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Investing - Brookfield Asset Management

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Potential Values of Manager<br />

• The potential value of manager based on 15x multiple of varying gross margins on various<br />

levels l of client capital is set out in the following table<br />

(billions, except bps) Client Capital 1<br />

$25 b $50 b $75 b $100 b<br />

75bps 2.8 5.6 8.4 11.3<br />

Gross Margin 2 150bps 56 5.6 11.3 16.9 22.5<br />

200bps 7.5 15.0 22.5 30.0<br />

1 Excludes public securities<br />

2<br />

Base fees and performance income less direct expenses<br />

51<br />

| <strong>Brookfield</strong> <strong>Asset</strong> <strong>Management</strong> Inc.

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