investment Combining higher return ‘A’ financial strength ratings Maintain strong liquidity portfolio, rotating with investments with significant across our platforms position — ~$80B today op
Slide 147: Portfolio designed for excess returns and liquidity
Our investment portfolio is designed to provide excess returns while maintaining high levels of liquidity Illustrative Portfolio 5% 10% Cash & Liquid Assets Real Estate Scale with Infrastructure 20% 50% opportunities Energy Industrials & Corporates 15% 20% of our portfolio is in equity strategies… a
Slide 148: Real Assets capabilities insulate from rising rates and inflation
Our investment capabilities in Real Assets insulate our portfolio from rising rates and inflation BROOKFIELD.COM 148
Slide 149: Positioning us well in the current environment
Positioning us very well in the current environment 2020-2023 2023-2026 2030+ Public & Private Equities / Real Estate Continue investing in Credit / Infrastructure the best risk-adjusted opportunities BROOKFIELD.COM 149
Slide 150: Delivering consistent growth in the midst of change
Delivering consistent growth in the midst of change Since 2020… Yet we delivered ~300 bps tightening credit spreads 180-220 bps ~200 rising annuity rates Gross Spreads bps consistently between 2022-2026 BROOKFIELD.COM 150
Slide 151: Our investment strength allows us to scale
Our investment strength allows us to scale BROOKFIELD.COM 151
Slide 152: Growing Bank and Broker-dealer channels in the U.S.
In the U.S., we have a growing contribution from Bank and Broker-dealer channels Annual Inflows by distribution channels ~20% Banks & Broker-dealers ~35% IMO Today 2031+ Pensions Funding Agreements See Notice to Recipients and Endnotes, including endnote 24. BROOKFIELD.COM 152
Slide 153: Only getting started in the U.K. and Asia
We are only getting started in the U.K. and Asia Our acquisition of the Just Group provides us meaningful scale in the U.K. with room to grow $45 billion of AUM Platform capabilities in both the annuity and pension markets £40-60 billion annually of pensions coming to market over the next decade BRO
Slide 154: Building scale across a diverse product range
Building scale across a diverse product range Annual Inflows ($ billions) Today 2031 8% Annuities 17 25 CAGR 17% Pensions 5 10 CAGR Funding Agreements 3 5 11% CAGR Specialty Lines 20% Casualty Lines 3 ~6 CAGR Admitted Lines 11% $28 $45 CAGR See Notice to Recipients and Endnotes, including endnote 24
Slide 155: What does this mean?
What does this mean? $45 billion of inflows annually over 5 years Assets growing to ~$400 billion Distributable earnings approaching $5 billion organically; M&A will be additive Capital compounding at +15% is our core objective, and achievable with our platforms today See Notice to Recipients and En
Slide 156: Business could be worth close to $40 per BN share
Delivering on our plans, the business could be worth close to $40 per BN share, up from zero in 2020 (i.e., insurance in 2031 could be worth what BN trades for today…) ($ billions, except per share amounts) 2026 2031 Earnings $ 2.0 $ 5.8 Multiple 15x 12-15x Valuation $ 30 $ 70-87 Per BN share $ 13 $
Slide 157: Key takeaways
Key takeaways BROOKFIELD.COM 157
Slide 158: Key takeaways
Key takeaways There is a $15+ trillion retirement deficit in our core markets (U.S., Canada, U.K., Japan) We have built a business that can serve each market at scale organically, and the seeds have been planted for the future The investment capabilities of BAM provide us with a repeatable sourcing
Slide 159: Well positioned for the next phase of growth
In conclusion, we are well positioned for the next phase of growth We did what we said we would do We have a tremendous platform with significant upside from here Being part of the broader Brookfield franchise provides unique and enduring benefits BROOKFIELD.COM 159
Slide 160: Q&A
Q&A 160
Slide 161: Thank You
Thank You 161
Slide 162: Endnotes
Endnotes 1. Illustrative Plan Value and Permanent Capital analysis is not intended to account its full capital structure — equity and debt — on a gross asset ending 2031 assumes compound annual growth rates of 18% for BAM forecast or predict future events, but rather to provide information value bas
Slide 163: Endnotes (cont'd)
Endnotes (cont’d) 15. Growth rates for Wealth Solutions annualized distributable earnings are depreciation and amortization within our real estate business. We distribution mix are references to future expectations. Actual results calculated relative to Q2 2025 annualized DE; growth rates for real p
Slide 164: Notice to Recipients
Notice to Recipients INVESTOR DAY 2026 – NOTICE TO RECIPIENTS Brookfield Corporation are inherently subject to significant business, reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the Brookfield Corporation is not making any offer or invitation of any kind by economi
Slide 165: Notice to Recipients (cont'd)
Notice to Recipients (cont’d) CAUTIONARY STATEMENT REGARDING PAST AND FUTURE CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES non-IFRS measures and other financial metrics, see Brookfield Corporation’s PERFORMANCE AND TARGET RETURNS We disclose a number of financial measures in this presentat