The Benefits of Adding Real Assets to a Traditional Portfolio

Important Disclosures

©2021 Brookfield Public Securities Group LLC (“PSG” or “the Firm”) 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.

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Index Provider Disclosures

Brookfield Public Securities Group LLC does not own or participate in the construction, or day-to-day management of the indices 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 Indices 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 indices and related data on an "As Is" basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/ or completeness of their index or any data included in, related to, or derived therefrom, assumes 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 profits). The index sponsors do not sponsor, endorse, or recommend Brookfield Public Securities Group LLC or any of its products or services.

Index Definitions
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 Bloomberg Barclays Global Aggregate Index is a market capitalization-weighted index, comprising globally traded investment grade bonds. The index includes government securities, mortgage-backed securities, asset-backed securities and corporate securities to simulate the universe of bonds in the market. The maturities of the bonds in the index are more than one year.

The Real Assets Index Blend is a custom blend consisting of 35% Cambridge Associates Real Estate Index, 35% Cambridge Associates Infrastructure Index, 5% data after 2/28/05 FTSE EPRA Nareit Developed Index, prior to 2/28/05 the S&P Developed Market REIT Index, 5% ICE BofA REIT Preferred Securities 7% Constrained Index, 10% 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, and 10% the ICE BofA Real Asset High Yield and Corporate Custom Index through December 31, 2019 and the ICE BofA USD High Yield and Corporate Custom Index thereafter.

The Cambridge Associates Real Estate Index is an end-to-end calculation based on data compiled from real estate funds, (including opportunistic and value-added real estate funds) including fully liquidated partnerships, formed beginning in 1986.

The Cambridge Associates Infrastructure Index represents a horizon calculation based on data compiled from infrastructure funds, including fully liquidated partnerships, formed beginning in 1993.

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

The S&P Developed Market REIT Index serves as a benchmark of publicly traded equity REITs domiciled in 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 FTSE Global Core Infrastructure 50/50 Index gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-sectors. The constituent weights are adjusted as part of the semi-annual review according to three broad industry sectors - 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 Dow Jones Brookfield Global Infrastructure Index is calculated and maintained by S&P Dow Jones Indices and comprises infrastructure companies with at least 70% of their annual cash flows derived from owning and operating infrastructure assets, excluding Master Limited Partnerships. Brookfield has no direct role in the day-to-day management of any Brookfield-branded indexes.

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

ICE BofA Real Asset High Yield & Corporate Custom Index is a custom index blend of sectors of ICE BofA Global High Yield Index (70%) and ICE BofA Global 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 Global High Yield Index tracks the performance of below-investment-grade corporate debt publicly issued in major domestic or eurobond markets. ICE BofA Global Corporate Index tracks the performance of investment-grade corporate debt publicly issued in major domestic and eurobond markets.

ICE BofA High Yield & Corporate Custom Index is a custom 70/30 index blend of ICE BofA Global High Yield Index and ICE BofA Global Corporate Index, respectively. ICE BofA Global High Yield Index tracks the performance of below-investment-grade corporate debt publicly issued in major domestic or eurobond markets. ICE BofA Global Corporate Index tracks the performance of investment-grade corporate debt publicly issued in major domestic and eurobond markets.

Definitions of Terms
Annualized Return is periodic returns rescaled to a period of one year.

Annualized Volatility is periodic volatility rescaled to a period of one year.