Brookfield Asset Management Voting Ord Shs Class A T.BAM

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This is a flash report so they might raise their current target of US$63.00. GLTA

Brookfield Asset Management Inc.

(BAM-N, BAM.A-T) US$50.43 | C$63.55

Oaktree to Transition Advisory Role of Private REIT to BAM Event

BAM and Oaktree announced that they have reached an agreement to transition the advisory role of Oaktree REIT to BAM. Following the transition, the name will become Brookfield REIT.

Impact: SLIGHTLY POSITIVE

• We believe that the addition of a private REIT is a logical extension of BAM's asset management franchise. Private REITs are a product category that has shown good demand from the wealth channel for some of BAM's alternative asset management peers and BAM can bring considerable expertise and global scale to bear on the strategy.

• Brookfield REIT will be distributed by Brookfield Oaktree Wealth Solutions, a global wealth management platform established to distribute alternative investment products to individual and high-net-worth investors. We understand that the wealth channel currently accounts for ~10% of BAM's fundraising.

• Following the transition, which is expected in Q4/21, the REIT's investment strategy will stay largely the same, but will include exposure to certain non- U.S. markets where BAM has existing operations. Oaktree will continue to manage certain of the REIT's assets and its liquid securities portfolio, and the REIT's current President will transition to BAM to serve as President and COO of Brookfield REIT.

• Oaktree REIT has $478mm of AUM, and invests in income-producing private real estate and real-estate-related debt. As of May 2021, the portfolio was focused on the multi-family and office sectors.